In This Story
Veea Inc. (VEEA-1.35%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $50,683 from $9,009,254 in the same quarter the previous year. The decrease is attributed to the absence of a significant licensing agreement present in the prior year.
Cost of goods sold for the quarter was $14,997, compared to $24,307 in the same quarter of the previous year. This decrease is due to reduced sales volume.
The company reported a gross profit of $35,686 for the quarter, compared to $8,984,947 in the previous year, with the decline attributed to lower revenue.
Operating expenses increased significantly to $57,533,067 from $5,631,507, primarily due to transaction costs related to a business combination and contingent earn-out share liability.
Net loss for the quarter was $33,323,555, compared to a net income of $1,961,799 in the previous year. The loss is largely due to transaction-related expenses.
Veea had a working capital of $38,163,856 as of September 30, 2024. The company expects to continue incurring net losses as it scales its business.
The filing also details various financial agreements, including a revolving loan facility with JPMorgan Chase (JPM+1.92%) and convertible note agreements with investors.
Veea does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a contingent earn-out share liability related to a business combination, which is recorded as a transaction cost.
Veea continues to focus on expanding its edge computing and communications platform, targeting digital transformation opportunities in multiple vertical markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veea Inc. quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.