<span item_type="fundamental" item_id="8e8c97e55c0b301c84c8923321b8c941" counter_id="ST/US/VSEEW" env="prod"></span><span item_type="announcement" item_id="648725575781260417" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 3.16 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.05.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -2.861 M.</p><p></p><h3>Consolidated Financial Performance</h3><h4>Net Loss</h4><p>VSee Health, Inc. reported a net loss of - $2,600,262 for the three months ended March 31, 2026, which is a 34% decrease compared to a net loss of - $3,959,440 for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></p><h4>Gross Margin</h4><p>Consolidated gross margin was $1,198,111 (38% of revenue) for the three months ended March 31, 2026, a -36% decrease from $1,859,971 (56% of revenue) in the prior-year period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></p><h4>Operating Expenses</h4><p>Total operating expenses increased by 13% to $4,172,386 for the three months ended March 31, 2026, from $3,691,289 in the prior-year period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span> Compensation and related benefits increased by 4% to $1,732,003, while general and administrative expenses rose by 20% to $2,440,383.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></p><h4>Other Income (Expense)</h4><p>Other income (expense), net, improved significantly from a net expense of - $2,114,617 in 2025 to a net income of $397,751 in 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span> This improvement was driven by a positive change in the fair value of financial instruments of $1,404,511, a gain on extinguishment of financial liabilities of $367,809, and a reduction in interest expense of $617,567.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></p><h3>Segmented Performance (Three Months Ended March 31)</h3><h4>Technology Segment</h4><ul><li><strong>Revenues</strong>: Totaled $1,280,892 in 2026, down from $2,123,871 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span> Subscription fees decreased by -27% to $605,470 from $827,345, professional services and other fees decreased by -35% to $580,981 from $896,680, and technical engineering fees decreased by -76% to $94,441 from $399,846.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Cost of Revenues</strong>: Decreased to $810,193 in 2026 from $1,074,124 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Gross Margin</strong>: Decreased to $470,699 in 2026 from $1,049,747 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Segment Operating Loss</strong>: Increased to - $1,314,742 in 2026 from - $354,237 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Assets</strong>: Totaled $605,513 as of March 31, 2026, compared to $664,525 as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li></ul><h4>Telehealth Segment</h4><ul><li><strong>Revenues</strong>: Totaled $1,879,293 in 2026, up from $1,197,614 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span> Patient fees increased by 24% to $881,340 from $711,264, telehealth fees increased by 106% to $997,953 from $483,850, and institutional fees were $0 in 2026, down from $2,500 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Cost of Revenues</strong>: Increased to $1,151,881 in 2026 from $387,390 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Gross Margin</strong>: Decreased to $727,412 in 2026 from $810,224 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Segment Operating Loss</strong>: Decreased to - $785,061 in 2026 from - $583,174 in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Assets</strong>: Totaled $16,656,643 as of March 31, 2026, compared to $17,150,543 as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li></ul><h3>Cash Flows</h3><ul><li><strong>Net cash used in operating activities</strong>: Increased to - $2,452,191 for the three months ended March 31, 2026, from - $440,493 in the prior-year period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Net cash used in investing activities</strong>: Increased to - $126,752 for the three months ended March 31, 2026, from - $11,873 in the prior-year period, primarily due to fixed asset purchases and investments.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li><li><strong>Net cash used in financing activities</strong>: Was - $1,341,211 for the three months ended March 31, 2026, primarily due to repayment of notes payable, finance lease, and line of credit, compared to an inflow of $536,373 in the prior-year period.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></li></ul><h3>Strategic Outlook</h3><p>VSee Health, Inc. aims to capitalize on the rapid transformation of the telehealth market, which it believes indicates strong future growth and offers an attractive value proposition to healthcare systems.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span> The company plans to expand its market share by leveraging industry relationships with government, hospital systems, and insurance providers.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span> A core strategy involves continuous innovation and new product offerings, focusing on technology solutions that meet healthcare performance and compliance standards, integrate patient data, and enhance sophisticated video engagement.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1864531/000118518526001883/vsee10q033126.htm"></span></p>

VSEE HEALTH INC C/WTS (TO PUR COM) | 10-Q: FY2026 Q1 Revenue: USD 3.16 M