VSEE · Vsee Health, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.32M | - | $3.98M | $3.39M | $3.32M | - | $1.45M | $1.29M | - | - |
| Cost of Revenue | $1.96M | - | $1.91M | $1.80M | $386.3K | - | $478.4K | $486.6K | - | - |
| Gross Profit | $1.20M | - | $2.07M | $1.59M | $1.86M | - | $973.1K | $815.9K | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $2.44M | - | $2.92M | $2.17M | $2.03M | - | $2.17M | $326.4K | $674.3K | - |
| Total Operating Expenses | $4.17M | - | $4.13M | $3.84M | $3.69M | - | $1.25M | $1.43M | - | - |
| D&A | $646.6K | - | - | - | $618 | - | $7.3K | $1.5K | - | - |
| Operating Income | ($2.97M) | - | ($2.06M) | ($2.25M) | ($1.83M) | - | ($57.07M) | ($1.18M) | ($674.3K) | - |
| Interest Expense | $9.2K | - | $115.4K | $341.8K | $9.3K | - | $36.3K | $79.9K | - | - |
| Income Tax | $23.7K | - | $0 | $4.5K | $0 | - | ($233.7K) | ($2.24M) | - | - |
| Net Income | ($2.60M) | - | ($289.7K) | ($2.61M) | ($3.96M) | - | ($51.75M) | ($330.0K) | ($967.8K) | - |
| EPS - Basic | ($0.05) | - | ($0.02) | ($0.16) | ($0.24) | - | ($3.43) | ($0.06) | ($0.27) | - |
| EPS - Diluted | ($0.05) | - | ($0.02) | ($0.16) | ($0.24) | - | ($3.43) | ($0.06) | ($0.27) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.35M | $5.27M | $472.8K | $291.6K | $410.1K | $326.1K | $2.33M | $1.11M | $724 | $1.9K |
| Accounts Receivable | $2.67M | $2.52M | $2.58M | $1.62M | $1.85M | $1.72M | $2.61M | $2.51M | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $3.84M | $5.53M | $5.79M | $4.40M | $4.21M | $4.28M | - | - | - | $416.8K |
| Current Assets | $4.84M | $8.37M | $3.72M | $2.56M | $3.08M | $3.02M | $7.11M | $5.17M | $724 | $1.9K |
| Total Assets | $19.02M | $22.41M | $18.71M | $18.21M | $19.40M | $19.99M | $25.03M | $78.99M | $1.39M | $1.37M |
| Current Liabilities | $11.79M | $16.24M | $23.42M | $23.06M | $21.98M | $19.01M | $19.21M | $22.88M | $8.97M | $7.98M |
| Long-term Debt | $781.6K | $593.9K | $589.4K | $593.9K | $593.9K | $593.9K | $593.9K | $593.9K | - | - |
| Total Liabilities | $12.70M | $16.96M | $24.28M | $23.95M | $22.89M | $20.01M | $20.27M | $24.18M | $13.34M | $12.35M |
| Stockholders' Equity | $6.32M | $5.45M | ($5.58M) | ($5.74M) | ($3.50M) | ($18.5K) | ($985.2K) | ($458.1K) | ($13.23M) | ($12.27M) |
| Retained Earnings | ($85.02M) | ($82.42M) | ($74.57M) | ($74.28M) | ($71.66M) | ($67.70M) | ($61.52M) | ($9.77M) | ($13.78M) | ($12.82M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($2.45M) | - | - | - | ($440.5K) | - | - | - | ($335.3K) | - |
| Investing Cash Flow | ($126.8K) | - | - | - | ($8.7K) | - | - | - | - | - |
| Financing Cash Flow | ($1.34M) | - | - | - | $536.4K | - | - | - | $334.2K | - |
| CapEx | $26.8K | - | - | - | $8.7K | - | - | - | - | - |
| Free Cash Flow | ($2.48M) | - | - | - | ($449.2K) | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 36.1% | - | 52.1% | 46.9% | 56.0% | - | 67.0% | 63.2% | - | - |
| Operating margin | -89.5% | - | -51.7% | -66.5% | -55.1% | - | -3931.6% | -91.7% | - | - |
