VERSES AI INC Financials

VRSSF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE March

This page shows VERSES AI INC (VRSSF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VRSSF FY2025 2026-04-22

Tiny revenue, negative gross profit, and heavy near-term liabilities show a business still funded by its balance sheet.

FY2025 revenue shrank to $155K and gross margin fell to -307.5% after being positive in FY2024; remaining activity no longer covered even direct delivery costs. Meanwhile, interest expense of $1.9M was far larger than sales, so financing obligations outweighed the scale of the operating business.

Current assets improved to $6.2M and the current ratio nearly doubled to 0.4x, showing some balance-sheet rebuilding but not enough to normalize liquidity. But short-term obligations were still $15.1M, and cash of $576K covered only a small portion of that burden.

Total liabilities of $15.2M remained well above total assets of $6.4M, leaving negative equity as a structural condition rather than a temporary mismatch. The accumulated deficit deepened to -$129.6M, which shows the enterprise has absorbed repeated losses over time even though the latest equity gap narrowed versus FY2024.

Financial Health Signals

Financial Profile 0/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of VERSES AI INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

VERSES AI INC's revenue declined 92.1% year-over-year, from $2.0M to $155K. This contraction results in a growth score of 0/100.

Liquidity

VERSES AI INC's current ratio of 0.41 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Key Financial Metrics

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Earnings & Revenue

Revenue

$155K

YoY-92.1%

VERSES AI INC generated $155K in revenue in fiscal year 2025. This represents a decrease of 92.1% from the prior year.

EBITDA

N/A

Net Income

N/A

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$576K

VERSES AI INC held $576K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

-307.5%

YoY-321.1pp

VERSES AI INC's gross margin was -307.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 321.1 percentage points from the prior year.

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$31K

YoY-83.5%

VERSES AI INC invested $31K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 83.5% from the prior year.

VRSSF Income Statement

Metric	FY25	FY24
Revenue	$155K-92.1%	$2.0M
Cost of Revenue	$632K-62.8%	$1.7M
Gross Profit	-$477K-278.2%	$268K
R&D Expenses	N/A	N/A
SG&A Expenses	N/A	N/A
Operating Income	N/A	N/A
Interest Expense	$1.9M+474.5%	$338K
Income Tax	N/A	$3K
Net Income	N/A	N/A
EPS (Diluted)	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$418K+315.0%	$101K-66.4%	$300K	N/A	N/A	$155K	N/A	N/A
Cost of Revenue	$293K+315.0%	$70K-61.7%	$184K	N/A	N/A	$145K	N/A	N/A
Gross Profit	$125K+315.0%	$30K-73.9%	$116K	N/A	N/A	$10K	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.5M-42.7%	$9.7M-3.4%	$10.0M	N/A	$13.3M+29.2%	$10.3M-0.3%	$10.3M	N/A
Operating Income	-$5.4M+43.8%	-$9.6M+2.5%	-$9.9M	N/A	-$13.3M-29.3%	-$10.3M+0.4%	-$10.3M	N/A
Interest Expense	$13K+79.1%	$7K+456.4%	$1K	N/A	$252K+13.6%	$222K+210.9%	$71K	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$5.5M+44.5%	-$9.9M-2.4%	-$9.6M	N/A	-$16.8M-96.2%	-$8.6M+18.9%	-$10.6M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VRSSF Balance Sheet

Metric	FY25	FY24
Total Assets	$6.4M+66.6%	$3.8M
Current Assets	$6.2M+76.9%	$3.5M
Cash & Equivalents	$576K	N/A
Inventory	N/A	N/A
Accounts Receivable	N/A	$100K
Goodwill	N/A	N/A
Total Liabilities	$15.2M-1.7%	$15.5M
Current Liabilities	$15.1M-1.7%	$15.4M
Long-Term Debt	N/A	N/A
Total Equity	-$8.9M+24.0%	-$11.7M
Retained Earnings	-$129.6M-49.7%	-$86.6M

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$2.3M-37.1%	$3.6M-26.9%	$5.0M-21.9%	$6.4M	N/A	N/A	N/A	$3.8M
Current Assets	$2.1M-39.1%	$3.5M-28.0%	$4.8M-22.5%	$6.2M	N/A	N/A	N/A	$3.5M
Cash & Equivalents	N/A	N/A	$292K-49.2%	$576K	N/A	N/A	N/A	N/A
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$164K-44.7%	$297K+48.4%	$200K	N/A	N/A	N/A	N/A	$100K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$15.5M+19.5%	$13.0M-17.2%	$15.6M+2.6%	$15.2M	N/A	N/A	N/A	$15.5M
Current Liabilities	$15.3M+19.7%	$12.8M-17.3%	$15.5M+2.6%	$15.1M	N/A	N/A	N/A	$15.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$13.2M-41.6%	-$9.3M+12.6%	-$10.7M-20.3%	-$8.9M+68.8%	-$28.4M-61.9%	-$17.6M-27.0%	-$13.8M-18.4%	-$11.7M
Retained Earnings	-$154.5M-3.7%	-$149.1M-7.1%	-$139.2M-7.4%	-$129.6M	N/A	N/A	N/A	-$86.6M

