Revenue contracted significantly from $300.0K in 2025Q1 to $100.7K in 2025Q2, while gross margins simultaneously deteriorated from 38.6% to 30.0%.
| Sales/Revenue | 400.7K | 0 |
| Revenue Growth % | - | - |
| Cost of Goods Sold | 254.55K | 145K |
| COGS % of Revenue | - | - |
| Gross Profit | 146.15K | -145K |
| Gross Margin % | 36.47% | - |
| Gross Profit Growth % | - | - |
| Operating Expenses | 12.32M | 0 |
| OpEx % of Revenue | - | - |
| Selling, General & Admin | 8.02M | 0 |
| SG&A % of Revenue | - | - |
| Research & Development | 4.3M | 0 |
| R&D % of Revenue | - | - |
| Other Operating Expenses | 0 | 0 |
| Operating Income | -12.18M | 0 |
| Operating Margin % | -3038.94% | - |
| Operating Income Growth % | - | - |
| EBITDA | -12.42M | 0 |
| EBITDA Margin % | -3100.19% | - |
| EBITDA Growth % | - | - |
| D&A (Non-Cash Add-back) | 0 | 172.43K |
| EBIT | -19.5M | 0 |
| Net Interest Income | -4.98K | 0 |
| Interest Income | 0 | 0 |
| Interest Expense | 4.98K | 0 |
| Other Income/Expense | -7.33M | 0 |
| Pretax Income | -19.51M | 0 |
| Pretax Margin % | -4867.96% | - |
| Income Tax | 0 | 0 |
| Effective Tax Rate % | 0% | - |
| Net Income | -19.51M | 0 |
| Net Margin % | -4867.96% | - |
| Net Income Growth % | - | - |
| Net Income (Continuing) | -19.51M | 0 |
| Discontinued Operations | 0 | 0 |
| Minority Interest | 0 | 0 |
| EPS (Diluted) | - | 0.00 |
| EPS Growth % | - | - |
| EPS (Basic) | - | 0.00 |
| Diluted Shares Outstanding | 9.86M | 0 |
| Basic Shares Outstanding | 9.86M | 0 |
| Dividend Payout Ratio | - | - |
High cash burn dependency
As indicated by the most recent quarterly filings, VSAI experienced a significant revenue contraction from $300.0K in 2025Q1 to $100.7K in 2025Q2, highlighting the inherent instability of a business model currently reliant on lumpy, project-based pilot programs rather than a consistent, recurring software-as-a-service revenue stream.
The sharp decline in top-line performance suggests that the company has yet to achieve a repeatable sales motion or a stable customer base. Investors should monitor whether this volatility is a temporary byproduct of shifting toward long-term licensing or a fundamental lack of product-market fit in the industrial sector.
Based on the reported financial statements, VSAI's gross margin deteriorated from 38.6% in 2025Q1 to 30.0% in 2025Q2, suggesting that the cost of delivering services is currently outpacing the company's ability to extract value from its proprietary spatial computing and AI infrastructure deployments.
This margin compression implies that the company may be incurring higher-than-anticipated implementation costs to secure initial enterprise contracts. Without a shift toward high-margin software licensing, the current cost structure appears unsustainable for achieving long-term profitability.
According to the latest income statement data, VSAI reported an operating loss of $9.6M in 2025Q2, a figure that dwarfs the company's quarterly revenue of $100.7K, underscoring a cost structure that remains heavily skewed toward aggressive overhead and administrative spending relative to commercial output.
The significant disparity between revenue and operating expenses suggests that management is prioritizing rapid infrastructure and talent acquisition over immediate fiscal discipline. This level of spending warrants further investigation into whether these costs are driving tangible technological breakthroughs or merely sustaining an oversized corporate footprint.
As evidenced by the reported figures, the company's net loss of $9.9M in 2025Q2 against minimal revenue suggests a precarious financial position that may necessitate further dilutive capital raises, potentially challenging the long-term value proposition for existing shareholders if commercial milestones are not met in the near term.
Short-sellers would likely focus on the widening gap between cash burn and revenue growth, questioning the viability of the current business model. The reliance on external funding to bridge the operational deficit appears to be a primary risk factor that could limit the company's strategic flexibility.
Quick answers to the most common questions about buying VSAI stock.
For fiscal year 2024, VERSES AI Inc. Common Stock (VSAI) reported total revenue of $0.0M.
VERSES AI Inc. Common Stock (VSAI) reported a net loss of $0.0M for the fiscal year ending 2024.