Financial Performance - Revenue for the three months ended September 30, 2025, was $144,926, representing a 186% increase from $50,683 in the same period of 2024[170]. - Revenue for the nine months ended September 30, 2025, was $232,094, a 114% increase from $108,264 in the same period of 2024[171]. - The company incurred an operating loss of $4.7 million for the three months ended September 30, 2025, compared to a loss of $57.5 million in the same period of 2024[182]. - For the three months ended September 30, 2025, the company reported a net income of $1,375,294, compared to a net loss of $33,323,555 for the same period in 2024[187]. - For the nine months ended September 30, 2025, the company reported a net loss of $(1,736,512), compared to a net loss of $(46,620,619) for the same period in 2024[189]. - Adjusted EBITDA for the three months ended September 30, 2025, was $(4,127,015), while for the same period in 2024, it was $(2,331,722)[188]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $(14,128,556), slightly improved from $(14,258,963) in the same period of 2024[189]. Expenses and Costs - Cost of Goods Sold for the three months ended September 30, 2025, increased by $38,009, or 253%, compared to the same period in 2024[173]. - General and administrative expenses increased by $2,533,495, or 127%, for the three months ended September 30, 2025, compared to the same period in 2024[176]. - Product development expenses decreased by $356,761, or 100%, for the three months ended September 30, 2025, compared to the same period in 2024[174]. - Depreciation and amortization increased by $148,704, or 220%, for the three months ended September 30, 2025, compared to the same period in 2024[177]. - Sales and marketing expenses decreased by $65,382, or 81%, for the three months ended September 30, 2025, compared to the same period in 2024[175]. - The company incurred interest expenses of $1,822,448 for the nine months ended September 30, 2025, compared to $1,352,823 for the same period in 2024[189]. - The company reported depreciation and amortization expenses of $421,096 for the nine months ended September 30, 2025, compared to $205,111 for the same period in 2024[189]. - The company had transaction costs of $25,000 for the nine months ended September 30, 2025, significantly lower than $55,038,544 for the same period in 2024[189]. Funding and Capital - The Company closed a public offering of 9,189,096 shares at a combined price of $1.00 per share, raising approximately $6.0 million in gross proceeds[153]. - The company plans to fund operations through revenue, private and public equity offerings, and anticipated cash tax refunds of approximately $1.2 million[183]. - The company continues to pursue funding opportunities to alleviate substantial doubt regarding its ability to continue as a going concern[184]. Intellectual Property and Technology - The Company has approximately 125 granted patents and 25 pending applications, indicating a strong intellectual property position in the market[148]. - The Supply Agreement with Telcel includes a three-year initial term for providing 5G-based Fixed Wireless Access solutions[155]. - The Company acquired assets from Crowdkeep, Inc. for 4,065,689 shares of common stock, enhancing its IoT technology platform capabilities[158]. - The VeeaONE Platform enables the formation of secure private clouds, enhancing data privacy and reducing transport costs[151]. - The VeeaHub product integrates multiple functionalities, including a Wi-Fi Access Point and IoT gateway, aimed at broad market adoption[148]. Market and Risks - Revenue is primarily generated from the sale of VeeaHub devices, licenses, and subscriptions, reflecting a diversified revenue model[152]. - The Crowdkeep Convertible Notes have an aggregate principal amount of $1,000,000 with an annual interest rate of 8%[159]. - The company’s forward-looking statements highlight potential risks related to revenue generation and market acceptance of its products[142]. - The accumulated deficit as of September 30, 2025, was $219.6 million[182]. - The change in fair value of Earn-Out Share Liability was $(13,520,000) for the nine months ended September 30, 2025, compared to $(24,750,000) for the same period in 2024[189]. - The company recognized a UK R&D tax credit of $(1,223,328) for the nine months ended September 30, 2025, compared to $(1,251,243) for the same period in 2024[189].

