Veea Posts $1.16 Per-Share Loss as Quarterly Sales Fall 50%
Key Facts
Veea posted a basic and diluted loss of $1.16 per share for the three months ended September 30, 2026, compared with earnings of $0.60 per share in the same period of 2025, according to its quarterly report filed with the U.S. Securities and Exchange Commission. The company reported a net loss of $3,659,587, after posting net income of $1,375,294 a year earlier. The shift to a loss came as net sales fell to $72,135 from $144,926, a 50% year-over-year decline. The results highlight simultaneous pressure on revenue and profitability during the quarter. The report also showed a gap between available liquidity and debt due, as the company’s stated plan relies on operating revenue and financing arrangements.
Gross profit fell to $60,135 in the third quarter of 2026 from $91,920 in the same period a year earlier, according to the report. Operating expenses were $4,076,761, while the loss from operations reached $4,016,626. These figures put the widening operating loss in the context of quarterly sales that halved year over year. For the nine months ended September 30, sales moved in the opposite direction, rising to $428,773 from $232,094 a year earlier. But the basic loss per share for the same period widened to $4.47, compared with $0.86 in the first nine months of 2025.
Veea reported cash and restricted cash of about $1.6 million as of September 30, 2026, against $17.1 million in debt due. Total principal owed to a third party, including convertible notes, was $13,650,471 on the same date, while its net carrying value was $13,055,403 after discounting the debt. These obligations came alongside the company’s use of $15,097,852 in cash for operating activities during the first nine months of 2026. Cash used for that purpose was $11,514,722 in the same period of 2025. Operating cash use therefore increased year over year, while reported liquidity remained below debt due.
On financing, the company disclosed two unsecured loans from NLabs on November 9, 2026, for $400,000 and $200,000, at an annual interest rate of 10%. The loans are due on demand or by December 31, 2026, according to the report. The financing is linked to the founder and chief executive, while the report said the founder would continue to support the company if it did not obtain other financing. The credit line agreement with White Lion allows the company to request purchases of newly issued shares for up to $25 million in total, with sales subject to specified terms and limits. During the first nine months of 2026, Veea received $100,000 from drawdowns under the line and issued 129,424 shares; in the third quarter, proceeds were $32,336 in exchange for issuing 115,174 shares.
The financing record also includes a secured loan facility of up to $10.6 million, entered into on February 17, 2026, with about $5 million funded at closing, according to the disclosure. The Pasadena loan calls for monthly principal installments of $58,000 beginning on March 17, 2027, with the remaining amount and interest due at maturity. The company said it plans to fund its operating and capital needs over the next twelve months from revenue generated by operations, including expected revenue under the supply agreement with Telcel, and proceeds from existing financing arrangements. The report added that the founder would continue to support the company if other financing was unavailable. This puts execution of the stated financing plan over the next twelve months at the center of monitoring the company’s financial position.