NEW YORK and MEXICO CITY, June 04, 2025 (GLOBE NEWSWIRE) -- Veea Inc. (NASDAQ: VEEA), a global innovator in edge computing and AI-driven platforms, and StarGroup, one of Mexico's most dynamic and visionary telecommunications and entertainment providers, are proud to announce a strategic alliance to accelerate digital inclusion, connectivity and entertainment services across underserved rural communities in Mexico. Empowering Communities Through Technology and Vision As Mexico advances its national mission f ...

Product Development and Technology - Veea has developed the VeeaHub product, which integrates a Linux server, Wi-Fi Access Point, firewall, IoT gateway, and NVMe data storage, with approximately 125 granted patents and 25 pending applications[124] - 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'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] - Veea's business model resembles the Android OS platform architecture, focusing on hybrid edge-cloud computing and AI-enabled applications[126] 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%, totaling $215,575 for the three months ended March 31, 2025, driven by increased internal development and contractor costs[150] - Sales and marketing expenses rose significantly by $262,987, or 305%, reaching $349,251 for the three months ended March 31, 2025, due to enhanced go-to-market strategies[151] - General and administrative expenses decreased by $736,302, or 13%, totaling $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] - The net income for the three months ended March 31, 2025, was $4,299,052, a significant improvement from a net loss of $6,547,412 in the prior year[147] - 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, reflecting ongoing operational challenges[163] Financing and Investment - 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 $25.0 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] - 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 expects to fund operations through a combination of private and public equity and debt offerings, including anticipated cash tax refunds of up to $7 million related to R&D activities and inventory prepayments[160] Management and Leadership - Randal V. Stephenson was appointed as the Senior Vice President, Finance and Chief Strategy Officer on May 1, 2025[137] Market Risk - Not applicable for quantitative and qualitative disclosures about market risk as the company is a smaller reporting company[164]

Core Insights - Veea Inc. has acquired Crowdkeep, enhancing its edge computing and AI-driven solutions portfolio through the integration of Crowdkeep's IoT platform [1][4][6] Company Overview - Veea Inc. specializes in edge computing and AI-driven solutions, aiming to provide comprehensive end-to-end solutions with a focus on cybersecurity and data analytics [1][4][10] - Crowdkeep offers an enterprise IoT platform that improves operational efficiency by collecting real-time data for informed decision-making across various sectors [2][11][12] Strategic Acquisition Details - The acquisition involves Veea acquiring substantially all of Crowdkeep's technology in exchange for shares of Veea's common stock [1] - Crowdkeep's software will be integrated with Veea's Edge Platform, utilizing VeeaHub products, cameras, and sensors to enhance asset tracking and workplace management [3][4] Market Position and Future Outlook - This acquisition positions Veea as a leader in hybrid edge-cloud computing, expanding its market presence and enhancing its capabilities in delivering AI-driven solutions [4][6] - The combined strengths of Veea and Crowdkeep are expected to accelerate product innovation and address growing market demands for real-time data collection and management [6][12] Leadership Changes - Helder Antunes, CEO of Crowdkeep, will join Veea's management team as Executive Vice President and Chief Revenue Officer, focusing on sales and marketing strategies [5][6]