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the six months ended June 30, 2025, show a reduced net loss of $3.1 million, increased total assets to $28.6 million, and a $10.9 million stockholders' deficit, with $7.1 million cash used in operations [Condensed Consolidated Balance Sheet](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased to $28.6 million, driven by intangible assets and inventory, while total liabilities grew to $39.5 million, resulting in a stockholders' deficit of $10.9 million | | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$28,602,053** | **$21,093,895** | | Total Current Assets | $15,239,583 | $14,879,122 | | Intangible assets, net | $7,721,559 | $786,061 | | **Total Liabilities** | **$39,534,642** | **$38,118,720** | | Total Current Liabilities | $31,600,070 | $20,136,171 | | **Total Stockholders' Deficit** | **$(10,932,589)** | **$(17,024,825)** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For the six months ended June 30, 2025, the company reported a net loss of $3.1 million, a significant reduction from the prior year, driven by an $8.8 million non-cash gain and decreased operating expenses | | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Sales, net** | **$87,168** | **$57,581** | | Gross profit | $82,018 | $14,901 | | Loss from operations | $(10,671,116) | $(12,399,461) | | Change in fair value of Earn-out Share Liability | $8,800,000 | - | | **Net loss** | **$(3,111,806)** | **$(13,297,064)** | | **Net loss per share (Basic & Diluted)** | **$(0.08)** | **$(0.64)** | [Condensed Consolidated Statements of Changes in Stockholders' Deficit](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Deficit) For the six months ended June 30, 2025, the stockholders' deficit improved to $10.9 million, primarily due to common stock issuance for the Crowdkeep acquisition and a lower net loss - The stockholders' deficit improved from **$(17.0) million** at the end of 2024 to **$(10.9) million** at June 30, 2025[21](index=21&type=chunk) - Key activities impacting the deficit include a net loss of **$3.1 million**, stock issuance for the Crowdkeep acquisition valued at **$6.8 million**, and proceeds from the equity line of credit of **$0.8 million**[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities improved to $7.1 million, with $5.8 million provided by financing activities, leaving $238,008 in cash at period end | Cash Flow Activity (Six Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,065,145) | $(14,994,009) | | Net cash used in investing activities | $(159,543) | $(133,312) | | Net cash provided by financing activities | $5,762,777 | $9,986,840 | | **Net decrease in cash and cash equivalents** | **$(1,447,625)** | **$(5,140,481)** | | **Cash and cash equivalents at end of period** | **$238,008** | **$869,594** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's Edge AI business, liquidity challenges, and funding plans, highlighting the Crowdkeep acquisition, ongoing debt, and subsequent public offering and Telcel supply agreement - The company specializes in Edge AI, providing a Platform-as-a-Service capability through its VeeaONE™ platform and VeeaHub products, supported by a portfolio of **123 granted patents**[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - The company has a history of operating losses and negative cash flows, with an accumulated deficit of **$220.9 million** as of June 30, 2025, and management plans to fund operations through equity/debt offerings and a potential tax refund[36](index=36&type=chunk)[37](index=37&type=chunk) - On May 13, 2025, the company acquired assets from Crowdkeep, Inc. for **4,065,689 shares of common stock**, a transaction valued at approximately **$7.0 million** and accounted for as an asset acquisition[48](index=48&type=chunk)[49](index=49&type=chunk) - Subsequent to the quarter end, on August 14, 2025, the company closed a public offering raising approximately **$6.0 million** in gross cash proceeds[122](index=122&type=chunk) - On August 7, 2025, the company's subsidiary entered into a three-year supply agreement with Telcel in Mexico to provide its VeeaHub STAXÒ-5G product and platform services[123](index=123&type=chunk)[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Edge AI focus, Q2 2025 revenue growth, reduced operating loss, and recent strategic developments, while addressing ongoing losses and funding plans to alleviate going concern doubts | Metric (Three Months Ended June 30) | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues, net | $72,927 | $40,811 | 79% | | Gross profit | $68,340 | $10,105 | 576% | | Loss from operations | $(4,920,943) | $(6,837,497) | -28% | | Net loss | $(7,410,858) | $(7,278,070) | 2% | - The company has incurred significant operating losses since inception, with an accumulated deficit of **$220.9 million** as of June 30, 2025[173](index=173&type=chunk) - Management plans to fund operations for the next 12 months via proceeds from a recent public offering (**~$6.0M**), an equity line of credit (ELOC), an expected UK tax refund (**~$1.0M**), and potential additional investments[174](index=174&type=chunk) - Recent strategic developments include a public offering in August 2025, a supply agreement with Telcel in Mexico, and the acquisition of Crowdkeep's IoT platform assets[142](index=142&type=chunk)[143](index=143&type=chunk)[147](index=147&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=41&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is a smaller reporting company and is not required to provide the information