The company exhibits extreme revenue volatility with a 91.3% year-over-year decline in 2026Q1, while maintaining gross margins near 100% that fail to offset an operating margin of -47.3%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Sales/Revenue | 2M | 2.18M | 57.25K | 270.63K | 1.11M | 768.25K | 1.77M | 650.74K | 1.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.83K | 688.77K | 386.42K | 228.45K | 0 | 0 | 0 | 5.88K | 30.27K | 17.54K |
| Revenue Growth % | 766.09% | 3713.89% | -78.85% | -75.63% | 44.53% | -56.56% | 171.8% | 38088.97% | - | - | - | - | - | - | - | - | -100% | -99.3% | 78.24% | 69.15% | - | - | - | -100% | -80.57% | 72.61% | - |
| Cost of Goods Sold | 8.19K | 16.45K | 40.25K | 102.86K | 617.9K | 610K | 328.19K | 239.38K | 125 | 2.37M | 1.08M | 97.2K | 8.62K | 0 | 406 | 417 | 395 | 9.69K | 295.47K | 65.28K | 47.99K | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 0.75% | 70.31% | 38.01% | 55.65% | 79.4% | 18.56% | 36.79% | 7.32% | - | - | - | - | - | - | - | - | 200.52% | 42.9% | 16.89% | 21.01% | - | - | - | - | - | - |
| Gross Profit | 1.99M | 2.17M | 17K | 167.76K | 492.47K | 768.25K | 1.44M | 411.36K | -6.01M | -2.37M | -1.08M | -97.2K | -8.62K | 0 | -406 | -417 | -394 | -4.67K | 393.3K | 321.14K | 180.46K | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 99.59% | 99.25% | 29.69% | 61.99% | 44.35% | 100% | 81.44% | 63.21% | -352542.72% | - | - | - | - | - | - | - | - | -96.69% | 57.1% | 83.11% | 78.99% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 12647.63% | -89.87% | -65.93% | -35.9% | -46.67% | 250.18% | 106.85% | -152.94% | -119.29% | -1014.17% | -1027.26% | - | 100% | 2.64% | -5.84% | 91.57% | -101.19% | 22.47% | 77.96% | - | - | - | - | - | - | - |
| Operating Expenses | 4.53M | 4.33M | 4.55M | 11M | 23.2M | 16.24M | 9.38M | 9.58M | 3.47M | 4.44M | 3.49M | 797.97K | 281.04K | 88.11K | 223.34K | 378.66K | 502.56K | 1.28M | 5.89M | 5.79M | 1.35M | 377.27K | 71.4K | 34.93K | 122.35K | -58.15K | 24.11K |
| OpEx % of Revenue | - | 198.23% | 7953.29% | 4064.08% | 2088.95% | 2114.18% | 530.49% | 1472.43% | 203696.36% | - | - | - | - | - | - | - | - | 26539.07% | 855.69% | 1497.52% | 592.18% | - | - | - | 2079.76% | -192.08% | 137.47% |
| Selling, General & Admin | 4.18M | 5.87M | 4.31M | 5.58M | 11.85M | 12.07M | 2.53M | 2.42M | 4.43M | 4.54M | 3.17M | 645.08K | 227.61K | 88.11K | 222.93K | 378.26K | 502.15K | 1.23M | 5.8M | 5.51M | 1.33M | 401.41K | 422.2K | 295.79K | 220.04K | 55.33K | 23.64K |
| SG&A % of Revenue | - | 268.98% | 7523.84% | 2061.75% | 1067.62% | 1571.63% | 143.01% | 371.79% | 259826.76% | - | - | - | - | - | - | - | - | 25501.37% | 842.42% | 1426.37% | 583.62% | - | - | - | 3740.22% | 182.75% | 134.77% |
| Research & Development | 41.89K | 48.06K | 245.85K | 1.11M | 2.41M | 298.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.2% | 429.45% | 408.32% | 216.98% | 38.9% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 303.99K | -1.59M | 0 | 4.31M | 8.93M | 3.87M | 6.85M | 7.16M | -956.46K | -93.49K | 317.13K | 152.89K | 53.43K | 0 | 409 | 398 | 407 | 50.14K | 91.36K | 274.95K | 19.56K | -24.14K | -350.8K | -260.86K | -97.69K | -113.48K | 473 |
