Cash flow remains volatile with cumulative FCF of -$58.5M over the last five quarters, and the reported $17.9B operating cash flow in 2026Q2 appears to be a data anomaly, obscuring the underlying cash burn that has consumed over $200M in cumulative net losses.
Velo3D, Inc. (VELO) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -53.3M | -27.33M | -32.68M | -105.64M | -123.96M | -56.4M | -26.45M | -16.42M |
| Operating CF Margin % | - | -59.44% | -79.69% | -136.4% | -153.5% | -205.56% | -139.37% | -107.88% |
| Operating CF Growth % | -2173.34% | 16.37% | 69.07% | 14.78% | -119.78% | -113.28% | -61.04% | - |
| Net Income | -50.7M | -71.36M | -69.74M | -135.14M | 7.97M | -107.09M | -21.81M | -25.68M |
| Depreciation & Amortization | 3.13M | 3.38M | 4.78M | 9.31M | 5.29M | 3.01M | 1.24M | 1.14M |
| Stock-Based Compensation | 7.41M | 9.51M | 11.81M | 24.93M | 20.15M | 4.37M | 1.46M | 1.47M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 681K |
| Other Non-Cash Items | 6.57M | 24.14M | -1.11M | -5.96M | -113.2M | 46.5M | -4K | 7.67M |
| Working Capital Changes | -19.7M | 7M | 21.59M | 1.22M | -44.17M | -3.19M | -7.33M | -1.02M |
| Change in Receivables | -8.89M | -7.33M | 10.08M | -7.62M | -1.54M | -8.79M | -1.75M | -1.2M |
| Change in Inventory | 23.16M | 24.41M | 6.12M | 13.73M | -47.02M | -8.01M | -2.74M | -954K |
| Change in Payables | -22.62M | -15.3M | -743K | 2.21M | 2.34M | 1.88M | -490K | 0 |
| Cash from Investing | -5.37M | -2.71M | 7.77M | 38.89M | -53.02M | -33.59M | -3.43M | -345K |
| Capital Expenditures | -5.37M | -2.71M | -9K | -3.21M | -19.42M | -18.1M | -3.43M | -345K |
| CapEx % of Revenue | 9.34% | 5.91% | 0.02% | 4.15% | 24.04% | 65.96% | 18.07% | 2.27% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 152.3M | 67.83M | 1.46M | 59.26M | 1.34M | 282.89M | 35.58M | 18.89M |
| Debt Issued (Net) | 52.52M | 22.06M | -11.25M | 19.61M | 86K | 4.23M | 7.37M | 0 |
| Equity Issued (Net) | 79.55M | 20.13M | 14.01M | 39.65M | 1.26M | 155M | 28.15M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 20.23M | 25.64M | -1.3M | 0 | 0 | 123.66M | 53K | 18.89M |
| Net Change in Cash | 93.63M | 37.8M | -23.45M | -7.49M | -175.62M | 192.88M | 5.7M | 9.81M |
| Free Cash Flow | -58.67M | -30.04M | -32.69M | -108.85M | -143.38M | -74.5M | -29.88M | -16.77M |
| FCF Margin % | -101.92% | -65.35% | -79.72% | -140.55% | -177.54% | -271.52% | -157.44% | -110.14% |
| FCF Growth % | -200.1% | 8.09% | 69.97% | 24.09% | -92.45% | -149.38% | -78.18% | - |
| FCF per Share | -1.99 | -0.00 | -0.10 | -0.55 | -0.71 | -1.27 | -1.91 | -1.07 |
| FCF Conversion (FCF/Net Income) | 1.16x | 0.00x | 0.45x | 0.78x | -15.56x | 0.53x | 1.21x | 0.64x |
| Interest Paid | 375K | 1.13M | 1.18M | 9.72M | 372K | 1.42M | 461K | 0 |
| Taxes Paid | 0 | 117K | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VELO stock.
Velo3D, Inc. (VELO) generated $-27.3M 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 $30.0M in 2025, indicating capital requirements exceeded cash from operations.
Velo3D, Inc. (VELO) spent $2.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Cash runway and negative gross margins
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Extreme Accruals
In 2026Q2, operating cash flow of $17.9B against a net loss of $11.5M implies massive non-cash add-backs, but the negative SBC and D&A adjustments suggest data anomalies that obscure true cash conversion.
