VSEE Health, Inc. Delivers Robust Q3 2025 Revenue Growth Amid Telehealth Expansion: Total Revenues Reach $3.98 Million, Up 19% Year-Over-Year
SAN JOSE, CALIFORNIA / ACCESS Newswire / November 17, 2025 / VSee Health, Inc. (Nasdaq:VSEE), a pioneering provider of AI-powered telehealth solutions and high-acuity virtual care services, today announced its financial results for the third quarter ended September 30, 2025, as detailed in its Form 10-Q filed with the SEC on November 14, 2025.
In Q3 2025, VSee achieved total revenues of $3.98 million, a 19% increase from $3.35 million in the prior-year period, fueled by heightened demand for its integrated telehealth and professional services. Year-to-date through nine months, revenues climbed to $10.69 million, up 60% from $6.69 million in the comparable 2024 period, reflecting the full impact of the iDoc acquisition and expanded hospital partnerships. Gross margins remained resilient at 52%, supporting scalable growth as the company advances its pipeline of multi-year contracts projected to add millions in annualized recurring revenue.
Key Financial and Operational Highlights for Q3 2025:
Revenue Growth: telehealth fees surged 196% YoY to $1.44 million and patient fees rose 42% to $0.88 million, driven by expanded ICU and neurocritical care deployments across 25+ hospitals.
Cash Flow Optimization: Net cash used in operations for the nine months ended at $1.52 million, a 46% improvement from $2.82 million in 2024, bolstered by disciplined cost management and $1.69 million in financing inflows.
Balance Sheet Strength: Cash position grew to $0.47 million, with total assets at $18.71 million. Accounts receivable expanded to $2.58 million, signaling robust billing momentum from new contracts.
Strategic Milestones: Full activation of the $10M+ Level 1 hospital teleradiology deal, contributing to over 100,000 radiology reads; AI innovations like SOAP Notes reducing documentation time by 93%; and FedRAMP High status opening doors to billions in federal opportunities through 2030.
Pro Forma Financial Results
The unaudited pro forma financial information in the tables below summarizes the combined results of VSee Health's operations and iDoc's operations through September 30, 2025
For The Three Months Ended September 30,
For the Nine Months Ended September 30,
2025
2024
2025
2024
$
3,980,655
$
3,354,437
$
10,692,259
$
6,686,998
$
(289,745
)
$
(53,922,561
)
$
(6,862,468
)
$
(54,493,913
)
16,549,357
15,077,548
16,429,551
8,351,249
(0.02
)
(3.58
)
(0.42
)
(6.53
)
Management Summary
"Q3 2025 marks a critical milestone in VSEE's ascent as a telehealth leader, with revenue growth validating our focus on high-margin, AI-enhanced solutions that address clinician burnout and care access gaps," said Dr. Milton Chen and Dr. Imo Aisiku, Co-Chief Executive Officers of VSEE Health. "Our platform's seamless integrations with EHR systems and remote monitoring tools are empowering hospitals to optimize workflows, while our telehealth care expertise is capturing a larger share of the $455 billion federal telehealth opportunity. Despite macroeconomic headwinds, our 70% reduction in operating cash use year-to-date demonstrates prudent execution. With a robust pipeline and FedRAMP unlocking government deals, we're poised for profitability and exponential upside for our investors.
VSEE's dual-segment model-Healthcare Technology and Telehealth Services-continues to thrive, with the Technology segment generating $6.12 million YTD (up 11% YoY) from subscriptions and engineering fees, and Telehealth contributing $4.57 million from patient and institutional services. As the telehealth sector grows at a 23.84% CAGR through 2034, VSEE is uniquely positioned with its white-label platform, clinician staffing solutions, and remote diagnostics, targeting 3-5% reductions in hospital nursing costs and enhanced patient outcomes. Management reaffirms its commitment to value creation through innovation and execution.
VSEE HEALTH, INC.
