What changed in VEEA INC.'s 10-K — 2024 vs 2025
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Paragraph-level year-over-year comparison of VEEA INC.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.
+441 added−386 removedSource: 10-K (2026-04-15) vs 10-K (2025-04-15)
Top changes in VEEA INC.'s 2025 10-K
441 paragraphs added · 386 removed · 186 edited across 8 sections
- Item 1A. Risk Factors+156 / −177 · 92 edited
- Item 1. Business+142 / −102 · 30 edited
- Item 7. Management's Discussion & Analysis+125 / −91 · 49 edited
- Item 5. Market for Registrant's Common Equity+10 / −9 · 8 edited
- Item 1C. Cybersecurity+4 / −4 · 4 edited
Item 1. Business
Business — how the company describes what it does
30 edited+112 added−72 removed16 unchanged
Item 1. Business
Business — how the company describes what it does
30 edited+112 added−72 removed16 unchanged
2024 filing
2025 filing
Biggest changeIssue Date Expiration Date DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,804 9/955,404 24-Apr-2018 14-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193802.2 60 2016 012 782.2 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,872 10,069,739 04-Sep-2018 08-Nov-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193806.3 60 2016 020 735.4 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,928 10,085,195 25-Sep-2018 11-Nov-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS EP 16193810.5 EP3157208B 29-May-2024 13-Oct-1936 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/294,022 10,368,286 30-Jul-2019 10-Feb-2037 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193812.1 60 2016 004 769.1 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193812.1 3157305 15-Aug-2018 13-Oct-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT DE 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT ES 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT FR 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT IT 16197551.1 502020000114245 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT GB 16197551.1 3169096 16-Sep-2020 07-Nov-2036 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS US 15/459,908 10,917,928 09-Feb-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS DE 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS ES 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS FR 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS IT 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS GB 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS US 17/135,190 12207326 21-Jan-2025 28-Dec-2040 12 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER US 15/616,281 11,050,671 29-Jun-2021 07-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER DE 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER FR 17174554 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER ES 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER IT 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER GB 17174554.0 3264697 06-Apr-2022 06-Jun-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT US 15/459,874 10,230,637 12-Mar-2019 28-Apr-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT DE 17161091.8 60 2017 019 214.7 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT FR 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT IT 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT ES 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT GB 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY EP 17205102.1 11889580 30-Jan-2024 04-Dec-2037 WIRELESS COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY US 17/380,973 11889580 30-Jan-2024 17-Feb-2037 EDGE COMPUTING SYSTEM US 15/838,672 11,277,488 15-Mar-2022 02-Mar-2038 EDGE COMPUTING SYSTEM DE 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM ES 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM FR 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM GB 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM IT 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM US 15/838,644 11,095,713 17-Aug-2021 12-Nov-2038 EDGE COMPUTING SYSTEM US 17/365,259 11394771 19-Jul-2022 12-Dec-2037 EDGE COMPUTING SYSTEM US 17/867,194 11,606,419 14-Mar-2023 01-Jul-2041 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK US 15/830,427 10491562 26-Nov-2019 05-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 17205104.7 602017015130.0 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 17205104.7 3334126 22-Apr-2020 04-Dec-2037 13 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK US 15/850,332 12,057,229 06-Aug-2024 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 17209308.0 60 2017 011 602.5 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK EP 21169930.1 3890280 31-Jul-2024 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 19181830.1 3579587 02-Jun-2021 21-Dec-2037 EDGE COMPUTING CONTAINER SYSTEM US 16/223,772 10,944,851 09-Mar-2021 01-Jan-2039 EDGE COMPUTING CONTAINER SYSTEM US 16/223,384 11,159,647 26-Oct-2021 04-Feb-2041 EDGE COMPUTING CONTAINER SYSTEM US 17/167,636 11,159,647 26-Oct-2021 18-Dec-2038 Edge Communication Device US 29/713,470 D958778 26-Jul-2022 26-Jul-2037 Edge Communication Device EM 006478186-0001 006478186-0001 17-May-2019 17-May-2044 Edge Communication Device EM 006478186-0002 006478186-0002 17-May-2019 17-May-2044 Edge Communication Device GB 90064781860001 90064781860001 17-May-2019 17-May-2044 Edge Communication Device GB 90064781860002 90064781860002 17-May-2019 17-May-2044 Integrated antenna-heatsink for wireless device applications US 17/110,744 11,563,262 B2 24-Jan-2023 09-Dec-2040 Integrated antenna-heatsink for wireless device applications US 18/086,069 11,949,147 B2 02-Apr-2024 09-Dec-2040 Expandable product architecture bus for consumer electronics gateways US 17/126,858 11,695,438 04-Jul-2023 15-Sep-2041 Module identification method for expandable gateway applications US 17/158,266 11,258,889 22-Feb-2022 26-Jan-2041 Module identification method for expandable gateway applications US 17/872,095 11,641,413 B2 02-May-2023 26-Jan-2041 Resilient Antenna Securing Mechanism US 17/148,846 11,431,075 30-Aug-2022 25-Mar-2041 Resilient Antenna Securing Mechanism US 17/872,095 11,837,773 05-Dec-2023 14-Jan-2041 14 Method and System for IoT Edge Computing using Containers US 17/238,436 11,838,794 05-Dec-2023 30-Aug-2041 Method and Procedure for miniaturing a multilayer PCB US 17/313,073 11,523,502 B2 06-Dec-2022 06-May-2041 Method and Procedure for miniaturing a multilayer PCB US 18/053,264 12,150,237 19-Nov-2024 07-Nov-2043 Method and Procedure for miniaturing a multilayer PCB US 17/946,450 11,950,361 B2 02-Apr-2024 06-May-2041 Cable Pull Tab US 17/342,191 11,695,238 04-Jul-2023 31-Jul-2041 Systems and Methods for Collaborative Edge Computing (AR/VR Edge Devices) US 17/592,798 12,156,293 26-Nov-2024 26-Nov-1944 Method and System for Secure Container Application Framework US 17/592,632 12,015,613 B2 18-Jun-2024 04-Feb-2044 Method and System for Secure Container Application Framework US 17/592,667 12,126,622 22-Oct-2024 22-Oct-2044 VHC25 heatsink and antenna structure US 29/722,411 D910,582 16-Feb-2021 16-Feb-2036 VHC25 heatsink and antenna structure US 29/722,413 D942,959 S 08-Feb-2022 08-Feb-2037 VHC25 heatsink and antenna structure US 29/722,415 D910,583 16-Feb-2021 16-Feb-2036 Stacker Electromagnetic Interference Shield US 29/722,059 D922337 15-Jun-2021 15-Jun-2036 Stacker Electromagnetic Interference Shield US 29/722,060 D922338 15-Jun-2021 15-Jun-2036 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined Brazil BR302022001478-8 BR302022001478-8 24-Jan-2023 23-Mar-2047 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined Canada 211383 211383 24-Jan-2024 24-Mar-2037 Stacker Base Module China ZL202230157775.5 ZL202230157775.5 19-Jul-2024 24-Mar-2037 Stacker Base Module EU 008916001-0001 008916001-0001 30-Mar-2022 23-Mar-2047 LTE Stacker Module EU 008916001-0002 008916001-0002 30-Mar-2022 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) EU 008916001-0003 008916001-0003 30-Mar-2022 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) GB 6197729 6197729 24-Mar-2022 23-Mar-2047 Stacker Base Module GB 6197727 6197727 24-Mar-2022 23-Mar-2047 LTE Stacker Module GB 6197728 6197728 24-Mar-2022 23-Mar-2047 Stacker Base Module India 361109-001 361109-001 08-May-2023 24-Sep-2036 Stacker Base Module Japan 2022-006084 1733800 23-Dec-2022 24-Mar-2047 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2022-0011328 30-1222487 29-Jun-2023 23-Mar-2042 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2023-0010640 30-1245065 03-Jan-2024 23-Mar-2042 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2023-0010641 30-1245066 03-Jan-2024 23-Mar-2042 Stacker Base Module Mexico MX/f/2022/000838 69708 18-Apr-2024 22-Mar-2047 LTE Stacker Module US 29/809,525 6197728 23-Mar-2022 23-Mar-2047 LTE Stacker Module India 361107-001 361107-001 23-Feb-2023 28-Sep-2036 LTE Stacker Module Japan 2022-006085 1733801 23-Dec-2022 24-Mar-2047 Stacker Base Module with LTE Stacker Module combined US 29/809,755 D1025047 22-Mar-2024 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) India 361108-001 361108-001 04-May-2023 29-Sep-2036 Stacker Base Module with LTE Stacker Module (combined) Japan 2022-006086 1733802 23-Dec-2022 24-Mar-2047 15 Manufacturing We rely on two contract manufacturers in Taiwan and China to manufacture our VeeaHub Ò devices.
Biggest changeIssue Date Expiration Date DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,804 9/955,404 24-Apr-2018 14-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193802.2 60 2016 012 782.2 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193802.2 3157304 24-Apr-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,872 10,069,739 04-Sep-2018 08-Nov-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193806.3 60 2016 020 735.4 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193806.3 3157207 18-Sep-2019 13-Oct-2036 15 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193806.3 3157207 18-Sep-2019 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/293,928 10,085,195 25-Sep-2018 11-Nov-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS EP 16193810.5 EP3157208B 29-May-2024 13-Oct-1936 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS US 15/294,022 10,368,286 30-Jul-2019 10-Feb-2037 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS DE 16193812.1 60 2016 004 769.1 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS FR 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS IT 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS ES 16193812.1 3157305 15-Aug-2018 13-Oct-2036 DYNAMIC ROUTER FUNCTIONALITY IN CELLULAR NETWORKS GB 16193812.1 3157305 15-Aug-2018 13-Oct-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT DE 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT ES 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT FR 16197551.1 3169096 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT IT 16197551.1 502020000114245 16-Sep-2020 07-Nov-2036 COMMUNICATION UNIT EMPLOYED AS A REMOTE ROUTER AND METHOD FOR ENFORCEMENT GB 16197551.1 3169096 16-Sep-2020 07-Nov-2036 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS US 15/459,908 10,917,928 09-Feb-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS DE 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS ES 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS FR 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS IT 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS GB 17161092.6 3223545 06-Jan-2021 15-Mar-2037 CONTENT TRANSFER FUNCTIONALITY BEYOND OR WITHIN CELLULAR NETWORKS US 17/135,190 12207326 21-Jan-2025 28-Dec-2040 16 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER US 15/616,281 11,050,671 29-Jun-2021 07-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER DE 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER FR 17174554 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER ES 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER IT 17174554.0 3264697 06-Apr-2022 06-Jun-2037 MOBILE WIRELESS COMMUNICATION UNIT AND METHOD FOR CONTENT TRANSFER GB 17174554.0 3264697 06-Apr-2022 06-Jun-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT US 15/459,874 10,230,637 12-Mar-2019 28-Apr-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT DE 17161091.8 60 2017 019 214.7 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT FR 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT IT 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT ES 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNIT AND METHOD FOR SHARING DELAY TOLERANT CONTENT GB 17161091.8 3220612 08-Jul-2020 15-Mar-2037 WIRELESS COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY EP 17205102.1 11889580 30-Jan-2024 04-Dec-2037 WIRELESS COMMUNICATION UNITS AND WIRELESS COMMUNICATION SYSTEM AND METHODS TO SUPPORT BEACON TECHNOLOGY US 17/380,973 11889580 30-Jan-2024 17-Feb-2037 EDGE COMPUTING SYSTEM US 15/838,672 11,277,488 15-Mar-2022 02-Mar-2038 EDGE COMPUTING SYSTEM DE 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM ES 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM FR 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM GB 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM IT 17206464.4 3343363 27-Jul-2022 11-Dec-2037 EDGE COMPUTING SYSTEM US 15/838,644 11,095,713 17-Aug-2021 12-Nov-2038 17 EDGE COMPUTING SYSTEM US 17/365,259 11394771 19-Jul-2022 12-Dec-2037 EDGE COMPUTING SYSTEM US 17/867,194 11,606,419 14-Mar-2023 01-Jul-2041 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK US 15/830,427 10491562 26-Nov-2019 05-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK DE 17205104.7 602017015130.0 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK FR 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK IT 17205104.7 3334126 22-Apr-2020 04-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK US 15/850,332 12,057,229 06-Aug-2024 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 17209308.0 3340579 12-Feb-2020 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK EP 21169930.1 3890280 31-Jul-2024 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK ES 19181830.1 3579587 02-Jun-2021 21-Dec-2037 ROUTER NODE, NETWORK AND METHOD TO ALLOW SERVICE DISCOVERY IN A NETWORK GB 19181830.1 3579587 02-Jun-2021 21-Dec-2037 EDGE COMPUTING CONTAINER SYSTEM US 16/223,772 10,944,851 09-Mar-2021 01-Jan-2039 EDGE COMPUTING CONTAINER SYSTEM US 16/223,384 11,159,647 26-Oct-2021 04-Feb-2041 EDGE COMPUTING CONTAINER SYSTEM US 17/167,636 11,159,647 26-Oct-2021 18-Dec-2038 METHOD AND APPARATUS FOR PROCESSING A SIGNAL US 17/993,499 11,159,647 26-Oct-2021 18-Dec-2042 Edge Communication Device US 29/713,470 D958778 26-Jul-2022 26-Jul-2037 Integrated antenna-heatsink for wireless device applications US 17/110,744 11,563,262 B2 24-Jan-2023 09-Dec-2040 18 Integrated antenna-heatsink for wireless device applications US 18/086,069 11,949,147 B2 02-Apr-2024 09-Dec-2040 Integrated antenna-heatsink for wireless device applications EU 20829134.4 4073882 12-Feb-2025 07-Dec-2040 Expandable product architecture bus for consumer electronics gateways US 17/126,858 11,695,438 04-Jul-2023 15-Sep-2041 Module identification method for expandable gateway applications US 17/158,266 11,258,889 22-Feb-2022 26-Jan-2041 Module identification method for expandable gateway applications US 17/872,095 11,641,413 B2 02-May-2023 26-Jan-2041 Resilient Antenna Securing Mechanism US 17/148,846 11,431,075 30-Aug-2022 25-Mar-2041 Resilient Antenna Securing Mechanism US 17/872,095 11,837,773 05-Dec-2023 14-Jan-2041 Method and System for IoT Edge Computing using Containers US 17/238,436 11,838,794 05-Dec-2023 30-Aug-2041 Method and Procedure for miniaturing a multilayer PCB US 17/313,073 11,523,502 B2 06-Dec-2022 06-May-2041 Method and Procedure for miniaturing a multilayer PCB US 18/053,264 12,150,237 19-Nov-2024 07-Nov-2043 Method and Procedure for miniaturing a multilayer PCB US 17/946,450 11,950,361 B2 02-Apr-2024 06-May-2041 Cable Pull Tab US 17/342,191 11,695,238 04-Jul-2023 31-Jul-2041 Systems and Methods for Collaborative Edge Computing (AR/VR Edge Devices) US 17/592,798 12,156,293 26-Nov-2024 16-Dec-42 Method and System for Secure Container Application Framework US 17/592,632 12,015,613 B2 18-Jun-2024 04-Feb-1942 Method and System for Secure Container Application Framework US 17/592,667 12,126,622 22-Oct-2024 6-May-43 VHC25 heatsink and antenna structure US 29/722,411 D910,582 16-Feb-2021 16-Feb-2036 VHC25 heatsink and antenna structure US 29/722,413 D942,959 S 08-Feb-2022 08-Feb-2037 VHC25 heatsink and antenna structure US 29/722,415 D910,583 16-Feb-2021 16-Feb-2036 Stacker Electromagnetic Interference Shield US 29/722,059 D922337 15-Jun-2021 15-Jun-2036 Stacker Electromagnetic Interference Shield US 29/722,060 D922338 15-Jun-2021 15-Jun-2036 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined Brazil BR302022001478-8 BR302022001478-8 24-Jan-2023 23-Mar-2047 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined Canada 211383 211383 24-Jan-2024 24-Mar-2037 Stacker Base Module China ZL202230157775.5 ZL202230157775.5 19-Jul-2024 24-Mar-2037 Stacker Base Module US 29/809,102 D1067233 18-Mar-2025 25-Sep-2046 Stacker Base Module EU 008916001-0001 008916001-0001 30-Mar-2022 23-Mar-2047 LTE Stacker Module EU 008916001-0002 008916001-0002 30-Mar-2022 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) EU 008916001-0003 008916001-0003 30-Mar-2022 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) GB 6197729 6197729 24-Mar-2022 23-Mar-2047 Stacker Base Module GB 6197727 6197727 24-Mar-2022 23-Mar-2047 LTE Stacker Module GB 6197728 6197728 24-Mar-2022 23-Mar-2047 Stacker Base Module India 361109-001 361109-001 08-May-2023 24-Sep-2036 Stacker Base Module Japan 2022-006084 1733800 23-Dec-2022 24-Mar-2047 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2022-0011328 30-1222487 29-Jun-2023 23-Mar-2042 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2023-0010640 30-1245065 03-Jan-2024 23-Mar-2042 Stacker Base Module, LTE Stacker Module, Mase and Stacker combined S Korea 30-2023-0010641 30-1245066 03-Jan-2024 23-Mar-2042 Stacker Base Module Mexico MX/f/2022/000838 69708 18-Apr-2024 22-Mar-2047 19 LTE Stacker Module US 29/809,525 6197728 23-Mar-2022 23-Mar-2047 LTE Stacker Module India 361107-001 361107-001 23-Feb-2023 28-Sep-2036 LTE Stacker Module Japan 2022-006085 1733801 23-Dec-2022 24-Mar-2047 Stacker Base Module with LTE Stacker Module combined US 29/809,755 D1025047 22-Mar-2024 23-Mar-2047 Stacker Base Module with LTE Stacker Module (combined) India 361108-001 361108-001 04-May-2023 29-Sep-2036 Stacker Base Module with LTE Stacker Module (combined) Japan 2022-006086 1733802 23-Dec-2022 24-Mar-2047 Workforce data management US 14/829,101 9471900 B1 18-Oct-2016 18-Aug-2036 Manufacturing We rely on two contract manufacturers in Taiwan and China to manufacture our VeeaHub® devices.
