MIAMI, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) today announced a new initiative with Drinkfinger Enterprises LTD., a groundbreaking fan-experience and beverage-accessory company, to bring next-generation interactive experiences to global sports and entertainment audiences. This collaboration represents a major step forward in uniting physical fan products with real-time digital engagement, unlocking powerful new moments for fans during the world’s most ...

Revenue Performance - For the three months ended September 30, 2025, the Company reported no revenue, a decrease of $3,848, or 100%, from $3,848 for the same period in 2024[74]. - For the nine months ended September 30, 2025, revenue was $2,179,348, an increase of $2,122,060, or 3,704%, from $57,288 for the same period in 2024, attributed to ASPIS license revenue and professional services[78]. - The company recognized $1,980,000 in revenue from functional IP for the nine months ended September 30, 2025, with $1,001,000 collected from ASPIS during the same period[100][101]. - The company recognized $176,000 attributed to professional services during the nine months ended September 30, 2025[99]. - Revenue from software-as-a-service (SAAS) is recognized over the life of the contract, reflecting the performance obligations satisfied[95]. - The company recognizes revenue from advertising sales on a net basis, acting as an agent in the transaction[97]. Expenses - Research and development expenses for the three months ended September 30, 2025, were $14,470, an increase of $3,008, or 26%, from $11,462 for the same period in 2024[75]. - Selling, general and administrative expenses for the three months ended September 30, 2025, were $741,931, an increase of $220,521, or 42%, from $521,410 for the same period in 2024[76]. - Total operating expenses for the nine months ended September 30, 2025, were $3,153,263, a decrease from $3,547,139 for the same period in 2024[77]. - Stock-based compensation increased by $248,087 during the nine months ended September 30, 2025[89]. Financial Position - As of September 30, 2025, the Company had cash of $1,405,628 and a working capital balance of $2,770,192, down from cash of $3,065,914 and working capital of $3,509,272 as of December 31, 2024[83]. - The net decrease in cash and cash equivalents for the nine months ended September 30, 2025 was $1,660,286, compared to a decrease of $4,217,759 in 2024[88]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $1,484,267, a decrease of 65% compared to $4,255,345 for the same period in 2024[89]. - Cash used in investing activities was $300,000 for the nine months ended September 30, 2025, attributed to technology development for new product offerings, with no cash used in 2024[90]. Business Strategy and Risks - The Company is pursuing new customer relationships and expansion opportunities, particularly in Brazil, which is expected to begin generating revenue in the near term[67]. - The Company continues to face risks and uncertainties common to emerging growth businesses, with management believing that current resources may not be sufficient to fund planned activities for the next twelve months[86]. - The company has not engaged in any financing activities for the nine months ended September 30, 2025 and 2024[91]. - The company operates under the Emerging Growth Company status, allowing it to delay adopting new accounting standards[103]. Technology and Development - The Company has implemented cybersecurity solutions to strengthen its technology infrastructure and is developing new intellectual property to enhance its technology portfolio[67].

Core Insights - Four software stocks have shown significant growth ranking improvements, nearing the top 10th percentile, indicating robust earnings and revenue expansion [1][2] Group 1: Company Performance - DoubleVerify Holdings Inc. (DV) increased by 0.52 percentile points to a growth ranking of 90.22, but has declined by 28.35% year-to-date and 23.08% over the past year, showing a weaker price trend [8] - Fortinet Inc. (FTNT) also rose by 0.52 percentile points to a growth ranking of 90.30, with a year-to-date decline of 16.12% but a 3.71% increase over the year, maintaining a poor value ranking [8] - MongoDB Inc. (MDB) exhibited a remarkable improvement of 40.21 percentile points, moving from 51.25 to 91.46, with a year-to-date increase of 36.89% and a 12.87% rise over the year, reflecting strong business expansion [8] - Versus Systems Inc. (VS) progressed by 0.52 percentile points to a growth ranking of 90.39, with a year-over-year increase of 31.37% but a year-to-date decline of 12.23%, showing a weaker price trend [8] Group 2: Growth Metrics - The Benzinga Edge Stock Rankings growth metric assesses combined historical earnings and revenue expansion, focusing on long-term trends and recent performance relative to peers, with weekly updates for consistent measurement [7]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________ Commission File No. 001-39885 VERSUS SYSTEMS INC. (Exact name of registrant as specified in its charter) | Delaware | 45-4542599 | | --- ...