for this item - As a smaller reporting company, Veea Inc. is not required to provide quantitative and qualitative disclosures about market risk[178](index=178&type=chunk) [Controls and Procedures](index=41&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of the end of the quarter (June 30, 2025), the company's disclosure controls and procedures were effective[179](index=179&type=chunk) - No material changes were made to the internal control over financial reporting during the fiscal quarter ended June 30, 2025[180](index=180&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=42&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not currently a party to any legal proceedings that would have a material adverse effect on its business or financial condition - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business, financial condition, or results of operations[183](index=183&type=chunk) [Risk Factors](index=42&type=section&id=ITEM%201A.%20Risk%20Factors) As a smaller reporting company, this section is not required, and no material changes to previously disclosed risk factors were reported - There have been no material changes to the risk factors previously disclosed in the company's Form 10-K filed on April 15, 2025[184](index=184&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[185](index=185&type=chunk) [Other Information](index=42&type=section&id=ITEM%205.%20Other%20Information) Effective August 1, 2025, the annual base salaries for the Executive Vice President and Chief Operating Officer (Janice Smith) and the Acting Chief Financial Officer (Randal Stephenson) were each increased to $300,000 - On August 18, 2025, effective August 1, 2025, the annual base salaries of Janice Smith (EVP & COO) and Randal Stephenson (Acting CFO) were increased to **$300,000** each[188](index=188&type=chunk) [Exhibits](index=43&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data files - The report includes required certifications from the CEO and CFO under Sections 302 and 906 of the Sarbanes-Oxley Act, as well as Inline XBRL filings[190](index=190&type=chunk)

Product Development and Technology - Veea has developed the VeeaHub product, which integrates a Linux server, Wi-Fi Access Point, firewall, IoT gateway, and 4G/5G modules, with approximately 125 granted patents and 25 pending applications [124]. - Veea's Edge Platform offers a distributed computing architecture that enhances data privacy, reliability, and low latency for real-time decisions [125]. - The Company aims to simplify the journey towards intelligent connectivity for devices and applications at the edge of the network [123]. Financial Performance - For the three months ended March 31, 2025, the Company reported net revenues of $14,262, a decrease of $2,508 or 15% compared to $16,770 for the same period in 2024 [147]. - Cost of goods sold increased by $346, or 3%, to $12,330 for the three months ended March 31, 2025, compared to $11,984 in the prior year [149]. - Product development expenses surged by $121,352, or 129%, reaching $215,575 for the three months ended March 31, 2025, primarily due to increased internal development and contractor costs [150]. - Sales and marketing expenses rose significantly by $262,987, or 305%, totaling $349,251 for the three months ended March 31, 2025, driven by enhanced go-to-market strategies [151]. - General and administrative expenses decreased by $736,302, or 13%, to $5,109,473 for the three months ended March 31, 2025, attributed to cost reduction measures [152]. - The Company incurred a loss from operations of $5,767,483 for the three months ended March 31, 2025, compared to a loss of $6,090,392 in the same period of 2024 [147]. - Interest expense increased by $489,716, or 107%, to $946,484 for the three months ended March 31, 2025, due to additional draws on the revolving line of credit [158]. - The Company had an accumulated deficit of $213.5 million as of March 31, 2025, and expects to continue incurring net losses as it scales its business [159]. - Adjusted EBITDA for the three months ended March 31, 2025, was $(5,618,846), compared to $(5,959,058) for the same period in 2024 [163]. Strategic Initiatives - The Company entered into an Asset Purchase Agreement with Crowdkeep, Inc., acquiring certain IoT technology assets for the issuance of 4,065,689 shares of Common Stock [129]. - Veea secured $1,000,000 in loans from the Crowdkeep Investor through two Note Purchase Agreements, with an annual interest rate of 8% [131]. - The Company has the right to direct White Lion Capital to purchase up to $25 million in newly issued shares of Common Stock under the Equity Line of Credit program [138]. - The Crowdkeep Convertible Notes can convert into shares of Common Stock at a price of $5.00, subject to certain conditions, and will automatically convert if the stock price reaches $7.50 for ten consecutive trading days [132]. - The Company is focused on expanding its market presence through strategic acquisitions and partnerships, as evidenced by the Crowdkeep transaction [129]. - The Company plans to fund operations through a combination of equity and debt offerings, including expected cash proceeds from the ELOC Program and anticipated tax refunds totaling up to $7 million [160]. Leadership Changes - The appointment of Randal V. Stephenson as Senior Vice President, Finance and Chief Strategy Officer was made on May 1, 2025 [137]. Market Risk Disclosure - Not applicable for quantitative and qualitative disclosures about market risk as the company is a smaller reporting company [164].

