VEEA INC.

We were originally incorporated under the name “Plum Acquisition Corp. I.” as a blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. As discussed in this Annual Report, we completed the Business Combination on September 13, 2024, and changed our name to “Veea Inc.”

We are dedicated to simplifying the journey towards creating a world in which virtually everyone and everything is intelligently connected, while bringing applications and AI to the edge of the network. Most service providers, equipment suppliers, system integrators and even hyperscalers have adopted or advocated for similar solutions to various degrees either independently or in collaboration with the Company. However, to our knowledge, we are one of the first to market with patented technologies that a) bring virtualized data center capabilities to the far edge of the network, commonly referred to as the Device Edge, where all wired and wireless devices connect to the network (the “Edge”), b) spawns hyperconvergence of computing, multiaccess communications and storage, (“Edge Computing”) c) provides for Cloud-managed applications at the Edge (“Hybrid Edge-Cloud Computing”), and d) enables machine learning with AI training, inferencing, and Agentic AI at the Edge (“Edge AI”) including AI-driven cybersecurity for heterogenous networks. Such networks have given rise through any combination of our developed devices and third-party devices, with CPUs, GPUs, TPUs, DPUs and/or NPUs, that run on the VeeaONE™ platform’s software stack VeeaWare™ (“VeeaWare”). Our end-to-end edge-cloud platform is referred to as VeeaONE™ (“VeeaONE”) platform.

Veea has developed several generations of highly integrated all-in-one devices that incorporate a Linux server, with a virtualized software environment, supporting our patented Secured Docker® containers, together with a Wi-Fi Access Point (AP) with a mesh router, a firewall, an IoT gateway, NVMe data storage and 4G/5G modules referred to as the “VeeaHub” product. With an extensive patent portfolio of approximately 123 granted patents and 32 pending patent applications that cover 26 patent families, our end-to-end Hybrid Edge-Cloud Computing platform represents a new product category that has the potential for wide scale customer adoption in large segments of consumer and enterprise markets.

VeeaONE’s products, applications, and services with a distributed computing architecture, offered as a Platform-as-a-Service (“PaaS”) capability, empowering companies to capitalize on the transformative potential of Edge AI, where most of the data from smartphones, tablets, laptops, cameras, sensors, and other devices is generated, with data privacy and sovereignty, reliability, low latency for real-time decisions, bandwidth efficiency for lower data transport costs, scalability, cybersecurity, reduced costs compared to alternatives, as well as “always-on” availability for mission critical applications, and contextual awareness for people, devices and things connected to the Internet.

VeeaONE platform offers an alternative to cloud computing by enabling the formation of highly secure, but easily accessible, private clouds and networks with VeeaHub products across one or multiple user(s) or enterprise location(s) across the globe. VeeaHub products, about the size of a typical Wi-Fi Access Point (“AP”), are offered in multiple form factors having different capabilities for indoor and outdoor coverage and are both locally- and cloud-managed. VeeaONE platform provides for large scale management of VeeaHub products and third-party devices and AI-enabled applications and services with Hybrid Edge-Cloud Computing.

We have developed products and solutions for wireline and/or 5G-based fixed wireless broadband access, subscription-based managed Wi-Fi for unserved and underserved communities, converged private networks, Smart Buildings, Smart Construction, Smart Warehouses and Smart Retail – that we believe offer high potential for growth and can benefit from our products and services offerings in a way that transforms their businesses and business models in a secure, cost-effective, and meaningful manner. To date, our products and services have been successfully deployed across multiple countries and industries. We remain focused on high-growth market segments such as fixed-line or 5G-based fixed wireless broadband access, and subscription-based managed Wi-Fi for unserved and underserved communities. In both cases, broadband or Internet connectivity services include an offering of Edge applications and value-added services, including advanced AI-driven cybersecurity, through mobile network operators (“MNOs”), multiple system operators (“MSOs”), Internet Service Providers (“ISPs”), Managed Service Providers (“MSPs”), system integrators and major distributors. The industrial applications include climate smart buildings, smart farming with precision agriculture, smart warehouses and smart retail as cloud-managed converged private networks.

Since 2014, we have been actively involved in defining the standards for mobile edge computing (“MEC”) through our contribution to the publication of the first white paper by European Telecommunications Standards Institute (“ETSI”) that outlined the concept of MEC. In December 2014, ETSI formally launched the Mobile Edge Computing Industry Specification Group (“MEC ISG”) based in large part on the white paper and on our contributions. We believe that since then we have laid a strong foundation to assume a major role in making Edge AI a reality.

