Company: VEEAW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-111013
Chunk: 141

Company: VEEA INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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.0 million was outstanding under the working capital facility, and $1.8 million was outstanding under a notes payable with an
inventory vendor.

Although the Company has
had recurring losses each year since inception, the Company plans to fund its operations and capital funding needs for the next 12 months
with revenue generated from operations and through a combination of private and public equity offerings including, without limitation,
anticipated revenue generated under the Supply Agreement entered into with Telcel, the proceeds of the August 2025 Public Offering completed
on August 14, 2025, receipt of the cash tax refund of approximately $1.2 million in respect of the Company’s UK subsidiary’s
2023 and 2024 research and development activities, and potential additional investments in the form of debt or equity to fund operating
deficits from existing and/or new investors, including related parties, which may include the Company’s CEO and his affiliates.

Based in part on the above-referenced opportunities and initiatives,
the Company has a reasonable basis to believe it has alleviated substantial doubt regarding its ability to continue as a going concern.
Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient
funding on terms acceptable to the Company, if at all.

Non-GAAP Financial Measures

To supplement our consolidated
financial statements, which are prepared and presented in accordance with GAAP, we use Adjusted EBITDA, as described below, to understand
and evaluate our core operating performance. These non-GAAP financial measures, which may differ from similarly titled measures used by
other companies, is presented to enhance investors’ overall understanding of our financial performance and should not be considered
a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Adjusted EBITDA

The primary financial measure
we use is Adjusted EBITDA. EBITDA is defined as net (loss) income, before interest, taxes, depreciation, and amortization. We define Adjusted
EBITDA as net (loss) income excluding income tax provision, interest expense, 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