Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 303

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 303
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 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.

60

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

    For
    the Year Ended 

    December 31,
    2024  
    December 31,
    2023 
  
    ADJUSTED EBITDA: 

    Net
    (loss) Income 
    $(47,547,768) 
    $(15,638,589)
  
    Adjustments: 

    UK
    R&D tax credit 
     (1,251,243) 
     - 
  
    Interest
    expense 
     1,808,243  
     5,318,817 
  
    Depreciation
    and amortization 
     273,772  
     818,203 
  
    EBITDA 
     (46,716,996) 
     (9,501,569)
  
    Other
    income, net 
     (21,390) 
     (59,982)
  
    Other
    expense 
     244,732  
     21,857 
  
    Loss
    on initial issuance of September 2024 Notes 
     1,770,933  
     - 
  
    Change
    in fair value of conversion note option liability 
     (840,933) 
     - 
  
    Change
    in fair value of warrant liabilities 
     (200,124) 
     - 
  
    Change
    in fair value of Earn-out Shares Liability 
     (38,040,000) 
     - 
  
    Transaction
    costs incurred with contingent Earn-out Share Liability 
     55,038,544  
     - 
  
    Share-based
    compensation expense 
     6,699,040  
     76,431 
  
    ADJUSTED
    EBITDA 
    $(22,066,194) 
    $(9,463,263)

Critical Accounting Policies and Estimates

Our management's discussion and analysis
of financial condition and results of operations is