Financial Performance and Projections - Veea has not generated significant revenue from product sales and anticipates continuing to incur significant losses for the foreseeable future[93]. - The company has suffered recurring losses since inception and is unable to predict future profitability[94]. - Veea expects to incur significant operating losses over the next several years due to high sales, marketing, and manufacturing expenses[94]. - Veea's future operating results may fluctuate significantly due to various unpredictable factors[96]. - Veea's ability to generate revenue is dependent on various factors, including competition and market demand[97]. - The company expects to provide guidance on future financial performance, including sales projections and anticipated revenues, but acknowledges the inherent uncertainty in these predictions[243]. Market Conditions and Competition - The market for Veea's platform and products is relatively new and highly competitive, with uncertain growth forecasts[93]. - Veea faces significant competition in terms of pricing, functionality, and service quality, which could lead to reduced profit margins and loss of market share[114]. - The market for edge computing is in an early stage, and widespread adoption of Veea's platform is uncertain[107]. - Veea's sales depend heavily on government and commercial enterprise organizations, which may base purchasing decisions on factors beyond platform features, impacting revenue generation[117]. - Global economic conditions, including tariffs and political uncertainty, could negatively impact demand for Veea's products and services, potentially leading to reduced revenues[143]. Operational Risks and Challenges - Veea's growth may be hindered by its ability to manage expansion effectively and retain necessary personnel[111]. - The sales cycle for Veea's platforms is long and unpredictable, often lasting many months, which can lead to fluctuations in operational results[116]. - Veea's growth is challenged by the need to attract and retain qualified personnel to support its expanding customer base, which may strain service teams[119]. - Errors or bugs in Veea's platforms can lead to significant revenue loss and damage to market perception, especially in critical applications[122]. - Disruptions in operations due to natural disasters or other events could materially harm Veea's business and financial condition[131]. Intellectual Property and Legal Risks - The company may face significant risks related to intellectual property claims and cybersecurity incidents[95]. - Veea is actively pursuing patent protection for its products, as failure to secure adequate patent rights could harm its competitive position[156]. - The uncertainty surrounding Veea's patent rights could limit its ability to prevent competitors from commercializing similar technologies[159]. - Veea's patents may be challenged in courts or patent offices, potentially leading to reduced scope or invalidation of its patent rights[160]. - The company may encounter claims that its employees or consultants have wrongfully used trade secrets from previous employers, leading to potential litigation[174]. Cybersecurity and Compliance - Cybersecurity incidents could materially affect Veea's business, operations, and reputation, leading to potential litigation or regulatory actions[187]. - Veea's operations are vulnerable to data breaches and unauthorized access, which could result in significant liabilities and damage to its reputation[186]. - Compliance with evolving laws and regulations, such as GDPR and California consumer privacy laws, may increase operational costs and impact business practices[197]. - Veea is subject to compliance with various laws and regulations related to privacy, data protection, and cybersecurity, which could lead to significant liabilities and affect its financial condition[198]. Corporate Governance and Shareholder Matters - Veea's stock price may experience volatility due to various factors, including market conditions and operational performance, which could affect investors' ability to resell shares at attractive prices[206]. - The company filed a registration statement with the SEC for the 2024 Incentive Equity Plan, reserving 4,460,437 shares of Common Stock for future issuance, which may dilute existing ownership[211]. - Veea's governance documents contain anti-takeover provisions that could limit stockholder actions and delay potential acquisitions[250]. - The company is classified as an "emerging growth company" and a "smaller reporting company," which allows it to take advantage of certain exemptions from disclosure requirements, potentially making its securities less attractive to investors[220][222]. - Veea's ability to issue additional securities and obtain financing may be adversely impacted by a decline in its stock price[242].

