VSee Health, Inc. Financials
VSee Health, Inc. (VSEE) reported $14.6M in revenue for fiscal year 2025, up 40.3% from the prior fiscal year. This page shows its 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).
Revenue growth is being absorbed by margin compression, while financing inflows—not operating cash generation—support the balance sheet.
Revenue expanded40.3% in FY2025, but gross profit increased only2.5% . That mismatch coincided with gross-margin compression to50.3% from68.9% , so added volume did not deliver proportional gross-dollar economics.
Operating cash outflow narrowed
Positive equity of
Financial Health Signals
We are recalculating VSee Health, Inc.'s peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
VSee Health, Inc. scores -6.30, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($907K) relative to total liabilities ($17.0M). 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.
VSee Health, Inc. passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
VSee Health, Inc. reported a net loss of $14.7M while operations used $3.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
VSee Health, Inc. reported an operating loss of $9.6M against $2.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
VSee Health, Inc. generated $14.6M in revenue in fiscal year 2025. This represents an increase of 40.3% from the prior year.
VSee Health, Inc.'s EBITDA was -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 88.5% from the prior year.
VSee Health, Inc. reported -$14.7M in net income in fiscal year 2025. This represents an increase of 74.5% from the prior year.
Cash & Balance Sheet
VSee Health, Inc. recorded an outflow of $3.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 40.5% from the prior year.
VSee Health, Inc. held $5.1M in cash against $594K in long-term debt as of fiscal year 2025, with $16.2M of liabilities due within a year.
Not reported for fiscal year 2025.
Margins & Returns
VSee Health, Inc.'s gross margin was 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 18.6 percentage points from the prior year.
VSee Health, Inc.'s operating margin was -65.5% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
VSee Health, Inc.'s ROE was -269.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
VSee Health, Inc. spent $44 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 99.1% from the prior year.
VSee Health, Inc. invested $30K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 45.8% from the prior year.
Not reported for fiscal year 2025.
VSEE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M-50.6% | $3.2M-49.5% | $6.3M+57.3% | $4.0M+277.2% | $1.1M-68.2% | $3.3M-11.1% | $3.7M+11.3% | $3.4M |
| Cost of Revenue | $1.4M-30.9% | $2.0M-43.2% | $3.5M+81.0% | $1.9M+333.3% | $440K-69.9% | $1.5M+2.2% | $1.4M+51.8% | $941K |
| Gross Profit | $206K-82.8% | $1.2M-57.3% | $2.8M+35.4% | $2.1M+237.1% | $615K-66.9% | $1.9M-21.9% | $2.4M-14.5% | $2.8M |
| SG&A Expenses | $2.3M-7.6% | $2.4M-27.4% | $3.4M+15.3% | $2.9M+69.1% | $1.7M-15.1% | $2.0M-42.9% | $3.6M+60.3% | $2.2M |
| Operating Income | -$2.7M+9.3% | -$3.0M+28.1% | -$4.1M-101.1% | -$2.1M-32.2% | -$1.6M+15.0% | -$1.8M+39.5% | -$3.0M+94.8% | -$58.3M |
| Interest Expense | $9K-91.8% | $113K-93.8% | $1.8M+141.4% | $756K+239.9% | $222K+2307.3% | $9K+103.6% | -$255K-321.1% | $115K |
| Income Tax | -$18K-175.4% | $24K+1473.7% | -$2K | $0-100.0% | $2K-87.2% | $14K-49.4% | $27K+203.2% | $9K |
| Net Income | N/A | -$2.6M+66.9% | -$7.9M-2609.4% | -$290K+88.9% | -$2.6M+34.0% | -$4.0M-23.4% | -$3.2M+94.1% | -$53.9M |
| EPS (Diluted) | -$0.06-20.0% | -$0.05 | -$0.31 | -$0.02+87.5% | -$0.16+33.3% | -$0.24-127.3% | $0.88+124.6% | -$3.58 |
Not reported in any period shown, so not listed: R&D Expenses.
VSEE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.7M-12.0% | $19.0M-15.2% | $22.4M+19.8% | $18.7M+2.7% | $18.2M-6.1% | $19.4M-3.0% | $20.0M-10.3% | $22.3M |
| Current Assets | $3.3M-32.5% | $4.8M-42.1% | $8.4M+125.0% | $3.7M+45.3% | $2.6M-16.9% | $3.1M+1.9% | $3.0M-31.0% | $4.4M |
| Cash & Equivalents | $454K-66.3% | $1.3M-73.4% | $5.1M+968.5% | $473K+62.1% | $292K-28.9% | $410K+25.8% | $326K-86.0% | $2.3M |
| Accounts Receivable | $2.2M-16.5% | $2.7M+19.2% | $2.2M-13.1% | $2.6M+59.5% | $1.6M-12.6% | $1.9M+7.8% | $1.7M+67.8% | $1.0M |
| Goodwill | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M |
| Total Liabilities | $9.1M-28.0% | $12.7M-25.1% | $17.0M-30.2% | $24.3M+1.4% | $23.9M+4.6% | $22.9M+14.4% | $20.0M-6.3% | $21.4M |
| Current Liabilities | $8.1M-31.4% | $11.8M-27.4% | $16.2M-30.6% | $23.4M+1.6% | $23.1M+4.9% | $22.0M+15.6% | $19.0M-6.0% | $20.2M |
| Long-Term Debt | $782K0.0% | $782K+31.6% | $594K+0.8% | $589K-0.8% | $594K0.0% | $594K0.0% | $594K0.0% | $594K |
| Total Equity | $7.6M+20.1% | $6.3M+15.9% | $5.5M+197.8% | -$5.6M+2.8% | -$5.7M-64.0% | -$3.5M-18815.0% | -$18K-102.0% | $933K |
| Retained Earnings | -$84.2M+1.0% | -$85.0M-3.2% | -$82.4M-10.5% | -$74.6M-0.4% | -$74.3M-3.6% | -$71.7M-5.8% | -$67.7M-5.0% | -$64.5M |
Not reported in any period shown, so not listed: Inventory.
