Velo3D (VLDX) 10-Q14 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 07, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-39757
Entity Registrant Name	Velo3D, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1556965
Entity Address, Address Line One	2710 Lakeview Court
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	408
Local Phone Number	610-3915
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,622,216
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001825079
Current Fiscal Year End Date	--12-31
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.00001 per share
Trading Symbol	VLD
Security Exchange Name	NYSE
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stock, each at an exercise price of $402.50 per share
Trading Symbol	VLD WS
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,462	$ 24,494
Short-term investments	699	6,621
Accounts receivable, net	8,338	9,583
Inventories	59,521	60,816
Contract assets	8,861	7,510
Prepaid expenses and other current assets	2,289	4,000
Total current assets	82,170	113,024
Property and equipment, net	14,186	16,326
Equipment on lease, net	3,958	6,667
Other assets	16,338	17,782
Total assets	116,652	153,799
Current liabilities:
Accounts payable	14,008	15,854
Accrued expenses and other current liabilities	5,864	6,491
Debt – current portion	24,592	21,191
Contract liabilities	4,090	5,135
Total current liabilities	48,554	48,671
Long-term debt – less current portion	0	11,941
Contingent earnout liabilities	69	1,456
Warrant liabilities	4,933	11,835
Other noncurrent liabilities	10,977	11,556
Total liabilities	64,533	85,459
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at June 30, 2024 and December 31, 2023, 8,611,219 and 7,502,478 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	2	2
Additional paid-in capital	437,642	425,471
Accumulated other comprehensive loss	(2)	(96)
Accumulated deficit	(385,523)	(357,037)
Total stockholders’ equity	52,119	68,340
Total liabilities and stockholders’ equity	$ 116,652	$ 153,799

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Jun. 10, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common stock, shares authorized	500,000,000		500,000,000
Common stock, shares issued	8,611,219		7,502,478
Common stock, shares outstanding	8,611,219		7,502,478

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total Revenue	$ 10,344	$ 25,134	$ 20,130	$ 51,821
Cost of revenue	13,241	22,598	25,842	46,753
Gross profit (loss)	(2,897)	2,536	(5,712)	5,068
Operating expenses
Research and development	4,545	12,238	9,588	22,655
Selling and marketing	4,273	6,108	9,082	12,282
General and administrative	8,805	9,896	17,588	20,087
Total operating expenses	17,623	28,242	36,258	55,024
Loss from operations	(20,520)	(25,706)	(41,970)	(49,956)
Interest expense	(5,463)	(344)	(9,360)	(564)
Gain (loss) on fair value of warrants	25,310	828	22,690	(1,725)
Gain (loss) on fair value of contingent earnout liabilities	1,824	1,843	1,387	(7,810)
Other income (expense), net	(1,327)	178	(1,233)	529
Income (loss) before provision for income taxes	(176)	(23,201)	(28,486)	(59,526)
Provision for income taxes	4	0	0	0
Net income (loss)	$ (172)	$ (23,201)	$ (28,486)	$ (59,526)
Net income (loss) per share basic	$ (0.02)	$ (4.1)	$ (3.55)	$ (10.63)
Net income (loss) per share Diluted	$ (0.02)	$ (4.1)	$ (3.55)	$ (10.63)
Shares used in computing net income (loss) per share basic	8,475,386	5,659,601	8,015,722	5,598,386
Shares used in computing net income (loss) per share diluted	8,475,386	5,659,601	8,015,722	5,598,386
Net income (loss)	$ (172)	$ (23,201)	$ (28,486)	$ (59,526)
Net unrealized holding gain on available-for-sale investments	42	148	94	436
Total comprehensive income (loss)	(130)	(23,053)	(28,392)	(59,090)
3D Printer
Revenue from contract with customer	8,679	23,190	16,339	47,638
Cost of revenue	10,744	20,052	20,138	42,220
Recurring payment
Recurring Payment	292	35	762	610
Cost of revenue	232	335	547	782
Support services
Revenue from contract with customer	1,373	1,909	3,029	3,573
Cost of revenue	$ 2,265	$ 2,211	$ 5,157	$ 3,751

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net Income (Loss)	$ (28,486)	$ (59,526)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	2,707	2,983
Amortization of debt discount and deferred financing costs	8,281	43
Stock-based compensation	9,334	12,771
(Gain) loss on fair value of warrants	(22,690)	1,725
(Gain) loss on fair value of contingent earnout liabilities.	(1,387)	7,810
Non-cash cost of issuance of common stock warrants on BEPO Offering	1,313	0
Realized loss on available for sale securities	21	0
Changes in assets and liabilities
Accounts receivable	1,245	(5,099)
Inventories	3,891	3,538
Contract assets	(1,351)	(8,323)
Prepaid expenses and other current assets	1,871	3,609
Other assets	1,369	292
Accounts payable	(2,391)	(1,716)
Accrued expenses and other liabilities	(595)	(6,249)
Contract liabilities	(345)	(9,422)
Other noncurrent liabilities	(1,279)	(1,214)
Net cash used in operating activities	(28,492)	(58,778)
Cash flows from investing activities
Purchase of property and equipment	(8)	(690)
Production of equipment for lease to customers	0	(3,694)
Sales of available for sale securities	2,474	0
Proceeds from maturity of available-for-sale investments	3,500	29,984
Net cash provided by investing activities	5,966	25,600
Cash flows from financing activities
Proceeds from ATM offering, net of issuance costs	0	15,591
Proceeds from revolver facility	0	14,000
Proceeds from equipment loans	0	1,600
Repayment of equipment loans	0	(1,467)
Proceeds from BEPO Offering, net of issuance costs	10,675	0
Repayment of secured notes	(10,500)	0
Issuance of common stock upon exercise of stock options	315	350
Net cash provided by financing activities	490	30,074
Effect of exchange rate changes on cash and cash equivalents	4	(11)
Net change in cash and cash equivalents	(22,032)	(3,115)
Cash and cash equivalents and restricted cash at beginning of period	25,294	32,783
Cash and cash equivalents and restricted cash at end of period	3,262	29,668
Supplemental disclosure of cash flow information
Cash paid for interest	762	564
Supplemental disclosure of non-cash information
Unpaid liabilities related to property and equipment	20	177
Equipment for lease to customers returned to inventory	2,235	4,364
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	2,462	28,868
Restricted cash (Other assets)	800	800
Total cash and cash equivalents and restricted cash	$ 3,262	$ 29,668

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Balance as of beginning of period (in shares) at Dec. 31, 2022		5,477,984
Balance as of beginning of period at Dec. 31, 2022	$ 138,795	$ 2	$ 361,528	$ (837)	$ (221,898)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	37,000	83,862
Stock Issued During Period, Value, Stock Options Exercised	$ 350		350
Stock-based compensation	12,771		12,771
Shares Issued, Shares, Share-Based Payment Arrangement, At-the-Market Offering, Net of Issuance Costs		178,308
Adjustments to Additional Paid in Capital, At-the-Market offering, net of issuance costs	15,591		15,591
Net Income (Loss)	(59,526)				(59,526)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	436			436
Balance as of end of period (in shares) at Jun. 30, 2023		5,740,154
Balance as of end of period at Jun. 30, 2023	108,417	$ 2	390,240	(401)	(281,424)
Balance as of beginning of period (in shares) at Mar. 31, 2023		5,618,511
Balance as of beginning of period at Mar. 31, 2023	119,762	$ 2	378,532	(549)	(258,223)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		38,549
Stock Issued During Period, Value, Stock Options Exercised	40		40
Stock-based compensation	6,535		6,535
Shares Issued, Shares, Share-Based Payment Arrangement, At-the-Market Offering, Net of Issuance Costs		83,094
Adjustments to Additional Paid in Capital, At-the-Market offering, net of issuance costs	5,133		5,133
Net Income (Loss)	(23,201)				(23,201)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	148			148
Balance as of end of period (in shares) at Jun. 30, 2023		5,740,154
Balance as of end of period at Jun. 30, 2023	108,417	$ 2	390,240	(401)	(281,424)
Balance as of beginning of period (in shares) at Dec. 31, 2023		7,502,478
Balance as of beginning of period at Dec. 31, 2023	$ 68,340	$ 2	425,471	(96)	(357,037)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	51,000	129,149
Stock Issued During Period, Value, Stock Options Exercised	$ 315		315
Stock-based compensation	9,334		9,334
Issuance of common stock in connection with BEPO Offering, net	2,522		2,522
Issuance of common stock in connection with BEPO Offering, net (in shares)		979,592
Net Income (Loss)	(28,486)				(28,486)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	94			94
Balance as of end of period (in shares) at Jun. 30, 2024		8,611,219
Balance as of end of period at Jun. 30, 2024	52,119	$ 2	437,642	(2)	(385,523)
Balance as of beginning of period (in shares) at Mar. 31, 2024		7,596,352
Balance as of beginning of period at Mar. 31, 2024	45,450	$ 2	430,843	(44)	(385,351)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		35,275
Stock Issued During Period, Value, Stock Options Exercised	30		30
Stock-based compensation	4,247		4,247
Issuance of common stock in connection with BEPO Offering, net	2,522		2,522
Issuance of common stock in connection with BEPO Offering, net (in shares)		979,592
Net Income (Loss)	(172)				(172)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	42			42
Balance as of end of period (in shares) at Jun. 30, 2024		8,611,219
Balance as of end of period at Jun. 30, 2024	$ 52,119	$ 2	$ 437,642	$ (2)	$ (385,523)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (172)	$ (23,201)	$ (28,486)	$ (59,526)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Informa tion During the three months ended June 30, 2024, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Note 1. Description of Business and Basis of Presentation Velo3D, Inc., a Delaware corporation (“ Velo3D ” ), formerly known as JAWS Spitfire Acquisition Corporation (“ JAWS Spitfire ”), produces metal additive three dimensional printers (“ 3D Printers ”) which enable the production of components for space rockets, jet engines, fuel delivery systems and other high value metal parts, which it sells or leases to customers for use in their businesses. The Company also provides support services (“ Support Services ”) for an incremental fee. Velo3D’s subsidiaries are Velo3D US, Inc., (formerly known as Velo3D, Inc. (“ Legacy Velo3D ”), founded in June 2014 as a Delaware corporation headquartered in Campbell, California), Velo3D, B.V., (a sales and marketing office located in the Netherlands) and Velo3D, GmbH, (a sales and marketing office located in Germany). The first commercially developed 3D Printer was delivered in the fourth quarter of 2018. On September 29, 2021, JAWS Spitfire completed the previously announced merger with Legacy Velo3D, with Legacy Velo3D surviving as a wholly-owned subsidiary of JAWS Spitfire (the “ Merger ”). In connection with the Merger, JAWS Spitfire was renamed “Velo3D, Inc.”, and Legacy Velo3D was renamed “Velo3D US, Inc.” The shares and Net loss per share attributable to common stockholders, basic and diluted, prior to the Merger, have been retroactively restated as shares reflecting the exchange ratio (the “ Exchange Ratio ”) established in the Merger ( 0.8149 shares of Velo3D common stock for 1 share of Legacy Velo3D common stock, par value $ 0.00001 before the 1-to-35 reverse stock split ). All fractional shares were rounded. Unless otherwise stated herein or unless the context otherwise requires, references in these notes to the “Company” refer to (i) Legacy Velo3D prior to the consummation of the Merger; and (ii) Velo3D and its consolidated subsidiaries following the consummation of the Merger. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) and the related notes, which provide a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements of the Company. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. On June 10, 2024, the stockholders of the Company approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $ 0.00001 per share, at a ratio ranging from 1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s board of directors (the “Board”). On June 10, 2024, the Board approved the reverse stock split at a ratio of 1-for-35 (the “Reverse Stock Split”). On June 12, 2024, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, effective as of June 13, 2024. As a result of the Reverse Stock Split, every 35 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. The par value of the Company’s common stock was not adjusted as a result of the Reverse Stock Split. All of the Company’s share numbers, per share amounts, and related stockholders’ equity (deficit) balances presented herein have been retroactively adjusted to reflect the Reverse Stock Split. In addition, the exercise prices, conversion rates and other terms of the Company’s securities that adjusted pursuant to their terms as a result of the Reverse Stock Split have been presented after giving effect to such adjustments. Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth quarter of 2023, the Company identified a formula error and an incorrect hourly rate used in its calculation of variable consideration and the calculation of sales type leases related to revenue for the year ended December 31, 2022. The Company concluded that the errors were not material, either individually or in the aggregate, to its previously issued consolidated financial statements. Additionally, the Company has revised its previously issued interim condensed consolidated financial statements for the period ended June 30, 2023. Refer to Note 16 for further discussion on the revision of the previously issued condensed consolidated financial statements. Notice of Delisting On December 28, 2023, the Company received written notice from the NYSE that the Company was below compliance criteria pursuant to the continued listing standards set forth in Section 802.01C of the NYSE's Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. In a letter dated June 28, 2024, the NYSE confirmed that a calculation of the Company’s average stock price for the 30 trading days ended June 28, 2024, indicated that the Company’s stock price was above the NYSE’s minimum requirement of $ 1.00 based on a 30 trading-day average. Accordingly, as of June 28, 2024, the Company was no longer considered below the $ 1.00 continued listing criterion. On July 8, 2024, the Company received written notice (the “Notice ”) from the NYSE that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual because its average total market capitalization over a consecutive 30 trading-day period was less than $ 50 million and, at the same time, its stockholders' equity was less than $ 50 million. As of July 5, 2024, the Company’s 30 trading-day average market capitalization was approximately $ 36.6 million and its last reported stockholders’ deficit, as of March 31, 2024, was approximately $ 45.5 million. In accordance with applicable NYSE procedures, within 45 days from receipt of the Notice, the Company intends to submit a plan to the NYSE advising it of the definitive action(s) the Company has taken, is taking, or plans to take that would bring it into compliance with the continued listing standards within 18 months of receipt of the Notice (the “Cure Period”). The NYSE will review the Company’s plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with the listing standards within the Cure Period. If the NYSE accepts the Company’s plan, the Company’s common stock will continue to be listed and traded on the NYSE during the Cure Period, subject to the Company’s compliance with the other continued listing standards and continued periodic review by the NYSE of the Company’s progress with respect to its plan. The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the Cure Period under the common stock trading symbol “VLD”, subject to the Company’s continued compliance with the plan and other listing requirements of the NYSE. The Notice does not affect the Company’s reporting obligations with the SEC. However, failure to satisfy the conditions of the Cure Period or to maintain compliance with other NYSE listing requirements could lead to delisting. Going Concern, Financial Condition and Liquidity and Capital Resources The unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company has incurred losses from operations and negative cash flows from operations in every year since inception and expects this to continue for the foreseeable future. As of June 30, 2024, the Company had an accumulated deficit of $ 385.5 million and cash and short-term investments on hand of approximately $ 3.2 million . Management believes th at there is a substantial doubt concerning the Company’s ability to continue as a going concern. As of the date of the issuance of these financial statements, the Company does not have sufficient liquidity to meet its operating needs and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. As of August 2, 2024, the Company had approximately $ 8.7 million in accounts receivable, $ 1.1 million in cash and short-term investments, $ 17.5 million of accounts payable, and $ 24.6 million in Secured Notes. On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes (as defined below) with the Investors (as defined below). Pursuant to the Second Note Amendment, the Company agreed to make and made a cash payment of $ 5.0 million on April 1, 2024 to redeem approximately $ 4.2 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and a cash payment of $ 5.5 million on April 15, 2024 to repay approximately $ 4.6 million of principal of the Secured Notes, together with accrued and unpaid interest. In connection with the Second Note Amendment, the Company issued to the Investors warrants to purchase 627,117 shares of the Company’s common stock that became exercisable 45 days after the original issuance date at an exercise price of $ 15.946 per share . The Investors may exercise the Warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20. On April 10, 2024, the Company sold (such sale and issuance, the “BEPO Offering”) an aggregate of: (i) 979,592 shares of common stock and (ii) immediately exercisable warrants to purchase up to 979,592 shares of common stock at $ 12.25 per share . The offering price per share of common stock and accompanying warrant was $ 12.25 and resulted in gross proceeds to the Company of approximately $ 12 million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and other general corporate purposes, including repayment of portions of the Company’s Secured Notes. On July 1, 2024, we entered into a third note amendment to the Secured Notes with the Investors (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July 1, 2024 partial redemption payment of $ 10.5 million (the “July Redemption Payment”) over a period of ten equal monthly payments commencing August 1, 2024 . During August 2024 we received extensions from the Investors for the July Redemption Payment through August 16, 2024 . Further, the Company will need to engage in additional financings to fund its operations and satisfy its obligations in the near-term, through at-the-market sales under the ATM Agreement or other financings. The Company is in discussions with multiple financing sources to attempt to secure additional financing. There are no assurances that the Company will be able to obtain financing on acceptable terms, or at all, to provide the necessary interim funding to continue its operations and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. In December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize stockholder value. Potential strategic alternatives actively being explored or evaluated currently include a potential merger, business combination or sale. There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome on acceptable terms, or at all, to provide the necessary funding to continue its operations and satisfy its obligations and if not, the Company will be required to sell assets, liquidate and/or file for bankruptcy. The Company's strategic review remains ongoing, with the Board of Directors in discussions with multiple parties. The Company’s operational priorities include reliability improvements and system uptime for the products previously sold to its key customers. If the Company is unable to maintain system reliability and uptime consistent with the expectations of key customers the Company will not be able to collect outstanding receivables, a significant portion of which are currently past due with customers, or variable consideration contingent on the future usage of 3D Printer systems and it will not be able to collect on contractual amounts owed which are contingent upon successful completion of site acceptance tests.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies and for further information on significant accounting updates adopted in the prior year, see Note 2, Summary of Significant Accounting Policies , to the audited consolidated financial statements in the 2023 Form 10-K. During the six months ended June 30, 2024, there were no significant updates to the Company’s significant accounting policies other than as described below. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“ FASB") issued Accounting Standards Update ("ASU") No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company's condensed consolidated financial statements and related disclosures.

