VERSES (VERS) Q4 2025 earnings summary

Executive summary

• Launched flagship AI platform Genius in April 2025, targeting enterprise customers with agentic intelligence solutions; expanded customer base across smart cities, financial services, and manufacturing sectors.

• Revenue declined sharply due to termination of a major SaaS contract; company continues to invest heavily in R&D and product development.

• Closed multiple equity and convertible debenture financings, raising over $40 million during the fiscal year to support operations and growth.

• Company remains unprofitable, with significant net losses and negative cash flows from operations; going concern risk highlighted by auditors.

• Ongoing legal proceedings resulted in a $9.9 million arbitration award, partially offset by insurance proceeds.

Financial highlights

• Revenue for the year ended March 31, 2025 was $155,000, down 92% from $1.97 million in the prior year, primarily due to SaaS contract termination.

• Net loss for the year was $43.0 million, a 17% improvement from $52.1 million in the prior year.

• Operating expenses totaled $41.3 million, up 2% year-over-year, with R&D accounting for 47% of cash expenses.

• Cash balance increased to $4.8 million from $0.9 million, but working capital deficit remains at $8.9 million.

• Loss per share improved to $(5.49) from $(9.44) year-over-year.

Outlook and guidance

• Management plans to continue funding operations through additional equity and debt financings; ongoing reliance on investor support.

• Company expects to expand Genius adoption across multiple verticals and pursue strategic partnerships and M&A opportunities.

• Material uncertainty remains regarding ability to continue as a going concern without additional capital.