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VSEEW

VSee Health, Inc.

VSEEW

VSee Health, Inc. • NASDAQ
$0.14 ▲ 25.67% (+0.03)
Market Cap $76.90 M
52w High $0.18
52w Low $0.12
Dividend Yield 0%
P/E 0
Volume 6.14K
Outstanding Shares 549.27M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.981M ▲ $3.521M ▼ $-289.745K ▲ -7.279% ▲ $-0.02 ▲ $1.812M ▲
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% ▲ $-0.34 ▲ $-4.139M ▲
Q3-2024 $3.354M $59.479M $-51.752M -1.543K% $-9.76 $-52.062M

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 ▲ $-452.37K ▲
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 Health looks like a very early-stage or very small-scale business from a revenue standpoint. Sales appear tiny and have not meaningfully grown over the past several years. Recent results show the company moving into a clear loss-making position, with operating and net losses becoming visible while gross profit remains modest. This suggests that expenses to build, sell, and support the platform are running well ahead of the current revenue base. The income statement points to a company still in the “build and prove” phase of its commercial journey, with high dependence on winning and scaling contracts to move toward sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet looks thin and fragile. The company has very limited assets, almost no reported cash cushion, and only a small but noticeable level of debt emerging recently. Equity has eroded compared with a few years ago, which is consistent with accumulated losses and limited fresh capital. Overall, the balance sheet signals limited financial flexibility: the business likely depends on continued access to outside funding or new commercial contracts to support operations and growth plans. Any delay in revenue ramp-up could put pressure on its finances.

Cash Flow

Cash Flow Cash flow mirrors the weak income statement and lean balance sheet. Operating cash flow appears negative, meaning the core business is consuming cash rather than generating it. Free cash flow is also negative, although there is little to no spending on long-lived assets, which suggests most cash use is going toward operating costs such as people, product development, and go-to-market efforts. This pattern is typical of an early-stage growth company but also highlights ongoing funding needs until the revenue base and margins improve.

Competitive Edge

Competitive Edge Strategically, VSee Health is positioned in an attractive niche at the intersection of telehealth, AI, and remote care. Its strengths include a highly flexible, no-code/low-code platform; deep integration capabilities with hospital systems; and a growing suite of AI tools that streamline clinical workflows. The client list—featuring major institutions like NASA and U.S. government agencies—signals a strong reputation for reliability, security, and regulatory compliance, reinforced by FedRAMP authorization. Partnerships in robotics and language services further widen its offering and create a differentiated, end-to-end telehealth ecosystem. The main competitive challenges are intense: the company operates against well-funded telehealth platforms, electronic health record vendors, and big technology firms, all chasing similar digital health budgets. Its advantage rests on specialized capabilities, speed of customization, and the depth of its relationships, but success will depend on turning these into repeatable, scaled contracts faster than competitors can copy or outspend it.

Innovation and R&D

Innovation and R&D Innovation is the clear centerpiece of VSee Health’s story. The company is pushing forward with AI-powered documentation, virtual nursing, clinical scribes, risk analytics, and care navigation tools, all designed to reduce clinician workload and improve patient oversight. Its work in telepresence and robotics for ICUs and telenursing is particularly ambitious, aiming to automate routine care tasks and extend specialist reach into hospitals and underserved settings. The use of a modular, no-code platform means new solutions can be assembled and iterated quickly, which is a strong advantage for experimentation and co-development with health systems. The key uncertainty is not innovation itself—where VSee seems strong—but the speed at which hospitals and payers adopt and pay for these advanced tools, and the company’s ability to translate pilots and partnerships into stable, scalable revenue streams.

Summary

VSee Health combines a very small and currently loss-making financial profile with a notably ambitious and differentiated technology platform. On the one hand, its income statement, balance sheet, and cash flows all point to a company still in a fragile, early commercialization stage, with limited financial cushion and a clear need for growth in paying customers. On the other hand, its competitive position is strengthened by a flexible platform, advanced AI capabilities, robotics initiatives, and high-credibility clients and certifications that many rivals lack. The core question for the future is execution: can VSee Health convert its innovative pipeline and marquee relationships into broad, recurring revenue fast enough to overcome its weak financial base? The opportunity is significant, but so are the funding, scaling, and competitive risks, and outcomes remain highly uncertain at this stage.