Verses AI Inc. reported a significant decline in its financial performance for the fiscal year ending March 31, 2025, with total revenue dropping to $155,000, a decrease of 92% from $1.97 million in the previous year. The company attributed this decline primarily to the termination of a Software as a Service (SaaS) contract, which had previously generated $1.75 million in revenue. The cost of revenue also decreased to $631,691, down from $1.70 million, reflecting the reduced operational scale. Consequently, the company recorded a net loss of $42.99 million, a 17% improvement from the $52.09 million loss reported in the prior year.
In terms of operational developments, Verses AI launched its flagship product, Genius, in April 2025, aimed at providing enterprises with advanced intelligence capabilities. The company has initiated a private beta program and plans to expand its user base through a public beta program. The launch of Genius is expected to enhance the company's market position in the competitive AI landscape, which includes notable players like OpenAI and Anthropic. The company has also reported an increase in its customer base across various sectors, including smart cities and financial services.
Verses AI's strategic initiatives included a registered securities offering that raised approximately $7.9 million in April 2025, followed by a public offering in July 2025 that generated about $7 million. These capital raises are crucial for the company, which has been operating with a working capital deficit of $8.92 million as of March 31, 2025, although this was an improvement from the previous year's deficit of $11.87 million. The company’s cash reserves increased to $4.82 million, up from $0.89 million, indicating a stronger liquidity position.
The company’s workforce consisted of 65 full-time employees and 33 consultants as of July 11, 2025. Verses AI has been focusing on expanding its research and development efforts, which accounted for $15.14 million in expenses, a 26% increase from the previous year. This investment is aimed at enhancing the capabilities of Genius and addressing the challenges faced in the AI industry, such as reliability and interoperability.
Looking ahead, Verses AI has expressed optimism about its growth trajectory, contingent on successful product adoption and the ability to secure additional financing. The company is actively pursuing partnerships and exploring potential acquisitions to bolster its market presence. However, it also acknowledges the inherent risks associated with its business model, including the need for ongoing capital to support operations and the uncertainty surrounding the regulatory landscape for AI technologies.
About Verses AI Inc.
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