**VSee Health, Inc. Reports Financial Results for Fiscal Year 2025**
VSee Health, Inc., a telehealth and virtual care solutions provider, announced its financial results for the fiscal year ended December 31, 2025. The company reported total revenues of $14.62 million, a 40% increase compared to $10.42 million in 2024. This growth was primarily driven by a significant increase in revenue from the iDoc business unit, which saw a 229% increase in revenue, contributing $5.08 million due to higher telehealth service volume and patient fees. However, this growth was partially offset by a 22% decline in subscription revenue and a 47% decrease in technical engineering services revenue.
The company's cost of revenues increased by 124% to $7.26 million in 2025, compared to $3.24 million in the previous year. This increase was mainly due to the expansion of the iDoc business, with higher medical independent contractor costs and increased salaries and wages. Operating expenses decreased significantly by 76% to $16.94 million, compared to $69.33 million in 2024, primarily due to the absence of goodwill impairment charges and transaction expenses that were present in the previous year. These decreases were partially offset by higher general and administrative expenses and increased compensation-related expenses.
VSee Health reported a net loss of $14.74 million for 2025, a 74% improvement compared to the net loss of $57.70 million in 2024. This improvement was largely attributed to the absence of substantial goodwill impairment charges from the previous year, partially offset by incremental operating expenses related to the iDoc acquisition and recapitalization. The company's cash and cash equivalents totaled $5.27 million as of December 31, 2025, compared to $0.33 million in the prior year.
The company acknowledges that its recurring losses and negative cash flows raise substantial doubt about its ability to continue as a going concern without additional capital-raising activities. Management plans to address this issue through additional financing and disciplined cash spending. As of March 30, 2026, there were 47,299,421 shares of the company's common stock outstanding, with a non-affiliate market value of $18.17 million as of June 30, 2025.
About VSEE HEALTH, INC.
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