10-Q · May 15, 2026
VSee Health reported a decrease in revenue this quarter, down 5% year-over-year to $3,160,185. The net loss also decreased to $2,600,262, a significant improvement from the prior year's loss of $3,959,440. Management…
Earnings analysis · 10-Q
VSEE earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
The filing provides no current-quarter income statement, balance-sheet, cash-flow, or segment values in the supplied extract, so revenue, margins, EPS, and free cash flow are left null. The principal developments are…
Read full summary
The filing provides no current-quarter income statement, balance-sheet, cash-flow, or segment values in the supplied extract, so revenue, margins, EPS, and free cash flow are left null. The principal developments are ineffective disclosure controls as of June 30, 2026, Nasdaq trading suspension on August 6, 2026 following a $0.10 bid-price issue, and an $845,891 vendor lawsuit. Overall risk has increased materially because management links remediation to additional funding and warns of possible financing defaults if trading does not resume.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Finance Leases Fully Settled
The filing states that the Company’s finance lease obligations were fully settled as of June 30, 2026, reducing that specific liability burden.
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Accounting Remediation Plan
Management disclosed a remediation plan involving enhanced accounting research access and communication with third-party professionals, although it stated the initiatives can only be completed over time.
What to watch
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Material Weaknesses in Controls
Disclosure controls were deemed ineffective as of June 30, 2026. Material weaknesses include insufficient accounting personnel, ineffective IT general controls, lack of a formal control environment, and improper accounting for significant or non-recurring transactions.
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Nasdaq Delisting and Liquidity Risk
Nasdaq delisted the Company’s securities after the stock closed at $0.10 or less for 10 consecutive trading days; trading was suspended on August 6, 2026. The Company expects OTC Pink trading, which may reduce share liquidity and impair access to capital.
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$845,891 Vendor Lawsuit
Toppan Merrill filed a lawsuit seeking $845,891 for services and a preliminary injunction restricting asset dispositions. The Company has accrued an amount it considers reasonable, but the claim could further pressure liquidity and management resources.
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Funding Required for Remediation
Management stated that the identified control weaknesses will not be remediated until the Company receives additional funding, while also stating it cannot assure timely remediation.
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Potential Financing Defaults
If the common stock cannot resume trading on any market, the Company may face cash payment obligations and defaults under existing financing arrangements, further straining liquidity and its ability to continue as a going concern.
Management's outlook
No quantitative revenue or EPS outlook was provided in the filing; numeric guidance remains unavailable.
Earlier filings 4
10-K · March 31, 2026
VSee Health positions itself as a clinician-first telehealth platform (VSee Lab) with a complementary high-acuity tele-ICU and federal e-consult business (iDoc). Revenue is small and volatile (Q4 revenue $3,925,925)…
10-Q · October 15, 2025
VSee Health reported total revenue of $3,321,485 for the three months ended March 31, 2025, up from $1,620,995 in the prior-year quarter, driven by new Telehealth service revenue. Despite top-line growth, the company…
10-K · August 28, 2025
VSee’s 10-K emphasizes a clinician-centric telehealth strategy built around its VSee Lab no-code/low-code building blocks and a high-acuity services subsidiary (iDoc). The filing discloses product and compliance…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.