The company exhibits severe solvency risks with a current ratio of 0.27 and a negative equity position that deepened to $9.3M in 2025Q2.
| Total Current Assets | 3.45M | 6.18M |
| Cash & Short-Term Investments | 0 | 0 |
| Cash Only | 0 | 0 |
| Short-Term Investments | 0 | 0 |
| Accounts Receivable | 296.7K | 0 |
| Days Sales Outstanding | 226.22 | - |
| Inventory | 0 | 0 |
| Days Inventory Outstanding | - | - |
| Other Current Assets | 3.15M | 6.18M |
| Total Non-Current Assets | 189.66K | 193.49K |
| Property, Plant & Equipment | 0 | 0 |
| Fixed Asset Turnover | - | - |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Long-Term Investments | 0 | 0 |
| Other Non-Current Assets | 189.66K | 193.49K |
| Total Assets | 3.64M | 6.38M |
| Asset Turnover | 0.09x | - |
| Asset Growth % | 0% | - |
| Total Current Liabilities | 12.82M | 15.11M |
| Accounts Payable | 1.51M | 2.04M |
| Days Payables Outstanding | 2.71K | 5.13K |
| Short-Term Debt | 0 | 0 |
| Deferred Revenue (Current) | 0 | 100K |
| Other Current Liabilities | 11.31M | 12.97M |
| Current Ratio | 0.27x | 0.41x |
| Quick Ratio | 0.27x | 0.41x |
| Cash Conversion Cycle | -2.48K | - |
| Total Non-Current Liabilities | 139.72K | 139.04K |
| Long-Term Debt | 0 | 0 |
| Capital Lease Obligations | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 |
| Other Non-Current Liabilities | 139.72K | 139.04K |
| Total Liabilities | 12.96M | 15.25M |
| Total Debt | 0 | 0 |
| Net Debt | 0 | 0 |
| Debt / Equity | -0.00x | - |
| Debt / EBITDA | -0.00x | - |
| Net Debt / EBITDA | -0.00x | - |
| Interest Coverage | -3919.00x | - |
| Total Equity | -9.32M | -8.87M |
| Equity Growth % | 0% | - |
| Book Value per Share | -0.95 | -1.13 |
| Total Shareholders' Equity | -9.32M | -8.87M |
| Common Stock | 0 | 0 |
| Retained Earnings | 0 | 0 |
| Treasury Stock | 0 | 0 |
| Accumulated OCI | -591.72K | -675.02K |
| Minority Interest | 0 | 0 |
Insolvency and dilution risk
As reported in recent financial filings, VSAI's equity position has further eroded from negative $10.7M in 2025Q1 to negative $9.3M in 2025Q2, signaling a persistent trend of capital depletion that undermines the company's long-term financial stability and ability to sustain its current research-heavy operating model.
The deepening negative equity position suggests that the company is consuming its capital base at a rate that outpaces its ability to generate value from its intellectual property. Investors should monitor this trajectory closely, as the lack of positive retained earnings indicates that the firm has yet to achieve a self-sustaining commercial foundation.
Based on the company's reported figures, the current ratio stands at a precarious 0.27 as of 2025Q2, down from 0.31 in the prior quarter, which indicates a severe inability to cover short-term obligations with existing liquid assets and highlights a high risk of near-term liquidity stress.
A current ratio well below 1.0 suggests that the company may struggle to meet its immediate operational commitments without external capital injections. This liquidity profile appears to leave little margin for error, potentially forcing management to prioritize dilutive financing over strategic growth initiatives.
According to the latest balance sheet data, VSAI maintains a minimal asset base of $3.6M as of 2025Q2, with zero reported PPE or goodwill, confirming an asset-light structure that relies entirely on intangible intellectual property rather than physical infrastructure to drive its spatial computing and AI development.
The absence of tangible assets implies that the company's valuation is entirely dependent on the successful commercialization of its proprietary software. While this avoids the burden of heavy capital maintenance, it also means there is no significant collateral to support debt financing should the company require additional liquidity.
As evidenced by the reported financial statements, the company's negative equity position of $9.3M in 2025Q2 serves as a non-obvious indicator of structural insolvency risk, suggesting that the firm is operating entirely on the expectation of future capital raises rather than current operational viability.
The persistent negative equity suggests that the company's accumulated losses have effectively wiped out shareholder capital, which may complicate future financing efforts. Investors should consider that this balance sheet distortion makes traditional valuation metrics less meaningful, as the firm's survival appears contingent on continuous external funding.
Quick answers to the most common questions about buying VSAI stock.
As of 2024, VERSES AI Inc. Common Stock (VSAI) had total assets of $6.4M including $6.2M in current assets.
VERSES AI Inc. Common Stock (VSAI) carries total debt of $0.0M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
VERSES AI Inc. Common Stock (VSAI) has total shareholders' equity (book value) of $-8.9M ($-1.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
VERSES AI Inc. Common Stock (VSAI) reported a current ratio of 0.41x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.