We empower our customers by delivering intuitive software and unified hardware solutions that enable local computing, intelligent networking, and advanced AI applications to work together seamlessly. By making these solutions easy to deploy, orchestrate, and scale, we remove technological barriers, freeing innovators to innovate. Our tagline, “Intelligently Connected,” reflects this commitment.
We empower our customers by delivering intuitive software and unified hardware solutions that enable local computing, intelligent networking, and advanced AI applications to work together seamlessly. By making these solutions easy to deploy, orchestrate, and scale, we aim to remove technological barriers, freeing innovators to innovate. Our tagline, “Intelligently Connected,” reflects this commitment.
In addition, we have independent contractors whose services we are using on an as-needed basis to assist with our sales and marketing activities and engineering activities. 16 ITEM 1A. RISK FACTORS. Our future operating results could differ materially from the results described in this Annual Report due to the risks and uncertainties described below.
In addition, we have independent contractors whose services we are using on an as-needed basis to assist with our sales and marketing activities and engineering activities. ITEM 1A. RISK FACTORS. Our future operating results could differ materially from the results described in this Annual Report due to the risks and uncertainties described below.
ITEM 1. BUSINESS. Overview We were originally incorporated under the name “Plum Acquisition Corp. I.” as a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
ITEM 1. BUSINESS. We were originally incorporated under the name “Plum Acquisition Corp. I.” as a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
We seek to protect our proprietary rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees, consultants, and others who may have access to proprietary information, under which they are bound to assign to us their inventions. 11 Patent Family Country Application No. Patent No.
We seek to protect our proprietary rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees, consultants, and others who may have access to proprietary information, under which they are bound to assign to us their inventions. Patent Family Country Application No. Patent No.
Factors that could cause or contribute to such differences include those factors discussed below. Summary of Risk Factors Investing in our common stock involves risks. In addition, our business and operations are subject to a number of risks, which you should be aware of prior to making a decision to invest in our common stock.
Factors that could cause or contribute to such differences include those factors discussed below. 20 Summary of Risk Factors Investing in our common stock involves risks. In addition, our business and operations are subject to a number of risks, which you should be aware of prior to making a decision to invest in our common stock.
These patents cover jurisdictions in the United States, United Kingdom, Europe, South Korea, Japan, and India. All of our current-issued patents are projected to expire between 2036 and 2047. We also have 25 patent applications pending. Qualcomm Inc.
These patents cover jurisdictions in the United States, United Kingdom, Europe, South Korea, Japan, and India. All of our current-issued patents are projected to expire between 2036 and 2047. We also have 26 patent applications pending. Qualcomm Inc.
Proven integrations to a wide variety of industry leading platforms, including Microsoft’s Azure, AWS IoT Greengrass, Tridium’s Niagara Framework, and LoRaWAN ChirpStack. ● Unique implementation of fully integrated LoRaWAN Gateway that runs at the edge without cloud-dependency. ● Unified Cloud management platform combines network and device management with applications management through the Control Center Other platforms focus on network or applications management but not all three ● Comprehensive remote management tools for deployment, configuration, and over the air updates and troubleshooting Intellectual Property As of December 31, 2024, we had a patent portfolio consisting of 121 exclusively owned patents, as summarized in the table below.
Proven integrations to a wide variety of industry leading platforms, including Microsoft’s Azure, AWS IoT Greengrass, Tridium’s Niagara Framework, and LoRaWAN ChirpStack. ● Unique implementation of fully integrated LoRaWAN Gateway that runs at the edge without cloud-dependency. ● Unified Cloud management platform combines network and device management with applications management through the Control Center Other platforms focus on network or applications management but not all three. ● Comprehensive remote management tools for deployment, configuration, and over the air updates and troubleshooting. 14 Intellectual Property As of December 31, 2025, we had a patent portfolio consisting of 116 exclusively owned issued patents, as summarized in the table below.
With an extensive patent portfolio of 125 granted patents and 25 pending patent applications that cover 26 patent families, our end-to-end Hybrid Edge-Cloud Computing platform represents a new product category that has the potential for wide scale customer adoption in large segments of consumer and enterprise markets.
With an extensive patent portfolio of approximately 123 granted patents and 32 pending patent applications that cover 26 patent families, our end-to-end Hybrid Edge-Cloud Computing platform represents a new product category that has the potential for wide scale customer adoption in large segments of consumer and enterprise markets.
Market Reports World in its research report published in October 2023 named Private Veea as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services (“ AWS ”) and others. 1 Private Veea was founded in 2014 by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr.
We were also named in a recent Market Reports World in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft and Amazon Web Services (“ AWS ”). Private Veea was founded in 2014 by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr.
However, to our knowledge, we are the first to market with patented technologies that a) bring virtualized data center capabilities to the far edge of the network, commonly referred to as the Device Edge, where all wired and wireless devices connect to the network (the “Edge”), b) spawns hyperconvergence of computing, multiaccess communications and storage, (“Edge Computing”) c) provides for Cloud-managed applications at the Edge (“Hybrid Edge-Cloud Computing”), d) enables machine learning with AI training, inferencing, and Agentic AI at the Edge (“Edge AI”) including AI-driven cybersecurity for heterogenous networks.
However, to our knowledge, we are one of the first to market with patented technologies that a) bring virtualized data center capabilities to the far edge of the network, commonly referred to as the Device Edge, where all wired and wireless devices connect to the network (the “ Edge ”), b) spawns hyperconvergence of computing, multiaccess communications and storage, (“ Edge Computing ”) c) provides for Cloud-managed applications at the Edge (“ Hybrid Edge-Cloud Computing ”), and d) enables machine learning with AI training, inferencing, and Agentic AI at the Edge (“ Edge AI ”) including AI-driven cybersecurity for heterogenous networks.
The Company has five wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. a Delaware corporation, Veea Solutions Inc., a Delaware corporation, VeeaSystems Development Inc., formerly known as Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under the laws of England and Wales and VeeaSystems SAS, a French simplified joint stock company; and one majority owned subsidiary, VeeaSystems Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico (“VeeaSystems MX”).
The Company has six wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. a Delaware corporation, Veea Solutions Inc., a Delaware corporation, VeeaSystems Development Inc., formerly known as Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under the laws of England and Wales, VeeaSystems SAS, a French simplified joint stock company and VeeaSystems CK Inc., a Delaware corporation; and one majority owned subsidiary, VeeaSystems Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico (“ VeeaSystems MX ”).
The VeeaEdge Platform Ô offers an alternative to cloud computing by enabling the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s) across the globe.
VeeaONE platform offers an alternative to cloud computing by enabling the formation of highly secure, but easily accessible, private clouds and networks with VeeaHub products across one or multiple user(s) or enterprise location(s) across the globe.
Our products and services have been deployed across multiple countries and industries; however, we are focused on high-growth market segments such as fixed-line or 5G-based fixed wireless broadband access, and subscription-based managed Wi-Fi for unserved / underserved communities.
To date, our products and services have been successfully deployed across multiple countries and industries. We remain focused on high-growth market segments such as fixed-line or 5G-based fixed wireless broadband access, and subscription-based managed Wi-Fi for unserved and underserved communities.
VeeaHub products, about the size of a typical Wi-Fi Access Point (AP), are offered in variety of form factors with different capabilities for indoor and outdoor coverage and are both locally- and cloud-managed.
VeeaHub products, about the size of a typical Wi-Fi Access Point (“ AP ”), are offered in multiple form factors having different capabilities for indoor and outdoor coverage and are both locally- and cloud-managed.
The Veea Edge Platform has several key differentiating features, including: ● Rapid scaling through meshing of multiple nodes to expand connectivity coverage, adding more computing power, memory or storage capacity. vMesh is more extensible than mesh networking offered in comparable consumer or enterprise products ● High degree of integration reduces the number of hardware elements needed to deliver solutions, reducing initial capital outlay, installation costs and reducing ongoing management complexity and other operating costs (i.e. power consumption). ● VeeaWare OS with patented software architecture supporting a virtualized software environment and Secured Docker container for distributed computing with applications orchestrated over a connectivity mesh, that provides for an application and microservices mesh, with hyperconverged networking at the edge. ● Flexible choice of wired and wireless interfaces results in reduced installation cost and time. ● Pervasive security, to virtually segment traffic at a device or group level. 10 ● Zero-touch installation supports pre-provisioning of devices before installation. ● Non-skilled installers can mount the systems locally and then automatic or semi-automatic configuration is done from the cloud. ● Standards-based approach with fixed and wireless technologies for interoperability into globally deployed wired and wireless infrastructure.
VeeaONE platform’s key differentiating features include: ● VeeaWare OS with patented software architecture supporting a virtualized software environment and Secured Docker container for distributed computing with applications orchestrated over a connectivity mesh, that provides for an application and microservices mesh, with hyperconverged networking at the edge. ● vMesh, enabling a networking mesh, a computing mesh, an application mesh, a microservices mesh, and an Edge Intelligence mesh, is more extensible than mesh networking offered in comparable consumer or enterprise products. ● Rapid scaling at the Device Edge through mesh networking of VeeaHub and third-party product nodes to expand connectivity and coverage for wired and wireless protocols on a heterogenous network, while adding more computing power, memory or storage capacity. ● Edge AI Total Fabric capabilities. ● Pervasive security, to virtually segment traffic at a device or group level. ● Zero-touch installation supports pre-provisioning of devices before installation. ● High degree of integration reduces the number of hardware elements needed to deliver solutions, reducing initial capital outlay, installation costs and reducing ongoing management complexity and other operating costs (i.e. power consumption). ● Flexible choice of wired and wireless interfaces results in reduced installation cost and time. ● Non-skilled installers can mount the systems locally and then automatic or semi-automatic configuration is done from the cloud. ● Standards-based approach with fixed and wireless technologies for interoperability into globally deployed wired and wireless infrastructure.
Facilities We are headquartered in New York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain sales and marketing offices in Paris, France and Mexico City, Mexico. Employees As of December 31, 2024, we employed 45 full-time employees.
Facilities We are headquartered in New York City, New York. We have engineering offices in San Diego, CA, Bath, United Kingdom, and Juvigny, France. We also maintain sales and marketing offices in Paris, France and Mexico City, Mexico. Employees As of December 31, 2025, we employed 45 full-time employees.
We believe we are uniquely positioned in the marketplace, leveraging our strengths with our business model, including the following: ● Comprehensive, full suite of hardware and software services with a strategic focus on high-growth segments in emerging markets and underserved areas in mature markets for broadband services and edge applications including climate smart energy and sustainability solutions. ● Aligned customers with value propositions where Veea and our customers benefit in the creation of new revenue streams. ● Innovation-driven, a technology-centric platform that redefines capabilities of connecting people, places, and things to the internet with greater efficiency with edge applications. ● Highly automated capabilities for network service providers and enterprises to harness the power of software for improved customer experiences and reduced manual labor. ● Climate-smart platform technology advancements that bring greater productivity to emerging and mature markets, with measured improvements to the environment.
We believe we are uniquely positioned in the marketplace, leveraging our strengths with our business model, including the following: ● Comprehensive, full suite of hardware and software services with a strategic focus on high-growth segments in emerging markets and underserved areas in mature markets for broadband services and edge applications including cybersecurity, smart buildings, smart energy and sustainability solutions. ● Aligned customers with value propositions where Veea and our customers benefit in the creation of new revenue streams with recurring revenue. ● Innovation-driven, a technology-centric platform that redefines capabilities of connecting people, places, and things to the internet with greater efficiency with edge applications. ● Highly automated capabilities for network service providers and enterprises to harness the power of software for improved customer experiences and reduced manual labor. 5 Business Strategy Our target markets represent the fastest growing market segments for a new generation of Edge AI-driven broadband services, IT/OT, and cybersecurity.
Veea Edge Platform’s products, applications, and services with a distributed computing architecture, offered as a Platform-as-a-Service (“ ePaaS ”) capability, empowering companies to capitalize on the transformative potential of Edge AI, where most of the data from smartphones, tablets, laptops, cameras, sensors, and other devices is generated, with data privacy and sovereignty, reliability, low latency for real-time decisions, bandwidth efficiency, scalability, and reduced costs compared to alternatives.
VeeaONE’s products, applications, and services with a distributed computing architecture, offered as a Platform-as-a-Service (“ PaaS ”) capability, empowering companies to capitalize on the transformative potential of Edge AI, where most of the data from smartphones, tablets, laptops, cameras, sensors, and other devices is generated, with data privacy and sovereignty, reliability, low latency for real-time decisions, bandwidth efficiency for lower data transport costs, scalability, cybersecurity, reduced costs compared to alternatives, as well as “always-on” availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet.
Such networks have given rise through any combination of our developed devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run on the Veea Edge Platform’s software stack (“VeeaWare”).
Such networks have given rise through any combination of our developed devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run on the VeeaONE™ platform’s software stack VeeaWare™ (“ VeeaWare ”). Our end-to-end edge-cloud platform is referred to as VeeaONE™ (“ VeeaONE ”) platform.
Key focus of the Company’s research and development activities include (i) the use of AI to optimize network and applications distribution and performance at the edge, (ii) support for elastic scaling and dynamic cloud to edge orchestration, (iii) real time radio and mesh tuning, (iv) partial and full air-gapped deployment between the public cloud and the edge, (v) optimized AI model execution across devices, the Veea Edge Platform and the cloud and (vi) fully integrated online ordering, fulfillment and activation to support large scale, hierarchical distribution partners.
Key focus of the Company’s research and development activities include (i) the use of AI to optimize network and applications distribution and performance at the edge, (ii) support for elastic scaling and dynamic cloud to edge orchestration, (iii) partial and full air-gapped deployment between the public cloud and the edge, and (iv) optimized AI model execution across devices, the VeeaONE platform and the cloud.
In both cases, broadband or Internet connectivity services are offered with a variety of Edge applications and value-added services, including advanced AI-driven cybersecurity, through Mobile Network Operators (“MNOs”), Multiple System Operators (MSOs), Internet Service Providers (“ISPs”) and other types of Managed Service Providers (“MSPs”).
In both cases, broadband or Internet connectivity services include an offering of Edge applications and value-added services, including advanced AI-driven cybersecurity, through mobile network operators (“ MNOs”) , multiple system operators (“ MSOs ”), Internet Service Providers (“ ISPs ”), Managed Service Providers (“ MSPs ”), system integrators and major distributors.
We are focused on markets - Fixed-line or 5G-based Fixed Wireless Broadband Access, Unserved / Underserved Communities, Climate Smart Buildings, Converged Private Networks, and Smart Retail – that we believe offer high potential for growth and can benefit from our products and services offerings in a way that transforms their businesses and business models in a secure, cost-effective, and meaningful manner.
VeeaONE platform provides for large scale management of VeeaHub products and third-party devices and AI-enabled applications and services with Hybrid Edge-Cloud Computing. 1 We have developed products and solutions for wireline and/or 5G-based fixed wireless broadband access, subscription-based managed Wi-Fi for unserved and underserved communities, converged private networks, Smart Buildings, Smart Construction, Smart Warehouses and Smart Retail – that we believe offer high potential for growth and can benefit from our products and services offerings in a way that transforms their businesses and business models in a secure, cost-effective, and meaningful manner.
The industrial applications include climate smart buildings, smart farming with precision agriculture, smart warehouses and smart retail as cloud-managed converged private networks. Gartner recognized the innovativeness and capabilities of the platform by naming Private Veea a Leading Smart Edge Platform in 2023 and Cool Vendor in Edge Computing in 2021.
The industrial applications include climate smart buildings, smart farming with precision agriculture, smart warehouses and smart retail as cloud-managed converged private networks.
We’re not merely connecting devices or networks; we're connecting businesses to outcomes, ideas to reality, and complexity to simplicity. Our platform creates intelligent connectivity, transforming intricate technological landscapes into streamlined environments that anyone can leverage.
Our Vision We are not merely connecting devices or networks; we’re connecting businesses to outcomes, converting ideas to reality, and turning complexity into simplicity.
Given the significant increases in the data transport costs to the cloud as well as data ownership and privacy concerns around cloud-based applications, we believe that there is pent-up demand for low-latency and cost-effective private and public network solutions and applications at the edge that increase productivity and generate value for enterprises, people, places, and things connecting to the Internet, which will in turn will help network operators offering broadband services capture a greater enterprise value for connecting their customers to the internet. 5 Our business model is partially based on global demands from the Americas, EMEA and APAC regions for a product platform and software services for the generation of new revenue streams, with lower recurring costs, compared to traditional network infrastructure that lacks automation of service delivery and entails substantial ongoing operational support and network maintenance costs.
Our business model is partially based on global demands from the Americas, EMEA and APAC regions for a product platform and software services for the generation of new revenue streams, with lower recurring costs, compared to traditional network infrastructure that lacks automation of service delivery and entails substantial ongoing operational support and network maintenance costs (e.g., traditional cybersecurity solutions for small businesses).
Veea Edge Platform architecture and business model, VeeaHub Ò and third-party devices on Veea Edge Platform with Hybrid Edge-Cloud Computing and AI-enabled applications and services, to a certain degree is similar to Android OS platform architecture and business model for Android devices.
VeeaONE platform provides for large scale management of VeeaHub products and third-party devices and AI-enabled applications and services with Hybrid Edge-Cloud Computing similar to how Android OS platform does it for Android devices. Our platform flexibly supports a highly scalable business model for B2B and B2B2C delivery of products and services to a diverse range of customers.
Business Strategy Our business strategy is focused on leveraging three key paths to market: ● Technology Partnerships - Complementary technologies that are amplified with Veea technology capabilities. ● Distribution Channels - Aligned with our core edge-focused technology franchise, large-scale system integrators working to digitally transform industries, distributors and resellers of Niagara framework. ● Network Operators and Managed Service Providers - Providing for dedicated private networks end-to-end or monetization of their network assets, with the introduction of edge computing, Edge AI and their own customized applications, developed through the Veea developer portal to offer highly differentiated services that locks in the current customer base and reduces churn.