The innovativeness and capabilities of our platform was recognized by Gartner® in 2023 as a Leading Smart Edge Platform and named a Gartner® Cool Vendor™ in Edge Computing in 2021. We were also named in a recent Market Reports World in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside of IBM, Microsoft and Amazon Web Services (“AWS”).

Private Veea was founded in 2014 by Allen Salmasi, our Chief Executive Officer and a pioneering wireless technology leader. Mr. Salmasi helped to drive industry transformation through his contributions to the development of CDMA/TDMA-based OmniTRACS, the largest mobile satellite messaging and position reporting system with integrated IoT solutions during the 1980s and 1990s; CDMA-based 2G/3G technologies and products at Qualcomm in 1990s; OFDMA-based 4G technologies and products at NextWave during the 2000s, and hyper-converged edge computing and communications during the 2010s; and beyond with Veea. Mr. Salmasi has assembled a talented and experienced management and engineering team that includes former senior executives of leading technology, telecom, SaaS, and wireless companies that possess a deep understanding of wireless technologies, networking edge and cloud computing.

The Company has six wholly owned subsidiaries, VeeaSystems Inc., formerly known as Veea Inc. a Delaware corporation, Veea Solutions Inc., a Delaware corporation, VeeaSystems Development Inc., formerly known as Veea Systems Inc., a Delaware corporation, Veea Systems Ltd., a company organized under the laws of England and Wales, VeeaSystems SAS, a French simplified joint stock company and VeeaSystems CK Inc., a Delaware corporation; and one majority owned subsidiary, VeeaSystems Mexico, S. de R.L. de C.V., a limited capital company organized under the laws of Mexico (“VeeaSystems MX”). VeeaSystems MX is 95% owned by VeeaSystems Inc., and due to local law requirements, the remaining 5% is held by the Company’s CEO. The Company is headquartered in New York City with offices in the United States, Mexico and Europe.

Our Vision

We are not merely connecting devices or networks; we’re connecting businesses to outcomes, converting ideas to reality, and turning complexity into simplicity. Our platform creates intelligent connectivity, transforming intricate technological landscapes into streamlined environments that anyone can leverage as a new and more capable type of product that is being introduced into the customer’s environment with one or two mission critical applications downloaded and instantiated initially with more to come.

Since the inception of our Company in 2014, we have developed a comprehensive end-to-end Hybrid Edge-Cloud Computing (“HEC”) platform capable of delivering turnkey applications, broad range of computing and communications services and Edge AI to the enterprises and service providers. Our current focus is on the simpler AI-driven edge solutions (e.g., SecureConnect™ and AirLynx™ as further described below), for markets with significant pent-up demand and defined business models that can scale rapidly and where we can carefully manage the technical, operational and business execution risks. This allows us to lay the foundation for becoming a category-defining leader in hyperconverged network solutions, as the key enabler of Edge AI, on a journey towards creating a world in which virtually everyone and everything is intelligently connected at the network edge. Over the last ten years at Veea, we have persevered to make Hyperconverged Infrastructure (“HCI”) with edge computing and Edge AI a reality at the edge. HCI is a critical capability that merges compute, storage, networking, and virtualization into a single, cohesive platform, perfectly suited to the unique demands of edge AI deployments.

Our founder and many other members of our team have decades of experience in creating market defining technologies and networks; for example, as one of the largest and one of the first all IP-based wireline and wireless public safety networks in the world, the NYCWiN network designed, developed and deployed in New York City beginning in 2009 under contract with Northrop Grumman. Leveraging this experience, we imagined a world based on federation of edge networks, similar to this public safety network, deployed by service providers and enterprises across cities that is focused on cybersecure, intelligent, protects user data privacy, and fully networked with distributed computing that, in our belief, just simply works as it expands without significant integration, on-going maintenance or IT/OT expertise.

From the end-users’ perspective, the primary difference between pure cloud computing and VeeaONE platform is in the fact that, for those capabilities that are typically cloud-only solutions but the end-users require them to be at the edge, for reasons of data privacy, latency, application of AI, etc., VeeaONE transparently brings those cloud capabilities to as far as the Device Edge with heterogenous computing and communications networks supported by VeeaHub products for device and network management together with third-party devices that are capable of running VeeaONE platform software. The primary benefits delivered by VeeaONE platform for different use cases at the edge include:

Edge AI, the ability to run intelligent algorithms locally, literally on machines or devices, or in short proximity of where data is generated, giving rise to how we live, work, and move, while helping to create new industries, redefining mobility, revolutionizing healthcare, transforming energy systems, and enabling more human-centered experiences. By moving AI from centralized clouds to the very edge of networks, Edge AI enables a new generation of autonomous machines and experiences that were once confined to science fiction. We believe that the societal impact will be profound. Edge AI market size in 2024 was on the order of US$20.8 billion, and is expected to reach US$24.9 billion in 2025, and US$66.5 billion by 2030, with a 21.7% CAGR (2025–2030).