| Operating Income | -2.54M | -2.16M | -4.54M | -10.83M | -22.7M | -15.47M | -7.94M | -9.17M | -6.34M | -6.98M | -3.17M | -895.18K | -289.67K | -70.66K | -223.34K | -378.66K | -502.56K | -1.29M | -5.5M | -6.08M | -7.3M | -401.41K | -422.2K | -295.79K | -214.15K | -24.94K | -6.57K |
| Operating Margin % | -127.4% | -98.99% | -7923.59% | -4002.09% | -2044.6% | -2014.18% | -449.05% | -1409.21% | -372249.47% | - | - | - | - | - | - | - | - | -26635.78% | -798.58% | -1572.29% | -3197.38% | - | - | - | -3640.2% | -82.37% | -37.46% |
| Operating Income Growth % | - | 52.35% | 58.12% | 52.29% | -46.72% | -94.83% | 13.39% | -44.57% | 9.12% | -120.29% | -253.93% | -209.04% | -309.94% | 68.36% | 41.02% | 24.65% | 60.95% | 76.6% | 9.47% | 16.82% | -1719.71% | 4.92% | -42.74% | -38.12% | -758.74% | -279.57% | - |
| EBITDA | -2.54M | -2.16M | -4.53M | -8.37M | -19.67M | -13.13M | -5.99M | -6.67M | -4.14M | -4.6M | -2.6M | -810.24K | -264.86K | -70.25K | -222.93K | -378.24K | -502.17K | -1.25M | -5.42M | -5.82M | -7.27M | -353.13K | 279.41K | 225.93K | -116.47K | 88.42K | -6.57K |
| EBITDA Margin % | -127.37% | -98.99% | -7920.65% | -3091.88% | -1771.26% | -1709.04% | -338.89% | -1024.35% | -243218.6% | - | - | - | - | - | - | - | - | -25824.83% | -787.15% | -1507.26% | -3182% | - | - | - | -1979.74% | 292.08% | -37.46% |
| EBITDA Growth % | 29.17% | 52.34% | 45.81% | 57.46% | -49.79% | -119.05% | 10.08% | -60.84% | 9.99% | -77.43% | -220.28% | -205.91% | -277.01% | 68.49% | 41.06% | 24.68% | 59.76% | 76.98% | 6.91% | 19.88% | -1958.58% | -226.38% | 23.67% | 293.98% | -231.71% | 1445.89% | - |
| D&A (Non-Cash Add-back) | 588 | 0 | 1.69K | 2.46M | 3.04M | 2.34M | 1.95M | 2.5M | 2.2M | 2.37M | 573.26K | 84.94K | 0 | 407 | 406 | 417 | 395 | 39.19K | 78.73K | 251.28K | 35.12K | 48.28K | 701.61K | 521.72K | 0 | 0 | 0 |
| EBIT | -2.54M | -2.16M | -4.54M | -6.52M | -13.77M | -17.69M | -7.61M | -8.81M | -6.82M | -6.82M | -4.8M | -969.45K | -264.86K | -70.66K | -250.7K | -397.08K | -477.86K | -1.29M | -5.5M | -5.47M | -1.17M | -401.41K | -422.2K | -295.79K | -116.47K | 88.42K | -6.57K |
| Net Interest Income | 0 | 0 | 0 | 0 | -136.95K | -296.92K | -649.81K | -574.64K | -81.72K | -6.95K | 0 | -14.51K | -21.53K | -18.91K | -29.35K | -41.35K | -9.03K | 85.28K | 91.05K | 166.96K | 23.09K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | -45.29K | -176.6K | 0 | 0 | 0 | 0 | 0 | 0 | 3.97K | 4.99K | 0 | 0 | 0 | 85.28K | 91.05K | 191.39K | 53.02K | 36.07K | 0 | 1.01K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 91.66K | 120.32K | 649.81K | 574.64K | 81.72K | 6.95K | 0 | 14.51K | 25.5K | 23.9K | 29.35K | 41.35K | 9.03K | 0 | 0 | 24.43K | 29.94K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.22K | 18.17K | -11.38K | 339.54K | 198.43K | -2.36M | -851.52K | -251.96K | -3.52M | -3.02K | -1.83M | -218 | -56.04K | -43.29K | -26.89K | 5.76K | -166.52K | 0 | 0 | 0 | 0 | 6.92K | -333.76K | -260.86K | 0 | 0 | 0 |
| Pretax Income | -2.54M | -2.14M | -4.55M | -10.49M | -22.5M | -17.84M | -8.79M | -9.42M | -9.86M | -6.98M | -5M | -895.4K | -345.71K | -113.95K | -250.23K | -372.9K | -669.08K | -8.14M | -25.73M | -5.35M | -10.53M | -394.49K | -755.96K | -556.65K | 0 | 0 | 0 |