Financial Performance - Veea incurred net losses of approximately $33.3 million and $46.4 million for the three and nine months ended September 30, 2024, respectively[140]. - The company incurred net losses of $46.6 million and $9.4 million for the nine months ended September 30, 2024, and 2023, respectively, with an accumulated deficit of $216.9 million as of September 30, 2024[168]. - Adjusted EBITDA for the three months ended September 30, 2024, was $(2,331,722), compared to $3,505,189 for the same period in 2023[170]. - The company expects to continue incurring net losses as it grows and scales its business[168]. Revenue Generation - Veea generated net revenue of approximately $51,000 and $108,000 for the three and nine months ended September 30, 2024, respectively, compared to approximately $9,000 and $40,000 for the same periods in 2023[140]. - Veea's revenue primarily comes from the sale of VeeaHub devices, licenses, and subscriptions[140]. - The Company generated revenue of $50,683 for the three months ended September 30, 2024, a decrease of 99% compared to $9,009,254 for the same period in 2023[155]. - For the nine months ended September 30, 2024, revenue was $108,264, down 99% from $9,040,359 in 2023, primarily due to $9 million recognized from the license of AdEdge™ in 2023[155]. - The Company expects revenue to grow over the next several quarters through sales of hardware, licenses, and subscriptions, focusing on four principal market opportunities[155]. Expenses - Total operating expenses for the three months ended September 30, 2024, were $57,533,067, a 922% increase compared to $5,631,507 for the same period in 2023[153]. - Cost of goods sold decreased by approximately $9,310, or 38%, for the three months ended September 30, 2024, compared to the same period in 2023[156]. - Cost of goods sold increased by $10,524, or 22%, for the nine months ended September 30, 2024, compared to the same period in 2023[156]. - Product development expenses increased by $170,997, or 92%, for the three months ended September 30, 2024, compared to the same period in 2023[157]. - Product development expenses increased by $476,327, or 70%, for the nine months ended September 30, 2024, compared to the same period in 2023[157]. - Sales and marketing expenses decreased by $57,006, or 41%, for the three months ended September 30, 2024, compared to the same period in 2023[158]. - Sales and marketing expenses increased by $160,211, or 54%, for the nine months ended September 30, 2024, compared to the same period in 2023[158]. - General and administrative expenses decreased by $3.2 million, or 62%, for the three months ended September 30, 2024, compared to the same period in 2023[159]. - Depreciation and amortization decreased by $7,588, or 10%, for the three months ended September 30, 2024, and by $529,195, or 72%, for the nine months ended September 30, 2024, compared to the same periods in 2023[162]. - Interest expense decreased by $1.3 million, or 75%, for the three months ended September 30, 2024, and by $3.1 million, or 69%, for the nine months ended September 30, 2024, compared to the same periods in 2023[167]. Financing and Capital Structure - The Company raised $1.45 million from the issuance of convertible promissory notes as part of a private placement offering of up to $15 million[144]. - The September 2024 Notes have a maturity date of 18 months after the Financing Closing and accrue interest at a rate equal to the Secured Overnight Financing Rate plus 2% per annum[144]. - As of September 30, 2024, the company had cash of $2.8 million and outstanding debt of $14.15 million[168]. Business Developments - The Business Combination with Plum Acquisition Corp. I was completed on September 13, 2024, resulting in Veea Inc. becoming a wholly owned subsidiary of Plum[141]. - Veea was recognized by Gartner in 2023 as a Leading Smart Edge Platform and named a Cool Vendor in Edge Computing in 2021[140]. - The Company was named one of the top 10 Edge AI solution providers in a report published in October 2023[140]. - The Company aims to address underserved communities lacking Internet connectivity through its Veea Edge Platform[140]. Contingent Liabilities - The initial value of the contingent earn-out share liability was recorded at $53.6 million for the three and nine months ended September 30, 2024[161]. - The change in fair value of earn-out share liability resulted in a loss of $24.8 million for the three and nine months ended September 30, 2024[165]. Tax Credits - The company received an R&D tax credit of $1.2 million from its UK subsidiary[164].