It is important to differentiate between an investment into an Edge AI-enabling infrastructure company, such as Veea with VeeaONE platform providing for Physical AI and inferencing, vs. a foundational AI model development company or other model developers (e.g., OpenAI or Edge Impulse), developing Large Language Models (“LLMs”), Small Language Models (“SLMs”), Agentic AI, federated machine learning, etc. In some cases, certain versions of these models are freely made available on an introductory basis or longer-term in order to rapidly penetrate into a vast potential market. However, as headlined on a daily basis, AI models evolve at breakneck speed.

In contrast, once HCI is deployed, spanning compute, storage, LAN/WAN networking, including 5G, and virtualization, it forms a foundational, integrated backbone for IT/OT at the edge for many enterprises and even consumer use cases beyond Edge AI. It is the equivalent of the cloud computing at the edge, regardless of how and what applications are served up by the customers of AWS or Microsoft Azure that may come and go, the Cloud remains and evolves slowly.

However, in the case of VeeaONE-based solutions, solutions are deployed to serve a primary AI-driven use case such as 5G-based broadband connectivity with AI-driven cybersecurity, an AI-powered building management system, AI-enabled precision agriculture, or a Smart City deployment. In general, VeeaONE platform is designed for delivering:

Our Business Principals

We are a fast-growing operating business, with an end-to-end next generation AI-enabled hybrid edge-cloud computing and communications platform that delivers groundbreaking applications and services at the “Device Edge”, where people, devices and things (e.g., sensors, appliances, machines, robots, drones, etc.) connect to the public and private networks, augmenting or replacing the end-users’ cloud services. We empower our customers by delivering intuitive software and unified hardware solutions that enable local computing, intelligent networking, and advanced AI applications to work together seamlessly. By making these solutions easy to deploy, orchestrate, and scale, we aim to remove technological barriers, freeing innovators to innovate. Our tagline, “Intelligently Connected,” reflects this commitment.

VeeaONE platform provides for large scale management of VeeaHub products and third-party devices and AI-enabled applications and services with Hybrid Edge-Cloud Computing similar to how Android OS platform does it for Android devices. Our platform flexibly supports a highly scalable business model for B2B and B2B2C delivery of products and services to a diverse range of customers. Our products and services have been deployed extensively for various use cases in several countries.

In summary, for reliable delivery of the applications and AI at the edge, the following are some of the key considerations:

Growth Strategy

Our business growth strategy is focused on leveraging three key paths to market:

Our business model is partially based on global demands from the Americas, EMEA and APAC regions for a product platform and software services for the generation of new revenue streams, with lower recurring costs, compared to traditional network infrastructure that lacks automation of service delivery and entails substantial ongoing operational support and network maintenance costs (e.g., traditional cybersecurity solutions for small businesses). We believe we are uniquely positioned in the marketplace, leveraging our strengths with our business model, including the following:

Business Strategy

Our target markets represent the fastest growing market segments for a new generation of Edge AI-driven broadband services, IT/OT, and cybersecurity. To our knowledge, relative to the primary market segments currently served, no solution provider currently offers a direct alternative to VeeaONE platform with the range of fully integrated communications and computing capabilities (i.e., hyperconverged), applications, services, solutions, and cloud management as cost-effectively as provided through the VeeaONE platform. Especially, given that the network operators, service providers, system integrators, and most enterprises, typically require a complete fully integrated cybersecure solution for their use cases, we believe that the markets for our fully integrated cloud-managed products and turnkey solutions have arrived and with sufficient working capital Veea has a significant opportunity for major growth.

Our core focus is time to revenue in segments that we believe present highly scalable business opportunities through primarily with MNOs, MSOs, ISPs, MSPs, SIs and other major distributors as our primary distribution channels through our:

**1. SecureConnect™ Service Platform (“SecureConnect”)**enables the service providers to deliver an all-in-one solution, with a compact model of VeeaHub product that fits in the palm of your hand (i.e., “STAX” and “STAX-5G”), combining high-speed wired and/or wireless broadband, including 5G Fixed Wireless Access (“FWA”), router, firewall with enterprise-grade cybersecurity protection, storage, IoT gateway, and AI-enabled applications for cameras and other IoT endpoints, with multi-tenant cloud-based management of the entire network, devices and applications. The VeeaONE device is installed with Zero Touch Provisioning (ZTP) and can provide for broadband wireline or 5G wireless connectivity with highly advanced AI-driven cybersecurity in less than 30 minutes.