| Pretax Margin % | -127.34% | -98.16% | -7943.46% | -3876.62% | -2026.73% | -2321.98% | -497.19% | -1447.93% | -578741.9% | - | - | - | - | - | - | - | - | -168515.29% | -3736.18% | -1385.75% | -4609.63% | - | - | - | - | - | - |
| Income Tax | 2.22K | 1.6K | 24.21K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.44K | 0 | 0 | 0 | 0 | 0 | 0 | -362.28K | -775 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.09% | -0.07% | -0.53% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -10.58% | 0% | 0% | 0% | 0% | 0% | 0% | 47.92% | 0.14% | - | - | - |
| Net Income | -2.09M | -1.79M | -4.04M | -9.51M | -22.5M | -17.84M | -8.79M | -9.42M | -4.87M | -3.36M | -2.69M | -645.24K | -297.8K | -107.02K | -250.23K | -412.34K | -658.45K | -8.45M | -20.9M | -5.9M | -8.81M | -394.49K | -393.68K | -555.87K | -311.84K | -138.3K | -6.57K |
| Net Margin % | -104.51% | -82.08% | -7056.22% | -3513.32% | -2026.73% | -2321.98% | -497.19% | -1447.93% | -285968.25% | - | - | - | - | - | - | - | - | -174940.54% | -3034.17% | -1528.01% | -3856.99% | - | - | - | -5300.66% | -456.83% | -37.46% |
| Net Income Growth % | 37.64% | 55.64% | 57.51% | 57.75% | -26.15% | -102.86% | 6.67% | -93.36% | -44.96% | -25.06% | -316.59% | -116.67% | -178.26% | 57.23% | 39.31% | 37.38% | 92.21% | 59.55% | -253.94% | 32.99% | -2133.6% | -0.21% | 29.18% | -78.26% | -125.48% | -2005.04% | - |
| Net Income (Continuing) | -2.54M | -2.14M | -4.57M | -10.49M | -22.5M | -17.84M | -8.79M | -9.42M | -9.85M | -6.84M | -5M | -969.69K | -345.71K | -113.95K | -250.23K | -412.34K | -632.1K | -8.45M | -20.9M | -5.9M | -8.81M | -394.49K | -393.68K | -555.87K | -311.84K | -138.3K | -6.57K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -8.41M | -8.27M | -11.39M | -7.39M | -8.67M | -8.62M | -5.19M | -3.73M | -4.33M | -916.03K | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.43 | -0.37 | -1.54 | -10.42 | -218.52 | -241.67 | -182.05 | -235.35 | -216.28 | -222.46 | -267.56 | -124.76 | -115.48 | -37.60 | -115.01 | -236.64 | -1.86 | -5298.87 | -15540.75 | -4339.51 | -17716.78 | -82.03 | -99.82 | -257.35 | 0.00 | 0.00 | 0.00 |
| EPS Growth % | 62.83% | 75.97% | 85.22% | 95.23% | 9.58% | -32.75% | 22.65% | -8.82% | 2.78% | 16.86% | -114.46% | -8.04% | -207.13% | 67.31% | 51.4% | -12622.58% | 99.96% | 65.9% | -258.12% | 75.51% | -21497.93% | 17.82% | 61.21% | - | - | - | - |
| EPS (Basic) | - | -0.37 | -1.54 | -10.42 | -218.52 | -241.67 | -182.05 | -235.35 | -216.28 | -222.46 | -267.56 | -124.76 | -115.48 | -37.60 | -115.01 | -236.64 | -1.86 | -5298.87 | -15540.75 | -4339.51 | -17716.78 | -82.03 | -99.82 | -257.35 | 0.00 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 4.9M | 4.9M | 2.63M | 912.72K | 103.77K | 59.55K | 40.52K | 29.3K | 22.49K | 19K | 13.5K | 8.63K | 3.29K | 2.26K | 2.26K | 1.72K | 1.63K | 1.63K | 1.62K | 1.23K | 573 | 4.81K | 3.94K | 2.16K | 0 | 0 | 0 |
| Basic Shares Outstanding | 4.9M | 4.9M | 2.63M | 912.72K | 103.77K | 59.55K | 40.52K | 29.3K | 22.49K | 19K | 13.5K | 8.63K | 3.29K | 2.26K | 2.26K | 1.72K | 1.63K | 1.63K | 1.62K | 1.23K | 573 | 4.81K | 3.94K | 2.16K | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in financial statements, Versus Systems exhibits extreme revenue volatility, with quarterly figures swinging from $2.0 million in 2025Q2 to near-zero levels in other periods, suggesting that the company's top-line performance remains heavily dependent on sporadic, non-recurring project-based contracts rather than a stable, recurring SaaS model.
