olivLaw · US equity research
Virtuix Holdings Inc. VTIX
Computer Peripheral Equipment, NEC · SIC 3577 · Vertical: Computer Peripheral Equipment, NEC (SIC 3577)
Virtuix Holdings Inc. develops omni-directional treadmills for virtual reality, with the Omni One product aimed at consumers and a defense simulation project, VTW. In the first quarter of fiscal 2027 Omni One orders rose 72% year-over-year, while net sales fell 26%, which the company attributes to completing a large batch of legacy orders.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 02 Nov 2026, Virtuix Holdings Inc. (VTIX) stock was 0.53 USD (−3.27% on the day), with beta 2.21, 52-week range 0.53–24.39 USD. Latest reported quarter (Q1 2027): revenue of 767.3 k USD (−25.7% YoY), net income of -7.2 m USD, diluted EPS 32,787,960.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 18.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.43 – 1.20
- in the lower half of the band · %B 0.13 · band width 94.3%
- SMA 50 / 200
- 1.04 / unavailable
- MACD (12, 26, 9)
- -0.16 / -0.15
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −55.7% | −2.3% | −53.3 pp | — |
| 3 months | −65.9% | −0.8% | −65.1 pp | — |
| 6 months | −84.8% | +4.7% | −89.6 pp | — |
| Year to date | unavailable | +10.2% | unavailable | — |
| 1 year | unavailable | +10.3% | unavailable | −16.1% |
| 3 years | unavailable | +73.0% | unavailable | −5.5% |
| 5 years | unavailable | +61.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | 1.3 m | 1.5 m | 1.0 m | — | 963.8 k | 1.3 m | 767.3 k |
| Cost of revenue | — | 1.3 m | 1.4 m | 856.1 k | — | 674.4 k | 1.1 m | 540.1 k |
| Gross profit | — | -19.4 k | 128.2 k | 176.1 k | — | 289.4 k | 173.6 k | 227.2 k |
| Research & development | — | 306.7 k | 178.3 k | 208.7 k | — | 226.6 k | 221.2 k | 309.4 k |
| Operating income | — | -1.8 m | -2.5 m | -2.0 m | — | -1.8 m | -4.9 m | -3.9 m |
| Depreciation & amortisation | — | — | 152.5 k | 158.8 k | — | — | 158.9 k | 143.0 k |
| Interest expense | — | 128.1 k | 125.7 k | 119.3 k | — | 870.7 k | 2.2 m | 2.5 m |
| Income tax | — | 10.1 k | 26.6 k | 23.4 k | — | 22.6 k | 78.5 k | 49.4 k |
| Net income | -2.9 m | -2.0 m | -2.6 m | -2.3 m | -1.9 m | -2.7 m | -9.9 m | -7.2 m |
| Diluted EPS | — | -0.24 | -0.32 ≈ | 8,259,732.00 | — | -0.09 | -0.31 ≈ | 32,787,960.00 |
| Operating cash flow | — | — | -1.5 m | -1.5 m | — | — | -4.0 m | -3.3 m |
| Capex | — | — | — | 1.3 k | — | — | — | 6.3 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2025 | 2026 |
|---|---|---|
| Revenue | 3.6 m | 4.3 m |
| Revenue YoY | unavailable | +18.4% |
| Net income | -14.6 m | -16.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -1.78 | -0.73 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -408.0% | -395.0% |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 9.5 m USD
- Financial debt
- 8.5 m USD
- Net debt
- -931.4 k USD
- Equity
- 1.1 m USD
- Total assets
- 14.8 m USD
- Debt / equity
- 7.79x
- Current ratio
- 1.11x
- ROE
- unavailable
- ROA
- -163.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Revenue | 3.6 m | 4.3 m | SEC (XBRL)· 25 Jun 2026verified |
| Cost of revenue | 3.8 m | 3.2 m | SEC (XBRL)· 25 Jun 2026verified |
| Gross profit | -227.4 k | 1.0 m | SEC (XBRL)· 25 Jun 2026verified |
| Research & development | 2.2 m | 846.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Operating income | -14.2 m | -10.3 m | SEC (XBRL)· 25 Jun 2026verified |
| Depreciation & amortisation | 482.4 k | 626.0 k | SEC (XBRL)· 25 Jun 2026verified |
| EBITDA | -13.7 m ≈ | -9.7 m ≈ | SEC (XBRL)· 25 Jun 2026derived |
| Interest expense | 369.4 k | 3.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Income tax | 79.0 k | 125.3 k | SEC (XBRL)· 25 Jun 2026verified |
| Net income | -14.6 m | -16.8 m | SEC (XBRL)· 25 Jun 2026verified |
| Diluted EPS | -1.78 | -0.73 | SEC (XBRL)· 25 Jun 2026verified |
