VS

MKT CAP:$6M

Versus Systems Inc.

Market Cap

$6M

Technology·Software - Application·🇨🇦 Canada·NASDAQ

Technology·Software App·🇨🇦·NASDAQ

Stock Price

$1.14-$0.11 (-8.80%)

Apr 21, 2026

Company Details

Versus Systems Inc. develops and operates a business-to-business software platform in the United States and Canada. The company operates eXtreme Engagement Online, a platform that allows live event producers, professional sports franchises,...

CEO

Luis Claudio Goldner

IPO Date

Aug 13, 2012

Website

www.versussystems.com

Key Metrics TTM

Revenue

$2M

+1901.1% YoY

Net Income

-$1M

EPS (Diluted)

-$0.55

Free Cash Flow

-$3M

Revenue / Share

$0.44

Gross Margin

99.2%

Operating Margin

-85.7%

Net Margin

-63.9%

FCF Margin

-124.9%

P/S

2.6x

P/E

—

Earnings Reports

Q3 2025

May 13, 2026

PENDING

Q2 2025

Aug 14, 2025

$2M+7219.5%EPS $0.14

Q1 2025

May 15, 2025

$207.5K+689.4%EPS -$0.21

FY 2024

Mar 31, 2025

$60.2K-77.1%EPS -$1.62

Q4 2024

Mar 31, 2025

$0-100.0%EPS -$0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$282.1K	$71.0K	-$3M
Q4 21	$363.4K	$152.3K	-$3M
Q1 22	$295.8K	$79.2K	-$3M
Q2 22	$235.8K	-$107.5K	-$3M
Q3 22	$319.8K	$55.6K	-$3M
Q4 22	$213.7K	$0	-$12M
Q1 23	$156.1K	$124.1K	-$1M
Q2 23	$41.0K	-$489.1K	-$2M
Q3 23	$22.7K	-$613	-$2M
Q4 23	$33.1K	$33.1K	-$5M
Q1 24	$26.3K	$2.4K	-$1M
Q2 24	$26.9K	$10.7K	-$1M
Q3 24	$3.8K	$3.8K	-$524.7K
Q4 24	$0	$0	-$1M
Q1 25	$207.5K	$198.9K	-$1M
Q2 25	$2M	$2M	$934.7K

Valuation

Quarter	P/S	P/E
Q3 21	3464.2x	—
Q4 21	1121.0x	—
Q1 22	376.2x	—
Q2 22	140.5x	—
Q3 22	150.3x	—
Q4 22	75.0x	—
Q1 23	101.9x	—
Q2 23	102.1x	—
Q3 23	12.4x	—
Q4 23	26.7x	—
Q1 24	40.5x	—
Q2 24	30.3x	—
Q3 24	33.3x	—
Q4 24	95.8x	—
Q1 25	22.9x	—
Q2 25	5.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$3M	-$3M
Q4 21	-$1M	-$1M
Q1 22	-$3M	-$3M
Q2 22	-$3M	-$3M
Q3 22	-$2M	-$2M
Q4 22	-$2M	-$2M
Q1 23	-$2M	-$2M
Q2 23	-$1M	-$1M
Q3 23	-$847.6K	-$847.6K
Q4 23	-$1M	-$1M
Q1 24	-$2M	-$2M
Q2 24	-$2M	-$2M
Q3 24	-$472.3K	-$472.3K
Q4 24	-$716.6K	-$716.6K
Q1 25	-$641.4K	-$641.5K
Q2 25	-$895.1K	-$895.1K

Capital Expenditures

Quarter	CapEx
Q3 21	$40.8K
Q4 21	$33.2K
Q1 22	$795.1K
Q2 22	$73
Q3 22	$800.6K
Q4 22	$399.6K
Q1 23	$9.6K
Q2 23	$4
Q3 23	$3
Q4 23	$408
Q1 24	$1
Q2 24	$0
Q3 24	$4
Q4 24	$3
Q1 25	$4
Q2 25	$3

