VSEED · Vsee Health, Inc. · Financials
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. ... There is no assurance that the Company’s plans to alleviate such concerns will be successful or successful within one year after the date the condensed consolidated financial statements are issued.”View the 10-Q filed Aug 14, 2026
One customer — 46% of revenue (the three months ended June 30, 2026)
“The Company has one customer whose revenue accounted for approximately 46% and 43% of the Company's total revenue for the three months ended June 30, 2026, and six months ended June 30, 2026, respectively.”
One customer — 43% of revenue (the six months ended June 30, 2026)
“The Company has one customer whose revenue accounted for approximately 46% and 43% of the Company's total revenue for the three months ended June 30, 2026, and six months ended June 30, 2026, respectively.”
2 customers — 23% of receivables (June 30, 2026)
“In aggregate, the Company had two customers whose accounts receivable represented 23% of the Company's total accounts receivable as of June 30, 2026.”
3 customers — 43% of receivables (December 31, 2025)
“In the aggregate, the Company had three customers whose accounts receivable represented 43% of the Company's total accounts receivable as of December 31, 2025.”
Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| $14.96M | $14.62M | $10.42M | $5.77M | — | |
| $8.68M | $7.26M | $3.24M | $1.93M | — | |
| $6.29M | $7.36M | $7.18M | $3.83M | — | |
| — | 50.32% | 68.87% | 66.47% | — | |
| $10.97M | $10.04M | $6.55M | $1.2M | — | |
| — | $2.21M | $1.11M | $0 | — | |
| $2.58M | $2.59M | $1.32M | $678 | — | |
| $18.15M | $16.94M | $69.33M | $5.71M | — | |
| -$11.87M | -$9.58M | -$62.15M | -$1.87M | -$3.59M | |
| — | -65.55% | -596.38% | -32.49% | — | |
| -$9.28M | -$7M | -$60.83M | -$1.87M | — | |
| $2.7M | $2.81M | $211.46K | $191.32K | — | |
| $301.34K | — | — | $358.77K | $922.64K | |
| -$2.6M | -$5.06M | $2.81M | -$13.38K | $539.69K | |
| -$14.47M | -$14.64M | -$59.34M | -$1.89M | -$3.06M | |
| $4111 | $13.51K | -$1.64M | $1.84M | $187.23K | |
| -$12.48M | -$14.71M | -$57.7M | -$3.76M | -$3.24M | |
| — | -100.65% | -553.69% | -65.26% | — | |
| — | — | — | $37.48K | — | |
| USD/shares | -$0.54 | -$0.73 | -$5.65 | -$0.38 | -$0.25 |
| USD/shares | -$0.54 | -$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.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
| Reported balance | As of | Amount | Source |
|---|---|---|---|
| Finance lease liabilities | 2026-06-30 | USD 0 | 10-Q filed 2026-08-14 |
Related accounting measures — not additional borrowingCarrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
| |||
| Long-term debt, including current maturities | 2026-06-30 | USD 2,022,822 | 10-Q filed 2026-08-14 |
Related accounting measures — not additional borrowingCarrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
| |||
| Operating lease liabilities | 2026-06-30 | USD 8,345 | 10-Q filed 2026-08-14 |
Related accounting measures — not additional borrowingCarrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.
| |||
Covenants
Covenant terms have not yet been verified for this profile.
The balance figures do not establish whether covenants apply or whether the company complies with them.
Loans, facilities and notes
The instrument breakdown is not yet verified. Read the debt note in the linked report for borrowing terms and maturity conditions.
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 24 similar-size Health Information Services companies (of 52 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 | $0 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Telehealth Fees | $3,862,628 | $1,003,510 | $0 |
| Health Care Patient Service | $3,377,536 | $1,207,343 | $0 |
| 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 | $0 |
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 | $0 |
Operating Margin by Segment (%)
| Component | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Technology Segment | -27.4% | 3.2% | -32.5% |
| Telehealth Segment | -41% | -2648.4% | — |