| Weighted average diluted shares | 8.2 m | 23.0 m | SEC (XBRL)· 25 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Cash | 477.9 k | 9.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Inventories | 1.5 m | 1.2 m | SEC (XBRL)· 25 Jun 2026verified |
| Current assets | 2.4 m | 11.9 m | SEC (XBRL)· 25 Jun 2026verified |
| Property, plant & equipment, net | 464.9 k | 378.3 k | SEC (XBRL)· 25 Jun 2026verified |
| Intangibles (excl. goodwill) | 2.0 m | 1.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Total assets | 5.8 m | 14.8 m | SEC (XBRL)· 25 Jun 2026verified |
| Accounts payable | 807.4 k | 721.8 k | SEC (XBRL)· 25 Jun 2026verified |
| Long-term debt | 24.1 k | 8.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Current liabilities | 5.9 m | 10.7 m | SEC (XBRL)· 21 Aug 2026verified |
| Total liabilities | 6.6 m | 13.7 m | SEC (XBRL)· 21 Aug 2026verified |
| Equity | -794.0 k † | 1.1 m † | SEC (XBRL)· 21 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2025 | 2026 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -7.9 m | -9.5 m | SEC (XBRL)· 25 Jun 2026verified |
| Investing cash flow | -467.2 k | -97.0 k | SEC (XBRL)· 25 Jun 2026verified |
| Financing cash flow | 8.6 m | 18.6 m | SEC (XBRL)· 25 Jun 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 34.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
34% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 34.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 27.5% | 0 (on a fixed band) | 31% |
| EBIT margin · Quality | -305.4% | 6 (vs peers) | 25% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue growth (YoY) · Growth | 18.4% | 76 (vs peers) | 25% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 19% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth· partial76/100 · 1/2 factors with a value
- Quality3/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Virtuix Holdings Inc. (VTIX). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 4.3 m USD in 2026; YoY growth 18.4%; net margin -543.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 34.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue growth (YoY): 18.4%
What contradicts it
- Gross margin: 27.5%
- EBIT margin: -305.4%
- Current ratio: 0.7x
Not assessed (insufficient data or a ratio without meaning): FCF margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Computer Peripheral Equipment, NEC (SIC 3577) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PANWPalo Alto Networks, Inc. | 287.7 bn | 879.3 | 1.7% | 2.7% | +24.5% | +85% / +138% |
| FTNTFortinet, Inc. | 92.7 bn | 41.0 | 153.1% | 29.0% | +14.2% | +56% / +140% |
| LOGILogitech International S.A. | 13.4 bn | 17.0 | 38.2% | 16.4% | +6.3% | −16% / +8% |
| CRSRCorsair Gaming, Inc. | 1.3 bn | 37.9 | 5.8% | 2.5% | +11.9% | +87% / −5% |
| EVLVEvolv Technologies Holdings, Inc. | 835.0 m | — | -4.9% | -3.0% | +40.5% | −28% / +15% |
| MITKMitek Systems, Inc. | 812.0 m | 38.3 | 9.2% | 11.4% | +4.4% | +103% / +59% |
| SSYSStratasys Ltd. | 589.9 m | — | -12.7% | -18.9% | −3.7% | −22% / −38% |
| IMMRImmersion Corporation | 235.4 m | 21.4 | 3.5% | 0.6% | +11.2% | −0% / +9% |
| RDCMRadcom Ltd. | 166.3 m | 14.1 | 11.4% | 16.8% | +17.2% | −24% / +27% |
| XRXXerox Holdings Corp | 164.8 m | — | -128.0% | -11.9% | +12.9% | −55% / −91% |
| MYNDMynd.ai, Inc. | 159.2 m | — | -995.5% | -32.2% | −37.2% | −44% / −97% |
| INVEInve Technologies, Inc. | 64.7 m | — | -10.9% | -62.9% | −19.3% | −21% / −61% |
| LINKInterlink Electronics, Inc | 59.5 m | — | -10.5% | -7.9% | +1.8% | +4% / −31% |
| TACTTransact Technologies Inc | 55.6 m | — | -1.3% | -0.8% | +18.7% | +21% / −20% |
| WETHWetouch Technology Inc. | 11.6 m | 1.3 | 6.0% | 17.6% | +6.8% | −57% / unavailable |
| AIMDAinos, Inc. | 4.6 m | — | -196.3% | -106,283.3% | +499.0% | −70% / −96% |
| YIBOPlanet Image International Limited | — | — | -14.4% | -5.3% | +3.6% | 0% / unavailable |