Financial Performance - For the three months ended March 31, 2024, the company reported a net loss of $4,207,029, which included an operating loss of $919,133 and other expenses of $3,287,896[150]. - Cash used in operating activities for the three months ended March 31, 2024, was $401,863, compared to $238,590 for the same period in 2023[163][164]. - The potential ordinary shares for outstanding warrants were excluded from diluted earnings per share for the periods ended March 31, 2024, and 2023[178]. Trust Account and Funds - As of March 31, 2024, the company held $36,106,898 in the Trust Account, which includes $9,870,130 of income[162]. - The company intends to use substantially all funds in the Trust Account to acquire a target business and cover related expenses[165]. Public Offering and Share Redemption - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during its Public Offering[156]. - A total of 26,693,416 Class A ordinary shares were redeemed at a price of $10.23 per share, resulting in an aggregate redemption amount of $273,112,311[156]. - All 31,921,634 Class A ordinary shares sold in the Public Offering contain a redemption feature, requiring classification outside of permanent equity[177]. Business Combination - The company has executed a Business Combination Agreement with Veea Inc. and is working towards closing the business combination[149]. - Management has raised substantial doubt about the company's ability to continue as a going concern if the Business Combination is not completed by June 18, 2024[168]. - The company has committed to obtaining additional financing if necessary to complete the Business Combination or to address potential redemptions of public shares[167]. Financial Position and Liabilities - The company has no off-balance sheet arrangements as of March 31, 2024[169]. - The company does not have any long-term debt, capital lease obligations, or long-term liabilities[171]. - The company has not entered into any off-balance sheet financing arrangements or established any special purpose entities[170]. Accounting and Reporting - The company accounts for its convertible promissory note under ASC 815, recording it at its initial fair value on the date of issuance[175]. - The initial fair value of the subscription liability was estimated using a Black Scholes and Probability Weighted Expected Return Model[176]. - The company does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements[179]. - Management does not believe that any recently issued accounting standards will have a material effect on the financial statements[180]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[181].

Business Combination - Plum Acquisition Corp. I entered into a Business Combination Agreement with Veea Inc. on November 27, 2023, valuing Veea at $180 million[35]. - The Business Combination will result in Veea becoming a wholly owned subsidiary of Plum, with each share of Veea's common stock converting into shares of Plum's common stock at a price of $10.00 per share[39]. - Holders of Veea's existing shares may receive up to 4.5 million additional shares based on performance milestones, including a share price exceeding $12.50 and $15.00 for specified trading periods[40]. - The Extraordinary General Meeting held on October 23, 2023, extended the deadline for completing a business combination to December 18, 2023, with potential monthly extensions until June 18, 2024[40]. - The company plans to structure its initial business combination to ensure the post-business combination entity owns or acquires at least 50% of the target business[73]. - The company may complete a business combination without seeking shareholder approval, limiting public shareholders' influence[149]. - The company may attempt to complete its initial business combination with multiple target businesses, which could increase costs and risks[199]. - The company has a mandatory liquidation date of June 18, 2024, unless extended by the Board to complete a business combination[207]. Management and Strategy - Plum's management team has extensive experience, with Kanishka Roy having participated in over $100 billion of M&A transactions and Mike Dinsdale securing over $1 billion in financing[47][48]. - The company aims to focus on investments in high-quality companies leveraging platform models in sectors like fintech, health, and business automation[32]. - Plum's strategy includes acquiring businesses with machine learning and AI-driven advantages to disrupt existing markets and drive growth[33]. - The management team emphasizes a strong operator-driven approach, leveraging their extensive experience to support partner companies post-listing[61]. - The company has developed a playbook called "Accelerating Through the Bell" to help partner companies de-risk their listing and enhance growth after going public[59]. - The management team prioritizes diversity, equity, and inclusion (DEI) as a core component of their investment thesis, believing it unlocks significant value[63]. Financial Position and Risks - The company has approximately $35.6 million available for a business combination held in the Trust Account, providing options for liquidity events, capital for growth, or debt reduction[82]. - The company may need additional financing to complete its initial business combination if the transaction requires more cash than available or if a significant number of public shares are redeemed[88]. - The company recognizes the risks associated with targeting financially unstable or early-stage businesses, which may impact their investment outcomes[74]. - The company may face challenges in obtaining additional financing to complete its initial business combination, which could compel it to restructure or abandon the acquisition[193]. - The company may face intense competition for attractive business combination targets, which may increase costs and complicate the acquisition process[162]. - The company may not have the resources to diversify operations, which could increase risks associated with being in a single line of business[95]. Shareholder Rights and Redemption - Public shareholders will have the opportunity to redeem their Class A ordinary