SecureConnect™ turns complex IT for delivery of broadband services, with cybersecurity, over a LAN with microsegmentation of traffic and device type profiles, that is PCI compliant for POS and payment terminals, into a plug-and-play solution with value-added services tailored for Small to Medium-size Businesses/Enterprises (SMBs/SMEs) customers. Our business model for SecureConnect provides for a monthly recurring revenue from cloud management, AI-driven cybersecurity services, and to the extent subscribed to by the end-users, IoT gateway services, AI inferencing (e.g., CCTVs with computer vision application at retail locations and construction sites) and multimodal AI agents (e.g., context-aware insights fused together with network insights such as for location-based targeted advertising based on Veea’s AdEdge™, inventory management, and other applications) to Veea as a share of the revenue collected by the service provider.

For the aforementioned reasons, we expect this product and service offering to ramp up rapidly. In the regions currently served, 43% of cyberattacks are targeted at small businesses and only some SMBs/SMEs are adequately prepared to face cyberattacks. Based on the cyber intrusion data collected to date, we believe that the AI-driven cybersecurity solution offered with SecureConnect, providing protection for data-at-rest and data-in-motion, is a better solution for protecting against AI-driven cyberattacks than traditional approaches. Based on feedback from the service provider partners and SMBs/SMEs served as well as market data, Veea SecureConnect represents a highly cost-effective and affordable solution meeting their requirements with differentiated features for this market segment.

Veea has been engaged with RadioMovil Dipsa, S.A. De C.V. (“Telcel”), a Mexican wireless telecommunications company owned by América Móvil (the “Telcel”) since early 2024 and completed the homologation and carrier certification process for STAX and STAX-5G by late 2024 with the Telcel, which then soft-launched the SecureConnect services in their coverage areas in March 2024. In August 2025, we signed a three-year agreement with Telcel, under which Veea will supply a comprehensive Platform-as-a-Service solution featuring its VeeaHub STAXÒ-5G device. Veea and Telcel have agreed to work together in the development of the marketing strategy, branding and promotion of solution to Telcel’s customers in Mexico.

The soft-launch of SecureConnect STAX-5G, with Telcel at their enterprise customer locations commenced in the third quarter of 2025 and, has been successful, demonstrating a fully commercialized product platform. Telcel announced its full commercial Telcel of SecureConnect to its customers in April 2026. In working together with Telcel, the initial marketing campaign and sales plans in support of our Go to Market plans have been developed. This includes Telcel’s marketing webpage, customer support and fulfillment portals. Telcel’s end-user customer contract is typically for 2 years with a Monthly Recurring Revenue (“MRR”) paid to Telcel, which is subject to revenue sharing between the parties.

We have also initiated a substantial POC with an affiliate of Telcel in another county for deployments in another region. STAX and STAX-5G products are also going through the homologation and certification process with a major ISP. STAX-5G is also being evaluated by two other network operators in several countries and we expect to initiate homologation and carrier certification with those operators.

The Serviceable and Obtainable Market (SOM) is a large percentage of TAM given the cybersecurity challenges faced by the SMBs/SMEs in the target markets. The Cybersecurity market in the soft-launch country was valued at US$12.75 billion in 2023, and is expected to reach US$23.13 billion by 2029, rising at a CAGR of 10.27%. In the soft-launch market, SMBs (for up to 7 devices, such as POS, payment terminals, laptops per user) spend between $200–$500 for a just a basic security package consisting of antivirus, firewall, vulnerability scanning, and minimal monitoring. For full-featured package such as the one offered by SecureConnect that includes cybersecurity for data-at-rest and data-in-motion, the monthly spent is significantly higher depending on the features included. Telcel’s pricing total of SecureConnect service offering, including the monthly rental fees for STAX-5G product together with VeeaCloud management, Cybersecurity service and 5G airtime fees, in total is less than the cost of the currently established cybersecurity services offered to SMBs by third-party vendors, as just a cybersecurity software and/or cloud-based service, without the edge device and many of the features that are supported through SecureConnect.

To the best of our knowledge from a cost performance perspective, range of features, including leading-edge cybersecurity service, and future-proofed with additional value-added edge services continually introduced over time, there is no direct competitor for this unique product and the retention rate of customers acquired is believed to be longer than the average subscriber base churn.

An Ericsson forecast provides that the total global Fixed Wireless Access (FWA) subscriptions will grow at 19 percent year-on-year during the 2022 to 2028 period to reach more than 300 million devices by 2028. The total market size for indoor Wi-Fi APs in 2025 is estimated to be on the order of US$17.2 billion in 2024 increasing to US$32.2 billion by 2032 with a CAGR of 8.2%.

