VSee Health, Inc. (VSEE) Revenue History
Annual and quarterly revenue from 2020 to present
VSEE Revenue Over Time (2020–2025)
VSEE Revenue Growth History
3 of 5 years with positive growth- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- +7.8%
- FY2022 revenue growth
- -13.1%
- FY2023 revenue growth
- -9.6%
- FY2024 revenue growth
- +80.7%
- FY2025 revenue growth
- +40.3%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $3.2M | -4.9% |
| Q4 2025 | $3.9M | +1.7% |
| Q3 2025 | $4.0M | +18.7% |
| Q2 2025 | $3.4M | +98.1% |
| Q1 2025 | $3.3M | +122.0% |
| Q4 2024 | $3.9M | +170.3% |
| Q3 2024 | $3.4M | +131.1% |
| Q2 2024 | $1.7M | +32.7% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
VSEE's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
VSEE Revenue Analysis (2020–2025)
Current Revenue & Growth
As of June 28, 2026, VSee Health, Inc. (VSEE) generated trailing twelve-month (TTM) revenue of $14.5 million, reflecting slight decline in growth of -4.9% year-over-year. The most recent quarter (Q1 2026) recorded $3.2 million in revenue, down 19.5% sequentially.
Historical Growth Trajectory
VSEE's 5-year compound annual growth rate (CAGR) stands at +16.5%, indicating consistent double-digit revenue growth. The 3-year CAGR of +31.8% exceeds the 5-year average, indicating an acceleration in the most recent period. VSee Health, Inc.'s highest annual revenue of $14.6 million was recorded in 2025, an all-time high.
Revenue by Segment
VSEE's revenue is primarily driven by Subscription and Circulation (56%), Technology Service (27%), and Health Care, Patient Service (17%). With over half of revenue concentrated in Subscription and Circulation, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including TDOC (-1.5% YoY), AMWL (-30.3% YoY), and OPRX (+13.8% YoY) — VSEE has underperformed the peer group in revenue growth. Compare VSEE vs TDOC →
VSEE Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| VSEECurrent | $14M | -4.9% | +16.5% | -65.6% | |
 TDOC | $2.5B | -1.5% | +18.3% | -10.4% | |
 AMWL | $249M | -30.3% | +0.3% | -42.2% | |
 OPRX | $109M | +13.8% | +20.4% | 11.0% | |
 TALK | $229M | +22.6% | +24.6% | 1.4% | |
 DOCS | $645M | +13.1% | +25.5% | 33.3% |
VSEE Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $14.6M | +40.3% | $7.4M | 50.3% | $-9,582,893 | -65.6% |
| 2024 | $10.4M | +80.7% | $7.2M | 68.9% | $-62,150,845 | -596.4% |
| 2023 | $5.8M | -9.6% | $3.8M | 66.5% | $-1,873,589 | -32.5% |
| 2022 | $6.4M | -13.1% | $4.8M | 75.8% | $-1,680,034 | -26.3% |
| 2021 | $7.3M | +7.8% | $5.9M | 80.7% | $252K | 3.4% |
| 2020 | $6.8M | - | $5.5M | 80.3% | $404K | 5.9% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
6+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
VSEE — Frequently Asked Questions
Quick answers to the most common questions about buying VSEE stock.
Is VSEE's revenue growth accelerating or slowing?
VSEE revenue growth is slowing. TTM revenue is $14M, up -4.9% year-over-year — below the 5-year CAGR of +16.5%. The deceleration suggests maturing end-markets or increased competition.
What is VSEE's revenue history from 2020 to 2026?
VSee Health, Inc. (VSEE) revenue history spans 2020 to 2026. TTM revenue as of 2026 is $14M, growing at -4.9% YoY. The 5-year CAGR is +16.5%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is VSEE's long-term revenue growth rate (CAGR)?
VSee Health, Inc.'s 5-year revenue CAGR of +16.5% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -4.9% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for VSEE.
Why does VSEE's quarterly revenue fluctuate?
VSEE quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. VSee Health, Inc.'s revenue data from 2020 to 2026 shows full historical quarterly detail on this page.
How is VSEE's revenue distributed by segment?
VSEE reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does VSEE's revenue compare to industry peers?
VSee Health, Inc. (VSEE) with TTM revenue of $14M and -4.9% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.