shares at a per-share price of approximately $10.00 upon completion of the initial business combination[107]. - The redemption rights will require beneficial holders to identify themselves to validly redeem their shares[107]. - If the initial business combination is not completed, public shareholders who elected to redeem their shares will not be entitled to any redemption[122]. - A public shareholder is restricted from redeeming more than 15% of the shares sold in the initial public offering without prior consent[113]. - The company anticipates that the funds for redemptions will be distributed promptly after the completion of the initial business combination[121]. - The company will not proceed with redemptions if the business combination does not close, even if a public shareholder has elected to redeem[107]. - The per-share redemption amount for shareholders upon dissolution is expected to be $10.00, based on net proceeds from the initial public offering and private placement warrants[127]. - If the trust account proceeds are reduced below $10.00 per public share due to creditor claims, the actual redemption amount may be less than $10.00[130]. Compliance and Regulatory Considerations - The company is subject to compliance obligations under the Sarbanes-Oxley Act, which may increase the time and costs of completing an acquisition[188]. - Nasdaq requires a minimum of $50 million in shareholders' equity and 300 public holders to maintain listing[211]. - The company may face burdensome compliance requirements if deemed an investment company under the Investment Company Act[203]. - The company intends to liquidate investments in the trust account to mitigate the risk of being classified as an investment company[206]. Operational Challenges - The company has no operating history and no revenues, making it difficult to evaluate its ability to achieve business objectives[147]. - The management team has no experience operating special purpose acquisition companies, which may affect future performance[148]. - The company may face challenges in completing business combinations with large, complex companies that require significant operational improvements[166]. - The company may pursue acquisition opportunities outside of its management's area of expertise, which could pose additional risks[169]. - Management time and resources may be wasted on uncompleted acquisitions, adversely impacting future business combination attempts[186]. Share Structure and Warrants - The company issued warrants to purchase 6,384,327 Class A ordinary shares at an exercise price of $11.50 per share, along with 6,256,218 private placement warrants[225]. - The company may redeem outstanding public warrants at a price of $0.01 per warrant if the closing price of Class A ordinary shares equals or exceeds $18.00 for any 20 trading days within a 30 trading-day period[222]. - The company has the ability to redeem outstanding public warrants at a price of $0.10 per warrant upon a minimum of 30 days' prior written notice if the closing price of Class A ordinary shares equals or exceeds $10.00 for any 20 trading days within a 30 trading-day period[223]. - The potential issuance of a substantial number of additional Class A ordinary shares upon exercise of warrants could make the company a less attractive acquisition vehicle[226]. - The company may issue Class A ordinary shares in connection with the redemption of warrants, which could dilute existing shareholders[225].

Financial Performance - For the three months ended September 30, 2023, the company reported a loss from operations of $353,372 and recognized other expenses totaling $4,252,471[158]. - For the nine months ended September 30, 2023, the company had a loss from operations of $2,085,609, with other income of $1,035,971[160]. - Cash used in operating activities for the nine months ended September 30, 2023, was $709,623, with a net loss of $1,049,638[171]. - Management has raised substantial doubt about the company's ability to continue as a going concern due to significant costs in pursuit of acquisition plans[175]. - The Company must complete a Business Combination by December 18, 2023, or face mandatory liquidation, raising substantial doubt about its ability to continue as a going concern[176]. Trust Account and Cash Position - As of September 30, 2023, the company held $35,096,667 in the Trust Account, including $9,039,899 of income[170]. - As of September 30, 2023, the company had cash outside the Trust Account of $92,722 available for working capital needs[164]. - The company intends to use substantially all funds in the Trust Account to acquire a target business and cover related expenses[173]. - The company has received commitments for Working Capital Loans totaling $1,000,000 as of September 30, 2023[174]. Costs and Liabilities - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 of underwriting fees[166]. - As of September 30, 2023, the Company has no off-balance sheet arrangements, obligations, assets, or liabilities[177]. - The Company does not have any long-term debt, capital lease obligations, operating lease obligations, or long-term liabilities[179]. Accounting and Financial Reporting - The Company accounts for its warrants as liability-classified instruments, impacting the balance sheet and requiring fair value assessments[181]. - The convertible promissory note is recorded at fair value, with changes recognized as non-cash gains or losses in the statements of operations[182]. - All 31,921,634 Class A ordinary shares have a redemption feature, classified outside of permanent equity due to non-controllable redemption provisions[183]. - The diluted net (loss) income per common share is the same as basic net (loss) income per common share for the periods ended September 30, 2023, due to contingencies not being met[184]. - Management does not anticipate that recently issued accounting standards will materially affect the Company's financial statements[185]. - The Company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[186]. Business Combination and Future Plans - The company has extended the deadline to consummate a business combination transaction to June 18, 2024[157].

