The company's revenue base has effectively ceased operations with a 99.91% year-over-year decline, while a 22.04% gross margin suggests structural inefficiency in its new K-12 STEM focus.
| Metric | 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 |
|---|
| Sales/Revenue | 1.04M | 1.17B | 1.38B | 1.4B | 1.24B | 1.9B | 2.05B | 2.09B | 1.75B | 1.52B | 1.18B | 836.94M | 562.59M | 354.66M |
| Revenue Growth % | -99.91% | -14.86% | -1.76% | 13.23% | -34.86% | -7.48% | -1.63% | 18.91% | 15.37% | 29.03% | 40.75% | 48.76% | 58.63% | - |
| Cost of Goods Sold | 810K | 747.16M | 750.84M | 728.42M | 795.67M | 1.07B | 1.17B | 918.55M | 592.95M | 443.47M | 333.56M | 240.08M | 176.16M | 110.87M |
| COGS % of Revenue | 77.96% | 63.81% | 54.6% | 52.04% | 64.36% | 56.21% | 57.22% | 44.05% | 33.81% | 29.17% | 28.32% | 28.69% | 31.31% | 31.26% |
| Gross Profit | 229K | 423.7M | 624.35M | 671.43M | 440.6M | 831.04M | 877.52M | 1.17B | 1.16B | 1.08B | 844.45M | 596.86M | 386.43M | 243.79M |
| Gross Margin % | 22.04% | 36.19% | 45.4% | 47.96% | 35.64% | 43.79% | 42.78% | 55.95% | 66.19% | 70.83% | 71.68% | 71.31% | 68.69% | 68.74% |
| Gross Profit Growth % | -99.95% | -32.14% | -7.01% | 52.39% | -46.98% | -5.3% | -24.79% | 0.52% | 7.82% | 27.49% | 41.48% | 54.45% | 58.51% | - |
| Operating Expenses | 40.21M | 930.07M | 610.9M | 697.78M | 837.25M | 1.64B | 1.98B | 1.76B | 1.16B | 854.12M | 686.77M | 478.94M | 304.73M | 178.61M |
| OpEx % of Revenue | 3870.07% | 79.44% | 44.42% | 49.85% | 67.72% | 86.28% | 96.31% | 84.47% | 66.26% | 56.19% | 58.3% | 57.23% | 54.16% | 50.36% |
| Selling, General & Admin | 40.21M | 910.97M | 599.25M | 677.53M | 796.94M | 1.54B | 1.84B | 1.59B | 1.06B | 788.52M | 636.25M | 445.49M | 281.65M | 167.43M |
| SG&A % of Revenue | 3870.07% | 77.8% | 43.58% | 48.4% | 64.46% | 80.98% | 89.84% | 76.45% | 60.56% | 51.88% | 54.01% | 53.23% | 50.06% | 47.21% |
| Research & Development | 0 | 19.1M | 11.65M | 20.25M | 40.31M | 100.47M | 132.67M | 167.25M | 100.03M | 65.59M | 50.52M | 33.45M | 23.07M | 11.18M |
| R&D % of Revenue | - | 1.63% | 0.85% | 1.45% | 3.26% | 5.29% | 6.47% | 8.02% | 5.7% | 4.32% | 4.29% | 4% | 4.1% | 3.15% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -39.98M | -506.37M | 13.45M | -26.35M | -396.65M | -806.38M | -1.1B | -594.63M | -1.27M | 222.45M | 157.68M | 117.92M | 81.71M | 65.18M |
| Operating Margin % | -3848.03% | -43.25% | 0.98% | -1.88% | -32.08% | -42.49% | -53.53% | -28.51% | -0.07% | 14.63% | 13.39% | 14.09% | 14.52% | 18.38% |
| Operating Income Growth % | 92.1% | -3864.57% | 151.04% | 93.36% | 50.81% | 26.57% | -84.68% | -46647.8% | -100.57% | 41.08% | 33.72% | 44.31% | 25.36% | - |
| EBITDA | -36.17M | -377.5M | 181.63M | 178.23M | -175.35M | -458.88M | -685.04M | -435.88M | 99.49M | 296.09M | 212.66M | 161.39M | 109.91M | 80.32M |
| EBITDA Margin % | -3481.04% | -32.24% | 13.21% | 12.73% | -14.18% | -24.18% | -33.39% | -20.9% | 5.67% | 19.48% | 18.05% | 19.28% | 19.54% | 22.65% |
| EBITDA Growth % | 90.42% | -307.84% | 1.91% | 201.64% | 61.79% | 33.01% | -57.16% | -538.11% | -66.4% | 39.23% | 31.77% | 46.84% | 36.84% | - |