2. AirLynx™ Service Platform is another highly unique solution delivered through VeeaONE platform for service providers to uniquely offer turnkey subscription-based “cellular-like” Wi-Fi and IoT service coverage, with edge applications, that are delivered directly to the user devices and IoT endpoints indoors and/or outdoors. The service offering is typically aimed at those use cases, locations, communities or regions that i) lack cellular coverage, such as lacking indoor coverage in an apartment building or outdoor coverage in a rural community, ii) IoT endpoints with cellular modems are not already installed, commercially available or feasible (e.g., cameras, thermostats, smart locks, etc.) or too costly (i.e., cellular modem cost or data service pricing plans). In such cases, the service provider typically considers making an investment in the AirLynx network and its operations (i.e., CapEx and OpEx) based on a business model that relies on subscription-based managed Wi-Fi and IoT endpoint services to distribute or extend the Internet connectivity brought to a location through fiber, 4G/5G or satellite backhaul services, for either local or wide-area Wi-Fi and IoT coverage, for example, in a commercial building, trailer park, rural or remote community.

In the rural or remote areas, the Internet connectivity services delivered through a satellite terminal or 4G/5G backhaul, AirLynx extends the Internet connection directly to the end-users’ Wi-Fi devices and IoT endpoints as a fully managed service over a mesh network, with network slicing over a local area network like an entire village, just like a cellular network coverage for cellphones. Especially, in the rural and remote communities in many parts of the world, where Wi-Fi only devices are either already owned (e.g., laptops, tablets, or smartphones) or can be obtained at considerably lower cost than cellular devices, the business case based on AirLynx platform solution becomes much more viable than the cellular business model for the service providers given the costs associated with the cellular network deployment and the typical in-home 4G or 5G CPE installation.

The use cases for AirLynx fall into two primary categories:

a) Places with common indoor spaces

This category is typically represented by real estate with common areas such as hospitality spaces (e.g., hotels and resorts), office buildings, coworking spaces, Multi-Dwelling Units (MDUs), condominiums and gated communities, trailer parks, dormitories, cruise ships, shopping centers, and others. In this case VeeaHub and third-party vendor products, that are running VeeaONE software stack, installed throughout the coverage area create a connectivity and computing mesh network that delivers AirLynx platform solution with cybersecure broadband and value-added services delivered directly to the subscriber devices and IoT endpoints.

In the case of places with common indoor spaces, typically the property owner elects to adopt AirLynx solution to provide for subscription-based cybersecure broadband coverage with managed Wi-Fi on a subscription-basis to the building tenants (e.g., the individual units or offices) with coverage in the common areas with value-added services, including IoT connectivity services, which are delivered directly to the end-user devices, cameras, smart locks, thermostats, security sensors, leak detectors and other IoT endpoints. The value-proposition offered, for example, by a property owner to the subscribers represents a new source of income that can increase over time with additional Edge AI-driven value-added services along with space monitoring and automation capabilities of AirLynx platform including energy and building management system, based on containerized Honeywell Niagara application uniquely offered by Veea, and predictive maintenance.

b) Areas lacking wide-area cellular coverage

Over one billion households, representing 45% of global households, are without Internet connectivity within the household dwelling with a shared CPE or router connected to a public network. This represents approximately 3.7 billion people across the globe with over 2.6 billion of the people living in those households without a cellular device or any form of Internet connectivity.

As another category of use cases, AirLynx service platform delivers affordable Internet connectivity and digital services to unserved, underserved, and remote areas. Typically, in the rural and remote areas bandwidth (i.e., throughput for Internet connectivity) is at a premium and the bandwidth-intensive applications, such as tele-education, tele-health, entertainment or gaming content, must be at least partially delivered locally to varying degrees with cached content at the edge, with or without application of AI, as opposed to purely cloud-based services.

AirLynx platform’s unique capability to run applications locally and deliver value-added services along with Internet connectivity services, enables delivery of tele-education, tele-health, tele-training, IPTV for entertainment content, public safety, smart-farming and precision agriculture, water and renewable energy management, environmental monitoring and many others. Cybersecurity, including Trust Domains and Zero Trust Network Access (ZTNA), is an embedded feature of AirLynx network solution. Moreover, wide-area private AirLynx networks support roaming between locations and communities covered by the same service provider enabling its subscriber base to access Internet and value-added services at any location with AirLynx coverage. The Wi-Fi Alliance has estimated that the global economic value of Wi-Fi, driven in part by efforts to expand coverage in rural and remote areas, effectively helping to bridge the digital divide, is a share of a total value of nearly $4.9 trillion in 2025. This immense value underscores how Wi-Fi enables affordable internet connectivity in under-served regions, supporting education, healthcare, e-commerce, IoT, and other services that drive growth and inclusion. A study, from November 2023, authored by researchers from George Mason University, University of Oxford and the IMF estimates that out of $418 billion that will be invested to connect all unconnected citizens globally, 73% will be in emerging market economies and 24% in low-income developing countries.

