Slide 1: Fourth Quarter and Fiscal Year 2022 Supplementary Slides
VELO Fourth Quarter and Fiscal Year 2022 Supplementary Slides March 2, 2023
Slide 2: Forward-looking statements disclaimer
This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. The company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these
Slide 3: $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2020 2021 2022 2023 2024
$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 2020 2021 2022 2023 2024 2025 2026
Slide 4: $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22
$0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22E •
Slide 5: Diversification Shows Continued Market Acceptance
V ’ Diversification Shows Continued Market Acceptance By Cumulative Global By 2022 Systems Revenue Customer Base m Space =CM ™ Aerospace / Defense m Energy ™Automotive ® Industrial
Slide 6: Why Customers are Turning to Velo3D
Vv” Why Customers are Turning to Velo3D Waterjet Clean Core Sheets Prep LeakTest Leak wuss 48 Wateriet Clean forBraze Core Test esi Braze Foil Wattiet Coinedto fe a 12-18 Months Nose Pieces eae tack —_‘Brotein Fins (x4) Weld Mask Heat Pressure Test Fabvicate ; Manifolds withWax Treat’ =—& Fish Togli
Slide 7: 2023 Strategic Priorities — Profitability and Cash Flow
V* 2023 Strategic Priorities — Profitability and Cash Flow Grow revenue by >50% Continue sales momentum created by industry leading technology Successful execution of land and expand strategy Continuously improve gross margin - 30% in Q423 Lower base BOM cost and reduce production inefficiencies Con
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Slide 9: Financial Summary
Vv Financial Summary Q422 Total Revenue $29.8 Year of Sale 27.0 Recurring Revenue 28 Cost of Goods sold 28.0 Gross Profit 1.8 % Gross Margin 6% Total Operating Expenses 23.7 Adjusted Operating Expenses! 18.6 Adjusted EBITDA! (14.4) Net Income (Loss) 22.6 1. Reconciliations to U.S. generally accepted
Slide 10: Gross Margin Bridge Q4 2022 to Q4 2023
0% 5% 10% 15% 20% 25% 30% 35% Q422A Q423E Q422 Base Gross Margin BoM Cost/Material Efficiency Labor, OH & Other ASP
Slide 11: Strong Balance Sheet Supports Growth Plan
v~ Strong Balance Sheet Supports Growth Plan $113M $17M $8M Q32022 Adj.EBITDA Deferred Inventory Other CAPEX Cash &Non- Payments Working Recur* Capital + Includes Adjusted EBITDA of $14M plus $3M of non-recurring expense reductions $80M Q4 2022 End Balance Sheet - December 31, 2022 ($M) Cash and Inv
Slide 12: 2023 Outlook
V”’ 2023 Outlook Q1 2023 Guidance Revenue: $25 - $28M Gross margin: 9% - 11%* FY 2023 Guidance Revenue: $120 - $130M, up >50% YoY Gross margin: 19% - 21%* / 30% in Q423 Focus for 2023: improve profitability and working capital efficiency within existing capital resources * 2023 gross margin ranges a
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Slide 14: Appendix
VELO Appendix 1 (408) 610-3915 511 Division St. Campbell, CA 95008
Slide 15: Non-GAAP Reconciliation - Adjusted Operating Expenses
Vv” Non-GAAP Reconciliation - Adjusted Operating Expenses (unaucitea) Revenue Operating expenses Research and development Selling and marketing General and administrative ‘Total operating expenses Stock-based compensation Merger related transactional costs Adjusted operating expenses Velo3D, Inc. NO
Slide 16: Non-GAAP Reconciliation - Adjusted EBITDA
V*’Non-GAAP Reconciliation - Adjusted EBITDA (naucitea) Velo3D, Inc. NON-GAAP Adjusted EBITDA Reconciliation (Unaudited) ‘Three months ended ‘Year eded ‘Three months ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 September 30, 2022 September 30, 2021, (in thousands, ex
Slide 17: Non-GAAP Reconciliation - Non-GAAP Net Loss
V’ Non-GAAP Reconciliation - Non-GAAP Net Loss (unaudited) Revenue Gross Profit Net Income (Loss) Stock-based compensation Loss on the convertible note modification (Gain) Loss on fair value of warrants (Gain) Loss on fair value of contingent earnout liabilities Merger related transactional costs No
Slide 18: Disclaimer
V Disclaimer Industry and Market Data ailable and ot! In this presentation, the Vand ref elies ny comp mpany, to publicly regarding the market in which the Com, Company obtained this information and statistics from third-party sources, including reports by market research firms and company filings.
Slide 19: Fourth Quarter and Fiscal Year 2022 Supplementary Slides
VELO Fourth Quarter and Fiscal Year 2022 Supplementary Slides March 2, 2023