VEEAHIGH SIGNALFINANCIAL10-K

VEEA shows dramatic financial improvement with an 86% reduction in net losses and 1680% increase in cash position, though from very low baseline levels.

The company has achieved substantial loss reduction from -$47.5M to -$6.7M while significantly improving its cash position from near-depletion at $95K to $1.7M, suggesting successful capital raising activities. However, the 58% increase in current liabilities to $31.8M indicates mounting operational pressures, and the company remains deeply unprofitable with negative stockholders' equity of -$9.8M.

Comparing 2026-04-15 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

VEEA demonstrated mixed but notable financial changes, with substantial improvements in cash position (+1680%) and dramatic loss reduction across all profitability metrics (net income improved 86%, operating income improved 78%). The company also reduced total debt by 46% while growing revenue 57% and gross profit 160%, though from minimal baseline levels. However, current liabilities surged 58% to $31.8M and the company maintains significant negative equity, indicating ongoing financial stress despite the operational improvements and apparent success in raising capital.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+1679.9%
$95K→$1.7M

Cash position surged 1679.9% — strong cash generation or capital raise providing significant financial cushion.

Gross Profit
P&L
+160%
$58K→$152K

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Net Income
P&L
+86%
-$47.5M→-$6.7M

Net income grew 86% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
-82.2%
$46K→$8K

Capex reduced 82.2% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
+77.6%
-$84.1M→-$18.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

R&D Expense
P&L
-76.1%
$1.4M→$328K

R&D spending cut 76.1% — could signal cost discipline or concerning reduction in innovation investment.

Current Liabilities
Balance Sheet
+58%
$20.1M→$31.8M

Current liabilities surged 58% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
+56.6%
$142K→$222K

Strong top-line growth of 56.6% — accelerating demand or successful expansion into new markets.

Total Debt
Balance Sheet
-46.4%
$23.9M→$12.8M

Debt reduced 46.4% — deleveraging strengthens balance sheet and reduces financial risk.

Stockholders Equity
Balance Sheet
+42.7%
-$17.0M→-$9.8M

Equity base grew 42.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-04-15
ADDED
As of April 10, 2026, there were 50,407,567 shares of the registrant s common stock outstanding.
EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES F-1 i FREQUENTLY USED TERMS AND BASIS OF PRESENTATION As used in this Annual Report, unless otherwise noted or the context otherwise requires, references to: 2025 Investor Warrants means certain common warrants sold in the August 2025 Offering, and each common warrant is exercisable for one share of common stock at an exercise price of $1.45 per share.
Annual Report means this Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Assumed Warrants means the warrants of the Company that were converted from certain former warrants of Private Veea held by certain institutional investors at the Closing of the Business Combination, and each common warrant is exercisable for one share of common stock at an exercise price of $10.19 per share.
Business Combination means the merger and the other transactions closed on September 13, 2024, pursuant to the Business Combination Agreement.
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REMOVED
As of March 14, 2025, there were 36,440,377 shares of the registrant s common stock outstanding.
EXHIBITS, FINANCIAL STATEMENTS AND SCHEDULES F-1 i FREQUENTLY USED TERMS AND BASIS OF PRESENTATION As used in this Annual Report, unless otherwise noted or the context otherwise requires, references to: Annual Report means this Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Business Combination means the Domestication, the merger and the other transactions closed on September 13, 2024, pursuant to the Business Combination Agreement .
Class A ordinary shares means the Class A ordinary shares, par value $0.0001 per share, of Plum, which converted by operation of law into shares of Common Stock, on a one-for-one basis, in connection with the domestication.
Class B ordinary shares or founder shares means the Class B ordinary shares, par value $0.0001 per share, of Plum that were initially issued to the Plum Sponsor in a private placement prior to the Plum Initial Public Offering and subsequently converted into Class A ordinary shares on September 13, 2024 prior to the Closing.
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