Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 306

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 306
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9,310) 
    $(17,886) 
     192%
  
    Interest expense 
     (1,379,581) 
     (900,942) 
    $(478,639) 
     53%
  
    Total other income (expense) 
     7,559,310  
     (897,593) 

    Net income (loss) 
    $(3,111,806) 
    $(13,297,064) 

Revenue, net

The Company generated revenue
of $72,927 and $40,811 for the three months ended June 30, 2025 and 2024, and revenue of $87,168 and $57,581 for the six months ended
June 30, 2025 and 2024, respectively. Revenue has been principally earned from paid pilots for our VeeaHub® devices. 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 $26,119, or 85%, in the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Cost of goods sold decreased
by $37,540, or 88%, in the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The decrease is primarily related
to earning more service based revenue in the quarter as opposed to paid pilots for our VeeaHub® devices.

30

Product Development Expense

Product development expense
decreased by $648,529, or 92%, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and decreased
by $625,101, or 79%, in the six months ended June 30, 2025 compared to the six months ended June 30, 2024