VRSSF Cash Flow Statement

Metric	FY25	FY24
Operating Cash Flow	N/A	N/A
Capital Expenditures	$31K-83.5%	$185K
Free Cash Flow	N/A	N/A
Investing Cash Flow	-$510K+59.4%	-$1.3M
Financing Cash Flow	N/A	N/A
Dividends Paid	N/A	N/A
Share Buybacks	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	-$3.5M+63.7%	-$9.5M-8.8%	-$8.8M-5.4%	-$8.3M+3.1%	-$8.6M+5.4%	-$9.1M-28.4%	-$7.1M	N/A
Capital Expenditures	$25K+2.3%	$24K+49.3%	$16K+1624500.0%	-$1-200.0%	$1-100.0%	$6K-74.3%	$24K	N/A
Free Cash Flow	-$3.5M+63.5%	-$9.6M-8.8%	-$8.8M-5.6%	-$8.3M+3.1%	-$8.6M+5.5%	-$9.1M-28.1%	-$7.1M	N/A
Investing Cash Flow	-$25K-2.3%	-$24K-49.3%	-$16K+96.6%	-$480K-220.5%	$398K+263.7%	-$243K-31.2%	-$185K	N/A
Financing Cash Flow	$2.4M-69.1%	$7.6M+7.8%	$7.1M-46.5%	$13.2M+110.2%	$6.3M+218.9%	$2.0M-87.8%	$16.2M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VRSSF Financial Ratios

Metric	FY25	FY24
Gross Margin	-307.5%-321.1pp	13.6%
Operating Margin	N/A	N/A
Net Margin	N/A	N/A
Return on Equity	N/A	N/A
Return on Assets	N/A	N/A
Current Ratio	0.41+0.2	0.23
Debt-to-Equity	-1.72-0.4	-1.33
FCF Margin	N/A	N/A

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	30.0%0.0pp	30.0%-8.7pp	38.6%	N/A	N/A	6.5%	N/A	N/A
Operating Margin	-1294.3%+8260.4pp	-9554.7%-6263.8pp	-3291.0%	N/A	N/A	-6616.7%	N/A	N/A
Net Margin	-1310.4%+8488.0pp	-9798.5%-6585.5pp	-3212.9%	N/A	N/A	-5528.2%	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-239.1%+32.0pp	-271.1%-77.6pp	-193.5%	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.14-0.1	0.27-0.0	0.31-0.1	0.41	N/A	N/A	N/A	0.23
Debt-to-Equity	-1.17+0.2	-1.39+0.1	-1.47+0.3	-1.72	N/A	N/A	N/A	-1.33
FCF Margin	-835.1%+8668.7pp	-9503.8%-6572.8pp	-2931.1%	N/A	N/A	-5868.5%	N/A	N/A

Note: Shareholder equity is negative (-$8.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.41), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is VERSES AI INC's annual revenue?

VERSES AI INC (VRSSF) reported $155K in total revenue for fiscal year 2025. This represents a -92.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is VERSES AI INC's revenue growing?

VERSES AI INC (VRSSF) revenue declined by 92.1% year-over-year, from $2.0M to $155K in fiscal year 2025.

What is VERSES AI INC's gross margin?

VERSES AI INC (VRSSF) had a gross margin of -307.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What are VERSES AI INC's total assets?

VERSES AI INC (VRSSF) had $6.4M in total assets as of fiscal year 2025, including both current and long-term assets.

What are VERSES AI INC's capital expenditures?

VERSES AI INC (VRSSF) invested $31K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is VERSES AI INC's current ratio?

VERSES AI INC (VRSSF) had a current ratio of 0.41 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is VERSES AI INC's debt-to-equity ratio?

VERSES AI INC (VRSSF) had a debt-to-equity ratio of -1.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Why is VERSES AI INC's debt-to-equity ratio negative or unusual?

VERSES AI INC (VRSSF) has negative shareholder equity of -$8.9M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

How financially healthy is VERSES AI INC?

VERSES AI INC (VRSSF) scores 0 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.