Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 134

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 134
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 was related party debt outstanding under the NLabs 2025
Notes.

Although we have incurred
recurring losses each year since our inception, we believe investments, cash proceeds generated from the Offering, the expected cash
tax refund of approximately $1.0 million in respect of the Company’s UK subsidiary’s 2023 and 2024 research and development
activities and potential additional investments in the form of debt or equity to fund operating deficits from existing investors, including
related parties, which may include the Company’s CEO and his affiliates, ability to access capital markets and continued cost reduction
measures will satisfy, through at least the next 12 months, our liquidity requirements, both in total and domestically, including the
following: working capital needs (including inventory and other supply related payments), capital expenditures, investment requirements,
contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations.
Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient
funding on terms acceptable to the Company, if at all.to pursue these plans, there is no assurance that the Company will be successful
in obtaining sufficient funding on terms acceptable to the Company, if at all.

Non-GAAP Financial Measures

To supplement our consolidated
financial statements, 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. 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, change in fair value of warrant liability, change in fair
value of Earn-out Share Liability 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