What is Veea's operating income?

Veea's total operating income in 2025 was -$18.84 million, based on the following breakdown: Total Gross Profit: $152.04 thousand Total Operating Expenses: $18.99 million

Veea (VEEAW) Financials

$0.03 +0.01 (+23.20%)

As of 03:18 PM Eastern

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Annual Income Statements for Veea

This table shows Veea's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	6.59	29	-16	-48	-6.66
Consolidated Net Income / (Loss)	6.59	29	-16	-48	-6.66
Net Income / (Loss) Continuing Operations	6.59	29	-16	-47	-6.66
Total Pre-Tax Income	6.59	29	-16	-49	-7.86
Total Operating Income	-2.92	-4.07	-10	-84	-19
Total Gross Profit	0.00	0.00	8.61	0.06	0.15
Total Revenue	0.00	0.00	9.07	0.14	0.22
Operating Revenue	-	-	9.07	0.14	0.22
Total Cost of Revenue	0.00	0.00	0.47	0.08	0.07
Operating Cost of Revenue	-	-	0.47	0.08	0.07
Total Operating Expenses	2.92	0.00	19	84	19
Selling, General & Admin Expense	-	-	17	27	18
Marketing Expense	-	-	0.22	0.81	0.35
Research & Development Expense	-	-	0.69	1.37	0.33
Depreciation Expense	-	-	0.82	0.27	0.63
Other Operating Expenses / (Income)	2.92	-	0.00	55	0.03
Total Other Income / (Expense), net	9.51	29	-5.32	36	11
Interest Expense	-	0.00	5.32	3.58	2.20
Other Income / (Expense), net	9.49	25	0.00	39	13
Income Tax Expense	-	-	0.00	-1.25	-1.20
Basic Earnings per Share	$0.40	$0.54	($0.97)	($1.88)	($0.16)
Weighted Average Basic Shares Outstanding	33.67M	39.90M	16.15M	25.26M	42.81M
Diluted Earnings per Share	$0.40	-	($0.97)	($1.88)	($0.16)
Weighted Average Diluted Shares Outstanding	33.67M	-	16.15M	25.26M	42.81M

This table shows Veea's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-22	-6.55	-7.28	-33	-0.40	4.30	-7.41	1.38	-4.92	-4.67	-4.03
Consolidated Net Income / (Loss)	-22	-6.55	-7.28	-33	-0.40	4.30	-7.41	1.38	-4.92	-4.67	-4.03
Net Income / (Loss) Continuing Operations	-22	-6.55	-7.28	-33	-0.18	4.30	-7.40	1.38	-4.93	-4.67	-4.03
Total Pre-Tax Income	-22	-6.55	-7.28	-35	-0.18	4.30	-7.40	0.15	-4.91	-4.67	-4.03
Total Operating Income	-12	-6.09	-6.84	-57	-14	-5.77	-4.92	-4.66	-3.48	-5.03	-7.14
Total Gross Profit	-0.38	0.00	0.01	0.04	0.01	0.00	0.07	0.09	-0.01	0.16	0.14
Total Revenue	0.06	0.02	0.04	0.05	0.03	0.01	0.07	0.14	-0.01	0.18	0.18
Operating Revenue	-	0.02	0.04	0.05	0.03	0.01	0.07	0.14	-0.01	0.18	0.18
Total Cost of Revenue	0.44	0.01	0.03	0.01	0.03	0.01	0.00	0.05	0.00	0.02	0.04
Operating Cost of Revenue	-	0.01	0.03	0.01	0.03	0.01	0.00	0.05	0.00	0.02	0.04
Total Operating Expenses	13	6.10	6.85	58	14	5.77	4.99	4.75	3.47	5.19	7.28
Selling, General & Admin Expense	-	5.85	5.79	1.99	13	5.11	4.75	4.52	3.27	4.79	6.76
Marketing Expense	-	0.09	0.29	0.08	0.35	0.35	0.04	0.02	-0.06	0.04	0.15
Research & Development Expense	-	0.09	0.70	0.36	0.22	0.22	0.05	0.00	0.06	0.15	0.09
Depreciation Expense	-	0.07	0.07	0.07	0.07	0.06	0.14	0.22	0.21	0.20	0.21
Other Operating Expenses / (Income)	-	0.00	-	55	-	0.04	0.00	0.00	-	0.00	0.07
Total Other Income / (Expense), net	-8.19	-0.46	-0.44	23	13	10	-2.48	4.81	-1.43	0.36	3.12
Interest Expense	3.39	0.46	0.44	2.22	0.46	0.95	0.43	0.44	0.38	0.81	0.61
Other Income / (Expense), net	-1.09	0.00	0.00	25	14	11	-2.04	5.26	-1.05	1.17	3.73
Basic Earnings per Share	($1.32)	($0.31)	($0.34)	($1.49)	$0.26	$0.12	($0.19)	$0.03	($0.12)	($0.09)	($0.08)
Weighted Average Basic Shares Outstanding	16.15M	21.12M	21.33M	22.29M	25.26M	36.37M	38.81M	45.64M	42.81M	50.47M	51.99M
Diluted Earnings per Share	-	($0.31)	($0.34)	($1.49)	$0.26	$0.12	($0.19)	$0.03	($0.12)	($0.09)	($0.08)
Weighted Average Diluted Shares Outstanding	16.15M	21.12M	21.33M	22.29M	25.26M	36.58M	38.81M	45.67M	42.81M	50.47M	51.99M
Weighted Average Basic & Diluted Shares Outstanding	11.24M	11.24M	11.22M	35.69M	36.44M	36.48M	50.18M	50.16M	0.00	50.41M	62.21M

