15 - EARNINGS PER SHARE

 

The computation of basic and dilutive net loss per share attributable to common stockholders for the year ended December 31, 2025 and 2024, are as follows:

 

   Years Ended December 31, 
   2025   2024 
Basic:        
Numerator:        
Net loss attributable to common shareholders  $(6,660,038)  $(47,457,768)
Denominator:          
Weighted-average common shares outstanding   42,806,029    25,257,473 
Net loss per share – basic:  $(0.16)  $(1.88)
Diluted:          
Numerator:          
Net loss attributable to common and common equivalent shareholders   (6,660,038)   (47,457,768)
Denominator:          
Weighted-average common stock outstanding   42,806,029    25,257,473 
Total common and common equivalent shares outstanding   42,806,029    25,257,473 
Net loss per share – diluted:  $(0.16)  $(1.88)

 

The weighted average potential shares of common stock that were excluded from the calculation of net loss per share-diluted for the periods presented because including them would have been anti-dilutive consisted of the following:

 

   Years Ended
December 31,
 
   2025   2024 
Stock options outstanding to purchase shares of common stock and RSUs   4,356,519    - 
Public Warrants   6,384,326    1,906,552 
SPAC Private Placement Warrants   5,256,218    1,569,665 
Private Veea Warrants   159,307    47,574 
2025 Investor Warrants   2,048,460    - 
Convertible Notes   162,799    88,759 

The weighted average potential shares of common stock that were excluded from the calculation of net loss per share-diluted because the performance or market conditions associated with these awards were not met are as follows for the periods presented:

 

   Years Ended
December 31,
 
   2025   2024 
Earn-Out Liability   4,500,000    1,343,836 
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Historical Timeline

Fiscal YearFiled
2025Apr 15, 2026Showing above
2024Apr 15, 2025

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.