Veea Inc. Files Q2 2025 10-Q Report

TL;DR

Veea Inc. 10-Q filed for Q2 2025. Delaware corp, NY HQ. Formerly Plum Acquisition Corp. I.

AI Summary

Veea Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2025. The company, formerly known as Plum Acquisition Corp. I, is incorporated in Delaware and headquartered in New York. Veea Inc. operates in the computer integrated systems design industry.

Why It Matters

This filing provides investors with an update on Veea Inc.'s financial performance and operational status for the second quarter of 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new information presented in the provided snippet.

Key Players & Entities

• VEEA INC. (company) — Registrant
• June 30, 2025 (date) — Quarterly Period End Date
• Plum Acquisition Corp. I (company) — Former Company Name
• Delaware (location) — State of Incorporation
• New York (location) — Business Address City
• 164 E. 83rd Street (address) — Principal Executive Offices
• 20250819 (date) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share VEEA The Nasdaq Stock Market
• $11.50 — ne Common Stock at an exercise price of $11.50 per share VEEAW The Nasdaq Stock Market

Filing Documents

• ea0253485-10q_veea.htm (10-Q) — 811KB
• ea025348501ex31-1_veea.htm (EX-31.1) — 11KB
• ea025348501ex31-2_veea.htm (EX-31.2) — 12KB
• ea025348501ex32-1_veea.htm (EX-32.1) — 4KB
• ea025348501ex32-2_veea.htm (EX-32.2) — 5KB
• 0001213900-25-078177.txt ( ) — 5922KB
• veea-20250630.xsd (EX-101.SCH) — 59KB
• veea-20250630_cal.xml (EX-101.CAL) — 44KB
• veea-20250630_def.xml (EX-101.DEF) — 322KB
• veea-20250630_lab.xml (EX-101.LAB) — 570KB
• veea-20250630_pre.xml (EX-101.PRE) — 333KB
• ea0253485-10q_veea_htm.xml (XML) — 596KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 1 ITEM 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheet as of June 30, 2025 (Unaudited) and December 31, 2024 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Six Months Ended June 30, 2025 and 2024 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Six Months Ended June 30, 2025 and 2024 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 ITEM 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION 34 ITEM 1.

Legal Proceedings

Legal Proceedings 34 ITEM 1A.

Risk Factors

Risk Factors 34 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 ITEM 3. Defaults Upon Senior Securities 34 ITEM 4. Mine Safety Disclosures 34 ITEM 5. Other Information 34 ITEM 6. Exhibits 35

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VEEA INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2025 2024 (unaudited) ASSETS Cash $ 238,008 $ 1,685,633 Receivables, net 48,230 84,655 Inventory, net 9,412,074 7,459,240 Prepaid and other current assets 5,541,271 5,649,594 Total current assets 15,239,583 14,879,122 Property and equipment, net 137,224 210,629 Goodwill 5,233,499 4,779,625 Intangible assets, net 7,721,559 786,061 Investments 235,737 235,596 Other assets 34,451 202,862 TOTAL ASSETS $ 28,602,053 $ 21,093,895 LIABILITIES AND STOCKHOLDERS' DEFICIT Revolving line of credit $ 14,000,000 $ 12,700,000 Accounts payable 4,149,154 1,290,824 Accrued expenses 1,852,620 1,911,722 Related party liabilities 3,952,424 3,657,600 Share issuance liability - 250,000 Deferred payables, current 2,257,457 204,445 Notes payable 1,762,415 - Convertible note payable, current 1,000,000 Related party notes 2,626,000 - Other current liabilities - 121,579 Total current liabilities 31,600,070 20,136,171 Convertible note payable, net 438,432 37,316 Conversion option liability 270 60,000 Warrant liability 735,870 840,995 Earn-out Share Liability 6,760,000 15,560,000 Deferred payables - 1,484,238 TOTAL LIABILITIES 39,534,642 38,118,720 STOCKHOLDERS' DEFICIT Preferred stock, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding - - Common Stock, $ 0.0001 par value, 551,000,000 shares authorized; and 40,926,445 and 36,202,798 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 4,094 3,621 Additional paid-in capital 209,682,257 200,667,682 Accumulated deficit ( 220,942,324 ) ( 217,830,518 ) Accumulated other comprehensive income 323,384 134,391 TOTAL STOCKHOLDERS' DEFICIT ( 10,932,589 ) ( 17,024,825 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 28,602,053 $ 21,093,89

View Full Filing

View this 10-Q filing on SEC EDGAR