This table details how cash moves in and out of Veea's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.11	-0.02	5.82	-4.32	-1.55
Net Cash From Operating Activities	-2.14	-1.02	-13	-26	-15
Net Cash From Continuing Operating Activities	-2.14	-1.02	-13	-26	-15
Net Income / (Loss) Continuing Operations	6.59	11	-16	-48	-6.66
Consolidated Net Income / (Loss)	6.59	11	-16	-48	-6.66
Depreciation Expense	-	-	0.82	0.27	0.63
Amortization Expense	-	-	2.80	0.72	1.29
Non-Cash Adjustments To Reconcile Net Income	-9.40	-14	-0.21	63	-0.58
Changes in Operating Assets and Liabilities, net	0.66	1.93	-0.43	-42	-9.90
Net Cash From Investing Activities	-319	0.00	-0.16	-0.27	-0.25
Net Cash From Continuing Investing Activities	-319	0.00	-0.16	-0.27	-0.25
Purchase of Property, Plant & Equipment	-	-	-0.03	-0.05	-0.01
Acquisitions	-	-	-0.12	-0.22	-0.24
Net Cash From Financing Activities	321	1.00	19	22	14
Net Cash From Continuing Financing Activities	321	1.00	19	22	14
Issuance of Debt	0.00	1.00	10	10	8.65
Issuance of Common Equity	322	0.00	17	9.96	5.29
Other Financing Activities, net	0.03	-	2.05	1.18	0.00
Cash Interest Paid	-	-	0.89	0.50	0.80

This table details how cash moves in and out of Veea's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	4.85	-0.36	-4.78	1.64	-0.82	-1.44	-0.01	0.85	-0.95	1.46	0.35
Net Cash From Operating Activities	-5.50	-11	-4.30	-4.84	-5.77	-3.70	-3.37	-4.45	-3.71	-5.19	-5.93
Net Cash From Continuing Operating Activities	-5.50	-11	-4.30	-4.84	-5.77	-3.70	-3.37	-4.45	-3.71	-5.19	-5.93
Net Income / (Loss) Continuing Operations	-6.23	-6.55	-6.75	-33	-0.93	4.30	-7.41	1.38	-4.92	-4.67	-4.03
Consolidated Net Income / (Loss)	-6.23	-6.55	-6.75	-33	-0.93	4.30	-7.41	1.38	-4.92	-4.67	-4.03
Depreciation Expense	0.08	0.07	0.07	0.07	0.07	0.06	0.14	0.22	0.21	0.20	0.21
Amortization Expense	0.39	0.17	-0.17	0.39	0.33	0.09	0.03	0.11	0.21	0.19	-0.19
Non-Cash Adjustments To Reconcile Net Income	0.17	0.42	0.81	28	34	0.59	-8.32	-0.30	-0.49	-0.10	-2.15
Changes in Operating Assets and Liabilities, net	0.09	-4.80	1.74	-0.19	-39	-8.73	12	-5.85	1.28	-0.81	0.23
Net Cash From Investing Activities	-0.06	-0.07	-0.06	-0.07	-0.06	-0.13	-0.03	-0.07	-0.02	-0.27	-0.10
Net Cash From Continuing Investing Activities	-0.06	-0.07	-0.06	-0.07	-0.06	-0.13	-0.03	-0.07	-0.02	-0.27	-0.10
Acquisitions	-0.04	-0.04	-0.06	-0.07	-0.04	-0.13	-0.03	-0.07	-0.01	-0.02	-0.07
Net Cash From Financing Activities	10	10	-0.44	6.55	5.04	2.39	3.37	5.38	2.80	6.92	6.37
Net Cash From Continuing Financing Activities	10	10	-0.39	6.55	5.04	2.39	3.37	5.38	2.80	6.92	6.37
Issuance of Debt	-0.05	0.00	-	5.15	5.29	2.39	3.37	0.55	2.33	21	6.37

This table presents Veea's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	320	324	21	21	28
Total Current Assets	0.45	0.13	14	15	16
Cash & Equivalents	0.11	0.09	6.01	1.69	0.13
Accounts Receivable	-	-	0.05	0.08	0.14
Inventories, net	-	-	7.38	7.46	9.65
Prepaid Expenses	0.34	0.04	0.51	5.65	5.64
Plant, Property, & Equipment, net	0.00	0.00	0.38	0.21	0.09
Total Noncurrent Assets	319	324	6.51	6.00	13
Goodwill	-	-	4.80	4.78	5.10
Intangible Assets	-	-	0.63	0.79	7.43
Other Noncurrent Operating Assets	319	324	1.08	0.44	0.03
Total Liabilities & Shareholders' Equity	320	324	21	21	28
Total Liabilities	22	15	32	38	38
Total Current Liabilities	1.17	3.88	32	20	32
Short-Term Debt	-	1.00	22	13	17
Accounts Payable	1.17	2.64	1.08	1.29	4.05
Accrued Expenses	-	-	7.01	1.91	1.53
Other Current Liabilities	0.00	0.24	0.45	3.98	8.81
Total Noncurrent Liabilities	21	12	0.12	0.94	6.15
Long-Term Debt	-	-	0.00	0.04	0.00
Other Noncurrent Operating Liabilities	21	12	0.12	0.90	6.15
Total Equity & Noncontrolling Interests	-21	-15	-11	-17	-9.75
Total Preferred & Common Equity	-21	-15	-11	-17	-9.75
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-21	-15	-11	-17	-9.75
Common Stock	0.00	0.00	159	201	216
Retained Earnings	-21	-15	-170	-218	-224
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.66	0.13	-1.25