Basic and Diluted Net Loss per

Basic and Diluted Net Loss per Share	6 Months Ended
Basic and Diluted Net Loss per Share	Jun. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Share	Note 3. Basic and Diluted Net Loss per Share The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except share and per share data) (In thousands, except share and per share data) Numerator: Net income (loss) $ ( 172 ) $ ( 23,201 ) $ ( 28,486 ) $ ( 59,526 ) Denominator: Basic weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Diluted weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Net income (loss) per share Basic $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) Diluted $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect: For the Three and Six Months Ended 2024 2023 Common stock warrants 3,111,261 375,571 Common stock options 312,125 435,928 Restricted stock units 545,759 349,348 Total potentially dilutive common share equivalents 3,969,145 1,160,847 Total potentially dilutive common share equivalents for the three and six months ended June 30, 2024 and 2023 excludes 585,488 shares related to the earnout liability as these shares are contingently issuable upon meeting certain triggering events.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of June 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 2,067 $ — $ — $ 2,067 Corporate bonds (ii) — 699 — 699 Total financial assets $ 2,067 $ 699 $ — $ 2,766 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 48 $ — $ — $ 48 Common stock warrant liabilities (Private Placement — — 24 24 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 5 5 Common stock warrant liabilities (RDO Warrants) (iii) — — 2,037 2,037 Common stock warrant liabilities (Placement Agent — — 100 100 Common stock warrant liabilities (2024 Private — — 373 373 Common stock warrant liabilities (BEPO — — 2,236 2,236 Common stock warrant liabilities (BEPO Agent — — 110 110 Contingent earnout liabilities — — 69 69 Total financial liabilities $ 48 $ — $ 4,954 $ 5,002 Fair Value Measured as of December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 3,422 $ — $ — $ 3,422 Corporate bonds (ii) — 6,621 — 6,621 Total financial assets $ 3,422 $ 6,621 $ — $ 10,043 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 258 $ — $ — $ 258 Common stock warrant liabilities (Private Placement — — 127 127 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 23 23 Common stock warrant liabilities (RDO Warrants) (iii) — — 10,891 10,891 Common stock warrant liabilities (Placement Agent — — 536 536 Contingent earnout liabilities — — 1,456 1,456 Total financial liabilities $ 258 $ — $ 13,033 $ 13,291 (i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets. For more information regarding the Public Warrants, the Private Placement Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement Agent Warrants, the 2024 Private Warrants, the BEPO Warrants, and the BEPO Agent Warrants, and the Contingent earnout liabilities, see Note 10, Equity Instruments . The aggregate fair value of the Company’s money market funds approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds as of June 30, 2024 and December 31, 2023. Realized gains and losses, net of tax, were not material for any of the periods presented. The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments: Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2024 $ 127 $ 23 $ 1,456 $ 10,891 $ 536 $ — $ — $ — Change in fair value 114 5 437 2,162 108 — — — Fair value as of March 31, 2024 $ 241 $ 28 $ 1,893 $ 13,053 $ 644 $ — $ — $ — Issuance of instruments — — — — — 6,321 9,020 446 Change in fair value ( 217 ) ( 23 ) ( 1,824 ) ( 11,016 ) ( 544 ) ( 5,948 ) ( 6,784 ) ( 336 ) Fair value as of June 30, 2024 $ 24 $ 5 $ 69 $ 2,037 $ 100 $ 373 $ 2,236 $ 110 Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2023 $ 888 $ 109 $ 17,414 $ — $ — $ — $ — $ — Change in fair value 869 37 9,653 — — — — — Fair value as of March 31, 2023 $ 1,757 $ 146 $ 27,067 $ — $ — $ — $ — $ — Change in fair value ( 269 ) ( 6 ) ( 1,843 ) — — — — — Fair value as of June 30, 2023 $ 1,488 $ 140 $ 25,224 $ — $ — $ — $ — $ — The fair value of the private placement warrant liabilities, the 2022 Private Warrant, the contingent earnout liabilities, the RDO Warrants, the Placement Agent Warrants, the 2024 Private Warrants, the BEPO Warrants, and the BEPO Agent Warrants are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the Private Placement Warrant liabilities, contingent earnout liabilities, and 2024 Private Warrants, the Company used the Monte Carlo simulation model using a distribution of potential outcomes on a weekly basis over the applicable periods that assumes optimal exercise of the Company’s redemption option at the earliest possible date (see Note 10, Equity Instruments). In determining the fair value of the 2022 Private Warrant, RDO Warrants, Placement Agent Warrants, BEPO Warrants, and BEPO Agent Warrants, the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 10, Equity Instruments ).

Investments

Investments	6 Months Ended
Investments	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Note 5. Investments Available-for-sale Investments The following table summarizes the Company’s available-for-sale (“AFS”) investments. These are classified as “Short-term investments” on the condensed consolidated balance sheets. June 30, 2024 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 701 $ — $ ( 2 ) $ 699 Total available-for-sale investments $ 701 $ — $ ( 2 ) $ 699 December 31, 2023 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 6,717 $ — $ ( 96 ) $ 6,621 Total available-for-sale investments $ 6,717 $ — $ ( 96 ) $ 6,621 The following table presents the breakdown of the AFS investments in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. June 30, 2024 December 31, 2023 Fair Value Gross Fair Value Gross (In thousands) Corporate bonds Less than 12 months $ — $ — $ — $ — 12 months or longer 699 ( 2 ) 6,621 ( 96 ) Total $ 699 $ ( 2 ) $ 6,621 $ ( 96 ) There were no material realized gains or losses on AFS investments during the three and six months ended June 30, 2024 and June 30, 2023. All remaining contractual maturities of AFS investments held at June 30, 2024 are as follows: Less than 12 months Greater than 12 months Fair value Gross Fair value Gross (In thousands) Corporate bonds $ 699 $ ( 2 ) $ — $ — Total $ 699 $ ( 2 ) $ — $ — Actual maturities may differ from the contractual maturities because the Company may sell these investments prior to their contractual maturities.

Balance Sheet Components

Balance Sheet Components	6 Months Ended
Balance Sheet Components	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 6. Balance Sheet Components Accounts Receivable, Net Accounts receivable, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Trade receivables $ 9,061 $ 10,203 Less: Allowances for credit losses ( 723 ) ( 620 ) Total $ 8,338 $ 9,583 Inventories Inventories consisted of the following: June 30, December 31, 2024 2023 (In thousands) Raw materials $ 42,453 $ 48,488 Work-in-progress 13,712 9,922 Finished goods 3,356 2,406 Total $ 59,521 $ 60,816 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Prepaid insurance and other $ 2,129 $ 2,738 Vendor prepayments 160 1,262 Total $ 2,289 $ 4,000 Property and Equipment, Net Property and equipment, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Computers and software $ 2,525 $ 2,549 Lab equipment and other equipment 8,018 8,075 Furniture and fixtures 206 206 Leasehold improvements 14,484 14,406 Total property, plant and equipment 25,233 25,236 Less accumulated depreciation and amortization ( 11,047 ) ( 8,910 ) Property, plant and equipment, net $ 14,186 $ 16,326 Depreciation expense for the three months ended June 30, 2024 and 2023 was $ 1.1 million and $ 1.2 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $ 2.2 million and $ 2.3 million, respectively. The manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no significant asset retirement obligations for McGlincy. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use, however the lease agreement was not terminated. Other Assets Other assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Right of use assets $ 9,792 $ 10,672 Non-current contract assets 4,862 5,117 Non-current prepaid expenses and other assets 1,684 1,993 Total Other assets $ 16,338 $ 17,782 Certain balances included in contract assets for prior periods have been reclassified to conform to the current period presentation. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Accrued expenses $ 2,121 $ 1,948 Accrued salaries and benefits 1,742 2,277 Lease liability – current portion 2,001 2,266 Total Accrued expenses and other current liabilities $ 5,864 $ 6,491 Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Lease liabilities – noncurrent portion $ 9,345 $ 10,176 Other noncurrent liabilities 1,632 1,380 Total other noncurrent liabilities $ 10,977 $ 11,556

Equipment on Lease, Net

Equipment on Lease, Net	6 Months Ended
Equipment on Lease, Net	Jun. 30, 2024
Leases [Abstract]
Equipment on Lease, Net	Note 7. Equipment on Lease, Net The equipment leased to customers had a cost basis of $ 4.6 million and accumulated depreciation of $ 0.7 million as of June 30, 2024. The equipment leased to customers had a cost basis of $ 7.4 million and accumulated depreciation of $ 0.8 million as of December 31, 2023. The total depreciation expense was $ 0.2 million and $ 0.3 million included in cost of revenue for the three months ended June 30, 2024 and 2023, respectively. The total depreciation expense was $ 0.5 million and $ 0.6 million included in cost of revenue for the six months ended June 30, 2024 and 2023, respectively. Lease payments from customers consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Equipment on lease payments $ 292 $ 35 $ 762 $ 610

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2024
Leases [Abstract]
Leases	Note 8. Leases The Company leases its office and manufacturing facilities under four non-cancellable operating leases, including options to extend, which expire between 2024 to 2032. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. As noted above in Note 6, Balance Sheet Components , the manufacturing facility operating lease at Campbell (McGlincy) was terminated during the quarter ended March 31, 2023, and is no longer in use. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) during the quarter ended December 31, 2023, which are no longer in use, however the lease agreements have not been terminated as of June 30, 2024. Total right-of-use (“ROU”) assets and lease liabilities are as follows: June 30, December 31, 2024 2023 (In thousands) Right-of-use assets: Net book value (Other assets) $ 9,792 $ 10,672 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 1,865 $ 2,153 Noncurrent (Other noncurrent liabilities) 9,159 9,973 11,024 12,126 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 136 $ 113 Noncurrent (Other noncurrent liabilities) 186 203 $ 322 $ 316 Total lease liabilities $ 11,346 $ 12,442 There were no impairments recorded related to these assets as of June 30, 2024 and December 31, 2023. Information about lease-related balances were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except years and percentages) Operating lease expense $ 746 $ 746 $ 1,492 $ 1,510 Financing lease expense 43 9 92 18 Short-term lease expense 40 66 108 160 Total lease expense $ 829 $ 821 $ 1,692 $ 1,688 Cash paid for leases $ 752 $ 700 $ 1,498 $ 1,406 Weighted – average remaining lease term – operating 7.5 3.6 7.5 3.6 Weighted – average discount rate – operating leases 8.9 % 8.7 % 8.9 % 8.7 % Maturity of operating lease liabilities as of June 30, 2024 are as follows: (In thousands) Remainder of 2024 $ 1,353 2025 2,390 2026 2,430 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 19,842 Less portion representing imputed interest ( 8,818 ) Total operating lease liabilities $ 11,024 Less current portion 1,865 Long-term portion $ 9,159