Growth Strategy Our business growth strategy is focused on leveraging three key paths to market: ● Service Providers - Providing for broadband access, cybersecurity, or dedicated private networks with the offerings that may include any combination of 5G fixed wireless access, subscription-based managed Wi-Fi, variations of edge computing and standardized MEC, solution-specific Edge AI (e.g., loss protection, inventory management, common area surveillance, etc., with computer vision models) and, in some cases, their own customized applications, developed through the Veea developer portal to offer highly differentiated services that locks in the current customer base and reduces churn. ● System Integrators – Aligned with our edge-focused products and services, system integrators working on digital transformations incorporate VeeaONE platform capabilities with solutions customized for enterprise customers. ● Major Distributors – Major distributors and resellers of Honeywell Niagara framework or those specializing in telecommunications and security technology.
Enables CPE-less deployment models reducing ongoing operation expense. Competitive Strengths To our knowledge, the Veea Edge Platform Ô and its key building block the VeeaHub is the only edge computing product that infuses a single physical device with the traits of a networking device, IoT gateway, Linux server, storage and security gateway.
Competitive Strengths To our knowledge, VeeaONE platform capabilities are highly differentiated including VeeaHub product as the only edge computing product that infuses a single physical device with the traits of a networking device with a broad range of wired and wireless capabilities, IoT gateway, Linux server, multiple storage options, router and firewall with AI-driven cybersecurity.
These risks are discussed more-fully in this “ Item 1A. Risk Factors ” section of this Annual Report beginning on page 18.
These risks are discussed more-fully in this “
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The benefits include optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, as well as “always-on” availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet.
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Since 2014, we have been actively involved in defining the standards for mobile edge computing (“ MEC ”) through our contribution to the publication of the first white paper by European Telecommunications Standards Institute (“ ETSI ”) that outlined the concept of MEC.
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Our Vision and Strategy At the founding of Veea, we imagined a world where powerful, secure, intelligent and fully networked computing simply works. We pictured a reality where transformative ideas come to life quickly and effortlessly, without barriers created by technical complexity or infrastructure constraints.
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In December 2014, ETSI formally launched the Mobile Edge Computing Industry Specification Group (“ MEC ISG ”) based in large part on the white paper and on our contributions. We believe that since then we have laid a strong foundation to assume a major role in making Edge AI a reality.
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We envisioned a future in which any business, no matter its size or technical expertise, can seamlessly deploy sophisticated software, real-time analytics, and cutting-edge artificial intelligence directly within their own walls, at their own locations. At the core of our mission is simplicity.
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The innovativeness and capabilities of our platform was recognized by Gartner® in 2023 as a Leading Smart Edge Platform and named a Gartner® Cool Vendor™ in Edge Computing in 2021.
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The following are examples that highlight our impact: ● Fixed-line or 5G-based Fixed Wireless Broadband Access: this cloud-managed solution is offered with backhaul connections to public networks through our highly innovative and highly compact STAX and STAX-5G VeeaHub products, with a variety of edge applications and value-added services, including advanced AI-driven cybersecurity, CCTVs for physical security, smart locks, and a variety of IoT applications, through Mobile Network Operators (“MNOs”), Multiple System Operators (MSOs), Internet Service Providers (“ISPs”) and other types of Managed Service Providers (“MSPs”). ● Unserved/Underserved Communities: we are providing an affordable, accessible, and comprehensive solution to address the “digital divide which exists due to limited on no access to the Internet primarily through major satellite service providers. ● Climate Smart Buildings: Veea is the first company to develop containerized Niagara, a software platform that integrates building systems into a single control system, that is integrated with the Niagara Framework ® (developed by Tridium, Inc., a wholly owned subsidiary of Honeywell International, Inc.), the leading platform for connecting to and managing building systems. ● Converged Private Networks and Smart Retail: Veea’s solutions allow for the convergence of Wi-Fi and private 4G/5G networks to take advantage of Wi-Fi’s ability to handle large amounts of data traffic, at lower network expense in areas densely populated by people and machines, with 5G’s reliability and low latency over large distances. ● Edge AI: Veea’s Edge AI Platform seamlessly combines networking, computing, artificial intelligence, and orchestration into a unified, intuitive ecosystem (“Total Fabric”).
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Our platform creates intelligent connectivity, transforming intricate technological landscapes into streamlined environments that anyone can leverage as a new and more capable type of product that is being introduced into the customer’s environment with one or two mission critical applications downloaded and instantiated initially with more to come.
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Our platform simplifies the complexities of deploying, managing, and scaling intelligent edge solutions, enabling organizations of all sizes to harness powerful local AI effortlessly. It Provides real-time decision-making, scalability, and enhanced performance for complex Edge AI use cases.
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Since the inception of our Company in 2014, we have developed a comprehensive end-to-end Hybrid Edge-Cloud Computing (“ HEC ”) platform capable of delivering turnkey applications, broad range of computing and communications services and Edge AI to the enterprises and service providers.
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With distributed computing and mesh networking, the platform uniquely offers federated Learning with blockchain , which is an efficient solution for building a cross-enterprise, cross-data, and cross-domain ecosphere for Edge AI with data privacy and big data analytics. 2 Our growth strategy centers on fostering strategic partnerships, expanding distribution channels, and securing partnerships with Network Operators and Managed Service Providers to reduce churn in their clients relationships.
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Our current focus is on the simpler AI-driven edge solutions (e.g., SecureConnect™ and AirLynx™ as further described below), for markets with significant pent-up demand and defined business models that can scale rapidly and where we can carefully manage the technical, operational and business execution risks.
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We view ourselves not just as a vendor, but as a comprehensive provider of services and solutions that address a wide range of our customers’ IT needs.
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This allows us to lay the foundation for becoming a category-defining leader in hyperconverged network solutions, as the key enabler of Edge AI, on a journey towards creating a world in which virtually everyone and everything is intelligently connected at the network edge.
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Our Target Markets Fixed-line or 5G-based Fixed Wireless Broadband Access STAX-5G is currently the only 5G CPE in the market that supports Multiaccess Edge Computing (MEC) functionality with Wi-Fi 6 mesh router, IoT gateway, and networking/application mesh along with optional modules supporting Non-Volatile Memory Express (NVMe) storage and Power-over-Ethernet (POE) with10 GbE interface.
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Over the last ten years at Veea, we have persevered to make Hyperconverged Infrastructure (“ HCI ”) with edge computing and Edge AI a reality at the edge.
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With a high level of integration through a single PCBA implementation, it substantially reduces the production time and costs. Novel stackable mechanical design offers the opportunity for a wide range of accessories (e.g., smart speakers).
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HCI is a critical capability that merges compute, storage, networking, and virtualization into a single, cohesive platform, perfectly suited to the unique demands of edge AI deployments. 2 Our founder and many other members of our team have decades of experience in creating market defining technologies and networks; for example, as one of the largest and one of the first all IP-based wireline and wireless public safety networks in the world, the NYCWiN network designed, developed and deployed in New York City beginning in 2009 under contract with Northrop Grumman.
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Currently, Veea has mostly completed the homologation process with one of the largest global MNOs and is engaged in POCs with several other major MNOs and fixed-line telcos, with major roll-outs anticipated starting in Q2/Q3 2025.
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Leveraging this experience, we imagined a world based on federation of edge networks, similar to this public safety network, deployed by service providers and enterprises across cities that is focused on cybersecure, intelligent, protects user data privacy, and fully networked with distributed computing that, in our belief, just simply works as it expands without significant integration, on-going maintenance or IT/OT expertise.
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Unserved/Underserved Communities As noted in the GSMA Mobile Economy 2023 report, one-third of the world’s population lacks Internet access due to limited or no availability to cost-effective network infrastructure and services.
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From the end-users’ perspective, the primary difference between pure cloud computing and VeeaONE platform is in the fact that, for those capabilities that are typically cloud-only solutions but the end-users require them to be at the edge, for reasons of data privacy, latency, application of AI, etc., VeeaONE transparently brings those cloud capabilities to as far as the Device Edge with heterogenous computing and communications networks supported by VeeaHub products for device and network management together with third-party devices that are capable of running VeeaONE platform software.
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The Wi-Fi Alliance estimated in their 2021 Global Economic Value of Wi-Fi report, that bridging this “digital divide” would result in global economic value growth on the order of $4.9 trillion by 2025.
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The primary benefits delivered by VeeaONE platform for different use cases at the edge include: ● Optimal latency for real-time decisions at the edge vs. round-trip cloud delay, ● Lower data transport costs, ● Data privacy and sovereignty, ● Reliability including “always-on” availability for mission critical applications and fault tolerance if required, ● Scalability, especially, with heterogenous networks supported by Veea’s full-stack edge-to-cloud software platform, ● Contextual awareness of connected device at the edge, ● Improves resilience in intermittent connectivity scenarios, addressing connectivity and networking challenges with data traffic micro-segmentation and network profiles at the edge, ● Supports compliance with regional data sovereignty regulations, and ● Significant cost savings compared to alternatives.
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We are actively involved in planning and executing deployments in Southeast Asia, West Africa and the Americas, using our technologies that uniquely address this global opportunity. 3 Our vTBA Ô (Virtual Trusted Broadband Access) provides an affordable, accessible, and comprehensive solution to address for this “digital divide.” vTBA enables the virtualization of Wi-Fi network capabilities across access points, consumers of Wi-Fi services, and connected devices.
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Edge AI, the ability to run intelligent algorithms locally, literally on machines or devices, or in short proximity of where data is generated, giving rise to how we live, work, and move, while helping to create new industries, redefining mobility, revolutionizing healthcare, transforming energy systems, and enabling more human-centered experiences.
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These network capabilities are “sliced,” meaning that traffic throughput, latency, and priority of service can be tailored to the requirements of the applications for, or the Service Level Agreements (“ SLAs ”) with the enterprise and consumer markets.
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By moving AI from centralized clouds to the very edge of networks, Edge AI enables a new generation of autonomous machines and experiences that were once confined to science fiction. We believe that the societal impact will be profound.
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This is achieved by using cloud-based policy definition and locally based policy enforcement, which minimizes the effort required to onboard customers and automate network management functions.
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Edge AI market size in 2024 was on the order of US$20.8 billion, and is expected to reach US$24.9 billion in 2025, and US$66.5 billion by 2030, with a 21.7% CAGR (2025–2030).
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Unlike mobile network solutions requiring cellular devices, vTBA is a Wi-Fi first solution that connects the widest range of consumer and IoT endpoints because Wi-Fi is the most prevalent wireless interface and vTBA serves past and current standards of Wi-Fi devices. vTBA controller provides for a Wi-Fi control channel that permits offering of vTBA-based services on a pre-paid or post-paid basis with roaming within the coverage of a private network of VeeaHub units located anywhere in the world.
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It is important to differentiate between an investment into an Edge AI-enabling infrastructure company, such as Veea with VeeaONE platform providing for Physical AI and inferencing, vs. a foundational AI model development company or other model developers (e.g., OpenAI or Edge Impulse), developing Large Language Models (“ LLMs ”), Small Language Models (“ SLMs ”), Agentic AI, federated machine learning, etc.
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As another use case, by establishing a canopy of connectivity globally across remote communities while leveraging the Veea Edge Platform edge computing and its integration with sensors, we facilitate climate-smart agriculture solutions for smallholder farmers and gather data from remote ecosystems.
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In some cases, certain versions of these models are freely made available on an introductory basis or longer-term in order to rapidly penetrate into a vast potential market.
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This information is used to increase productivity in farms, reduce resource utilization, and increase transparency for carbon capture business models. We drive increased economic activity for local economies. Climate Smart Spaces Buildings contribute to approximately 37% of global carbon emissions and 34% of global energy consumption.
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However, as headlined on a daily basis, AI models evolve at breakneck speed. 3 In contrast, once HCI is deployed, spanning compute, storage, LAN/WAN networking, including 5G, and virtualization, it forms a foundational, integrated backbone for IT/OT at the edge for many enterprises and even consumer use cases beyond Edge AI.
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Improvements to building utility management systems are critical to reducing global emissions and energy consumption. Studies furnished by the US Department of Energy have shown that as much as 30% of building energy consumption can be eliminated through more accurate sensing and more effective use of controls.
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It is the equivalent of the cloud computing at the edge, regardless of how and what applications are served up by the customers of AWS or Microsoft Azure that may come and go, the Cloud remains and evolves slowly.
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Smart climate management requires a computational platform that meshes wired and wireless Internet connections from sensors to a central processing platform. Veea is the first company to develop containerized Niagara that is integrated with the Niagara Framework ® (developed by Tridium, Inc., a wholly owned subsidiary of Honeywell International, Inc.), the leading platform for connecting to and managing building systems.
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However, in the case of VeeaONE-based solutions, solutions are deployed to serve a primary AI-driven use case such as 5G-based broadband connectivity with AI-driven cybersecurity, an AI-powered building management system, AI-enabled precision agriculture, or a Smart City deployment.
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Veea Edge can deliver actionable insight to building managers and homeowners regarding data generated by HVAC, lighting, access control, fire safety, plumbing and surveillance systems. Building managers and homeowners can use this data to reduce electricity usage and carbon emissions through continuous monitoring and optimization, building management automation, and analysis of usage patterns and environmental conditions.
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In general, VeeaONE platform is designed for delivering: ● Long lifecycle with modular scaling, upgrades and low replacement frequency on a heterogenous network. ● Simplified operations , centralized management, and built-in redundancy ensuring high availability. ● Cost efficiency , resource consolidation, and resilience that support even heavy AI workloads with a range of AI-accelerated third-party devices that are specifically designed to serve the use case. ● Adaptability, large number of open source models available to choose from for the edge use cases such as frameworks that support edge-optimized inferencing, including TensorFlow Lite, ONNX Runtime, PyTorch Mobile, NVIDIA TensorRT, Intel OpenVINO, or Edge-focused Models such as Latent AI, Neural Magic or Edge Impulse.
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Veea enhances the traditional Niagara Framework by capturing and pre-processing operational data locally, before augmenting it with cloud processing, along with interconnecting wired and wireless sensors. Given the dynamic nature of building configurations, designs, and materials, flexibility in deploying wireless sensors, connection to the Internet, and local data processing is required.
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Feature AI Models HCI Infrastructure Pace of Innovation Rapid; fleeting leadership, new models weekly Slow to change; stable over years post-installation Lifecycle Short-term relevance; frequent model updates Long-term deployment; rarely replaced Competitive Dynamics Hypercompetitive; based on compute, data Infrastructure is standard; competitive edge in execution Operational Role Enables new capabilities but constantly shifts Provides reliable core platform supporting all workloads Our Business Principals We are a fast-growing operating business, with an end-to-end next generation AI-enabled hybrid edge-cloud computing and communications platform that delivers groundbreaking applications and services at the “ Device Edge ”, where people, devices and things (e.g., sensors, appliances, machines, robots, drones, etc.) connect to the public and private networks, augmenting or replacing the end-users’ cloud services.
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Converged Private Wireless Networks and Edge AI Wi-Fi and private 4G/5G networks are converging to provide wider coverage, faster speeds, and connectivity across a broad range of devices and sensors. By integrating the two technologies, devices can connect seamlessly to the best available network coverage from Veea Edge Platform and private 4G/5G network.
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Our products and services have been deployed extensively for various use cases in several countries. 4 In summary, for reliable delivery of the applications and AI at the edge, the following are some of the key considerations: ● Cybersecure broadband delivery with failover, over fiber, 5G, or certain satellite backhaul, enable higher data throughput, latency reduction and resiliency, which are key for most enterprise applications, especially, if AI is applied to use cases that support real-time operations at the edge. ● IT and OT convergence is required for many enterprise use cases and fosters significant efficiencies but increases vulnerability, amplifying cybersecurity needs. ● AI provides the brains behind real-time sensing, improved operational efficiencies, predictive maintenance, and threat detection, utilizing the data collected and processed at the Device Edge. ● The synergy across broadband, IT/OT, AI, and cybersecurity is driving the emergence of intelligent, secure, and resilient digital infrastructure represented by VeeaONE platform.
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A converged network takes advantage of Wi-Fi’s ability to handle large amounts of data traffic, at lower network expense in areas densely populated by people and machines, with 5G’s reliability and low latency over large distances.
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To our knowledge, relative to the primary market segments currently served, no solution provider currently offers a direct alternative to VeeaONE platform with the range of fully integrated communications and computing capabilities (i.e., hyperconverged), applications, services, solutions, and cloud management as cost-effectively as provided through the VeeaONE platform.
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Veea’s hyper-converged edge platform uniquely complements this new technology through its vTBA 5G interworking functionality allowing 5G and non-5G endpoints to be managed from a converged controller.
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Especially, given that the network operators, service providers, system integrators, and most enterprises, typically require a complete fully integrated cybersecure solution for their use cases, we believe that the markets for our fully integrated cloud-managed products and turnkey solutions have arrived and with sufficient working capital Veea has a significant opportunity for major growth.
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Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
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Item 1A. Risk Factors
Risk Factors — what could go wrong, per management
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2024 filing
2025 filing
Biggest changeThese events could materially and adversely affect Veea’s ability to retain and attract customers, and have a material negative impact on Veea’s operations, business, financial results and financial condition. 25 Veea’s reliance on third-party manufacturers also exposes Veea to the following risks over which it has limited control: ● unexpected increases in manufacturing and repair costs; ● inability to control the timing, quality and reliability of finished products; ● inability to control delivery schedules; ● liability for expenses incurred by third-party manufacturers in reliance on forecasts that later prove to be inaccurate, including the cost of components purchased by third-party manufacturers on Veea’s behalf; ● industry consolidation and divestitures, which may result in changed business and product priorities among certain suppliers. ● lack of adequate capacity to manufacture all or a part of the products Veea requires; and ● labor unrest affecting the ability of the third-party manufacturers to produce Veea products.
