Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 127

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 127
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 for the periods presented, as well as the changes between periods. The period-to-period comparison
of financial results is not necessarily indicative of future results.

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F or the three months ended March 31, 2025 compared to three months ended March 31, 2024

The following table sets
forth Veea’s unaudited statements of operations data for the three months ended March 31, 2025 and 2024, respectively. Veea has
prepared the three month data on a consistent basis with the audited consolidated financial statements as of and for the years ended
December 31, 2024 and 2023, included in the Form 10-K filed with the SEC on April 15, 2025. In the opinion of Veea’s management,
the unaudited three month financial information reflects all necessary adjustments, consisting only of normal recurring adjustments,
necessary for a fair presentation of this data.

|                                                           |     | For the Three Months Ended |  March 31, 
       2025 |   |     |   |  March 31, 
       2024 |   |     |   |     Change |   |     | % |      |   |
|:----------------------------------------------------------|:----|:---------------------------|-----------:|:--|:----|:--|-----------:|:--|:----|:--|-----------:|:--|:----|:--|-----:|:--|
| Revenues, net                                             |     | $                          |     14,262 |   |     | $ |     16,770 |   |     | $ |     (2,508 | ) |     |   |  -15 | % |
| Cost of Goods Sold                                        |     |                            |     12,330 |   |     |   |     11,984 |   |     | $ |        346 |   |     |   |    3 | % |
| Gross profit                                              |     |                            |      1,932 |   |     |   |      4,786 |   |     |   |            |   |     |   |      |   |
| Operating Expenses:                                       |     |                            |            |   |     |   |            |   |     |   |            |   |     |   |      |   |
| Product development                                       |     |                            |    215,575