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Note 9. Debt Debt consisted of the following: June 30, December 31, 2024 2023 (In thousands) Secured notes $ 24,907 $ 33,516 Deferred financing costs ( 315 ) ( 384 ) Total $ 24,592 $ 33,132 Debt – current portion 24,592 21,191 Long-term debt – less current portion $ — $ 11,941 The Company’s debt consists of Secured Notes entered into with High Trail Investments ON LLC and an affiliated institutional investor (together, the "Investors"). The Secured Notes contain customary affirmative and negative covenants (including covenants that limit the Company’s ability to incur debt, make investments, transfer assets, engage in certain transactions with affiliates and merge with other companies). For a full description of the debt arrangement, see Note 9, Debt , in the audited consolidated financial statements included in the 2023 Form 10-K. Pursuant to the Second Note Amendment, the Company made a cash payment of $ 5.0 million on April 1, 2024 to redeem approximately $ 4.2 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and made a cash payment of $ 5.5 million on April 15, 2024 to repay approximately $ 4.6 million of principal of the Secured Notes, together with accrued and unpaid interest . On July 1, 2024, we entered into a third note amendment to the Secured Notes with the Investors (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July 1, 2024 partial redemption payment of $ 10.5 million (the “July Redemption Payment”) over a period of ten equal monthly payments commencing August 1, 2024. The July Redemption Payment will be paid monthly at a Repayment Price of $ 1,050,000 with $ 875,000 in aggregate principal amount of the Secured Notes redeemed. In addition to the July Redemption Payment, o n the first day of each three-month period beginning on October 1, 2024 (a “Partial Redemption Date”), the Company will redeem a portion of the principal amount of the Secured Notes at the Repayment Price plus accrued and unpaid interest, unless the Investors cancel or waive such redemption. The aggregate principal amount of the Secured Notes that will be redeemable on a Partial Redemption Date will be $ 8,750,000 for a Repayment Price of $ 10,500,000 . During August 2024 we received extensions from the Investors for the July Redemption Payment through August 16, 2024. The Secured Notes include terms that provide the Investors seniority over other unsecured obligations in any settlement negotiations in the event of liquidation. Additionally, the Secured Notes contain redemption features in the event of default or a fundamental change in control that would make the Secured Notes immediately callable at a predetermined rate as described in the Secured Notes. The redemption features are settled in cash. As of June 30, 2024, the Company has not included the effect of an event of default or the effect of a fundamental change in control in the valuation of the Secured Notes. The Company will continue to monitor the likelihood of these events and associated impact on the valuation of the Secured Notes in future reporting periods. On July 2, 2024, we received a notice of default from the trustee of the Secured Notes, U.S. Bank Trust Company, National Association (the "Trustee") stating that the Company was in violation of Section 4.4 of the the indenture dated as of August 14, 2023 (the “Indenture”) between the Company and the Trustee as of April 29, 2024, due to the Company's failure to timely provide an Officer's Certificate indicating the Company was in compliance with the covenants in the Indenture. On July 3, 2024, we submitted to the Trustee the required documents to cure the covenant non-compliance. On July 9, 2024, we obtained a waiver from the Investors waiving this default, related defaults, and the payment of any accrued default interest in connection with these defaults. The Company incurred deferred financing costs of $ 0.5 million related to the Secured Notes, which were capitalized upon issuance and are being accreted over the term of the Secured Notes using the effective interest rate method with $ 0.1 million and $ 0.2 million amortized to interest expense for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the remaining unamortized balance of deferred financing costs was $ 0.3 million and were included in Debt — current portion on the balance sheets. Additionally, the Company is accreting discounts of $ 17.8 million and capitalizing to the carrying value of the Secured Notes over the term of the Secured Notes using the effective interest rate method with $ 4.9 million and $ 8.0 million amortized to interest expense for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the unamortized discount was $ 8.6 million, which includes the difference between the principal and the Repayment Price. For the three months ended June 30, 2024, the Company incurred and paid $ 0.4 million and $ 0.6 million in interest expense, respectively, related to the Secured Notes. For the six months ended June 30, 2024, the Company incurred and paid $ 1.0 million and $ 0.6 million in interest expense, respectively, related to the Secured Notes. The effective interest rate was 98.5 % for the three and six months ended June 30, 2024. The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, are as follows as of June 30, 2024: (In thousands) 2024 $ 21,000 2025 $ 12,500 $ 33,500

Equity Instruments

Equity Instruments	6 Months Ended
Equity Instruments	Jun. 30, 2024
Equity [Abstract]
Equity Instruments	Note 10. Equity Instruments Common stock Our authorized share capital consists of 500,000,000 shares of common stock, par value $ 0.00001 per share, and 10,000,000 shares of preferred stock, par value $ 0.00001 per share. As of June 30, 2024 , we had 8,611,219 shares of common stock outstanding.The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders but are not entitled to cumulative voting rights, are entitled to receive ratably such dividends as may be declared by the Company’s Board of Directors out of funds legally available therefor subject to preferences that may be applicable to any shares of redeemable convertible preferred stock currently outstanding or issued in the future, are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any then outstanding redeemable convertible preferred stock in the event of the Company’s liquidation, dissolution, or winding up, have no preemptive rights and no right to convert their common stock into any other securities, and have no redemption or sinking fund provisions applicable to the common stock. April 2024 Securities Purchase Agreement On April 10, 2024, the Company entered into securities purchase agreements (the “BEPO Purchase Agreements”) with certain investors (collectively, the “Purchasers”). The BEPO Purchase Agreements relate to the sale and issuance, on a reasonable best efforts basis (collectively, the “BEPO Offering”), by the Company of an aggregate of: (i) 979,592 shares of the Company’s common stock and (ii) warrants to purchase up to 979,592 shares of common stock (the “BEPO Warrants”). The offering price per share of common stock and the exercise price of the accompanying BEPO Warrants is $ 12.25 . On April 12, 2024, the Company completed the BEPO Offering, resulting in gross proceeds to the Company of approximately $ 12 million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and other general corporate purposes, including repayment of a portion of the Company’s Secured Notes. In connection with the BEPO Offering, on April 10, 2024, the Company also entered into a placement agency agreement (the “BEPO Placement Agency Agreement”) with A.G.P./Alliance Global Partners (the “BEPO Placement Agent”). Pursuant to the terms of the BEPO Placement Agency Agreement, the BEPO Placement Agent agreed to arrange for the sale of the shares of common stock and the warrants. The Company paid the BEPO Placement Agent a cash fee equal to 7.0 % of the aggregate purchase price paid by the Purchasers in connection with sales and reimbursed the BEPO Placement Agent for certain of its expenses in an aggregate amount of $ 150,000 . In addition, the Company issued Placement Agent warrants (the “BEPO Agent Warrants”) to purchase such number of shares of common stock equal to 5.0 % of the aggregate number of shares of common stock sold in the BEPO Offering, or an aggregate of 48,980 shares of common stock. The BEPO Agent warrants are exercisable immediately upon issuance and have substantially the same terms as the BEPO Warrants, except that the BEPO Agent Warrants have an exercise price of $ 13.475 per share (representing 110 % of the offering price per share of common stock and accompanying warrant) and will expire five years from the commencement of the sales pursuant to the BEPO Offering. Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance on an “as if converted” basis were as follows: June 30, December 31, 2024 2023 (share data) Common stock warrants 3,111,261 1,455,574 Shares available for future grant under 2021 Equity Incentive Plan 789,655 844,496 Reserved for At-the-Market offering 80,742 80,742 Reserved for employee stock purchase plan 284,440 210,606 Total shares of common stock reserved 4,266,098 2,591,418 In February 2023, the Company entered into a sales agreement (the "ATM Sales Agreement") with Needham & Company, LLC ("Needham"), as agent, pursuant to which the Company may offer and sell, from time to time through Needham, up to $ 40.0 million shares of its common stock pursuant to a shelf registration statement on Form S-3 (the "Shelf Registration Statement") and the related prospectus supplement and accompanying base prospectus, and in connection therewith, the Company reserved 571,429 shares of common stock for issuance under the ATM Sales Agreement. On January 31, 2024, the Company filed an amendment to the prospectus supplement increasing the aggregate dollar amount of shares available to be sold from time to time pursuant to the ATM Sales Agreement to $ 75 million. During six months ended June 30, 2024 , the Company sold no shares pursuant to the ATM sales agreement. Effective January 1, 2024, pursuant to the evergreen provisions of the Company’s 2021 Equity Incentive Plan (the “2021 EIP”), the Company added an additional 369,170 shares of common stock for issuance under the 2021 EIP and 73,748 shares of common stock for issuance under the 2021 ESPP (as defined below). The shares available for future grant under the 2021 EIP are net of any un-exercised stock options (vested and unvested) and unvested restricted stock units (“RSUs”) outstanding that may convert to common stock in the future upon exercise or vesting as of June 30, 2024 and December 31, 2023. Common Stock Warrant Liabilities In connection with the BEPO Offering, the Company issued BEPO Warrants to purchase up to an aggregate of 979,592 shares of common stock. The BEPO Warrants are immediately exercisable at an exercise price of $ 12.25 per share and will expire on the five year anniversary of the date of issuance. In connection with the BEPO Placement Agency Agreement, we also issued BEPO Agent Warrants to purchase up to 48,980 shares of common stock. The BEPO Agent Warrants are exercisable at an exercise price of $ 13.475 per share and will expire on the five year anniversary of the date of issuance. In connection with the Second Note Amendment, on April 1, 2024, the Company also entered into a letter agreement (the “Letter Agreement”) with the Investors pursuant to which the Company issued to the Investors warrants (the “2024 Private Warrants”) to purchase up to an aggregate of 627,117 shares of Common Stock. The 2024 Private Warrants became exercisable 45 days after the original issuance date (the “Initial Exercise Date”), are exercisable at an exercise price of $ 15.946 per share and will expire on the one year anniversary of the later of (i) the Initial Exercise Date and (ii) the date on which the Resale Registration Statement (as defined in the Letter Agreement) is declared effective by the SEC. The Investors may exercise the 2024 Private Warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20. The 2024 Private Warrants may also be exercised on a cashless basis under certain circumstances. Warrants to purchase an equal number of shares of common stock of 3,111,261 and 1,455,574 were exercisable as of June 30, 2024 and December 31, 2023, respectively. The Private Placement Warrants, the Public Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement Agent Warrants, 2024 Private Warrants, BEPO Warrants, and BEPO Agent Warrants to purchase shares of common stock are liability classified and recorded at fair value on the issue date with periodic remeasurement. Warrants for shares of common stock consisted of the following: June 30, 2024 Issue Date Expiration Number of Exercise Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public Warrants – Common Stock 12/02/2020 09/29/2026 246,429 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,571 $ 19.78 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 2024 Private Warrants - Common Stock 4/1/2024 5/16/2025 627,117 $ 15.95 BEPO Warrants - Common Stock 4/12/2024 4/12/2029 979,592 $ 12.25 BEPO Agent Warrants - Common Stock 4/12/2024 4/12/2029 48,980 $ 13.48 3,111,261 December 31, 2023 Issue Date Expiration Number of Exercise Private placement warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public warrants – Common Stock 12/02/2020 09/29/2026 246,428 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,574 $ 19.78 2023 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 1,455,574 Warrant Liabilities – Fair Value The issuance of the Private Placement Warrant and Public Warrant liabilities were accounted for as a reverse recapitalization. The 2022 Private Warrant was issued in connection with the Company’s entry into the joinder and fourth loan modification with Silicon Valley Bank. See Note 9, Debt, in the consolidated financial statements included in the 2023 Form 10-K. The liabilities associated with the Private Placement Warrants, 2022 Private Warrants, RDO Warrants, Placement Agent Warrants, 2024 Private Warrants, BEPO Warrants, and BEPO Agent Warrants were subject to remeasurement at each balance sheet date using the Level 3 fair value inputs and the Public Warrants were subject to remeasurement at each balance sheet date using Level 1 fair value inputs for the three and six months ended June 30, 2024 and June 30, 2023. See Note 4, Fair Value Measurements, in this Report for liability classified warrants recorded at fair value. Each Private Placement Warrant is exercisable to purchase one share of common stock at a price of $ 402.50 per share. Subject to certain exceptions, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. The 2022 Private Warrant is exercisable to purchase one share of common stock at a price of $ 89.60 per share and allows cashless exercise in whole or part. The Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on December 7, 2021. The RDO Warrants are exercisable to purchase one share of common stock at a price of $ 19.78 per warrant share. The Placement Agent Warrants are exercisable to purchase one share of common stock at a price of $ 21.75 per warrant share . The RDO Warrants and Placement Agent Warrants are exercisable until December 29, 2028 and allows cashless exercise in whole or part. Private Placement Warrants – Fair Value Assumptions The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows: As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 13.92 Expected volatility 100.0 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend rate — % — % Expected Term (years) 2.25 2.75 Expected volatility: The volatility is determined iteratively, such that the concluded value of the Private Placement Warrants are equal to the traded price. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrants are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the common stock warrants. 2022 Private Warrants, RDO Warrants, Placement Agent Warrants - Fair Value Assumptions The fair value assumptions used in the Black-Scholes simulation model for the recurring valuation of the 2022 Private Warrant, the RDO Warrants, and the Placement Agent Warrants liabilities were as follows: As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.6 % 108.3 % Risk-free interest rate 4.4 % - 5.2 % 3.8 % - 3.9 % Dividend rate — % — % Expected Term (years) 4.5 - 10.07 5 - 10.57 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrant is expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the warrant. 2024 Private Warrants, - Fair Value Assumptions The fair value assumptions used in the Monte Carlo simulation model for the valuation of the 2024 Private Warrants liability was as follows: As of June 30, 2024 Current stock price $ 3.32 Expected volatility 140.8 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 0.88 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrant is expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the warrant. BEPO Warrants, BEPO Agent Warrant - Fair Value Assumptions The fair value assumptions used in the Black-Scholes simulation model for the valuation of the BEPO Warrant and the BEPO Agent Warrant liabilities were as follows: As of June 30, 2024 Current stock price $ 3.32 Expected volatility 118.6 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 4.79 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrant is expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the warrant. Contingent Earnout Liabilities The contingent earnout liability is for Earnout Shares (as defined below) for pre-closing Legacy Velo3D equity holders (“Eligible Legacy Velo3D Equityholders”). During the time period between September 29, 2021 (the “Closing Date”) and the five -year anniversary of the Closing Date, Eligible Legacy Velo3D Equityholders may receive up to 585,488 shares of common stock (the “Earnout Shares”), which is based on two tranches of 292,744 per tranche. The Earnout Shares issuable to holders of employee stock options are accounted as stock-based compensation expense as they are subject to forfeiture based on the satisfaction of certain employment conditions. See Note 11, Equity Incentive Plans & Stock Based Compensation , for further discussion. See Note 4, Fair Value Measurements, in this Report for the liability for contingent earnout liabilities carried at fair value for the three months ended June 30, 2024 and 2023. Fair Value Assumptions – Contingent Earnout Liabilities Assumptions used in the fair value of the contingent earnout liabilities are described below. As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.7 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend yield — % — % Expected Term (years) 2.25 2.75 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the Earnout Shares. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the Earnout Shares.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	6 Months Ended
Equity Incentive Plans and Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plans and Stock-Based Compensation	Note 11. Equity Incentive Plans and Stock-Based Compensation As of June 30, 2024, the Company had a remaining allocated reserve of 789,655 shares of its common stock for issuance under its 2021 Equity Incentive Plan (the “2021 EIP”), which provides for the granting of stock options, restricted stock units (“RSUs”) and stock appreciation rights to employees, directors, and consultants of the Company. As of June 30, 2024, the Company had an allocated reserve of 284,440 shares of its common stock for issuance under its 2021 Employee Stock Purchase Plan (“2021 ESPP”). As of June 30, 2024, the Company had not begun any offering periods for the 2021 ESPP. Stock options Activity under the 2021 EIP is set forth below: Options Weighted- Weighted- (In thousands) (Per share data) (Years) Outstanding as of December 31, 2022 485 $ 18.90 7.3 Granted — $ — Exercised ( 37 ) $ 10.15 Forfeited or expired ( 12 ) $ 21.70 Outstanding as of June 30, 2023 436 $ 19.95 7.4 Options vested and expected to vest as of June 30, 2023 436 $ 19.95 Vested and exercisable as of June 30, 2023 330 $ 23.10 Outstanding as of December 31, 2023 376 $ 21.47 6.2 Granted — $ — Exercised ( 51 ) $ 6.30 Forfeited or expired ( 13 ) $ 28.43 Outstanding as of June 30, 2024 312 $ 23.53 5.9 Options vested and expected to vest as of June 30, 2024 312 $ 23.53 Vested and exercisable as of June 30, 2024 311 $ 23.76 The aggregate intrinsic value of options outstanding was $ 2.0 million and $ 2.3 million, respectively, as of June 30, 2024 and December 31, 2023. As of June 30, 2024, total unrecognized compensation cost related to options was immaterial and is expected to be recognized over a weighted-average period of 0.7 years. For the six months ended June 30, 2024, there were no options granted. Restricted Stock Units The fair value of RSUs under the Company’s 2021 EIP is estimated using the value of the Company’s common stock on the date of grant. The following table summarizes outstanding and expected to vest RSUs as of June 30, 2024 and 2023 and their activity during the six months ended June 30, 2024 and 2023: Number Weighted- Aggregate (In thousands) (Per share data) (In thousands) Balance as of December 31, 2022 275 $ 156.45 Granted 163 73.85 Released ( 47 ) 134.05 Cancelled ( 41 ) 149.45 Balance as of June 30, 2023 350 $ 121.80 $ 26,411 Expected to vest as of June 30, 2023 350 $ 121.80 $ 26,411 Balance as of December 31, 2023 570 $ 68.00 Granted 137 $ 8.30 Released ( 83 ) $ 81.54 Cancelled ( 78 ) $ 66.88 Balance as of June 30, 2024 546 $ 51.13 $ 1,812 Expected to vest as of June 30, 2024 546 $ 51.13 $ 1,812 The aggregate intrinsic value of outstanding RSUs is calculated based on the closing price of the Company’s common stock as of the date outstanding. As of June 30, 2024, there was $ 24.6 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of approximately 2 . 7 years . As of June 30, 2023, there was $ 37.3 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of approximately 2.7 years. Earnout Shares– – Employees The Earnout Shares issuable to holders of employee stock options are accounted as stock-based compensation expense as they are subject to forfeiture based on the satisfaction of certain employment conditions. The estimated fair values of the Earnout Shares associated with vested stock options are recognized as an expense and determined by the Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the five-year earnout period. The portion of the Earnout Shares associated with unvested stock options are recognized as an expense and considers the vesting continuing employment requirements. Stock-based Compensation Expense The following sets forth the total stock-based compensation expense by type of award included in operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Restricted stock units $ 3,101 $ 4,745 $ 6,930 $ 8,803 Stock options 39 119 99 354 Earnout shares–employees 1,107 1,671 2,305 3,614 $ 4,247 $ 6,535 $ 9,334 $ 12,771 The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in cost of revenue and operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Cost of 3D Printer $ 269 $ 324 $ 658 $ 518 Cost of Support services 138 120 333 192 Research and development 1,130 2,835 2,680 5,638 Selling and marketing 862 1,585 1,916 3,081 General and administrative 1,848 1,671 3,747 3,342 $ 4,247 $ 6,535 $ 9,334 $ 12,771

