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].
Plum Acquisition I(PLMI) - 2025 Q3 - Quarterly Report