| EBITDA margin | -70.1% | - | - | - | -55.1% | - | -3931.1% | -91.6% | - | - |
| Net margin | -78.3% | - | -7.3% | -77.1% | -119.2% | - | -3565.5% | -25.6% | - | - |
| Free cash flow margin | -74.6% | - | - | - | -13.5% | - | - | - | - | - |
| FCF / Net income | 0.95 | - | - | - | 0.11 | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 73.5% | - | 73.3% | 64.1% | 61.2% | - | 149.5% | 25.3% | - | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -13.7% | - | -1.5% | -14.4% | -20.4% | - | -206.8% | -0.4% | -69.8% | - |
| Return on equity | -41.1% | - | 5.2% | 45.6% | 113.2% | - | 5252.8% | 72.0% | 7.3% | - |
| Return on invested capital | -33.1% | - | - | - | - | - | - | -687.9% | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.41 | 0.51 | 0.16 | 0.11 | 0.14 | 0.16 | 0.37 | 0.23 | 0.00 | 0.00 |
| Quick ratio | 0.41 | 0.51 | 0.16 | 0.11 | 0.14 | 0.16 | 0.37 | 0.23 | 0.00 | 0.00 |
| Cash ratio | 0.11 | 0.32 | 0.02 | 0.01 | 0.02 | 0.02 | 0.12 | 0.05 | 0.00 | 0.00 |
| Leverage | ||||||||||
| Debt / Equity | 0.12 | 0.11 | -0.11 | -0.10 | -0.17 | -32.13 | -0.60 | -1.30 | - | - |
| Debt / Assets | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.01 | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -322.0x | - | -17.8x | -6.6x | -196.7x | - | -1571.5x | -14.8x | - | - |
| Equity multiplier | 3.01 | 4.11 | -3.36 | -3.17 | -5.55 | -1081.38 | -25.41 | -172.44 | -0.10 | -0.11 |
| Liabilities / Assets | 0.67 | 0.76 | 1.30 | 1.32 | 1.18 | 1.00 | 0.81 | 0.31 | 9.62 | 9.01 |
| Efficiency | ||||||||||
| Asset turnover | 0.17 | - | 0.21 | 0.19 | 0.17 | - | 0.06 | 0.02 | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 294d | - | 236d | 174d | 203d | - | 657d | 711d | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 714d | - | 1108d | 892d | 3977d | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 0.0% | - | 174.2% | 162.8% | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -35.6% | - | 113.1% | 94.7% | - | - | - | - | - | - |
| Operating income growth (YoY) | -62.4% | - | 96.4% | -90.5% | -171.6% | - | -10914.8% | -167.5% | 4.7% | - |
| Net income growth (YoY) | 34.3% | - | 99.4% | -691.9% | -309.1% | - | - | - | 48.9% | - |
| EPS growth (YoY) | 79.2% | - | 99.4% | -166.7% | 11.1% | - | -6760.0% | -50.0% | 40.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | -451.8% | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | - | -465.9% | -1152.3% | 73.6% | 99.8% | 89.2% | 95.0% | -45.3% | -65.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$14.62M totalTechnology Segment$7.38M · 50.5%
Telehealth Segment$7.24M · 49.5%
Product / service
$19.04M totalTelehealth Fees$3.86M · 20.3%
Health Care Patient Service$3.38M · 17.7%
Patient Fees$3.38M · 17.7%
Subscription And Circulation$3.23M · 17.0%
Professional Services And Other Fees$3.10M · 16.3%
Technology Service$1.04M · 5.5%
Technical Engineering Fees$1.04M · 5.5%
Institutional Fees$2.5K · 0.0%
Peer comparison
Same SIC group: Services-Health Services
Comparing VSEE HEALTH against the 5 most active filers in the same SIC group.