Company: VEEAW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078177
Chunk: 60

Company: VEEA INC.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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, 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 business and this measure is
one of the primary metrics by which our internal budgets are based. We exclude the above items as some are non-cash in nature, and others
are non-recurring that they may not be representative of normal operating results. This non-GAAP financial measure adjusts for the impact
of items 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.

32

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

    For the three Months  Ended 

    June 30, 2025  
    June 30, 2024 
  
    ADJUSTED EBITDA: 

    Net loss 
    $(7,410,858) 
    $(7,278,070)
  
    Adjustments: 

    Interest expense 
     433,098  
     444,174 
  
    Depreciation and amortization 
     144,607  
     68,465 
  
    EBITDA 
     (6,833,153