Company: VEEAW
Filing Date: 2025-01-15
Form Type: 424B3
Source: 0001213900-25-003892
Chunk: 105

Company: VEEA INC.
Filing Date: 2025-01-15
Form: 424B3
Chunk 105
---
,040,359 for the nine months ended September 30, 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 approximately $9,310, or 38%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Cost of goods sold increased by $10,524, or 22%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The increase is immaterial as it is related to the costs incurred to generate our revenue earned from paid pilots for our VeeaHubdevices.

<div align='center'>58</div>

Product Development Expense

Product development expense
increased by $170,997, or 92%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Product
development expense increased by $476,327, or 70%, in the nine months ended September 30, 2024 compared to the nine months ended September
30, 2023. The increase in product development expenses was due to increased internal development and additional costs incurred by outside
contractors related to products manufactured during the period.

Sales and Marketing Expense

Sales and marketing expense
decreased by $57,006, or 41%, in the three months ended September 30, 2024 compared to the three months ended September 30, 2023. Sales
and marketing expense increased by $160,211, or 54%, in the nine months ended September 30, 2024 compared to the nine months ended September
30