This table presents Veea's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	40	36	37	45	20	29	29	30	30
Total Current Assets	0.12	0.14	0.28	38	14	15	16	17	16
Cash & Equivalents	0.09	0.03	0.00	2.80	-	-	1.07	1.59	0.89
Accounts Receivable	-	-	-	0.08	0.08	0.05	0.15	0.26	0.37
Inventories, net	-	-	-	7.98	7.78	9.41	9.56	9.63	9.56
Prepaid Expenses	0.03	0.10	0.07	5.62	5.55	5.54	5.54	5.65	5.56
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.25	0.17	0.14	0.11	0.07	0.08
Total Noncurrent Assets	39	36	37	28	6.19	13	13	13	14
Goodwill	-	-	-	5.08	4.92	5.23	5.17	5.11	5.09
Intangible Assets	-	-	-	0.76	0.90	7.72	7.59	7.26	7.14
Other Noncurrent Operating Assets	39	36	37	22	0.36	0.27	0.27	0.29	1.39
Total Liabilities & Shareholders' Equity	40	36	37	45	20	29	29	30	30
Total Liabilities	15	14	9.52	53	32	40	34	25	22
Total Current Liabilities	15	8.95	8.44	21	25	32	28	15	10
Short-Term Debt	1.25	1.25	1.00	13	14	19	17	3.83	3.69
Accounts Payable	3.98	5.13	5.66	1.64	3.91	4.15	3.55	3.06	2.27
Accrued Expenses	-	-	-	6.25	4.83	1.85	1.20	1.88	1.98
Other Current Liabilities	9.45	0.36	0.40	0.21	5.06	6.76	8.35	8.31	2.47
Total Noncurrent Liabilities	0.76	7.14	2.20	32	3.88	7.38	3.31	7.76	12
Long-Term Debt	-	-	-	0.05	0.81	0.44	0.00	4.61	9.75
Other Noncurrent Operating Liabilities	0.76	7.14	2.20	32	0.77	4.69	3.31	3.15	1.87
Total Equity & Noncontrolling Interests	-11	-14	-9.23	-8.01	-12	-11	-4.27	5.02	8.05
Total Preferred & Common Equity	-11	-14	-9.23	-8.01	-12	-11	-4.27	5.02	8.05
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-11	-14	-9.23	-8.01	-12	-11	-4.27	5.02	8.05
Common Stock	5.41	5.79	7.08	211	202	210	215	235	243
Retained Earnings	-16	-20	-16	-217	-214	-221	-220	-229	-233
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-1.77	0.15	0.32	0.36	-1.20	-1.48

