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, 2026DisclaimerThis 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.