Filing Flows › Vsee Health (VSEE) › Q3 2025
Vsee Health (VSEE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Vsee Health (VSEE) reported revenue of $4.0M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +17% from the quarter before. Operating margin was -51.7%, net loss $290K (7.3% of revenue).
Vsee Health, Q3 2025: revenue $4.0M (+19% year over year), operating margin -51.7%, net loss $290K, operating cash flow −$755K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.0M | +17% | +19% |
| Operating profit | −$2.1M | — | — |
| Net earnings | −$290K | — | — |
| Operating cash flow | −$755K | — | — |
What changed
Revenue was $4.0M in Q3 2025, up 19% year over year and up 17% from the previous quarter. Telehealth Fees was the largest line at 36% of revenue. Telehealth Fees added $1.0M year over year (up 196%), 152% of the total change. Technology Service declined 80%.
Gross margin was 52.1%, down 30.9 points from a year earlier. Operating costs exceeded revenue by $2.1M, an operating margin of -51.7%. Operating expenses fell 93% while revenue rose 19%. The fastest-growing cost line was General & admin (+32%). The quarter ended with a net loss of $290K, narrower than the previous quarter's $2.6M loss. Non-operating items added $1.8M, -610% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$755K. Non-cash charges added back $652K of depreciation and amortization. Working capital and other items used $1.1M. Capital expenditures of $7K exceeded it, leaving free cash flow of −$762K.
Questions
What was Vsee Health's revenue in the third quarter 2025?
Vsee Health (VSEE) reported revenue of $4.0M for the third quarter 2025 (Q3 2025), +19% from a year earlier and +17% from the quarter before.
Was Vsee Health profitable in the third quarter 2025?
Operating loss was $2.1M (-51.7% of revenue) and net loss $290K.
Source: Vsee Health 10-Q on SEC EDGAR.