Revenue Performance - Revenue for the three-month period ended March 31, 2025, was $199,347, representing an increase of $172,844, or 652%, from $26,503 for the same period in 2024[78]. - For the three months ended March 31, 2025, the Company recognized $176,000 attributed to professional services[101]. - No revenue was recognized on functional IP for the three months ended March 31, 2025, as the license had not been delivered to ASPIS during the year[102]. Cost and Expenses - Cost of revenues decreased by $15,823, or 66%, to $8,223 for the three-month period ended March 31, 2025, compared to $24,046 for the same period in 2024[79]. - Research and development expenses were $6,149 for the three-month period ended March 31, 2025, a decrease of $33,263, or 84%, from $39,412 for the same period in 2024[80]. - Selling, general and administrative expenses decreased by $106,745, or 7%, to $1,357,736 for the three-month period ended March 31, 2025, from $1,464,481 for the same period in 2024[81]. Operating Performance - The operating loss for the three-month period ended March 31, 2025, was $1,172,761, a decrease of $328,675, or 22%, from $1,501,436 for the same period in 2024[82]. - The company incurred net losses of approximately $1.2 million and $1.5 million for the three months ended March 31, 2025, and 2024, respectively[86]. Cash Flow and Liquidity - Cash position as of March 31, 2025, was $2,432,219, down from $3,065,914 as of December 31, 2024, reflecting ongoing operational funding needs[84]. - Net cash used in operating activities for the three-month period ended March 31, 2025, was $641,445, a decrease from $1,757,911 for the same period in 2024[90]. - The company plans to increase cash flow from operations and is evaluating strategic alternatives to address liquidity concerns[88]. Customer Base - The company has two active customers as of March 31, 2025, primarily consisting of sports teams and venues[67]. Stock-Based Compensation - The Company uses the Black-Scholes valuation model for estimating stock-based compensation, which includes considerations of volatility, expected life, and dividend yield[103].

Revenue Performance - Revenue for the year ended December 31, 2024, was $57,288, a decrease of $213,881, or 79%, from $271,169 in 2023, primarily due to a reduction in active clients from 16 to 2[177]. - The net loss for the year ended December 31, 2024, was $4,574,836, compared to a net loss of $10,512,157 in 2023, representing a decrease of $5,937,321, or 56%[176]. - Revenue from custom-built software development and maintenance is recognized upon satisfaction of performance obligations, either at a single point in time or over time[200]. - For the year ended December 31, 2024, no revenue was recognized on functional IP as the license agreement with ASPIS had not been delivered during the year[203]. Expenses and Cost Management - Cost of revenues decreased to $40,277 in 2024, down $62,790, or 61%, from $103,067 in 2023, mainly due to staff reductions[178]. - Research and development expenses were $246,019 for 2024, a decrease of $861,216, or 78%, from $1,107,235 in 2023, attributed to reduced staffing and software costs[179]. - Selling, general and administrative expenses were $4,310,218 in 2024, down $1,634,691, or 27%, from $5,944,909 in 2023, reflecting a decrease in employee count from 16 to 6[180]. Cash Flow and Liquidity - Net cash used in operating activities was $4,971,948 for 2024, a decrease from $5,582,139 in 2023, primarily due to a reduction in net loss[191]. - Net cash provided by financing activities was $3,278,235 in 2024, compared to $9,045,578 in 2023, reflecting a decrease in proceeds from common shares and warrants[193]. - The company had cash and cash equivalents of $3.1 million as of December 31, 2024, indicating ongoing liquidity concerns[187]. - The company plans to increase cash flow from operations and is evaluating strategic alternatives to address liquidity issues[189]. Impairment and Intangible Assets - The impairment of goodwill and other intangible assets was $0 for 2024, a decrease of $3,968,332, or 100%, from the previous year[181]. - The company impaired the remaining carrying value of intangible assets by $3,968,332 during the year ended December 31, 2023[195]. Revenue Recognition Policies - The company recognizes revenue from software-as-a-service (SAAS) over the life of the contract, with payment terms varying by contract[198]. - Cash received in advance for services is recorded as deferred revenue based on the proportion of time remaining under the service arrangement[204]. - The company recognizes advertising revenue on a net basis, acting as an agent in the transaction, and only upon achieving agreed-upon performance criteria[201]. - The company may enter into short-term convertible debt agreements to provide bridge capital, which includes a debt discount and a common stock conversion feature[205].