(FKA DIGITAL HEALTH ACQUISITION CORP.)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, AND 2024 (UNAUDITED)
For the Three Months Ended
For the Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
(Restated)
(Restated)
Revenues
$
894,514
$
1,037,457
$
2,602,186
$
3,080,085
603,696
396,455
2,524,853
1,145,930
163,523
806,456
993,493
1,284,345
882,529
623,198
2,069,565
654,718
1,436,393
485,971
2,499,662
516,540
-
4,900
2,500
5,380
3,980,655
3,354,437
10,692,259
6,686,998
1,907,359
569,734
5,170,500
1,890,557
2,073,296
2,784,703
5,521,759
4,796,441
1,213,678
1,730,369
4,543,136
3,536,689
-
56,675,210
-
56,675,210
2,917,139
2,218,289
7,122,202
2,997,525
-
455,834
-
710,479
4,130,817
61,079,702
11,665,338
63,919,903
(2,057,521
)
(58,294,999
)
(6,143,579
)
(59,123,462
)
(755,866
)
(115,385
)
(1,727,110
)
(466,530
)
(5
)
(2
)
183,004
-
2,828,647
5,737,606
1,412,351
6,285,706
-
(645,979
)
(126,125
)
(645,979
)
(305,000
)
(595,000
)
(443,020
)
(2,213,234
)
1,767,776
4,381,240
(700,900
)
2,959,963
(289,745
)
(53,913,759
)
(6,844,479
)
(56,163,499
)
-
(8,802
)
(17,989
)
1,669,586
(289,745
)
(53,922,561
)
(6,862,468
)
(54,493,913
)
$
(0.02
)
$
(3.58
)
$
(0.42
)
$
(6.53
)
16,549,357
15,077,548
16,429,551
8,351,249
VSEE HEALTH, INC.
(FKA DIGITAL HEALTH ACQUISITION CORP.)
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
December 31,
2025
2024
(Unaudited)
472,759
326,115
2,578,490
1,716,370
284,614
531,656
382,522
446,826
$
3,718,385
$
3,020,967
315,679
379,585
9,337,504
10,995,000
4,916,694
4,916,694
418,860
680,242
$
18,707,122
$
19,992,488
11,716,584
9,343,659
1,150,093
417,815
51,900
51,900
85,575
72,836
184,106
328,833
122,220
179,007
265,578
263,918
42,394
80,000
3,828,125
3,248,000
2,043,760
2,094,000
471,651
471,651
456,097
456,097
1,944,710
433,983
1,028,158
1,499,000
31,227
69,621
$
23,422,178
$
19,010,320
589,374
593,941
203,689
269,338
-
69,999
67,379
67,378
$
24,282,620
$
20,010,976
1
1
1,703
1,630
68,989,139
67,683,754
(74,566,341
)
(67,703,873
)
(5,575,498
)
(18,488
)
$
18,707,122
$
19,992,488
About VSee Health
VSee Health (NASDAQ:VSEE) is a telehealth technology and services company delivering high-acuity virtual care solutions through its scalable, API-driven platform. The Company's offerings integrate secure video, device data, and EHR connectivity to power hospital systems, health networks, and employers across the United States.
For more information, please visit www.vseehealth.com.
Forward-Looking Statements
Matters discussed in this news release that are not statements of historical or current facts, including but not limited to those relating to VSee Health's ability to improve healthcare access and provider efficiencies, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause performance or achievements to be materially different from historical results or from any future performance or achievements expressed or implied by such forward-looking statements. Accordingly, readers should not place undue reliance on any forward-looking statements. More information on risk factors relating to VSee Health and its technology and billing services is included from time to time in the "Cautionary Note Regarding Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of VSee Health's periodic and current filings with the SEC, which are also made available on VSee Health's website at www.vseehealth.com. Forward-looking statements speak only as of the date they are made, and VSee Health undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
Contact:
VSee Health
Anne Chang
media@vsee.com
VSee Investor Contact:
Milton Chen
VSee Health
investor@vsee.com
SOURCE: VSee Health, Inc.