| VTIXVirtuix Holdings Inc. | — | — | — | -543.2% | +18.4% | unavailable / unavailable |
1- and 3-year price returns: for VTIX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Virtuix Holdings Inc. develops omni-directional treadmills for virtual reality, with the Omni One product aimed at consumers and a defense simulation project, VTW. In the first quarter of fiscal 2027 Omni One orders rose 72% year-over-year, while net sales fell 26%, which the company attributes to completing a large batch of legacy orders.
SWOT
Strengths
- Patent portfolio for omni-directional treadmills and industry recognition through awards for Omni One.
- Vertical integration from design to distribution, giving control over costs and quality.
- Rising Omni One orders after the Quest launch, with a growing customer base.
Weaknesses
- Recurring net losses and reliance on financing through debt and convertible instruments.
- Volatile revenue that depends on order batches and product launches.
- A small team and limited resources compared with larger competitors.
Opportunities
- Defense contracts and military training, if VTW programmes move toward larger awards.
- Expansion into robotics, healthcare and other enterprise uses, through partnerships already announced.
- Defense acquisitions to gain quick access to government contract vehicles.
Threats
- Competition from companies with far greater financial and research resources.
- Long defense procurement cycles and compliance requirements could delay revenue.
- Dependence on financing conditions and capital market sentiment could limit flexibility.
Risks
- Continuing net losseshigh
The company has reported net losses in several years and expects continued operating losses, which could require additional financing.
- Financing and dilutionhigh
Convertible instruments and capital advances could dilute existing shareholders and carry significant financing costs.
- Defense delaysmedium
Meaningful defense sales could slip to fiscal 2028, which could affect growth plans.
- Competitionmedium
Larger competitors could introduce new products that reduce the company's margins or market share.
- Single-product dependencemedium
Revenue depends largely on Omni One, so production or demand problems could affect results.
Investment thesis
What would need to be true (bull case)
- Rising orders after the Quest launch and better gross margin could show the product gaining traction with consumers.
- Defense projects with US forces and partnerships with NASA and Tesla could open new and recurring revenue sources.
- A patent portfolio and vertical integration could help protect the company's position against competitors.
What would break the thesis
- Large net losses and non-cash financing costs could use up capital before revenue becomes sufficient.
- Defense sales could be delayed, while competition from larger companies could compress margins.
- Quarterly revenue declines after the backlog was cleared could show that recent demand is not yet durable.
What to watch
- Evolution of Omni One orders and revenue after the Quest launchQ2 2027
- Delivery of the pilot system for the US Marine Corps at QuanticoQ4 2026
- Results of any defense acquisitions reviewed by the special committee2027
- Cash levels and any additional financing requirementsnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 20 Aug 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
Virtuix Holdings Inc. develops omni-directional treadmills that let users walk and run in 360 degrees inside virtual reality games, digital twins and other applications. The company runs an integrated model from product design and game development to manufacturing and distribution, and focuses on three markets: consumer, enterprise and defense. Its flagship Omni One was launched in September 2024, and hardware sales are supplemented by Omni Online subscriptions and game sales.