This table displays calculated financial ratios and metrics derived from Veea's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	39,902,043.00	79,804,086.00	11,236,002.00	11,216,772.00	50,160,673.00
DEI Adjusted Shares Outstanding	39,902,043.00	79,804,086.00	11,236,002.00	11,216,772.00	50,160,673.00
DEI Earnings Per Adjusted Shares Outstanding	0.17	0.37	-1.39	-4.24	-0.13
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	-98.44%	56.62%
EBITDA Growth	0.00%	212.44%	-132.79%	-553.11%	91.50%
EBIT Growth	0.00%	212.44%	-150.41%	-334.34%	87.42%
NOPAT Growth	0.00%	-39.68%	-77.99%	-711.57%	77.60%
Net Income Growth	0.00%	344.42%	-153.36%	-204.04%	85.99%
EPS Growth	0.00%	0.00%	0.00%	-93.81%	91.49%
Operating Cash Flow Growth	0.00%	52.26%	-1,139.45%	-102.29%	40.51%
Free Cash Flow Firm Growth	0.00%	0.00%	2,002.30%	-122.07%	85.33%
Invested Capital Growth	0.00%	3.89%	-98.67%	168.66%	-31.90%
Revenue Q/Q Growth	0.00%	0.00%	0.70%	-17.17%	-16.41%
EBITDA Q/Q Growth	0.00%	247.99%	-138.62%	23.18%	-453.09%
EBIT Q/Q Growth	0.00%	247.99%	-159.38%	22.89%	-573.65%
NOPAT Q/Q Growth	0.00%	3.20%	-3,207.21%	-2.03%	35.06%
Net Income Q/Q Growth	0.00%	274.04%	-156.25%	31.11%	-211.91%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-172.73%
Operating Cash Flow Q/Q Growth	0.00%	-1.14%	-70.44%	-1.04%	11.88%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	6.26%	-94.35%	68.65%
Invested Capital Q/Q Growth	0.00%	1.26%	-83.72%	645.57%	-37.05%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	0.00%	94.85%	41.25%	68.48%
EBITDA Margin	0.00%	0.00%	-74.27%	-31,043.57%	-1,684.45%
Operating Margin	0.00%	0.00%	-114.19%	-59,309.78%	-8,483.70%
EBIT Margin	0.00%	0.00%	-114.19%	-31,741.32%	-2,549.51%
Profit (Net Income) Margin	0.00%	0.00%	-172.38%	-33,541.03%	-2,999.77%
Tax Burden Percent	100.00%	100.00%	99.76%	97.88%	84.71%
Interest Burden Percent	100.25%	142.59%	151.32%	107.95%	138.91%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-4.62%	-774.81%	-141.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-106.27%	-723.05%	-112.94%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-5.90%	1,108.57%	191.44%
Return on Equity (ROE)	2.21%	9.66%	-10.53%	333.76%	49.75%
Cash Return on Invested Capital (CROIC)	0.00%	-5.16%	190.12%	-866.31%	-103.74%
Operating Return on Assets (OROA)	0.00%	0.00%	-6.01%	-214.62%	-22.96%
Return on Assets (ROA)	0.00%	0.00%	-9.07%	-226.79%	-27.01%
Return on Common Equity (ROCE)	-0.16%	-0.58%	0.95%	333.81%	49.75%
Return on Equity Simple (ROE_SIMPLE)	-31.13%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.92	-4.07	-7.25	-59	-13
NOPAT Margin	0.00%	0.00%	-79.94%	-41,516.85%	-5,938.59%
Net Nonoperating Expense Percent (NNEP)	8,870.16%	-8,278.92%	101.65%	-51.77%	-28.75%
Return On Investment Capital (ROIC_SIMPLE)	-	28.50%	-71.58%	1,372.69%	-171.84%
Cost of Revenue to Revenue	0.00%	0.00%	5.15%	58.75%	31.52%
SG&A Expenses to Revenue	0.00%	0.00%	190.01%	18,791.49%	7,950.92%
R&D to Revenue	0.00%	0.00%	7.64%	968.79%	147.93%
Operating Expenses to Revenue	0.00%	0.00%	209.05%	59,351.03%	8,552.18%
Earnings before Interest and Taxes (EBIT)	6.58	21	-10	-45	-5.66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.58	21	-6.74	-44	-3.74
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	33.07	678.83	122.89
Price to Earnings (P/E)	49.68	10.24	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	2.01%	9.77%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.17	2.02	76.58	9.69	5.91
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	34.79	756.79	200.77
Enterprise Value to EBITDA (EV/EBITDA)	98.32	30.40	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	98.32	30.40	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1.06	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	-1.88	-0.75	-1.79
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.06	-1.53	-1.70
Leverage Ratio	1.07	1.06	1.16	-1.47	-1.84
Compound Leverage Factor	1.08	1.51	1.76	-1.59	-2.56
Debt to Total Capital	0.00%	0.32%	213.19%	-297.08%	227.10%
Short-Term Debt to Total Capital	0.00%	0.32%	213.19%	-296.21%	227.10%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	-0.87%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	107.11%	104.62%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-7.11%	-4.94%	-113.19%	397.16%	-127.10%
Debt to EBITDA	0.00	0.05	-3.21	-0.29	-4.66
Net Debt to EBITDA	0.00	0.04	-2.31	-0.25	-4.62
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	-0.25	-2.98	-0.22	-1.32
Net Debt to NOPAT	0.00	-0.22	-2.15	-0.19	-1.31
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	9.03	11.80	-8.12	-20.27	-12.05
Noncontrolling Interest Sharing Ratio	107.11%	106.01%	109.01%	-0.01%	-0.01%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.39	0.03	0.43	0.74	0.49
Quick Ratio	0.09	0.02	0.19	0.09	0.01
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-16	298	-66	-9.65
Operating Cash Flow to CapEx	0.00%	0.00%	-36,185.52%	-55,395.65%	-185,500.79%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	56.06	-18.39	-4.38
Operating Cash Flow to Interest Expense	0.00	0.00	-2.38	-7.15	-6.91
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-2.39	-7.16	-6.92
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.05	0.01	0.01
Accounts Receivable Turnover	0.00	0.00	0.00	2.06	1.98