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 12. Income Taxes The income tax provision is calculated for an interim period by distinguishing between elements recognized in the income tax provision through applying an estimated annual effective tax rate (the “ETR”) to a measure of year-to-date operating results referred to as “ordinary income (or loss),” and discretely recognizing specific events referred to as “discrete items” as they occur. The income tax provision or benefit for each interim period is the difference between the year-to-date amount for the current period and the year-to date amount for the period prior. Under ASC 740-270-30-36, entities subject to income taxes in multiple jurisdictions should apply one overall ETR instead of separate ETRs for each jurisdiction when calculating the interim-period income tax or benefit related to ordinary income (or loss) for the year-to-date interim period, except in certain circumstances. The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 differ from the federal statutory rate principally as a result of valuation allowances expected to be applied to net operating loss carry-forwards which will not meet the threshold for recognition as deferred tax assets.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies The Company may be involved in various lawsuits, claims, and proceedings, including intellectual property, commercial, securities, and employment matters that arise in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of the condensed consolidated financial statements indicates it is probable a loss has been incurred as of the date of the condensed consolidated financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Legal costs are expensed as incurred. As of June 30, 2024 , the Company is not aware of any litigation, claim or assessment in which the outcome, individually or in the aggregate, would have a material adverse effect on its financial positions, results of operations, cash flows or future earnings. The Company’s purchase obligations per terms and conditions with suppliers and vendors are cancellable in whole or in part prior to shipment. Non-cancellable purchase commitments (purchase orders) of $ 12.0 million for parts and assemblies are due upon receipt and are expected to be delivered throughout the remainder of 2024. If inventory is shipped, the Company will accrue a liability under accrued expenses. The Company has no other commitments and contingencies, except for the operating leases. See Note 8, Leases , for further discussion.

Employee Defined-Contribution P

Employee Defined-Contribution Plans	6 Months Ended
Employee Defined-Contribution Plans	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Defined-Contribution Plans	Note 14. Employee Defined-Contribution Plans The Company has a defined-contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all of the expenses incurred for administering the 401(k) Plan are paid by the Company. Accrued salaries and benefits included accruals related to the 401(k) plans the Company offers to its employees. In order to qualify for these plans, employees must meet the minimum age requirement (21 years) and begin participating on their entry date which is the first paycheck date in the month following the month of eligibility described above. Employee and employer contributions are immediately 100 % fully vested. The plans offer employer contributions of 3.0 % of an employee’s eligible compensation following safe-harbor rules. The Company’s contribution to the 401(k) Plan was $ 0.3 million and $ 0.3 million for the three months ended June 30, 2024 and 2023, respectively, and $ 0.5 million and $ 0.7 million for the six months ended June 30, 2024 and 2023, respectively. The Company has paid all matching contributions as of June 30, 2024.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Note 15. Revenue Customer Concentration The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below: Total Revenue Accounts Receivable, Net Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2024 2023 2024 2023 2024 2023 (as a percentage) Customer 1 24.0 % —% 25.4 % —% —% —% Customer 2 26.5 % —% 20.1 % <10% <10% <10% Customer 3 16.0 % —% <10% —% 16.9 % —% Customer 4 11.4 % <10% <10% <10% <10% —% Customer 5 <10% 11.5 % <10% 10.4 % <10% <10% Customer 6 <10% <10% <10% <10% 14.0 % 11.2 % Customer 7 <10% <10% <10% 11.3 % <10% <10% Customer 8 <10% 23.4 % <10% 11.3 % <10% <10% Customer 9 <10% 12.1 % <10% <10% <10% <10% Customer 10 <10% 11.3 % <10% <10% —% <10% Revenue by Geographic Area The Company currently sells its products in the geographic regions as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Americas $ 10,103 $ 20,923 $ 19,476 $ 43,086 Europe 176 4,173 501 8,598 Other 65 38 153 137 Total $ 10,344 $ 25,134 $ 20,130 $ 51,821 Contract Assets and Liabilities There was $ 0.8 million and $ 1.6 million of revenue recognized during the three and six months ended June 30, 2024, respectively, included in contract liabilities as of December 31, 2023. The amount of revenue recognized during the three and six months ended June 30, 2023 included in contract liabilities as of December 31, 2022 was $ 0.9 million and $ 1.8 million, respectively. The change in contract assets reflects the difference in timing between the Company’s satisfaction of remaining performance obligations and the Company’s contractual right to bill its customers. The Company had no material asset impairment charges related to contract assets in the periods presented. Variable Consideration The Company estimates its variable consideration on a quarterly basis based on the latest data available, and adjusts the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result of a change in estimation. There was no revenue related to variable consideration during the three ended June 30, 2024 and 2023. There was no revenue related to variable consideration and $ 1.3 million in revenue related to variable consideration for the six months ended June 30, 2024 and 2023, respectively.

Revision of Previously Issued C

Revision of Previously Issued Condensed Consolidated Financial Statements	6 Months Ended
	Jun. 30, 2024
Income Statement [Abstract]
Revision of Previously Issued Condensed Consolidated Financial Statements	Note 16. Revision of Previously Issued Condensed Consolidated Financial Statements As discussed in Note 1, during the fourth quarter of 2023, the Company identified errors related to revenue, other assets and contract assets which also impacted the interim periods in 2023 as originally presented in the Company’s quarterly reports on Form 10-Q. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors including the classification of stock-based compensation as cost of revenue for the three and six months ended June 30, 2023. The Company concluded that these errors were not material, either individually or in the aggregate, to its previously issued interim condensed consolidated financial statements. There were no changes to previously issued total cash flows generated from (used by) operating, investing, or financing activities for any of the impacted periods. The Company revised the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 to reflect the corrections of these immaterial errors in this Quarterly Report. The impact of the revision is as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2023 As Previously Adjustment As Revised As Previously Adjustment As Revised Revenue 3D Printer $ 23,190 $ — $ 23,190 $ 47,765 $ ( 127 ) $ 47,638 Recurring payment 35 — 35 610 — 610 Support services 1,909 — 1,909 3,573 — 3,573 Total Revenue 25,134 — 25,134 51,948 ( 127 ) 51,821 Cost of revenue 3D Printer 19,728 324 20,052 41,702 518 42,220 Recurring payment 335 — 335 782 — 782 Support services 2,091 120 2,211 3,559 192 3,751 Total cost of revenue 22,154 444 22,598 46,043 710 46,753 Gross profit 2,980 ( 444 ) 2,536 5,905 ( 837 ) 5,068 Operating expenses Research and development 12,454 ( 216 ) 12,238 23,001 ( 346 ) 22,655 Selling and marketing 6,108 — 6,108 12,282 — 12,282 General and administrative 10,124 ( 228 ) 9,896 20,451 ( 364 ) 20,087 Total operating expenses 28,686 ( 444 ) 28,242 55,734 ( 710 ) 55,024 Loss from operations ( 25,706 ) — ( 25,706 ) ( 49,829 ) ( 127 ) ( 49,956 ) Interest expense ( 344 ) — ( 344 ) ( 564 ) — ( 564 ) Gain (loss) on fair value of 828 — 828 ( 1,725 ) — ( 1,725 ) Gain (loss) on fair value of 1,843 — 1,843 ( 7,810 ) — ( 7,810 ) Other income, net 178 — 178 529 — 529 Loss before provision ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Provision for income taxes — — — — — — Net loss ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Net loss per share–basic and diluted $ ( 4.10 ) $ — $ ( 4.10 ) $ ( 10.61 ) $ — $ ( 10.63 ) Shares used in computing net loss per share–basic and diluted 5,659,601 — 5,659,601 5,598,386 — 5,598,386 Net loss $ ( 23,201 ) $ — $ ( 23,201 ) $ ( 59,399 ) $ ( 127 ) $ ( 59,526 ) Net unrealized holding gain 148 — 148 436 — 436 Total comprehensive loss $ ( 23,053 ) $ — $ ( 23,053 ) $ ( 58,963 ) $ ( 127 ) $ ( 59,090 )