VSEE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.2M+52.1% | -$2.5M-27.3% | -$1.9M-155.3% | -$755K-132.5% | -$325K+26.3% | -$440K+85.2% | -$3.0M-1245.6% | -$221K |
| Capital Expenditures | $73K+173.8% | $27K+274.0% | $7K-68.6% | $23K+91.8% | -$12K0.0% | $12K+149.4% | $5K-4.7% | $5K |
| Free Cash Flow | -$1.2M+49.7% | -$2.5M-28.2% | -$1.9M-148.7% | -$777K-131.0% | -$336K+25.6% | -$452K+84.8% | -$3.0M-1218.0% | -$226K |
| Investing Cash Flow | -$2K+98.4% | -$127K-1672.3% | -$7K+2.2% | -$7K-103.5% | -$4K+69.7% | -$12K-149.4% | -$5K+4.7% | -$5K |
| Financing Cash Flow | $499K+137.2% | -$1.3M-119.9% | $6.7M+613.3% | $943K+349.8% | $210K-60.9% | $536K-45.1% | $978K-32.4% | $1.4M |
| Share Buybacks | $0-100.0% | $50K | $0 | $0-100.0% | $44 | $0-100.0% | $5K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
VSEE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.2%-24.7pp | 37.9%-6.9pp | 44.8%-7.2pp | 52.1%-6.2pp | 58.3%+2.3pp | 56.0%-7.8pp | 63.8%-19.3pp | 83.0% |
| Operating Margin | -172.7% | -94.1%-28.0pp | -66.1%-14.4pp | -51.7% | -147.5% | -55.1%+25.9pp | -81.1% | -1737.8% |
| Net Margin | N/A | -82.3% | -125.4% | -7.3% | -247.7% | -119.2% | -85.9% | -1607.5% |
| Return on Equity | N/A | -41.1%+102.8pp | -144.0% | N/A | N/A | N/A | N/A | -5778.7% |
| Return on Assets | N/A | -13.7%+21.4pp | -35.0%-33.5pp | -1.6%+12.8pp | -14.3%+6.1pp | -20.4%-4.4pp | -16.1%+225.8pp | -241.8% |
| Current Ratio | 0.400.0x | 0.41-0.1x | 0.52+0.4x | 0.160.0x | 0.110.0x | 0.140.0x | 0.16-0.1x | 0.22 |
| Debt-to-Equity | 0.100.0x | 0.120.0x | 0.11 | N/A | N/A | N/A | N/A | 0.64 |
| FCF Margin | -79.8%-1.4pp | -78.4%-47.6pp | -30.9%-11.4pp | -19.5%+12.4pp | -31.9%-18.3pp | -13.6%+66.1pp | -79.8%-73.0pp | -6.7% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: The current ratio is below 1.0 (0.52), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where VSee Health, Inc. Ranks
Frequently Asked Questions
What is VSee Health, Inc.'s annual revenue?
VSee Health, Inc. (VSEE) reported $14.6M in total revenue for fiscal year 2025. This represents a 40.3% 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 VSee Health, Inc.'s revenue growing?
VSee Health, Inc. (VSEE) revenue grew by 40.3% year-over-year, from $10.4M to $14.6M in fiscal year 2025.
Is VSee Health, Inc. profitable?
No, VSee Health, Inc. (VSEE) reported a net income of -$14.7M in fiscal year 2025.
What is VSee Health, Inc.'s EBITDA?
VSee Health, Inc. (VSEE) had EBITDA of -$7.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does VSee Health, Inc. have?
As of fiscal year 2025, VSee Health, Inc. (VSEE) had $5.1M in cash and equivalents against $594K in long-term debt.
What is VSee Health, Inc.'s gross margin?
VSee Health, Inc. (VSEE) had a gross margin of 50.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is VSee Health, Inc.'s operating margin?
VSee Health, Inc. (VSEE) had an operating margin of -65.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is VSee Health, Inc.'s return on equity (ROE)?
VSee Health, Inc. (VSEE) has a return on equity of -269.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is VSee Health, Inc.'s free cash flow?
VSee Health, Inc. (VSEE) recorded an outflow of $3.5M in free cash flow during fiscal year 2025. This represents a 40.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is VSee Health, Inc.'s operating cash flow?
VSee Health, Inc. (VSEE) recorded an outflow of $3.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are VSee Health, Inc.'s total assets?
VSee Health, Inc. (VSEE) had $22.4M 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 $30K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is VSee Health, Inc.'s current ratio?
VSee Health, Inc. (VSEE) had a current ratio of 0.52 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 0.11 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is VSee Health, Inc.'s return on assets (ROA)?
VSee Health, Inc. (VSEE) had a return on assets of -65.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does VSee Health, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, VSee Health, Inc. (VSEE) held $5.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $3.4M over that year. Dividing the one by the other, the reported balance equals about 18 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is VSee Health, Inc.'s Altman Z-Score?
VSee Health, Inc. (VSEE) has an Altman Z-Score of -6.30, 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 VSee Health, Inc.'s Piotroski F-Score?
VSee Health, Inc. (VSEE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. 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 VSee Health, Inc.'s earnings high quality?
VSee Health, Inc. (VSEE) reported a net loss of $14.7M while operations used $3.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Can VSee Health, Inc. cover its interest payments?
VSee Health, Inc. (VSEE) reported an operating loss of $9.6M against $2.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.