Inventory Turnover	0.00	0.00	0.00	0.01	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.48	1.47
Accounts Payable Turnover	0.00	0.00	0.25	0.07	0.03
Days Sales Outstanding (DSO)	0.00	0.00	0.00	177.01	184.53
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	32,505.25	44,628.55
Days Payable Outstanding (DPO)	0.00	0.00	1,453.84	5,190.20	13,937.26
Cash Conversion Cycle (CCC)	0.00	0.00	-1,453.84	27,492.06	30,875.82
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	298	310	4.12	11	7.54
Invested Capital Turnover	0.00	0.00	0.06	0.02	0.02
Increase / (Decrease) in Invested Capital	0.00	12	-305	6.95	-3.53
Enterprise Value (EV)	647	625	316	107	45
Market Capitalization	328	300	300	96	27
Book Value per Share	($0.53)	($0.38)	($1.02)	($0.67)	($0.19)
Tangible Book Value per Share	($0.53)	($0.38)	($1.50)	($0.89)	($0.44)
Total Capital	298	310	10	-4.29	7.67
Total Debt	0.00	1.00	22	13	17
Total Long-Term Debt	0.00	0.00	0.00	0.04	0.00
Net Debt	-0.11	0.91	16	11	17
Capital Expenditures (CapEx)	0.00	0.00	0.03	0.05	0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.83	-2.83	-2.64	5.76	1.04
Debt-free Net Working Capital (DFNWC)	-0.72	-2.75	3.37	7.44	1.17
Net Working Capital (NWC)	-0.72	-3.75	-18	-5.26	-16
Net Nonoperating Expense (NNE)	-9.51	-33	8.39	-11	-6.52
Net Nonoperating Obligations (NNO)	-0.11	0.91	16	28	17
Total Depreciation and Amortization (D&A)	0.00	0.00	3.62	0.99	1.92
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	-29.15%	4,061.31%	467.84%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	37.09%	5,250.39%	528.13%
Net Working Capital to Revenue	0.00%	0.00%	-200.98%	-3,708.41%	-7,320.24%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.54	$0.00	($1.88)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	0.00	39.90M	17.84M	25.26M	42.81M
Adjusted Diluted Earnings per Share	$0.00	$0.54	$0.00	($1.88)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	39.90M	11.24M	25.26M	42.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	11.24M	36.44M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-2.04	-2.85	-7.25	-59	-13
Normalized NOPAT Margin	0.00%	0.00%	-79.94%	-41,516.85%	-5,938.59%
Pre Tax Income Margin	0.00%	0.00%	-172.80%	-34,266.13%	-3,541.42%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-1.95	-12.57	-2.57
NOPAT to Interest Expense	0.00	0.00	-1.36	-16.44	-5.99
EBIT Less CapEx to Interest Expense	0.00	0.00	-1.95	-12.58	-2.57
NOPAT Less CapEx to Interest Expense	0.00	0.00	-1.37	-16.46	-5.99
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	11.82%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Veea's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	11,236,002.00	11,236,002.00	11,236,002.00	11,216,772.00	11,216,772.00	36,440,377.00	36,475,884.00	50,182,879.00	50,160,673.00	50,160,673.00	50,407,567.00
DEI Adjusted Shares Outstanding	11,236,002.00	11,236,002.00	11,236,002.00	11,216,772.00	11,216,772.00	36,440,377.00	36,475,884.00	50,182,879.00	50,160,673.00	50,160,673.00	50,407,567.00
DEI Earnings Per Adjusted Shares Outstanding	-1.95	-0.58	-0.65	-2.97	-0.04	0.12	-0.20	0.03	-0.10	-0.09	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	-99.44%	-46.73%	-14.96%	78.69%	185.95%	-130.14%	1,165.02%	141.64%
EBITDA Growth	-185.45%	-139.71%	-595.39%	-933.79%	105.38%	192.06%	2.02%	102.89%	-706.88%	-164.37%	50.00%
EBIT Growth	-188.66%	-149.35%	-588.38%	-962.63%	102.14%	186.07%	-1.93%	101.84%	-1,719.72%	-173.68%	50.96%
NOPAT Growth	-504.31%	-269.66%	-726.71%	-1,300.21%	-13.95%	-35.28%	28.03%	-4.84%	74.48%	38.95%	-45.19%
Net Income Growth	-201.39%	-469.66%	-391.34%	-1,798.62%	98.18%	165.66%	-1.82%	104.13%	-1,134.80%	-208.70%	45.68%
EPS Growth	0.00%	0.00%	0.00%	-1,341.67%	0.00%	138.71%	44.12%	102.01%	-146.15%	-175.00%	57.89%
Operating Cash Flow Growth	-1,919.30%	-4,382.46%	-2,129.07%	28.04%	-4.79%	65.42%	21.70%	7.98%	35.60%	-40.35%	-76.20%
Free Cash Flow Firm Growth	2,387.10%	-92.95%	-93.29%	-105.79%	-105.56%	-16.92%	-3.92%	-220.84%	106.62%	-183.73%	-204.03%
Invested Capital Growth	-98.67%	-48.50%	-43.36%	-94.13%	168.66%	-87.70%	-69.50%	706.52%	-31.90%	308.94%	137.94%
Revenue Q/Q Growth	-99.30%	-73.33%	143.36%	24.19%	-33.91%	-57.42%	411.34%	98.73%	-106.97%	1,886.84%	-2.33%
EBITDA Q/Q Growth	-429.12%	53.51%	-18.40%	-360.28%	102.12%	695.40%	-226.00%	113.59%	-545.45%	15.64%	2.13%
EBIT Q/Q Growth	-448.35%	53.39%	-12.21%	-373.53%	100.86%	1,773.63%	-232.88%	108.54%	-861.83%	14.77%	11.57%
NOPAT Q/Q Growth	-350.09%	49.17%	-12.27%	-740.91%	76.26%	39.65%	40.27%	-1,125.00%	94.22%	-44.37%	-42.04%
Net Income Q/Q Growth	-1,214.78%	70.06%	-11.16%	-357.86%	98.80%	1,178.18%	-272.38%	118.56%	-458.00%	5.09%	13.85%
EPS Q/Q Growth	0.00%	0.00%	-9.68%	-338.24%	117.45%	-53.85%	-258.33%	115.79%	-500.00%	25.00%	11.11%
Operating Cash Flow Q/Q Growth	18.12%	-94.39%	59.80%	-12.47%	-19.23%	35.85%	8.99%	-32.18%	16.55%	-39.81%	-14.27%
Free Cash Flow Firm Q/Q Growth	4.69%	-93.96%	-5.53%	-196.87%	-0.52%	190.32%	9.25%	-423.46%	102.07%	-1,242.08%	-35.74%
Invested Capital Q/Q Growth	-83.72%	472.16%	20.42%	-94.77%	645.57%	-73.80%	198.46%	38.32%	-37.05%	57.36%	73.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-603.76%	28.54%	24.76%	70.41%	23.56%	13.55%	93.71%	63.43%	0.00%	87.44%	77.96%
EBITDA Margin	-20,030.69%	-34,913.12%	-16,985.57%	-62,953.67%	2,023.10%	37,793.34%	-9,312.92%	637.04%	0.00%	-1,923.02%	-1,926.95%