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 17. Subsequent Events Third Note Amendment On July 1, 2024, the Company entered into the Third Note Amendment to the Secured Notes with the Investors. Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July Redemption Payment of $ 10.5 million over a period of ten equal monthly payments commencing August 1, 2024 . July Letter Agreement and Warrants In connection with the Third Note Amendment and as consideration for the deferral of the July Redemption Payment, on July 1, 2024, the Company also entered into a letter agreement (the “July Letter Agreement”) with the Investors pursuant to which the Company issued to the Investors warrants to purchase 1,650,000 shares of the Company’s common stock that are exercisable on the issuance date at an exercise price of $ 3.00 per share and expire on the five year anniversary of the date on which the resale registration statement required to be filed by the Company pursurant to the July Letter Agreement is declared effective by the SEC. The Investors may exercise these warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes. These warrants may also be exercised on a cashless basis under certain circumstances. The warrants were issued to the Investors, and any shares of common stock issuable upon exercise of the warrants will be issued to the Investors, pursuant to the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D as promulgated by the SEC under the Securities Act. Pursuant to the July Letter Agreement, the Company has agreed to file with the SEC a resale registration statement as soon as practicable but in no event later than thirty days after the issuance date of the warrants to register the resale of the shares of common stock underlying the warrants. The July Letter Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company, and other obligations of the parties. Reduction in Force On August 9, 2024, the Company commenced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which affected 63 employees, representing approximately 30 % of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $ 1.1 million to $ 1.7 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. The majority of the cash payments related to these expenses will be paid out during the fourth quarter of 2024. Warrant Inducement Exercise On August 12, 2024, the Company entered into a warrant inducement (the “Inducement Agreement”) with certain warrant holders (the “Warrant Holders”) which references the warrants (the “Existing Warrants”) registered for sale under the registration statement on Form S-3 (file No. 333-268346) in the amount of 742,857 warrants to purchase shares of the Company’s common stock, par value $ 0.00001 per share. Pursuant to the Inducement Agreement, the holders of the Existing Warrants agreed to reduce the exercise price of their Existing Warrants totaling 742,857 , from $ 19.78 per share to $ 2.28 per share. Additionally, the Company agreed to issue registered warrants with an exercise price of $ 2.28 per share to purchase 1,485,714 shares of Common Stock (the “New Warrants”), pursuant to a warrant agreement (the “New Warrant Agreement”). If exercised in full, the Company will receive aggregate gross proceeds up to approximately $ 1.6 million, before deducting expenses payable by the Company.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) and the related notes, which provide a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements of the Company. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. On June 10, 2024, the stockholders of the Company approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $ 0.00001 per share, at a ratio ranging from 1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s board of directors (the “Board”). On June 10, 2024, the Board approved the reverse stock split at a ratio of 1-for-35 (the “Reverse Stock Split”). On June 12, 2024, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, effective as of June 13, 2024. As a result of the Reverse Stock Split, every 35 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. The par value of the Company’s common stock was not adjusted as a result of the Reverse Stock Split. All of the Company’s share numbers, per share amounts, and related stockholders’ equity (deficit) balances presented herein have been retroactively adjusted to reflect the Reverse Stock Split. In addition, the exercise prices, conversion rates and other terms of the Company’s securities that adjusted pursuant to their terms as a result of the Reverse Stock Split have been presented after giving effect to such adjustments.
Revision of Previously Issued Consolidated Financial Statements	Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth quarter of 2023, the Company identified a formula error and an incorrect hourly rate used in its calculation of variable consideration and the calculation of sales type leases related to revenue for the year ended December 31, 2022. The Company concluded that the errors were not material, either individually or in the aggregate, to its previously issued consolidated financial statements. Additionally, the Company has revised its previously issued interim condensed consolidated financial statements for the period ended June 30, 2023. Refer to Note 16 for further discussion on the revision of the previously issued condensed consolidated financial statements.
Notice of Delisting	Notice of Delisting On December 28, 2023, the Company received written notice from the NYSE that the Company was below compliance criteria pursuant to the continued listing standards set forth in Section 802.01C of the NYSE's Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. In a letter dated June 28, 2024, the NYSE confirmed that a calculation of the Company’s average stock price for the 30 trading days ended June 28, 2024, indicated that the Company’s stock price was above the NYSE’s minimum requirement of $ 1.00 based on a 30 trading-day average. Accordingly, as of June 28, 2024, the Company was no longer considered below the $ 1.00 continued listing criterion. On July 8, 2024, the Company received written notice (the “Notice ”) from the NYSE that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual because its average total market capitalization over a consecutive 30 trading-day period was less than $ 50 million and, at the same time, its stockholders' equity was less than $ 50 million. As of July 5, 2024, the Company’s 30 trading-day average market capitalization was approximately $ 36.6 million and its last reported stockholders’ deficit, as of March 31, 2024, was approximately $ 45.5 million. In accordance with applicable NYSE procedures, within 45 days from receipt of the Notice, the Company intends to submit a plan to the NYSE advising it of the definitive action(s) the Company has taken, is taking, or plans to take that would bring it into compliance with the continued listing standards within 18 months of receipt of the Notice (the “Cure Period”). The NYSE will review the Company’s plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with the listing standards within the Cure Period. If the NYSE accepts the Company’s plan, the Company’s common stock will continue to be listed and traded on the NYSE during the Cure Period, subject to the Company’s compliance with the other continued listing standards and continued periodic review by the NYSE of the Company’s progress with respect to its plan. The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the Cure Period under the common stock trading symbol “VLD”, subject to the Company’s continued compliance with the plan and other listing requirements of the NYSE. The Notice does not affect the Company’s reporting obligations with the SEC. However, failure to satisfy the conditions of the Cure Period or to maintain compliance with other NYSE listing requirements could lead to delisting.
Going Concern	Going Concern, Financial Condition and Liquidity and Capital Resources The unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company has incurred losses from operations and negative cash flows from operations in every year since inception and expects this to continue for the foreseeable future. As of June 30, 2024, the Company had an accumulated deficit of $ 385.5 million and cash and short-term investments on hand of approximately $ 3.2 million . Management believes th at there is a substantial doubt concerning the Company’s ability to continue as a going concern. As of the date of the issuance of these financial statements, the Company does not have sufficient liquidity to meet its operating needs and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. As of August 2, 2024, the Company had approximately $ 8.7 million in accounts receivable, $ 1.1 million in cash and short-term investments, $ 17.5 million of accounts payable, and $ 24.6 million in Secured Notes. On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes (as defined below) with the Investors (as defined below). Pursuant to the Second Note Amendment, the Company agreed to make and made a cash payment of $ 5.0 million on April 1, 2024 to redeem approximately $ 4.2 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and a cash payment of $ 5.5 million on April 15, 2024 to repay approximately $ 4.6 million of principal of the Secured Notes, together with accrued and unpaid interest. In connection with the Second Note Amendment, the Company issued to the Investors warrants to purchase 627,117 shares of the Company’s common stock that became exercisable 45 days after the original issuance date at an exercise price of $ 15.946 per share . The Investors may exercise the Warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20. On April 10, 2024, the Company sold (such sale and issuance, the “BEPO Offering”) an aggregate of: (i) 979,592 shares of common stock and (ii) immediately exercisable warrants to purchase up to 979,592 shares of common stock at $ 12.25 per share . The offering price per share of common stock and accompanying warrant was $ 12.25 and resulted in gross proceeds to the Company of approximately $ 12 million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and other general corporate purposes, including repayment of portions of the Company’s Secured Notes. On July 1, 2024, we entered into a third note amendment to the Secured Notes with the Investors (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July 1, 2024 partial redemption payment of $ 10.5 million (the “July Redemption Payment”) over a period of ten equal monthly payments commencing August 1, 2024 . During August 2024 we received extensions from the Investors for the July Redemption Payment through August 16, 2024 . Further, the Company will need to engage in additional financings to fund its operations and satisfy its obligations in the near-term, through at-the-market sales under the ATM Agreement or other financings. The Company is in discussions with multiple financing sources to attempt to secure additional financing. There are no assurances that the Company will be able to obtain financing on acceptable terms, or at all, to provide the necessary interim funding to continue its operations and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. In December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize stockholder value. Potential strategic alternatives actively being explored or evaluated currently include a potential merger, business combination or sale. There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome on acceptable terms, or at all, to provide the necessary funding to continue its operations and satisfy its obligations and if not, the Company will be required to sell assets, liquidate and/or file for bankruptcy. The Company's strategic review remains ongoing, with the Board of Directors in discussions with multiple parties. The Company’s operational priorities include reliability improvements and system uptime for the products previously sold to its key customers. If the Company is unable to maintain system reliability and uptime consistent with the expectations of key customers the Company will not be able to collect outstanding receivables, a significant portion of which are currently past due with customers, or variable consideration contingent on the future usage of 3D Printer systems and it will not be able to collect on contractual amounts owed which are contingent upon successful completion of site acceptance tests.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“ FASB") issued Accounting Standards Update ("ASU") No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company's condensed consolidated financial statements and related disclosures.

Basic and Diluted Net Loss pe_2

Basic and Diluted Net Loss per Share (Tables)	6 Months Ended
Basic and Diluted Net Loss per Share (Tables)	Jun. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except share and per share data) (In thousands, except share and per share data) Numerator: Net income (loss) $ ( 172 ) $ ( 23,201 ) $ ( 28,486 ) $ ( 59,526 ) Denominator: Basic weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Diluted weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Net income (loss) per share Basic $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) Diluted $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 )
Schedule of Potentially Dilutive Shares Excluded from Computation of Net Loss Per Share	The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect: For the Three and Six Months Ended 2024 2023 Common stock warrants 3,111,261 375,571 Common stock options 312,125 435,928 Restricted stock units 545,759 349,348 Total potentially dilutive common share equivalents 3,969,145 1,160,847

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Tables)	6 Months Ended
Fair Value Measures and Disclosures (Tables)	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of June 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 2,067 $ — $ — $ 2,067 Corporate bonds (ii) — 699 — 699 Total financial assets $ 2,067 $ 699 $ — $ 2,766 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 48 $ — $ — $ 48 Common stock warrant liabilities (Private Placement — — 24 24 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 5 5 Common stock warrant liabilities (RDO Warrants) (iii) — — 2,037 2,037 Common stock warrant liabilities (Placement Agent — — 100 100 Common stock warrant liabilities (2024 Private — — 373 373 Common stock warrant liabilities (BEPO — — 2,236 2,236 Common stock warrant liabilities (BEPO Agent — — 110 110 Contingent earnout liabilities — — 69 69 Total financial liabilities $ 48 $ — $ 4,954 $ 5,002 Fair Value Measured as of December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 3,422 $ — $ — $ 3,422 Corporate bonds (ii) — 6,621 — 6,621 Total financial assets $ 3,422 $ 6,621 $ — $ 10,043 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 258 $ — $ — $ 258 Common stock warrant liabilities (Private Placement — — 127 127 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 23 23 Common stock warrant liabilities (RDO Warrants) (iii) — — 10,891 10,891 Common stock warrant liabilities (Placement Agent — — 536 536 Contingent earnout liabilities — — 1,456 1,456 Total financial liabilities $ 258 $ — $ 13,033 $ 13,291 (i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Financial Instruments	The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments: Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2024 $ 127 $ 23 $ 1,456 $ 10,891 $ 536 $ — $ — $ — Change in fair value 114 5 437 2,162 108 — — — Fair value as of March 31, 2024 $ 241 $ 28 $ 1,893 $ 13,053 $ 644 $ — $ — $ — Issuance of instruments — — — — — 6,321 9,020 446 Change in fair value ( 217 ) ( 23 ) ( 1,824 ) ( 11,016 ) ( 544 ) ( 5,948 ) ( 6,784 ) ( 336 ) Fair value as of June 30, 2024 $ 24 $ 5 $ 69 $ 2,037 $ 100 $ 373 $ 2,236 $ 110 Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2023 $ 888 $ 109 $ 17,414 $ — $ — $ — $ — $ — Change in fair value 869 37 9,653 — — — — — Fair value as of March 31, 2023 $ 1,757 $ 146 $ 27,067 $ — $ — $ — $ — $ — Change in fair value ( 269 ) ( 6 ) ( 1,843 ) — — — — — Fair value as of June 30, 2023 $ 1,488 $ 140 $ 25,224 $ — $ — $ — $ — $ —

Investments (Tables)

Investments (Tables)	6 Months Ended
Investments (Tables)	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Investments	The following table summarizes the Company’s available-for-sale (“AFS”) investments. These are classified as “Short-term investments” on the condensed consolidated balance sheets. June 30, 2024 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 701 $ — $ ( 2 ) $ 699 Total available-for-sale investments $ 701 $ — $ ( 2 ) $ 699 December 31, 2023 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 6,717 $ — $ ( 96 ) $ 6,621 Total available-for-sale investments $ 6,717 $ — $ ( 96 ) $ 6,621
Breakdown of Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents the breakdown of the AFS investments in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. June 30, 2024 December 31, 2023 Fair Value Gross Fair Value Gross (In thousands) Corporate bonds Less than 12 months $ — $ — $ — $ — 12 months or longer 699 ( 2 ) 6,621 ( 96 ) Total $ 699 $ ( 2 ) $ 6,621 $ ( 96 )
Remaining contractual maturities of AFS investments	All remaining contractual maturities of AFS investments held at June 30, 2024 are as follows: Less than 12 months Greater than 12 months Fair value Gross Fair value Gross (In thousands) Corporate bonds $ 699 $ ( 2 ) $ — $ — Total $ 699 $ ( 2 ) $ — $ —

Balance Sheet Components (Table

Balance Sheet Components (Tables)	6 Months Ended
Balance Sheet Components (Tables)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Trade receivables $ 9,061 $ 10,203 Less: Allowances for credit losses ( 723 ) ( 620 ) Total $ 8,338 $ 9,583
Schedule of Inventories	Inventories consisted of the following: June 30, December 31, 2024 2023 (In thousands) Raw materials $ 42,453 $ 48,488 Work-in-progress 13,712 9,922 Finished goods 3,356 2,406 Total $ 59,521 $ 60,816
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Prepaid insurance and other $ 2,129 $ 2,738 Vendor prepayments 160 1,262 Total $ 2,289 $ 4,000
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Computers and software $ 2,525 $ 2,549 Lab equipment and other equipment 8,018 8,075 Furniture and fixtures 206 206 Leasehold improvements 14,484 14,406 Total property, plant and equipment 25,233 25,236 Less accumulated depreciation and amortization ( 11,047 ) ( 8,910 ) Property, plant and equipment, net $ 14,186 $ 16,326
Schedule of Other Assets	Other assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Right of use assets $ 9,792 $ 10,672 Non-current contract assets 4,862 5,117 Non-current prepaid expenses and other assets 1,684 1,993 Total Other assets $ 16,338 $ 17,782
Schedule Of Accrued And Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Accrued expenses $ 2,121 $ 1,948 Accrued salaries and benefits 1,742 2,277 Lease liability – current portion 2,001 2,266 Total Accrued expenses and other current liabilities $ 5,864 $ 6,491
Schedule of Other Noncurrent Liabilities	Other noncurrent liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Lease liabilities – noncurrent portion $ 9,345 $ 10,176 Other noncurrent liabilities 1,632 1,380 Total other noncurrent liabilities $ 10,977 $ 11,556

Equipment on Lease, Net (Tables

Equipment on Lease, Net (Tables)	6 Months Ended
Equipment on Lease, Net (Tables)	Jun. 30, 2024
Leases [Abstract]
Equipment on Lease, Total Payments	Lease payments from customers consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Equipment on lease payments $ 292 $ 35 $ 762 $ 610

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2024
Leases [Abstract]
Assets and Liabilities	Total right-of-use (“ROU”) assets and lease liabilities are as follows: June 30, December 31, 2024 2023 (In thousands) Right-of-use assets: Net book value (Other assets) $ 9,792 $ 10,672 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 1,865 $ 2,153 Noncurrent (Other noncurrent liabilities) 9,159 9,973 11,024 12,126 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 136 $ 113 Noncurrent (Other noncurrent liabilities) 186 203 $ 322 $ 316 Total lease liabilities $ 11,346 $ 12,442
Lease-Related Balances	Information about lease-related balances were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except years and percentages) Operating lease expense $ 746 $ 746 $ 1,492 $ 1,510 Financing lease expense 43 9 92 18 Short-term lease expense 40 66 108 160 Total lease expense $ 829 $ 821 $ 1,692 $ 1,688 Cash paid for leases $ 752 $ 700 $ 1,498 $ 1,406 Weighted – average remaining lease term – operating 7.5 3.6 7.5 3.6 Weighted – average discount rate – operating leases 8.9 % 8.7 % 8.9 % 8.7 %
Future Minimum Operating Lease Payments	Maturity of operating lease liabilities as of June 30, 2024 are as follows: (In thousands) Remainder of 2024 $ 1,353 2025 2,390 2026 2,430 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 19,842 Less portion representing imputed interest ( 8,818 ) Total operating lease liabilities $ 11,024 Less current portion 1,865 Long-term portion $ 9,159

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: June 30, December 31, 2024 2023 (In thousands) Secured notes $ 24,907 $ 33,516 Deferred financing costs ( 315 ) ( 384 ) Total $ 24,592 $ 33,132 Debt – current portion 24,592 21,191 Long-term debt – less current portion $ — $ 11,941
Future Minimum Aggregate Payments	The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, are as follows as of June 30, 2024: (In thousands) 2024 $ 21,000 2025 $ 12,500 $ 33,500

Equity Instruments (Tables)