AirLynx network solution has been deployed to provide for wide-area coverage in multiple locations in Indonesia, Mexico, Colombia, Brazil and Uganda along with POC networks deployed in other regions. AirLynx was first deployed and demonstrated in collaboration with CableLabs and Liberty Latin America (“LLA”) to provide for Wi-Fi-based fixed broadband access and IPTV services in low-income area of Tarana Chapo, Panama, in 2021. The network has been in continuous operations without any interruptions to date. During COVID pandemic, children using Chromebook and other devices were able to connect to schools over Wi-Fi connections delivered from pole-mounted VeeaHub units. Veea is now evaluating a similar project with LLA in Jamaica.

Following Panama deployment, AirLynx was deployed in several villages in West Java and North Kalimantan, Indonesia, in 2023 in partnership with PT Bum Desa Indonesia , which is a village association with an ISP arm and is partially subsidized by the Indonesian government mandate to bring Internet connectivity with satellite backhaul to 8,000 villages throughout Indonesia. BDI has developed a number of value-added services based on applications that run on VeeaHub units in collaboration with Veea and third parties including precision agriculture, AI-powered edge-managed online school system in Indonesian language, which is being adopted for other languages with a Small Language Model (SLM), an edge-only “WhatsApp-like” type of messaging platform with text, voice and video, called HiveChat developed by Veea, that runs locally on VeeaHub units to minimize the amount of data transmitted through the satellite backhaul.

In Mexico, StarGroup, a mobile communications and satellite-based Pay TV entertainment company, in partnership with Veea has commercially deployed AirLynx Internet connectivity services offered standalone or bundled with Pay TV services. We are actively working with StarGroup on the deployment plans in more locations since successful completion of a POC and commercial lunch of the same network in Q1 2025. Through our partnership with StarGroup, we expect that StarGroup will work to roll out AirLynx networks in over hundred villages and small towns over the next 12 months. Given the Pay TV content that StarGroup can offer with or without a satellite terminal, which only differs in picture quality and upfront cost of service installation, we believe a more accelerated market penetration is feasible in those StarGroup markets that AirLynx is deployed. We have established a revenue sharing business model that generates a monthly recurring revenue for both parties.

We have also entered into a commercial trial agreement with Viasat, a global communications company that provides satellite and other communications services, that is known for its high-speed internet services and solutions for various sectors such as defense, aviation, and maritime. Under contract with Comisión Federal de Electricidad (CFE), Viasat has already deployed satellite terminals at large number of sites in different villages and small towns throughout Mexico, to eventually provide for “Internet para Todos” service, which is free “Internet for everyone” fully subsidized by the Mexican government. Viasat needs to provide wide-area coverage for Internet connectivity at every one of the aforementioned sites beyond the one site deployed in every community for satellite backhaul services. The first deployment of AirLynx with Viasat was successfully completed in Cuetzalingo, Mexico, in the third quarter of 2025 and commercially launched in the fourth quarter of 2025. Similarly, we have established a revenue sharing business model that generates a monthly recurring revenue for both parties. Given Viasat’s global operations, we expect the partnership to expand beyond Mexico.

In the case of AirLynx deployments in Uganda in partnership with BG Titan, the service provider (i.e., SOMBHA) provides for a government subsidized shared AirLynx platform infrastructure, together with a captive portal, for multiple ISPs to offer Internet connectivity at most affordable prices along with free or ad-supported secure voice, data and video communications on local networks. The Ugandan government intends to disseminate announcements and notifications to its citizens, along with various health and educational content cached at the edge, through the AirLynx networks. Phase 1 of the development activities were completed in the fourth quarter of 2025.

AirLynx network solution is cloud-managed by VeeaCloud with dynamic rules and policy management. It offers flexible billing models beyond typical cellular subscription services (e.g., time of day, usage, number of devices per subscription, device type) with Bring Your Own Device (BYOD) and subscription sharing with “friends & family”, where subscription services are consumed across designated devices on one subscription. Similar to SecureConnect services, Veea realizes revenue from the sale of VeeaHub products, network design professional services and revenue sharing with service providers.

3. MetaLynx™Service Platform

While early justifications for edge computing were to address the costs of bandwidth by pre-processing of data at the edge before transmission to the Cloud, such as in the case of smart cities or building-automation systems, the rise of real-time applications that need fast processing and response at the edge, such as video processing and analytics, smart grid, artificial intelligence, robotics, and virtual and augmented reality have greatly expanded the range of use cases for VeeaHub platform. Many times, such applications require uninterrupted operations (e.g., mission critical applications), significantly lowers latency at most in milliseconds, data security and privacy, which are most efficiently addressed by a fully integrated edge solution.

