Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002716
Chunk: 109

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 109
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 24,750,000 |   |     |   |             - |   |     |   |  24,750,000 |   |     |   |   100 | %  |
| Other expense                                              |     |                           |        (9,346 | ) |     |   |       (15,134 | ) |     |   |       5,788 |   |     |   |   (38 | )% |
| Interest expense                                           |     |                           |    (1,352,823 | ) |     |   |    (4,425,764 | ) |     |   |   3,072,941 |   |     |   |   (69 | )% |
| Total other income and expense                             |     |                           |    23,276,233 |   |     |   |    (4,198,437 | ) |     |   |  27,474,670 |   |     |   |  (654 | )% |
| Net income (loss)                                          |     | $                         |   (46,620,619 | ) |     | $ |    (9,409,208 | ) |     | $ | (37,211,411 | ) |     |   |   395 | %  |

Revenue, net

The Company generated net revenue
of $50,683 and $9,009,254 for the three months ended September 30, 2024 and 2023, respectively. The Company generated net revenue of
$108,264 and $9,040,359 for the nine months ended September 30, 2024 and 2023, respectively. Revenue has been principally earned from
paid pilots for our VeeaHub devices. The decrease was due to $9 million income recognized in connection with the license
of AdEdge™ in 2023.

Our focus over the past
several years has been on field testing and refining our product to meet customer needs as well as market developments. As a result of
these efforts, we expect revenue to grow over the next several quarters through the sales of our hardware, licenses and subscriptions.
We are especially focused in four principal market opportunities: 1) Digital Equity and Inclusion, 2) Energy and Sustainability solutions
for Smart Buildings and Climate Smart Agriculture, 3) Convergence of Fixed, Wireless, and 5G Networks, and 4) Smart Retail and Smart
Ware