Versus Systems Inc Financials
This page shows Versus Systems Inc (VS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
FY2025's improvement came from revenue absorbing a largely fixed overhead base, while cash generation still lagged self-funding.
Revenue rose to$2.18M in FY2025 from$57K in FY2024, which let a mostly unchanged overhead base absorb more activity. With SG&A still about$4.3M and operating cash outflow still negative at-$2.05M , the better earnings mainly reflect fixed-cost absorption, while cash conversion remains weak.
The company now shows very high gross margin at
The liquidity optics look comfortable at 10.2x, but that cushion comes largely from only
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Versus Systems 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.
Versus Systems Inc has an operating margin of -99.0%, meaning the company retains $-99 of operating profit per $100 of revenue. This below-average margin results in a low score of 13/100, suggesting thin profitability after operating expenses. This is up from -7923.5% the prior year.
Versus Systems Inc's revenue surged 3711.3% year-over-year to $2.2M, reflecting rapid business expansion. This strong growth earns a score of 98/100.
With a current ratio of 10.17, Versus Systems Inc holds $10.17 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
Versus Systems Inc generates a -17.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 15/100. This is up from -35.4% the prior year.
Versus Systems Inc scores -98.26, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($9.0M) relative to total liabilities (-$8.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Versus Systems Inc passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Versus Systems Inc generates $1.15 in operating cash flow (-$2.1M OCF vs -$1.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Versus Systems Inc generated $2.2M in revenue in fiscal year 2025. This represents an increase of 3711.3% from the prior year.
Versus Systems Inc reported -$1.8M in net income in fiscal year 2025. This represents an increase of 55.7% from the prior year.
Versus Systems Inc earned $-0.37 per diluted share (EPS) in fiscal year 2025. This represents an increase of 76.0% from the prior year.
Cash & Balance Sheet
Versus Systems Inc held $527K in cash against $0 in long-term debt as of fiscal year 2025.
Versus Systems Inc had 5M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Versus Systems Inc's gross margin was 99.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 69.6 percentage points from the prior year.
Versus Systems Inc's operating margin was -99.0% in fiscal year 2025, reflecting core business profitability. This is up 7824.5 percentage points from the prior year.
Versus Systems Inc's net profit margin was -82.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6974.1 percentage points from the prior year.
Versus Systems Inc's ROE was -17.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 17.8 percentage points from the prior year.
Capital Allocation
Versus Systems Inc invested $48K in research and development in fiscal year 2025. This represents a decrease of 80.5% from the prior year.
VS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $17K | N/A | N/A | $2.0M+893.2% | $199K | $0-100.0% | $4K-85.7% | $27K |
| Cost of Revenue | $8K | N/A | N/A | $8K0.0% | $8K | N/A | N/A | $16K |
| Gross Profit | $17K | N/A | N/A | $2.0M+931.7% | $191K | $0-100.0% | $4K-64.1% | $11K |
| R&D Expenses | $6K | N/A | $14K+132.7% | $6K+1.1% | $6K-95.2% | $128K+1016.2% | $11K-82.9% | $67K |
| SG&A Expenses | $836K | N/A | $742K-27.7% | $1.0M-24.4% | $1.4M+54.1% | $881K+69.0% | $521K-63.9% | $1.4M |
| Operating Income | -$819K | N/A | -$756K-180.6% | $939K+180.1% | -$1.2M-16.2% | -$1.0M-90.7% | -$529K+64.7% | -$1.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | $0 | N/A |
| Income Tax | N/A | N/A | $2K | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$683K | N/A | -$538K-180.0% | $672K+169.9% | -$962K-18.8% | -$810K-44.3% | -$561K+58.3% | -$1.3M |
| EPS (Diluted) | $-0.14 | N/A | N/A | $0.14+170.0% | $-0.20 | N/A | $-0.22+59.3% | $-0.54 |
VS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.7M-19.5% | $2.1M-32.9% | $3.1M-20.0% | $3.8M+40.8% | $2.7M-22.8% | $3.5M+184.5% | $1.2M-32.1% | $1.8M |
| Current Assets | $723K-50.2% | $1.5M-47.6% | $2.8M-27.8% | $3.8M+40.8% | $2.7M-22.8% | $3.5M+184.5% | $1.2M-32.1% | $1.8M |