For many IoT use cases, without even considering the application of AI, the edge nodes generate vast amounts of data. Surveillance systems today top data generation with 20-40 megabytes of data per second but there are use cases where significantly more data is produced at the edge. For these applications data need to be analyzed at the edge, communicate directly amongst local nodes, and send only filtered data or abstracted data back to the central cloud. Moreover, IoT applications, supported by Edge AI, are poised to further revolutionize various industry sectors. However, the consumers of IoT data rely on analytics “on the edge” and in the Cloud to fulfill the tremendous promise of IoT connectivity. Without analytics, an IoT connection to the network would be like trying to hear a single voice in a crowd of millions.

MetaLynx represents the culmination of the capabilities of VeeaONE platform for AI-powered Smart Edge. The combined capabilities of SecureConnect, AirLynx, and VeeaONE IoT platform together with Veea- or third party-developed applications driven by AI, presently for a number of specific and differentiated use cases described in this section. Besides the unique capabilities of SecureConnect and AirLynx, the other core capabilities of MetaLynx Service Platform around which many of the solutions for the use cases are implemented:

Today widely adopted AI, mostly in the form of LLM, resembles mainframe computing in the early days of computing. However, for everyday enterprise, industrial and consumer use cases at the edge, AI is becoming distributed. Edge AI extends the Cloud AI to the Device Edge, or within a short range of Device Edge, while augmenting Physical AI, which is AI embedded into machines, robots, or physical systems, allowing them to move, sense, interact, and respond intelligently to the physical world.

As further explained below, edge computing and Edge AI have become synonymous as a “single system” at the edge, which may be offered in one fully integrated product or separately but securely networked or meshed together, depending on the nature of the use case. In a nutshell, Edge Computing together with Edge AI at the Device Edge and Physical AI are mutually reinforcing. Together, they form the technological foundation for the next generation of intelligent autonomous machines — reshaping manufacturing, logistics, mobility, healthcare, and smart environments.

The rapid expansion of connected devices and the exponential growth of data generation at the network edge have challenged traditional cloud-centric AI processing models. The combination of Edge AI and edge computing converged with networking, as represented by VeeaONE, is not merely an optimization of existing network models but a fundamental shift that defines the future of AI-driven digital transformations. VeeaONE’s Edge AI capabilities can make all of this possible, not in theory, but in practice today.

The convergence of edge computing with Edge AI provides for:

The primary use cases that may be supported by MetaLynx platform, and in many cases with off-the-shelf AI models, includes:

VeeaHub Production Plans

VeeaWare™ software stack currently is supported on a number of third-party hardware products that meet its basic requirements. This enables delivery of heterogenous networks at the edge. However, even though VeeaWare full-stack software is designed to be hardware platform agnostic to the extent possible, to date such third-party products with the required functionality, processing and power performance in the right dimensions, and competitively priced have not been brought to the market by ODMs/OEMs. In particular, the types of products that are required for a broad range of use cases, must provide for a virtualized software environment with Software Defined Networking (SDN), Wi-Fi AP and IoT gateway for multiaccess multi-protocol communications for the LAN and the WAN connections including 5G, integrated but distributed data storage at the edge, product platform security (i.e., hardware host OS and embedded software security), while providing for Veea developed and third-party applications including cybersecurity beyond platform security.

As a result, since its inception Veea has developed several generations of VeeaHub products, about the size of a typical Wi-Fi Access Point (“AP”), in a variety of form factors with different capabilities for indoor and outdoor coverage. However, Veea is working with its current and new ODMs to relegate supply of its current products and the next generation products directly to its customers. For the next generation products, Veea intends to provide the hardware product platform architecture, system and reference designs, which has become a more complex design and implementation process with the inclusion of AI processor in the product design, with more power consumption requiring unique form factor designs for thermal management, and the associated software integration of the AI and other embedded modules. We have completed one highly novel modular design and are in discussions with two ODMs for licensing of the reference design supporting a more distributed edge computing, multiaccess communications, and storage, with several AI-capable processor modules to select from for different use cases.

VeeaONE™ Platform Capabilities

VeeaONE is a full stack “cloud native” Edge to Cloud computing and communications platform, for unparalleled processing and management of workloads and containerized applications, that offers a connectivity mesh among the VeeaHub units at the Device Edge, which in turn provides for a computing mesh, application mesh and service mesh vMesh®(“vMesh”) across the continuum of the Device Edge to the Cloud according to the workload or the application requirements.

