Operational cash flow remains deeply negative, with a $2.5 million outflow in 2026Q1 highlighting the company's dependence on external financing to sustain operations.
| Cash from Operations | -5.46M | -3.45M | -5.79M | -632.6K | -1.45M | -600.11K | 789.12K |
| Operating CF Margin % | - | -23.57% | -55.55% | -10.97% | -22.78% | -8.18% | 11.6% |
| Operating CF Growth % | -577.19% | 40.48% | -815.21% | 56.46% | -142.12% | -176.05% | - |
| Net Income | -13.35M | -14.71M | -57.7M | -3.73M | -3.24M | -280.7K | 258.88K |
| Depreciation & Amortization | 2.64M | 2.65M | 1.38M | 678 | 0 | 0 | 0 |
| Stock-Based Compensation | -11.45K | 1.12M | 896.54K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 51.81K | 51.81K | -1.68M | 1.85M | 0 | 0 | 0 |
| Other Non-Cash Items | 2.98M | 3.47M | 54.52M | -71.87K | -727.47K | -1.97K | 1.16M |
| Working Capital Changes | 2.24M | 3.97M | -3.21M | 1.31M | 2.52M | -317.44K | -629.07K |
| Change in Receivables | -2.11M | -1.61M | -839.81K | -246.48K | 0 | 0 | -604.06K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.39M | 4.24M | -1.45M | 1.41M | 0 | 0 | 0 |
| Cash from Investing | -144.81K | -29.93K | -26.14K | -4.33K | 110.12M | -116.73M | 0 |
| Capital Expenditures | -44.81K | -29.93K | -55.27K | -4.33K | 0 | 0 | 0 |
| CapEx % of Revenue | 0.31% | 0.2% | 0.53% | 0.08% | 0% | 0% | - |
| Acquisitions | 0 | 0 | 29.12K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 110.47M | 0 | 0 |
| Cash from Financing | 6.54M | 8.42M | 6.02M | 525K | -109.32M | 118.09M | -83.67K |
| Debt Issued (Net) | -312.52K | 1.41M | 4.75M | 390K | 1.15M | -452.77K | 0 |
| Equity Issued (Net) | 1.41M | 7.02M | 0 | 0 | -110.47M | -121K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -110.47M | 0 | 0 |
| Other Financing | 5.44M | -10.04K | 1.27M | 135K | 0 | 118.66M | -83.67K |
| Net Change in Cash | 936.01K | 4.94M | 207.38K | -111.93K | -653.01K | 760.01K | 705.45K |
| Free Cash Flow | -5.5M | -3.48M | -5.84M | -636.93K | -1.45M | -600.11K | 789.12K |
| FCF Margin % | -38.06% | -23.78% | -56.08% | -11.05% | -22.78% | -8.18% | 11.6% |
| FCF Growth % | 7.71% | 40.53% | -817.65% | 56.16% | -142.12% | -176.05% | - |
| FCF per Share | -0.11 | -0.17 | -0.57 | -0.06 | -0.15 | -0.06 | 0.08 |
| FCF Conversion (FCF/Net Income) | 0.41x | 0.23x | 0.10x | 0.17x | 1.74x | -1.26x | 3.05x |
| Interest Paid | 0 | 0 | 111.33K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Burn Rate
As reported in quarterly financial statements, VSEE's operating cash flow frequently diverges from net income, with the OCF/NI ratio exhibiting extreme volatility, including a 0.11 reading in 2025Q1, which suggests that reported earnings are heavily impacted by non-cash items rather than actual cash generation.
The persistent gap between net losses and operating cash flow indicates that the company's accounting earnings are not reflective of its underlying cash burn. Investors should monitor this divergence, as it suggests that the business model relies on significant non-cash adjustments to bridge the gap between operational reality and reported bottom-line figures.
Based on the provided cash flow data, VSEE has consistently generated negative free cash flow, with quarterly outflows reaching as high as $3.0 million in 2024Q4, indicating that the company's current growth strategy is fundamentally dependent on external financing rather than self-sustaining operational cash flow.
The negative FCF margins, which reached -78.4% in 2026Q1, underscore the difficulty the company faces in scaling its operations without consuming its limited cash reserves. This trajectory warrants further investigation into whether the company can achieve a positive FCF inflection point before its current liquidity position is exhausted.
According to recent SEC filings, VSEE's working capital changes have been highly erratic, swinging from a $1.1 million inflow in 2025Q4 to a $787.2K outflow in 2026Q1, which suggests that the company's cash management is heavily influenced by the timing of project-based receivables and payables.
The reliance on working capital fluctuations to manage short-term liquidity appears to be a recurring theme, potentially masking the underlying structural cash burn. This volatility suggests that the company's cash position is highly sensitive to the timing of hospital contract payments and hardware procurement cycles.
As reported in financial statements, the company's cash flow statement obscures the impact of stock-based compensation and capitalized costs, which have historically reached $515.5K in a single quarter, potentially inflating the perceived stability of the company's cash position during periods of high operational expenditure.
The presence of these non-cash adjustments suggests that the true cost of talent and development is not fully captured in the operating cash flow figures. Investors should be wary of these adjustments, as they may be masking the true extent of the company's cash-based operating expenses.
Quick answers to the most common questions about buying VSEE stock.
VSee Health, Inc. (VSEE) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VSee Health, Inc. (VSEE) reported negative free cash flow of $3.5M in 2025, indicating capital requirements exceeded cash from operations.
VSee Health, Inc. (VSEE) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.