Equity Instruments (Tables)	6 Months Ended
Equity Instruments (Tables)	Jun. 30, 2024
Equity [Abstract]
Schedule of Shares of Common Stock Reserved for Issuance	Shares of common stock reserved for future issuance on an “as if converted” basis were as follows: June 30, December 31, 2024 2023 (share data) Common stock warrants 3,111,261 1,455,574 Shares available for future grant under 2021 Equity Incentive Plan 789,655 844,496 Reserved for At-the-Market offering 80,742 80,742 Reserved for employee stock purchase plan 284,440 210,606 Total shares of common stock reserved 4,266,098 2,591,418
Schedule of Warrants for Shares of Stock	Warrants for shares of common stock consisted of the following: June 30, 2024 Issue Date Expiration Number of Exercise Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public Warrants – Common Stock 12/02/2020 09/29/2026 246,429 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,571 $ 19.78 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 2024 Private Warrants - Common Stock 4/1/2024 5/16/2025 627,117 $ 15.95 BEPO Warrants - Common Stock 4/12/2024 4/12/2029 979,592 $ 12.25 BEPO Agent Warrants - Common Stock 4/12/2024 4/12/2029 48,980 $ 13.48 3,111,261 December 31, 2023 Issue Date Expiration Number of Exercise Private placement warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public warrants – Common Stock 12/02/2020 09/29/2026 246,428 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,574 $ 19.78 2023 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 1,455,574
Fair Value Assumptions	The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows: As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 13.92 Expected volatility 100.0 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend rate — % — % Expected Term (years) 2.25 2.75 As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.6 % 108.3 % Risk-free interest rate 4.4 % - 5.2 % 3.8 % - 3.9 % Dividend rate — % — % Expected Term (years) 4.5 - 10.07 5 - 10.57 As of June 30, 2024 Current stock price $ 3.32 Expected volatility 140.8 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 0.88 As of June 30, 2024 Current stock price $ 3.32 Expected volatility 118.6 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 4.79 As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.7 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend yield — % — % Expected Term (years) 2.25 2.75

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Option Plan Activity	Activity under the 2021 EIP is set forth below: Options Weighted- Weighted- (In thousands) (Per share data) (Years) Outstanding as of December 31, 2022 485 $ 18.90 7.3 Granted — $ — Exercised ( 37 ) $ 10.15 Forfeited or expired ( 12 ) $ 21.70 Outstanding as of June 30, 2023 436 $ 19.95 7.4 Options vested and expected to vest as of June 30, 2023 436 $ 19.95 Vested and exercisable as of June 30, 2023 330 $ 23.10 Outstanding as of December 31, 2023 376 $ 21.47 6.2 Granted — $ — Exercised ( 51 ) $ 6.30 Forfeited or expired ( 13 ) $ 28.43 Outstanding as of June 30, 2024 312 $ 23.53 5.9 Options vested and expected to vest as of June 30, 2024 312 $ 23.53 Vested and exercisable as of June 30, 2024 311 $ 23.76
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes outstanding and expected to vest RSUs as of June 30, 2024 and 2023 and their activity during the six months ended June 30, 2024 and 2023: Number Weighted- Aggregate (In thousands) (Per share data) (In thousands) Balance as of December 31, 2022 275 $ 156.45 Granted 163 73.85 Released ( 47 ) 134.05 Cancelled ( 41 ) 149.45 Balance as of June 30, 2023 350 $ 121.80 $ 26,411 Expected to vest as of June 30, 2023 350 $ 121.80 $ 26,411 Balance as of December 31, 2023 570 $ 68.00 Granted 137 $ 8.30 Released ( 83 ) $ 81.54 Cancelled ( 78 ) $ 66.88 Balance as of June 30, 2024 546 $ 51.13 $ 1,812 Expected to vest as of June 30, 2024 546 $ 51.13 $ 1,812
Schedule of Stock-Based Compensation Expense	The following sets forth the total stock-based compensation expense by type of award included in operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Restricted stock units $ 3,101 $ 4,745 $ 6,930 $ 8,803 Stock options 39 119 99 354 Earnout shares–employees 1,107 1,671 2,305 3,614 $ 4,247 $ 6,535 $ 9,334 $ 12,771 The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in cost of revenue and operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Cost of 3D Printer $ 269 $ 324 $ 658 $ 518 Cost of Support services 138 120 333 192 Research and development 1,130 2,835 2,680 5,638 Selling and marketing 862 1,585 1,916 3,081 General and administrative 1,848 1,671 3,747 3,342 $ 4,247 $ 6,535 $ 9,334 $ 12,771

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedules of Concentration of Risk	The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below: Total Revenue Accounts Receivable, Net Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2024 2023 2024 2023 2024 2023 (as a percentage) Customer 1 24.0 % —% 25.4 % —% —% —% Customer 2 26.5 % —% 20.1 % <10% <10% <10% Customer 3 16.0 % —% <10% —% 16.9 % —% Customer 4 11.4 % <10% <10% <10% <10% —% Customer 5 <10% 11.5 % <10% 10.4 % <10% <10% Customer 6 <10% <10% <10% <10% 14.0 % 11.2 % Customer 7 <10% <10% <10% 11.3 % <10% <10% Customer 8 <10% 23.4 % <10% 11.3 % <10% <10% Customer 9 <10% 12.1 % <10% <10% <10% <10% Customer 10 <10% 11.3 % <10% <10% —% <10%
Revenue by Geographic Area	The Company currently sells its products in the geographic regions as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Americas $ 10,103 $ 20,923 $ 19,476 $ 43,086 Europe 176 4,173 501 8,598 Other 65 38 153 137 Total $ 10,344 $ 25,134 $ 20,130 $ 51,821

Revision of Previously Issued_2

Revision of Previously Issued Condensed Consolidated Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2024
Income Statement [Abstract]
Schedule of Impact of the Revision	The impact of the revision is as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2023 As Previously Adjustment As Revised As Previously Adjustment As Revised Revenue 3D Printer $ 23,190 $ — $ 23,190 $ 47,765 $ ( 127 ) $ 47,638 Recurring payment 35 — 35 610 — 610 Support services 1,909 — 1,909 3,573 — 3,573 Total Revenue 25,134 — 25,134 51,948 ( 127 ) 51,821 Cost of revenue 3D Printer 19,728 324 20,052 41,702 518 42,220 Recurring payment 335 — 335 782 — 782 Support services 2,091 120 2,211 3,559 192 3,751 Total cost of revenue 22,154 444 22,598 46,043 710 46,753 Gross profit 2,980 ( 444 ) 2,536 5,905 ( 837 ) 5,068 Operating expenses Research and development 12,454 ( 216 ) 12,238 23,001 ( 346 ) 22,655 Selling and marketing 6,108 — 6,108 12,282 — 12,282 General and administrative 10,124 ( 228 ) 9,896 20,451 ( 364 ) 20,087 Total operating expenses 28,686 ( 444 ) 28,242 55,734 ( 710 ) 55,024 Loss from operations ( 25,706 ) — ( 25,706 ) ( 49,829 ) ( 127 ) ( 49,956 ) Interest expense ( 344 ) — ( 344 ) ( 564 ) — ( 564 ) Gain (loss) on fair value of 828 — 828 ( 1,725 ) — ( 1,725 ) Gain (loss) on fair value of 1,843 — 1,843 ( 7,810 ) — ( 7,810 ) Other income, net 178 — 178 529 — 529 Loss before provision ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Provision for income taxes — — — — — — Net loss ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Net loss per share–basic and diluted $ ( 4.10 ) $ — $ ( 4.10 ) $ ( 10.61 ) $ — $ ( 10.63 ) Shares used in computing net loss per share–basic and diluted 5,659,601 — 5,659,601 5,598,386 — 5,598,386 Net loss $ ( 23,201 ) $ — $ ( 23,201 ) $ ( 59,399 ) $ ( 127 ) $ ( 59,526 ) Net unrealized holding gain 148 — 148 436 — 436 Total comprehensive loss $ ( 23,053 ) $ — $ ( 23,053 ) $ ( 58,963 ) $ ( 127 ) $ ( 59,090 )

Description of Business and B_2

Description of Business and Basis of Presentation - Narrative (Details)				1 Months Ended	6 Months Ended
	Jul. 08, 2024 USD ($)	Jul. 05, 2024 USD ($)	Jun. 10, 2024 $ / shares	Jun. 28, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Aug. 02, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accumulated deficit					$ 385,523,000			$ 357,037,000
Cash and short-term investments					3,200,000
Accounts payable					14,008,000			15,854,000
Accounts receivable, net					$ 8,338,000			$ 9,583,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.00001		$ 0.00001			$ 0.00001
Reverse Stock Split			1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s board of directors (the “Board”). On June 10, 2024, the Board approved the reverse stock split at a ratio of 1-for-35 (the “Reverse Stock Split”). On June 12, 2024, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, effective as of June 13, 2024.As a result of the Reverse Stock Split, every 35 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock.
Reverse stock split ratio			0.0285
Minimum closing bid price of consecutive trading days				$ 1
Stockholders' equity					$ 52,119,000		$ 45,450,000	$ 68,340,000	$ 108,417,000	$ 119,762,000	$ 138,795,000
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and short-term investments						$ 1,100,000
Accounts payable						17,500,000
Accounts receivable, net						$ 8,700,000
Stockholders' equity	$ 50,000,000
Average market capitalization	$ 50,000,000	$ 36,600,000
Number of consecutive trading days	30 days	30 days
Velo3D
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Exchange ratio					0.8149%

Description of Business and B_3

Description of Business and Basis of Presentation - Going Concern, and Liquidity and Capital Resources (Details) - USD ($)	Aug. 01, 2024	Jul. 01, 2024	Apr. 10, 2024	Aug. 02, 2024	Jun. 30, 2024	Apr. 15, 2024	Apr. 01, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Accumulated deficit					$ 385,523,000			$ 357,037,000
Exercise Price per Warrant (in dollars per share)			$ 12.25
Accounts receivable, net					8,338,000			9,583,000
Cash and short-term investments					3,200,000
Accounts payable					$ 14,008,000			$ 15,854,000
Second Secured Notes
Subsequent Event [Line Items]
Secured Notes, Cash Payments to Note Holders						$ 5,500,000	$ 5,000,000
Secured Notes, Aggregate Principal Amount, Repaid						$ 4,600,000	$ 4,200,000
Class of Warrant or Right, Unissued							627,117
Exercise Price per Warrant (in dollars per share)							$ 15.946
Securities Purchase Agreement
Subsequent Event [Line Items]
Class of Warrant or Right, Unissued			979,592
Exercise Price per Warrant (in dollars per share)			$ 12.25
Proceeds from Issuance of Common Stock			$ 12,000,000
Subsequent Event
Subsequent Event [Line Items]
Accounts receivable, net				$ 8,700,000
Cash and short-term investments				1,100,000
Accounts payable				17,500,000
Secured Debt				$ 24,600,000
Subsequent Event \| Third Secured Notes
Subsequent Event [Line Items]
Securities purchase agreement, partial redemption payment		$ 10,500,000
Redemption payment, start date		Aug. 01, 2024
Redemption extended payment period, start date	Aug. 16, 2024

Basic and Diluted Net Loss pe_3

Basic and Diluted Net Loss per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ (172)	$ (23,201)	$ (28,486)	$ (59,526)
Denominator:
Basic weighted average shares outstanding	8,475,386	5,659,601	8,015,722	5,598,386
Diluted weighted average shares outstanding	8,475,386	5,659,601	8,015,722	5,598,386
Net income (loss) per share
Net income (loss) per share basic	$ (0.02)	$ (4.1)	$ (3.55)	$ (10.63)
Net income (loss) per share Diluted	$ (0.02)	$ (4.1)	$ (3.55)	$ (10.63)

Basic and Diluted Net Loss pe_4

Basic and Diluted Net Loss per Share - Potentially Dilutive Securities Excluded from Computation (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	3,969,145	1,160,847	3,969,145	1,160,847
Eligible Velo3D Equityholders
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	585,488	585,488	585,488	585,488
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	3,111,261	375,571	3,111,261	375,571
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	312,125	435,928	312,125	435,928
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents (in shares)	545,759	349,348	545,759	349,348

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Money market funds	$ 2,067	$ 3,422
Fair Value	699	6,621
Assets, Fair Value Disclosure	2,766	10,043
Liabilities
Contingent earnout liabilities	69	1,456
Total financial liabilities	5,002	13,291
Corporate bonds
Assets
Fair Value	699	6,621
Public
Liabilities
Warrant liabilities	48	258
Private Placement
Liabilities
Warrant liabilities	24	127
2022 Private Placement Warrants [Member]
Liabilities
Warrant liabilities	5	23
2023 Private Placement Warrants A
Liabilities
Warrant liabilities	2,037	10,891
2023 Private Placement Warrants B
Liabilities
Warrant liabilities	100	536
2024 Private Warrants
Liabilities
Warrant liabilities	373
BEPO Warrants
Liabilities
Warrant liabilities	2,236
BEPO Agent Warrants
Liabilities
Warrant liabilities	110
Level 1
Assets
Money market funds	2,067	3,422
Assets, Fair Value Disclosure	2,067	3,422
Liabilities
Contingent earnout liabilities	0	0
Total financial liabilities	48	258
Level 1 \| Corporate bonds
Assets
Fair Value	0	0
Level 1 \| Public
Liabilities
Warrant liabilities	48	258
Level 1 \| Private Placement
Liabilities
Warrant liabilities	0	0
Level 1 \| 2022 Private Placement Warrants [Member]
Liabilities
Warrant liabilities	0	0
Level 1 \| 2023 Private Placement Warrants A
Liabilities
Warrant liabilities	0	0
Level 1 \| 2023 Private Placement Warrants B
Liabilities
Warrant liabilities	0	0
Level 1 \| 2024 Private Warrants
Liabilities
Warrant liabilities	0
Level 1 \| BEPO Warrants
Liabilities
Warrant liabilities	0
Level 1 \| BEPO Agent Warrants
Liabilities
Warrant liabilities	0
Level 2
Assets
Money market funds	0	0
Assets, Fair Value Disclosure	699	6,621
Liabilities
Contingent earnout liabilities	0	0
Total financial liabilities	0	0
Level 2 \| Corporate bonds
Assets
Fair Value	699	6,621
Level 2 \| Public
Liabilities
Warrant liabilities	0	0
Level 2 \| Private Placement
Liabilities
Warrant liabilities	0	0
Level 2 \| 2022 Private Placement Warrants [Member]
Liabilities
Warrant liabilities	0	0
Level 2 \| 2023 Private Placement Warrants A
Liabilities
Warrant liabilities	0	0
Level 2 \| 2023 Private Placement Warrants B
Liabilities
Warrant liabilities	0	0
Level 2 \| 2024 Private Warrants
Liabilities
Warrant liabilities	0
Level 2 \| BEPO Warrants
Liabilities
Warrant liabilities	0
Level 2 \| BEPO Agent Warrants
Liabilities
Warrant liabilities	0
Level 3
Assets
Money market funds	0	0
Assets, Fair Value Disclosure	0	0
Liabilities
Contingent earnout liabilities	69	1,456
Total financial liabilities	4,954	13,033
Level 3 \| Corporate bonds
Assets
Fair Value	0	0
Level 3 \| Public
Liabilities
Warrant liabilities	0	0
Level 3 \| Private Placement
Liabilities
Warrant liabilities	24	127
Level 3 \| 2022 Private Placement Warrants [Member]
Liabilities
Warrant liabilities	5	23
Level 3 \| 2023 Private Placement Warrants A
Liabilities
Warrant liabilities	2,037	10,891
Level 3 \| 2023 Private Placement Warrants B
Liabilities
Warrant liabilities	100	$ 536
Level 3 \| 2024 Private Warrants
Liabilities
Warrant liabilities	373
Level 3 \| BEPO Warrants
Liabilities
Warrant liabilities	2,236
Level 3 \| BEPO Agent Warrants
Liabilities
Warrant liabilities	$ 110