Operating Margin	-19,055.03%	-36,317.19%	-16,754.05%	-113,445.10%	-40,757.94%	-40,439.51%	-6,747.77%	-3,217.27%	0.00%	-2,788.12%	-4,054.49%
EBIT Margin	-20,783.79%	-36,317.19%	-16,745.23%	-63,849.19%	835.26%	36,755.11%	-9,551.45%	410.44%	0.00%	-2,140.80%	-1,938.24%
Profit (Net Income) Margin	-34,782.33%	-39,042.41%	-17,833.60%	-65,748.98%	-1,190.38%	30,143.40%	-10,162.02%	948.96%	0.00%	-2,590.14%	-2,284.58%
Tax Burden Percent	99.83%	100.00%	100.00%	96.36%	227.01%	100.08%	100.16%	905.00%	100.25%	100.00%	100.00%
Interest Burden Percent	167.64%	107.50%	106.50%	106.87%	-62.78%	81.94%	106.22%	25.55%	108.38%	120.99%	117.87%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-805.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-771.62%	-6,662.24%	-2,727.13%	-1,014.36%	-532.45%	-425.34%	-43.69%	-1,149.03%	0.00%	-102.62%	-95.34%
ROIC Less NNEP Spread (ROIC-NNEP)	-935.04%	-6,995.85%	-3,064.52%	-884.29%	-490.53%	-297.87%	-81.76%	-810.36%	0.00%	-113.37%	-89.27%
Return on Net Nonoperating Assets (RNNOA)	-51.93%	-140.89%	-58.75%	-583.03%	752.07%	-440.32%	-105.10%	1,699.35%	0.00%	364.80%	995.70%
Return on Equity (ROE)	-823.55%	-6,803.13%	-2,785.89%	-1,597.39%	219.62%	-865.66%	-148.79%	550.32%	0.00%	262.18%	900.36%
Cash Return on Invested Capital (CROIC)	190.12%	33.16%	16.94%	-252.71%	-866.31%	-286.66%	-202.71%	-457.52%	-103.74%	-293.01%	-178.87%
Operating Return on Assets (OROA)	-1,093.45%	-7,269.66%	-3,240.07%	-258.37%	5.65%	181.98%	-50.16%	2.93%	0.00%	-33.33%	-32.46%
Return on Assets (ROA)	-1,829.92%	-7,815.18%	-3,450.66%	-266.06%	-8.05%	149.25%	-53.37%	6.77%	0.00%	-40.32%	-38.27%
Return on Common Equity (ROCE)	74.18%	2,249.32%	523.70%	1,874.24%	219.65%	2,059.68%	185.07%	550.32%	0.00%	262.18%	900.37%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.39	-4.26	-4.79	-40	-9.56	-5.77	-3.44	-42	-2.44	-3.52	-5.00
NOPAT Margin	-13,338.52%	-25,422.03%	-11,727.84%	-79,411.57%	-28,530.56%	-40,439.51%	-4,723.44%	-29,116.32%	0.00%	-1,951.68%	-2,838.14%
Net Nonoperating Expense Percent (NNEP)	163.42%	333.61%	337.38%	-130.07%	-41.93%	-127.47%	38.06%	-338.67%	10.95%	10.75%	-6.07%
Return On Investment Capital (ROIC_SIMPLE)	-82.78%	34.12%	58.15%	-849.02%	222.89%	-183.87%	-38.73%	-323.42%	-31.79%	-26.16%	-23.27%
Cost of Revenue to Revenue	703.76%	71.46%	75.24%	29.59%	76.44%	86.45%	6.29%	36.57%	0.00%	12.56%	22.04%
SG&A Expenses to Revenue	0.00%	34,858.53%	14,175.22%	3,924.58%	38,867.01%	35,825.78%	6,514.38%	3,120.62%	0.00%	2,656.23%	3,835.65%
R&D to Revenue	0.00%	561.85%	1,719.99%	703.91%	658.05%	1,511.53%	73.25%	0.00%	0.00%	82.36%	53.47%
Operating Expenses to Revenue	21,206.28%	36,345.72%	16,778.81%	113,515.51%	40,781.51%	40,453.06%	6,841.48%	3,280.69%	0.00%	2,875.56%	4,132.45%
Earnings before Interest and Taxes (EBIT)	-13	-6.09	-6.83	-32	0.28	5.24	-6.97	0.59	-4.53	-3.86	-3.42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	-5.85	-6.93	-32	0.68	5.39	-6.79	0.92	-4.11	-3.47	-3.40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.35	1.52
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	33.07	33.01	32.86	846.68	678.83	391.45	414.48	107.33	122.89	69.19	24.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	76.58	14.31	11.88	103.97	9.69	23.81	10.47	3.74	5.91	2.84	1.20
Enterprise Value to Revenue (EV/Rev)	34.79	37.11	36.95	902.13	756.79	496.13	528.80	168.48	200.77	86.83	50.51
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	42.25	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	1.06	29.33	50.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.88	0.06	0.04	-1.59	-0.75	-1.27	-1.81	-4.06	-1.79	1.68	1.67
Long-Term Debt to Equity	0.00	0.00	0.00	-0.01	0.00	-0.07	-0.04	0.00	0.00	0.92	1.21
Financial Leverage	0.06	0.02	0.02	0.66	-1.53	1.48	1.29	-2.10	-1.70	-3.22	-11.15
Leverage Ratio	1.16	1.34	1.22	5.24	-1.47	5.26	4.03	-6.07	-1.84	-7.49	-20.36
Compound Leverage Factor	1.95	1.44	1.30	5.60	0.92	4.31	4.28	-1.55	-2.00	-9.06	-24.00
Debt to Total Capital	213.19%	5.29%	3.55%	268.87%	-297.08%	472.23%	222.92%	132.69%	227.10%	62.71%	62.54%
Short-Term Debt to Total Capital	213.19%	5.29%	3.55%	267.90%	-296.21%	446.32%	217.99%	132.69%	227.10%	28.48%	17.16%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.96%	-0.87%	25.91%	4.93%	0.00%	0.00%	34.23%	45.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	152.93%	129.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-113.19%	-58.22%	-32.80%	-168.87%	397.16%	-372.23%	-122.92%	-32.69%	-127.10%	37.29%	37.46%
Debt to EBITDA	-3.21	-0.09	-0.05	-0.22	-0.29	-0.45	-0.61	16.35	-4.66	-0.67	-1.46
Net Debt to EBITDA	-2.31	-0.09	-0.04	-0.17	-0.25	-0.44	-0.60	15.33	-4.62	-0.54	-1.36
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.02	-0.01	0.00	0.00	-0.37	-1.06
Debt to NOPAT	-2.98	-0.12	-0.07	-0.22	-0.22	-0.25	-0.35	-0.85	-1.32	-0.67	-0.94
Net Debt to NOPAT	-2.15	-0.11	-0.07	-0.16	-0.19	-0.25	-0.34	-0.80	-1.31	-0.54	-0.88
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.01	-0.01	0.00	0.00	-0.36	-0.69
Altman Z-Score	-8.55	11.62	17.66	-7.02	-13.19	-13.74	-11.22	-10.34	-11.92	-10.43	-10.64
Noncontrolling Interest Sharing Ratio	109.01%	133.06%	118.80%	217.33%	-0.01%	337.93%	224.38%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.43	0.02	0.03	1.82	0.74	0.54	0.48	0.57	0.49	1.14	1.57
