Company: VEEAW
Filing Date: 2025-07-07
Form Type: DRS
Source: 0001213900-25-061586
Chunk: 128

Company: VEEA INC.
Filing Date: 2025-07-07
Form: DRS
Chunk 128
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     |   |          - |   |     | $ |    420,497 |   |     |   |  100 | % |
| Change in fair value of Earn-Out Share Liability          |     |                            | 10,530,000 |   |     |   |          - |   |     | $ | 10,530,000 |   |     |   |  100 | % |
| Other expense                                             |     |                            |      2,750 |   |     |   |     (2,836 | ) |     | $ |      5,586 |   |     |   | -197 | % |
| Interest expense                                          |     |                            |   (946,484 | ) |     |   |   (456,768 | ) |     | $ |   (489,716 | ) |     |   |  107 | % |
| Total other income (expense)                              |     |                            | 10,066,535 |   |     |   |   (457,020 | ) |     |   |            |   |     |   |      |   |
| Net income (loss)                                         |     | $                          |  4,299,052 |   |     | $ | (6,547,412 | ) |     |   |            |   |     |   |      |   |

Revenue, net

The Company generated revenue
of $14,262 and $16,770 for the three months ended March 31, 2025 and 2024, respectively. Revenue has been principally earned from paid
pilots for our VeeaHub devices. 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 increased
by $346, or 3%, in the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease