Revenue growth remains highly erratic, swinging from a 185.9% increase in 2025Q3 to a 130.1% contraction in 2025Q4, while SG&A expenses frequently dwarf total revenue, such as the $13.9 million overhead reported against $33.5 thousand in 2024Q4 revenue.
| Sales/Revenue | 388.19K | 222.02K | 141.76K | 9.07M | 224.05K | 2.8M |
| Revenue Growth % | 178.77% | 56.62% | -98.44% | 3949.12% | -92% | - |
| Cost of Goods Sold | 297.08K | 69.98K | 83.29K | 466.8K | 285.31K | 2.76M |
| COGS % of Revenue | - | 31.52% | 58.75% | 5.15% | 127.34% | 98.47% |
| Gross Profit | 91.12K | 152.04K | 58.47K | 8.61M | -61.26K | 42.83K |
| Gross Margin % | 23.47% | 68.48% | 41.25% | 94.85% | -27.34% | 1.53% |
| Gross Profit Growth % | - | 160.03% | -99.32% | 14147.45% | -243.03% | - |
| Operating Expenses | 18.23M | 17.76M | 27.85M | 18.97M | 25.57M | 33.35M |
| OpEx % of Revenue | - | 7999.27% | 19643.22% | 209.05% | 11410.94% | 1191.05% |
| Selling, General & Admin | 17.27M | 18M | 27.45M | 17.45M | 20.46M | 21.82M |
| SG&A % of Revenue | - | 8108.11% | 19363.96% | 192.39% | 9131.93% | 779.34% |
| Research & Development | 371.75K | 328.42K | 1.37M | 693.45K | 3.23M | 5.68M |
| R&D % of Revenue | - | 147.93% | 968.79% | 7.64% | 1440.19% | 202.77% |
| Other Operating Expenses | 587.01K | -570.08K | -977.47K | 818.2K | 1.88M | 5.85M |
| Operating Income | -18.14M | -17.61M | -27.79M | -10.36M | -25.63M | -33.31M |
| Operating Margin % | -4671.94% | -7930.79% | -19601.98% | -114.19% | -11438.28% | -1189.52% |
| Operating Income Growth % | - | 36.63% | -168.23% | 59.58% | 23.06% | - |
| EBITDA | -17.33M | -16.86M | -27.09M | -8.75M | -23.75M | -30.7M |
| EBITDA Margin % | -4464.11% | -7593.05% | -19106.9% | -96.43% | -10599.46% | -1096.24% |
| EBITDA Growth % | 36.83% | 37.76% | -209.61% | 63.16% | 22.64% | - |
| D&A (Non-Cash Add-back) | 806.76K | 749.84K | 701.82K | 1.61M | 1.88M | 2.61M |
| EBIT | -19.99M | -4.46M | -45.74M | -10.32M | -25.68M | -30.56M |
| Net Interest Income | -2.07M | -2.2M | -1.81M | -5.32M | 4.68M | 16.26K |
| Interest Income | 0 | 0 | 0 | 1.94K | 4.68M | 16.26K |
| Interest Expense | 2.07M | 2.2M | 1.81M | 5.32M | - | - |
| Other Income/Expense | 2.5M | 10.95M | -19.76M | -5.28M | -9.57M | -1.95M |
| Pretax Income | -15.63M | -6.66M | -47.55M | -15.64M | -35.2M | -35.26M |
| Pretax Margin % | -4026.89% | -2999.77% | -33541.03% | -172.38% | -15710.66% | -1259.11% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -15.63M | -6.66M | -47.55M | -15.64M | -35.17M | -35.07M |
| Net Margin % | -4026.89% | -2999.77% | -33541.03% | -172.38% | -15695.95% | -1252.27% |
| Net Income Growth % | 58.01% | 85.99% | -204.04% | 55.53% | -0.28% | - |
| Net Income (Continuing) | -15.63M | -6.66M | -47.55M | -15.64M | -35.2M | -35.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -183.97K |
| EPS (Diluted) | -0.31 | -0.15 | -1.32 | -0.44 | 0.27 | 0.17 |
| EPS Growth % | 64.99% | 88.64% | -200% | -262.96% | 58.82% | - |
| EPS (Basic) | - | -0.15 | -1.32 | -0.44 | 0.27 | 0.17 |
| Diluted Shares Outstanding | 50.47M | 45.67M | 35.91M | 35.62M | 39.9M | 39.9M |
| Basic Shares Outstanding | 50.47M | 45.84M | 35.91M | 35.62M | 39.9M | 39.9M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Immediate liquidity and solvency
As reported in recent financial filings, Veea's quarterly revenue exhibits extreme volatility, with growth rates swinging from a 185.9% increase in 2025Q3 to a 130.1% contraction in 2025Q4, underscoring the company's struggle to establish a predictable, scalable commercial footprint in the competitive edge computing market.
The lack of consistent revenue progression suggests that Veea remains in a highly experimental, project-based phase rather than a repeatable commercial rollout. Investors should monitor whether the company can transition from these sporadic, low-volume hardware sales to a more stable, recurring software-driven revenue model.
Based on the provided income statement data, gross margins have fluctuated wildly, ranging from a negative 26.2% in 2026Q1 to a peak of 93.7% in 2025Q2, indicating that the company's pricing power and cost management are currently insufficient to support a stable gross profit profile.
This extreme variance suggests that Veea's hardware-inclusive business model is highly sensitive to supply chain costs and product mix shifts. The inability to maintain consistent gross margins implies that the company has yet to achieve the economies of scale necessary to offset its high fixed-cost base.
According to historical income statements, Veea's SG&A expenses frequently exceed total quarterly revenue by orders of magnitude, with 2024Q4 SG&A reaching $13.9 million against only $33.5 thousand in revenue, highlighting a severe disconnect between operational overhead and the company's current ability to monetize its technology stack.
The persistent reliance on heavy SG&A spending to support a nascent product line suggests that the company is burning capital to maintain its market presence. This cost structure appears unsustainable without a significant and immediate inflection in revenue volume to amortize these substantial fixed operating expenses.
Based on the reported figures, Veea's operating losses consistently dwarf its revenue, and with cash reserves appearing critically low, the company faces a significant risk of insolvency unless it can secure additional capital to fund its ongoing, high-burn operational requirements in the near term.
Short-sellers would likely focus on the company's inability to generate positive operating cash flow and the potential for massive shareholder dilution as the primary mechanism for survival. The current financial trajectory suggests that the company's existence is contingent upon external financing rather than internal operational success.
Quick answers to the most common questions about buying VEEA stock.
For fiscal year 2025, Veea Inc. (VEEA) reported total revenue of $0.2M. This represents a 92.1% decline compared to $2.8M in 2021.
Veea Inc. (VEEA) reported a net loss of $6.7M for the fiscal year ending 2025.
Veea Inc. (VEEA) reported an operating income of $-17.6M, resulting in an operating profit margin of -7930.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Veea Inc. (VEEA) generated $0.2M in gross profit for the year, representing a gross profit margin of 68.5%. This demonstrates the company's core pricing power and production efficiency.