VSee Health, Inc. Financials
This page shows VSee Health, Inc. (VSEE) 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).
Key Financial Metrics
VSee Health, Inc. held $292K in cash against $594K in long-term debt as of fiscal year 2025.
VSee Health, Inc. had 16M shares outstanding in fiscal year 2025. This represents an increase of 0.8% from the prior year.
VSee Health, Inc. invested $15K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 72.0% from the prior year.
VSEE Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q3'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0M+17.4% | $3.4M+2.1% | $3.3M-11.1% | $3.7M+11.3% | $3.4M+106.9% | $1.6M+9.2% | $1.5M+3.6% | $1.4M |
| Cost of Revenue | $1.9M+5.9% | $1.8M+23.3% | $1.5M+2.2% | $1.4M+51.8% | $941K+143.7% | $386K | N/A | $478K |
| Gross Profit | $2.1M+30.5% | $1.6M-14.6% | $1.9M-21.9% | $2.4M-14.5% | $2.8M+125.5% | $1.2M+14.4% | $1.1M+13.1% | $954K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.9M+34.3% | $2.2M+6.9% | $2.0M-42.9% | $3.6M+60.3% | $2.2M+952.5% | $211K+10.9% | $190K-33.3% | $285K |
| Operating Income | -$2.1M+8.7% | -$2.3M-23.1% | -$1.8M+39.5% | -$3.0M+94.8% | -$58.3M-56120.6% | $104K+190.6% | -$115K+67.5% | -$353K |
| Interest Expense | $756K+214.2% | $241K-67.1% | $731K+386.5% | -$255K-321.1% | $115K+1139.4% | $9K+116.1% | -$58K-259.7% | $36K |
| Income Tax | $0-100.0% | $4K-66.8% | $14K-49.4% | $27K+203.2% | $9K | $0 | N/A | -$234K |
| Net Income | -$290K+88.9% | -$2.6M+34.0% | -$4.0M-23.4% | -$3.2M+94.1% | -$53.9M-86005.0% | $63K+102.5% | -$2.5M-1238.5% | -$190K |
| EPS (Diluted) | $-0.02+87.5% | $-0.16+33.3% | $-0.24+87.8% | $-1.96+45.3% | $-3.58 | $0.01+105.0% | $-0.20-900.0% | $-0.02 |
VSEE Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q3'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $18.7M+2.7% | $18.2M-6.1% | $19.4M-3.0% | $20.0M-10.3% | $22.3M+1507.5% | $1.4M+72.2% | $806K-90.1% | $8.1M |
| Current Assets | $3.7M+45.3% | $2.6M-16.9% | $3.1M+1.9% | $3.0M-31.0% | $4.4M+604483.6% | $724-99.9% | $802K+4354.6% | $18K |
| Cash & Equivalents | $473K+62.1% | $292K-28.9% | $410K+25.8% | $326K-86.0% | $2.3M+321355.4% | $724-99.4% | $119K+23318.9% | $507 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.6M+59.5% | $1.6M-12.6% | $1.9M+7.8% | $1.7M+67.8% | $1.0M | N/A | $603K | N/A |
| Goodwill | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M | N/A | N/A | N/A |
| Total Liabilities | $24.3M+1.4% | $23.9M+4.6% | $22.9M+14.4% | $20.0M-6.3% | $21.4M+46.1% | $14.6M+11.9% | $13.1M-24.4% | $17.3M |
| Current Liabilities | $23.4M+1.6% | $23.1M+4.9% | $22.0M+15.6% | $19.0M-6.0% | $20.2M+125.6% | $9.0M+75.7% | $5.1M+1.2% | $5.0M |
| Long-Term Debt | $589K-0.8% | $594K0.0% | $594K0.0% | $594K0.0% | $594K | N/A | $220K | N/A |
| Total Equity | -$5.6M+2.8% | -$5.7M-64.0% | -$3.5M-18815.0% | -$18K-102.0% | $933K+107.1% | -$13.2M-7.9% | -$12.3M-34.1% | -$9.1M |
| Retained Earnings | -$74.6M-0.4% | -$74.3M-3.6% | -$71.7M-5.8% | -$67.7M-5.0% | -$64.5M-548.9% | -$9.9M+0.6% | -$10.0M-34.4% | -$7.4M |
