Filing Flows › Vsee Health (VSEE) › Q2 2025
Vsee Health (VSEE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Oct 15, 2025
Vsee Health (VSEE) reported revenue of $3.4M for the second quarter 2025 (Q2 2025), +98% from a year earlier and +2% from the quarter before. Operating margin was -66.5%, net loss $2.6M (77.1% of revenue).
Vsee Health, Q2 2025: revenue $3.4M (+98% year over year), operating margin -66.5%, net loss $2.6M, operating cash flow −$325K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.4M | +2% | +98% |
| Operating profit | −$2.3M | — | — |
| Net earnings | −$2.6M | — | — |
| Operating cash flow | −$325K | — | — |
What changed
Revenue was $3.4M in Q2 2025, up 98% year over year and up 2% from the previous quarter.
Gross margin was 46.9%, up 1.5 points from a year earlier. Operating costs exceeded revenue by $2.3M, an operating margin of -66.5%. Operating expenses grew 125% against revenue growth of 98%. The fastest-growing cost line was General & admin (+282%). The quarter ended with a net loss of $2.6M, narrower than the previous quarter's $4.0M loss.
Operating cash flow was −$325K. Non-cash charges added back $372K of share-based compensation. Working capital and other items added $1.9M. Capital expenditures of $4K exceeded it, leaving free cash flow of −$328K.
Questions
What was Vsee Health's revenue in the second quarter 2025?
Vsee Health (VSEE) reported revenue of $3.4M for the second quarter 2025 (Q2 2025), +98% from a year earlier and +2% from the quarter before.
Was Vsee Health profitable in the second quarter 2025?
Operating loss was $2.3M (-66.5% of revenue) and net loss $2.6M.
Source: Vsee Health 10-Q on SEC EDGAR.