Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 861

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 861
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 Company expects it will be able to fund its operations over the next twelve
months. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient
funding on terms acceptable to the Company, if at all.

Non-GAAP
Financial Measures

To
supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use Adjusted EBITDA, as
described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may differ from
similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of our financial performance
and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Adjusted
EBITDA

The
primary financial measure we use is Adjusted EBITDA. EBITDA is defined as net (loss) income, before interest, taxes, depreciation, and
amortization. We define Adjusted EBITDA as net (loss) income excluding income tax provision, interest expense, net of interest income
from related party loans, depreciation and amortization, stock-based compensation expense and non-core expenses/losses (gains), including
transaction-related costs, litigation-related costs, management fees, change in fair value of warrant liability, change in fair value
of Earn-out Share Liability and other expense, which includes asset impairments. Our management uses this measure internally to evaluate
the performance of our business and this measure is one of the primary metrics by which our internal budgets are based. We exclude the
above items as some are non-cash in nature, and others are non-recurring that they may not be representative of normal operating results.
This non-GAAP financial measure adjusts for the impact of items that we do not consider indicative of the operational performance of
our business. While we believe that this non-GAAP financial measure is useful in evaluating our business, this information should be
considered as supplemental in nature and is not meant as a substitute for the related financial information prepared and presented in
accordance with GAAP.

60

The
following table provides a reconciliation of net loss to adjusted EBITDA to net loss for the periods presented:

    For
    the Year Ended 

    December 31,
    2024  
    December 31,
    2023 
  
    ADJUSTED EBITDA: 

    Net
    (loss