Free cash flow remains deeply negative at -78.4% of revenue in 2026Q1, highlighting a structural inability to generate self-sustaining cash flow from core 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 |
Insufficient liquidity for operations
As reported in recent financial statements, VSEEW exhibits a chronic inability to convert net income into operating cash flow, with the OCF/NI ratio fluctuating wildly and frequently failing to provide a positive signal of earnings quality during periods of significant net losses.
The erratic relationship between net income and operating cash flow suggests that accounting accruals and non-cash adjustments are masking the true severity of the company's cash burn. Investors should monitor whether the company can ever achieve a stable, positive conversion ratio, as the current volatility implies that reported losses may actually understate the underlying cash drain.
Based on the provided quarterly data, VSEEW's free cash flow margins remain deeply negative, reaching -78.4% in 2026Q1, which highlights a structural inability to generate self-sustaining cash flow despite the company's aggressive pursuit of hospital system market share.
The consistent negative FCF trajectory indicates that the company is effectively subsidizing its growth through cash reserves rather than operational efficiency. This trend suggests that without a fundamental shift in the cost structure or a significant increase in high-margin software revenue, the company will continue to deplete its liquidity at an unsustainable rate.
According to historical cash flow filings, VSEEW has experienced significant swings in working capital, including a notable $1.9M outflow in 2024Q4, which suggests that the timing of hospital contract payments and inventory procurement is creating unpredictable liquidity pressure on the balance sheet.
The inconsistency in working capital changes implies that the company lacks a mature cash conversion cycle, likely due to the complexities of managing hardware-heavy deployments alongside SaaS subscriptions. This volatility warrants further investigation into whether the company is struggling to collect receivables from its hospital clients in a timely manner.
As indicated by the reported figures, VSEEW maintains a very low capital intensity with CapEx/Revenue ratios consistently below 1%, which may suggest that the company is under-investing in the infrastructure required to support its specialized iDoc platform at scale.
While low capital expenditure might appear positive, it may actually indicate that the company is relying on third-party hardware or deferring necessary investments in its technological backbone. This strategy appears to prioritize short-term cash preservation over the long-term asset development required to maintain a competitive edge in high-acuity clinical environments.
Quick answers to the most common questions about buying VSEEW stock.
VSee Health, Inc. (VSEEW) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VSee Health, Inc. (VSEEW) reported negative free cash flow of $3.5M in 2025, indicating capital requirements exceeded cash from operations.
VSee Health, Inc. (VSEEW) 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.