VSEE Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion: Total Revenues Reach $3.98 Million, Up 19% Year-Over-Year
VSEE Health (Nasdaq:VSEE) reported Q3 2025 total revenues of $3.98M, a 19% YoY increase, and YTD revenues of $10.69M, up 60% YoY. Gross margin remained ~52%. Telehealth fees rose 196% YoY to $1.44M and patient fees increased 42% to $0.88M. Cash used in operations improved to $1.52M for nine months (46% better YoY) while cash on hand was $472,759. Company cited full activation of a $10M+ teleradiology deal (100,000+ reads) and achieving FedRAMP High status. Balance sheet shows total assets of $18.71M and total current liabilities of $23.42M, with an accumulated deficit of $74.57M.
VSEE Health (Nasdaq:VSEE) ha riportato i ricavi totali del 3Q 2025 di 3,98 milioni di dollari, un aumento YoY del 19%, e ricavi YTD di 10,69 milioni di dollari, in crescita del 60% YoY. Il margine lordo si è mantenuto intorno al 52%. Le tariffe per telemedicina sono aumentate del 196% YoY a 1,44 milioni di dollari e le tariffe dei pazienti sono aumentate del 42% a 0,88 milioni di dollari. Il cash flow operativo è migliorato a 1,52 milioni di dollari nei nove mesi (miglioramento del 46% YoY) mentre il cash on hand era 472.759 dollari. L'azienda ha citato l'attivazione completa di un accordo di teleradiologia oltre i 10 milioni di dollari (oltre 100.000 letture) e l'ottenimento dello status FedRAMP High. Lo stato patrimoniale mostra attivi totali di 18,71 milioni di dollari e passività correnti totali di 23,42 milioni di dollari, con un deficit accumulato di 74,57 milioni di dollari.
VSEE Health (Nasdaq:VSEE) reportó ingresos totales del 3T 2025 de 3,98 millones de dólares, un aumento interanual del 19%, y ingresos acumulados del año (YTD) de 10,69 millones, con un crecimiento interanual del 60%. El margen bruto se mantuvo en ~52%. Las tarifas de telemedicina aumentaron 196% interanual a 1,44 millones y las tarifas de pacientes subieron 42% a 0,88 millones. El efectivo utilizado en operaciones mejoró a 1,52 millones de dólares en nueve meses (mejora del 46% interanual) mientras el efectivo en mano era 472,759 dólares. La compañía citó la activación completa de un acuerdo de teleradiología de más de 10 millones de dólares (más de 100,000 lecturas) y la obtención del estatus FedRAMP High. El balance muestra activos totales de 18,71 millones de dólares y pasivos corrientes totales de 23,42 millones, con un déficit acumulado de 74,57 millones.
VSEE Health (나스닥: VSEE)는 2025년 3분기 총매출이 3,98백만 달러로 전년동기 대비 19% 증가했고, 연간 누적 매출(YTD)은 10,69백만 달러로 전년대비 60% 증가했습니다. 총이익률은 대략 52%를 유지했습니다. 원격의료 수수료는 전년동기 대비 196% 증가하여 1,44백만 달러, 환자 수수료는 42% 증가하여 0,88백만 달러였습니다. 영업활동 현금흐름은 9개월 동안 1,52백만 달러로 개선되었고(전년동기 대비 46% 개선), 현금 보유액은 472,759 달러였습니다. 회사는 1,0천만 달러 이상의 teleradiology 계약이 완전히 활성화되었고(읽기 수 10만건 이상) FedRAMP High 등급을 획득했다고 밝혔습니다. 재무상태표에는 총자산이 18,71백만 달러, 총유동부채가 23,42백만 달러, 누적적자액은 74,57백만 달러로 표시됩니다.
VSEE Health ( Nasdaq: VSEE) a reporté des revenus totaux du T3 2025 de 3,98 millions de dollars, une augmentation annuelle de 19%, et des revenus cumulés depuis le début de l'année (YTD) de 10,69 millions, en hausse de 60% YoY. La marge brute est restée autour de 52%. Les frais de télémédecine ont augmenté de 196% YoY pour atteindre 1,44 million de dollars, et les frais patients ont augmenté de 42% à 0,88 million. Le cash flow opérationnel s'est amélioré à 1,52 million de dollars sur neuf mois (amélioration de 46% YoY), tandis que la trésorerie disponible était de 472 759 dollars. L'entreprise a évoqué l'activation complète d'un accord de téléradiologie de plus de 10 millions de dollars (plus de 100 000 lectures) et l'obtention du statut FedRAMP High. Le bilan montre des actifs totaux de 18,71 millions de dollars et des passifs courants totaux de 23,42 millions, avec un déficit cumulé de 74,57 millions de dollars.
VSEE Health (Nasdaq:VSEE) meldete Q3 2025 Gesamtumsatz von 3,98 Mio. USD, eine YoY-Steigerung von 19%, und YTD-Umsätze von 10,69 Mio. USD, mit einem YoY-Wachstum von 60%. Die Bruttomarge lag unverändert bei ca. 52%. Telemedizingebühren stiegen YoY um 196% auf 1,44 Mio. USD und Patientengebühren erhöhten sich um 42% auf 0,88 Mio. USD. Der in Betrieb verwendete Cashflow verbesserte sich auf 1,52 Mio. USD in neun Monaten (46% besser YoY), während liquide Mittel 472.759 USD betrugen. Das Unternehmen nannte die vollständige Aktivierung eines Teleradiologie-Deals über 10 Mio. USD (mehr als 100.000 Reads) und den Erhalt des Status FedRAMP High. Die Bilanz weist Gesamtaktiva von 18,71 Mio. USD und Gesamtverbindlichkeiten von 23,42 Mio. USD aus, mit einem akkumulierten Defizit von 74,57 Mio. USD.
VSEE Health (ناسداك: VSEE) أبلغت عن إيرادات إجمالية للربع الثالث 2025 تبلغ 3.98 مليون دولار، بزيادة سنوية قدرها 19%، وإيرادات مستهدفة للسنة حتى تاريخه (YTD) تبلغ 10.69 مليون دولار، بزيادة 60% سنوياً. ظل الهامش الإجمالي عند نحو 52%. ارتفعت رسوم الرعاية الصحية عن بُعد بنسبة 196% سنوياً لتصل إلى 1.44 مليون دولار، بينما زادت رسـوم المرضى بنسبة 42% إلى 0.88 مليون دولار. تحسن النقد المستخدم في العمليات إلى 1.52 مليون دولار خلال التسعة أشهر (تحسّن 46% عن العام السابق)، بينما كان النقد المتاح 472,759 دولاراً. أشارت الشركة إلى التفعيل الكامل لاتفاق التيليراديولوجيا بقيمة تفوق 10 ملايين دولار (أكثر من 100,000 قراءة) وتحقيق حالة FedRAMP High. يظهر البيان المالي أصولاً إجمالية قدرها 18.71 مليون دولار وإجمال الالتزامات الجارية قدرها 23.42 مليون دولار، مع عجز تراكمى قدره 74.57 مليون دولار.
- Total revenues $3.98M in Q3 (+19% YoY)
- YTD revenues $10.69M (+60% YoY)
- Telehealth fees $1.44M in Q3 (+196% YoY)
- Gross margin ~52% supporting scalable growth
- FedRAMP High status enabling federal opportunities
- Full activation of a $10M+ teleradiology deal (100,000+ reads)
- Cash on hand only $472,759 as of Sept 30, 2025
- Total current liabilities $23.42M exceed current assets of $3.72M
- Accumulated deficit of $74.57M
- Net loss for nine months $6.86M driving negative equity
Insights
Revenue growth is solid but balance-sheet and cash metrics keep the overall impact neutral.
Revenue rose to
However, the company reports a net loss of
Key dependencies and risks include realization of multi‑year contracts that management says will add recurring revenue, collection of rising receivables, and conversion of the activated hospital teleradiology deal into sustained cash flows. The stated FedRAMP High status opens federal opportunities through
Items to watch: cash and liquidity trends, days sales outstanding and receivable collections, recognition and renewal of the Level 1 teleradiology contract, and any changes in deferred revenue or debt fair‑value measurements over the next reporting periods. Given the mix of clear revenue growth and persistent losses plus tight cash, the near‑term impact rates as neutral.
SAN JOSE, CALIFORNIA / ACCESS Newswire / November 17, 2025 / VSee Health, Inc. (Nasdaq:VSEE), a pioneering provider of AI-powered telehealth solutions and high-acuity virtual care services, today announced its financial results for the third quarter ended September 30, 2025, as detailed in its Form 10-Q filed with the SEC on November 14, 2025.
In Q3 2025, VSee achieved total revenues of
Key Financial and Operational Highlights for Q3 2025:
Revenue Growth: telehealth fees surged
196% YoY to$1.44 million and patient fees rose42% to$0.88 million , driven by expanded ICU and neurocritical care deployments across 25+ hospitals.Cash Flow Optimization: Net cash used in operations for the nine months ended at
$1.52 million , a46% improvement from$2.82 million in 2024, bolstered by disciplined cost management and$1.69 million in financing inflows.Balance Sheet Strength: Cash position grew to
$0.47 million , with total assets at$18.71 million . Accounts receivable expanded to$2.58 million , signaling robust billing momentum from new contracts.Strategic Milestones: Full activation of the
$10M + Level 1 hospital teleradiology deal, contributing to over 100,000 radiology reads; AI innovations like SOAP Notes reducing documentation time by93% ; and FedRAMP High status opening doors to billions in federal opportunities through 2030.
Pro Forma Financial Results
The unaudited pro forma financial information in the tables below summarizes the combined results of VSee Health's operations and iDoc's operations through September 30, 2025
For The Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Total Revenues | $ | 3,980,655 | $ | 3,354,437 | $ | 10,692,259 | $ | 6,686,998 | ||||||||
Net Loss | $ | (289,745 | ) | $ | (53,922,561 | ) | $ | (6,862,468 | ) | $ | (54,493,913 | ) | ||||
Weighted average shares: | ||||||||||||||||
Basic and diluted | 16,549,357 | 15,077,548 | 16,429,551 | 8,351,249 | ||||||||||||
Net Loss per Share: | ||||||||||||||||
Basic and diluted | (0.02 | ) | (3.58 | ) | (0.42 | ) | (6.53 | ) | ||||||||
Management Summary
"Q3 2025 marks a critical milestone in VSEE's ascent as a telehealth leader, with revenue growth validating our focus on high-margin, AI-enhanced solutions that address clinician burnout and care access gaps," said Dr. Milton Chen and Dr. Imo Aisiku, Co-Chief Executive Officers of VSEE Health. "Our platform's seamless integrations with EHR systems and remote monitoring tools are empowering hospitals to optimize workflows, while our telehealth care expertise is capturing a larger share of the
VSEE's dual-segment model-Healthcare Technology and Telehealth Services-continues to thrive, with the Technology segment generating
VSEE HEALTH, INC.
(FKA DIGITAL HEALTH ACQUISITION CORP.)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, AND 2024 (UNAUDITED)
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
(Restated) | (Restated) | |||||||||||||||
Revenues | ||||||||||||||||
Subscription fees | $ | 894,514 | $ | 1,037,457 | $ | 2,602,186 | $ | 3,080,085 | ||||||||
Professional services and other fees | 603,696 | 396,455 | 2,524,853 | 1,145,930 | ||||||||||||
Technical engineering fees | 163,523 | 806,456 | 993,493 | 1,284,345 | ||||||||||||
Patient fees | 882,529 | 623,198 | 2,069,565 | 654,718 | ||||||||||||
Telehealth fees | 1,436,393 | 485,971 | 2,499,662 | 516,540 | ||||||||||||
Institutional fees | - | 4,900 | 2,500 | 5,380 | ||||||||||||
Total revenues | 3,980,655 | 3,354,437 | 10,692,259 | 6,686,998 | ||||||||||||
Cost of revenues | 1,907,359 | 569,734 | 5,170,500 | 1,890,557 | ||||||||||||
Gross margin | 2,073,296 | 2,784,703 | 5,521,759 | 4,796,441 | ||||||||||||
Operating expenses | ||||||||||||||||
Compensation and related benefits | 1,213,678 | 1,730,369 | 4,543,136 | 3,536,689 | ||||||||||||
Goodwill impairment charges | - | 56,675,210 | - | 56,675,210 | ||||||||||||
General and administrative | 2,917,139 | 2,218,289 | 7,122,202 | 2,997,525 | ||||||||||||
Transaction expenses | - | 455,834 | - | 710,479 | ||||||||||||
Total operating expenses | 4,130,817 | 61,079,702 | 11,665,338 | 63,919,903 | ||||||||||||
Net operating loss | (2,057,521 | ) | (58,294,999 | ) | (6,143,579 | ) | (59,123,462 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (755,866 | ) | (115,385 | ) | (1,727,110 | ) | (466,530 | ) | ||||||||
Other (expense) income, net | (5 | ) | (2 | ) | 183,004 | - | ||||||||||
Change in fair value of financial instruments | 2,828,647 | 5,737,606 | 1,412,351 | 6,285,706 | ||||||||||||
Loss on extinguishment of loan | - | (645,979 | ) | (126,125 | ) | (645,979 | ) | |||||||||
Loss on issuance of financial instruments | (305,000 | ) | (595,000 | ) | (443,020 | ) | (2,213,234 | ) | ||||||||
Total other income (expense), net | 1,767,776 | 4,381,240 | (700,900 | ) | 2,959,963 | |||||||||||
Loss before (provision for) benefit from income taxes | (289,745 | ) | (53,913,759 | ) | (6,844,479 | ) | (56,163,499 | ) | ||||||||
(Provision for) benefit from income taxes | - | (8,802 | ) | (17,989 | ) | 1,669,586 | ||||||||||
Net loss | (289,745 | ) | (53,922,561 | ) | (6,862,468 | ) | (54,493,913 | ) | ||||||||
Basic and diluted loss per common share | $ | (0.02 | ) | $ | (3.58 | ) | $ | (0.42 | ) | $ | (6.53 | ) | ||||
Weighted average number of common shares outstanding, basic and diluted | 16,549,357 | 15,077,548 | 16,429,551 | 8,351,249 | ||||||||||||
VSEE HEALTH, INC.
(FKA DIGITAL HEALTH ACQUISITION CORP.)
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, | December 31, | |||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | 472,759 | 326,115 | ||||||
Accounts receivable, net of allowance for credit losses of | 2,578,490 | 1,716,370 | ||||||
Due from related party | 284,614 | 531,656 | ||||||
Prepaids and other current assets | 382,522 | 446,826 | ||||||
Total current assets | $ | 3,718,385 | $ | 3,020,967 | ||||
Right-of-use assets, net | 315,679 | 379,585 | ||||||
Intangible assets, net | 9,337,504 | 10,995,000 | ||||||
Goodwill | 4,916,694 | 4,916,694 | ||||||
Fixed assets, net | 418,860 | 680,242 | ||||||
Total assets | $ | 18,707,122 | $ | 19,992,488 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | 11,716,584 | 9,343,659 | ||||||
Deferred revenue | 1,150,093 | 417,815 | ||||||
Due to related parties | 51,900 | 51,900 | ||||||
Operating lease liabilities | 85,575 | 72,836 | ||||||
Finance lease liabilities | 184,106 | 328,833 | ||||||
Factoring payable | 122,220 | 179,007 | ||||||
Encompass Purchase Liability | 265,578 | 263,918 | ||||||
Equity Line of Credit | 42,394 | 80,000 | ||||||
Quantum convertible note, related party at fair value | 3,828,125 | 3,248,000 | ||||||
September 2024 Convertible Note, at fair value | 2,043,760 | 2,094,000 | ||||||
Loan payable, related party | 471,651 | 471,651 | ||||||
Line of credit | 456,097 | 456,097 | ||||||
Notes payable, net of discount | 1,944,710 | 433,983 | ||||||
Exchange Note, at fair value | 1,028,158 | 1,499,000 | ||||||
Common stock issuance obligation | 31,227 | 69,621 | ||||||
Total current liabilities | $ | 23,422,178 | $ | 19,010,320 | ||||
Notes payable, less current portion, net of discount | 589,374 | 593,941 | ||||||
Operating lease liabilities, less current portion | 203,689 | 269,338 | ||||||
Deferred revenue, net of current portion | - | 69,999 | ||||||
Deferred tax liabilities, net | 67,379 | 67,378 | ||||||
Total liabilities | $ | 24,282,620 | $ | 20,010,976 | ||||
Commitments, Contingencies, and Concentration Risk (Note 10) | ||||||||
STOCKHOLDERS' DEFICIT | ||||||||
Preferred stock, | 1 | 1 | ||||||
Common stock, | 1,703 | 1,630 | ||||||
Additional paid-in capital | 68,989,139 | 67,683,754 | ||||||
Accumulated deficit | (74,566,341 | ) | (67,703,873 | ) | ||||
Total stockholders' deficit | (5,575,498 | ) | (18,488 | ) | ||||
Total liabilities and stockholders' deficit | $ | 18,707,122 | $ | 19,992,488 | ||||
About VSee Health
VSee Health (NASDAQ:VSEE) is a telehealth technology and services company delivering high-acuity virtual care solutions through its scalable, API-driven platform. The Company's offerings integrate secure video, device data, and EHR connectivity to power hospital systems, health networks, and employers across the United States.
For more information, please visit www.vseehealth.com.
Forward-Looking Statements
Matters discussed in this news release that are not statements of historical or current facts, including but not limited to those relating to VSee Health's ability to improve healthcare access and provider efficiencies, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause performance or achievements to be materially different from historical results or from any future performance or achievements expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. More information on risk factors relating to VSee Health and its technology and billing services is included from time to time in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of VSee Health's periodic and current filings with the SEC, which are also made available on VSee Health's website at www.vseehealth.com. Forward-looking statements speak only as of the date they are made, and VSee Health undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
Contact:
VSee Health
Anne Chang
media@vsee.com
VSee Investor Contact:
Milton Chen
VSee Health
investor@vsee.com
SOURCE: VSee Health, Inc.
View the original press release on ACCESS Newswire
FAQ
What were VSEE (VSEE) total revenues for Q3 2025 and how did they change year-over-year?
How much revenue did VSEE generate year-to-date through nine months of 2025 (VSEE)?
What telehealth revenue growth did VSEE report in Q3 2025 (VSEE)?
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Did VSEE report any major contract activations or certifications in Q3 2025 (VSEE)?
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