Company: VEEAW
Filing Date: 2025-08-14
Form Type: 424B4
Source: 0001213900-25-076086
Chunk: 125

Company: VEEA INC.
Filing Date: 2025-08-14
Form: 424B4
Chunk 125
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) Convergence
of Fixed, Wireless, and 5G Networks, and 4) Smart Retail and Smart Warehouses.

Cost of Goods Sold

Cost of goods sold increased
by $346, or 3%, in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease is immaterial
as it is related to the costs incurred to generate our revenue earned from paid pilots for our VeeaHub devices.

Product Development Expense

Product development expense
increased by $121,352, or 129%, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase
in product development expenses was due to increased internal development and additional costs incurred by outside contractors related
to products manufactured during the period.

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Sales and Marketing Expense

Sales and marketing expense
increased by $262,987, or 305%, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase
is primarily due to increased program spend to support a greater investment in our go-to-market strategies and drive revenue growth.

General and Administrative Expense

General and administrative
expense decreased by $736,302, or 13%, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The
decrease for the quarter is primarily related to the Company’s cost reduction measures.

Transaction costs

Transaction costs increased
$35,000 in the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due to costs related to the Crowdkeep
acquisition and the ELOC Commitment Shares.

Depreciation and Amortization

Depreciation and amortization
decreased by $8,800, or 13%, in the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The decrease
was due to certain assets reaching the end of their useful lives.

Other income, net

Other income, net relates
to immaterial non-operating transactions incurred during the period. These amounts were immaterial for the three months ended March 31,
2025 and 2024.

Change in fair value of derivative liabilities

Change in fair value of derivative
liabilities