Vaso Corporation reported a slight decline in total revenues for the first quarter of 2026, generating $19.36 million compared to $19.46 million in the same period of 2025, marking a decrease of $106,000 or less than 1%. The company's professional sales service segment saw a revenue increase of $530,000, reaching $9.24 million, while the equipment segment also experienced growth, rising to $560,000. Conversely, the IT segment's revenue fell by $754,000 to $9.56 million, primarily due to the divestiture of the healthcare IT service business in November 2025. Gross profit for the quarter increased to $11.58 million, or 60% of revenue, compared to $11.36 million, or 58% of revenue, in the prior year.
The company's operating loss widened to $1.33 million from $1.22 million year-over-year, attributed mainly to increased selling, general, and administrative (SG&A) expenses, which rose by $325,000 to $12.72 million. The professional sales service segment reported an operating loss of $39,000, a significant decline from the operating income of $347,000 in the previous year. The IT segment improved its operating loss to $310,000 from $798,000, while the equipment segment's loss increased to $360,000 from $246,000. Research and development expenses remained stable at $183,000, reflecting ongoing investment in product development.
Vaso's cash and cash equivalents decreased to $21.97 million as of March 31, 2026, down from $35.05 million at the end of 2025. The company reported cash used in operating activities of $12.63 million, a significant increase from $566,000 in the same period last year, primarily due to a rise in accounts receivable. The company’s deferred revenue increased to $39.52 million, indicating a higher volume of new orders booked compared to those delivered.
Strategically, Vaso continues to focus on its three business segments: IT services through VasoTechnology, professional sales services via VasoHealthcare, and equipment manufacturing through VasoMedical. The company has emphasized its commitment to enhancing its product offerings and expanding its market presence, particularly in the healthcare sector. The ongoing partnership with GE HealthCare Technologies remains crucial, as GEHC accounted for 48% of Vaso's revenue in the first quarter of 2026.
Looking ahead, Vaso Corporation anticipates generating sufficient cash flow from operations to meet its obligations over the next twelve months. The company remains focused on improving operational efficiency and leveraging its existing partnerships to drive growth. However, it acknowledges potential risks, including market conditions and the impact of competitive technologies, which could affect future performance.
About VASO Corp
Vaso Corporation operates in healthcare equipment and information technology, focusing on three segments: healthcare IT services, medical device manufacturing, and healthcare capital equipment sales. It provides managed network solutions, proprietary cardiovascular devices, and sales of GE Healthcare diagnostic equipment. Serving domestic and international markets, the company leverages proprietary technology, strategic partnerships, and a diversified product portfolio to deliver healthcare solutions and services.
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