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Veea cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$5.9M in Q2 2026 · −$19.3M over twelve months

Operating cash flow−$5.9M
Free cash flow−$5.9M
Cash conversion cycle16396 days

Analysis

In Q2 2026, Veea generated −$5.9M of operating cash flow. That is $2.6M less than in Q2 2025 (−$3.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$19.3M; the largest uses were operating cash flow ($19.3M), other investing ($454K); besides operations, cash came from other financing ($20.0M), net borrowing (+) / repaid (−) ($1.4M); the cash balance rose by $1.7M.

Operating cash flow was −$5.9M against net income of −$4.0M. The largest differences: payables −$792K, stock-based pay +$773K, depreciation & amortization +$208K.

Its cash conversion cycle was 16396 days (receivables 163 + inventory 22486 − payables 6252).

Free cash flow

Veea: free cash flow by quarterVeea: free cash flow by quarter−$4.8MQ3 2024−$5.8MQ4 2024−$3.7MQ1 2025−$3.4MQ2 2025−$4.4MQ3 2025−$3.7MQ4 2025−$5.2MQ1 2026−$5.9MQ2 2026
Operating cash flow less capital spending.
Veea: operating cash flow against capital spendingVeea: operating cash flow against capital spendingOperating cash flowCapital spending−$4.8M$442Q3 2024−$5.8M$13KQ4 2024−$3.7M$0Q1 2025−$3.4M$0Q2 2025−$4.4M$0Q3 2025−$3.7M$0Q4 2025−$5.2M$0Q1 2026−$5.9M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$5.9M, Capital spending $0.

Capital allocation, year by year

Veea: where the cash came from (up) and went (down), by fiscal yearVeea: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow −$2.1MFY2021: Shares issued $313M$313MFY2021FY2022: Operating cash flow −$1.0MFY2022FY2023: Operating cash flow −$12.7MFY2023: Net borrowing $5.0MFY2023: Shares issued $17.3MFY2023: Capital spending −$35KFY2023: Buybacks −$294M$22.3MFY2023FY2024: Operating cash flow −$25.6MFY2024: Net borrowing $5.2MFY2024: Shares issued $10.0MFY2024: Capital spending −$46K$15.2MFY2024FY2025: Operating cash flow −$15.2MFY2025: Net borrowing $2.8MFY2025: Shares issued $5.3MFY2025: Capital spending −$8K$8.0MFY2025
Over these 5 years operating cash flow totalled −$56.6M; the largest uses were buybacks ($294M) and operating cash flow ($56.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$887K
Debt$10.6M
Net debt$9.7M
Cash runway1 month

Veea is burning cash: its operations consume cash, a free cash flow of −$19.3M a year at the current rate against $887K of cash and investments: a runway of about 1 month before any new financing.

Where the cash came from and went

Veea: sources (+) and uses (−) of cash, Q2 2026Veea: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$6.3MOperating cash flow−$5.9MCash drawn (+) / kept (−)−$347KOther investing−$96KOther financing$68KExchange rates$2K
Veea: sources (+) and uses (−) of cash, TTM to Q2 2026Veea: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$20.0MOperating cash flow−$19.3MCash drawn (+) / kept (−)−$1.7MNet borrowing (+) / repaid (−)$1.4MOther investing−$454KExchange rates−$28K

From profit to cash

Veea: net income to operating cash flow, Q2 2026Veea: net income to operating cash flow, Q2 2026Net income−$4.0MDepreciation & amortization$208KStock-based pay$773KReceivables−$109KInventory$84KPayables−$792KPrepaid and other assets$91KOperating cash flow−$5.9M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202616322486625216396
Q1 2026100382861413124255
Q3 2025621646666859844
Q2 2025811705077997290616
Q1 2025526556081899237142
Q4 202423327734526322703

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$5.9M—$6.3M—−$347K−$5.9M
Q1 2026−$5.2M—$6.0M—−$1.5M−$5.2M
Q4 2025−$3.7M——$460K$937K−$3.7M
Q3 2025−$4.4M—$463K$8−$833K−$4.4M
Q2 2025−$3.4M———$9K−$3.4M
Q1 2025−$3.7M—$2.8M$604K$1.4M−$3.7M
Q4 2024−$5.8M−$13K——$1.1M−$5.8M
Q3 2024−$4.8M−$442—$54K−$1.9M−$4.8M

Veea: income statement and cash flow

Veea, Q2 2026: revenue $176K (+142% year over year). The chart follows the revenue to costs, profit and cash.

Veea: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.