Filing Flows › Vsee Health (VSEE) › Q1 2025
Vsee Health (VSEE) Q1 2025 earnings results (first quarter 2025)
10-Q filed Oct 15, 2025
Vsee Health (VSEE) reported revenue of $3.3M for the first quarter 2025 (Q1 2025), +105% from a year earlier and -11% from the quarter before. Operating margin was -55.1%, net loss $4.0M (119.2% of revenue).
Vsee Health, Q1 2025: revenue $3.3M (+105% year over year), operating margin -55.1%, net loss $4.0M, operating cash flow −$440K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.3M | -11% | +105% |
| Operating profit | −$1.8M | — | — |
| Net earnings | −$4.0M | — | — |
| Operating cash flow | −$440K | — | — |
What changed
Revenue was $3.3M in Q1 2025, up 105% year over year and down 11% from the previous quarter. Professional Services and Other Fees was the largest line at 27% of revenue. Professional Services and Other Fees added $569K year over year (up 174%), 33% of the total change. Subscription and Circulation declined 18%.
Gross margin was 56.0%, down 20.2 points from a year earlier. Operating costs exceeded revenue by $1.8M, an operating margin of -55.1%. Operating expenses grew 226% against revenue growth of 105%. The fastest-growing cost line was General & admin (+864%). The quarter ended with a net loss of $4.0M, wider than the previous quarter's $3.2M loss. Net interest and other expense of $2.1M was the main reason.
Operating cash flow was −$440K. Non-cash charges added back $647K of depreciation and amortization and $392K of share-based compensation. Working capital and other items added $2.5M. Capital expenditures of $12K exceeded it, leaving free cash flow of −$452K.
Questions
What was Vsee Health's revenue in the first quarter 2025?
Vsee Health (VSEE) reported revenue of $3.3M for the first quarter 2025 (Q1 2025), +105% from a year earlier and -11% from the quarter before.
Was Vsee Health profitable in the first quarter 2025?
Operating loss was $1.8M (-55.1% of revenue) and net loss $4.0M.
Source: Vsee Health 10-Q on SEC EDGAR.