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VS

Versus Systems Inc.

VS

Versus Systems Inc. • NASDAQ
$1.51 ▲ 3.42% (+0.05)
Market Cap $7.40 M
52w High $3.79
52w Low $1.39
Dividend Yield 0%
P/E -3.6
Volume 5.95K
Outstanding Shares 4.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 ▼ $756.401K ▼ $-537.815K ▼ 0% ▼ $-0.153 ▼ $-756.401K ▼
Q2-2025 $2.698M ▲ $1.407M ▼ $916.009K ▲ 33.956% ▲ $0.188 ▲ $1.279M ▲
Q1-2025 $283.892K ▲ $1.942M ▲ $-1.37M ▼ -482.448% ▼ $-0.281 ▲ $-1.67M ▼
Q4-2024 $0 ▼ $1.451M ▲ $-736.237K ▼ 0% ▲ $-0.357 ▼ $-1.451M ▼
Q3-2024 $5.222K $723.16K $-717.839K -13.746K% $-0.302 $-715.648K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.956M ▲ $4.275M ▲ $3.455K ▼ $15.494M ▲
Q2-2025 $1.682M ▼ $3.842M ▼ $34.187K ▲ $11.653M ▼
Q1-2025 $3.5M ▼ $3.926M ▼ $2.966K ▼ $15.599M ▼
Q4-2024 $4.408M ▲ $5.083M ▲ $37.794K ▲ $16.432M ▲
Q3-2024 $471.248K $1.243M $26.947K $8.901M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-537.815K ▼ $29.665K ▲ $-304.565K ▼ $0 $-276.628K ▲ $29.67K ▲
Q2-2025 $672.335K ▲ $-895.073K ▼ $0 $0 $-749.963K ▼ $-895.07K ▼
Q1-2025 $-961.746K ▲ $-641.445K ▲ $0 $0 ▼ $-633.695K ▼ $-641.45K ▲
Q4-2024 $-1.044M ▼ $-716.603K ▼ $0 $3.278M ▲ $2.595M ▲ $-716.603K ▼
Q3-2024 $-702.243K $-472.253K $0 $0 $-434.667K $-472.253K

Five-Year Company Overview

Income Statement

Income Statement Versus Systems looks more like an early-stage project than a mature software business from its income statement. Reported revenue has effectively been absent for several years, while operating costs have consistently produced losses. That suggests the core technology and partnerships have not yet translated into a stable, paying customer base. Earnings per share have swung dramatically, but that is driven mostly by share structure changes and reverse splits rather than underlying business improvement. Overall, the income statement points to a company still searching for commercial traction and scale, with a track record of ongoing, if relatively small, losses rather than growth.

Balance Sheet

Balance Sheet The balance sheet is very thin. Assets and shareholders’ equity are extremely small, and reported cash balances round down to essentially zero, which implies very little cushion against setbacks. On the positive side, there does not appear to be a large amount of financial debt, but that is mainly because the company is very small overall, not because it is especially strong. The long history of reverse stock splits suggests that past funding needs have been met mostly by issuing new shares, diluting existing owners. Taken together, the balance sheet signals limited financial flexibility and a high dependence on external funding to support operations.

Cash Flow

Cash Flow Cash flow from operations has been negative for several years, even though the business is operating at a very small scale. Capital spending is minimal, which is typical for a software company, but that does not offset the fact that the core operations consume cash rather than generate it. Since reported cash on hand is extremely low, the company appears to rely on periodic capital raises or other external funding sources to keep going. The cash flow profile highlights a key risk: unless Versus can quickly grow paying customers or meaningfully cut costs, it will likely continue to face pressure to secure new financing just to sustain operations.

Competitive Edge

Competitive Edge Versus operates in a crowded space, competing with large, well-funded players in digital advertising, gaming, and fan engagement. Its niche is a rewards-based engagement model, backed by patents and strong compliance capabilities for contests and sweepstakes. The partnership with HP for OMEN Rewards and the Xcite Interactive acquisition give it some credibility and access to attractive end-markets like PC gaming and live sports. However, the company’s very small scale, limited financial resources, and lack of consistent revenue mean its bargaining power is modest and its position fragile. The moat is more legal and niche-focused than scale-based, and success will depend heavily on execution, sales effectiveness, and the ability to deepen or broaden key partnerships before competitors close the gap.

Innovation and R&D

Innovation and R&D Innovation is the clear bright spot. Versus has patented technology for in-game and interactive rewards, a compliance engine that handles complex promotion rules, and several specialized products such as Winfinite, the XEO live engagement platform, and augmented reality fan tools. The newer self-service, AI-enabled version of Winfinite is strategically important because it could, in theory, allow the company to scale with less manual effort. The challenge is that meaningful R&D and product development require steady funding, and the company’s financial condition makes sustained investment difficult. The recent leadership change adds both opportunity and uncertainty: a fresh strategic review could sharpen the product lineup and focus on the most promising use cases, but it also signals that the current model has not yet delivered the desired commercial results.

Summary

Versus Systems combines an interesting, patented technology platform and credible partnerships with a very weak financial foundation. The business side has not yet caught up with the technology story: revenue remains negligible, losses persist, and the balance sheet and cash position look fragile. In such a small and cash-constrained company, execution risk is high, and the ability to secure and grow paying customers quickly is critical. At the same time, the niche focus on rewards-based engagement, regulatory compliance expertise, and products that span gaming and live events provide real strategic optionality if they can be monetized effectively. The new interim CEO and strategic review mark an inflection point: the next phase will likely show whether Versus can convert its innovation and partnerships into a sustainable, financially stable business or remain stuck in a prolonged development stage. Uncertainty is high in both directions, and outcomes will depend heavily on strategy, sales traction, and access to capital over the near term.

NEWS

November 18, 2025 · 8:30 AM UTC

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