Company: VEEAW
Filing Date: 2025-01-10
Form Type: S-1/A
Source: 0001213900-25-002701
Chunk: 108

Company: VEEA INC.
Filing Date: 2025-01-10
Form: S-1/A
Chunk 108
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 loan forgiveness |     |                         |           - |   |     |   |   1,238,145 |   |     |        |  1,238,145 |   |     |     |     NM |    |
| Other expense                                |     |                         |     (21,857 | ) |     |   |     (50,041 | ) |     |        |     28,184 |   |     |     |    (56 | )% |
| Interest Expense                             |     |                         |  (5,318,817 | ) |     |   |  (8,575,756 | ) |     |        |  3,256,939 |   |     |     |    (38 | )% |
| Total other income and expense               |     |                         |  (3,993,904 | ) |     |   |  (9,572,337 | ) |     |        |  5,578,433 |   |     |     |    (58 | )% |
| Net loss                                     |     | $                       | (15,638,589 | ) |     | $ | (35,200,039 | ) |     | $      | 19,561,450 |   |     |     |    (56 | )% |

Revenue, net

The Company generated revenue of $9.1 million
and $0.2 million for the years ended December 31, 2023 and 2022, respectively. Other than $9 million of revenue generated
from the license of AdEdge™ in 2023, revenue has been immaterial for all periods presented and represented revenue earned from paid
pilots for our VeeaHub devices.

Our focus over the past several years has been
testing and refining our product to meet customer needs as well as market research. As a result of these efforts, we expect revenue to
grow over the next several years through the sales of our hardware, licenses and subscriptions. We will be 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 increased by $0.2 million,
or 64%, in the year ended December 31, 202