VeeaONE platform offers an alternative to or an extension of cloud computing for where the end-user applications run, data is stored, machine learning is performed, and AI models are applied. With unique networking, software and Edge AI technologies, VeeaONE enables the formation of secure, but easily accessible, private clouds and networks across one or multiple enterprise locations across the globe. The end-to-end network solution is designed to be hardware agnostic. The network and end-user devices deployed may be supplied by the Company, system integrators, service providers or ODMs/OEMs.

Many service providers, equipment suppliers, system integrators and even hyperscalers have adopted or advocated for solutions similar to VeeaONE platform to various degrees either independently or in collaboration with the Company that bring to market patented technologies that:

VeeaONE platform offers the ability to form private networks through distributed micro-cloud environments, with the ability to host private 5G networks, at the Device Edge with VeeaHub devices to provide for:

At a high-level VeeaONE platform’s VeeaCloud provides for:

One of the comprehensive capabilities of VeeaONE platform, VeeaCloud, provides for the servers, user interfaces and services required to deploy, authenticate, manage, and update VeeaHub devices, applications and edge networks and the associated mesh networks. This includes the bootstrap and image servers for delivery of platform software, applications, and software updates; the Management and Authentication server for device management, monitoring and maintenance; the control center providing for the device and network management of the user and admin interfaces; and the Activation and Configuration Service server. The combination of bootstrap and enrollment servers provides for secure boot device activation, authentication, and network access policy control with Single Sign-On (SSO) based on Keycloak across the entire platform. When VeeaHub devices are activated locally for the first time, they are enrolled using the VHM Smartphone App. This app runs auto-configuration on the devices with the help of the enterprise server and installs all the services the end-user has subscribed to.

Competitive Strengths

To our knowledge, VeeaONE platform capabilities are highly differentiated including VeeaHub product as the only edge computing product that infuses a single physical device with the traits of a networking device with a broad range of wired and wireless capabilities, IoT gateway, Linux server, multiple storage options, router and firewall with AI-driven cybersecurity. VeeaONE platform’s key differentiating features include:

Intellectual Property

As of December 31, 2025, we had a patent portfolio consisting of 116 exclusively owned issued patents, as summarized in the table below. These patents cover jurisdictions in the United States, United Kingdom, Europe, South Korea, Japan, and India. All of our current-issued patents are projected to expire between 2036 and 2047. We also have 26 patent applications pending.

Qualcomm Inc. (“Qualcomm”) has licensed, on a non-exclusive basis, certain intellectual property to us under multiple agreements covering the sales of our products that incorporate the licensed IP. The royalty fees payable to Qualcomm are generally calculated based on a percentage of net sales in territories where the licensed IP is protected by a patent. The Qualcomm licenses expire in April 2030 and 2029, respectively, and automatically renew if we continue to sell products incorporating the licensed IP. We are also a party to a non-exclusive license agreement with Cable Television Laboratories, Inc. (“CableLabs”) covering the worldwide sales of our vTBA product. The rights granted under the CableLabs license apply to any fields of use and royalty, and royalty fees payable to CableLabs are calculated based on a percentage of net sales. The term of the CableLabs license lasts until the last to expire of any patents licensed under the agreement.

We also rely upon trade secrets, know-how, and continuing technological innovation to develop and maintain our competitive position. We seek to protect our proprietary rights through a variety of methods, including confidentiality agreements and proprietary information agreements with suppliers, employees, consultants, and others who may have access to proprietary information, under which they are bound to assign to us their inventions.

Manufacturing

We rely on two contract manufacturers in Taiwan and China to manufacture our VeeaHub® devices.

Research and Development

Because the industry in which the Company competes is characterized by rapid technological advances, the Company’s ability to compete successfully depends heavily upon its ongoing research and development activities.

Key focus of the Company’s research and development activities include (i) the use of AI to optimize network and applications distribution and performance at the edge, (ii) support for elastic scaling and dynamic cloud to edge orchestration, (iii) partial and full air-gapped deployment between the public cloud and the edge, and (iv) optimized AI model execution across devices, the VeeaONE platform and the cloud.

Facilities

We are headquartered in New York City, New York. We have engineering offices in San Diego, CA, Bath, United Kingdom, and Juvigny, France. We also maintain sales and marketing offices in Paris, France and Mexico City, Mexico.

Employees

As of December 31, 2025, we employed 45 full-time employees. None of our employees are represented by a collective bargaining agreement, nor have we experienced any work stoppage. We consider our relations with our employees to be satisfactory. Our future success depends on our continuing ability to attract and retain highly qualified employees and senior management personnel. In addition, we have independent contractors whose services we are using on an as-needed basis to assist with our sales and marketing activities and engineering activities.