| D&A (Non-Cash Add-back) | 3.81M | 128.87M | 168.18M | 204.58M | 221.29M | 347.5M | 413.12M | 158.76M | 100.76M | 73.64M | 54.98M | 43.48M | 28.2M | 15.14M |
| EBIT | -40.03M | -503.86M | 14.36M | -16.57M | -392.84M | -806.38M | -1.1B | -594.63M | -1.27M | 222.45M | 157.68M | 117.92M | 81.71M | 73.51M |
| Net Interest Income | 0 | -78K | 1.09M | 1.96M | 2.61M | -199K | 15.86M | 26.2M | 16.1M | 25.07M | 42.73M | 26.8M | 9.34M | 7.24M |
| Interest Income | 0 | 0 | 1.09M | 1.96M | 2.61M | 0 | 15.86M | 26.2M | 16.1M | 25.07M | 42.73M | 26.8M | 9.34M | 7.27M |
| Interest Expense | 0 | 78K | 0 | 0 | 0 | 199K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37.24K |
| Other Income/Expense | -52K | 2.44M | 911K | 9.79M | 3.81M | 153K | 17.72M | -2.43M | 26.52M | 31.89M | 25.05M | 48.73M | 17.18M | 8.3M |
| Pretax Income | -40.03M | -503.94M | 14.36M | -16.57M | -392.84M | -806.23M | -1.08B | -597.06M | 25.24M | 254.34M | 182.73M | 166.65M | 98.89M | 73.48M |
| Pretax Margin % | -3853.03% | -43.04% | 1.04% | -1.18% | -31.78% | -42.48% | -52.67% | -28.63% | 1.44% | 16.73% | 15.51% | 19.91% | 17.58% | 20.72% |
| Income Tax | 0 | 31.49M | -7.97M | -14.5M | 116.45M | -35.03M | -41.56M | -4.87M | 25.39M | 28.22M | 3.97M | 14.79M | 13.76M | 13.85M |
| Effective Tax Rate % | 0% | -6.25% | -55.51% | 87.55% | -29.64% | 4.35% | 3.85% | 0.81% | 100.58% | 11.1% | 2.17% | 8.88% | 13.92% | 18.85% |
| Net Income | 1.72B | -586.54M | 8.93M | 83.52M | -474.55M | -766.64M | -1.04B | -590.17M | -147K | 226.12M | 178.76M | 151.85M | 85.13M | 59.62M |
| Net Margin % | 165436.86% | -50.1% | 0.65% | 5.97% | -38.39% | -40.39% | -50.51% | -28.3% | -0.01% | 14.88% | 15.17% | 18.14% | 15.13% | 16.81% |
| Net Income Growth % | 393.05% | -6671.16% | -89.31% | 117.6% | 38.1% | 26.01% | -75.56% | -401378.91% | -100.06% | 26.49% | 17.72% | 78.38% | 42.77% | - |
| Net Income (Continuing) | -40.03M | -535.43M | 22.33M | -2.06M | -509.29M | -771.19M | -1.04B | -592.2M | -147K | 226.12M | 178.76M | 151.85M | 85.13M | 59.62M |
| Discontinued Operations | 1.76B | -51.67M | -11.98M | 87.3M | 33.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -737K | -3.57M | -6.79M | -8.5M | -7.27M | -3.02M | -975K | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 554232.00 | -53.00 | 0.78 | 7.23 | -42.15 | -70.55 | -97.05 | -54.25 | 15.50 | 20.50 | 15.90 | 13.34 | -18.13 | -10.47 |
| EPS Growth % | 1045820.75% | -6894.87% | -89.21% | 117.15% | 40.26% | 27.31% | -78.89% | -450% | -24.39% | 28.93% | 19.19% | 173.58% | -73.16% | - |
| EPS (Basic) | 554232.00 | -54.44 | 0.83 | 7.64 | -42.15 | -70.55 | -97.05 | -54.25 | 16.25 | 21.75 | 17.20 | 15.82 | -18.13 | -10.47 |
| Diluted Shares Outstanding | 775.35K | 11.07M | 11.07M | 11.55M | 11.25M | 10.87M | 10.68M | 10.99M | 11.92M | 11.8M | 11.75M | 9.65M | 10.13M | 10.13M |
| Basic Shares Outstanding | 775.35K | 10.77M | 10.77M | 10.93M | 11.25M | 10.87M | 10.68M | 10.99M | 11.37M | 11.11M | 10.75M | 8.2M | 10.13M | 10.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 23.89% | - | - | - | - |
Total business model collapse
