VSEE Health (VSEE) Q3 2025 Earnings Analysis Report

VSee Health (NASDAQ: VSEE) released its Q3 2025 financial results on November 17, 2025, reporting

(19% year-over-year growth) and (60% YoY growth). Key highlights from the report include:

• Gross margin maintained at 52%
• 46% improvement in net cash used
• Achievement of FedRAMP High certification (enabling government contract eligibility)
• Launch of AI-powered telehealth innovations
• New contract wins in the healthcare sector

While the company beat EPS estimates by 75% ($-0.02 actual vs. $-0.08 expected), it missed revenue expectations by

($3.98M vs. $4.20M) [0,2,3].

:
[0] Ginlix Analytical Database (Company Overview, Stock Price Data)
[2] SeekingAlpha - “VSee Health GAAP EPS of -$0.02, revenue of $3.98M” (2025-11-17)
[3] Yahoo Finance - “VSee Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion” (2025-11-17)

• Stock Price
  : VSEE closed at $0.70 on November 17, 2025, representing a
  5.49% daily decline
  and underperforming its healthcare sector (which rose 0.51% that day) [0,4].
• Recent Trend
  : Over the past 5 trading days (Nov 10–17), VSEE’s stock dropped by
  19.43%
  (from $0.86 to $0.70) despite a 46.90% gain in the prior month [0].
• Volume
  : Trading volume on November17 was
  2.44M shares
  , significantly below the 13.57M average, indicating limited investor participation in the decline [0].

The recent drop follows a period of strong momentum, suggesting investors may be taking profits or reacting to the revenue miss [0].

:
[0] Ginlix Analytical Database (Real-Time Quote, Daily Prices, Company Overview)
[4] Ginlix Analytical Database (Sector Performance, Nov17,2025)

##3. Key Data Interpretation

• Revenue
  : Q3 revenue grew 19% YoY but missed estimates by
  5.22%
  [0].
• Profitability
  : Sustained losses with
  net profit margin of -85.76%
  and
  operating margin of -65.10%
  (YTD) [0].
• Liquidity
  : Critical risk—
  current ratio of 0.16
  (well below 1, indicating inability to cover short-term liabilities) [0].
• Valuation
  : Market capitalization of
  $11.16M
  with a negative P/E ratio (-0.12x) [0].

• Price Trend
  : 11/17 close at $0.70 (52-week range: $0.46–$3.54) [0].
• Volume
  : 2.44M shares traded (6x lower than average) [0].

:
[0] Ginlix Analytical Database (Company Overview, Real-Time Quote, Daily Prices)

##4. Information Gaps & Context for Decision-Makers

1. iDoc Acquisition
   : Integration progress, cost, and contribution to revenue growth [3].
2. FedRAMP Impact
   : Timeline for government contract wins and revenue from certification [3].
3. AI Innovations
   : Specific use cases, adoption rate, and revenue potential [3].
4. Liquidity Plan
   : Management’s strategy to improve the current ratio (0.16) [0].

• Bull Case
  : YoY revenue growth, EPS beat, FedRAMP certification, and AI tools position VSEE for long-term telehealth growth [3].
• Bear Case
  : Sustained losses, revenue miss, and critical liquidity issues raise near-term viability concerns [0].

:
[0] Ginlix Analytical Database (Company Overview)
[3] Yahoo Finance - “VSee Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion” (2025-11-17)

##5. Risk Considerations & Factors to Monitor

1. Liquidity Crisis
   : Current ratio of
   0.16
   (well below 1) may lead to cash flow issues or default [0].
2. Sustained Losses
   : Net profit margin of
   -85.76%
   indicates ongoing operational challenges [0].
3. Stock Volatility
   : Recent
   19.43% drop
   in 5 days highlights high investor uncertainty [0].

:

• Users should be aware that VSEE’s
  critical liquidity position
  (current ratio of 0.16) may significantly impact its ability to continue operations.
• This development raises concerns about
  sustained unprofitability
  (net margin -85.76%) that warrant careful consideration before any investment decisions.

1. Contract Wins
   : Government contracts from FedRAMP High certification [3].
2. Profitability
   : Progress toward positive operating margins [0].
3. Liquidity
   : Improvement in current ratio and cash flow metrics [0].
4. Integration
   : Success of the iDoc acquisition in driving future revenue [3].

:
[0] Ginlix Analytical Database (Company Overview, Daily Prices)
[3] Yahoo Finance - “VSee Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion” (2025-11-17)

[0] Ginlix Analytical Database
[2] SeekingAlpha - “VSee Health GAAP EPS of -$0.02, revenue of $3.98M” (2025-11-17)
[3] Yahoo Finance - “VSee Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion” (2025-11-17)
[4] Ginlix Analytical Database (Sector Performance, Nov17,2025)