Quick Ratio	0.19	0.00	0.00	0.16	0.09	0.01	0.01	0.04	0.01	0.12	0.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	297	18	17	-16	-17	15	16	-53	1.09	-12	-17
Operating Cash Flow to CapEx	-28,484.37%	-36,228.64%	-123,650.10%	-1,094,015.61%	-45,166.08%	0.00%	0.00%	0.00%	-45,231.31%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	87.51	39.29	38.17	-7.39	-36.25	15.75	37.61	-118.97	2.88	-15.40	-27.76
Operating Cash Flow to Interest Expense	-1.62	-23.41	-9.68	-2.18	-12.66	-3.91	-7.77	-10.05	-9.78	-6.40	-9.72
Operating Cash Flow Less CapEx to Interest Expense	-1.63	-23.48	-9.69	-2.18	-12.69	-3.91	-7.77	-10.04	-9.80	-6.40	-9.72
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.20	0.19	0.00	0.01	0.01	0.01	0.01	0.01	0.02	0.02
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	2.06	0.00	0.00	2.29	1.98	2.26	2.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.01	0.01	0.01	0.01
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.48	0.00	0.00	1.45	1.47	3.21	4.57
Accounts Payable Turnover	0.25	0.11	0.11	0.18	0.07	0.02	0.01	0.04	0.03	0.02	0.04
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	177.01	0.00	0.00	159.51	184.53	161.71	155.46
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	32,505.25	0.00	0.00	33,508.57	44,628.55	39,556.19	30,224.19
Days Payable Outstanding (DPO)	1,453.84	3,421.35	3,408.52	2,048.89	5,190.20	19,724.08	31,129.71	9,919.77	13,937.26	15,854.91	10,228.93
Cash Conversion Cycle (CCC)	-1,453.84	-3,421.35	-3,408.52	-2,048.89	27,492.06	-19,724.08	-31,129.71	23,748.31	30,875.82	23,862.99	20,150.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4.12	24	28	1.48	11	2.90	8.66	12	7.54	12	21
Invested Capital Turnover	0.06	0.26	0.23	0.01	0.02	0.01	0.01	0.04	0.02	0.05	0.03
Increase / (Decrease) in Invested Capital	-305	-22	-22	-24	6.95	-21	-20	10	-3.53	8.96	12
Enterprise Value (EV)	316	337	337	154	107	69	91	45	45	34	25
Market Capitalization	300	300	300	145	96	55	71	29	27	27	12
Book Value per Share	($1.02)	($1.22)	($0.82)	($0.71)	($0.67)	($0.32)	($0.30)	($0.09)	($0.19)	$0.10	$0.16
Tangible Book Value per Share	($1.50)	($1.22)	($0.82)	($1.23)	($0.89)	($0.48)	($0.65)	($0.34)	($0.44)	($0.15)	($0.08)
Total Capital	10	24	28	4.74	-4.29	3.14	8.89	13	7.67	13	21
Total Debt	22	1.25	1.00	13	13	15	20	17	17	8.44	13
Total Long-Term Debt	0.00	0.00	0.00	0.05	0.04	0.81	0.44	0.00	0.00	4.61	9.75
Net Debt	16	1.22	1.00	9.49	11	15	20	16	17	6.85	13
Capital Expenditures (CapEx)	0.02	0.03	0.00	0.00	0.01	0.00	0.00	-0.00	0.01	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.64	-7.60	-7.16	27	5.76	2.01	2.79	4.17	1.04	4.28	8.77
Debt-free Net Working Capital (DFNWC)	3.37	-7.57	-7.16	30	7.44	2.24	3.03	5.25	1.17	5.87	9.66
Net Working Capital (NWC)	-18	-8.82	-8.16	17	-5.26	-12	-16	-12	-16	2.04	5.97
Net Nonoperating Expense (NNE)	13	2.28	2.49	-6.92	-9.16	-10	3.97	-44	2.48	1.15	-0.98
Net Nonoperating Obligations (NNO)	16	1.22	1.25	9.49	28	15	20	16	17	6.85	13
Total Depreciation and Amortization (D&A)	0.47	0.24	-0.10	0.45	0.40	0.15	0.17	0.33	0.42	0.39	0.02
Debt-free, Cash-free Net Working Capital to Revenue	-29.15%	-83.61%	-78.41%	15,545.28%	4,061.31%	1,440.64%	1,629.35%	1,571.62%	467.84%	1,101.92%	1,784.75%
Debt-free Net Working Capital to Revenue	37.09%	-83.25%	-78.39%	17,447.59%	5,250.39%	1,609.87%	1,766.92%	1,974.90%	528.13%	1,512.68%	1,965.23%
Net Working Capital to Revenue	-200.98%	-97.00%	-89.34%	10,026.76%	-3,708.41%	-8,443.84%	-9,546.99%	-4,543.21%	-7,320.24%	525.22%	1,214.96%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.32)	($0.74)	$0.60	($1.49)	$0.26	$0.12	($0.19)	$0.03	($0.12)	($0.09)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	16.15M	11.24M	10.65M	22.29M	25.26M	36.37M	38.81M	45.64M	42.81M	50.47M	51.99M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	($1.49)	$0.26	$0.12	($0.19)	$0.03	($0.12)	($0.09)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	16.15M	11.24M	11.22M	22.29M	25.26M	36.58M	38.81M	45.67M	42.81M	50.47M	51.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.24M	11.24M	11.22M	35.69M	36.44M	36.48M	50.18M	50.16M	0.00	50.41M	62.21M
Normalized Net Operating Profit after Tax (NOPAT)	-8.39	-4.26	-4.79	-40	-9.56	-4.04	-3.44	-3.26	-2.44	-3.52	-5.00
Normalized NOPAT Margin	-13,338.52%	-25,422.03%	-11,727.84%	-79,411.57%	-28,530.56%	-28,307.66%	-4,723.44%	-2,252.09%	0.00%	-1,951.68%	-2,838.14%
Pre Tax Income Margin	-34,842.97%	-39,040.91%	-17,833.60%	-68,234.91%	-524.36%	30,118.71%	-10,145.33%	104.86%	0.00%	-2,590.14%	-2,284.58%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.85	-13.33	-15.39	-14.56	0.61	5.54	-16.08	1.34	-11.93	-4.76	-5.60
NOPAT to Interest Expense	-2.47	-9.33	-10.78	-18.11	-20.98	-6.09	-7.95	-95.28	-6.42	-4.34	-8.19
EBIT Less CapEx to Interest Expense	-3.86	-13.40	-15.39	-14.56	0.59	5.54	-16.08	1.35	-11.95	-4.76	-5.60
NOPAT Less CapEx to Interest Expense	-2.48	-9.40	-10.78	-18.11	-21.01	-6.09	-7.95	-95.28	-6.44	-4.34	-8.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Veea’s recent financial statements show rapid revenue growth from a very low base, but the company remains deeply unprofitable and dependent on external financing. Quarterly revenue increased from $14,262 in Q1 2025 to $176,221 in Q2 2026, although Q2 revenue was slightly below Q1 2026’s $180,417. Despite higher sales, operating expenses continued to substantially exceed gross profit.