| Cash & Equivalents | $423K-19.8% | $527K-62.5% | $1.4M-16.4% | $1.7M-30.8% | $2.4M-20.7% | $3.1M+550.6% | $471K-48.0% | $906K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $193K-76.9% | $836K | N/A | $330K | N/A | N/A | N/A | $10K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | -$7.9M+2.2% | -$8.1M-0.8% | -$8.1M-3.2% | -$7.8M+3.7% | -$8.1M-2.8% | -$7.9M-3.1% | -$7.7M+0.3% | -$7.7M |
| Current Liabilities | $459K+221.8% | $143K+5649.5% | $2K-92.7% | $34K+1558.0% | $2K-92.2% | $26K-2.4% | $27K-18.2% | $33K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $9.6M-5.7% | $10.2M-8.5% | $11.1M-4.4% | $11.7M+7.5% | $10.8M-5.1% | $11.4M+28.4% | $8.9M-6.4% | $9.5M |
| Retained Earnings | -$142.0M-0.5% | -$141.3M-0.7% | -$140.3M-0.4% | -$139.8M+0.5% | -$140.4M-0.7% | -$139.5M-0.6% | -$138.7M-0.4% | -$138.1M |
VS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $144K+125.3% | -$569K-2401.5% | $25K+102.8% | -$868K-35.2% | -$641K+10.5% | -$717K-88.1% | -$381K+82.0% | -$2.1M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$327K-5.8% | -$309K | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 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 |
VS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | N/A | N/A | 99.6%+3.7pp | 95.9% | N/A | 100.0%+60.3pp | 39.7% |
| Operating Margin | -4732.3% | N/A | N/A | 47.4%+635.7pp | -588.3% | N/A | -13748.0%-8180.7pp | -5567.3% |
| Net Margin | -3949.1% | N/A | N/A | 34.0%+516.4pp | -482.4% | N/A | -14575.6%-9587.9pp | -4987.7% |
| Return on Equity | -7.1% | N/A | -4.8%-10.6pp | 5.8%+14.6pp | -8.9%-1.8pp | -7.1%-0.8pp | -6.3%+7.8pp | -14.1% |
| Return on Assets | -41.2% | N/A | -17.5%-35.0pp | 17.5%+52.8pp | -35.3%-12.3pp | -22.9%+22.2pp | -45.1%+28.3pp | -73.4% |
| Current Ratio | 1.57-8.6 | 10.17-1106.5 | 1116.66+1004.3 | 112.39-1210.9 | 1323.28+1188.8 | 134.49+88.4 | 46.13-9.4 | 55.56 |
| Debt-to-Equity | -0.83-0.0 | -0.80-0.1 | -0.72-0.1 | -0.67+0.1 | -0.75-0.1 | -0.69+0.2 | -0.86-0.1 | -0.81 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Versus Systems Inc's annual revenue?
Versus Systems Inc (VS) reported $2.2M in total revenue for fiscal year 2025. This represents a 3711.3% 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 Versus Systems Inc's revenue growing?
Versus Systems Inc (VS) revenue grew by 3711.3% year-over-year, from $57K to $2.2M in fiscal year 2025.
Is Versus Systems Inc profitable?
No, Versus Systems Inc (VS) reported a net income of -$1.8M in fiscal year 2025, with a net profit margin of -82.1%.
What is Versus Systems Inc's gross margin?
Versus Systems Inc (VS) had a gross margin of 99.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Versus Systems Inc's operating margin?
Versus Systems Inc (VS) had an operating margin of -99.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Versus Systems Inc's net profit margin?
Versus Systems Inc (VS) had a net profit margin of -82.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Versus Systems Inc's return on equity (ROE)?
Versus Systems Inc (VS) has a return on equity of -17.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Versus Systems Inc's operating cash flow?
Versus Systems Inc (VS) generated -$2.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Versus Systems Inc's total assets?
Versus Systems Inc (VS) had $2.1M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Versus Systems Inc spend on research and development?
Versus Systems Inc (VS) invested $48K in research and development during fiscal year 2025.
What is Versus Systems Inc's current ratio?
Versus Systems Inc (VS) had a current ratio of 10.17 as of fiscal year 2025, which is generally considered healthy.
What is Versus Systems Inc's debt-to-equity ratio?
Versus Systems Inc (VS) had a debt-to-equity ratio of -0.80 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Versus Systems Inc's return on assets (ROA)?
Versus Systems Inc (VS) had a return on assets of -87.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Versus Systems Inc's cash runway?
Based on fiscal year 2025 data, Versus Systems Inc (VS) had $527K in cash against an annual operating cash burn of $2.1M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Versus Systems Inc's Altman Z-Score?
Versus Systems Inc (VS) has an Altman Z-Score of -98.26, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Versus Systems Inc's Piotroski F-Score?
Versus Systems Inc (VS) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Versus Systems Inc's earnings high quality?
Versus Systems Inc (VS) has an earnings quality ratio of 1.15x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Versus Systems Inc?
Versus Systems Inc (VS) scores 38 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.