$VEEA

VEEA INC.

CIK:0001840317|SEC Filings

Condensesd Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales, net	$ 176,221	$ 72,927	$ 356,638	$ 87,168
Cost of goods sold	38,838	4,587	61,505	5,150
Gross profit	137,383	68,340	295,133	82,018
Operating Expenses:
Product development	94,220	53,417	242,820	171,068
Sales and marketing	147,954	40,515	190,069	389,766
General and administrative	6,759,222	4,750,744	11,551,506	9,987,637
Transaction costs	73,024		73,024
Depreciation and amortization	207,823	144,607	412,815	204,663
Total operating expenses	7,282,243	4,989,283	12,470,234	10,753,134
Loss from operations	(7,144,859)	(4,920,943)	(12,175,100)	(10,671,116)
Other income (expense):
Other income	537,445	461	777,790	1,233
Change in fair value of convertible note option liability		730		59,730
Change in fair value of warrant liabilities	1,925,145	(315,373)	2,384,248	105,124
Change in fair value of Earn-out Share Liability	1,341,800	(1,730,000)	1,900,400	8,800,000
Other expense	(75,117)	(12,635)	(165,294)	(27,196)
Interest expense	(610,324)	(433,098)	(1,421,000)	(1,379,581)
Total other income (expense)	3,118,949	(2,489,915)	3,476,144	7,559,310
Net loss	$ (4,025,910)	$ (7,410,858)	$ (8,698,956)	$ (3,111,806)
Net loss per share:
Basic (in Dollars per share)	$ (0.08)	$ (0.19)	$ (0.17)	$ (0.08)
Diluted (in Dollars per share)	$ (0.08)	$ (0.19)	$ (0.17)	$ (0.08)
Weighted average number of shares:
Basic (in Shares)	51,994,568	38,813,663	51,235,213	37,621,401
Diluted (in Shares)	51,994,568	38,813,663	51,235,213	37,621,401
Other comprehensive income (loss):
Foreign currency translation adjustment	$ (283,586)	$ 168,582	$ (229,611)	$ 188,993
Comprehensive loss	$ (4,309,496)	$ (7,242,276)	$ (8,928,567)	$ (2,922,813)

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (8,698,956)	$ (3,111,806)
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation and amortization	412,815	204,663
Amortization of debt issuance costs	402,703	851,116
Change in fair value of convertible note option liability		(59,730)
Change in fair value of warrant liabilities	(2,384,248)	(105,124)
Change in fair value of Earn-out Share Liability	(1,900,400)	(8,800,000)
Stock based compensation	1,067,833	439,913
Share based vendor payments as compensation for services	132,573
Noncash expense related to Share Issuance Agreements	630,463
Share based vendor payments as compensation for services		208,000
Unrealized foreign currency transaction (gain) loss	(199,207)	(150,216)
Amortization of operating lease right of use assets		117,365
Changes in operating assets and liabilities:
Receivables	(230,586)	36,785
Inventories	103,234	(572,256)
Prepaid and other current assets	75,875	123,913
Other assets	(49,932)	53,534
Accounts payable	(1,781,210)	3,262,831
Accrued expenses and deferred payables	1,215,402	(12,042)
Other current liabilities	81,040	569,488
Operating lease payments		(121,579)
Net cash used in operating activities	(11,122,601)	(7,065,145)
Cash flows from investing activities
Purchase of intangible assets and trademarks	(83,459)	(158,464)
Purchase of property and equipment	(28,577)	(1,079)
Purchase of investments	(253,984)
Net cash used in investing activities	(366,020)	(159,543)
Cash flows from financing activities
Proceeds from revolving line of credit		1,300,000
Repayment of revolving line of credit	(14,000,000)
Proceeds from related party notes	15,850,000	2,626,000
Proceeds from issuance of convertible notes	1,475,000	1,000,000
Proceeds from the issuance of shares under equity line of credit facility	67,665	836,766
Proceeds from exercise of stock options		11
Proceeds from note payable	9,905,007
Net cash provided by financing activities	13,297,672	5,762,777
Effect of exchange rate changes on cash	(945)	14,286
Net increase (decrease) in cash	1,808,106	(1,447,625)
Cash and restricted cash at beginning of period	133,860	1,685,633
Cash and restricted cash at end of period	1,941,966	238,008
Non-cash activities
Crowdkeep asset acquisition		6,957,456
Settlement of convertible notes for shares issued	833,379	700,000
Settlement of related party note payable and related party liabilities for preferred stock	23,010,921
Conversion of White Lion convertible notes into common stock	329,735
As reported within the consolidated balance sheets:
Cash	886,966
Restricted cash	1,055,000
Total cash and restricted cash	$ 1,941,966	$ 238,008

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 886,966	$ 133,860
Receivables, net	370,419	139,833
Inventory, net	9,561,925	9,653,912
Prepaid and other current assets	5,562,524	5,638,399
Total current assets	16,381,834	15,566,004
Property and equipment, net	77,793	91,809
Goodwill	5,089,653	5,101,625
Intangible assets, net	7,139,647	7,426,864
Investments	253,984
Restricted cash	1,055,000
Other assets	84,255	34,323
TOTAL ASSETS	30,082,166	28,220,625
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Revolving line of credit		14,000,000
Accounts payable	2,272,313	4,053,523
Accrued expenses	1,979,380	1,531,498
Related party liabilities	133,200	4,215,980
Deferred payables, current	2,257,457	2,257,457
Notes payable, current	1,936,415	1,762,415
Convertible notes payable, net - current	1,750,888	1,662,371
Related party note payable		2,335,000
Other current liabilities	81,040
Total current liabilities	10,410,693	31,818,244
Warrant liability	1,226,413	3,610,661
Earn-out share liability	643,200	2,543,600
Notes payable, noncurrent	9,751,007
TOTAL LIABILITIES	22,031,313	37,972,505
STOCKHOLDERS’ EQUITY (DEFICIT)
Convertible Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 253,329 and zero issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	25
Common Stock, $0.0001 par value, 551,000,000 shares authorized; 57,086,762 and 50,467,421 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	5,709	5,047
Additional paid-in capital	242,716,016	215,985,403
Accumulated deficit	(233,189,512)	(224,490,556)
Accumulated other comprehensive loss	(1,481,385)	(1,251,774)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)	8,050,853	(9,751,880)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 30,082,166	$ 28,220,625