---
title: "Versus Systems 2025 10-K: Revenue $2.18M, Net Loss $(2.15) M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/282898798.md"
description: "Versus Systems reported fiscal 2025 revenue of $2.18 million, a significant increase from $57,000 in 2024, primarily due to a major ASPIS license and professional services. The company incurred a net loss of $2.15 million, an improvement from $4.57 million the previous year. Key highlights include a 3,711% revenue growth, a narrowed operating loss of $2.16 million, and an increase in active customers from two to four. The company also faced operational risks due to internal fraud by a former CFO."
datetime: "2026-04-15T20:55:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/282898798.md)
  - [en](https://longbridge.com/en/news/282898798.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/282898798.md)
---

# Versus Systems 2025 10-K: Revenue $2.18M, Net Loss $(2.15) M

Versus Systems reported fiscal 2025 revenue of $2.18 million, driven primarily by a major ASPIS license and associated professional services, and reported a net loss of $2.15 million which reflects recognition of a $1.98 million license. Revenue jumped sharply year-over-year, narrowing operating and net losses despite continuing negative profitability. The results reflect both improved top-line licensing activity and one-time items affecting prior-period comparatives and internal controls.

**Financial Highlights**

-   **Revenue**: $2.183 million, an increase of $2.126 million (3,711%) versus prior year, driven by ASPIS license and professional services.
-   **Gross margin**: $2.167 million; gross margin improved versus prior year due to higher revenue and lower cost of revenues.
-   **Operating loss**: $(2.161) million; operating loss narrowed by $2.378 million (52%) versus prior year, attributed to revenue growth.
-   **Net loss**: $(2.145) million; improvement from $(4.575) million in prior year; includes $1.98 million license recognition.
-   **Net income per share**: Not disclosed in Part II Item 7/Item 8 and therefore omitted.

**Business Highlights**

-   **Revenue growth drivers**: Revenue surged to $2.18 million in 2025 from $57,000 in 2024, primarily driven by a major ASPIS license and related professional services engagements.
-   **Customer and channel development**: Active customers increased to four from two, with ASPIS and the Texas Rangers identified as key B2B licensing customers supporting the shift toward licensing revenue.
-   **Product and intellectual property**: Continued focus on Winfinite and FFC product lines; an AI/ML patent series was allowed, positioning the company for future licensing opportunities.
-   **Operational efficiency**: Research and development spending was reduced by approximately 80% following reduced engineering headcount, contributing to lowered operating loss versus the prior year.
-   **Milestones and risks**: The company capitalized $609,000 in developed technology; internal fraud by a former CFO was discovered, affecting cash and controls and representing a material operational risk.

Original SEC Filing: Versus Systems Inc. \[ VS \] - 10-K - Apr. 15, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

### Related Stocks

- [VS.US](https://longbridge.com/en/quote/VS.US.md)
- [VSSYW.US](https://longbridge.com/en/quote/VSSYW.US.md)

## Related News & Research

- [ZAWYA: Algebra AI launches with a $7mln round to bring AI operations to mid-market businesses](https://longbridge.com/en/news/289166029.md)
- [Similarweb Expands AI Ecosystem with Perplexity Collaboration Through Native AI Workflows | SMWB Stock News](https://longbridge.com/en/news/288609935.md)
- [14:33 ETGMI Cloud and Magna AI Partner to Expand Global Sovereign AI Infrastructure](https://longbridge.com/en/news/288895902.md)
- [ZAWYA: In six-figure deals, Edafa Venture acquires two AI startups at AI everything MEA Cairo](https://longbridge.com/en/news/288931935.md)
- [Starbucks’ AI Disaster and Sam Altman’s U-Turn Prove That AI Still Needs Humans](https://longbridge.com/en/news/288146438.md)