Biggest changeVeea’s reliance on third-party manufacturers also exposes Veea to the following risks over which it has limited control: ● unexpected increases in manufacturing and repair costs; ● inability to control the timing, quality and reliability of finished products; ● inability to control delivery schedules; ● liability for expenses incurred by third-party manufacturers in reliance on forecasts that later prove to be inaccurate, including the cost of components purchased by third-party manufacturers on Veea’s behalf; ● industry consolidation and divestitures, which may result in changed business and product priorities among certain suppliers. ● lack of adequate capacity to manufacture all or a part of the products Veea requires; and ● labor unrest affecting the ability of the third-party manufacturers to produce Veea products. 28 Veea relies on third-party telecommunications and internet service providers, and any failure by these service providers to provide reliable services could cause Veea to lose customers and subject it to claims for credits or damages, among other things.
In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of Veea’s common stock.
In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of Veea’s common stock.
You may not be able to resell your shares of the Common Stock at an attractive price due to a number of factors such as those listed elsewhere herein and the following: ● results of operations that vary from the expectations of securities analysts and investors; ● results of operations that vary from those of Veea’s competitors; ● changes in expectations as to Veea’s future financial performance, including financial estimates and investment recommendations by securities analysts and investors; ● declines in the market prices of stocks generally; ● strategic actions by Veea or its competitors; ● announcements by Veea or its competitors of significant contracts, acquisitions, joint ventures, other strategic relationships or capital commitments; ● any significant change in Veea’s management; ● changes in general economic or market conditions (including changes in interest rates or inflation) or trends in Veea’s industry or markets; ● changes in business or regulatory conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable to Veea’s business; ● future sales of the Common Stock or other securities; ● dilution as a result of future exercises of Warrants; ● investor perceptions of the investment opportunity associated with the Common Stock relative to other investment alternatives; ● the public’s response to press releases or other public announcements by Veea or third parties, including Veea’s filings with the SEC; ● litigation involving Veea, Veea’s industry, or both, or investigations by regulators into Veea’s Board, our operations or those of Veea’s competitors; ● guidance, if any, that Veea provides to the public, any changes in this guidance or Veea’s failure to meet this guidance; ● the development and sustainability of an active trading market for the Common Stock; ● actions by institutional or activist stockholders; ● changes in accounting standards, policies, guidelines, interpretations or principles; and ● other events or factors, including those resulting from pandemics, natural disasters, war, acts of terrorism or responses to these events.
You may not be able to resell your shares of the common stock at an attractive price due to a number of factors such as those listed elsewhere herein and the following: ● results of operations that vary from the expectations of securities analysts and investors; ● results of operations that vary from those of Veea’s competitors; ● changes in expectations as to Veea’s future financial performance, including financial estimates and investment recommendations by securities analysts and investors; ● declines in the market prices of stocks generally; ● strategic actions by Veea or its competitors; ● announcements by Veea or its competitors of significant contracts, acquisitions, joint ventures, other strategic relationships or capital commitments; ● any significant change in Veea’s management; ● changes in general economic or market conditions (including changes in interest rates or inflation) or trends in Veea’s industry or markets; ● changes in business or regulatory conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable to Veea’s business; ● future sales of the common stock or other securities; ● dilution as a result of future exercises of the Warrants; ● investor perceptions of the investment opportunity associated with the common stock relative to other investment alternatives; ● the public’s response to press releases or other public announcements by Veea or third parties, including Veea’s filings with the SEC; 43 ● litigation involving Veea, Veea’s industry, or both, or investigations by regulators into Veea’s Board, our operations or those of Veea’s competitors; ● guidance, if any, that Veea provides to the public, any changes in this guidance or Veea’s failure to meet this guidance; ● the development and sustainability of an active trading market for the common stock; ● actions by institutional or activist stockholders; ● changes in accounting standards, policies, guidelines, interpretations or principles; and ● other events or factors, including those resulting from pandemics, natural disasters, war, acts of terrorism or responses to these events.
Veea’s ability to generate revenue depends on a number of factors, many of which are detailed elsewhere herein, and including, but not limited to, Veea’s ability to: ● Solve real problems for its target market in a unique and compelling way and truly understand the needs of its customers; ● Clearly articulate the benefits and differentiation for Veea from its competitors; ● Design, build and deliver products and services that are reliable and effective and meet customer expectations; ● Constantly innovate and differentiate its products and services including adding additional features and functionalities; 19 ● Reach its target market through the right sales efforts including the right channels and partners; ● Utilize a clear and actionable sales strategy to identify, qualify, and convert leads into paying customers; ● Generate interest in Veea products and services via effective marketing and publicity; ● Price its products and services to match the market’s perception of value of those products and services; ● Maintain consistent design and manufacturing of Veea products to match inventory with demand; ● Continue to deliver high-quality products and services on time and within budget for its customers; ● Provide responsive and helpful customer support that leaves a positive impression and builds loyalty; and ● Continuously improve all Veea products, services and processes to enhance efficiency, reduce costs, and optimize performance.
Veea’s ability to generate revenue depends on a number of factors, many of which are detailed elsewhere herein, and including, but not limited to, Veea’s ability to: ● Solve real problems for its target market in a unique and compelling way and truly understand the needs of its customers; ● Clearly articulate the benefits and differentiation for Veea from its competitors; ● Design, build and deliver products and services that are reliable and effective and meet customer expectations; ● Constantly innovate and differentiate its products and services including adding additional features and functionalities; ● Reach its target market through the right sales efforts including the right channels and partners; ● Utilize a clear and actionable sales strategy to identify, qualify, and convert leads into paying customers; ● Generate interest in Veea products and services via effective marketing and publicity; ● Price its products and services to match the market’s perception of value of those products and services; ● Maintain consistent design and manufacturing of Veea products to match inventory with demand; ● Continue to deliver high-quality products and services on time and within budget for its customers; ● Provide responsive and helpful customer support that leaves a positive impression and builds loyalty; and ● Continuously improve all Veea products, services and processes to enhance efficiency, reduce costs, and optimize performance.
Even if the market in which we compete meets the size estimates and growth forecasted, our business could fail to grow for a variety of reasons, including reasons outside of our control, such as competition in our industry. 21 Veea may be unable to effectively manage growth. For Veea to succeed, it may need to undergo significant expansion.
Even if the market in which we compete meets the size estimates and growth forecasted, our business could fail to grow for a variety of reasons, including reasons outside of our control, such as competition in our industry. Veea may be unable to effectively manage growth. For Veea to succeed, it may need to undergo significant expansion.
If U.S. or other foreign tax authorities change applicable tax laws, Veea’s overall taxes could increase, and Veea’s financial condition or results of operations may be adversely impacted. 38 Veea could become involved in lawsuits, legal proceedings and investigations which, if determined unfavorably, could require Veea to pay substantial damages, fines and/or penalties.
If U.S. or other foreign tax authorities change applicable tax laws, Veea’s overall taxes could increase, and Veea’s financial condition or results of operations may be adversely impacted. Veea could become involved in lawsuits, legal proceedings and investigations which, if determined unfavorably, could require Veea to pay substantial damages, fines and/or penalties.
Furthermore, Veea’s competitors may independently develop similar technologies. Additionally, issuance of a patent is not conclusive as to its inventorship, scope, validity, or enforceability, and Veea’s patents may be challenged in the courts or patent offices in the U.S. and abroad. Veea may be subject to a third-party pre-issuance submission of prior art to the U.S.
Furthermore, Veea’s competitors may independently develop similar technologies. 33 Additionally, issuance of a patent is not conclusive as to its inventorship, scope, validity, or enforceability, and Veea’s patents may be challenged in the courts or patent offices in the U.S. and abroad. Veea may be subject to a third-party pre-issuance submission of prior art to the U.S.
Such claims could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects. Third-party claims of intellectual property infringement, misappropriation or other violations against us or Veea’s collaborators may prevent or delay the development and commercialization of Veea’s products and other proprietary technologies Veea may develop.
Such claims could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects. 36 Third-party claims of intellectual property infringement, misappropriation or other violations against us or Veea’s collaborators may prevent or delay the development and commercialization of Veea’s products and other proprietary technologies Veea may develop.
These broad market and industry fluctuations may adversely affect the market price of the Common Stock, regardless of Veea’s actual operating performance. In addition, price volatility may be greater if the public float and trading volume of the Common Stock is low. 40 In the past, following periods of market volatility, stockholders have instituted securities class action litigation.
These broad market and industry fluctuations may adversely affect the market price of the common stock, regardless of Veea’s actual operating performance. In addition, price volatility may be greater if the public float and trading volume of the common stock is low. In the past, following periods of market volatility, stockholders have instituted securities class action litigation.
Sales of substantial numbers of such shares in the public market or the fact that such Warrants may be exercised could adversely affect the prevailing market prices of the Common Stock. However, there is no guarantee that the Warrants will ever be in the money prior to their expiration, and as such, the Warrants may expire worthless.
Sales of substantial numbers of such shares in the public market or the fact that such warrants may be exercised could adversely affect the prevailing market prices of the common stock. However, there is no guarantee that certain warrants will ever be in the money prior to their expiration, and as such, the warrants may expire worthless.
As a result, Veea’s failure to maintain high quality services may have a material adverse effect on its business, financial condition, results of operations, and growth prospects. 23 Real or perceived errors, failures, defects, or bugs in Veea’s platforms could adversely affect its results of operations and growth prospects.
As a result, Veea’s failure to maintain high quality services may have a material adverse effect on its business, financial condition, results of operations, and growth prospects. Real or perceived errors, failures, defects, or bugs in Veea’s platforms could adversely affect its results of operations and growth prospects.
Market conditions and disruptions in the market (such as due to economic downturn, and geopolitical developments such as the war in Ukraine) may make equity and debt financing more difficult to obtain and may have a material adverse effect on Veea’s ability to meet its fundraising needs.
Market conditions and disruptions in the market (such as due to economic downturn, and geopolitical developments such as the war in Ukraine and Iran) may make equity and debt financing more difficult to obtain and may have a material adverse effect on Veea’s ability to meet its fundraising needs.
If Veea is unable to obtain funding on a timely basis or on acceptable terms, Veea may be required to significantly curtail, delay or discontinue one or more of its research or development programs or commercialization or be unable to expand its operations or otherwise capitalize on its business opportunities as desired, which could materially affect its business, financial condition and results of operations. 20 Raising additional capital may cause dilution to Veea’s stockholders, restrict its operations or require it to relinquish rights to its technologies or products.
If Veea is unable to obtain funding on a timely basis or on acceptable terms, Veea may be required to significantly curtail, delay or discontinue one or more of its research or development programs or commercialization or be unable to expand its operations or otherwise capitalize on its business opportunities as desired, which could materially affect its business, financial condition and results of operations. 23 Raising additional capital may cause dilution to Veea’s stockholders, restrict its operations or require it to relinquish rights to its technologies or products.
The impact to Veea and its customers is longer than expected product delivery schedules which has a direct effect on revenue recognition and cash collection. 28 Ongoing geopolitical and trade uncertainty from a range of factors may have a material adverse impact on Veea’s business, operations, business prospects and consequently on operating results, financial conditions and Veea’s ability to meet Veea’s targets.
The impact to Veea and its customers is longer than expected product delivery schedules which has a direct effect on revenue recognition and cash collection. 31 Ongoing geopolitical and trade uncertainty from a range of factors may have a material adverse impact on Veea’s business, operations, business prospects and consequently on operating results, financial conditions and Veea’s ability to meet Veea’s targets.
In many cases, these laws apply not only to transfers between unrelated third-parties but also to transfers between Veea and its subsidiaries. Many jurisdictions have passed laws in this area, and other jurisdictions are considering imposing additional restrictions. The European Commission adopted the European General Data Protection Regulation (the “GDPR”), which went into effect on May 25, 2018.
In many cases, these laws apply not only to transfers between unrelated third-parties but also to transfers between Veea and its subsidiaries. Many jurisdictions have passed laws in this area, and other jurisdictions are considering imposing additional restrictions. The European Commission adopted the European General Data Protection Regulation (the “ GDPR ”), which went into effect on May 25, 2018.
Such a stock price decline could occur even if Veea has met any previously publicly stated guidance it may provide. Veea has not generated any significant revenue from product sales. Veea’s ability to become profitable depends upon Veea’s ability to generate revenue. To date, Veea has not generated significant revenue from its products or from product sales.
Such a stock price decline could occur even if Veea has met any previously publicly stated guidance it may provide. 22 Veea has not generated any significant revenue from product sales since 2024. Veea’s ability to become profitable depends upon Veea’s ability to generate revenue. To date, Veea has not generated significant revenue from its products or from product sales.
Even if Veea does become profitable, Veea may not be able to sustain or increase its profitability on a quarterly or annual basis. 18 The amount of Veea’s future losses is uncertain, and Veea’s quarterly and annual operating results may fluctuate significantly in the future due to a variety of factors, many of which are outside of its control and may be difficult to predict, including, but not limited to, the following: ● Component supply constraints and sudden, unanticipated price increases from Veea manufacturers, suppliers and vendors; ● Veea’s inability to accurately forecast product demand, resulting in increased inventory exposure and/or lost sales; ● Slow or negative growth in the networking, smart agriculture, smart building, smart retail and related technology markets; ● Changes in U.S. and international trade policy that adversely affect customs, tax or duty rates and/or currency fluctuations; ● Intense competition from established and emerging players; ● Rapid technological change leading to product obsolescence; ● Slowdown or changes in market demand for technology products and services; ● Reliance on a limited number of customers or products for revenue; ● Inability to raise additional capital if needed; ● Failure to effectively manage and scale critical infrastructure; and ● Delays in product development and manufacturing causing missed market opportunities.
The amount of Veea’s future losses is uncertain, and Veea’s quarterly and annual operating results may fluctuate significantly in the future due to a variety of factors, many of which are outside of its control and may be difficult to predict, including, but not limited to, the following: ● Component supply constraints and sudden, unanticipated price increases from Veea manufacturers, suppliers and vendors; ● Veea’s inability to accurately forecast product demand, resulting in increased inventory exposure and/or lost sales; ● Slow or negative growth in the networking, smart agriculture, smart building, smart retail and related technology markets; ● Changes in U.S. and international trade policy that adversely affect customs, tax or duty rates and/or currency fluctuations; ● Intense competition from established and emerging players; ● Rapid technological change leading to product obsolescence; ● Slowdown or changes in market demand for technology products and services; ● Reliance on a limited number of customers or products for revenue; ● Inability to raise additional capital if needed; ● Failure to effectively manage and scale critical infrastructure; and ● Delays in product development and manufacturing causing missed market opportunities.
Veea is an emerging growth company and a smaller reporting company within the meaning of the Securities Act, and if Veea takes advantage of certain exemptions from disclosure requirements available to “emerging growth companies” or “smaller reporting companies,” this could make its securities less attractive to investors and may make it more difficult to compare its performance with other public companies.
Veea is an “emerging growth company” and a “smaller reporting company” within the meaning of the Securities Act, and if Veea takes advantage of certain exemptions from disclosure requirements available to “emerging growth companies” or “smaller reporting companies,” this could make its securities less attractive to investors and may make it more difficult to compare its performance with other public companies.
If Veea were involved in securities litigation, it could have a substantial cost and divert resources and the attention of management from Veea’s business regardless of the outcome of such litigation. On January 10, 2025, Veea filed a registration statement with the SEC on Form S-8.
If Veea were involved in securities litigation, it could have a substantial cost and divert resources and the attention of management from Veea’s business regardless of the outcome of such litigation. On January 10, 2025 and January 29, 2026, Veea filed registration statements on Form S-8 with the SEC.
As a publicly traded company, Veea will incur significant legal, accounting, and other expenses that Veea was not required to incur prior to the closing of the Business Combination, particularly after it is no longer an “emerging growth company.” In addition, new and changing laws, regulations, and standards relating to corporate governance and public disclosure, including changing regulations of the SEC and Nasdaq, have created uncertainty for public companies and have increased the costs and the time that Veea’s Board and management must devote to compliance.
As a publicly traded company, Veea will incur significant legal, accounting, and other expenses, particularly after it is no longer an “emerging growth company.” In addition, new and changing laws, regulations, and standards relating to corporate governance and public disclosure, including changing regulations of the SEC and Nasdaq, have created uncertainty for public companies and have increased the costs and the time that Veea’s Board and management must devote to compliance.
Veea could be an emerging growth company for up to five years, although circumstances could cause it to lose that status earlier, including if the market value of the Common Stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case Veea would no longer be an emerging growth company as of the following December 31.
Veea could be an emerging growth company for up to five years, although circumstances could cause it to lose that status earlier, including if Veea’s annual revenue exceeds $1.235 billion or the market value of the common stock held by non-affiliates exceeds $700 million as of any June 30 before that time, in which case Veea would no longer be an emerging growth company as of the following December 31.
Changes to existing laws, rules, regulations and technical standards, or the implementation of new laws, rules, regulations and technical standards relating to products and services not previously regulated, could adversely affect Veea’s development efforts by increasing compliance costs and causing delay.
Further, Veea develops many of its products and services based on existing laws, rules, regulations and technical standards. Changes to existing laws, rules, regulations and technical standards, or the implementation of new laws, rules, regulations and technical standards relating to products and services not previously regulated, could adversely affect Veea’s development efforts by increasing compliance costs and causing delay.
Subject to the expiration of any applicable lock-ups or vesting periods, shares registered under the registration statement on Form S-8 will automatically become effective upon filing and be available for resale immediately in the public market without restriction.
Subject to the expiration of any applicable lock-ups or vesting periods, shares registered under the registration statements on Form S-8 became effective upon filing and are available for resale immediately in the public market without restriction.
If Veea or Veea’s licensors are unsuccessful in any of these proceedings, such patent rights may be narrowed, invalidated or held unenforceable. The foregoing could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects.