The massive revenue spike in 2025Q2 appears to be an outlier rather than a sustainable growth trend, indicating that the company has yet to establish a predictable customer acquisition engine. Investors should monitor whether future revenue can move beyond these project-based bursts to demonstrate genuine platform scalability.
Based on reported figures, the company maintains gross margins frequently approaching 100%, which suggests that Versus Systems acts primarily as a software intermediary that avoids the capital-intensive burden of prize fulfillment, effectively shifting those costs onto its corporate partners and sponsors.
While these margins are theoretically attractive, they are currently insufficient to cover the company's substantial operating expenses. This structural profile implies that the business model is highly sensitive to the volume of activations, as the lack of direct prize ownership limits the company's ability to capture value beyond simple platform access fees.
According to recent SEC filings, Versus Systems continues to struggle with significant operating inefficiencies, as evidenced by an operating margin of -98.99% that highlights a persistent inability to scale revenue at a pace that keeps up with the company's heavy G&A and R&D expenditure requirements.
The data suggests that for every dollar of revenue generated, the company is spending multiples on overhead, which indicates a lack of operational leverage. This trend warrants further investigation into whether management can rationalize its cost structure without compromising the core technical functionality of its engagement platform.
As indicated by the company's financial history, the reliance on external funding to support ongoing operations, combined with a cash position of only $527,388, suggests that the current business model may be unsustainable without frequent and dilutive capital raises to bridge the persistent operating losses.
Short-sellers would likely focus on the disconnect between the company's high-profile partnerships and its inability to convert those relationships into self-sustaining cash flow. The risk remains that the company's platform is viewed as a discretionary marketing experiment rather than a mission-critical infrastructure, leaving it vulnerable to budget cuts.
Quick answers to the most common questions about buying VS stock.
For fiscal year 2025, Versus Systems Inc. (VS) reported total revenue of $2.2M. This represents a 12348.9% increase compared to $0.0M in 2000.
Versus Systems Inc. (VS) reported a net loss of $1.8M for the fiscal year ending 2025.
Versus Systems Inc. (VS) reported an operating income of $-2.2M, resulting in an operating profit margin of -99.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Versus Systems Inc. (VS) generated $2.2M in gross profit for the year, representing a gross profit margin of 99.2%. This demonstrates the company's core pricing power and production efficiency.