VERSES (VERS) Q2 2026 earnings summary

Executive summary

• Commercial launch of the Genius platform in April 2025, targeting enterprise clients in financial services, robotics, and smart cities, with plans to expand into logistics and infrastructure management sectors in coming quarters.

• Revenue for the quarter ended September 30, 2025, was $100,700, primarily from initial Genius Platform customers, compared to $155,000 in the prior year, which was related to a proof-of-concept project.

• Net loss for the quarter increased to $9.87 million from $8.57 million year-over-year, driven by higher legal fees and R&D expenses.

• The company closed a public offering in July 2025, raising $7.0 million in gross proceeds to support operations and product development.

Financial highlights

• Revenue for the six months ended September 30, 2025, was $400,700, up 159% from $155,000 in the prior year period.

• Net loss for the six months ended September 30, 2025, was $19.51 million, a 2% increase from $19.13 million year-over-year.

• Operating expenses for the quarter decreased 6% to $9.65 million, mainly due to lower share-based payments and reduced investor relations and marketing costs.

• R&D expenses were $4.24 million for the quarter, representing 52% of total cash expenses.

• Cash balance as of September 30, 2025, was $1.21 million, down from $4.82 million at March 31, 2025.

• Working capital deficit increased to $9.37 million from $8.92 million at year-end.

Outlook and guidance

• Management anticipates continued negative operating cash flow as investments in R&D and commercialization persist.

• The company expects research and development to remain the largest expense and plans to offset increased costs with future product sales.

• Additional financing will be required to support ongoing operations and growth objectives.