As reported in recent financial filings, VSA experienced a catastrophic 99.91% year-over-year revenue decline, signaling that the company has effectively abandoned its historical vocational training operations and is attempting to restart from a near-zero base within the highly competitive Chinese K-12 STEM education market.
The near-total evaporation of top-line revenue suggests that the company's legacy business model is no longer functional in the current regulatory environment. Investors should monitor whether the pivot to the TCTM Kids IT brand can generate any meaningful traction, as the current revenue trajectory indicates a complete loss of market relevance.
Based on reported figures, VSA maintains a gross margin of 22.04%, which appears structurally inadequate for an education provider and suggests that the costs associated with maintaining physical learning centers and specialized staff are currently consuming the vast majority of the company's limited incoming revenue.
This low margin profile highlights the difficulty of transitioning from a high-volume adult training model to a specialized K-12 STEM focus without shedding legacy fixed costs. The current margin structure implies that the business may struggle to achieve profitability unless it successfully shifts to a lower-cost, digital-only delivery model.
According to recent SEC filings, the reported net margin of over 165,000% represents a significant accounting anomaly, likely driven by non-operating gains or debt restructuring rather than core business performance, rendering the headline net income figure entirely decoupled from the company's actual underlying earning power.
Analysts should treat this extreme net margin as a one-time event that masks the severe insolvency of the operating business. It is essential to look past these non-recurring items to assess the true cash burn rate, which remains the primary concern for the company's long-term viability.
While the company retains a cash balance of $53.4 million, the extreme revenue contraction suggests that the market may be mispricing VSA as a growing concern rather than a distressed asset, warranting further investigation into whether the cash is being preserved for operations or eventual liquidation.
Short-sellers would likely focus on the disconnect between the company's remaining cash and its inability to stabilize the core business. The lack of a clear path to revenue growth suggests that the current cash position may be the only tangible value remaining for shareholders.
Quick answers to the most common questions about buying VSA stock.
For fiscal year 2025, VisionSys AI Inc. (VSA) reported total revenue of $1.0M. This represents a 99.7% decline compared to $354.7M in 2012.
VisionSys AI Inc. (VSA) is profitable, generating $1.72B in net income for the fiscal year ending 2025 with a net profit margin of 165436.9%.
VisionSys AI Inc. (VSA) reported an operating income of $-40.0M, resulting in an operating profit margin of -3848.0%. This margin reflects the operational efficiency of the business before interest and taxes.
VisionSys AI Inc. (VSA) generated $0.2M in gross profit for the year, representing a gross profit margin of 22.0%. This demonstrates the company's core pricing power and production efficiency.