Liquidity remains a critical concern as free cash flow margins reached -1369.3% in 2026Q1, reflecting a fundamental inability to generate self-sustaining cash from operations.
| Cash from Operations | -17.99B | -27.64B | -32.68M | -105.64M | -123.96M | -56.4M |
| Operating CF Margin % | - | -60117.9% | -79.69% | -136.4% | -157.5% | -205.56% |
| Operating CF Growth % | -145853.04% | -84479.37% | 69.07% | 14.78% | -119.78% | - |
| Net Income | -52.95M | -71.36B | -73.3M | -135.14M | 7.97M | -107.09M |
| Depreciation & Amortization | 764.44M | 3.52B | 4.91M | 9.31M | 5.29M | 3.01M |
| Stock-Based Compensation | 1.89B | 9.51B | 15.36M | 24.93M | 20.15M | 4.37M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -13.61B | 30.69B | -11.21M | -5.96M | -113.2M | 46.5M |
| Working Capital Changes | -1.35M | 7M | 31.56M | 1.22M | -44.17M | -3.19M |
| Change in Receivables | -8.24M | -7.33M | 12.87M | -7.62M | -1.54M | -8.79M |
| Change in Inventory | 23.1M | 24.41M | 13.3M | 13.73M | -47.02M | -8.01M |
| Change in Payables | -19.94M | -15.3M | -743K | 2.21M | 2.34M | 1.88M |
| Cash from Investing | -942.72M | -2.71B | 7.77M | 38.89M | -53.02M | -33.59M |
| Capital Expenditures | -942.72M | -2.71B | -9K | -3.21M | -19.42M | -18.1M |
| CapEx % of Revenue | 1867.91% | 5905.64% | 0.02% | 4.15% | 24.67% | 65.96% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1.1M | 0 | 0 | 0 |
| Cash from Financing | -3.48B | 68.14B | 1.46M | 59.26M | 1.34M | 282.89M |
| Debt Issued (Net) | 3.53M | 22.06M | -11.25M | 19.61M | 86K | 4.23M |
| Equity Issued (Net) | 20.13M | 20.13M | 10.7M | 39.09M | 0 | 155M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3.51B | 68.1B | 2.01M | 561K | 1.26M | 123.66M |
| Net Change in Cash | -22.42B | 37.8B | -23.45M | -7.49M | -175.62M | 192.88M |
| Free Cash Flow | -18.94B | -30.35B | -32.69M | -108.85M | -143.38M | -74.5M |
| FCF Margin % | -37519.45% | -66023.54% | -79.72% | -140.55% | -182.17% | -271.52% |
| FCF Growth % | -77172.77% | -92762.39% | 69.97% | 24.09% | -92.45% | - |
| FCF per Share | -756.79 | -1841.04 | -38.58 | -275.02 | -372.32 | -666.47 |
| FCF Conversion (FCF/Net Income) | 357.62x | 387.29x | 0.45x | 0.78x | -15.56x | -5.53x |
| Interest Paid | -202K | 1.13M | 1.18M | 9.72M | 372K | 0 |
| Taxes Paid | 0 | 117K | 0 | 0 | 0 | 0 |
Immediate liquidity and solvency
According to the provided quarterly cash flow data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio reaching an extreme 2569.02 in 2026Q1, signaling that reported earnings bear little resemblance to the actual cash generation capabilities of the business.
The massive divergence between net losses and operating cash outflows suggests that non-cash charges and working capital volatility are masking the true extent of the company's cash burn. Investors should monitor this disconnect, as it implies that the company's accounting earnings are not providing a reliable proxy for its underlying liquidity health.
As reported in financial statements, Velo3D's free cash flow margins have remained consistently negative, bottoming out at -1369.3% in 2026Q1, which underscores a fundamental inability to generate self-sustaining cash flow from its current operational model despite various attempts to scale the installed base.
The persistent negative FCF trajectory indicates that the company is effectively subsidizing its growth through continuous capital consumption. This trend warrants further investigation into whether the business model can ever reach a break-even point without a radical reduction in operating expenses or a significant pivot in pricing strategy.
Based on the reported figures, working capital changes have been highly inconsistent, swinging from a $16.8M inflow in 2024Q4 to a $13.7M outflow in 2026Q1, which suggests that the company's cash conversion cycle is subject to extreme and unpredictable fluctuations tied to project-based revenue recognition.
This volatility in working capital appears to be a primary driver of the company's liquidity stress, as the timing of collections from aerospace customers remains unreliable. The inability to stabilize these flows suggests that the company may be struggling to manage its inventory and receivables effectively in a high-cost environment.
Data from recent filings indicates that stock-based compensation, which reached $4.1M in 2025Q1, consistently offsets a portion of the reported net loss, effectively masking the true cash cost of talent acquisition and retention during a period of severe liquidity constraints and operational restructuring.
By relying on non-cash adjustments to bridge the gap between net income and cash flow, the company may be understating the true economic cost of its operations. Analysts should be cautious, as these adjustments do not change the reality that the company is consuming cash at an unsustainable rate.
Quick answers to the most common questions about buying VELO stock.
Velo3D, Inc. (VELO) generated $-27638.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Velo3D, Inc. (VELO) reported negative free cash flow of $30.35B in 2025, indicating capital requirements exceeded cash from operations.
Velo3D, Inc. (VELO) spent $2.71B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.