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]. - Veea expects to incur significant operating losses over the next several years due to high sales, marketing, and manufacturing expenses[94]. - The company has suffered recurring losses since inception and cannot predict when it will become profitable[94]. - Veea's ability to generate revenue depends on various factors, including competition and market demand for technology products[97]. - The estimates of market opportunity and growth forecasts may prove to be inaccurate, potentially harming the company's reputation[110]. - Veea's sales efforts involve considerable time and expense, with a sales cycle often lasting many months, making revenue generation unpredictable[116]. - Veea's results of operations depend on sales to government and commercial enterprises, which may be influenced by factors outside of the company's control, such as macroeconomic conditions and customer preferences[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]. - Veea's ability to provide guidance on financial performance, including projections for sales, revenues, and profitability, acknowledges the inherent uncertainty in these predictions[243]. Market and Competitive Landscape - The market for Veea's platform and products is relatively new and highly competitive, with uncertain growth forecasts[93]. - Veea's success depends on the widespread adoption of its platform as an alternative to other solutions[107]. - The company faces significant competition, which could lead to reduced profit margins and loss of market share if it fails to compete effectively[114][115]. - Veea's platforms must successfully interoperate with products from other vendors, and issues in this area could delay market acceptance and adversely affect financial performance[125]. - Veea's growth may be hindered by its ability to attract, train, and retain qualified personnel to support its expanding customer base[119]. Operational Risks - Veea will need to raise substantial additional funding to support its operations, which may dilute existing shareholders[100]. - Veea's ability to manage growth effectively is critical, as expansion may strain its resources and operational capabilities[111]. - The company relies on third-party manufacturers and suppliers, and any disruptions in their operations could materially affect Veea's ability to deliver products and services[133]. - Errors, failures, or bugs in Veea's platforms could lead to significant revenue loss and damage to its reputation, especially in critical applications[122]. - Veea's reliance on third-party telecommunications and internet service providers increases vulnerability to service disruptions, which could result in customer loss and claims for damages[134]. - Disruptions in the global supply chain may affect the timely manufacture and delivery of products, impacting revenue recognition and cash collection[149]. Intellectual Property Risks - The company is subject to risks related to intellectual property; failure to secure adequate patent protection 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 face significant costs and distractions from legal proceedings related to its intellectual property rights[163]. - Veea's commercial success is at risk due to potential third-party claims of intellectual property infringement, which could delay product development and commercialization[176]. Cybersecurity and Compliance Risks - Cybersecurity incidents could materially harm Veea's business, operations, financial performance, and reputation, potentially leading to 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 costs and impact Veea's business practices[197]. - The company faces significant liability risks due to potential violations of anti-corruption laws by employees or subcontractors, which could adversely affect its financial condition and reputation[199]. Governance and Shareholder Matters - Veea's executive officers, directors, and principal stockholders own approximately 38.75% of the outstanding shares, giving them significant control over key transactions[225]. - There are outstanding Warrants to purchase an aggregate of 11,640,544 shares of Common Stock at an exercise price of $11.50 per share, which could lead to dilution for existing shareholders[227][233]. - Veea's governance documents include anti-takeover provisions that could limit stockholder actions and delay potential acquisitions[250]. - The company’s charter designates Delaware courts as the exclusive forum for disputes, which may limit stockholders' options for legal recourse[253]. - Veea's ability to issue additional securities and obtain financing may be adversely affected by declines in its stock price[242]. Transition to Public Company - Veea's transition to a public company will incur significant legal and accounting expenses, which could divert management's attention from growth strategies[218]. - 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 has not opted out of the extended transition period for new financial accounting standards, which may complicate comparisons with other public companies[221]. - The concentration of ownership among a small group of stockholders may delay or prevent a change of control, affecting shareholder opportunities[225].

Company Overview - Veea Inc. is a pioneer in hyperconverged heterogeneous Multiaccess Edge Computing (MEC) with AI-driven cybersecurity and edge solutions, founded in 2014 and headquartered in New York City [2][4] - The company has developed advanced networking, wireless, and computing technologies, integrating computing, communications, edge storage, and cybersecurity solutions into fully managed cloud and edge products [2] Product and Technology - The Veea Edge Platform™ is a cloud-managed full-stack platform that manages multi-vendor heterogeneous devices, enabling compute capabilities with various processing units on a networking and computing mesh [3] - VeeaHub products are hyperconverged, multi-access, and multi-protocol devices that facilitate control plane management of heterogeneous devices, supporting network slicing and advanced Software Defined Networking (SDN) [3] - The platform incorporates AI-driven cybersecurity and Zero Trust Network Access (ZTNA), providing a simplified Secure Access Service Edge (SASE) [3] Recognition and Market Position - Veea has been recognized by Gartner for its innovative Edge Computing platform in both 2021 and 2023 [4] - The company was named a top 10 Edge AI solution provider in a Market Report published in October 2023, alongside major players like IBM, Microsoft, and AWS [4] Upcoming Events - Allen Salmasi, co-founder and CEO of Veea, will participate in the 37th Annual Roth Conference from March 16-18, 2025, in Dana Point, CA, where the company will host 1x1 investor meetings [1]

