Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 135

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 135
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 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.

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The following table provides
a reconciliation of net loss to adjusted EBITDA to net loss for three months ended March 31, 2025 and 2024:

|                                                          |     | For the Three Months 
 Ended                
 March 31,            
 2025                 |             |   |     | March 31, 
 2024      |            |   |
|:---------------------------------------------------------|:----|:---------------------|------------:|:--|:----|:----------|-----------:|:--|
| ADJUSTED EBITDA:                                         |     |                      |             |   |     |           |            |   |
| Net income (loss)                                        |     | $                    |   4,299,052 |   |     | $         | (6,547,412 | ) |
| Adjustments:                                             |     |                      |             |   |     |           |            |   |
| Interest expense                                         |     |                      |     946,484 |   |     |           |    456,768 |   |
| Depreciation and amortization                            |     |                      |      60,116 |   |     |           |     68,916 |   |
| EBITDA                                                   |     |                      |   5,305,651 |   |     |           | (6,021,728 | ) |
| Change in fair value of conversion note option liability |     |                      |     (59,000 | ) |     |           |          - |   |
| Change in fair value of warrant liabilities              |     |                      |    (420,497 | ) |     |           |          - |   |
| Change in fair value of Earn Out Shares Liability        |     |                      | (10,530,000 | ) |     |           |          - |   |
| Share-based compensation                                 |     |                      |      50,000 |   |     |           |     62