Filing Flows › Vsee Health (VSEE) › Q1 2026 › vs Q4 2025
Vsee Health (VSEE) Q1 2026 vs Q4 2025 (quarter over quarter)
Vsee Health's revenue fell $766K (-20%) from $3.9M in Q4 2025 to $3.2M in Q1 2026. The biggest changes: Health Care, Patient Service −$427K (-33%); Telehealth Fees −$365K (-27%); Technology Service +$45K (+92%).
Vsee Health, Q1 2026: revenue $3.2M (-5% year over year), operating margin -94.1%, net loss $2.6M, operating cash flow −$2.5M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Telehealth Fees | $998K | $1.4M | −$365K | -27% |
| Health Care, Patient Service | $881K | $1.3M | −$427K | -33% |
| Subscription and Circulation | $605K | $628K | −$23K | -4% |
| Professional Services and Other Fees | $581K | $578K | $3K | +0.5% |
| Technology Service | $94K | $49K | $45K | +92% |
| Revenue | $3.2M | $3.9M | −$766K | -20% |
| Other income, net | $398K | −$4.4M | $4.8M | — |
| Net loss | $2.6M | $7.9M | −$5.3M | -67% |
| Costs & expenses | $6.2M | $11.8M | −$5.6M | -48% |
| Operating costs | $6.1M | $7.4M | −$1.2M | -17% |
| Income tax | $24K | −$4K | $28K | — |
| Cost of revenue | $2.0M | $2.1M | −$130K | -6% |
| General & admin | $2.4M | $2.9M | −$475K | -16% |
| Other operating costs | $1.7M | $2.4M | −$626K | -27% |
| Operating cash sources | $3.5M | $2.9M | $608K | +21% |
| Depreciation & amortization | $647K | $646K | $1K | +0.1% |
| Share-based compensation | $441K | $360K | $81K | +22% |
| Cash used in operations | $2.5M | $1.9M | $526K | +27% |
| Net loss absorbed | $2.6M | $7.9M | −$5.3M | -67% |
| Working capital & other | $940K | −$4.9M | $5.9M | — |
Questions
How much did Vsee Health's revenue grow quarter over quarter in Q1 2026?
Vsee Health's revenue fell $766K (-20%) from $3.9M in Q4 2025 to $3.2M in Q1 2026.
What drove Vsee Health's revenue change in Q1 2026?
Health Care, Patient Service −$427K (-33%); Telehealth Fees −$365K (-27%); Technology Service +$45K (+92%).