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Warrant liabilities \| Private Placement Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	$ 24	$ 241	$ 1,488	$ 1,757	$ 127	$ 888
Change in fair value	(217)	114	(269)	869
Issuance of instruments	0
Warrant liabilities \| 2022 Private Placement Warrants [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	5	28	140	146	23	109
Change in fair value	(23)	5	(6)	37
Issuance of instruments	0
Warrant liabilities \| 2023 Private Warrant A [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	2,037	13,053	0	0	10,891	0
Change in fair value	(11,016)	2,162	0	0
Issuance of instruments	0
Warrant liabilities \| 2023 Private Warrant B [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	100	644	0	0	536	0
Change in fair value	(544)	108	0	0
Issuance of instruments	0
Warrant liabilities \| 2024 Private Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	373	0	0	0	0	0
Change in fair value	(5,948)	0	0	0
Issuance of instruments	6,321
Warrant liabilities \| BEPO Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	2,236	0	0	0	0	0
Change in fair value	(6,784)	0	0	0
Issuance of instruments	9,020
Warrant liabilities \| BEPO Agent Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	110	0	0	0	0	0
Change in fair value	(336)	0	0	0
Issuance of instruments	446
Contingent Earnout Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value	69	1,893	25,224	27,067	$ 1,456	$ 17,414
Change in fair value	(1,824)	$ 437	$ (1,843)	$ 9,653
Issuance of instruments	$ 0

Investments - Summary of Availa

Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 701	$ 6,717
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(2)	(96)
Fair Value	699	6,621
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	701	6,717
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(2)	(96)
Fair Value	$ 699	$ 6,621

Investments - Breakdown of Inve

Investments - Breakdown of Investments in Unrealized Loss Position (Details) - Corporate bonds - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value
Less than 12 months	$ 0	$ 0
Total	699	6,621
Gross Unrealized Loss
Less than 12 months	0	0
Total	(2)	(96)
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer	699	6,621
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ (2)	$ (96)

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Investments - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Debt securities, available-for-sale, realized gain (loss)	$ 0	$ 0	$ 0	$ 0

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 699	$ 6,621
Gross Unrealized Loss	(2)	(96)
12 months or longer [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	699
Gross Unrealized Loss	(2)
Less than 12 months [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	0
Gross Unrealized Loss	0
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Fair Value	699	6,621
Gross Unrealized Loss	(2)	$ (96)
Corporate bonds \| 12 months or longer [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	699
Gross Unrealized Loss	(2)
Corporate bonds \| Less than 12 months [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value	0
Gross Unrealized Loss	$ 0

Balance Sheet Components - Acco

Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade receivables	$ 9,061	$ 10,203
Less: Allowances for credit losses	(723)	(620)
Total	$ 8,338	$ 9,583

Balance Sheet Components - Inve

Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 42,453	$ 48,488
Work-in-progress	13,712	9,922
Finished goods	3,356	2,406
Total	$ 59,521	$ 60,816

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid insurance and other	$ 2,129	$ 2,738
Vendor prepayments	160	1,262
Total	$ 2,289	$ 4,000

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 25,233		$ 25,233		$ 25,236
Less accumulated depreciation and amortization	(11,047)		(11,047)		(8,910)
Property, plant and equipment, net	14,186		14,186		16,326
Depreciation	1,100	$ 1,200	2,200	$ 2,300
Computers and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,525		2,525		2,549
Lab equipment and other equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	8,018		8,018		8,075
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	206		206		206
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 14,484		$ 14,484		$ 14,406

Balance Sheet Components - Othe

Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Right of use assets	$ 9,792	$ 10,672
Non-current contract assets	4,862	5,117
Non-current prepaid expenses and other assets	1,684	1,993
Other assets	$ 16,338	$ 17,782

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 2,121	$ 1,948
Accrued salaries and benefits	1,742	2,277
Lease liability – current portion	2,001	2,266
Total Accrued expenses and other current liabilities	$ 5,864	$ 6,491

Balance Sheet Components - Ot_2

Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities – noncurrent portion	$ 9,345	$ 10,176
Other noncurrent liabilities	1,632	1,380
Total other noncurrent liabilities	$ 10,977	$ 11,556

Equipment on Lease, Net - Narra

Equipment on Lease, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Equipment leased to customers, cost basis	$ 4.6		$ 4.6		$ 7.4
Equipment leased to customers, accumulated depreciation	0.7		0.7		$ 0.8
Deprecation expense	$ 0.2	$ 0.3	$ 0.5	$ 0.6

Equipment on Lease, Net - Lease

Equipment on Lease, Net - Lease Payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Equipment on lease payments	$ 292	$ 35	$ 762	$ 610

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
Leases - Narrative (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
ROU assets impairment	$ 0	$ 0

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right of use assets	$ 9,792	$ 10,672
Current (Accrued expense and other current liabilities)	1,865	2,153
Noncurrent (Other noncurrent liabilities)	9,159	9,973
Total operating lease liabilities	11,024	12,126
Current (Accrued expense and other current liabilities)	136	113
Noncurrent (Other noncurrent liabilities)	186	203
Total finance lease liabilities	322	316
Total lease liabilities	$ 11,346	$ 12,442
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities

Leases - Lease-Related Balances

Leases - Lease-Related Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 746	$ 746	$ 1,492	$ 1,510
Financing lease expense	43	9	92	18
Short-term lease expense	40	66	108	160
Total lease expense	829	821	1,692	1,688
Cash paid for leases	$ 752	$ 700	$ 1,498	$ 1,406
Weighted - average remaining lease term - operating leases (years)	7 years 6 months	3 years 7 months 6 days	7 years 6 months	3 years 7 months 6 days
Weighted - average discount rate - operating leases	8.90%	8.70%	8.90%	8.70%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lease, Liability [Abstract]
Remainder of 2024	$ 1,353
2025	2,390
2026	2,430
2027	2,400
2028	2,490
Thereafter	8,779
Total operating lease payments	19,842
Less portion representing imputed interest	(8,818)
Total operating lease liabilities	11,024	$ 12,126
Less current portion	1,865	2,153
Long-term portion	$ 9,159	$ 9,973

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred financing costs	$ (315)	$ (384)
Total	24,592	33,132
Debt – current portion	24,592	21,191
Long-term debt – less current portion	0	11,941
Secured Notes
Debt Instrument [Line Items]
Outstanding debt	$ 24,907	$ 33,516

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
Debt - Additional Information (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jul. 01, 2024	Apr. 15, 2024	Apr. 10, 2024	Apr. 01, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Interest Expense	$ 5,463,000	$ 344,000	$ 9,360,000	$ 564,000
Deferred finance costs	315,000		315,000						$ 384,000
Exercise Price per Warrant (in dollars per share)							$ 12.25
Secured Notes
Debt Instrument [Line Items]
Secured Notes, Accreting Discounts	17,800,000		17,800,000
Debt Instrument, Unamortized Discount	8,600,000		8,600,000
Interest Expense, Borrowings	$ 400,000		$ 1,000,000
Effective interest rate (as a percent)	98.50%		98.50%
Secured Notes, Accreting Discounts, Amortized to Interest Expense	$ 4,900,000		$ 8,000,000
Secured Notes, Amortized to Interest Expense	100,000		200,000
Interest Expense	600,000		600,000
Deferred finance costs	500,000		500,000
Long-Term Debt, Current Maturities, Excluding Convertible Notes	$ 300,000		$ 300,000
Secured Notes \| Subsequent Event
Debt Instrument [Line Items]
Securities Purchase Agreement, Repayment Price					$ 1,050,000
Securities Purchase Agreement, Aggregate Principal Amount of Notes, Partial Redemption					8,750,000
Securities purchase agreement, partial redemption payment					875,000
Second Secured Notes
Debt Instrument [Line Items]
Secured Notes, Cash Payments to Note Holders						$ 5,500,000		$ 5,000,000
Secured Notes, Aggregate Principal Amount, Repaid						$ 4,600,000		$ 4,200,000
Class of Warrant or Right, Unissued								627,117
Exercise Price per Warrant (in dollars per share)								$ 15.946
Third Secured Notes \| Subsequent Event
Debt Instrument [Line Items]
Securities purchase agreement, partial redemption payment					$ 10,500,000

Debt - Future Minimum Aggregate

Debt - Future Minimum Aggregate Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 21,000
2025	12,500
Long-Term Debt	$ 33,500

Equity Instruments - Additional

Equity Instruments - Additional Information (Details) - USD ($)				1 Months Ended	6 Months Ended
	Apr. 12, 2024	Apr. 10, 2024	Sep. 29, 2021	Feb. 28, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 10, 2024	Dec. 31, 2023	Dec. 02, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					3,111,261			1,455,574
Exercise Price per Warrant (in dollars per share)		$ 12.25
Change in fair value					$ (22,690,000)	$ 1,725,000
At-the-market offering, company may offer to sell, january 31, 2024 amendment					$ 75,000,000
Common stock, shares authorized					500,000,000			500,000,000
Common stock, shares issued					8,611,219			7,502,478
Common stock, par value (in dollars per share)					$ 0.00001		$ 0.00001	$ 0.00001
Preferred stock, shares issued					10,000,000
Preferred stock, par value					$ 0.00001
Common stock, shares outstanding					8,611,219			7,502,478
Number of shares of common stock reserved for issuance (in shares)					4,266,098			2,591,418
ATM Sales Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Value of shares sold, may offer and sell up to				$ 40,000,000
Common stock, shares issued					0
Number of shares of common stock reserved for issuance (in shares)					571,429
2021 Equity Incentive Plan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares of common stock reserved for issuance (in shares)					369,170
2021 Employee Stock Purchase Plan
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares of common stock reserved for issuance (in shares)					73,748
Securities Purchase Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise Price per Warrant (in dollars per share)		$ 12.25
Class of Warrant or Right, Unissued		979,592
Proceeds from Issuance of Common Stock		$ 12,000,000
April 2024 Securities Purchase Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise Price per Warrant (in dollars per share)		$ 12.25
Number of shares of common stock reserved for issuance (in shares)		979,592
Class of Warrant or Right, Unissued		979,592
Proceeds from Issuance of Common Stock	$ 12,000,000
Placement Agency Agreement
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Placement Agency Agreement, Cash Fee of Aggregate Purchase Price		7%
Placement agency agreement, certain expenses, reimbursed amount		$ 150,000
Placement Agency Agreement, Percent, Purchase Number of Shares of Common Stock Sold in Offering		5%
Placement Agency Agreement, Shares, Purchase Number of Shares of Common Stock Sold in Offering		48,980
Placement Agent Warrants, Exercise Price		$ 13.475
Placement Agent Warrants, Percent, Offering Price Per Share		110%
Eligible Velo3D Equityholders
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Earnout period					5 years
Eligible Velo3D Equityholders \| JAWS Spitfire
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares that the holders may receive (in shares)			292,744
Eligible Velo3D Equityholders \| Maximum \| JAWS Spitfire
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of shares that the holders may receive (in shares)			585,488
Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					3,111,261			1,455,574
Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise Price per Warrant (in dollars per share)									$ 402.50
Public Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					246,429			246,428
Exercise Price per Warrant (in dollars per share)					$ 402.50			$ 402.50
2022 Private Placement Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					2,000			2,000
Exercise Price per Warrant (in dollars per share)					$ 89.6			$ 89.6	$ 89.6
2022 Private Placement Warrants [Member] \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term					10 years 25 days			10 years 6 months 25 days
2023 Private Warrant A [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					1,028,571			1,028,574
Exercise Price per Warrant (in dollars per share)					$ 19.78			$ 19.78
2023 Private Warrant B [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					51,429			51,429
Exercise Price per Warrant (in dollars per share)					$ 21.75			$ 21.75
2024 Private Warrants [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					627,117
Exercise Price per Warrant (in dollars per share)					$ 15.946
Class of Warrant or Right, Unissued					627,117
BEPO Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					979,592
Exercise Price per Warrant (in dollars per share)					$ 12.25
Class of Warrant or Right, Unissued					979,592
BEPO Agent Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)					48,980
Exercise Price per Warrant (in dollars per share)					$ 13.475
Class of Warrant or Right, Unissued					48,980
Common Stock Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term					2 years 3 months			2 years 9 months

Equity Instruments - Common Sto

Equity Instruments - Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	4,266,098	2,591,418
2021 Stock Option Plan
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	789,655
Common stock warrants
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	3,111,261	1,455,574
Shares available for future grant under 2021 Equity Incentive Plan \| 2021 Stock Option Plan
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	789,655	844,496
Reserved for At-the-Market offering
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	80,742	80,742
Reserved for employee stock purchase plan
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	284,440	210,606

Equity Instruments - Warrants f

Equity Instruments - Warrants for Shares of Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Apr. 10, 2024	Dec. 02, 2020
Class of Warrant or Right [Line Items]
Number of Warrants (in shares)	3,111,261		1,455,574
Exercise Price per Warrant (in dollars per share)				$ 12.25
Warrant liabilities	$ 4,933		$ 11,835
Change in fair value	$ (22,690)	$ 1,725
Common stock warrants
Class of Warrant or Right [Line Items]
Number of Warrants (in shares)	3,111,261		1,455,574
Private Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	Dec. 02, 2020		Dec. 02, 2020
Expiration Date	Sep. 29, 2026		Sep. 29, 2026
Number of Warrants (in shares)	127,143		127,143
Exercise Price per Warrant (in dollars per share)	$ 402.50		$ 402.50
Public Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	Dec. 02, 2020		Dec. 02, 2020
Expiration Date	Sep. 29, 2026		Sep. 29, 2026
Number of Warrants (in shares)	246,429		246,428
Exercise Price per Warrant (in dollars per share)	$ 402.50		$ 402.50
2022 Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	Jul. 25, 2022		Jul. 25, 2022
Expiration Date	Jul. 24, 2034		Jul. 24, 2034
Number of Warrants (in shares)	2,000		2,000
Exercise Price per Warrant (in dollars per share)	$ 89.6		$ 89.6		$ 89.6
2023 Private Warrant A [Member]
Class of Warrant or Right [Line Items]
Issue Date	Dec. 29, 2023		Dec. 29, 2023
Expiration Date	Dec. 29, 2028		Dec. 29, 2028
Number of Warrants (in shares)	1,028,571		1,028,574
Exercise Price per Warrant (in dollars per share)	$ 19.78		$ 19.78
2023 Private Warrant B [Member]
Class of Warrant or Right [Line Items]
Issue Date	Dec. 29, 2023		Dec. 29, 2023
Expiration Date	Dec. 29, 2028		Dec. 29, 2028
Number of Warrants (in shares)	51,429		51,429
Exercise Price per Warrant (in dollars per share)	$ 21.75		$ 21.75
2024 Private Warrants [Member]
Class of Warrant or Right [Line Items]
Issue Date	Apr. 01, 2024
Expiration Date	May 16, 2025
Number of Warrants (in shares)	627,117
Exercise Price per Warrant (in dollars per share)	$ 15.946
BEPO Warrants
Class of Warrant or Right [Line Items]
Issue Date	Apr. 12, 2024
Expiration Date	Apr. 12, 2029
Number of Warrants (in shares)	979,592
Exercise Price per Warrant (in dollars per share)	$ 12.25
BEPO Agent Warrants
Class of Warrant or Right [Line Items]
Issue Date	Apr. 12, 2024
Expiration Date	Apr. 12, 2029
Number of Warrants (in shares)	48,980
Exercise Price per Warrant (in dollars per share)	$ 13.475