Core Insights - Veea Inc. and Vapor IO have partnered to provide turnkey AI-as-a-Service (AIaaS) solutions, enabling enterprises and municipalities to implement AI capabilities without the need for capital-intensive infrastructure [1][5][11] Company Overview - Veea Inc. specializes in hyperconverged heterogeneous Multiaccess Edge Computing (MEC) and AI-driven cybersecurity solutions, aiming to streamline AI application at the edge [1][6] - Vapor IO focuses on delivering ultra-low latency AI solutions through its Zero Gap™ AI platform, which integrates private 5G networks and advanced computing technologies [1][9] Technology and Solutions - The Veea Edge Platform™ processes raw data at the Device Edge, ensuring low latency, data privacy, and sovereignty for various enterprise applications [2][4] - Vapor IO's Zero Gap AI utilizes Supermicro MGX servers and NVIDIA GH200 Grace Hopper Superchip to support simultaneous AI inferencing and model training [3][10] - The partnership aims to create a unified platform that combines Veea's edge computing capabilities with Vapor IO's AI services, facilitating seamless workload distribution and real-time processing [4][9] Market Position and Recognition - Veea has been recognized by Gartner as a top 10 Edge AI solution provider, highlighting its innovative capabilities in edge computing [8] - Vapor IO's extensive partner ecosystem positions it to deliver competitive real-time AI inferencing solutions across various sectors, including Smart Cities and Smart Retail [5][11]

Core Insights - Veea Inc. is set to present its Veea Edge Platform™ at various upcoming conferences, highlighting its applications in edge computing and AI-driven solutions [1][2][4] Company Overview - Veea Inc. was established in 2014 and is headquartered in New York City, focusing on advanced networking, wireless, and computing technologies [5] - The company offers a fully integrated cloud- and edge-managed product suite, including Zero Trust Network Access (ZTNA) and a simplified 5G-based Secure Access Service Edge (SASE) [5] - Veea's Edge Platform enables direct connections from various networks to local area networks, utilizing a patented capability called Multiprotocol Private Network Slicing (MPNS) [5] Upcoming Events - Veea will participate in OATSCON25 on February 6-7, 2025, discussing sustainable food-ag system improvements through its Edge Platform [2] - The company will also present at the AHR Expo from February 10-12, 2025, showcasing its cloud-connected platform for the HVACR industry [3] - At the Mobile World Congress (MWC) Barcelona from March 3-6, 2025, Veea will demonstrate how its Edge Platform and Trusted Broadband Access (vTBA) can facilitate 5G/Wi-Fi Fixed Mobile Convergence [4] Industry Recognition - Veea was recognized by Gartner in 2023 as a Leading Smart Edge Platform and was named a Cool Vendor in Edge Computing in 2021 [6] - The company was listed among the top 10 Edge AI solution providers in a report published by Market Reports World in October 2023, alongside major players like IBM and Microsoft [6]

