VEEAWHIGH SIGNALFINANCIAL10-K

VEEAW shows substantial improvement in operating losses and net losses year-over-year, though from a very low revenue base, while significantly increasing share count and current liabilities.

The company dramatically reduced both operating and net losses while maintaining minimal revenue levels, suggesting either improved cost control or one-time charges in the prior year. However, the 38% increase in outstanding shares (from 36.4M to 50.4M shares) indicates significant dilution for existing shareholders, likely from warrant exercises and equity raises.

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

VEEAW's financial profile improved markedly with operating losses substantially reduced and net losses similarly improved, while revenue remained minimal but grew modestly. The company reduced total debt by nearly half and cut R&D spending significantly, though current liabilities increased meaningfully to $31.8M. The overall picture suggests a company working through financial restructuring with improved loss metrics but ongoing cash consumption and shareholder dilution.

FINANCIAL STATEMENT CHANGES
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.

Operating Cash Flow
Cash Flow
+40.5%
-$25.6M→-$15.2M

Operating cash flow surged 40.5% — exceptional cash generation, highest quality earnings signal.

Total Assets
Balance Sheet
+33.8%
$21.1M→$28.2M

Asset base grew 33.8% — expansion through organic growth, acquisitions, or capital deployment.

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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