VSEE HEALTH INC (VSEE) Financials
Newest figures come from the 10-K for Q2 FY2026, filed Oct 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VSEE SEC filings page.
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 expanded, but margin compression and financing—not operating profits—still fund the business.
The 2025 operating margin improved from-596.4% to-65.6% , but the recovery remained incomplete. Revenue rose from$10.4M to$14.6M while gross profit was nearly flat at roughly$7.2M and$7.4M , indicating that added volume carried materially lower gross profitability rather than producing broad operating leverage.
Cash conversion was better than the reported earnings loss suggests: 2025 net loss was
Balance-sheet pressure eased in accounting terms as equity moved from
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 -6.28, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($1.5M) 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 $1.6M in revenue in Q2 2026. This represents an increase of 48.0% from the same quarter a year earlier. Against the prior quarter it is down 50.6%.
VSEE HEALTH INC's EBITDA was -$2.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 125.2% from the same quarter a year earlier. Against the prior quarter it is up 11.6%.
VSEE HEALTH INC earned -$4.59 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 9080.0%.
Not reported for Q2 2026.
Cash & Balance Sheet
VSEE HEALTH INC recorded an outflow of $1.2M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 270.6% from the same quarter a year earlier. Against the prior quarter it is up 49.7%.
VSEE HEALTH INC held $454K in cash against $782K in long-term debt as of Q2 2026, with $8.1M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
VSEE HEALTH INC's gross margin was 13.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 45.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 24.7 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
VSEE HEALTH INC repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
VSEE HEALTH INC invested $73K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 516.9% from the same quarter a year earlier. Against the prior quarter it is up 173.8%.
Not reported for Q2 2026.
VSEE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M+48.0% | $3.2M-4.9% | $6.3M+67.7% | $4.0M+18.7% | $1.1M-38.3% | $3.3M+104.9% | $3.7M+151.6% | $3.4M+134.1% |
| Cost of Revenue | $1.4M+208.0% | $2.0M+34.2% | $3.5M+141.6% | $1.9M+102.6% | $440K-9.6% | $1.5M+278.4% | $1.4M | $941K+96.8% |
| Gross Profit | $206K-66.5% | $1.2M-35.6% | $2.8M+17.9% | $2.1M-25.5% | $615K-20.8% | $1.9M+50.6% | $2.4M+120.7% | $2.8M+191.8% |
| SG&A Expenses | $2.3M+30.7% | $2.4M+20.1% | $3.4M-5.4% | $2.9M+31.5% | $1.7M+203.4% | $2.0M+864.2% | $3.6M+1771.2% | $2.2M+678.8% |
| Operating Income | -$2.7M-73.3% | -$3.0M-62.4% | -$4.1M-36.7% | -$2.1M+96.5% | -$1.6M-66.9% | -$1.8M-1859.9% | -$3.0M-2536.4% | -$58.3M-16411.1% |
| EBITDA | -$2.1M-125.2% | -$2.3M-96.5% | -$3.5M-93.7% | -$1.4M+97.6% | -$913K+1.5% | -$1.2M-1231.4% | -$1.8M | -$58.2M-16393.6% |
| Interest Expense | $9K-95.8% | $113K+1124.4% | $1.8M+815.2% | $756K+555.1% | $222K-35.0% | $9K-0.8% | -$255K-339.9% | $115K+217.8% |
| Income Tax | -$18K-1135.8% | $24K+75.8% | $53K+99.3% | $0-100.0% | $2K+100.1% | $14K | $27K | $9K+103.8% |
| Net Income | N/A | -$2.6M+34.3% | -$7.9M-144.7% | -$290K+99.5% | -$2.6M-312.1% | -$4.0M-6407.9% | -$3.2M-26.3% | -$53.9M-28316.8% |
| EPS (Basic) | -$4.59-2768.7% | -$0.05+79.2% | -$0.31-135.2% | -$0.02+99.4% | -$0.16-33.3% | -$0.24-2500.0% | $0.88+438.5% | -$3.58-17800.0% |
| EPS (Diluted) | -$4.59 | -$0.05 | -$0.31 | -$0.02+99.4% | -$0.16 | -$0.24 | $0.88 | -$3.58 |
| Diluted Shares (Avg) | 670,722 | 48M | N/A | 17M+9.8% | 205,283 | 16M | N/A | 15M |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $16.7M-8.1% | $19.0M-2.0% | $22.4M+12.1% | $18.7M-16.1% | $18.2M-76.8% | $19.4M+1298.2% | $20.0M+2381.1% | $22.3M+174.0% |
| Current Assets | $3.3M+27.6% | $4.8M+57.2% | $8.4M+176.9% | $3.7M-15.1% | $2.6M-16.8% | $3.1M+425294.1% | $3.0M+276.6% | $4.4M+24208.2% |