VSEE Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q3'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$755K-132.5% | -$325K+26.3% | -$440K+85.2% | -$3.0M-1245.6% | -$221K-138.2% | $579K+630.7% | -$109K-123.7% | -$49K |
| Capital Expenditures | $7K+103.5% | $4K-69.7% | $12K+149.4% | $5K-4.7% | $5K-42.9% | $9K+431.3% | $2K | $0 |
| Free Cash Flow | -$762K-132.1% | -$328K+27.4% | -$452K+84.8% | -$3.0M-1218.0% | -$226K-139.6% | $571K+614.9% | -$111K-127.1% | -$49K |
| Investing Cash Flow | -$7K-103.5% | -$4K+69.7% | -$12K-149.4% | -$5K+4.7% | -$5K+42.9% | -$9K-431.3% | -$2K | $0 |
| Financing Cash Flow | $943K+349.8% | $210K-60.9% | $536K-45.1% | $978K-32.4% | $1.4M | $0-100.0% | $70K-48.1% | $135K |
| 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 |
VSEE Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q2'24 | Q3'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.1%+5.2pp | 46.9%-9.1pp | 56.0%-7.8pp | 63.8%-19.3pp | 83.0%+6.9pp | 76.2%+3.5pp | 72.7%+6.1pp | 66.6% |
| Operating Margin | -51.7%+14.8pp | -66.5%-11.4pp | -55.1%+25.9pp | -81.1%+1656.8pp | -1737.8%-1744.3pp | 6.4%+14.2pp | -7.7%+16.9pp | -24.6% |
| Net Margin | -7.3%+69.8pp | -77.1%+42.1pp | -119.2%-33.3pp | -85.9%+1521.6pp | -1607.5%-1611.4pp | 3.9%+175.0pp | -171.1%-157.9pp | -13.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.6%+12.8pp | -14.3%+6.1pp | -20.4%-4.4pp | -16.1%+225.8pp | -241.8%-246.3pp | 4.5%+319.7pp | -315.2%-312.9pp | -2.3% |
| Current Ratio | 0.16+0.0 | 0.11-0.0 | 0.14-0.0 | 0.16-0.1 | 0.22+0.2 | 0.00-0.2 | 0.16+0.2 | 0.00 |
| Debt-to-Equity | -0.110.0 | -0.10+0.1 | -0.17+32.0 | -32.13-32.8 | 0.64+1.7 | -1.10-1.1 | -0.02+1.9 | -1.89 |
| FCF Margin | -19.1%-9.5pp | -9.7%+3.9pp | -13.6%+66.1pp | -79.8%-73.0pp | -6.7%-41.9pp | 35.2%+42.7pp | -7.5%-4.1pp | -3.4% |
Note: Shareholder equity is negative (-$5.7M), 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 (0.11), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
How much debt does VSee Health, Inc. have?
As of fiscal year 2025, VSee Health, Inc. (VSEE) had $292K in cash and equivalents against $594K in long-term debt.
What are VSee Health, Inc.'s total assets?
VSee Health, Inc. (VSEE) had $18.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are VSee Health, Inc.'s capital expenditures?
VSee Health, Inc. (VSEE) invested $15K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does VSee Health, Inc. have outstanding?
VSee Health, Inc. (VSEE) had 16M shares outstanding as of fiscal year 2025.
What is VSee Health, Inc.'s current ratio?
VSee Health, Inc. (VSEE) had a current ratio of 0.11 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is VSee Health, Inc.'s debt-to-equity ratio?
VSee Health, Inc. (VSEE) had a debt-to-equity ratio of -0.10 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
Why is VSee Health, Inc.'s debt-to-equity ratio negative or unusual?
VSee Health, Inc. (VSEE) has negative shareholder equity of -$5.7M 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.