Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 995

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 995
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     (21,857) 
    $(222,875) 
     1020%
  
    Interest expense 
     (1,808,243) 
     (5,318,817) 
    $3,510,574  
     -66%
  
    Total
    other income and expense 
     36,529,782  
     (5,278,750) 

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

57

Revenue,
net

The
Company generated revenue of $141,760 and $9,072,130 for the years ended December 31, 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 Warehouses.

Cost
of Goods Sold

Cost of goods sold decreased by $383,512, or 82%, in the year ended
December 31, 2024 compared to the year ended December 31, 2023. The decrease is immaterial as it is related to the costs incurred to generate
our revenue earned from paid pilots for our VeeaHub®  devices.

Product
Development Expense

Product
development expense increased by $679,903, or 98%, in the year ended December 31, 2024 compared to the year ended December 31, 2023.
The increase in product development expenses was due to increased internal development and additional costs incurred of outside contractors
related to software development and product manufacturing during the period.

Sales
and Marketing Expense

Sales
and marketing expense increased by $596,205, or 277%, in the year ended December 31, 2024 compared to the year ended December