VSEE (VSee Health, Inc.) Stock Financials & Earnings | Market Cap Arena

VSEE (VSee Health, Inc.) Stock Financials & Earnings | Market Cap Arena

VSEEVSee Health, Inc.

Mkt Cap$4M

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Revenue (TTM)$15M

Net Income (TTM)-$12M

EPS (TTM)-$0.78

Free Cash Flow (TTM)-$5M

Gross Margin54.6%

Op. Margin-69.3%

Net Margin-85.8%

FCF Margin-31.1%

P/S Ratio (TTM)0.3x

P/E Ratio (TTM)—

YoY Rev Growth+82.1%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q4 22	$2M	$1M	-$950K
Q1 23	$2M	$1M	-$637K
Q2 23	$1M	$816K	-$611K
Q3 23	$1M	$973K	-$274K
Q4 23	$1M	$1M	-$351K
Q1 24	$1M	$1M	$38K
Q2 24	$2M	$1M	-$1M
Q3 24	$3M	$2M	-$57M
Q4 24	$4M	$2M	-$4M
Q1 25	$3M	$2M	-$2M
Q2 25	$3M	$2M	-$2M
Q3 25	$4M	$2M	-$2M

Valuation

Quarter	P/S	P/E
Q4 22	0.7x	—
Q1 23	0.7x	—
Q2 23	0.7x	—
Q3 23	0.7x	—
Q4 23	0.8x	—
Q1 24	0.8x	—
Q2 24	0.7x	—
Q3 24	0.5x	—
Q4 24	0.4x	—
Q1 25	0.4x	—
Q2 25	0.3x	—
Q3 25	0.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	-$738K	-$738K
Q1 23	-$353K	-$355K
Q2 23	-$250K	-$250K
Q3 23	-$49K	-$49K
Q4 23	-$311K	-$313K
Q1 24	$579K	$571K
Q2 24	-$2M	-$2M
Q3 24	-$221K	-$226K
Q4 24	-$3M	-$3M
Q1 25	-$440K	-$452K
Q2 25	-$325K	-$328K
Q3 25	-$755K	-$762K

Capital Expenditures

CapEx

Quarter	CapEx
Q4 22	$1
Q1 23	$2K
Q2 23	$1K
Q3 23	$3
Q4 23	$2K
Q1 24	$9K
Q2 24	$46K
Q3 24	$5K
Q4 24	$5K
Q1 25	$12K
Q2 25	$4K
Q3 25	$7K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	-11.7%	-0.5%
Q1 23	-10.0%	+35.4%
Q2 23	-18.1%	-2.8%
Q3 23	-3.1%	-12.5%
Q4 23	-6.7%	-28.3%
Q1 24	-6.3%	-34.7%
Q2 24	+32.7%	+52.3%
Q3 24	+131.1%	+3401.0%
Q4 24	+170.3%	+338.4%
Q1 25	+122.0%	+253.5%
Q2 25	+98.1%	+95.0%
Q3 25	+18.7%	-90.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$349K	10.4%
Q4 24	$515K	13.4%
Q1 25	$392K	11.8%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 22	$206K	$2M
Q1 23	$281K	$426K
Q2 23	$326K	$1M
Q3 23	$225K	$293K
Q4 23	$114K	$812K
Q1 24	$151K	$894K
Q2 24	$505K	$922K
Q3 24	$2M	$2M
Q4 24	$4M	$2M
Q1 25	$3M	—
Q2 25	$4M	—
Q3 25	$3M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$231K	$0	$231K
Q1 23	$196K	$0	$196K
Q2 23	$31K	$0	$31K
Q3 23	$159K	$0	$159K
Q4 23	$119K	$0	$119K
Q1 24	$689K	$0	$689K
Q2 24	$1M	$0	$1M
Q3 24	$2M	$0	$2M
Q4 24	$326K	$0	$326K
Q1 25	$410K	$0	$410K
Q2 25	$292K	$0	$292K
Q3 25	$473K	$0	$473K

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q4 22	10M	+0.0%
Q1 23	10M	+0.0%
Q2 23	10M	+0.0%
Q3 23	10M	+0.0%
Q4 23	10M	+0.0%
Q1 24	10M	+0.0%
Q2 24	5M	-47.0%
Q3 24	15M	+184.3%
Q4 24	16M	+4.8%
Q1 25	16M	+3.3%
Q2 25	16M	+0.7%
Q3 25	17M	+0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 20	—	—
FY 21	$4M	2
FY 22	$3M	2
FY 23	$3M	2
FY 24	$68K	154