Gross margins have generally improved. Gross profit was $137,383 on Q2 2026 revenue, representing a gross margin of approximately 78%, compared with about 63% in Q3 2025 and 77% in Q2 2025. However, gross profit remains too small to cover operating costs. Selling, general and administrative expense rose to $6.8 million in Q2 2026, producing a $7.1 million operating loss.

Net losses have narrowed from the restated $7.4 million loss in Q2 2025 and $4.7 million loss in Q1 2026 to $4.0 million in Q2 2026. Still, the company has not demonstrated sustainable profitability. The Q3 2025 profit was largely supported by $5.3 million of other income rather than operating performance, while Q1 2025’s profit was also aided by more than $11 million of other income.

Cash flow remains a significant concern. Veea used $5.9 million in operating cash during Q2 2026, following operating cash outflows of $5.2 million in Q1 2026 and $3.7 million in Q4 2025. The $6.4 million of debt issued in Q2 2026 helped produce a $347,000 increase in cash, showing that recent liquidity has been supported primarily by financing rather than operations.

The balance sheet has improved from the negative-equity position reported through 2025, with total equity reaching $8.1 million at June 30, 2026. However, cash and equivalents fell to only $887,000 from $1.6 million in the prior quarter. Current assets were supported primarily by $9.6 million of inventory and $5.6 million of prepaid expenses, which may be less immediately liquid than cash or receivables. Total debt was approximately $13.4 million, including $3.7 million of short-term debt and $9.8 million of long-term debt.

Quarterly revenue expanded substantially from $14,262 in Q1 2025 to $176,221 in Q2 2026, indicating improving commercial activity from a very small base.
Gross margin improved to approximately 78% in Q2 2026, up from roughly 63% in Q3 2025, suggesting better product economics or revenue mix.
The quarterly net loss narrowed to $4.0 million in Q2 2026 from $7.4 million in the restated Q2 2025 period.
Shareholders’ equity turned positive at $8.1 million by June 30, 2026, compared with negative equity in the 2025 and earlier balance sheets.
The current ratio was approximately 1.6 at the end of Q2 2026, but inventory and prepaid expenses represented the majority of current assets, limiting the quality of near-term liquidity.
Revenue growth has been uneven, with quarterly sales declining modestly from $180,417 in Q1 2026 to $176,221 in Q2 2026.
Veea has generated operating losses in nearly all of the recent quarters, including a $7.1 million operating loss in Q2 2026.
Selling, general and administrative expense was $6.8 million in Q2 2026, approximately 49 times gross profit and the primary driver of the operating deficit.
Operating cash burn remains heavy at $5.9 million in Q2 2026, while cash on hand declined to $887,000 despite new financing.
The company remains reliant on debt and equity financing, with $6.4 million of debt issued in Q2 2026 and a notable increase in weighted-average shares outstanding over the period, creating potential dilution and leverage risks.

Overall, Veea’s improving revenue and gross margins are constructive, but investors should closely monitor whether sales can scale enough to absorb the company’s large operating cost base. Until operating cash flow improves, the company’s liquidity, debt obligations and reliance on additional financing remain major risks.

09/02/26 12:11 AM ETAI Generated. May Contain Errors.

Veea Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Veea's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Veea's net income appears to be on an upward trend, with a most recent value of -$6.66 million in 2025, falling from $6.59 million in 2021. The previous period was -$47.55 million in 2024.

Veea's total operating income in 2025 was -$18.84 million, based on the following breakdown:

Total Gross Profit: $152.04 thousand
Total Operating Expenses: $18.99 million

Over the last 4 years, Veea's total revenue changed from $0.00 in 2021 to $222.02 thousand in 2025, a change of 22,201,800.0%.

Veea's total liabilities were at $37.97 million at the end of 2025, a 0.4% decrease from 2024, and a 75.0% increase since 2021.

In the past 4 years, Veea's cash and equivalents has ranged from $86.40 thousand in 2022 to $6.01 million in 2023, and is currently $133.86 thousand as of their latest financial filing in 2025.

Over the last 4 years, Veea's book value per share changed from -0.53 in 2021 to -0.19 in 2025, a change of -63.4%.

Related Companies

Financial statements for NASDAQ:VEEAW last updated on 8/31/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Veea (VEEAW) Financials

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Veea (VEEAW) Financials

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Quarterly Metrics And Ratios for Veea

Financials Breakdown Chart

Key Financial Trends

Veea Financials - Frequently Asked Questions

When does Veea's financial year end?

How has Veea's net income changed over the last 4 years?

What is Veea's operating income?

How has Veea's revenue changed over the last 4 years?

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How has Veea's book value per share changed over the last 4 years?

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