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).
VSee Health’s balance-sheet repair came mainly from external funding and leaner operations, not from stronger cash conversion.
Cash rose to$5.3M and equity turned positive at$5.5M in FY2025 after being slightly negative in FY2024. But that repair was driven by external capital: financing inflow of$8.4M more than covered free-cash burn of-$3.5M , so the balance sheet improved faster than the business’s own cash generation did.
Revenue kept expanding, but gross profit was nearly flat at
Operating cash flow and free cash flow were nearly identical in both FY2024 and FY2025, and capex was only
Financial Health Signals
Scored against emerging 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 VSee Health, 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.
VSee Health, Inc. scores -6.15, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($5.1M) 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.
For every $1 of reported earnings, VSee Health, Inc. generates $0.23 in operating cash flow (-$3.4M OCF vs -$14.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
VSee Health, Inc. earns $-3.4 in operating income for every $1 of interest expense (-$9.6M vs $2.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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.
VSee Health, Inc. earned $-0.73 per diluted share (EPS) in fiscal year 2025. This represents an increase of 87.1% from the prior year.
Cash & Balance Sheet
VSee Health, Inc. generated -$3.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 40.5% from the prior year.
VSee Health, Inc. held $5.3M in cash against $594K in long-term debt as of fiscal year 2025.
VSee Health, Inc. had 33M shares outstanding in fiscal year 2025. This represents an increase of 103.7% from the prior year.
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. This is up 530.8 percentage points from the prior year.
VSee Health, Inc.'s net profit margin was -100.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 453.0 percentage points from the prior year.
VSee Health, Inc.'s ROE was -269.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
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.
VSEE Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2M-19.5% | $3.9M-1.4% | $4.0M+17.4% | $3.4M+2.1% | $3.3M-11.1% | $3.7M+11.3% | $3.4M+96.0% | $1.7M |
| Cost of Revenue | $2.0M-6.2% | $2.1M+9.7% | $1.9M+5.9% | $1.8M+23.3% | $1.5M+2.2% | $1.4M+51.8% | $941K+93.4% | $487K |
| Gross Profit | $1.2M-34.7% | $1.8M-11.5% | $2.1M+30.5% | $1.6M-14.6% | $1.9M-21.9% | $2.4M-14.5% | $2.8M+258.4% | $777K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $2.4M-16.3% | $2.9M-0.1% | $2.9M+34.3% | $2.2M+6.9% | $2.0M-42.9% | $3.6M+60.3% | $2.2M+290.2% | $568K |
| Operating Income | -$3.0M+13.5% | -$3.4M-67.2% | -$2.1M+8.7% | -$2.3M-23.1% | -$1.8M+39.5% | -$3.0M+94.8% | -$58.3M-6151.3% | -$933K |
| Interest Expense | $113K-93.7% | $1.8M+139.0% | $756K+214.2% | $241K+2504.5% | $9K+103.6% | -$255K-321.1% | $115K-66.2% | $342K |
| Income Tax | $24K+629.4% | -$4K | $0-100.0% | $4K-66.8% | $14K-49.4% | $27K+203.2% | $9K+100.5% | -$1.7M |
| Net Income | -$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-8403.5% | -$634K |
| EPS (Diluted) | $-0.05 | N/A | $-0.02+87.5% | $-0.16+33.3% | $-0.24 | N/A | $-3.58-2883.3% | $-0.12 |
VSEE Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-71.6% | $78.6M |
| Current Assets | $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+42.3% | $3.1M |
| Cash & Equivalents | $1.3M-74.4% | $5.3M+1013.9% | $473K+62.1% | $292K-28.9% | $410K+25.8% | $326K-86.0% | $2.3M+110.4% | $1.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.7M+6.0% | $2.5M-2.2% | $2.6M+59.5% | $1.6M-12.6% | $1.9M+7.8% | $1.7M+67.8% | $1.0M+10.8% | $923K |
| Goodwill | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M0.0% | $4.9M-92.0% | $61.6M |
| Total Liabilities | $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-16.2% | $25.5M |
| Current Liabilities | $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-16.1% | $24.1M |
| Long-Term Debt | $782K+31.6% | $594K+0.8% | $589K-0.8% | $594K0.0% | $594K0.0% | $594K0.0% | $594K0.0% | $594K |
| Total Equity | $6.3M+15.9% | $5.5M+197.8% | -$5.6M+2.8% | -$5.7M-64.0% | -$3.5M-18815.0% | -$18K-102.0% | $933K-98.2% | $53.1M |
| Retained Earnings | -$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-510.0% | -$10.6M |
VSEE Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5M-27.3% | -$1.9M-155.3% | -$755K-132.5% | -$325K+26.3% | -$440K+85.2% | -$3.0M-1245.6% | -$221K+93.0% | -$3.2M |
| Capital Expenditures | $27K+274.0% | $7K-2.2% | $7K+103.5% | $4K-69.7% | $12K+149.4% | $5K-4.7% | $5K-86.4% | $37K |
| Free Cash Flow | -$2.5M-28.2% | -$1.9M-153.8% | -$762K-132.1% | -$328K+27.4% | -$452K+84.8% | -$3.0M-1218.0% | -$226K+93.0% | -$3.2M |
| Investing Cash Flow | -$127K-1672.3% | -$7K+2.2% | -$7K-103.5% | -$4K+69.7% | -$12K-149.4% | -$5K+4.7% | -$5K+34.7% | -$8K |
| Financing Cash Flow | -$1.3M-119.9% | $6.7M+613.3% | $943K+349.8% | $210K-60.9% | $536K-45.1% | $978K-32.4% | $1.4M-59.8% | $3.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $50K | $0 | N/A | N/A | $0-100.0% | $5K | N/A | N/A |
VSEE Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.9%-8.8pp | 46.7%-5.4pp | 52.1%+5.2pp | 46.9%-9.1pp | 56.0%-7.8pp | 63.8%-19.3pp | 83.0%+37.6pp | 45.4% |
| Operating Margin | -94.1%-6.5pp | -87.6%-35.9pp | -51.7%+14.8pp | -66.5%-11.4pp | -55.1%+25.9pp | -81.1%+1656.8pp | -1737.8%-1683.4pp | -54.5% |
| Net Margin | -82.3%+117.7pp | -200.0%-192.7pp | -7.3%+69.8pp | -77.1%+42.1pp | -119.2%-33.3pp | -85.9%+1521.6pp | -1607.5%-1570.5pp | -37.0% |
| Return on Equity | -41.1%+102.8pp | -144.0% | N/A | N/A | N/A | N/A | -5778.7%-5777.5pp | -1.2% |
| Return on Assets | -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%-241.0pp | -0.8% |
| Current Ratio | 0.41-0.1 | 0.52+0.4 | 0.16+0.0 | 0.11-0.0 | 0.14-0.0 | 0.16-0.1 | 0.22+0.1 | 0.13 |
| Debt-to-Equity | 0.12+0.0 | 0.11+0.2 | -0.110.0 | -0.10+0.1 | -0.17+32.0 | -32.13-32.8 | 0.64+0.6 | 0.01 |
| FCF Margin | -78.4%-29.2pp | -49.2%-30.1pp | -19.1%-9.5pp | -9.7%+3.9pp | -13.6%+66.1pp | -79.8%-73.0pp | -6.7%+180.8pp | -187.6% |
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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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, with a net profit margin of -100.6%.
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 $5.3M 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 net profit margin?
VSee Health, Inc. (VSEE) had a net profit margin of -100.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
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) generated -$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) generated -$3.4M in operating cash flow during fiscal year 2025, representing cash generated from 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.
What is VSee Health, Inc.'s cash runway?
Based on fiscal year 2025 data, VSee Health, Inc. (VSEE) had $5.3M in cash against an annual operating cash burn of $3.4M. This gives an estimated cash runway of approximately 18 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 VSee Health, Inc.'s Altman Z-Score?
VSee Health, Inc. (VSEE) has an Altman Z-Score of -6.15, 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) has an earnings quality ratio of 0.23x, 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.
Can VSee Health, Inc. cover its interest payments?
VSee Health, Inc. (VSEE) has an interest coverage ratio of -3.4x, meaning it can struggle to cover its interest obligations. 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.
How financially healthy is VSee Health, Inc.?
VSee Health, Inc. (VSEE) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), 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.