Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 242

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 242
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 of $ and $ for the three months
ended September 30, 2024 and 2023, respectively. The Company generated revenue of $ and $ for the nine months ended September
30, 2024 and 2023, respectively. Other than $ 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
one performance obligation.

Revenue from all sale types is recognized
at the transaction price, the amount management expects to be entitled to in exchange for transferring goods or providing services. Transaction
price is calculated as selling price net of variable consideration which may include estimates for future returns, price protection, warranties,
and other customer incentive programs based upon the Company’s expectation and historical experience.

The Company contracts with customers
under non-cancellable arrangements. While customers, including resellers, may cancel master purchase agreements under certain circumstances,
customers may not cancel or modify purchase orders placed under the terms of such master purchase agreements. Each purchase order is therefore
a contract with the customer, i.e., the purchase of a quantity of any given, single product; further, purchase orders do not commit the
customer to purchase any further volumes over time