Company Overview - Veea Inc. is a pioneer in edge computing and AI-driven solutions, recently celebrating its 10th anniversary and ringing the Nasdaq Opening Bell [1][2] - The company has developed a portfolio of integrated wireless and wired communication devices and services, including VeeaHub, VeeaWare, and VeeaCloud, aimed at delivering cloud-to-edge solutions [3] Technology and Innovation - Veea's technology focuses on the convergence of Edge Computing, Hyperconverged Networks, and AI, referred to as Edge AI, which enhances decision-making and productivity [2][5] - The company holds over 100 patents across 26 families, showcasing its commitment to innovation and a significant partner ecosystem [4] Market Position and Strategy - Veea is well-positioned to support the 5th Industrial Revolution, characterized by the integration of AI and human intelligence [5] - The company emphasizes the importance of AI inferencing, which processes data at the edge, enabling real-time insights and reducing latency [6][7] Business Model - Veea operates as a Managed Service Provider (MSP), offering AI-as-a-Service (AIaaS) that allows clients to access advanced AI capabilities without heavy infrastructure investments [13][14] - The business model supports scalability, cost efficiency, agility, and expertise, making advanced AI accessible to organizations of all sizes [14][17] Growth Opportunities - The demand for real-time, data-driven decision-making is increasing across various sectors, including retail, healthcare, and smart cities, presenting significant growth opportunities for Veea [15][16] - The company's subscription-based offerings create predictable revenue streams, enhancing financial stability and supporting sustainable growth [16] Competitive Advantage - Veea's Edge AI solutions provide clients with faster, smarter, and more secure operations, helping them maintain a competitive edge in their respective markets [17][18] - The decentralized nature of Edge AI allows Veea to serve clients globally, unlocking new markets and driving innovation [18][19] Commitment to Innovation - Veea is dedicated to investing in transformative technologies and fostering strategic partnerships to remain at the forefront of the technological revolution [20][21] - The company aims to deliver growth and value to shareholders through its innovative solutions and unique business model [20][21]

Core Points - Veea, Inc. will ring the Opening Bell at Nasdaq on February 5, 2025, marking its public listing [1] - The event highlights the company's commitment to innovative solutions in edge computing and AI [2] - Veea was founded in 2014 and specializes in scalable wireless communication solutions for edge environments [2][3] Company Overview - Veea, Inc. is headquartered in New York City and has a history of innovations in networking, wireless, and computing technologies [3] - The company offers fully integrated cloud and edge-managed products, including Zero Trust Network Access (ZTNA) and a 5G-based Secure Access Service Edge (SASE) [3] - Veea's unique capability, Multiprotocol Private Network Slicing (MPNS), allows ISPs to provide subscription-based services [3] Industry Recognition - Veea was recognized by Gartner in 2023 as a Leading Smart Edge Platform and a Cool Vendor in Edge Computing in 2021 [4] - The company was listed among the top 10 Edge AI solution providers in a report published in October 2023, alongside major players like IBM and Amazon Web Services [4]

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]. - 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]. - 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 incurred net losses of $46.6 million for the nine months ended September 30, 2024, compared to $9.4 million for the same period in 2023[168]. - As of September 30, 2024, the company had an accumulated deficit of $216.9 million, up from $170.3 million as of December 31, 2023[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]. 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]. - The Business Combination was accounted for as a "reverse recapitalization," with no goodwill or other intangible assets recorded[143]. - The Company raised $1.45 million from the issuance of convertible promissory notes as part of a private placement offering, with a commitment for an additional $13.55 million[144]. - The company plans to fund operations through a combination of private and public equity and debt offerings, with a remaining convertible note commitment of approximately $13.6 million[170]. Expenses and Costs - 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]. Recognition and Awards - 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 listed among the top 10 Edge AI solution providers in a report published by Market Reports World in October 2023[140]. - The Veea Edge Platform provides highly secure connectivity and computing solutions for digital transformation in underserved communities[140]. Financial Instruments - 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]. - The September 2024 Notes are convertible into shares of Common Stock at a conversion price of $7.50 per share[144]. - The fair value of the earn-out share liability was $24.8 million for the three and nine months ended September 30, 2024, determined using a Monte Carlo simulation[165]. - The company recorded a contingent earn-out share liability of $53.6 million for the three and nine months ended September 30, 2024, as part of transaction costs[161]. Tax Credits - The company received an R&D tax credit of $1.2 million from its UK subsidiary[164].