VenHub Global (VHUB) Q4 2025 earnings summary

Executive summary

• Generated $864,450 in revenue in 2025, marking the first year of commercial operations, with $750,000 from store sales and $114,450 from product sales in company-owned stores.

• Net loss for 2025 was $62.4 million, a significant increase from the $9.4 million net loss in 2024, driven by $31.9 million in share-based compensation and a $22.3 million settlement expense.

• The company ended 2025 with negative working capital of $9.2 million and only $89,634 in cash, raising substantial doubt about its ability to continue as a going concern.

• Five Smart Stores were deployed by year-end, with over 1,400 pre-orders reported.

Financial highlights

• Revenue: $864,450 in 2025 (no revenue in 2024).

• Cost of goods sold: $583,760 in 2025, yielding a gross profit of $280,690.

• Operating expenses: $39.7 million in 2025, up 340% from $9.0 million in 2024, mainly due to share-based compensation and increased contractor, legal, and R&D costs.

• Net loss: $62.4 million in 2025, compared to $9.4 million in 2024.

• Cash used in operations: $5.9 million in 2025; cash from financing: $5.9 million.

Outlook and guidance

• Plans to fund operations through additional equity and debt financing, with ongoing efforts to fulfill pre-orders and expand Smart Store deployments.

• Anticipates increased operating expenses as deployments and R&D accelerate; expects SaaS revenue to become a recurring component in future periods.

• Current cash resources are insufficient for the next 12 months; additional financing is required to continue as a going concern.