Veea’s owned and licensed patent rights may be subject to priority, validity, inventorship and enforceability disputes. If Veea or Veea’s licensors are unsuccessful in any of these proceedings, such patent rights may be narrowed, invalidated or held unenforceable. The foregoing could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects.
The potential adverse effects of an economic downturn include: ● reduced demand for products and services, resulting in increased price competition or deferrals of purchases, with lower revenues not fully compensated through reduced costs; ● excess and obsolete inventories and excess manufacturing capacity; ● financial difficulties or failures among Veea’s suppliers; ● increased demand for customer finance, difficulties in collection of accounts receivable and increased risk of counter party failures; 27 ● impairment losses related to Veea’s intangible assets as a result of lower forecasted sales of certain products; and ● increased difficulties in forecasting sales and financial results as well as increased volatility in Veea’s reported results.
The potential adverse effects of an economic downturn include: ● reduced demand for products and services, resulting in increased price competition or deferrals of purchases, with lower revenues not fully compensated through reduced costs; ● excess and obsolete inventories and excess manufacturing capacity; ● financial difficulties or failures among Veea’s suppliers; ● increased demand for customer finance, difficulties in collection of accounts receivable and increased risk of counter party failures; ● impairment losses related to Veea’s intangible assets as a result of lower forecasted sales of certain products; and ● increased difficulties in forecasting sales and financial results as well as increased volatility in Veea’s reported results. 30 Veea’s operations in foreign countries expose us to certain risks inherent in doing business internationally, which may adversely affect Veea’s business, results of operations or financial condition.
Item 1A. Risk Factors ” elsewhere in this Annual Report. Risks Related to Our Limited Operating History, Financial Position, and Capital Requirements Veea has incurred significant losses in recent years and anticipates that it will continue to incur significant losses in the near term. Veea has suffered recurring losses from operations since its inception.
Risk Factors” elsewhere in this Annual Report. Risks Related to Our Limited Operating History, Financial Position, and Capital Requirements Veea has incurred significant losses in recent years and may continue to incur significant losses in the near term. Veea has suffered recurring losses from operations since its inception.
Any cybersecurity incident including unintended use, misconfiguration, or unintended actions, involving Veea’s operations, supply chain, product development, services, third-party providers or installed product base, could cause severe harm to Veea and could have a material adverse effect on Veea’s business, financial performance, customer and vendor relationships, reputation and brand, and may introduce the possibility of litigation or regulatory investigations or actions. 36 The presence of vulnerabilities in Veea’s products, services or operations, may not be detected during product development and operations, and may be leveraged by a threat actor to cause material harm to Veea or Veea’s customers.
Any cybersecurity incident including unintended use, misconfiguration, or unintended actions, involving Veea’s operations, supply chain, product development, services, third-party providers or installed product base, could cause severe harm to Veea and could have a material adverse effect on Veea’s business, financial performance, customer and vendor relationships, reputation and brand, and may introduce the possibility of litigation or regulatory investigations or actions.
As such, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of Veea’s patent applications and the enforcement or defense of patents to issue, all of which could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects.
As such, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of Veea’s patent applications and the enforcement or defense of patents to issue, all of which could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects. 35 In addition, the patent positions of companies in the development and commercialization of biologics and pharmaceuticals are particularly uncertain.
Additional impacts could include: ● reduced or lost market access; ● decreased ability for unrestricted use of Veea’s global supply chain for all markets, e.g., as a result of import or export restrictions in the US and China; ● increased trade restrictions, including economic sanctions and export controls, tariffs and increased costs which may not be recoverable; ● separation of global standards for mobile telecommunication; ● sourcing restrictions and constraints for access to hardware and software products and components; ● reduced efficiency in research and development (“ R&D ”) and restrictions in use of R&D resources; ● deferrals of purchases, with lower revenues not fully compensated through reduced costs; ● excess and obsolete inventories and excess manufacturing capacity; ● financial difficulties or failures among Veea’s suppliers; ● impairment losses related to Veea’s intangible assets as a result of lower forecasted sales of certain products; and ● increased difficulties in forecasting sales and financial results as well as increased volatility in Veea’s reported results. 29 If Veea fails to maintain effective internal control over financial reporting or identify a material weakness or significant deficiency in its internal control over financial reporting, Veea’s ability to report its financial condition and results of operations in a timely and accurate manner could be adversely affected, investor confidence in Veea company could diminish, and the value of its stock may decline.
Additional impacts could include: ● reduced or lost market access; ● decreased ability for unrestricted use of Veea’s global supply chain for all markets, e.g., as a result of import or export restrictions in the US and China; ● increased trade restrictions, including economic sanctions and export controls, tariffs and increased costs which may not be recoverable; ● separation of global standards for mobile telecommunication; ● sourcing restrictions and constraints for access to hardware and software products and components; ● reduced efficiency in research and development (“ R&D ”) and restrictions in use of R&D resources; ● deferrals of purchases, with lower revenues not fully compensated through reduced costs; ● excess and obsolete inventories and excess manufacturing capacity; ● financial difficulties or failures among Veea’s suppliers; ● impairment losses related to Veea’s intangible assets as a result of lower forecasted sales of certain products; and ● increased difficulties in forecasting sales and financial results as well as increased volatility in Veea’s reported results.
To the extent Veea takes advantage of such reduced disclosure obligations, it may also make comparison of its financial statements with other public companies difficult or impossible. A significant portion of Veea’s total outstanding shares are restricted from immediate resale but may be sold into the market in the near future.
To the extent Veea takes advantage of such reduced disclosure obligations, it may also make comparison of its financial statements with other public companies difficult or impossible. A significant portion of Veea’s total outstanding shares may be sold into the market at any time.
Veea’s management team has limited experience managing a public company and regulatory compliance may divert their attention from the day-to-day management of Veea’s business. Most of the individuals who now constitute Veea’s management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies.
Most of the individuals who now constitute Veea’s management team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly complex laws pertaining to public companies.
Veea’s issuance of additional shares of the Common Stock or convertible securities could make it difficult for another company to acquire Veea, may dilute your ownership of Veea and could adversely affect price of the Common Stock.
Veea’s issuances of additional shares of the common stock under the 2024 Incentive Plan could make it difficult for another company to acquire Veea, may dilute your ownership of Veea and could adversely affect price of the common stock.
Because decisions to purchase Veea’s platforms involves significant financial commitments, potential customers generally evaluate Veea’s platforms at multiple levels within their organization, each of which often have specific requirements and typically involve their senior management. 22 Veea’s results of operations depend on sales to government and commercial enterprise organizations, which make product purchasing decisions based in part or entirely on factors, or perceived factors, not directly related to the features of the platforms, including, among others, that customer’s projections of business growth, uncertainty about macroeconomic conditions, capital budgets, anticipated cost savings from the implementation of our platforms, potential preference for such customer’s internally-developed solutions, perceptions about Veea’s business and platforms, more favorable terms offered by potential competitors, and previous technology investments.
Veea’s results of operations depend on sales to government and commercial enterprise organizations, which make product purchasing decisions based in part or entirely on factors, or perceived factors, not directly related to the features of the platforms, including, among others, that customer’s projections of business growth, uncertainty about macroeconomic conditions, capital budgets, anticipated cost savings from the implementation of our platforms, potential preference for such customer’s internally-developed solutions, perceptions about Veea’s business and platforms, more favorable terms offered by potential competitors, and previous technology investments.
In addition, the patent positions of companies in the development and commercialization of biologics and pharmaceuticals are particularly uncertain. Recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain situations. Depending on future actions by the U.S.
Recent U.S. Supreme Court rulings have narrowed the scope of patent protection available in certain circumstances and weakened the rights of patent owners in certain situations. Depending on future actions by the U.S.
On January 10, 2025, Veea filed a registration statement with the SEC on Form S-8 providing for the registration of shares of the Common Stock issued or reserved for issuance under the 2024 Incentive Equity Plan (the “2024 Plan”).
On January 10, 2025 and January 29, 2026, Veea filed registration statements on Form S-8 with the SEC providing for the registration of shares of the common stock issued or reserved for issuance under the 2024 Incentive Equity Plan, as amended (the “ 2024 Incentive Plan ”).
If Veea does not develop enhancements to its services and introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition could be adversely affected.
Veea’s failure to manage growth effectively could have a material adverse effect on its business, results of operations and financial condition. 24 If Veea does not develop enhancements to its services and introduce new services that achieve market acceptance, its growth, business, results of operations and financial condition could be adversely affected.
These sales, or the possibility that these sales may occur, also might make it more difficult for Veea to sell equity securities in the future at a time and at a price that it deems appropriate.
These sales, or the possibility that these sales may occur, also might make it more difficult for Veea to sell equity securities in the future at a time and at a price that it deems appropriate. Certain significant stockholders may sell a substantial number of shares of common stock in the public market at any time.
This concentration of ownership may have the effect of delaying, preventing or deterring a change of control of Veea, could deprive Veea’s stockholders of an opportunity to receive a premium for their common stock as part of a sale of Veea and might ultimately affect the market price of the Common Stock. 43 Warrants exercised for Common Stock would increase the number of shares eligible for future resale in the public market and result in dilution to its shareholders.
This concentration of ownership may have the effect of delaying, preventing or deterring a change of control of Veea, could deprive Veea’s stockholders of an opportunity to receive a premium for their common stock as part of a sale of Veea and might ultimately affect the market price of the common stock.
In addition, Veea depends on its internet bandwidth suppliers to provide uninterrupted and error-free service through their, networks. Veea exercises little control over these third-party providers, which increases its vulnerability to problems with the services they provide. When problems occur, it may be difficult to identify the source of the problem.
Veea relies on services from third-party telecommunications providers in order to provide services to its customers and their customers. In addition, Veea depends on its internet bandwidth suppliers to provide uninterrupted and error-free service through their, networks. Veea exercises little control over these third-party providers, which increases its vulnerability to problems with the services they provide.
This may make comparison of its financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
This may make comparison of its financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. 46 Additionally, Veea is a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K.
Furthermore, Veea’s data transfer policies may be subject to additional compliance requirement and regulatory burdens, and Veea may be required to make further adjustments to its business practices to comply with the interpretation and implementation of such laws, which may increase our compliance costs and adversely affect our operating results.
Furthermore, Veea’s data transfer policies may be subject to additional compliance requirement and regulatory burdens, and Veea may be required to make further adjustments to its business practices to comply with the interpretation and implementation of such laws, which may increase our compliance costs and adversely affect our operating results. 40 Veea is required to comply with anti-corruption (including anti-bribery, anti-money-laundering, sanctions, terror finance and anti-terrorism) laws, rules and regulations in the jurisdictions in which Veea does business.
Veea may become involved in lawsuits to protect or enforce Veea’s patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful. Third parties, such as a competitor, may infringe Veea’s patent rights.
If Veea does not prevail in the patent proceedings the third parties may assert a claim of patent infringement directed at Veea’s products. 37 Veea may become involved in lawsuits to protect or enforce Veea’s patents and other intellectual property rights, which could be expensive, time-consuming and unsuccessful. Third parties, such as a competitor, may infringe Veea’s patent rights.
Although Veea has entered into employment or consulting agreements with certain of Veea’s personnel, their employment is generally for no specific duration. 26 Veea’s future performance also depends on the continued services and continuing contributions of Veea’s senior management team, which include Allen Salmasi, Veea’s Founder and Chief Executive Officer to execute on Veea’s business plan and to identify and pursue new opportunities and product innovations.
Veea’s future performance also depends on the continued services and continuing contributions of Veea’s senior management team, which include Allen Salmasi, Veea’s Founder and Chief Executive Officer, to execute on Veea’s business plan and to identify and pursue new opportunities and product innovations. Veea has not entered into an employment agreement with Mr. Salmasi.
Following the expiration of the lock-ups under the Lock-Up Agreements, sales of a substantial number of shares of Common Stock in the public market could occur. These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of the Common Stock.
These sales, or the perception in the market that the holders of a large number of shares intend to sell shares, could reduce the market price of the common stock.
Reporting obligations as a public company are likely to place a considerable strain on Veea’s financial and management systems, processes, and controls, as well as on its personnel. 41 In addition, prior to the Business Combination, Private Veea was not required to document and test its internal controls over financial reporting nor was Private Veea’s management required to certify the effectiveness of its internal controls, and its auditors have not been required to opine on the effectiveness of Private Veea’s internal controls over financial reporting.
In addition, prior to the Business Combination, Private Veea was not required to document and test its internal controls over financial reporting nor was Private Veea’s management required to certify the effectiveness of its internal controls and its auditors have not been required to opine on the effectiveness of Private Veea’s internal controls over financial reporting.
Compliance failures as well as required operational changes could have a material adverse impact on Veea, including its reputation, business, financial condition, results of operations, cash flows or prospects. Further, Veea develops many of its products and services based on existing laws, rules, regulations and technical standards.
Compliance with changed laws, rules or regulations may subject Veea to increased costs or reduced products and services demand. Compliance failures as well as required operational changes could have a material adverse impact on Veea, including its reputation, business, financial condition, results of operations, cash flows or prospects.
For example, fluctuations in exchange rates may affect Veea’s revenue, expenses and results of operations as well as the value of Veea’s assets and liabilities as reflected in our financial statements.
Veea has revenue, operations, contract manufacturing arrangements in foreign countries that expose Veea to certain risks. For example, fluctuations in exchange rates may affect Veea’s revenue, expenses and results of operations as well as the value of Veea’s assets and liabilities as reflected in our financial statements.
Therefore, Veea cannot be certain that Veea or Veea’s licensors were the first to make the inventions claimed in any of Veea’s owned or licensed patents or pending patent applications, or that Veea or Veea’s licensors were the first to file for patent protection of such inventions. 30 The patent position of technology companies generally is highly uncertain and involves complex legal and factual questions.
Therefore, Veea cannot be certain that Veea or Veea’s licensors were the first to make the inventions claimed in any of Veea’s owned or licensed patents or pending patent applications, or that Veea or Veea’s licensors were the first to file for patent protection of such inventions.
If we fail to maintain positive relationships with our distributors or channel partners, fail to develop new relationships with other distributors or channel partners (including in new markets), fail to manage, train, or incentivize our existing distributors or channel partners effectively, or fail to strike agreements with attractive terms, or if our distributors and channel partners are not successful in their businesses, our revenue may decrease, and our operating results, reputation, and business may be harmed.
If we fail to maintain positive relationships with our distributors or channel partners, fail to develop new relationships with other distributors or channel partners (including in new markets), fail to manage, train, or incentivize our existing distributors or channel partners effectively, or fail to strike agreements with attractive terms, or if our distributors and channel partners are not successful in their businesses, our revenue may decrease, and our operating results, reputation, and business may be harmed. 27 Additionally, if Veea does not effectively manage its sales channel and distributor inventory and product mix, it may incur costs associated with excess inventory or lose sales from having too few products.
Because of the numerous risks and uncertainties associated with developing computing technology products, Veea is unable to predict the extent of any future losses or when Veea will become profitable, if at all.
Because of the numerous risks and uncertainties associated with developing computing technology products, Veea is unable to predict the extent of any future losses or when Veea will become profitable, if at all. Even if Veea does become profitable, Veea may not be able to sustain or increase its profitability on a quarterly or annual basis.
In such an event, potential competitors might be able to enter the market with similar or identical products or technology, which could have a material adverse effect on Veea’s business, financial condition, results of operations, and prospects. 32 Changes in patent law in the U.S. or worldwide could diminish the value of patents in general, thereby impairing Veea’s ability to protect any products Veea may develop and Veea’s technology.
In such an event, potential competitors might be able to enter the market with similar or identical products or technology, which could have a material adverse effect on Veea’s business, financial condition, results of operations, and prospects.
Any of the foregoing could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects. 33 Veea may be subject to claims that Veea’s employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what Veea regards as Veea’s own intellectual property.
Veea may be subject to claims that Veea’s employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what Veea regards as Veea’s own intellectual property.
In addition, Veea will incur significant sales, marketing and manufacturing expenses, in addition to the additional associated costs Veea will incur in connection with operating as a public company after the closing of the Business Combination. As a result, Veea expects to continue to incur significant operating losses over the next several years.
In addition, Veea will incur significant sales, marketing and manufacturing expenses, in addition to the additional associated costs Veea will continue incurring in connection with operating as a public company. As a result, Veea may continue to incur significant operating losses in the near term.
As a result, the issuance, scope, validity, enforceability and commercial value of Veea’s patent rights are highly uncertain. Veea’s patent applications may not result in patents being issued which protect Veea’s products and other proprietary technologies which Veea may develop, or which effectively prevent others from commercializing competitive technologies and products.
Veea’s patent applications may not result in patents being issued which protect Veea’s products and other proprietary technologies which Veea may develop, or which effectively prevent others from commercializing competitive technologies and products.
Until such time, if ever, as Veea can generate substantial product revenue, Veea expects to finance its cash needs through a combination of private and public equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. Veea does not have any committed external source of funds.
Until such time, if ever, as Veea can generate substantial product revenue, Veea expects to finance its cash needs through a combination of private and public equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. No additional borrowing capacity remains under Veea’s current unsecured line of credit.
If Veea or any of Veea’s licensors is forced to grant a license to third parties with respect to any patents relevant to Veea’s business, Veea’s competitive position may be impaired, and Veea’s business, financial condition, results of operations and prospects may be adversely affected.
If Veea or any of Veea’s licensors is forced to grant a license to third parties with respect to any patents relevant to Veea’s business, Veea’s competitive position may be impaired, and Veea’s business, financial condition, results of operations and prospects may be adversely affected. 34 Issued patents covering products Veea may develop could be found invalid or unenforceable if challenged in court or before administrative bodies in the U.S. or abroad.
It is expected that Veea will improve its internal controls over financial reporting, which includes hiring additional accounting and financial personnel to implement such processes and controls. It is expected that Veea will incur costs related to implementing an internal audit and compliance function in the upcoming years to further improve its internal controls environment.
