VSEE · Vsee Health, Inc.
Substantial doubt about the company's ability to continue as a going concern.
“Management has determined that principal conditions including the Company’s liquidity condition and historical operating losses raise substantial doubt about the Company’s ability to continue as a going concern for a period of time of at least one year after the date that the accompanying consolidated financial statements are issued.”View the 10-Q filed May 15, 2026
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| $14.46M | $14.62M | $10.42M | $5.77M | — | |
| $7.76M | $7.26M | $3.24M | $1.93M | — | |
| $6.69M | $7.36M | $7.18M | $3.83M | — | |
| — | 50.32% | 68.87% | 66.47% | — | |
| $10.45M | $10.04M | $6.55M | $1.2M | — | |
| — | $2.21M | $1.11M | $0 | — | |
| — | $2.59M | $1.32M | $678 | — | |
| $17.42M | $16.94M | $69.33M | $5.71M | — | |
| -$10.73M | -$9.58M | -$62.15M | -$1.87M | -$3.59M | |
| — | -65.55% | -596.38% | -32.49% | — | |
| — | -$7M | -$60.83M | -$1.87M | — | |
| $2.92M | $2.81M | $211.46K | $191.32K | — | |
| $301.34K | — | — | $358.77K | $922.64K | |
| -$2.55M | -$5.06M | $2.81M | -$13.38K | $539.69K | |
| -$13.28M | -$14.64M | -$59.34M | -$1.89M | -$3.06M | |
| $23.74K | $13.51K | -$1.64M | $1.84M | $187.23K | |
| -$13.35M | -$14.71M | -$57.7M | -$3.76M | -$3.24M | |
| — | -100.65% | -553.69% | -65.26% | — | |
| — | — | — | $37.48K | — | |
| USD/shares | — | -$0.73 | -$5.65 | -$0.38 | -$0.25 |
| USD/shares | — | -$0.73 | -$5.65 | -$0.38 | -$0.25 |
| shares | — | 20.14M | 10.21M | 10M | 12.74M |
| shares | — | 20.14M | 10.21M | 10M | 12.74M |
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2022–FY2025: $117.27M in buybacks.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 18 similar-size Health Information Services companies (of 54 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Technology Segment | $7,375,520 | $8,203,619 | $5,765,889 |
| Telehealth Segment | $7,242,664 | $2,217,733 | — |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Telehealth Fees | $3,862,628 | $1,003,510 | — |
| Health Care Patient Service | $3,377,536 | $1,207,343 | — |
| Patient Fees | $3,377,536 | $1,207,343 | — |
| Subscription And Circulation | $3,230,239 | $4,115,126 | $4,044,807 |
| Professional Services and Other Fees | $3,102,688 | $2,108,307 | $1,063,114 |
| Technology Service | $1,042,593 | $1,980,186 | $657,968 |
| Technical Engineering Fees | $1,042,593 | $1,980,186 | — |
| Institutional Fees | $2,500 | $6,880 | — |
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Technology Segment | -$2,020,173 | $263,193 | -$1,873,589 |
| Telehealth Segment | -$2,968,627 | -$58,734,446 | — |
Operating Margin by Segment (%)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Technology Segment | -27.4% | 3.2% | -32.5% |
| Telehealth Segment | -41% | -2648.4% | — |