Equity Instruments - Fair Value

Equity Instruments - Fair Value Assumptions (Details)	Jun. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
July 2020 Public Common Stock Warrants \| Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	3.32	14
July 2020 Public Common Stock Warrants \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	1.186	1.083
July 2020 Public Common Stock Warrants \| Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0
Common Stock Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term	2 years 3 months	2 years 9 months
Common Stock Warrants \| Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	3.32	13.92
Common Stock Warrants \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	1	1.050
Common Stock Warrants \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.047	0.041
Common Stock Warrants \| Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0
2022 Private Placement Warrants [Member] \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term	4 years 6 months	5 years
2022 Private Placement Warrants [Member] \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term	10 years 25 days	10 years 6 months 25 days
2022 Private Placement Warrants [Member] \| Risk-free interest rate \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.044	0.038
2022 Private Placement Warrants [Member] \| Risk-free interest rate \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.052	0.039
2024 Private Warrants liability [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term	10 months 17 days
2024 Private Warrants liability [Member] \| Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	3.32
2024 Private Warrants liability [Member] \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	1.408
2024 Private Warrants liability [Member] \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.054
2024 Private Warrants liability [Member] \| Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0
BEPO Warrants and BEPO Agent Warrant liabilities [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term	4 years 9 months 14 days
BEPO Warrants and BEPO Agent Warrant liabilities [Member] \| Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	3.32
BEPO Warrants and BEPO Agent Warrant liabilities [Member] \| Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	1.186
BEPO Warrants and BEPO Agent Warrant liabilities [Member] \| Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.054
BEPO Warrants and BEPO Agent Warrant liabilities [Member] \| Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0

Equity Instruments - Contingent

Equity Instruments - Contingent Earnout Liabilities, Fair Value Assumptions (Details)	Jun. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected Term (years)	2 years 3 months	2 years 9 months
Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	3.32	14
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	1.187	1.050
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.047	0.041
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0	0

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options outstanding	$ 2		$ 2.3
Granted (in shares)	0	0
Number of shares of common stock reserved for issuance (in shares)	4,266,098		2,591,418
Reserved for employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance (in shares)	284,440		210,606
2021 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance (in shares)	789,655
2021 Stock Option Plan \| Shares available for future grant under 2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance (in shares)	789,655		844,496
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 24.6	$ 37.3
Unrecognized compensation cost, period for recognition	2 years 8 months 12 days	2 years 8 months 12 days
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition	8 months 12 days

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation - Stock Options (Details) - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Options
Outstanding as of beginning of period (in shares)	312,000	436,000	376,000	485,000
Granted (in shares)	0	0
Exercised (in shares)	(51,000)	(37,000)
Forfeited or expired (in shares)	(13,000)	(12,000)
Outstanding as of end of period (in shares)	312,000	436,000	376,000	485,000
Options vested and expected to vest as of end of period (in shares)	312,000	436,000
Vested and exercisable as of end of period (in shares)	311,000	330,000
Weighted-Average Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 21.47	$ 18.9	$ 18.9
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	6.3	10.15
Forfeited or expired (in dollars per share)	28.43	21.7
Outstanding as of end of period (in dollars per share)	23.53	19.95	$ 21.47	$ 18.9
Options vested and expected to vest as of end of period (in dollars per share)	23.53	19.95
Vested and exercisable as of end of period (in dollars per share)	$ 23.76	$ 23.1
Weighted-Average Remaining Contractual Term in years	5 years 10 months 24 days	7 years 4 months 24 days	6 years 2 months 12 days	7 years 3 months 18 days

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation - RSUs Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Balance as of beginning of period (in shares)	570	275
Granted (in shares)	137	163
Released (in shares)	(83)	(47)
Cancelled (in shares)	(78)	(41)
Balance as of end of period (in shares)	546	350
Expected to vest (in shares)	546	350
Weighted-Average Grant Date Fair Value
Balance as of beginning of period (in dollars per share)	$ 51.13	$ 121.8	$ 68	$ 156.45
Granted (in dollars per share)	8.3	73.85
Released (in dollars per share)	81.54	134.05
Cancelled (in dollars per share)	66.88	149.45
Balance as of end of period (in dollars per share)	51.13	121.8
Expected to vest (in dollars per share)	$ 51.13	$ 121.8
Aggregate Intrinsic Value
Balance as of end of period	$ 1,812	$ 26,411
Expected to vest	$ 1,812	$ 26,411

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,247	$ 6,535	$ 9,334	$ 12,771
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,130	2,835	2,680	5,638
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	862	1,585	1,916	3,081
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,848	1,671	3,747	3,342
Cost of 3D Printer
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	269	324	658	518
Cost of Support Services
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	138	120	333	192
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,101	4,745	6,930	8,803
Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	39	119	99	354
Earnout shares–employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,107	$ 1,671	$ 2,305	$ 3,614

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 12

Employee Defined-Contribution_2

Employee Defined-Contribution Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Percentage of contributions that fully vest			100%
Employer contribution, percentage of employee's eligible compensation			3%
Contributions	$ 0.3	$ 0.3	$ 0.5	$ 0.7

Revenue - Concentration of Cred

Revenue - Concentration of Credit Risk and Other Risks and Uncertainties (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Total Revenue \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	24%		25.40%
Total Revenue \| Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	26.50%		20.10%
Total Revenue \| Customer 3
Concentration Risk [Line Items]
Concentration risk, percentage	16%
Total Revenue \| Customer 4
Concentration Risk [Line Items]
Concentration risk, percentage	11.40%
Total Revenue \| Customer 5
Concentration Risk [Line Items]
Concentration risk, percentage		11.50%		10.40%
Total Revenue \| Customer 7
Concentration Risk [Line Items]
Concentration risk, percentage				11.30%
Total Revenue \| Customer 8
Concentration Risk [Line Items]
Concentration risk, percentage		23.40%		11.30%
Total Revenue \| Customer 9
Concentration Risk [Line Items]
Concentration risk, percentage		12.10%
Total Revenue \| Customer 10
Concentration Risk [Line Items]
Concentration risk, percentage		11.30%
Accounts Receivable, Net \| Customer 3
Concentration Risk [Line Items]
Concentration risk, percentage			16.90%
Accounts Receivable, Net \| Customer 6
Concentration Risk [Line Items]
Concentration risk, percentage			14%		11.20%

Revenue - Revenue by Geographic

Revenue - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 10,344	$ 25,134	$ 20,130	$ 51,821
Americas
Disaggregation of Revenue [Line Items]
Revenue	10,103	20,923	19,476	43,086
Europe
Disaggregation of Revenue [Line Items]
Revenue	176	4,173	501	8,598
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 65	$ 38	$ 153	$ 137

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized included in contract liabilities	$ 800,000	$ 900,000	$ 1,600,000	$ 1,800,000
Sales with Variable Considerations	$ 0	$ 0	$ 0	$ 1,300,000

Revision of Previously Issued_3

Revision of Previously Issued Condensed Consolidated Financial Statements - Schedule of Impact of the Revision (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total Revenue	$ 10,344	$ 25,134	$ 20,130	$ 51,821
Cost of revenue	13,241	22,598	25,842	46,753
Gross profit (loss)	(2,897)	2,536	(5,712)	5,068
Operating expenses
Research and development	4,545	12,238	9,588	22,655
Selling and marketing	4,273	6,108	9,082	12,282
General and administrative	8,805	9,896	17,588	20,087
Total operating expenses	17,623	28,242	36,258	55,024
Loss from operations	(20,520)	(25,706)	(41,970)	(49,956)
Interest expense	(5,463)	(344)	(9,360)	(564)
Gain (loss) on fair value of warrants	25,310	828	22,690	(1,725)
Gain (loss) on fair value of contingent earnout liabilities	1,824	1,843	1,387	(7,810)
Other income, net	(1,327)	178	(1,233)	529
Income (loss) before provision for income taxes	(176)	(23,201)	(28,486)	(59,526)
Provision for income taxes	4	0	0	0
Net income (loss)	$ (172)	$ (23,201)	$ (28,486)	$ (59,526)
Net loss per share basic	$ (0.02)	$ (4.1)	$ (3.55)	$ (10.63)
Net loss per share Diluted	$ (0.02)	$ (4.1)	$ (3.55)	$ (10.63)
Shares used in computing net loss per share basic	8,475,386	5,659,601	8,015,722	5,598,386
Shares used in computing net loss per share diluted	8,475,386	5,659,601	8,015,722	5,598,386
Net income (loss)	$ (172)	$ (23,201)	$ (28,486)	$ (59,526)
Net unrealized holding gain on available-for-sale investments	42	148	94	436
Total comprehensive income (loss)	(130)	(23,053)	(28,392)	(59,090)
As Previously Reported
Total Revenue		25,134		51,948
Cost of revenue		22,154		46,043
Gross profit (loss)		2,980		5,905
Operating expenses
Research and development		12,454		23,001
Selling and marketing		6,108		12,282
General and administrative		10,124		20,451
Total operating expenses		28,686		55,734
Loss from operations		(25,706)		(49,829)
Interest expense		(344)		(564)
Gain (loss) on fair value of warrants		828		(1,725)
Gain (loss) on fair value of contingent earnout liabilities		1,843		(7,810)
Other income, net		178		529
Income (loss) before provision for income taxes		(23,201)		(59,399)
Provision for income taxes		0		0
Net income (loss)		$ (23,201)		$ (59,399)
Net loss per share basic		$ (4.1)		$ (10.61)
Net loss per share Diluted		$ (4.1)		$ (10.61)
Shares used in computing net loss per share basic		5,659,601		5,598,386
Shares used in computing net loss per share diluted		5,659,601		5,598,386
Net income (loss)		$ (23,201)		$ (59,399)
Net unrealized holding gain on available-for-sale investments		148		436
Total comprehensive income (loss)		(23,053)		(58,963)
Adjustment
Total Revenue		0		(127)
Cost of revenue		444		710
Gross profit (loss)		(444)		(837)
Operating expenses
Research and development		(216)		(346)
Selling and marketing		0		0
General and administrative		(228)		(364)
Total operating expenses		(444)		(710)
Loss from operations		0		(127)
Interest expense		0		0
Gain (loss) on fair value of warrants		0		0
Gain (loss) on fair value of contingent earnout liabilities		0		0
Other income, net		0		0
Income (loss) before provision for income taxes		0		(127)
Provision for income taxes		0		0
Net income (loss)		$ 0		$ (127)
Net loss per share basic		$ 0		$ 0
Net loss per share Diluted		$ 0		$ 0
Shares used in computing net loss per share basic		0		0
Shares used in computing net loss per share diluted		0		0
Net income (loss)		$ 0		$ (127)
Net unrealized holding gain on available-for-sale investments		0		0
Total comprehensive income (loss)		0		(127)
3D Printer
Revenue from contract with customer	8,679	23,190	16,339	47,638
Cost of revenue	10,744	20,052	20,138	42,220
3D Printer \| As Previously Reported
Revenue from contract with customer		23,190		47,765
Cost of revenue		19,728		41,702
3D Printer \| Adjustment
Revenue from contract with customer		0		(127)
Cost of revenue		324		518
Recurring payment
Recurring Payment	292	35	762	610
Cost of revenue	232	335	547	782
Recurring payment \| As Previously Reported
Recurring Payment		35		610
Cost of revenue		335		782
Recurring payment \| Adjustment
Recurring Payment		0		0
Cost of revenue		0		0
Support services
Revenue from contract with customer	1,373	1,909	3,029	3,573
Cost of revenue	$ 2,265	2,211	$ 5,157	3,751
Support services \| As Previously Reported
Revenue from contract with customer		1,909		3,573
Cost of revenue		2,091		3,559
Support services \| Adjustment
Revenue from contract with customer		0		0
Cost of revenue		$ 120		$ 192

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Millions	Aug. 12, 2024 USD ($) $ / shares shares	Jul. 01, 2024 USD ($) $ / shares shares	Aug. 11, 2024 $ / shares	Aug. 09, 2024 USD ($) Employees	Jun. 30, 2024 $ / shares shares	Jun. 10, 2024 $ / shares	Apr. 10, 2024 $ / shares	Dec. 31, 2023 $ / shares shares
Subsequent Event [Line Items]
Exercise price per warrant (in dollars per share)							$ 12.25
Number of warrants to purchase shares \| shares					3,111,261			1,455,574
Common stock, par value (in dollars per share)					$ 0.00001	$ 0.00001		$ 0.00001
Subsequent Event [Member]
Subsequent Event [Line Items]
Reduction in force, employees affected \| Employees				63
Reduction in force, employees affected, percentage				30%
Aggregate gross proceeds from exercise of warrants, before deducting expenses payable \| $	$ 1.6
Subsequent Event [Member] \| Existing Warrants [Member]
Subsequent Event [Line Items]
Exercise price per warrant (in dollars per share)	$ 2.28		$ 19.78
Number of warrants to purchase shares \| shares	742,857
Common stock, par value (in dollars per share)	$ 0.00001
Subsequent Event [Member] \| New Warrants [Member]
Subsequent Event [Line Items]
Exercise price per warrant (in dollars per share)	$ 2.28
Number of warrants to purchase shares \| shares	1,485,714
Subsequent Event [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Reduction in force, estimated costs incurred \| $				$ 1.1
Subsequent Event [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Reduction in force, estimated costs incurred \| $				$ 1.7
Subsequent Event [Member] \| Third Note Amendment [Member]
Subsequent Event [Line Items]
Redemption payment \| $		$ 10.5
Redemption period, start date		Aug. 01, 2024
Subsequent Event [Member] \| July Letter Agreement And Warrants [Member]
Subsequent Event [Line Items]
Class of Warrant or Right, Unissued \| shares		1,650,000
Exercise price per warrant (in dollars per share)		$ 3
Warrant expiration period		5 years