Filing Flows › Vsee Health (VSEE) › Q4 2025
Vsee Health (VSEE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
Vsee Health (VSEE) reported revenue of $3.9M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -1% from the quarter before. Operating margin was -87.6%, net loss $7.9M (200.0% of revenue).
Vsee Health, Q4 2025: revenue $3.9M (+5% year over year), operating margin -87.6%, net loss $7.9M, operating cash flow −$1.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9M | -1% | +5% |
| Operating profit | −$3.4M | — | — |
| Net earnings | −$7.9M | — | — |
| Operating cash flow | −$1.9M | — | — |
What changed
Revenue was $3.9M in Q4 2025, up 5% year over year and down 1% from the previous quarter. Telehealth Fees was the largest line at 35% of revenue.
Gross margin was 46.7%, down 17.0 points from Q4 2024. Operating costs exceeded revenue by $3.4M, an operating margin of -87.6%. Operating expenses fell 2% while revenue rose 5%. The fastest-growing cost line was Other operating costs (+27%). The quarter ended with a net loss of $7.9M, wider than the previous quarter's $290K loss. Net interest and other expense of $4.4M was the main reason.
Operating cash flow was −$1.9M. Non-cash charges added back $646K of depreciation and amortization and $360K of share-based compensation. Working capital and other items added $4.9M. Capital expenditures of $7K exceeded it, leaving free cash flow of −$1.9M.
Questions
What was Vsee Health's revenue in the fourth quarter 2025?
Vsee Health (VSEE) reported revenue of $3.9M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and -1% from the quarter before.
Was Vsee Health profitable in the fourth quarter 2025?
Operating loss was $3.4M (-87.6% of revenue) and net loss $7.9M.
Source: Vsee Health 10-K on SEC EDGAR.