VELO (VELO) financial statements
VELO reported revenue of $46M in fiscal 2025, up 19.4% a year over 5 years.
Net income was -$71M and the operating margin -119.5%, against -111.8% in 2020.
Free cash flow was -$30M.
The diluted share count rose 1482% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from VELO's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $19M | $27M | $79M | $77M | $41M | $46M |
| Cost of revenue | $13M | $22M | $78M | $104M | $43M | $53M |
| Gross profit | $6M | $5M | $843,000 | -$26M | -$2M | -$7M |
| Research and development | $14M | $27M | $46M | $42M | $15M | $11M |
| Selling, general and admin | $13M | $36M | $61M | $65M | $61M | $37M |
| Operating income | -$21M | -$58M | -$106M | -$133M | -$79M | -$55M |
| Interest expense | $639,000 | $3M | $372,000 | $10M | $16M | $4M |
| Pre-tax income | -$22M | -$107M | $8M | -$135M | -$70M | -$71M |
| Income tax | $0 | $0 | $0 | $0 | -$20,000 | $117,000 |
| Net income | -$22M | -$107M | $8M | -$135M | -$70M | -$71M |
| EPS (diluted) | -$8.40 | -$27.30 | $0.60 | -$359.55 | -$82.32 | -$4.33 |
| Diluted shares | 1M | 4M | 13M | 0M | 1M | 16M |
| Gross margin | 33.6% | 18.1% | 1.1% | -33.9% | -5.1% | -16.1% |
| Operating margin | -111.8% | -210.5% | -135.1% | -172.1% | -192.2% | -119.5% |
| Net margin | -114.9% | -390.3% | 10.1% | -174.5% | -170.1% | -155.2% |
Balance sheet
Fiscal years, from VELO's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Cash and short-term investments | $16M | $223M | $80M | $31M | $1M | $39M |
| Receivables | $1M | $13M | $9M | $10M | $4M | $6M |
| Inventory | $7M | $22M | $71M | $61M | $50M | $27M |
| Total current assets | $28M | $268M | $172M | $113M | $58M | $80M |
| Property, plant and equipment | $1M | $10M | $20M | $16M | $14M | $13M |
| Total assets | $33M | $303M | $223M | $154M | $89M | $105M |
| Total current liabilities | $12M | $47M | $46M | $49M | $38M | $34M |
| Total liabilities | $17M | $192M | $84M | $85M | $50M | $67M |
| Shareholders' equity | -$108M | $110M | $139M | $68M | $40M | $38M |
| Net debt | -$16M | -$208M | -$32M | -$24M | $4M | -$39M |
Cash flow
Fiscal years, from VELO's 10-K filings with the SEC.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$26M | -$56M | -$124M | -$106M | -$33M | -$27M |
| Capital spending | $401,000 | $10M | $14M | $1M | $9,000 | $3M |
| Free cash flow | -$27M | -$66M | -$138M | -$107M | -$33M | -$30M |
| Stock-based compensation | $1M | $4M | $20M | $25M | $12M | $10M |
| Net borrowing | — | $19M | $0 | — | — | — |
| Free cash flow margin | -141.5% | -240.6% | -175.1% | -137.8% | -79.7% | -65.3% |
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Open VELO in InvestinglyQuestions
What was VELO's revenue in 2025?
$46M in fiscal 2025, from its 10-K filing.
How much free cash flow does VELO generate?
-$30M in fiscal 2025 (operating cash flow minus capital spending).
From VELO's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.