| Cash & Equivalents | $454K+55.7% | $1.3M+228.2% | $5.1M+1449.0% | $473K-79.7% | $292K-73.6% | $410K+56546.7% | $326K+174.7% | $2.3M+458940.8% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $2.2M+38.0% | $2.7M+44.3% | $2.2M+30.6% | $2.6M+152.1% | $1.6M+75.1% | $1.9M | $1.7M+184.4% | $1.0M |
| Long-Term Investments | $750K | $750K | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M-92.0% | $4.9M | $4.9M | $4.9M |
| Total Liabilities | $9.1M-61.8% | $12.7M-44.5% | $17.0M-15.2% | $24.3M+13.6% | $23.9M-6.0% | $22.9M+56.6% | $20.0M+53.1% | $21.4M+23.6% |
| Current Liabilities | $8.1M-64.9% | $11.8M-46.3% | $16.2M-14.5% | $23.4M+15.8% | $23.1M-4.4% | $22.0M+145.1% | $19.0M+272.4% | $20.2M+301.2% |
| Non-Current Liabilities | $1.0M+17.8% | $901K-1.0% | $716K-28.4% | $860K-24.0% | $888K-34.9% | $910K-83.9% | $1.0M-87.4% | $1.1M-90.8% |
| Long-Term Debt | $782K+31.6% | $782K+31.6% | $594K0.0% | $589K-0.8% | $594K0.0% | $594K | $594K+170.0% | $594K |
| Total Equity | $7.6M+232.4% | $6.3M+280.8% | $5.5M+29591.4% | -$5.6M-697.5% | -$5.7M-110.8% | -$3.5M+73.6% | -$18K+99.8% | $933K+110.2% |
| Retained Earnings | -$84.2M-13.3% | -$85.0M-18.6% | -$82.4M-21.7% | -$74.6M-15.6% | -$74.3M-602.5% | -$71.7M-621.0% | -$67.7M-576.9% | -$64.5M-766.5% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.2M-261.6% | -$2.5M-456.7% | -$1.9M+35.2% | -$755K-241.4% | -$325K+89.8% | -$440K-176.0% | -$3.0M-2624.7% | -$221K-353.0% |
| Depreciation & Amortization | $640K-0.4% | $647K-0.1% | $646K-3.8% | $652K+599.2% | $643K+12720.9% | $647K+104598.5% | $672K+237251.9% | $93K+48716.2% |
| Stock-Based Compensation | N/A | $441K+12.5% | N/A | N/A | N/A | $392K | N/A | $349K |
| Capital Expenditures | $73K+516.9% | $27K+125.3% | $7K+50.3% | $23K+356.1% | -$12K-67.7% | $12K+35.8% | $5K+189.4% | $5K |
| Free Cash Flow | -$1.2M-270.6% | -$2.5M-448.0% | -$1.9M+35.1% | -$777K-243.9% | -$336K+89.5% | -$452K-179.3% | -$3.0M-2588.6% | -$226K-363.2% |
| Investing Cash Flow | -$2K+44.3% | -$127K-967.6% | -$7K-50.3% | -$7K-46.4% | -$4K+53.0% | -$12K-35.8% | -$5K-189.4% | -$5K |
| Financing Cash Flow | $499K+137.8% | -$1.3M-350.1% | $6.7M+587.9% | $943K-34.8% | $210K-94.2% | $536K | $978K+1296.9% | $1.4M+972.1% |
| Share Buybacks | $0-100.0% | $50K | $0-100.0% | $0 | $44 | $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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-K | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-K | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.2%-45.1pp | 37.9%-18.1pp | 44.8%-18.9pp | 52.1%-30.9pp | 58.3%+12.9pp | 56.0%-20.2pp | 63.8%-8.9pp | 83.0%+16.4pp |
| Operating Margin | -172.7% | -94.1%-39.0pp | -66.1%+15.0pp | -51.7% | -147.5% | -55.1%-61.6pp | -81.1%-73.3pp | -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% | -144.0% | N/A | N/A | N/A | N/A | -5778.7% |
| Return on Assets | N/A | -13.7%+6.7pp | -35.0%-19.0pp | -1.6%+240.3pp | -14.3%-13.5pp | -20.4%-24.9pp | -16.1%+299.2pp | -241.8%-239.5pp |
| Current Ratio | 0.40+0.3x | 0.41+0.3x | 0.52+0.4x | 0.16-0.1x | 0.110.0x | 0.14+0.1x | 0.160.0x | 0.22+0.2x |
| Debt-to-Equity | 0.10 | 0.12 | 0.11 | N/A | N/A | N/A | N/A | 0.64 |
| Asset Turnover | 0.090.0x | 0.170.0x | 0.28+0.1x | 0.21+0.1x | 0.060.0x | 0.17-1.0x | 0.19-1.7x | 0.150.0x |
| FCF Margin | -79.8%-47.9pp | -78.4%-64.8pp | -30.9%+48.9pp | -19.5%-12.8pp | -31.9% | -13.6%-48.8pp | -79.8%-72.3pp | -6.7%-3.3pp |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| VSEE HEALTH INC VSEE | FY2025 | $14.6M | -$14.7M | N/A | $1.5M | — |
| Healthcare Triangle, Inc. HCTI | FY2025 | $13.9M | -$9.5M | -68.2% | $5.6M | 30/100 |
| Predictive Oncology Inc. POAI | FY2025 | $125K | -$233.1M | N/A | $20.2M | — |
| Bullfrog AI Holdings, Inc. BFRG | FY2025 | $117K | -$6.5M | N/A | $9.9M | — |
| DarioHealth Corp. DRIO | FY2025 | $22.4M | -$41.7M | N/A | $53.4M | 54/100 |
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 -6.28, 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.