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	—	+1845.8%
Q1 22	—	+3333.8%
Q2 22	—	+559.6%
Q3 22	+13.4%	+10.3%
Q4 22	-41.2%	+238.9%
Q1 23	-47.2%	-58.6%
Q2 23	-82.6%	-50.7%
Q3 23	-92.9%	-48.1%
Q4 23	-84.5%	-56.6%
Q1 24	-83.2%	+3.2%
Q2 24	-34.2%	-8.4%
Q3 24	-83.2%	-72.1%
Q4 24	-100.0%	-79.4%
Q1 25	+689.4%	-5.8%
Q2 25	+7219.5%	-32.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$508.4K	171.9%
Q2 22	$0	0.0%
Q3 22	$371.3K	116.1%
Q4 22	$312.0K	146.0%
Q1 23	-$1M	-798.8%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	-$298.1K	-899.3%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	—
Q1 25	$0	0.0%
Q2 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	—	$447.1K	$86.6K	—
Q4 21	$278.5K	$494.5K	$54.6K	—
Q1 22	—	$706.3K	$44.6K	—
Q2 22	—	$610.5K	$27.7K	—
Q3 22	—	$731.2K	$24.5K	—
Q4 22	—	$2M	$40.8K	—
Q1 23	$66.4K	—	$1M	—
Q2 23	—	—	—	$1M
Q3 23	$269.3K	$1M	—	—
Q4 23	—	—	$6M	—
Q1 24	$39.1K	—	$1M	—
Q2 24	$67.2K	—	—	—
Q3 24	$11.4K	$517.1K	—	—
Q4 24	$134.5K	$926.0K	—	—
Q1 25	$6.4K	—	—	$1M
Q2 25	$6.2K	—	—	$1M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	—	-1008.4%	—
Q4 21	—	-699.7%	—
Q1 22	—	-834.4%	—
Q2 22	—	-1104.6%	—
Q3 22	13.4%	-818.4%	-805.1
Q4 22	-41.2%	-4846.1%	-4887.3
Q1 23	-47.2%	-358.9%	-406.2
Q2 23	-82.6%	-2792.0%	-2874.6
Q3 23	-92.9%	-4767.3%	-4860.2
Q4 23	-84.5%	-3014.0%	-3098.5
Q1 24	-83.2%	-5665.3%	-5748.5
Q2 24	-34.2%	-2144.4%	-2178.6
Q3 24	-83.2%	-13704.5%	-13787.7
Q4 24	-100.0%	—	—
Q1 25	689.4%	-588.3%	101.1
Q2 25	7219.5%	47.4%	7266.9

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$2M	$0	$2M
Q1 22	$5M	$0	$5M
Q2 22	$2M	$0	$2M
Q3 22	$1M	$0	$1M
Q4 22	$2M	$0	$2M
Q1 23	$5M	$0	$5M
Q2 23	$3M	$0	$3M
Q3 23	$3M	$0	$3M
Q4 23	$5M	$0	$5M
Q1 24	$3M	$0	$3M
Q2 24	$905.9K	$0	$905.9K
Q3 24	$471.2K	$0	$471.2K
Q4 24	$4M	$0	$4M
Q1 25	$3M	$0	$3M
Q2 25	$2M	$0	$2M
Q3 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	63K	-64.1%	—
Q4 21	64K	+0.8%	—
Q1 22	80K	+25.1%	—
Q2 22	86K	+8.5%	-50.9%
Q3 22	100K	+15.8%	+58.4%
Q4 22	104K	+3.9%	+63.3%
Q1 23	515K	+396.6%	+548.1%
Q2 23	670K	+29.9%	+676.0%
Q3 23	670K	+0.0%	+570.3%
Q4 23	2M	+131.2%	+1391.9%
Q1 24	3M	+61.9%	+386.3%
Q2 24	3M	0.0%	+274.2%
Q3 24	3M	0.0%	+274.2%
Q4 24	3M	+30.2%	+110.8%
Q1 25	5M	+50.2%	+95.6%
Q2 25	5M	+0.5%	+96.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$11.9K	18
Q1 23	$8.7K	18
Q2 23	$2.3K	18
Q3 23	$1.3K	18
Q4 23	$4.1K	8
Q1 24	$3.3K	8
Q2 24	$3.4K	8
Q3 24	$477	8
Q4 24	$0	16
Q1 25	$13.0K	16
Q2 25	$123.2K	16

Revenue / Employee