VERSES (VERS) Q3 2026 earnings summary

Executive summary

• Revenue for the quarter ended December 31, 2025 was $417,932, up from $0 in the prior year, driven by Genius Platform customer contracts and subscriptions.

• Net loss for the quarter was $5.48 million, a 67% improvement from $16.81 million in the prior year, mainly due to lower non-cash share-based payment expenses and reduced investor relations costs.

• The company launched its flagship Genius platform in April 2025, targeting financial institutions and asset managers, and plans to expand into other sectors.

• Significant management changes occurred in February 2026, including the resignation of the CEO and President Emeritus, and the appointment of an interim CEO.

• Quarterly and nine-month results for the period ended December 31, 2025, have been filed with the SEC and will be discussed in an upcoming earnings call.

Financial highlights

• Quarterly revenue: $417,932 (Q4 2024: $0); nine-month revenue: $818,632 (prior year: $155,000).

• Gross profit for the quarter: $125,380 (30% margin); nine months: $271,529 (33% margin).

• Operating expenses for the quarter: $5.53 million, down 58% year-over-year; nine months: $25.18 million, down 26%.

• Net loss for the quarter: $5.48 million (Q4 2024: $16.81 million); nine months: $24.98 million (prior year: $34.27 million).

• Cash at period end: $67,954 (March 31, 2025: $4.82 million); working capital deficit: $8.04 million.

Outlook and guidance

• The company expects continued negative operating cash flow as it invests in R&D and commercialization, with research and development remaining the largest expense.

• Management plans to fund operations through additional equity and debt financings, but there is substantial doubt about the company's ability to continue as a going concern without new capital.