Veea exhibits a persistent cash-burning business model, highlighted by a peak free cash flow outflow of $19.3 million in 2024Q3 and a recurring inability to convert net income into operating cash, as shown by an OCF/NI ratio of -3.24 in 2025Q3.
| Cash from Operations | -16.72M | -15.23M | -25.6M | -12.65M | -22.03M | -2.14M |
| Operating CF Margin % | - | -6858.8% | -18055.17% | -139.47% | -9830.47% | -76.36% |
| Operating CF Growth % | 93.84% | 40.51% | -102.29% | 42.55% | -929.99% | - |
| Net Income | -15.63M | -6.66M | -47.55M | -15.64M | -35.17M | -35.07M |
| Depreciation & Amortization | 918.79K | 749.84K | 701.82K | 1.61M | 3.37M | 5.08M |
| Stock-Based Compensation | 587.38K | 1.55M | 6.7M | 484.58K | 845.45K | 478.85K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -4.31M | -13.98M | 18.96M | 1.31M | 9.45M | 27.33M |
| Working Capital Changes | 1.72M | 3.11M | -4.4M | -417.24K | -527.38K | 43.06K |
| Change in Receivables | -194.52K | -54.26K | -31.78K | -27.84K | -25K | 111.27K |
| Change in Inventory | -456.18K | -794.32K | -639.34K | -147.98K | -3.19M | -955.24K |
| Change in Payables | 883.17K | 3.41M | 341.91K | -1.59M | 0 | 0 |
| Cash from Investing | -384.88K | -247.34K | -265.44K | -155.05K | -249.26K | -319.22M |
| Capital Expenditures | -304.22K | -8.21K | -46.2K | -34.97K | -30.77K | -84.73K |
| CapEx % of Revenue | 78.37% | 3.7% | 32.59% | 0.39% | 13.73% | 3.03% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -80.66K | -239.13K | -219.24K | -120.09K | -218.5K | 84.73K |
| Cash from Financing | 18.47M | 13.94M | 21.57M | 18.57M | 21.52M | 321.46M |
| Debt Issued (Net) | 8.35M | 7.81M | 10.44M | -731.61K | 12M | 23.7M |
| Equity Issued (Net) | 10.12M | 5.29M | 11.06M | 17.26M | 0 | 321.46M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 836.76K | 71.74K | 2.05M | 9.53M | -23.7M |
| Net Change in Cash | 409.84K | -1.55M | -4.32M | 5.82M | -765.16K | 107.22K |
| Free Cash Flow | -17M | -15.48M | -25.86M | -12.81M | -22.06M | -2.14M |
| FCF Margin % | -4378.33% | -6970.2% | -18242.42% | -141.18% | -9844.2% | -76.36% |
| FCF Growth % | 48.87% | 40.16% | -101.91% | 41.93% | -931.43% | - |
| FCF per Share | -0.34 | -0.34 | -0.72 | -0.36 | -0.55 | -0.05 |
| FCF Conversion (FCF/Net Income) | 1.09x | 2.29x | 0.54x | 0.81x | 0.63x | 0.06x |
| Interest Paid | 377.17K | 804.95K | 504.43K | 892.34K | 353.6K | 231.33K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Immediate liquidity and solvency
According to the provided cash flow statements, Veea exhibits a chronic inability to convert reported net income into operating cash, as evidenced by an OCF/NI ratio that frequently swings into negative territory, most notably reaching -3.24 in 2025Q3, signaling significant quality of earnings concerns.
The frequent divergence between net income and operating cash flow suggests that accounting profits, when present, are not supported by actual cash generation. This pattern implies that the company's accrual-based results may be heavily influenced by non-cash items or timing differences that do not alleviate the underlying cash burn.
As reported in financial statements, Veea's free cash flow remains consistently negative across the ten-quarter period, with a peak cash outflow of $19.3 million in 2024Q3, illustrating a business model that currently consumes capital at a rate far exceeding its ability to generate internal funding.
The persistent negative FCF margins indicate that the company is not yet self-sustaining and remains entirely dependent on external financing to cover its operational requirements. Investors should monitor whether the company can achieve any meaningful scale before its liquidity is exhausted, as the current trajectory shows no clear path to cash flow neutrality.
Based on the reported figures, working capital changes have been highly erratic, with a significant $4.7 million outflow in 2024Q3 followed by a $1.8 million inflow in 2025Q1, suggesting that the company lacks a stable or predictable cycle for managing its receivables, payables, and inventory.
This volatility in working capital suggests that the company's cash position is highly sensitive to the timing of specific project-based payments or inventory procurement cycles. Such instability complicates cash flow forecasting and may indicate underlying inefficiencies in the company's operational cash conversion cycle.
As indicated by the financial data, the company's cash flow statement is heavily impacted by stock-based compensation, which reached $6.3 million in 2024Q4, effectively masking the true extent of the cash-based operational burn required to retain talent in a highly competitive engineering environment.
The reliance on non-cash compensation to manage the income statement obscures the actual cost of human capital required to maintain the company's complex technology stack. Analysts should be wary of these adjustments, as they do not represent a reduction in the company's actual cash requirements for ongoing operations.
Quick answers to the most common questions about buying VEEA stock.
Veea Inc. (VEEA) generated $-15.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Veea Inc. (VEEA) reported negative free cash flow of $15.5M in 2025, indicating capital requirements exceeded cash from operations.
Veea Inc. (VEEA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.