VERSES (VERS) Q1 2026 earnings summary

Executive summary

• Launched flagship Genius platform, targeting enterprise AI with SaaS model; public beta expanded in 2024 and full launch in April 2025.

• Closed a public offering in July 2025, raising $7.0M, and continued to invest in R&D and product development.

• Ongoing legal proceedings, including a $9.9M arbitration award confirmed in May 2025, with insurance proceeds partially offsetting liability.

Financial highlights

• Revenue for Q2 2025 was $300,000, up from $0 in Q2 2024, driven by the first Genius Platform customer.

• Net loss for Q2 2025 was $9.64M, a 9% improvement from $10.56M in Q2 2024.

• Operating expenses decreased 3% year-over-year to $9.99M, with lower consulting and contract settlement costs offset by higher share-based payments and legal fees.

• Cash balance at June 30, 2025 was $3.26M, down from $4.82M at March 31, 2025.

• Working capital deficit increased to $10.71M from $8.92M at prior year-end.

Outlook and guidance

• Management expects continued investment in R&D and marketing to drive Genius adoption.

• Ongoing need for additional financing to support operations and growth; substantial doubt remains about ability to continue as a going concern without further capital.

• Anticipates further product enhancements and customer acquisition for Genius platform.