It is expected that Veea will improve its internal controls over financial reporting, which includes hiring additional accounting and financial personnel to implement such processes and controls.
Regulatory changes related to e.g., license fees, environment, health and safety, privacy (including the cross-border transfer of personal data for example between the EU and the US), and other regulatory areas may increase costs and restrict Veea’s operations. 37 Veea is subject to certain US, international laws, rules, policies and other obligations, including anti-corruption (including anti-bribery, anti-money-laundering, sanctions, terror finance and anti-terrorism) laws, rules and regulations.
Regulatory changes related to e.g., license fees, environment, health and safety, privacy (including the cross-border transfer of personal data for example between the EU and the US), and other regulatory areas may increase costs and restrict Veea’s operations.
If the sensitive information is lost or improperly disclosed or threatened to be disclosed, Veea could incur significant liability and be subject to regulatory scrutiny and penalties, including costs associated with remediation. Veea is also required to comply with ever-more stringent privacy regulations, the violation of which can lead to financial penalties and reputational injury.
If the sensitive information is lost or improperly disclosed or threatened to be disclosed, Veea could incur significant liability and be subject to regulatory scrutiny and penalties, including costs associated with remediation.
If Veea’s sales efforts to a potential customer do not result in sufficient revenue to justify Veea’s investments, including in its growing direct sales force, its business, financial condition, and results of operations could be adversely affected.
If Veea’s sales efforts to a potential customer do not result in sufficient revenue to justify Veea’s investments, including in its growing direct sales force, its business, financial condition, and results of operations could be adversely affected. 25 Veea’s ability to sell its platform and satisfy its customers is dependent on the quality of its services, and its failure to offer high quality services could have a material adverse effect on its sales and results of operations.
However, there are no guarantees that Veea will be successful in attracting and retaining employees with the right skills in the future, and failure in retaining and recruiting could have a material adverse effect on Veea’s business and brand.
However, there are no guarantees that Veea will be successful in attracting and retaining employees with the right skills in the future, and failure in retaining and recruiting could have a material adverse effect on Veea’s business and brand. 29 Veea’s management team has limited experience managing a public company and regulatory compliance may divert their attention from the day-to-day management of Veea’s business.
As a result, Veea is subject to significant growth-related risks, including the risk that it will be unable to hire or retain the necessary personnel or acquire other resources necessary to service such growth adequately. Veea’s failure to manage growth effectively could have a material adverse effect on its business, results of operations and financial condition.
As a result, Veea is subject to significant growth-related risks, including the risk that it will be unable to hire or retain the necessary personnel or acquire other resources necessary to service such growth adequately.
If Veea is unable to obtain a necessary license to a third-party patent on commercially reasonable terms, Veea may be unable to commercialize the infringing products or technologies or such commercialization efforts may be significantly delayed, which could in turn significantly harm Veea’s business. 34 Defense of infringement claims, regardless of their merit, would involve substantial litigation expense and would be a substantial diversion of management and other employee resources from Veea’s business, and may impact Veea’s reputation.
If Veea is unable to obtain a necessary license to a third-party patent on commercially reasonable terms, Veea may be unable to commercialize the infringing products or technologies or such commercialization efforts may be significantly delayed, which could in turn significantly harm Veea’s business.
Veea’s contractual liability disclaimers could be set-aside by a court or administrative agency, exposing Veea to economic and reputational injury. Veea bears costs and risks associated with relying on distribution and partnering arrangements. Recruiting and retaining qualified third-party distributors and channel partners and training them in our technology and product offerings require significant time and resources.
Veea bears costs and risks associated with relying on distribution and partnering arrangements. Recruiting and retaining qualified third-party distributors and channel partners and training them in our technology and product offerings require significant time and resources.
Real or perceived errors, failures, or bugs in our platforms and services, or dissatisfaction with Veea’s services and outcomes, could result in customer terminations and/or claims by customers for losses sustained by them.
Hackers or other malicious parties could circumvent Veea’s or Veea’s customers’ security measures, and customers may misuse Veea’s platforms resulting in a security breach or perceived product failure. 26 Real or perceived errors, failures, or bugs in our platforms and services, or dissatisfaction with Veea’s services and outcomes, could result in customer terminations and/or claims by customers for losses sustained by them.
In addition, the shares of the Common Stock reserved for future issuance under the 2024 Plan will become eligible for sale in the public market once those shares are issued, subject to provisions relating to various vesting agreements, lock-up agreements and, in some cases, limitations on volume and manner of sale by affiliates under Rule 144, as applicable. 4,460,437 shares of Common Stock were initially reserved for future issuance under the 2024 Plan, subject to increase by the lesser of three percent (3%) of the aggregate number of fully diluted shares of Veea outstanding on the final day of the immediately preceding calendar year or such smaller number of shares as is determined by the administrator of the 2024 Plan.
In addition, the shares of the common stock reserved for future issuance under the 2024 Incentive Plan will become eligible for sale in the public market once those shares are issued, subject to provisions relating to various vesting agreements, lock-up agreements and, in some cases, limitations on volume and manner of sale by affiliates under Rule 144, as applicable.
Veea’s directors, executive officers and principal stockholders have substantial control over Veea, which could limit Veea’s ability to influence the outcome of key transactions, including a change of control.
Thus, the market price of the common stock could decline if such stockholders of Veea elect to sell them or are perceived by the market as intending to sell them. Veea’s directors, executive officers and principal stockholders have substantial control over Veea, which could limit Veea’s ability to influence the outcome of key transactions, including a change of control.
As a public reporting company, Veea is subject to rules and regulations established from time to time by the SEC regarding its internal controls over financial reporting.
Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to our stockholders. As a public reporting company, Veea is subject to rules and regulations established from time to time by the SEC regarding its internal controls over financial reporting.
If some investors find Veea’s securities less attractive as a result of its reliance on these exemptions, the trading prices of its securities may be lower than they otherwise would be, there may be a less active trading market for its securities and the trading prices of its securities may be more volatile. 42 Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.
Even if Veea is successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.
Even if Veea is successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees. Any of the foregoing could have a material adverse effect on Veea’s business, financial condition, results of operations and prospects.
Alleviating any of these problems could require additional significant expenditures of Veea’s capital and other resources and could cause interruptions, delays, or cessation of Veea’s product licensing, which could cause Veea to lose existing or potential customers and could adversely affect Veea’s business, financial condition, results of operations, and growth prospects. 24 A product failure could expose Veea to damages (including consequential damages or strict liability) if used in certain critical usage situations (e.g., monitoring a critical system like a transportation control system or water level control use case).
Alleviating any of these problems could require additional significant expenditures of Veea’s capital and other resources and could cause interruptions, delays, or cessation of Veea’s product licensing, which could cause Veea to lose existing or potential customers and could adversely affect Veea’s business, financial condition, results of operations, and growth prospects.
Additionally, Veea is a “smaller reporting company” as defined in Item 10(f)(1) of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
Smaller reporting companies may take advantage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
Veea has not entered into an employment agreement with Mr. Salmasi. The loss of services of Veea’s senior management team, particularly Veea’s Chief Executive Officer could significantly delay or prevent the achievement of Veea’s development and strategic objectives, which could adversely affect Veea’s business, financial condition and results of operations.
The loss of services of Veea’s senior management team, particularly Mr. Salmasi, could significantly delay or prevent the achievement of Veea’s development and strategic objectives, which could adversely affect Veea’s business, financial condition and results of operations. Veea may not be successful in continuing to attract and retain highly qualified employees to remain competitive.
Veea’s efforts to enforce or protect Veea’s proprietary rights related to trademarks, trade names, domain name or other intellectual property may be ineffective and could result in substantial costs and diversion of resources and could adversely affect Veea’s business, financial condition, results of operations and prospects. 35 Risks Related to Cybersecurity and Data Privacy If Veea’s security measures are breached or fail and unauthorized access is obtained to a customer’s data, Veea’s service may be perceived as insecure, the attractiveness of its services to current or potential customers may be reduced, and Veea may incur significant liabilities.
Risks Related to Cybersecurity and Data Privacy If Veea’s security measures are breached or fail and unauthorized access is obtained to a customer’s data, Veea’s service may be perceived as insecure, the attractiveness of its services to current or potential customers may be reduced, and Veea may incur significant liabilities.
As restrictions on resale end and registration statements (filed after the Closing to provide for the resale of such shares from time to time) are available for use, the sale or possibility of sale of these shares could have the effect of increasing the volatility in the share price of the Common Stock or the market price of the Common Stock could decline if the holders of currently restricted shares sell them or are perceived by the market as intending to sell them.
As registration statements are available for use, the sale or possibility of sale of these shares could have the effect of increasing the volatility in the share price of the common stock or the market price of the common stock could decline if the holders of currently restricted shares sell them or are perceived by the market as intending to sell them. 44 Depending upon market liquidity at the time, sales of shares of our common stock under the White Lion Purchase Agreement (as defined below) may cause the trading price of our common stock to decline.
A material weakness is a deficiency, or combination of deficiencies, in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Veea’s annual or interim financial statements will not be prevented or detected on a timely basis.
The Sarbanes-Oxley Act of 2002 (the “ Sarbanes-Oxley Act ”) requires, among other things, that as a publicly traded company, Veea discloses whether our internal control over financial reporting and disclosure controls and procedures are effective. 32 A material weakness is a deficiency, or combination of deficiencies, in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Veea’s annual or interim financial statements will not be prevented or detected on a timely basis.
Such proceedings could substantially increase Veea’s operating losses and reduce the resources available for development activities or any future sales, marketing or distribution activities. If Veea does not prevail in the patent proceedings the third parties may assert a claim of patent infringement directed at Veea’s products.
Such proceedings could substantially increase Veea’s operating losses and reduce the resources available for development activities or any future sales, marketing or distribution activities.
Risks Related to Compliance with Law, Government Regulation and Litigation Veea could experience penalties and adverse rulings in enforcement or other proceedings for non-compliance with laws, rules and regulations governing its business (e.g., frequency certifications). Compliance with changed laws, rules or regulations may subject Veea to increased costs or reduced products and services demand.
Veea is also required to comply with ever-more stringent privacy regulations, the violation of which can lead to financial penalties and reputational injury. 39 Risks Related to Compliance with Law, Government Regulation and Litigation Veea could experience penalties and adverse rulings in enforcement or other proceedings for non-compliance with laws, rules and regulations governing its business (e.g., frequency certifications).
In addition, whether there is an actual or a perceived breach of Veea’s security, the market perception of the effectiveness of Veea’s security measures could be harmed and Veea could lose current or potential customers.
In addition, whether there is an actual or a perceived breach of Veea’s security, the market perception of the effectiveness of Veea’s security measures could be harmed and Veea could lose current or potential customers. 38 Cybersecurity incidents may have a material adverse effect on Veea’s business, operations, financial performance, customer and vendor relationships, reputation and brand, and may introduce the possibility of litigations or regulatory investigations or actions.
These laws, rules, regulations and other requirements have a high focus on anti-corruption (including anti-bribery, anti-money-laundering, sanctions, terror finance and anti-terrorism). To ensure that Veea’s operations are conducted in accordance with applicable laws, rules, regulations and other requirements, Veea’s employees are subject to ethical standards in its Employee Handbook and other sources.
These laws, rules, regulations and other requirements have a high focus on anti-corruption (including anti-bribery, anti-money-laundering, sanctions, terror finance and anti-terrorism).
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Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
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Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
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2024 filing
2025 filing
Biggest changeThe framework allows us to identify, assess and mitigate the risks we face, and assists us in establishing policies and safeguards to protect our systems and the information of those we serve. 49 Risk Management Strategy The Company’s cybersecurity risk management program is focused on the following key areas: ● Governance: Our Audit Committee of our Board of Directors has oversight of our cybersecurity program and is in the process of implementing procedures to obtain regular updates on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party and independent reviews, and other information security considerations.
Biggest changeRisk Management Strategy The Company’s cybersecurity risk management program is focused on the following key areas: ● Governance: Our Audit Committee of our Board of Directors has oversight of our cybersecurity program and is in the process of implementing procedures to obtain regular updates on our cybersecurity program, including recent developments, key initiatives to strengthen our systems, applicable industry standards, vulnerability assessments, third-party and independent reviews, and other information security considerations.
Gundu and his team are dedicated to integrating security into development, ensuring robust cloud security, enforcing security policies, and driving shift-left practices with operational excellence at the Company. ● Approach: We use a cross-functional approach to identifying, preventing, assessing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that are designed to provide for the prompt escalation of cybersecurity incidents and support appropriate public disclosure and reporting of incidents as required in a timely manner.
Gundu and his team are dedicated to integrating security into development, ensuring robust cloud security, enforcing security policies, and driving shift-left practices with operational excellence at the Company. 53 ● Approach: We use a cross-functional approach to identifying, preventing, assessing, and mitigating cybersecurity threats and incidents, while also implementing controls and procedures that are designed to provide for the prompt escalation of cybersecurity incidents and support appropriate public disclosure and reporting of incidents as required in a timely manner.
We also have global incident response procedures, global service tools to log incidents and issues for investigation, and an ethics line to report concerns and follow up on matters already reported. The Compliance team, led by our Chief Technology Officer, develops and implements our strategy, as well as monitors systems and devices for risks and threats.
We also have global incident response procedures, global service tools to log incidents and issues for investigation, and an ethics line to report concerns and follow up on matters already reported. The compliance team, led by Mr. Gundu, develops and implements our strategy, as well as monitors systems and devices for risks and threats.
ITEM 1C. CYBERSECURITY. We manage cybersecurity and data protection through a continuously evolving framework, as described in further detail below.
ITEM 1C. CYBERSECURITY. We manage cybersecurity and data protection through a continuously evolving framework, as described in further detail below. The framework allows us to identify, assess and mitigate the risks we face, and assists us in establishing policies and safeguards to protect our systems and the information of those we serve.
Item 2. Properties
Properties — owned and leased real estate
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Item 2. Properties
Properties — owned and leased real estate
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2024 filing
2025 filing
Biggest changeITEM 2. PROPERTIES. We are headquartered in New York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; and Juvigny, France. We also maintain a sales and marketing office in Paris, France and Mexico City, Mexico.
Biggest changeITEM 2. PROPERTIES. We are headquartered in New York City, New York. We have engineering offices in Iselin, New Jersey; Bath, United Kingdom; Juvigny, France and San Diego, California. We also maintain a sales and marketing office in Paris, France and Mexico City, Mexico.
Item 3. Legal Proceedings
Legal Proceedings — active lawsuits and investigations
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Item 3. Legal Proceedings
Legal Proceedings — active lawsuits and investigations
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2024 filing
2025 filing
Added
MINE SAFETY DISCLOSURES Not applicable. 54 PART II
Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
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Item 4. Mine Safety Disclosures
Mine Safety Disclosures — required of mining issuers
2 edited+0 added−0 removed0 unchanged
2024 filing
2025 filing
Biggest changeITEM 4. MINE SAFETY DISCLOSURES. 50 PART II ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 51 ITEM 6. [RESERVED] 52 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 53 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 64 ITEM 8.
Biggest changeITEM 4. MINE SAFETY DISCLOSURES. 54 PART II ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 55 ITEM 6. [RESERVED] 56 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 57 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. 69 ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA. 64 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 64 ITEM 9A. CONTROLS AND PROCEDURES. 65 ITEM 9B. OTHER INFORMATION. 65
FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA. 69 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. 69 ITEM 9A. CONTROLS AND PROCEDURES. 70 ITEM 9B. OTHER INFORMATION. 70
Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
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Item 5. Market for Registrant's Common Equity
Market for Common Equity — stock, dividends, buybacks
8 edited+2 added−1 removed2 unchanged
2024 filing
2025 filing
Biggest change(2) Includes 405,580 shares subject to outstanding RSUs. (3) The weighted average exercise price relates solely to outstanding stock option shares since shares subject to RSUs have no exercise price. (4) We do not have equity compensation plans not approved by our stockholders.
Biggest changeFor further detail on our equity compensation plans, please See Note 10 - Stock Incentive Plans to the financial statements included elsewhere in this Annual Report. (2) Includes shares subject to outstanding unvested RSUs. (3) The weighted average exercise price relates solely to outstanding stock option shares since shares subject to RSUs have no exercise price.
Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. 51 Securities Authorized for Issuance Under 2024 Plan We have adopted and approved the 2024 Plan.
Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our board of directors may deem relevant. 55 Securities Authorized for Issuance Under 2024 Plan We have adopted and approved the 2024 Plan.
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASERS OF EQUITY SECURITIES Market information Our shares of Common Stock and public warrants are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “VEEA” and “VEEAW” respectively.
ITEM 5. MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASERS OF EQUITY SECURITIES Market information Our shares of common stock and public warrants are listed on Nasdaq under the symbols “VEEA” and “VEEAW” respectively.
The following table sets forth certain information about the securities authorized for issuance under our incentive plans as of December 31, 2024.
The following table sets forth certain information about the securities authorized for issuance under our incentive plans as of December 31, 2025.
Recent Sales of Unregistered Securities During the year ended December 31, 2024, all sales of unregistered securities by the Company have been previously reported on a Form 8-K or Form 10-Q. Issuer Purchases of Equity Securities We did not repurchase any of our equity securities during the period covered by this Annual Report.
(4) We do not have equity compensation plans not approved by our stockholders. Recent Sales of Unregistered Securities During the year ended December 31, 2025, all sales of unregistered securities by the Company have been previously reported on a Form 8-K or Form 10-Q.
Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted- average exercise price of outstanding options, warrants and rights Number of granted restricted stock awards outstanding Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders (1) 4,196,282 (2) $ 1.04 (3) 405,580 111,636 Equity compensation plans not approved by security holders (4) - - - - 4,196,282 $ 1.04 405,580 111,636 (1) Includes the Veea Inc. 2024 Equity Incentive Plan For further detail on our equity compensation plans, please See Note 10 - Stock Incentive Plans to the financial statements included elsewhere in this Annual Report.
Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted- average exercise price of outstanding options, warrants and rights Number of granted restricted stock awards outstanding Number of securities remaining available for future issuance under equity compensation plans Equity compensation plans approved by security holders (1) 6,216,527 (2) $ 2.47 (3) 600 2,134,776 Equity compensation plans not approved by security holders (4) - - - - 6,216,527 $ 2.47 600 2,134,776 (1) Includes the Veea Inc. 2024 Equity Incentive Plan, as amended.
Under the 2024 Plan, we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. 4,460,437 shares of Common Stock were initially reserved for future issuance under the 2024 Plan, subject to increase by the lesser of three percent (3%) of the aggregate number of fully diluted shares of Veea outstanding on the final day of the immediately preceding calendar year or such smaller number of shares as is determined by the administrator of the 2024 Plan.
To date, an aggregate total of 11,059,966 shares of common stock has been reserved for issuances under the 2024 Plan; subject to further increase by the lesser of three percent (3%) of the aggregate number of fully diluted shares of Veea outstanding on the final day of the immediately preceding calendar year or such smaller number of shares as is determined by the administrator of the 2024 Plan.
On March 28, 2025, the closing price of our Common Stock was $1.56 per share and the closing price for our Warrants was $0.08 per warrant.
On April 13, 2026, the closing price of our common stock was $0.67 per share and the closing price for our public warrants was $0.10 per warrant. Holders of Record As of April 10, 2026, we had 546 holders of record of our common stock and 1 holder of record of public warrants.
Removed
Holders of Record As of March 14, 2025, we had 927 holders of record of our common stock and 1 holder of record of Public Warrants and 5 holders of record of our Private Warrants.
Added
Under the 2024 Plan, we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete.
Added
Issuer Purchases of Equity Securities We did not repurchase any of our equity securities during the period covered by this Annual Report.
Item 7. Management's Discussion & Analysis
Management's Discussion & Analysis (MD&A) — revenue / margin commentary
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Item 7. Management's Discussion & Analysis
Management's Discussion & Analysis (MD&A) — revenue / margin commentary
49 edited+76 added−42 removed46 unchanged
2024 filing
2025 filing
Biggest changeThe 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 $ (38,592 ) -64 % UK R&D tax credit 1,251,243 - $ 1,251,243 NM Loss on initial issuance of convertible note (1,770,933 ) - $ (1,770,933 ) NM Change in fair value of conversion note option liability 840,933 - $ 840,933 NM Change in fair value of warrant liabilities 200,124 - $ 200,124 NM Change in fair value of Earn-out Share Liability 38,040,000 - $ 38,040,000 NM Other expense (244,732 ) (21,857 ) $ (222,875 ) 1020 % Interest expense (1,808,243 ) (5,318,817 ) $ 3,510,574 -66 % Total other income and expense 36,529,782 (5,278,750 ) Net loss $ (47,547,768 ) $ (15,638,589 ) 57 Revenue, net The Company generated revenue of $141,760 and $9,072,130 for the years ended December 31, 2024 and 2023, respectively.
Biggest changeFor the year ended December 31, 2025 compared to year ended December 31, 2024: Year Ended December 31, 2025 2024 Variance $ Variance % Sales, net $ 222,018 $ 141,760 $ 80,258 57 % Cost of goods sold 69,981 83,290 (13,309 ) -16 % Gross profit 152,037 58,470 Operating Expenses: Product development 328,422 1,373,351 (1,044,929 ) -76 % Sales and marketing 349,004 811,537 (462,533 ) -57 % General and administrative, net 17,652,467 26,638,816 (8.986,349 ) -34 % Transaction costs 25,000 55,038,544 (55,013,544 ) NM Depreciation and amortization 632,479 273,772 358,707 131 % Total operating expenses 18,987,372 84,136,020 Loss from operations (18,835,335 ) (84,077,550 ) Other income (expense): Other income, net (5,537 ) 21,390 (26,927 ) -126 % UK R&D Tax Credit 1,202,554 1,251,243 (48,689 ) -4 % Loss on initial issuance of convertible note - (1,770,933 ) 1,770,933 -100 % Change in fair value of convertible note option liability 60,000 840,933 (780,933 ) -93 % Change in fair value of warrant liabilities 360,685 200,124 160,561 80 % Change in fair value of Earn-out Share Liability 13,016,400 38,040,000 (25,023,600 ) -66 % Other expense (256,585 ) (244,732 ) (11,853 ) 27 % Interest expense (2,202,220 ) (1,808,243 ) (393,977 ) 22 % Total other income 12,175,297 36,529,782 Net loss $ (6,660,038 ) $ (47,547,768 ) $ 40,887,730 -86 % Revenue, net The Company generated revenue of approximately $0.2 million and approximately $0.1 million for the years ended December 31, 2025 and 2024, respectively.
General and administrative expenses also includes transaction costs, expenses associated with facilities, information technology, external professional services, legal costs and settlement of legal claims and other administrative expenses. ● Depreciation and amortization : Depreciation and amortization expense consists of depreciation of Veea’s property and equipment and amortization of Veea’s patents and other intellectual property. ● Impairment: Impairment consists of impairment charges related to our in-process research 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.
General and administrative expenses also includes transaction costs, expenses associated with facilities, information technology, external professional services, legal costs and settlement of legal claims and other administrative expenses. ● Depreciation and amortization : Depreciation and amortization expense consists of depreciation of Veea’s property and equipment and amortization of Veea’s patents and other intellectual property. ● Impairment: Impairment consists of impairment charges related to our in-process research and development (“IPR&D”) 61 Results of Operations The following tables set forth the results of our operations for the periods presented, as well as the changes between periods.
In all instances, the Company may not sell shares of its common stock under the Purchase Agreement if it would result in White Lion and its affiliate beneficially owning more than 4.99% of its outstanding voting power or shares of common stock at any one point in time, or the aggregate number of shares of common stock would not exceed 19.99% of the voting power of the issued and outstanding common.
In all instances, the Company may not sell shares of its common stock under the ELOC Purchase Agreement if it would result in White Lion and its affiliate beneficially owning more than 4.99% of its outstanding voting power or shares of common stock at any one point in time, or the aggregate number of shares of common stock would not exceed 19.99% of the voting power of the issued and outstanding common stock.
Veea Edge Platform’s products, applications, and services with a distributed computing architecture, offered as a Platform-as-a-Service capability, empower companies to capitalize on the transformative potential of Edge AI, where most of the data from smartphones, tablets, laptops, cameras, sensors, and other devices is generated, with data privacy and sovereignty, reliability, low latency for real-time decisions, bandwidth efficiency, scalability, and reduced costs compared to alternatives.
VeeaONE platform’s products, applications, and services with a distributed computing architecture, offered as a Platform-as-a-Service capability, empower companies to capitalize on the transformative potential of Edge AI, where most of the data from smartphones, tablets, laptops, cameras, sensors, and other devices is generated, with data privacy and sovereignty, reliability, low latency for real-time decisions, bandwidth efficiency, scalability, and reduced costs compared to alternatives.
The write down for excess or obsolescence is charged to the provision for inventory, which is a component of cost of goods sold in the Company’s consolidated statements of operations and comprehensive loss.
The write down for excess or obsolescence is charged to the provision for inventory, which is a component of cost of goods sold in the Company’s consolidated statements of operations and comprehensive income (loss).
The estimated fair value of the Earn-out Share Liability was determined using a Monte Carlo analysis of 30,000 simulations of the future path of the Company’s stock price over the earnout period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and the risk-free rate.
The estimated fair value of the Earn-out Share Liability was determined using a Monte Carlo analysis of 100,000 simulations of the future path of the Company’s stock price over the earnout period. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones including projected stock price, volatility, and the risk-free rate.
The Company controls the timing and amount of any sales to White Lion, which depended on a variety of factors including, among other things, market conditions, the trading price of the Company’s common stock, and determinations by the Company as to appropriate sources of funding for its business and operations.
The Company controls the timing and amount of any sales to White Lion, which depends on a variety of factors including, among other things, market conditions, the trading price of the Company’s common stock, and determinations by the Company as to appropriate sources of funding for its business and operations.
However, White Lion’s obligation to purchase shares is subject to certain conditions, including the daily trading volume of the Company’s stock.
However, White Lion’s obligation to purchase shares is subject to certain conditions, including the daily trading volume of the Company’s common stock.
In preparing our financial statements, we make estimates, assumptions, and judgments that can have a significant impact on our reported revenue, results of operations, and net income or loss, as well as on the value of certain assets and liabilities on our balance sheet during and as of the reporting periods.
In preparing our financial statements, we make estimates, assumptions, and judgments that can have a significant impact on our reported revenue, results of operations, and net loss, as well as on the value of certain assets and liabilities on our balance sheet during and as of the reporting periods.
See additional information on valuation methodologies and significant assumptions used in Note 3, Summary of Significant Accounting Policies and Note 6 , Goodwill and Intangible Assets , to the accompanying consolidated financial statements included elsewhere in this Annual Report.
See additional information on valuation methodologies and significant assumptions used in Note 2, Summary of Significant Accounting Policies and Note 6 , Goodwill and Intangible Assets , to the accompanying consolidated financial statements included elsewhere in this Annual Report.
See additional information on valuation methodologies and significant assumptions used in Note 3, Summary of Significant Accounting Policies and Note 6 , Goodwill and Intangible Assets , to the accompanying consolidated financial statements included elsewhere in this Annual Report.
See additional information on valuation methodologies and significant assumptions used in Note 2, Summary of Significant Accounting Policies and Note 6 , Goodwill and Intangible Assets , to the accompanying consolidated financial statements included elsewhere in this Annual Report.
Recently Adopted Accounting Pronouncements See Note 3, Summary of Significant Accounting Policies to the accompanying consolidated financial statements included elsewhere in this Annual Report for a description of recently adopted accounting standards.
Recently Adopted Accounting Pronouncements See Note 2, Summary of Significant Accounting Policies to the accompanying consolidated financial statements included elsewhere in this Annual Report for a description of recently adopted accounting standards.
Business” section and our audited financial statements as of the years ended December 31, 2024 and 2023, and related notes and other information included elsewhere in this Annual Report.
Business” section and our audited financial statements as of the years ended December 31, 2025 and 2024, and related notes and other information included elsewhere in this Annual Report.
Veea Edge Platform architecture and business model, VeeaHub Ò and third-party devices on Veea Edge Platform with Hybrid Edge-Cloud Computing and AI-enabled applications and services resemble the Android OS platform architecture and business model for Android devices.
VeeaONE platform architecture and business model, VeeaHub ☐ and third-party devices on VeeaONE platform with Hybrid Edge-Cloud Computing and AI-enabled applications and services resemble the Android OS platform architecture and business model for Android devices.
The Veea Edge Platform offers a complement, and in some cases an alternative, to cloud computing by enabling the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s) across the globe.
The VeeaONE platform offers a complement, and in some cases an alternative, to cloud computing by enabling the formation of highly secure, but easily accessible, private clouds and networks across one or multiple user(s) or enterprise location(s) across the globe.
Recently Issued Accounting Pronouncements See Note 3, Summary of Significant Accounting Policies to the accompanying consolidated financial statements included elsewhere in this Annual Report for a description of certain recently issued accounting standards which may impact our financial statements in future reporting periods. 63
Recently Issued Accounting Pronouncements See Note 2, Summary of Significant Accounting Policies to the accompanying consolidated financial statements included elsewhere in this Annual Report for a description of certain recently issued accounting standards which may impact our financial statements in future reporting periods.
With an extensive patent portfolio of 125 granted patents and 25 pending patent applications that cover 26 patent families, our end-to-end Hybrid Edge-Cloud Computing platform represents a new product category that has the potential for wide scale customer adoption in large segments of consumer and enterprise markets.
With an extensive patent portfolio of 123 granted patents and 32 pending patent applications that cover 26 patent families, our end-to-end Hybrid Edge-Cloud Computing platform represents a new product category that has the potential for wide scale customer adoption in large segments of consumer and enterprise markets.
Such networks are given rise through any combination of our developed devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run the Veea Edge Platform Ô software stack.
Such networks are given rise through any combination of our developed devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run the VeeaONE platform ☐ software stack.
See additional information on valuation methodologies and significant assumptions used in Note 3, Summary of Significant Accounting Policies and Note 4, Reverse Recapatialization , to the accompanying consolidated financial statements included elsewhere in this Annual Report. Goodwill Goodwill represents the excess of the aggregate purchase consideration over the fair value of the net assets acquired.
See additional information on valuation methodologies and significant assumptions used in Note 2, Summary of Significant Accounting Policies and Note 4, Reverse Recapitalization , to the accompanying consolidated financial statements included elsewhere in this Annual Report. 67 Goodwill Goodwill represents the excess of the aggregate purchase consideration over the fair value of the net assets acquired.
Pursuant to the Common Stock Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to 25,000,000 shares of Common Stock, subject to certain limitations and conditions as described below (the "ELOC Program") at a purchase price equal to (i) 96.5% of the volume weighted average stock price for the three consecutive business days after a purchase notice is given, (ii) 98% of the volume weighted average stock price on the day a notice is delivered, or (iii) the lowest traded price for a given purchase date.
Pursuant to the ELOC Purchase Agreement, the Company has the right, but not the obligation, to direct White Lion to purchase up to $25.0 million in aggregate gross purchase price of newly issued shares of common stock, subject to certain limitations and conditions as described below (the “ ELOC Program ”), at a purchase price equal to (i) 96.5% of the volume weighted average stock price for the three consecutive business days after a purchase notice is given, (ii) 98% of the volume weighted average stock price on the day a notice is delivered, or (iii) the lowest traded price for a given purchase date.
Revenue for licenses delivered under a subscription model having terms between one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance for the licenses and subscriptions.
Revenue for licenses delivered under a subscription model having terms between one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period.
We use the simplified method to calculate the expected term for options granted to employees and directors. We utilize this method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.
The historical volatility is generally calculated for a period of time commensurate with the expected term assumption. We use the simplified method to calculate the expected term for options granted to employees and directors. We utilize this method as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term.
As there was no public market for Private Veea’s common stock prior to the closing of the Business Combination, the estimated fair value of our common stock was previously approved by our Board of Directors, with input from management, as of the date of each award grant, considering our most recently available independent third-party valuations of Private Veea’s common stock and its board of directors’ assessment of additional objective and subjective factors deemed relevant that may have changed from the date of the most recent valuation through the date of the grant.
The expected dividend yield is assumed to be zero, as we have never paid dividends and do not have current plans to pay any dividends on our common stock. 66 As there was no public market for Private Veea’s common stock prior to the Closing of the Business Combination, the estimated fair value of our common stock was previously approved by our Board of Directors, with input from management, as of the date of each award grant, considering our most recently available independent third-party valuations of Private Veea’s common stock and its board of directors’ assessment of additional objective and subjective factors deemed relevant that may have changed from the date of the most recent valuation through the date of the grant.
The gain on the change in fair value of conversion note option liability was $840,933 for the year ended December 31, 2024 was determined using a Black-Scholes option pricing model.
The loss on the change in fair value of conversion note option liability of $60 thousand for the year ended December 31, 2025, was determined using a Black-Scholes option pricing model.
We elected the FVO of accounting for the September 2024 Notes, including contingently issuable common stock and accrued interest, as discussed in Note 3, Summary of Significant Accounting Policies and Note 4, Reverse Recapatialization to the accompanying consolidated financial statements included elsewhere in this Annual Report. 62 The September 2024 Notes, which include the related contingently issuable common stock, contain embedded derivatives, which require bifurcation and separate accounting under GAAP, for which the Company elected the FVO for the September 2024 Notes.
We elected the FVO of accounting for the September 2024 Notes, including contingently issuable common stock and accrued interest, as discussed in Note 3, Summary of Significant Accounting Policies and Note 4, Reverse Recapitalization to the accompanying consolidated financial statements included elsewhere in this Annual Report.
Benefits of the Veea Edge Platform include optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, as well as “always-on” availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet. leading technology, telecom, Veea earns revenue primarily from the sale of its VeeaHub® devices, licenses and subscriptions.
Benefits of the VeeaONE platform include optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, as well as “always-on” availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet.
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.
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.
Throughout this report, the terms “our,” “we,” “us,” “Veea” and the “Company” refer to Veea Inc. Company Overview We are dedicated to simplifying the journey towards creating a world in which virtually everyone and everything is intelligently connected, while bringing applications and AI to the edge of the network.
Company Overview We are dedicated to simplifying the journey towards creating a world in which virtually everyone and everything is intelligently connected, while bringing applications and AI to the edge of the network.
Operating Expenses We classify our operating expenses into the following categories: ● Product development expenses . Product development expenses primarily consist of employee compensation, employee benefits, stock-based compensation related to technology developers and product management employees, as well as fees paid for outside services and materials. ● Sales and marketing expenses .
Product development expenses primarily consist of employee compensation, employee benefits, stock-based compensation related to technology developers and product management employees, as well as fees paid for outside services and materials. ● Sales and marketing expenses . Sales and marketing expenses consist of compensation and other employee-related costs for personnel engaged in selling, marketing and sales support functions.
Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns, price protection, warranties, and other customer incentive programs based upon the Company’s expectation and historical experience. 61 For licenses of technology, recognition of revenue is dependent upon whether the Company has delivered rights to the technology, and whether there are future performance obligations under the contract.
Transaction price is calculated as selling price net of variable consideration which may include estimates for future returns, price protection, warranties, and other customer incentive programs based upon the Company’s expectation and historical experience.
Certain of the Company’s product’s performance obligations include proprietary operating system software, which typically is not considered separately identifiable. Therefore, sales of these products and the related software are considered one performance obligation. The Company has service arrangements where net sales are recognized over time.
Therefore, sales of these products and the related software are considered one performance obligation. The Company has service arrangements where net sales are recognized over time.
