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Insufficient data to determine institutional momentum.
Data as of Q1 2026
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How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $46.0M 100.0% | $41.0M 100.0% | $77.4M 100.0% | $78.7M 100.0% | $27.4M 100.0% | $19.0M 100.0% |
| Cost of Revenue | $53.4M 116.1% | $43.1M 105.1% | $103.7M 133.9% | $77.9M 98.9% | $22.5M 81.9% | $12.6M 66.4% |
| Gross Profit | -$7.4M -16.1% | -$2.1M -5.1% | -$26.3M -33.9% | $843K 1.1% | $5.0M 18.1% | $6.4M 33.6% |
| Research & Development | $10.7M 23.2% | $15.5M 37.8% | $42.0M 54.3% | $46.3M 58.8% | $27.0M 98.4% | $14.2M 74.8% |
| Selling, General & Admin | $30.1M 65.5% | $48.4M 118.0% | $41.7M 53.9% | $37.0M 47.0% | $23.4M 85.1% | $6.4M 33.6% |
| Total Operating Expenses | $47.5M 103.4% | $76.7M 187.1% | $107.0M 138.1% | $107.2M 136.1% | $62.7M 228.6% | $27.6M 145.3% |
| Operating Income | -$54.9M -119.5% | -$78.8M -192.2% | -$133.3M -172.1% | -$106.3M -135.1% | -$57.8M -210.5% | -$21.2M -111.8% |
| Interest Expense | $4.4M 9.5% | $16.0M 38.9% | $9.7M 12.6% | $372K 0.5% | $2.7M 10.0% | $639K 3.4% |
| Other Income (Expense), net | $526K 1.1% | -$3.6M -8.9% | $506K 0.7% | $1.5M 1.8% | -$88K -0.3% | $35K 0.2% |
| Pretax Income | -$71.2M -155.0% | -$69.8M -170.1% | -$135.1M -174.5% | $8.0M 10.1% | -$107.1M -390.3% | -$21.8M -114.9% |
| Income Tax Expense | $117K 0.3% | -$20K -0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | -$71.4M -155.2% | -$69.7M -170.1% | -$135.1M -174.5% | $8.0M 10.1% | -$107.1M -390.3% | -$21.8M -114.9% |
| Per Share | ||||||
| EPS (Basic) | $-4.33 | $-82.32 | $-23.97 | $0.04 | $-1.82 | $-0.56 |
| EPS (Diluted) | $-4.33 | $-82.32 | $-23.97 | $0.04 | $-1.82 | $-0.56 |
| Weighted Avg Shares (Basic) | 16.5M | 847K | 5.6M | 185.1M | 58.7M | 15.6M |
| Weighted Avg Shares (Diluted) | 16.5M | 847K | 5.6M | 202.2M | 58.7M | 15.6M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81 · book equity (no price)
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$30M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 6 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -103%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 6 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $39M covers all $22M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2023-06-30 (10-Q).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~14.1% on $31M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
No trend data available for this metric.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
No current price collected.
Where each multiple sits in its own 5-yr range
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Cost of Revenue | 66.4 | 81.9 | 98.9 | 133.9 | 105.1 | 116.1 |
| Gross Profit | 33.6 | 18.1 | 1.1 | -33.9 | -5.1 | -16.1 |
| R&D | 74.8 | 98.4 | 58.8 | 54.3 | 37.8 | 23.2 |
| SG&A | 33.6 | 85.1 | 47.0 | 53.9 | 118.0 | 65.5 |
| Operating Income | -111.8 | -210.5 | -135.1 | -172.1 | -192.2 | -119.5 |
| Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | 0.3 |
| Net Income | -114.9 | -390.3 | 10.1 | -174.5 | -170.1 | -155.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VELO: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.