Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 181

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 181
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 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, changes in fair value of liabilities, change in fair value of earn-out share liabilities 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.

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

    For the three Months Ended 

    September 30, 2025  
    September 30, 2024 
  
    ADJUSTED EBITDA: 

    Net income (loss) 
    $1,375,294  
    $(33,323,555)
  
    Adjustments: 

    UK R&D tax credit 
     (1,223,328) 
     (1,251,243)
  
    Interest expense 
     442,867  
     451,881 
  
    Depreciation and amortization 
     216,434  
     67,730 
  
    EBITDA 
     811,266  
     (34,055,187)
  
    Other income, net 
     (879) 
     (8,739)
  
    Other expense 
     19,155  
     36 
  
    Loss of initial issuance of convertible note 
     -  
     1,770,933 
  
    Change in fair value of conversion note option liability 
     (270) 
     (607,067)
  
    Change in fair value of warrant liabilities 
     (555,498) 
     220,373 
  
    Change in fair value of Earn Out Shares Liability