While we believe that this non-GAAP financial measure is useful in evaluating our business, this information should be considered as supplemental in nature and is not meant as a substitute for the related financial information prepared and presented in accordance with GAAP. 60 The following table provides a reconciliation of net loss to adjusted EBITDA to net loss for the periods presented: For the Year Ended December 31, 2024 December 31, 2023 ADJUSTED EBITDA: Net (loss) Income $ (47,547,768 ) $ (15,638,589 ) Adjustments: UK R&D tax credit (1,251,243 ) - Interest expense 1,808,243 5,318,817 Depreciation and amortization 273,772 818,203 EBITDA (46,716,996 ) (9,501,569 ) Other income, net (21,390 ) (59,982 ) Other expense 244,732 21,857 Loss on initial issuance of September 2024 Notes 1,770,933 - Change in fair value of conversion note option liability (840,933 ) - Change in fair value of warrant liabilities (200,124 ) - Change in fair value of Earn-out Shares Liability (38,040,000 ) - Transaction costs incurred with contingent Earn-out Share Liability 55,038,544 - Share-based compensation expense 6,699,040 76,431 ADJUSTED EBITDA $ (22,066,194 ) $ (9,463,263 ) Critical Accounting Policies and Estimates Our management's discussion and analysis of financial condition and results of operations is based on our consolidated financial statements which have been prepared in accordance with GAAP.
The following table provides a reconciliation of net loss to adjusted EBITDA to net loss for the periods presented: For the year ended December 31, 2025 December 31, 2024 ADJUSTED EBITDA Net loss $ (6,660,038 ) $ (47,547,768 ) Adjustments: UK R&D tax credit (1,202,554 ) (1,251,243 ) Interest expense 2,202,220 1,808,243 Depreciation and amortization 632,479 273,772 EBITDA (5,027,893 ) (46,716,996 ) Other income, net (5,537 ) (21,390 ) Other expense 256,585 244,732 Loss on initial issuance of convertible note - 1,770,933 Change in fair value of conversion note liability (60,000 ) (840,933 ) Change in fair value of warrant liabilities (360,685 ) (200,124 ) Change in fair value of earn out share liability (13,016,400 ) (38,040,000 ) Transaction costs 25,000 55,038,544 Share-based compensation 1,136,320 6,699,040 ADJUSTED EBITDA $ (17,052,610 ) $ (22,066,194 ) Critical Accounting Policies and Estimates Our management’s discussion and analysis of financial condition and results of operations is based on our consolidated financial statements which have been prepared in accordance with GAAP.
General and administrative expenses consist of compensation expense (including stock-based compensation expense) for employees and executive management, and expenses associated with finance, tax, and human resources.
Selling expenses also include marketing and the costs associated with customer evaluations. The Company does not currently incur advertising costs. ● General and administrative expenses . General and administrative expenses consist of compensation expense (including stock-based compensation expense) for employees and executive management, and expenses associated with finance, tax, and human resources.
However, if a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling price.
However, if a contract is separated into more than one performance obligation, the total transaction price is allocated to each performance obligation in an amount based on the estimated relative standalone selling price. 65 Revenue from all sales types is recognized at the transaction price - the amount management expects to be entitled to in exchange for transferring goods or providing services.
Revenue from non-refundable upfront payments is recognized when the license is transferred to the customer and the Company has no other performance obligations. Revenue for licenses delivered under a subscription model having terms between one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance for the licenses and subscriptions.
Revenue for licenses delivered under a subscription model having terms between one and twelve-months are recognized over-time. Subscription revenue is generated through sales of monthly subscriptions. Customers pay in advance for the licenses and subscriptions. Revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period.
As of December 31, 2024, the Company had sold no shares under the ELOC Program. Components of Results of Operations Revenue, net The Company recognizes revenue based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware sales and the sale of licenses and subscriptions.
Executive Compensation - Existing NEO Employment Agreements – Smith Transition Agreement. ” 60 Components of Results of Operations Revenue, net The Company recognizes revenue based on the satisfaction of distinct obligations to transfer goods and services to customers. The Company generates revenue from hardware sales and the sale of licenses and subscriptions.
The loss on the change in fair value of the Earn-out Share Liability was $38.0 million for the year ended December 31, 2024 was determined using a Monte Carlo simulation. A significant driver of the value of the earnout at the close of the Business Combination was our closing stock price on December 31, 2024 which was $3.81.
The gain on the change in fair value of the Earn-Out Share Liability of $13.0 million for the year ended December 31, 2025, was determined using a Monte Carlo simulation of 100,000 simulations. A significant driver of the changes in fair value was due to the decline in the Company’s stock price.
Change in fair value of derivative liabilities Change in fair value of derivative liabilities comprised of the fair value adjustment to the conversion option, Private Warrants, and earnout shares at balance sheet date.
Change in fair value of derivative liabilities Change in fair value of derivative liabilities is comprised of the fair value adjustments to the convertible note option liability, SPAC Private Placement Warrants, the Earn-Out Share Liability, and the 2025 Investors Warrants at balance sheet date.
Revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. Revenue from hardware sales is recognized at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been obtained and risk of loss has been transferred.
Revenue from hardware sales is recognized at a point-in-time, which is generally at the point in time when products have been shipped, right to payment has been obtained and risk of loss has been transferred. Certain of the Company’s product’s performance obligations include proprietary operating system software, which typically is not considered separately identifiable.
Equity Line of Credit On December 2, 2024, the Company entered into a common stock purchase agreement (“Common Stock Purchase Agreement”) and related registration rights agreement (the “White Lion Registration Rights Agreement”) with White Lion Capital, LLC ( “White Lion”).
The White Lion Note Purchase Agreement, the White Lion Notes, the White Lion Warrants, and the White Lion 2026 RRA include other customary terms and conditions. 59 White Lion - Equity Line of Credit On December 2, 2024, the Company entered into a common stock purchase agreement (as amended, the “ ELOC Purchase Agreement ”) and related registration rights agreement (the “ White Lion 2025 RRA ”) with White Lion.
Revenue is initially deferred and is recognized using the straight-line method over the term of the applicable subscription period. 55 Cost of Goods Sold Cost of goods sold consists primarily of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party vendor costs related to cloud hosting fees.
Cost of Goods Sold Cost of goods sold consists primarily of the cost of finished goods, components purchased for manufacturing and freight. Cost of goods sold also includes third-party vendor costs related to cloud hosting fees. Operating Expenses We classify our operating expenses into the following categories: ● Product development expenses .
The risk-free interest rate is based on a U.S. treasury instrument whose term is consistent with the expected term of the stock options. The expected dividend yield is assumed to be zero, as we have never paid dividends and do not have current plans to pay any dividends on our Common Stock.
The risk-free interest rate is based on a U.S. treasury instrument whose term is consistent with the expected term of the stock options.
These derivative instruments were entered into in 2024 related to the Business Combination. Other expense Other expenses relate to immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December 31, 2024 and 2023.
Other expense Other expenses relate to immaterial non-operating expenses incurred during the period. These amounts were immaterial for the years ended December 31, 2025 and 2024. Interest expense Interest expense increased by approximately $0.4 million, or 22%, from approximately $1.8 million for the year ended December 31, 2024 to approximately $2.2 million for the year ended December 31, 2025.
Interest expense Interest expense decreased by $3.5 million, or 66%, in the year ended December 31, 2024 compared to the year ended December 31, 2023.
Product Development Expense Product development expense decreased by approximately $1.0 million, or 76%, from approximately $1.4 million for the year ended December 31, 2024 to approximately $0.3 million for the year ended December 31, 2025.
The loss on the change in fair value of warrant liabilities was $200,124 for the year ended December 31, 2024 was determined based on the trading value of the public warrants.
The gain on the change in fair value of the SPAC Private Placement Warrants of $0.4 million for the year ended December, 2025, was determined based on the trading value of the public warrants and the Black-Scholes option pricing model.
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.
Cash provided by financing activities for the year ended December 31, 2024 was driven by approximately $3.7 million of proceeds from the Company’s revolving line of credit, approximately $5.3 million of proceeds from the issuance of related party notes, approximately $1.5 million of proceeds from the issuance of convertible notes, approximately $1.1 million of proceeds from the reverse recapitalization transaction, and approximately $10.0 million of proceeds from the issuance of the Company’s common shares. 64 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.
Product Development Expense Product development expense increased by $679,903, or 98%, in the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase in product development expenses was due to increased internal development and additional costs incurred of outside contractors related to software development and product manufacturing during the period.
The decrease in product development expenses was due to decreased internal development costs during the period. 62 Sales and Marketing Expense Sales and marketing expense decreased by approximately $0.5 million, or 57%, from approximately $0.8 million for the year ended December 31, 2024 to approximately $0.3 million for the year ended December 31, 2025.
During the year ended December 31, 2024 compared to the year ended December 31, 2023, the Company has incurred net losses of $47.5 million and $15.6 million, respectively, and had an accumulated deficit of $217.8 million as of December 31, 2024. The Company expects to continue to incur net losses as it continues to grow and scale its business.
Liquidity and Capital Resources During the years ended December 31, 2025 and 2024, the Company incurred operating losses of approximately $18.8 million and $84.1 million, respectively, and had an accumulated deficit of $224.5 million as of December 31, 2025. Since its inception, it has incurred significant operating losses and negative cash flows.
General and Administrative Expense General and administrative expense increase by $9.4 million, or 55%, in the year ended December 31, 2024 compared to the year ended December 31, 2023.
The decrease is primarily due to a reduction in unpaid customer pilots. General and Administrative Expense General and administrative expense decreased by approximately $9.0 million, or 34%, from approximately $26.6 million for the year ended December 31, 2024 to approximately $17.7 million for the year ended December 31, 2025.
Removed
Recent Developments Business Combination On September 13, 2024 Plum Acquisition Corp. I. (“Plum”) (NASDAQ: PLMI), a special purpose acquisition company, Private Veea consummated its previously announced Business Combination.
Added
Recent Developments Transfer of Listing Application In response to the Nasdaq deficiency notices received by the Company on September 29, 2025, on March 27, 2026, the Company submitted an application to transfer the listing of its Listed Securities from The Nasdaq Global Market to The Nasdaq Capital Market.
Removed
In connection with the consummation of the Business Combination (the “Closing”) (i) Plum de-registered from the Register of Companies in the Cayman Islands by way of continuation out of the Cayman Islands and into the State of Delaware, migrating to and domesticating as a Delaware corporation (the “Domestication”), and (ii) the merger (the “Merger”) of Plum Merger Sub with and into the Private Veea was completed and the separate corporate existence of Plum Merger Sub ceased, with Private Veea as the surviving corporation becoming a wholly owned subsidiary of Plum.
Added
In connection with the submission to transfer the Company’s listing, the Company requested a second period of 180 calendar days, or until September 30, 2026, to regain compliance with the Minimum Bid Price Requirement for continued listing. 57 On April 7, 2026, Nasdaq Staff approved the Company’s request to transfer the listing of the Company’s publicly traded securities from The Nasdaq Global Select Market to The Nasdaq Capital Market.
Removed
Following the Closing, Plum changed its name from “Plum Acquisition Corp. I” to “Veea Inc.” and Private Veea changed its name from “Veea Inc.” to “VeeaSystems Inc.” 53 The Business Combination was accounted for as a “reverse recapitalization,” with no goodwill or other intangible assets recorded, in accordance with GAAP.
Added
The transfer took effect at the opening of business on April 9, 2026 and did not have any immediate effect on trading in the Listed Securities. The Listed Securities continue to trade uninterruptedly under the symbol “VEEA” and “VEEAW”, respectively.
Removed
A reverse recapitalization did not result in a new basis of accounting, and the financial statements of the combined entity represent the continuation of the financial statements of Private Veea in many respects. Under this method of accounting, Plum was treated as the “acquired” company for financial reporting purposes.
Added
The Nasdaq Capital Market operates in substantially the same manner as The Nasdaq Global Market, and companies on The Nasdaq Capital Market must meet certain financial and corporate governance requirements to qualify for continued listing.
Removed
For accounting purposes, Private Veea was deemed to be the accounting acquirer in the transaction and, consequently, the transaction was treated as a recapitalization of Private Veea (i.e., a capital transaction involving the issuance of stock by Plum for the stock of Private Veea).
Added
As a result of the transfer to The Nasdaq Capital Market, Nasdaq granted the Company a second period of 180 calendar days, or until September 28, 2026, to regain compliance with the minimum bid price requirement for continued listing.
Removed
Accordingly, the consolidated assets, liabilities and results of operations of Private Veea became the historical financial statements of the combined company, and Plum’s assets, liabilities and results of operations were consolidated with the Company’s beginning on the acquisition date. Operations prior to the Business Combination were presented as those of Private Veea in future reports.
Added
To regain compliance, the closing bid price of the Company’s shares must meet or exceed $1.00 per share for a minimum of 10 consecutive business days on or prior to September 28, 2026.
Removed
The net assets of Private Veea were recognized at carrying value, with no goodwill or other intangible assets recorded.
Added
Nasdaq’s determination to grant the additional 180-day compliance period was in part based on, among other things, the Company meeting the continued listing requirements of The Nasdaq Capital Market with the exception of the minimum bid price requirement, and the Company having provided written notice of its intention to cure the deficiency during the additional compliance period, including by effecting a reverse stock split if necessary.
Removed
Private Placements Simultaneously with the closing of the Business Combination, the Company and Private Veea issued convertible notes under note purchase agreements (the “Note Purchase Agreements”) with certain accredited investors unaffiliated with Plum and Private Veea (each, an “Investor”) for the sale of unsecured subordinated convertible promissory notes (the “September 2024 Notes”) as part of a private placement offering of up to $15 million in purchase price for such September 2024 Notes in the aggregate (the “Financing Closing”).
Added
Following Nasdaq’s approval of the extended compliance period, the Company intends to continue to actively monitor the minimum bid price requirement and, as appropriate, will consider available options to resolve any deficiencies and regain compliance, including by effecting a reverse stock split if necessary.
Removed
The Company received $1.45 million in proceeds from the issuance of its convertible promissory note with a commitment from a convertible note purchaser for the remaining unfunded amount of $13.55, which is to be funded on or prior to November 15, 2024, subsequently extended to December 15, 2024.
Added
Issuance and Designation of Series A Preferred In connection with the Company’s application to transfer its listing to The Nasdaq Capital Market, to ensure the Company’s compliance with the listing requirements of The Nasdaq Capital Market, on March 30, 2026, the Company entered into separate conversion agreements with each of NLabs and 83 rd Street LLC (“ 83 rd Street ”) pursuant to which (i) NLabs agreed to convert (x) $16,876,400 principal and accrued interest of outstanding under certain promissory notes evidencing loans made by NLabs to the Company (the “ NLabs 2025 Notes ”) into 168,764 shares of Series A preferred stock, par value $0.0001 per share, of the Company (“ Series A Preferred ”) and (y) $2,000,000 of the accrued rent owed to it in respect of the 164 East 83rd Street office lease into 20,000 shares of Series A Preferred and (ii) 83 rd Street agreed to convert $2,323,600 of the accrued rent owed to it in respect of the 166 East 83rd Street office lease into 23,236 shares of Series A Preferred.
Removed
In addition, each Investor received as a transfer from NLabs immediately prior to the Financing Closing a number of shares of Private Veea’s Series A-1 Preferred Stock that upon the Closing became a number of registered shares of our common stock equal to such Investors’ original principal note amount divided by $7.50 (the “Transferred Shares”). 2,000,000 Transfer Shares were delivered to Investors at the Financing Closing.
Added
Under the terms of the conversion agreements, NLabs and 83 rd Street are each entitled to certain registration rights with respect to the shares of common stock issuable upon conversion of shares of the Series A Preferred.
Removed
The Note Purchase Agreements include customary registration rights.
Added
In connection with the conversion, on March 30, 2026, the Company filed a Certificate of Designation of Series A Convertible Preferred Stock (the “ Certificate of Designation ”) with the Secretary of State of the State of Delaware to designate Series A Preferred.
Removed
The Transferred Shares were recorded at a fair value of $21.6 million on the Company’s consolidated financial statements, which reflected a significant discount to the face amount of the September 2024 Notes, In addition to the cash received at the Financing Closing, one of the Investors committed to purchase approximately $13.6 million (the “Commitment Amount”) of September 2024 Notes, on or prior to November 15, 2024, which date was subsequently extended to December 15, 2024.
Added
Each share of Series A Preferred is entitled to vote on an as converted basis along with the common stock, and holders of Preferred Stock are entitled to receive dividends that are economically equivalent to any dividends declared with respect to the common stock.
Removed
On December 31, 2024, the Company and the Investor entered into a mutual Settlement and Release Agreement pursuant to which the Company agreed to terminate the Investor’s obligation to purchase a note in the Commitment Amount and provided for a mutual release of claims, in exchange for a payment to the Company of an aggregate amount of approximately $5.4 million, which amount includes payments previously made to the Company in respect of the Commitment Amount.
Added
Each share of Series A Preferred is convertible into 198 shares of common stock, at the option of the holder.
Removed
As the Company received approximately $1.5 million of the total expected $15 million proceeds at the Financing Closing, a proportional amount (approximately $19.5 million) of the substantial discount had been deferred and recorded as a deferred financing asset on the Company’s consolidated financial statements. At December 31, 2024, the deferred financing assets was reversed on the Company’s consolidated financial statements.
Added
Each share of Series A Preferred is entitled to vote on an as converted basis along with the common stock, and holders of Series A Preferred are entitled to receive dividends that are economically equivalent to any dividends declared with respect to the common stock.
Removed
The Company and Private Veea are co-borrowers under each September 2024 Note (together, the “Borrowers”) and are jointly responsible for the obligations to each Investor thereunder. Each September 2024 Note has a maturity date of 18 months after the Financing Closing but is prepayable in whole or in part by the Borrowers at any time without penalty.
Added
Further each share of Series A Preferred is convertible into common stock, at the option of the holder, in an amount equal to a price per share of $100 (as adjusted for certain stock splits) divided by $0.503.
Removed
The outstanding obligations under each September 2024 Note accrue interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum, adjusted quarterly, but interest is only payable upon the maturity of the September 2024 Notes as long as there is no event of default thereunder.
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