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VSEE

VSee Health, Inc.

VSEE

VSee Health, Inc. • NASDAQ
$0.56 ▲ 4.17% (+0.02)
Market Cap $9.15 M
52w High $2.52
52w Low $0.46
Dividend Yield 0%
P/E 1.22
Volume 656.46K
Outstanding Shares 16.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.981M ▲ $4.131M ▲ $-289.745K ▲ -7.279% ▲ $-0.02 ▲ $1.135M ▲
Q2-2025 $3.39M ▲ $3.843M ▲ $-2.613M ▲ -77.085% ▲ $-0.16 ▲ $-1.699M ▲
Q1-2025 $3.321M ▼ $3.691M ▼ $-3.959M ▲ -119.207% ▲ $-0.24 ▲ $-2.548M ▼
Q4-2024 $3.859M ▲ $6.37M ▼ $-5.618M ▲ -145.561% ▲ $-0.36 ▲ $-2.438M ▼
Q3-2024 $3.354M $59.479M $-51.752M -1.543K% $-3.43 $-786.125K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $472.759K ▲ $18.707M ▲ $24.283M ▲ $-5.575M ▲
Q2-2025 $291.595K ▼ $18.21M ▼ $23.946M ▲ $-5.736M ▼
Q1-2025 $410.122K ▲ $19.396M ▼ $22.893M ▲ $-3.497M ▼
Q4-2024 $326.115K ▼ $19.992M ▼ $20.011M ▼ $-18.488K ▼
Q3-2024 $2.327M $25.03M $20.271M $4.759M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-289.745K ▲ $-754.538K ▼ $-7.31K ▼ $943.012K ▲ $181.164K ▲ $-761.85K ▼
Q2-2025 $-2.613M ▲ $-324.601K ▲ $-3.593K ▲ $209.667K ▼ $-118.527K ▼ $-328.19K ▲
Q1-2025 $-3.959M ▲ $-440.493K ▲ $-11.873K ▼ $536.373K ▼ $84.007K ▲ $-452.366K ▲
Q4-2024 $-5.618M ▲ $-2.974M ▼ $-4.76K ▲ $977.832K ▼ $-2.001M ▼ $-2.979M ▼
Q3-2024 $-51.752M $-221.034K $-4.994K $1.447M $1.221M $-226.028K

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Health Care Patient Service
Health Care Patient Service
 $0 ▲$0 ▲$0 ▲
Subscription and Circulation
Subscription and Circulation
 $0 ▲$0 ▲$0 ▲
Technology Service
Technology Service
 $0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement VSee’s income statement looks like that of a very early‑stage, still‑developing business. Reported revenue is extremely small and has not meaningfully grown over the past few years, suggesting the company is still in the ramp‑up and validation phase rather than at scale. Recent results show operating losses and net losses, which is normal for a young, innovation‑heavy company but means the business is not yet self‑sustaining. Profitability metrics swing sharply from year to year because the revenue base is so small; even modest changes in costs or contracts have an outsized impact. Overall, the financial story is one of promise on the technology side but an income statement that is still firmly in “investment and build‑out” mode rather than “mature earnings” mode.

Balance Sheet

Balance Sheet The balance sheet appears very light, with a small asset base, limited reported cash, and a modest amount of debt relative to the company’s tiny size. Equity is minimal, which can indicate accumulated losses and little buffer against setbacks. This structure is typical for a company that has been financing growth and product development rather than accumulating substantial assets. The flip side is that there does not appear to be a heavy burden of long‑term obligations, but the lack of a strong capital cushion means VSee likely depends on continued access to external funding and on converting its pipeline and relationships into material revenue over time.

Cash Flow

Cash Flow Cash flow data also reflects a company still in the build stage. Operating cash flow is negative, meaning the core business consumes cash rather than generates it. Free cash flow is also negative but not deeply so, which suggests spending is focused more on running and developing the platform and services than on large physical investments. The absence of meaningful cash reserves in the balance sheet raises the importance of outside capital raises and disciplined cost control. In short, current operations are not yet funding themselves; the future path will depend on how quickly VSee can turn its technology and contracts into steady, recurring cash inflows.

Competitive Edge

Competitive Edge VSee sits in a crowded and fast‑moving telehealth market but has carved out a distinctive niche. Its no‑code and low‑code platform lets hospitals and health systems build custom telehealth workflows quickly, which is a clear differentiator versus more rigid, one‑size‑fits‑all platforms. The company also competes not just on software but on clinical capability, especially in high‑acuity areas like intensive care, neurology, and teleradiology, where barriers to entry are higher. Long‑standing relationships with notable organizations such as NASA, U.S. government agencies, and major healthcare players lend credibility and create high switching costs for those clients. At the same time, VSee faces the usual risks of a smaller player: it competes with much larger, better‑funded telehealth and software companies, and it may be exposed to the loss or delay of any single large contract. Its moat relies on flexibility, deep clinical integration, and an ecosystem of services rather than pure scale.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of VSee’s strategy. The company’s “Lego‑like” no‑code platform, deep integration with medical devices and hospital systems, and focus on secure, HIPAA‑compliant video are already differentiated. On top of that, VSee is pushing into AI‑driven analytics, remote monitoring, and robotics, particularly for telenursing and ICU support. These efforts aim to automate routine tasks, reduce labor costs for hospitals, and enable more continuous, data‑driven care. The company is also piloting ICU and teleradiology expansions and exploring international markets, such as work in the Philippines. The opportunity is substantial if these pilots convert into scalable, repeatable deployments, but there is real execution risk: these projects require time, regulatory comfort, and customer adoption before they translate into stable revenue and profits.

Summary

Overall, VSee Health looks like a high‑concept, innovation‑led telehealth platform with strong technical credentials and impressive reference customers, but with financials that are still at a very early and fragile stage. The story today is much more about technology, contracts, and future potential than about current scale or profitability. Key strengths include its highly flexible platform, specialization in complex and critical care, government‑grade security, and a full ecosystem of services from software to staffing. Key risks center on its tiny revenue base, ongoing losses, reliance on external funding, and competition from larger healthcare technology providers. Going forward, the main things to watch are: whether VSee can turn pilots and proposals into sizable, recurring contracts; how quickly its AI and robotics initiatives gain real‑world traction; and whether the company can strengthen its balance sheet and move its cash flow closer to break‑even as it grows.

NEWS

November 26, 2025 · 8:29 AM UTC

VSee Health, Inc. Announces Pricing of $6.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules with a Single Institutional Investor

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November 25, 2025 · 8:18 AM UTC

VSee Health's iDoc Division Powers Ahead: Delivering on Major Contracts and Igniting Revenue Growth!

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November 20, 2025 · 8:55 AM UTC

VSee Health Names Dr. Milton Chen as Chairman to Drive AI Infrastructure Growth

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November 17, 2025 · 9:00 AM UTC

VSEE Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion: Total Revenues Reach $3.98 Million, Up 19% Year-Over-Year

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November 11, 2025 · 8:21 AM UTC

VSee Health Pioneers Telehealth Expansion with FedRAMP Authorization and ICU Robot Integration, Fueling 2025 Growth Surge

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