In the fiscal year ended March 31, 2026, the company reported net sales of $4,252,643, an 18% increase from the prior year 1. The increase was mainly driven by new Omni One sales, including the 2025 holiday season. The net loss was $(16,799,253), and management anticipates continued operating losses as it pursues market penetration and revenue growth in 2027 1.
The company listed on the Nasdaq Global Market on January 27, 2026, through a direct listing after simplifying its capital structure. Financing came through debt and equity instruments, including agreements with Streeterville Capital, LLC. For the quarter ended June 30, 2026, the company reported cash of $7.4 million 3.
Segments
Omni One (consumers and enterprises)
Omni One is the flagship product, sold in three versions with hardware pricing between $2,495 and $2,995 1. The Omni Online subscription costs $14 per month, and roughly half of Omni One customers buy an annual subscription at checkout. The launch of Omni One for Quest in June 2026 coincided with rising orders.
VTW and defense
VTW is a multi-user mission planning system for defense, still in development. The company has sold test units to US military academies and signed a development agreement with the US Navy. Management has said meaningful defense sales may not materialize before fiscal 2028.
Omni Arena and Omni Pro
Omni Arena and Omni Pro are older products aimed at entertainment centres and commercial users. Omni Arena production ended in 2025, and the company keeps earning recurring revenue from maintenance, credits and parts. These lines contribute a smaller share of sales.
Market context
The company operates at the intersection of gaming, fitness and enterprise VR. Its direct omni-directional treadmill competitors are KAT VR, Infinadeck and Cyberith, with prices ranging from a few hundred dollars to tens of thousands depending on the segment. Management describes the VR market as increasingly competitive.
Defense and simulation demand is a separate market with long procurement cycles and compliance requirements. If military training programmes expand, the company could benefit, but that depends on long-term acquisition processes.
Trends
- Omni One for Quest launchtailwind
The June 2026 launch, certified Made for Meta, extended the addressable market to Quest users and lifted orders. If this effect persists, it could support consumer sales growth.
- Defense and simulation interestmixed
Projects with US armed forces and training programmes show growing interest. The amounts are small and the commercial timeline is long, which limits near-term impact.
- Listing and financing costsheadwind
Costs of operating as a listed company and non-cash financing charges widened the net loss. If financing remains expensive, liquidity pressure could increase.
- Improving marginstailwind
Higher Omni One system pricing lifted gross margin in the quarter ended June 30, 2026. Continuing this trend would depend on sales volumes and production costs.
Competitive position
The main omni-directional treadmill competitors are KAT VR, Infinadeck and Cyberith, each serving a different segment. The company argues that Omni One stands out through its integrated, portable and affordable design, supported by a patent portfolio.
Larger VR players have far greater financial and research resources. Management acknowledges that new products could reduce margins or market share, so its competitive advantage is not assured.
- KAT VR
Makes consumer and commercial treadmills sold as peripherals, priced from a few hundred to a few thousand dollars.
- Infinadeck
Motorised treadmill with an X/Y belt system aimed at professional simulation, at a high price point.
- Cyberith
Flat platform with an optional tilting base, aimed at commercial customers in research, enterprise and defense.
- Other VR and entertainment players
The company also competes with other recreational activities for consumer attention and spending.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report06 Oct 2026Delisting notice
- Current report30 Sept 2026Departure or appointment of officers · Shareholder vote · Other events
- Current report20 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report19 Aug 2026
- Proxy statement06 Aug 2026
- Current report06 Aug 2026Item 4.01 · Financial statements and exhibits
- Current report31 Jul 2026Departure or appointment of officers
- Current report21 Jul 2026Material agreement · Financial statements and exhibits
- Current report02 Jul 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Virtuix Holdings Inc. · 25 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Virtuix Holdings Inc. · 19 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Virtuix Holdings Inc. · 20 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.