Operational sustainability is challenged by persistent free cash flow deficits, including a $5.4 million cash outflow recorded in 2026Q1 alone.
| 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 |
Critical liquidity and solvency
According to the provided financial data, Veea's operating cash flow consistently trails net income, with the OCF/NI ratio frequently deviating from unity, as seen in the 2025Q3 period where the company reported positive net income of $1.4M while simultaneously burning $4.4M in operating cash.
The persistent gap between reported net income and operating cash flow suggests that accounting profits are not translating into tangible liquidity. This divergence implies that non-cash items or aggressive accrual accounting may be masking the underlying cash-generative weakness of the business model.
As reported in quarterly financial statements, Veea's free cash flow remains deeply negative across all observed periods, with the company recording a $5.4M cash outflow in 2026Q1 alone, underscoring a structural inability to fund operations through internal cash generation at the current scale.
The consistent negative FCF trajectory indicates that the company is in a perpetual state of capital consumption. Investors should monitor whether this trend is a temporary byproduct of aggressive R&D investment or a permanent feature of a business model that lacks a path to self-sustaining profitability.
Based on the reported figures, working capital changes have been highly erratic, swinging from a $1.8M inflow in 2025Q1 to a $4.7M outflow in 2024Q3, which suggests that the company's cash management is highly sensitive to the timing of project-based billing and inventory procurement cycles.
Such volatility in working capital often points to a lack of standardized collection processes or significant lumpiness in customer payments. This instability complicates cash flow forecasting and may indicate that the company is struggling to manage its cash conversion cycle effectively.
Analysis of the 10-quarter cumulative data reveals a stark divergence where reported net income frequently fails to align with the actual cash burn, as evidenced by the $19.2M operating cash outflow in 2024Q3 despite a net loss of $33.3M in the same period.
The persistent inability to bridge the gap between accounting losses and cash outflows suggests that the company's operational reality is significantly more strained than the income statement might imply. This cumulative trend warrants further investigation into the sustainability of the current cost structure.
Quick answers to the most common questions about buying VEEAW stock.
Veea Inc. (VEEAW) generated $-15.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Veea Inc. (VEEAW) reported negative free cash flow of $15.5M in 2025, indicating capital requirements exceeded cash from operations.
Veea Inc. (VEEAW) 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.