olivLaw · US equity research
Versus Systems Inc. VS
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Versus Systems Inc. builds business-to-business software that brings gamification and rewards into live events, websites and streaming content for sports teams, arenas and advertising agencies. The company moved from almost no revenue in 2024 to revenue of 2,183,415 USD in 2025, mainly from the ASPIS license, but it still depends on contracts with a small number of customers and its filings flag substantial doubt about its ability to continue as a going concern.
At the close of 04 Nov 2026, Versus Systems Inc. (VS) stock was 0.90 USD (+10.37% on the day), with market capitalisation 5.6 m USD, beta 0.92, 52-week range 0.78–1.77 USD. Latest reported quarter (Q2 2026): revenue of 6.8 k USD, net income of 473.3 k USD (−29.6% YoY), diluted EPS 0.10 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)
- 42.0
- weak (30–45)
- Bollinger (20, 2)
- 0.80 – 1.13
- in the lower half of the band · %B 0.32 · band width 34.1%
- SMA 50 / 200
- 1.07 / 1.19
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.07 / -0.06
- 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 | −15.8% | −1.1% | −14.7 pp | — |
| 3 months | −33.8% | −0.5% | −33.3 pp | — |
| 6 months | −29.1% | +4.4% | −33.5 pp | — |
| Year to date | −26.0% | +12.3% | −38.3 pp | — |
| 1 year | −48.8% | +13.5% | −62.4 pp | −19.2% |
| 3 years | −70.3% | +76.4% | −146.7 pp | −18.1% |
| 5 years | −99.9% | +63.7% | −163.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.8 k | 0 | 199.3 k | -176.0 k ≈ | 0 ≈ | 2.2 m | 17.3 k | 6.8 k |
| Cost of revenue | 0 ≈ | 0 | 8.2 k | 8.2 k | 0 ≈ | 0 | — | — |
| Gross profit | 3.8 k | 0 | 191.1 k | 2.0 m | 0 ≈ | 4.1 k | 17.3 k | 1.5 m |
| Research & development | 11.5 k | 127.9 k | 6.1 k | 6.2 k | 14.5 k | 21.2 k | — | — |
| SG&A | 521.4 k | 881.2 k | 1.4 m | 1.0 m | 741.9 k | 1.2 m | 836.0 k | 897.5 k |
| Operating income | -529.0 k | -1.0 m | -1.2 m | 938.8 k | -756.4 k | -1.2 m | -818.7 k | 594.3 k |
| Interest expense | 0 | — | — | — | — | — | — | — |
| Pre-tax income | -529.0 k | -1.0 m | -1.2 m | 942.5 k | -756.4 k | -1.2 m | -818.7 k | 594.3 k |
| Income tax | — | — | — | — | 1.6 k | 0 | — | — |
| Net income | -560.9 k | -809.5 k | -961.7 k | 672.3 k | -537.8 k | -964.9 k | -683.2 k | 473.3 k |
| Diluted EPS | -0.22 | -0.27 ≈ | -0.20 | 0.14 | -0.11 | -0.20 ≈ | -0.14 | 0.10 |
| Operating cash flow | -381.0 k ≈ | -716.6 k | -641.4 k | -867.5 k ≈ | 24.7 k ≈ | -568.6 k | 144.0 k | -475.2 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 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 501.2 k | 1.4 m | 768.7 k | 1.1 m | 271.2 k | 57.3 k | 2.2 m |
| