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Vaso Corporation reported modestly higher revenue from continuing operations and a smaller overall loss for the six months ended June 30, 2026, while continuing to exit its IT services businesses. Revenue from continuing operations was $11.2 million in the quarter and $21.0 million year-to-date, up 8% and 3% from 2025, driven mainly by higher GE Healthcare (GEHC) diagnostic imaging equipment deliveries in the professional sales services segment and stronger equipment sales in China.
Gross margin from continuing operations remained high at 79% in the quarter. Quarterly operating income from continuing operations improved to $974,000, and net income from continuing operations was $840,000, versus $323,000 a year earlier. For the first half, Vaso had a small net income from continuing operations of $115,000, but a total net loss of $343,000 including discontinued operations, an improvement from a $1.3 million loss in 2025.
The IT segment is now presented as discontinued operations after the sale of VasoHealthcare IT in November 2025 and the agreement to sell NetWolves for $14.5 million in cash, signed July 31, 2026. Discontinued operations generated a net loss of $458,000 in the first half. Vaso ended June 30, 2026 with $38.3 million in cash and cash equivalents and working capital of $22.3 million. Deferred commission revenue reached $41.5 million, reflecting strong order bookings under the long-term GEHC sales representation agreement, which runs through 2030. GEHC accounted for 94% of total revenue and a large share of receivables, highlighting significant customer concentration.
Vaso Corporation completed the sale of all issued and outstanding membership interests of its subsidiary NetWolves Network Services LLC to COEO Solutions, LLC under an Equity Purchase Agreement dated July 31, 2026, for a base purchase price of $14,500 in cash, subject to customary adjustments. An amendment provides unaudited pro forma condensed consolidated financial information reflecting this disposition.
A reconciliation shows net proceeds of $12,806, including closing cash of 400, closing indebtedness of (1,123) and unpaid seller expenses of (971). After a $2,850 escrow receivable, net cash proceeds are $9,956, increasing cash and cash equivalents from 21,973 to 31,929 and adding restricted cash of 2,850. Total assets decline from 82,983 to 79,459, goodwill falls from 10,978 to 1,242, total liabilities drop from 54,381 to 50,033, and stockholders’ equity rises by 824 to 29,426, reflecting an estimated gain.
For the three months ended March 31, 2026, pro forma total revenues decrease from 19,356 to 9,795 after removing managed IT systems and services, while the net loss narrows from 887 to 725. For 2025, pro forma revenues fall from 89,096 to 49,807, but net income increases from 1,569 to 6,162, as NetWolves’ operations and related costs are removed and the estimated gain is included.
Vaso Corporation entered into an Equity Purchase Agreement with COEO Solutions, LLC on July 31, 2026, under which COEO purchased from Vaso and its wholly owned subsidiary VasoTechnology, Inc. all of the issued and outstanding membership interests of NetWolves Network Services LLC. NetWolves provides managed network and multi-technology solutions, including network design, redundancy, application device management, and real-time monitoring, reporting and support.
The base purchase price is $14,500,000.00 in cash, subject to customary post-closing adjustments for net working capital, closing cash, closing indebtedness and unpaid seller expenses. As a result of the transaction, NetWolves ceased to be an indirect wholly owned subsidiary of Vaso. Vaso will file unaudited pro forma condensed consolidated financial information giving effect to the disposition of NetWolves in an amendment, to be included as Exhibit 99.1 within four business days of the closing.
VASO Corp director Shaun D McMeans reported initial beneficial ownership of 100,000 shares of common stock, held directly. These shares represent equity compensation for service as a director under the Vaso Corporation 2019 Stock Plan and were fully vested upon the date of grant.
Vaso Corporation appointed Shaun McMeans, age 64, as a Class III director and member of the board’s audit committee, effective July 23, 2026. He is designated as a financial expert based on extensive finance and accounting leadership roles in life sciences and technology companies, including prior service as Chief Financial Officer of HTG Molecular Diagnostics, Inc. and his current role as CFO of Nabsys.
The company states there are no family relationships or related-party transactions involving McMeans and no arrangements with other parties leading to his appointment. As a non-employee director, he will receive pro-rated director compensation and a one-time new director grant of 100,000 shares of Vaso common stock.
Vaso Corporation reported essentially flat results for the quarter ended March 31, 2026, with revenue of $19.4 million versus $19.5 million a year earlier and a net loss of $0.9 million, slightly improved from a $1.1 million loss. Gross margin ticked up to 60%.
Professional sales service revenue rose 6% to $9.2 million, equipment revenue grew 27% to $0.6 million, and IT revenue fell 7% to $9.6 million, partly reflecting the prior VasoHealthcare IT divestiture. Cash declined to $22.0 million from $35.1 million after a $12.6 million operating cash outflow driven mainly by higher receivables and lower accrued liabilities. Deferred commission revenue reached $39.5 million, and total remaining performance obligations were about $103 million, highlighting a sizable contracted backlog, while GEHC accounted for 48% of quarterly revenue.
Vaso Corporation approved a new incentive arrangement for Peter Castle, President of its wholly-owned subsidiary VasoTechnology Inc. The agreement ties a potential $175,000 incentive payment to Mr. Castle’s role in helping Vaso achieve specified corporate outcomes related to potential strategic initiatives within a defined time period.
If the objectives laid out in the agreement are not achieved in time, or if Mr. Castle does not remain in compliance with the agreement’s terms, he will not receive any portion of the incentive amount.
Jun Ma filed a Schedule 13D reporting beneficial ownership of 10,498,146 shares of VASO Corp common stock, representing 6.0% of the class. Most of these shares, 9,749,834, were granted by the company, while 777,312 were purchased with personal funds.
Ma, who serves as President and CEO of Vaso Corporation, states the shares were acquired for investment purposes and under an Employment Agreement that allows participation in the company’s equity compensation programs at the board’s discretion. He reports sole voting and dispositive power over all of these shares and no transactions in the past 60 days.
VASO Corp's common stock has a major holder, with Joshua Markowitz reporting beneficial ownership of 56,088,318 shares, or 31.9% of the outstanding stock, through a mix of direct holdings, family trusts, and majority-owned companies.
The shares include 7,569,595 in a Non-GST Exempt Trust, 4,639,430 in a GST Exempt Trust, 25,714,286 held by Kerns Manufacturing Company, 17,815,007 held by Living Data Technology Corp., and 350,000 held directly. Markowitz acquired 50,000 shares with personal funds and received 300,000 as board compensation. Co-trustee Stacey Markowitz reports 12,209,025 shares, or 6.9%, via the same trusts. The holdings are described as being for investment purposes, with no transactions in the last 60 days.
Vaso Corporation reports higher 2025 revenue and profit across its three healthcare and IT segments. Total revenue rose 2.7% to $89.1 million, while net income increased to $1.57 million, helped by a tax benefit and gain on the sale of its VasoHealthcare IT unit.
The professional sales service segment tied to GE HealthCare remained the main earnings driver, with commission revenue up 6.9% and deferred commission revenue growing as booked orders outpaced deliveries. The IT segment recorded a goodwill impairment, and equipment revenue was roughly flat. Cash and cash equivalents reached $35.1 million, and the company extended its key GEHC agreement through 2030, supporting future revenue visibility.