The company's capital structure is in distress, evidenced by a negative equity position of -$9.8 million and total debt reaching $19.8 million as of 2025Q4.
| Total Current Assets | 17.14M | 15.57M | 14.88M | 13.95M | 130.03K | 7.54M |
| Cash & Short-Term Investments | 1.59M | 133.86K | 1.69M | 6.01M | 86.4K | 951.04K |
| Cash Only | 1.59M | 133.86K | 1.69M | 6.01M | 86.4K | 951.04K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 261.83K | 139.83K | 84.66K | 52.84K | 25K | 0 |
| Days Sales Outstanding | 140.41 | 229.89 | 217.97 | 2.13 | 40.72 | - |
| Inventory | 9.63M | 9.65M | 7.46M | 7.38M | 0 | 4.72M |
| Days Inventory Outstanding | 11.75K | 50.35K | 32.69K | 5.77K | - | 624.99 |
| Other Current Assets | 16.93K | 1.69K | 712 | 0 | -25K | 0 |
| Total Non-Current Assets | 12.72M | 12.65M | 6.17M | 6.89M | 323.91M | 11M |
| Property, Plant & Equipment | 70.29K | 91.81K | 327.99K | 7.57M | 0 | 2.89M |
| Fixed Asset Turnover | 3.76x | 2.42x | 0.43x | 1.20x | - | 0.97x |
| Goodwill | 5.11M | 5.1M | 4.78M | 4.8M | 4.58M | 5.12M |
| Intangible Assets | 7.26M | 7.43M | 741.08K | 628.48K | 1.06M | 2.25M |
| Long-Term Investments | 726.24K | 0 | 235.6K | 451.87K | 323.91M | 607.59K |
| Other Non-Current Assets | 34.28K | 34.32K | 85.5K | -6.56M | -5.64M | 132.09K |
| Total Assets | 29.86M | 28.22M | 21.09M | 20.84M | 324.04M | 18.53M |
| Asset Turnover | 0.01x | 0.01x | 0.01x | 0.44x | 0.00x | 0.15x |
| Asset Growth % | 26.54% | 33.79% | 1.23% | -93.57% | 1648.4% | - |
| Total Current Liabilities | 15.1M | 31.82M | 20.14M | 32.19M | 3.88M | 83.62M |
| Accounts Payable | 3.06M | 4.05M | 1.29M | 1.08M | 4.4M | 1.7M |
| Days Payables Outstanding | 4.55K | 21.14K | 5.66K | 842.83 | 5.63K | 224.89 |
| Short-Term Debt | 3.83M | 19.76M | 12.7M | 21.6M | 1M | 69.55M |
| Deferred Revenue (Current) | 4.54M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.04M | 0 | 897.02K | 2.05M | -1.53M | 250K |
| Current Ratio | 1.14x | 0.49x | 0.74x | 0.43x | 0.03x | 0.09x |
| Quick Ratio | 0.50x | 0.19x | 0.37x | 0.20x | 0.03x | 0.03x |
| Cash Conversion Cycle | 7.34K | 29.44K | 27.25K | 4.93K | - | - |
| Total Non-Current Liabilities | 9.74M | 6.15M | 17.98M | 119.42K | 11.55M | 2.56M |
| Long-Term Debt | 4.61M | 0 | 97.32K | 0 | 0 | 1.22M |
| Capital Lease Obligations | 0 | 0 | 0 | 119.42K | 0 | 1.34M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 5.14M | 6.15M | 17.88M | 0 | 11.55M | 20.53M |
| Total Liabilities | 24.84M | 37.97M | 38.12M | 32.3M | 15.43M | 86.18M |
| Total Debt | 8.44M | 19.76M | 12.92M | 22.16M | 1M | 72.96M |
| Net Debt | 6.85M | 19.63M | 11.23M | 16.15M | 913.6K | 72.01M |
| Debt / Equity | 1.68x | - | - | - | 0.00x | - |
| Debt / EBITDA | -0.49x | - | - | - | - | - |
| Net Debt / EBITDA | -0.40x | - | - | - | - | - |
| Interest Coverage | -9.11x | -2.02x | -25.30x | -1.94x | - | - |
| Total Equity | 5.02M | -9.75M | -17.02M | -11.47M | 308.61M | -67.65M |
| Equity Growth % | 92.13% | 42.72% | -48.46% | -103.72% | 556.2% | - |
| Book Value per Share | 0.10 | -0.21 | -0.47 | -0.32 | 7.73 | -1.70 |
| Total Shareholders' Equity | 5.02M | -9.75M | -17.02M | -11.47M | 308.61M | -67.46M |
| Common Stock | 5.05K | 5.05K | 3.62K | 1.96K | 323.91M | 72 |
| Retained Earnings | -229.16M | -224.49M | -217.83M | -170.28M | -15.3M | -119.48M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.2M | -1.25M | 135.39K | -661.35K | 0 | -559.78K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -183.97K |
Critical liquidity and insolvency
As reported in recent financial statements, Veea's cash position plummeted to just $133,860 by 2025Q4, a figure that appears insufficient to support ongoing operations given the company's historical quarterly burn rates and the lack of a clear, self-sustaining revenue stream to replenish these depleted reserves.
The current ratio of 0.49 in 2025Q4 underscores a profound inability to cover short-term obligations with existing liquid assets. This liquidity profile suggests that the company is likely reliant on external financing or capital market access to maintain its day-to-day operations, which warrants extreme caution from investors.
Based on the company's reported figures, total debt reached $19.8 million in 2025Q4, creating a precarious capital structure where liabilities significantly exceed assets, resulting in a negative equity position that highlights the company's reliance on debt to fund its ongoing, loss-making operational activities.
The accumulation of debt in the absence of positive retained earnings suggests that capital is being consumed rather than invested in productive, cash-generating assets. This leverage profile may limit the company's financial flexibility and increase the risk of default if refinancing options become constrained in the current interest rate environment.
According to the balance sheet data, Veea's equity has deteriorated into negative territory, reaching -$9.8 million by 2025Q4, a trend driven by the persistent accumulation of losses that have effectively wiped out the company's book value and left the capital structure in a state of distress.
The consistent negative retained earnings, which stood at -$224.5 million in 2025Q4, indicate a long-term pattern of value destruction that has outpaced any capital injections. This erosion of equity suggests that the company's current business model has yet to achieve the scale necessary to generate shareholder value.
As indicated by the latest filings, Veea's asset base is heavily weighted toward intangible items like goodwill, which totaled $5.1 million in 2025Q4, while net property, plant, and equipment remains negligible at $91,800, suggesting a business model that lacks a significant physical foundation for its operations.
The reliance on goodwill as a primary asset component may indicate that the company's valuation is tied to historical acquisitions rather than current operational capacity. Investors should monitor whether these intangible assets are subject to future impairment charges, which could further weaken the already strained balance sheet.
Quick answers to the most common questions about buying VEEAW stock.
As of 2025, Veea Inc. (VEEAW) had total assets of $28.2M including $15.6M in current assets.
Veea Inc. (VEEAW) carries total debt of $19.8M, offset by $0.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Veea Inc. (VEEAW) has total shareholders' equity (book value) of $-9.8M ($-0.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Veea Inc. (VEEAW) reported a current ratio of 0.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.