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Vsee Health (VSEE) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Vsee Health (VSEE) Q2 2026 earnings results →
Q2 2026 Revenue down 54% year over year to $1.6M · 112¢ of every $1 of revenue lost · operating margin -172.7%
Vsee Health made $1.6M in Q2 2026 (-54% Y/Y): Telehealth Fees $961K, Health Care, Patient Service $601K. Operating margin -172.7%, net loss $1.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $1.6M in Q2 2026, down 54% year over year and down 51% from the previous quarter. Telehealth Fees was the largest line at 62% of revenue.
Gross margin was 13.2%, down 33.7 points from Q2 2025. Operating costs exceeded revenue by $2.7M, an operating margin of -172.7%. Operating expenses fell 24% while revenue fell 54%. The quarter ended with a net loss of $1.7M, narrower than the previous quarter's $2.6M loss. Non-operating items added $935K, -53% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$1.2M. Non-cash charges added back $640K of depreciation and amortization and $203K of share-based compensation. Working capital and other items used $272K. Capital expenditures of $73K exceeded it, leaving free cash flow of −$1.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $1.6M | -54% | -172.7% | −$1.7M | −$1.2M |
| Q1 2026 | 10-Q | May 15, 2026 | $3.2M | -5% | -94.1% | −$2.6M | −$2.5M |
| Q4 2025 | 10-K | Mar 31, 2026 | $3.9M | +5% | -87.6% | −$7.9M | −$1.9M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $4.0M | +19% | -51.7% | −$290K | −$755K |
| Q2 2025 | 10-Q | Oct 15, 2025 | $3.4M | +98% | -66.5% | −$2.6M | −$325K |
| Q1 2025 | 10-Q | Oct 15, 2025 | $3.3M | +105% | -55.1% | −$4.0M | −$440K |
| Q4 2024 | 10-K | Aug 28, 2025 | $3.7M | +152% | -81.1% | −$3.2M | −$3.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Vsee Health
Through our wholly-owned subsidiary VSee Lab, we offer a comprehensive telehealth platform for U.S. hospitals and enterprises. Through VSee Lab, we offer a set of telehealth software building blocks, data connectors, and workflow templates that can be rapidly configured into the client’s workflows. Our offerings allow clinicians without programming experience to configure our building blocks into their existing workflow without requiring programmers — i.e. — no code. In addition, our building blocks allow programmers to increase their productivity with simple coding to piece together our building blocks — i.e. — low code.
In its own words, from its 10-K, filed Mar 31, 2026.
Vsee Health against its Services-Health Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -54% against the peers' median +13%. Operating margin: -172.7% against the peers' median 5.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VSEE Vsee Health | Q2 2026 | $1.6M | -54% | -172.7% |
| PRVA Privia Health Group | Q3 2026 | $657M | +13% | 3.1% |
| LFST LifeStance Health Group | Q3 2026 | $456M | +25% | 7.3% |
| PIII P3 Health Partners | Q2 2026 | $386M | +9% | 10.7% |
| PNTG Pennant Group | Q3 2026 | $302M | +32% | 5.5% |
| INNV InnovAge Holding | Q1 FY27 | $265M | +12% | 7.6% |
| USPH U S Physical Therapy | Q3 2026 | $223M | +13% | 11.3% |
| WGS GeneDx Holdings | Q2 2026 | $114M | +11% | -15.3% |
| OMDA Omada Health | Q3 2026 | $91.3M | +34% | 5.3% |
Source: Vsee Health 10-Q on SEC EDGAR · CIK 1864531 · Services-Health Services
More on VSEE
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results