Core Points - Versus Systems Inc. has renewed its partnership with the Texas Rangers for the 2025 MLB season, marking the fourth consecutive year of collaboration [1][3] - The Filter Fan Cam, a significant part of the Texas Rangers' in-game entertainment, was utilized during their 2023 and 2024 World Series appearances, including their championship win in 2023 [2] - The partnership emphasizes Versus Systems' leadership in interactive sports entertainment, combining real-time fan engagement with augmented reality [3] Company Overview - Versus Systems is a leading provider of gamification and audience engagement technology, enabling brands to create rewarding, interactive experiences [5] - The company focuses on innovation and continues to expand globally, empowering organizations to enhance their engagement strategies [5]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Summary: Versus Systems Inc. (VS) - Versus Systems Inc. currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating a favorable outlook for the stock [2][3] - Over the past week, VS shares have increased by 36.3%, significantly outperforming the Zacks Internet - Software industry, which rose by 2.3% [5] - In a longer time frame, VS shares have gained 17.45% over the past quarter and 31.43% over the last year, while the S&P 500 has only moved 2.54% and 25.42%, respectively [6] - The average 20-day trading volume for VS is 3,480,361 shares, which is considered a bullish sign when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for VS has moved higher, while none have moved lower, resulting in an increase in the consensus estimate from -$2.17 to -$1.65 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period, indicating positive sentiment [9] Conclusion - Considering the positive momentum indicators and earnings outlook, VS is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [11]

Core Insights - Versus Systems is expanding into Brazil, targeting a market with over 100 million gamers and a strong inclination towards innovative technologies [1] - The company aims to leverage its gamification platform to enhance audience engagement across various industries in Brazil [1][5] Group 1: Company Expansion - Versus Systems has appointed Flavio Maria as the Country Manager for Brazil, who has extensive experience in leadership, marketing, and gaming [2][3] - Mr. Maria's background includes senior roles at PSN Network and Pepsi International, making him well-suited to lead the company's expansion in Latin America [3] Group 2: Market Potential - Brazil is recognized as a dynamic gaming market with a diverse consumer base, including casual mobile players and esports enthusiasts [4] - The increasing gaming revenues and digital engagement in Brazil present significant opportunities for innovation and audience connection [4][6] Group 3: Engagement Platform - The gamification platform of Versus Systems allows brands to create rewards-based interactive experiences, enhancing consumer engagement [5] - The platform can be integrated into various digital content, providing unique opportunities for brands to connect with consumers and drive loyalty [5] Group 4: Local Adaptation - Versus Systems plans to customize its offerings to align with local trends, focusing on Brazil's esports scene, mobile gaming growth, and interactive experiences [6]

Core Insights - Versus Systems is expanding into Brazil, a major global gaming market with over 100 million users, aiming to enhance audience engagement through its gamification platform [1][4] - The appointment of Flavio Maria as Country Manager is a strategic move to leverage his extensive experience in marketing and gaming to drive growth in the Brazilian market [2][3] Company Expansion - The expansion into Brazil is a significant milestone for Versus Systems as it seeks to grow its international presence [1] - Flavio Maria's background includes leadership roles in gaming and marketing, making him well-suited to lead the company's efforts in Brazil [2][3] Market Opportunity - Brazil's gaming market is characterized by a diverse consumer base, including casual mobile players and esports enthusiasts, presenting substantial opportunities for innovation and engagement [4][5] - The rise in gaming revenues and digital engagement in Brazil indicates a favorable environment for companies looking to connect with engaged audiences [4] Engagement Platform - Versus Systems' platform offers rewards-based interactive experiences, enhancing consumer engagement and loyalty [5][7] - The platform can be integrated into various digital content, providing unique opportunities for brands to connect with consumers during major sports and cultural events [5][6] Local Adaptation - The company plans to tailor its offerings to align with local trends, including the growth of mobile gaming and the vibrant esports scene in Brazil [6]