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Financial Statements — VSEE
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 0.45 | 1.35 | 5.27 | 0.47 | 0.29 | 0.41 | 0.33 | 2.33 | 1.11 | 0.00 | 0.00 | 0.00 | 0.03 | 0.02 | 0.11 | 0.04 | 0.19 | 0.51 |
| Accounts Receivable | 2.23 | 2.67 | 2.24 | 2.58 | 1.62 | 1.85 | 1.72 | 2.61 | 2.51 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 3.27 | 4.84 | 8.37 | 3.72 | 2.56 | 3.08 | 3.02 | 7.11 | 5.17 | 0.00 | 0.00 | 0.02 | 0.07 | 0.07 | 0.11 | 0.11 | 0.40 | 0.88 |
| Property, Plant & Equipment | 0.11 | 0.27 | 0.33 | 0.42 | 0.51 | 0.60 | 0.68 | 0.79 | 0.88 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Goodwill | 4.92 | 4.92 | 4.92 | 4.92 | 4.92 | 4.92 | 4.92 | 4.92 | 59.90 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Intangible Assets | 7.68 | 8.23 | 8.79 | 9.34 | 9.89 | 10.44 | 11.00 | 11.55 | 12.10 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non-current Assets* | 13.47 | 14.18 | 14.05 | 14.99 | 15.65 | 16.32 | 16.97 | 17.92 | 73.82 | 1.39 | 1.37 | 8.12 | 8.02 | 7.60 | 7.53 | 117.20 | 116.81 | 116.74 |
| Total Assets | 16.73 | 19.02 | 22.41 | 18.71 | 18.21 | 19.40 | 19.99 | 25.03 | 78.99 | 1.39 | 1.37 | 8.14 | 8.08 | 7.67 | 7.63 | 117.30 | 117.21 | 117.62 |
| Accounts Payable | 6.40 | 8.53 | 11.54 | 11.72 | 9.62 | 9.46 | 9.34 | 8.27 | 6.75 | 3.64 | 3.30 | 2.63 | 2.18 | 2.09 | 1.89 | 1.42 | 0.59 | 0.34 |
| Total Current Liabilities | 8.10 | 11.79 | 16.24 | 23.42 | 23.06 | 21.98 | 19.01 | 19.21 | 22.88 | 8.97 | 7.98 | 5.02 | 5.04 | 5.01 | 3.30 | 1.55 | 0.64 | 0.39 |
| Long-term Debt | 2.02 | 2.21 | 2.74 | 3.44 | 2.96 | 2.59 | 1.93 | 1.94 | 2.43 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non-current Liabilities* | 1.05 | 0.90 | 0.72 | 0.86 | 0.89 | 0.91 | 1.00 | 1.06 | 1.30 | 4.37 | 4.37 | 4.37 | 4.37 | 4.37 | 4.37 | 4.37 | 4.37 | 4.37 |
| Total Liabilities | 9.14 | 12.70 | 16.96 | 24.28 | 23.95 | 22.89 | 20.01 | 20.27 | 24.18 | 13.34 | 12.35 | 9.39 | 9.41 | 9.38 | 7.67 | 5.92 | 5.01 | 4.76 |
| Retained Earnings | (84.17) | (85.02) | (82.42) | (74.57) | (74.28) | (71.66) | (67.70) | (61.52) | (9.77) | (13.78) | (12.82) | (9.77) | (9.75) | (9.61) | (7.72) | (5.59) | (4.52) | (3.86) |
| Total Stockholder Equity* | 7.59 | 6.32 | 5.45 | (5.58) | (5.74) | (3.50) | (0.02) | 4.76 | 54.81 | (13.23) | (12.27) | (9.15) | (9.13) | (9.11) | (7.43) | (5.59) | (4.52) | (3.86) |
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* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 1.56 | 3.16 | 3.93 | 3.98 | 1.06 | 3.32 | 3.86 | 3.35 | 1.71 | -- | 1.43 | 1.45 | -- | -- | -- | -- | -- | -- |
| Cost of Revenue | 1.36 | 1.96 | 2.09 | 1.91 | 1.80 | 1.46 | 1.35 | 0.94 | 0.49 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Gross Profit | 0.21 | 1.20 | 1.83 | 2.07 | 1.59 | 1.86 | 2.43 | 2.41 | 1.22 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Selling, General & Admin | 2.25 | 2.44 | 2.92 | 2.92 | 1.73 | 2.03 | 3.20 | 2.17 | 0.51 | 0.67 | -- | -- | -- | -- | -- | -- | -- | 0.54 |
| Total Operating Expenses | 2.90 | 4.17 | 5.27 | 4.13 | 2.17 | 3.69 | 6.37 | 59.48 | 2.41 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating Income | (2.70) | (2.97) | (3.44) | (2.06) | (2.25) | (1.83) | (3.23) | (57.07) | (1.18) | (0.67) | (0.93) | (0.52) | (0.44) | (0.71) | (1.20) | (1.13) | (0.72) | (0.54) |
| Interest Expense | 0.01 | 0.01 | -- | 0.12 | 0.34 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Pretax Income | (3.10) | (2.58) | (7.80) | (0.29) | (2.61) | (3.95) | (3.47) | (52.30) | (2.60) | (0.97) | (2.86) | 0.08 | 0.26 | (1.89) | (1.13) | (0.74) | -- | -- |
| Tax Provision | (0.02) | 0.02 | 0.05 | 0.00 | 0.00 | 0.01 | 1.15 | (0.55) | (2.24) | -- | -- | -- | 0.00 | -- | 0.10 | 0.08 | -- | -- |
| Net Income | (1.74) | (2.60) | (7.85) | (0.29) | (2.61) | (3.96) | (4.65) | (51.75) | (0.33) | (0.97) | (2.86) | 0.08 | 0.26 | (1.89) | (1.23) | (0.82) | (0.66) | (0.53) |
| Basic EPS | -- | (0.05) | (0.31) | (0.02) | (0.16) | (0.24) | (1.89) | (3.43) | (0.06) | (0.27) | (0.71) | 0.02 | 0.06 | (0.45) | (0.12) | -- | -- | (0.04) |
| Diluted EPS | -- | (0.05) | (0.31) | (0.02) | (0.16) | (0.24) | (1.89) | (3.43) | (0.06) | (0.27) | (0.71) | 0.02 | 0.06 | (0.45) | (0.12) | -- | -- | (0.04) |
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Cash Flow Statement
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (1.17) | (2.45) | (1.93) | (0.75) | (0.32) | (0.44) | (2.97) | (0.22) | (2.26) | (0.34) | (0.32) | (0.05) | (0.25) | (0.34) | (0.68) | (0.15) | (0.32) | (0.25) |
| Capital Expenditures | 0.07 | 0.03 | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 | 0.05 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Free Cash Flow* | (1.25) | (2.48) | (1.93) | (0.76) | (0.33) | (0.45) | (2.98) | (0.23) | (2.30) | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Investing Cash Flow | -0.00 | (0.13) | (0.01) | (0.01) | -0.00 | (0.01) | -0.00 | -0.00 | (0.02) | -- | 6.81 | 0.00 | (0.29) | -- | -- | -- | -- | -- |
| Financing Cash Flow | 0.50 | (1.34) | 6.73 | 0.94 | 0.21 | 0.54 | 0.98 | 1.45 | 3.26 | 0.33 | (6.49) | 0.02 | 0.56 | 0.25 | -- | (0.07) | 0.08 | -- |
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* Derived from reported values