--- title: "VSee Health | 10-Q: FY2026 Q1 Revenue: USD 3.16 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286603997.md" datetime: "2026-05-15T19:25:32.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286603997.md) - [en](https://longbridge.com/en/news/286603997.md) - [zh-HK](https://longbridge.com/zh-HK/news/286603997.md) --- # VSee Health | 10-Q: FY2026 Q1 Revenue: USD 3.16 M Revenue: As of FY2026 Q1, the actual value is USD 3.16 M. EPS: As of FY2026 Q1, the actual value is USD -0.05. EBIT: As of FY2026 Q1, the actual value is USD -2.861 M. #### Segment Revenue For the three months ended March 31, 2026, VSee Health, Inc.’s Technology segment reported total revenue of $1,280,892, comprising $605,470 from subscription fees, $580,981 from professional services and other fees, and $94,441 from technical engineering fees. The Telehealth segment generated total revenue of $1,879,293, with $881,340 from patient fees and $997,953 from telehealth fees . For the three months ended March 31, 2025, the Technology segment’s total revenue was $2,123,871, including $827,345 from subscription fees, $896,680 from professional services and other fees, and $399,846 from technical engineering fees. The Telehealth segment’s total revenue was $1,197,614, consisting of $711,264 from patient fees, $483,850 from telehealth fees, and $2,500 from institutional fees . Overall, total revenue decreased by $161,300, or 5%, from $3,321,485 in 2025 to $3,160,185 in 2026, primarily due to lower services revenue in the Technology segment, partially offset by growth in Telehealth’s Teleradiology service line and expanded patient-fee billing. Telehealth Fees increased by $514,103 (106%), and Patient Fees increased by $170,076 (24%). These gains were offset by decreases in Professional Services and Other Fees (-$315,699 or -35%), Technical Engineering Fees (-$305,405 or -76%), and Subscription Fees (-$221,875 or -27%) . #### Operational Metrics **Cost of Revenues:**For the three months ended March 31, 2026, the cost of revenues was $810,193 for Technology and $1,151,881 for Telehealth. In the prior year period, the cost of revenues was $1,074,124 for Technology and $387,390 for Telehealth . Total cost of revenues increased by $500,560, or 34%, from $1,461,514 in 2025 to $1,962,074 in 2026, leading to a gross margin decline from 56% to 38% due to direct physician-contractor costs from the newly launched Teleradiology service and increased overseas clinical personnel costs . **Gross Margin:**In the three months ended March 31, 2026, the Technology segment reported a gross margin of $470,699, while the Telehealth segment’s gross margin was $727,412. For the same period in 2025, the Technology segment had a gross margin of $1,049,747, and the Telehealth segment had $810,224 . **Operating Expenses:**Compensation and related benefits increased by $73,005, or 4%, from $1,658,998 in 2025 to $1,732,003 in 2026. In 2026, Technology accounted for $1,482,984 and Telehealth for $275,091. In 2025, Technology accounted for $1,164,051 and Telehealth for $412,319 . General and administrative expenses increased by $408,092, or 20%, from $2,032,291 in 2025 to $2,440,383 in 2026. This increase was driven by a $286,529 (230%) increase in bad debt expense, $288,900 in increased business consulting costs, $67,912 (74%) in higher investor relations costs, and $70,347 (169%) in higher legal and professional fees. These increases were partially offset by reductions in audit fees (-$79,778 or -33%), accounting fees (-$65,538 or -68%), franchise tax expense (-$62,842 or -100%), and lease expense (-$36,945 or -93%) . **Segment Operating Loss:**For the three months ended March 31, 2026, the Technology segment reported an operating loss of -$1,314,742, and the Telehealth segment reported an operating loss of -$785,061. In the prior year period, the Technology segment’s operating loss was -$354,237, and the Telehealth segment’s operating loss was -$583,174 . **Reconciliation to Loss Before Income Taxes:**Unallocated corporate overhead expenses were -$874,472 in 2026 and -$893,907 in 2025. Interest expense was -$113,098 in 2026, a significant decrease from -$730,665 in 2025. The change in fair value of financial instruments resulted in a gain of $143,040 in 2026, compared to a loss of -$1,261,471 in 2025. A gain on extinguishment of financial liabilities of $367,809 was recognized in 2026, with no comparable amount in 2025. There was no loss on issuance of financial instruments in 2026, compared to -$138,020 in 2025 . Net loss decreased by $1,359,178, or 34%, from -$3,959,440 in 2025 to -$2,600,262 in 2026, primarily due to reduced interest expense and lower losses from changes in the fair value of financial instruments . #### Cash Flow **Net cash used in operating activities:**Net cash used in operating activities increased from -$440,493 in 2025 to -$2,452,191 in 2026. This increase was driven by a net loss of -$2,600,262, adjusted for non-cash items of $935,293 and an outflow of -$787,222 from increased net working capital, mainly accounts receivable and other current assets . **Net cash used in investing activities:**Net cash used in investing activities increased from -$11,873 in 2025 to -$126,752 in 2026, primarily for the purchase of fixed assets and investments . **Net cash (used in) provided by financing activities:**Net cash provided by financing activities shifted from an inflow of $536,373 in 2025 to an outflow of -$1,341,211 in 2026. The 2026 outflow was mainly due to repayment of notes payable, finance lease, and line of credit, contrasting with an inflow from borrowings in 2025 . #### Unique Metrics **Total Assets by Segment:**As of March 31, 2026, Technology segment assets totaled $605,513, Telehealth segment assets were $16,656,643, and non-operating corporate assets were $1,754,263. As of December 31, 2025, Technology assets were $664,525, Telehealth assets were $17,150,543, and non-operating corporate assets were $4,597,951 . **Goodwill by Segment:**Goodwill for the Telehealth segment remained constant at $4,916,694 as of both March 31, 2026, and December 31, 2025 . **Depreciation and Amortization:**For the three months ended March 31, 2026, depreciation and amortization was $4,227 for Technology and $642,392 for Telehealth. For the same period in 2025, these figures were $2,161 for Technology and $644,876 for Telehealth . **Capital Expenditures:**Capital expenditures for the three months ended March 31, 2026, were $26,752 for Technology and $0 for Telehealth. In the prior year period, Technology’s capital expenditures were $11,873, with $0 for Telehealth . #### Future Outlook and Strategy VSee Health, Inc. expects its future performance to be significantly shaped by the evolving telehealth market, planning to leverage its platform and value proposition to expand market share. The company intends to broaden its reach through existing industry relationships with government entities, hospital systems, and insurance providers. VSee Health, Inc. also prioritizes continuous innovation and new product development to meet compliance standards, enhance patient data sharing, and improve comprehensive telehealth care delivery . ### Related Stocks - [VSEE.US](https://longbridge.com/en/quote/VSEE.US.md) ## Related News & Research - [VSee Health Secures New Private Debt Financing Agreement](https://longbridge.com/en/news/289512103.md) - [PowerFleet Q4 2026 Earnings Preview](https://longbridge.com/en/news/289616465.md) - [Gamehaus Holdings Inc. 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