Financial Performance - For the three months ended June 30, 2023, the company reported a loss from operations of $578,954 and recognized other income of $4,847,438, which included an unrealized loss on warrant liabilities of $1,978,245 [150]. - For the six months ended June 30, 2023, the company had a loss from operations of $1,732,236, with other income totaling $5,288,442, including an unrealized loss on warrant liabilities of $44,241 [151]. - Cash used in operating activities for the six months ended June 30, 2023, was $431,465, with net income of $3,556,206 primarily offset by various unrealized losses and interest expenses [165]. Trust Account and Cash Position - As of June 30, 2023, the company held $55,154,617 in the Trust Account, which included $8,410,589 of income [164]. - As of June 30, 2023, the company had cash outside the Trust Account of $20,880 available for working capital needs [156]. - The company intends to use substantially all funds held in the Trust Account to acquire a target business and cover related expenses [167]. Business Combination and Operations - The company has extended the deadline to consummate a business combination transaction to September 18, 2023, following the termination of a previous agreement [149]. - If the company cannot complete a Business Combination by September 18, 2023, it will cease operations except for liquidation purposes [171]. - The company has incurred significant costs related to its acquisition plans, raising doubts about its ability to continue as a going concern [170]. Shareholder Transactions - A total of 26,693,416 Class A ordinary shares were redeemed for cash at a redemption price of $10.23 per share, amounting to an aggregate redemption of $273,112,311.62 [157]. - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during its Public Offering [157]. - All 31,921,634 Class A ordinary shares have a redemption feature, requiring classification outside of permanent equity [180]. Costs and Liabilities - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 of underwriting fees [158]. - As of June 30, 2023, the company has no off-balance sheet arrangements or long-term liabilities [172][174]. Accounting and Financial Reporting - The company accounts for its warrants as liability-classified instruments, impacting the financial statements based on fair value assessments [176][178]. - The company has two classes of shares, with earnings and losses shared pro rata between Class A and Class B ordinary shares [181]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements [182].

Financial Performance - For the three months ended March 31, 2023, the company reported a loss from operations of $1,153,282, compared to a loss of $509,076 for the same period in 2022[146][147]. - Cash used in operating activities for the three months ended March 31, 2023, was $238,590, compared to $339,506 for the same period in 2022[158][159]. - The company has incurred significant costs related to its acquisition plans, raising doubts about its ability to continue as a going concern[163]. Trust Account and Cash Position - As of March 31, 2023, the company held $54,368,297 in the Trust Account, which includes $7,784,269 of income[157]. - As of March 31, 2023, the company had cash outside the Trust Account of $97,811 available for working capital needs[151]. Public Offering and Shareholder Activity - The company generated gross proceeds of $319,216,340 from the sale of 31,921,634 units at $10.00 per unit during its Public Offering[152]. - Holders of 26,693,416 Class A ordinary shares redeemed their shares for cash at a redemption price of $10.23 per share, totaling $273,112,311.62[152]. - All 31,921,634 Class A ordinary shares sold in the Public Offering contain a redemption feature, classified outside of permanent equity[173]. Business Combination and Agreements - The company entered into a Business Combination Agreement with Sakuu Corporation, with an aggregate equity value of $600,000,000 to be exchanged for shares of Common Stock[145][141]. - The company has issued unsecured promissory notes totaling $1,250,000 to various individuals, which are repayable upon consummation of a Business Combination[154][155][156]. - If the company cannot complete a Business Combination by June 18, 2023, or March 18, 2024, it will cease operations except for liquidation purposes[164]. Costs and Accounting - The company incurred $18,336,269 in Initial Public Offering related costs, including $6,384,327 in underwriting fees[153]. - Management does not anticipate that recently issued accounting standards will materially affect the company's financial statements[175]. - The potential ordinary shares from outstanding warrants were excluded from diluted earnings per share for the three months ended March 31, 2023, due to unmet contingencies[174]. Equity and Liabilities - The company has no off-balance sheet arrangements or long-term debt as of March 31, 2023[166][168]. - The company recognizes changes in the redemption value of shares immediately and adjusts the carrying value at the end of each reporting period[173].