The OCF/NI ratio of -1558.51 in 2026Q2 is nonsensical, likely due to data errors, but the pattern across quarters shows persistent negative operating cash flows relative to net losses, indicating poor earnings quality. The gap between net income and operating cash flow is extreme, with 2025Q4 showing OCF of -$15.3B against a net loss of -$71.3B, suggesting large non-cash charges that may not recur. Investors should treat reported cash flow figures with caution given the magnitude of SBC and D&A adjustments that appear inconsistent with the company's scale.
FCF Volatility Masks Underlying Burn
Free cash flow swung from -$18.9B in 2026Q1 to +$18.9B in 2026Q2, but the underlying trend is negative, with cumulative FCF over the last five quarters at -$58.5M, reflecting persistent cash consumption despite revenue growth.
The FCF margin of 913.4% in 2026Q2 is an outlier driven by data anomalies, but the broader trajectory shows negative FCF in most quarters, with 2025Q4 at -$18.0B and 2025Q2 at -$14.2M. Even excluding the anomalous quarters, the company has not generated sustainable positive FCF, and the reported revenue acceleration has not translated into cash generation. This suggests that growth is being funded by external capital, and the cash burn rate remains a critical concern for solvency.
Capital Intensity Distorted by Data Anomalies
CapEx/Revenue ratios range from 0.0% to 287.6% across quarters, but the extreme values in 2026Q2 (45.3%) and 2025Q4 (287.6%) are likely data errors, obscuring the true capital intensity of the business.
Excluding the anomalous quarters, CapEx appears minimal, with 2025Q3 at $313K and 2025Q2 at $1.8M, suggesting that the company is not investing heavily in fixed assets. However, the negative gross margins indicate that the existing asset base is not being utilized efficiently, and the low CapEx may reflect a lack of investment capacity rather than a capital-light model. The company's ability to replace aging equipment or expand capacity is questionable given its cash constraints.
Working Capital Swings Signal Collection Risk
Working capital changes have been volatile, with a positive $7.3M in 2024Q2 and negative $13.7M in 2026Q1, suggesting that cash flow is heavily influenced by timing of receivables and payables, not operational efficiency.
The negative working capital changes in recent quarters, particularly 2026Q1 at -$13.7M, indicate that the company is consuming cash to fund receivables or inventory build-up, which is concerning given its low cash balance. The positive change in 2024Q2 may have been a one-time benefit from collections, but the overall trend suggests that the company is struggling to manage its working capital cycle. Given the customer concentration in aerospace, there is a risk of delayed payments or write-offs, which could further strain liquidity.
No Capital Return, All Cash Consumed
No dividends or buybacks were reported in any quarter, and acquisition activity is not disclosed, indicating that all available cash is being directed toward operations and debt servicing, with no return to shareholders.
The absence of capital returns is consistent with a company in distress, as it prioritizes survival over shareholder distributions. The lack of acquisition data suggests that the company is not pursuing growth through M&A, likely due to liquidity constraints. The cash balance of $1.2M is critically low, and the company's ability to fund ongoing operations without additional financing is doubtful, making capital deployment a non-issue in the near term.
Cumulative Losses Far Exceed Cash Burn
Over the last ten quarters, cumulative net losses exceed $200M, while cumulative operating cash flow is also deeply negative, indicating that reported losses are not just accounting artifacts but reflect real cash consumption.
The cumulative gap between net income and operating cash flow is not consistent, but both are negative, confirming that the company is destroying value. The extreme negative net margins, such as -155,225.9% in 2026Q2, are likely distorted by one-time charges, but the underlying trend is clear: the business model is not generating cash. This divergence between earnings and cash flow is a red flag for investors, as it suggests that the company's losses are not sustainable and that it will require additional capital to continue operations.
What Could Invalidate the Base Case
The reported cash flow figures contain extreme anomalies, such as $17.9B operating cash flow in 2026Q2, which may indicate data errors rather than genuine improvement, potentially overstating the company's cash position.
If the anomalous quarters are corrected or excluded, the underlying cash burn is more severe than reported, and the company's liquidity position may be even worse than the $1.2M cash balance suggests. The negative SBC and D&A adjustments in several quarters are inconsistent with typical accounting, raising questions about the reliability of the entire cash flow statement. Investors should demand restated financials or additional disclosures before relying on these figures to assess solvency.