$VEEA
VEEA INC.

2024 Q4 Form 10-Q Financial Statement

#000121390024100269 Filed on November 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q2
Revenue $50.68K
YoY Change
Cost Of Revenue $15.00K
YoY Change -38.3%
Gross Profit $35.69K
YoY Change -99.6%
Gross Profit Margin 70.41%
Selling, General & Admin $2.070M
YoY Change -61.45%
% of Gross Profit 5800.68%
Research & Development $356.8K
YoY Change 92.05%
% of Gross Profit 999.72%
Depreciation & Amortization $56.00K
YoY Change -12.5%
% of Gross Profit 156.92%
Operating Expenses $57.53M
YoY Change 16181.25%
Operating Profit -$57.50M -$789.2K
YoY Change 16171.06% 36.32%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $24.17M $4.015M
YoY Change -668.47% -17.17%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$33.32M $3.226M
YoY Change 623.51% -24.43%
Net Earnings / Revenue -65748.98%
Basic Earnings Per Share -$1.49
Diluted Earnings Per Share -$1.49
COMMON SHARES
Basic Shares Outstanding 35.69M shares 22.29M shares
Diluted Shares Outstanding 22.29M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.803M $1.969K
Short-Term Investments
Other Short-Term Assets $24.08K
YoY Change -12.6%
Inventory $7.977M
Prepaid Expenses $258.2K $66.88K
Receivables
Other Receivables
Total Short-Term Assets $38.16M $285.0K
YoY Change 31631.29% 286.33%
LONG-TERM ASSETS
Property, Plant & Equipment $252.2K
YoY Change
Goodwill $5.077M $4.793M
YoY Change 9.74% -0.39%
Intangibles $757.7K
YoY Change 20.56%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $6.831M $36.37M
YoY Change -82.69% -36.89%
TOTAL ASSETS
Total Short-Term Assets $38.16M $285.0K
Total Long-Term Assets $6.831M $36.37M
Total Assets $45.00M $36.66M
YoY Change 13.66% -36.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.639M
YoY Change -58.79%
Accrued Expenses $6.250M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.00M $8.441M
YoY Change 43.11% 14.35%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $21.00M $8.441M
Total Long-Term Liabilities
Total Liabilities $53.00M $9.516M
YoY Change 243.37% 21.91%
SHAREHOLDERS EQUITY
Retained Earnings -$216.9M -$16.31M
YoY Change 1226.77% 38.94%
Common Stock $3.568K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.005M -$9.231M
YoY Change
Total Liabilities & Shareholders Equity $45.00M $36.66M
YoY Change 13.66% -36.47%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$33.32M $3.226M
YoY Change 623.51% -24.43%
Depreciation, Depletion And Amortization $56.00K
YoY Change -12.5%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1577353
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-4021
dei Entity Registrant Name
EntityRegistrantName
VEEA INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Address Address Line1
EntityAddressAddressLine1
164 E. 83rd Street
dei Entity Address City Or Town
EntityAddressCityOrTown
New York
dei Entity Address State Or Province
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NY
dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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535-6050
dei Entity Current Reporting Status
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">1 <span style="font-size: 10pt">- DESCRIPTION OF BUSINESS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Company is a provider of edge computing and communications devices (i.e., “VeeaHub</span><span style="font-family: Symbol">Ò</span><span style="font-family: Times New Roman, Times, Serif">” devices), applications and services hosted on its edge Platform-as-a-Service (“ePaaS”). Veea Edge Platform ePaaS is an end-to-end platform that is both locally- and cloud-managed. VeeaHub</span><span style="font-family: Symbol">Ò</span> <span style="font-family: Times New Roman, Times, Serif">products are converged computing and communications (i.e., hyperconverged) indoor and outdoor devices, about the size of a Wi-Fi Access Point (AP), that provide for networking and computing solutions for AI-assisted applications and solutions at the edge where people, places, and things connect to the network.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Veea Edge Platform</span><span style="font-family: Symbol">Ô</span> <span style="font-family: Times New Roman, Times, Serif">provides for highly secure connectivity, computing, and IoT solutions through full stack platform for digital transformation of industries as well as unserved or underserved communities that lack Internet connectivity and essential applications and services. It further enables 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. We have redefined and simplified edge computing and connectivity with Veea Edge Platform</span><span style="font-family: Symbol">Ô</span><span style="font-family: Times New Roman, Times, Serif">, easily deployable products that fully integrate hardware, system software, technologies, and edge applications. We are demonstrating, globally, that the Veea Edge Platform</span><span style="font-family: Symbol">Ô</span> <span style="font-family: Times New Roman, Times, Serif">enables our partners and customers to champion digital transformations in multiple vertical markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40.5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">Through our innovative Veea Edge Platform, we have created a new product category that brings cloud capabilities close to the user, as an alternative to cloud computing, with benefits in optimal latency, lower data transport costs, data privacy, security and ownership, Edge AI, “always-on” availability at the edge for mission critical applications, and contextual awareness for people, devices and things connected to the Internet. The Company was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft, Amazon Web Services among others.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">On September 13, 2024 Plum Acquisition Corp. I. (“Plum”), a special purpose acquisition company, Veea Inc., a Delaware corporation (“Legacy Veea”) consummated its previously announced Business Combination, pursuant to that certain Business Combination Agreement, dated November 27, 2023 (as amended on June 13, 2024 and September 13, 2024, the “Business Combination Agreement”), between Plum, Legacy Veea, and Plum Merger Sub, a Delaware corporation) (“Plum Merger Sub”). 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 Legacy Veea was completed and the separate corporate existence of Plum Merger Sub ceased, with Legacy Veea as the surviving corporation becoming a wholly owned subsidiary of Plum. Following the Closing Plum changed its name from “Plum Acquisition Corp. I” to “Veea Inc.” (hereinafter “Veea” or “the Company” and Legacy Veea changed its name from “Veea Inc.” to “VeeaSystems Inc.” <i>See Note 4 “Recapitalization” for more information.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company has five wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. (“VeeaSystems US”) 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. The Company is headquartered in New York City with offices in the United States (“U.S.”) and Europe.</p>
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Use of Estimates</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Management of the Company is required to make certain estimates, judgments, and assumptions during the preparation of its condensed consolidated financial statements in accordance with GAAP. The Company believes that these estimates, judgments and assumptions are reasonable under the circumstances. These estimates, judgments, and assumptions impact the reported amounts of assets, liabilities, revenue, and expenses, and the related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. Changes in such estimates could affect amounts reported in future periods. On an ongoing basis, the Company evaluates its estimates and judgments including those related to: liquidity and going concern, the useful lives and recoverability of property and equipment and definite-lived intangible assets; the recoverability of goodwill and indefinite-lived intangible assets; the carrying value of accounts receivable, including the determination of the allowance for credit losses; inventory, including the determination of allowances for estimated excess or obsolescence; the fair value of warrants; the fair value of acquisition- related contingent consideration arrangements; unrecognized tax benefits; legal contingencies; the incremental borrowing rate for the Company’s leases; and the valuation of stock-based compensation, among others.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b>Reclassification </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">Certain amounts from prior period financial statements have been reclassified to align with the presentation used in the current condensed consolidated financial statements for comparative purposes. These reclassifications had no material effect on the Company’s previously issued financial statements.</p>
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us-gaap Depreciation
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