Company: VEEAW
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032215
Chunk: 297

Company: VEEA INC.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 297
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 and development
                                            (“IPR&D”)

Results
of Operations

The
following tables set forth the results of our operations for the periods presented, as well as the changes between periods. The period-to-period
comparison of financial results is not necessarily indicative of future results.

56

For
the year ended December 31, 2024 compared to year ended December 31, 2023:

    December 31,
    2024  
    December 31,
    2023  
    Variance
    $  
    Variance
    % 

    Sales, net 
    $141,760  
    $9,072,130  
    $(8,930,370) 
     -98%
  
    Cost
    of Goods Sold 
     83,290  
     466,802  
    $(383,512) 
     -82%
  
    Gross
    profit (loss) 
     58,470  
     8,605,328  

    Operating Expenses: 

    Product development 
     1,373,351  
     693,448  
    $679,903  
     98%
  
    Sales and marketing 
     811,537  
     215,332  
    $596,205  
     277%
  
    General and administrative 
     26,638,816  
     17,238,184  
    $9,400,632  
     55%
  
    Transaction costs including those incurred with contingent Earn-out Share
Liability 
     55,038,544  
     0  
    $55,038,544  
     100%
  
    Depreciation
    and amortization 
     273,772  
     818,203  
    $(544,431) 
     -67%
  
    Total
    operating expenses 
     84,136,020  
     18,965,167  

    Loss from operations 
     (84,077,550) 
     (10,359,839) 

    Other Income and (Expense): 

    Interest income 
     -  
     1,942  
    $(1,942) 
     -100%
  
    Other income, net 
     21,390  
     59,982