Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 244

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 244
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 be recognized: (1) identify the contract with a customer; (2) identify
the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance
obligations in the contract; and (5) recognize revenue when a corresponding performance obligation is satisfied. Most contracts with
customers are to provide distinct products or services within a single contract. However, if a contract is separated into more than one
performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative
standalone selling price.

The Company earns revenue from the
sale of its VeeaHub® devices, licenses and subscriptions. The Company generated revenue of $50,683 and $9,009,254 for the three months
ended September 30, 2024 and 2023, respectively. The Company generated revenue of $108,264 and $9,040,359 for the nine months ended September
30, 2024 and 2023, respectively. Other than $9 million of revenue generated from the license of AdEdge™ in 2023, revenue has been
immaterial for all periods presented and represented revenue earned from paid pilots for our VeeaHub® devices.

For licenses of technology, recognition
of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance obligations
under the contract. Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the
Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between one and
twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance
for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the term of the
applicable subscription period.

<div align='center'>F-46

Veea Inc. and Subsidiaries

Notes to the Condensed Consolidated Financial Statements

For the Three and Nine Months Ended September 30, 2024 and 2023</div>

Revenue from hardware sales is recognized
at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been obtained and risk
of loss has been transferred. Certain of the Company’s product performance obligations include proprietary operating system software,
which typically is not considered separately identifiable. Therefore, sales of these products and the related software are considered