Filing Flows › Vsee Health (VSEE) › Q1 2026
Vsee Health (VSEE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
Vsee Health (VSEE) reported revenue of $3.2M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -20% from the quarter before. Operating margin was -94.1%, net loss $2.6M (82.3% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.2M | -20% | -5% |
| Operating profit | −$3.0M | — | — |
| Net earnings | −$2.6M | — | — |
| Operating cash flow | −$2.5M | — | — |
What changed
Revenue was $3.2M in Q1 2026, down 5% year over year and down 20% from the previous quarter. Telehealth Fees was the largest line at 32% of revenue. Professional Services and Other Fees lost $316K year over year (down 35%), 196% of the total change.
Gross margin was 37.9%, down 18.1 points from Q1 2025. Operating costs exceeded revenue by $3.0M, an operating margin of -94.1%. Operating expenses grew 13% against a revenue fall of 5%. The fastest-growing cost line was General & admin (+20%). The quarter ended with a net loss of $2.6M, narrower than the previous quarter's $7.9M loss.
Operating cash flow was −$2.5M. Non-cash charges added back $647K of depreciation and amortization and $441K of share-based compensation. Working capital and other items used $940K. Capital expenditures of $27K exceeded it, leaving free cash flow of −$2.5M.
Questions
What was Vsee Health's revenue in the first quarter 2026?
Vsee Health (VSEE) reported revenue of $3.2M for the first quarter 2026 (Q1 2026), -5% from a year earlier and -20% from the quarter before.
Was Vsee Health profitable in the first quarter 2026?
Operating loss was $3.0M (-94.1% of revenue) and net loss $2.6M.
Source: Vsee Health 10-Q on SEC EDGAR.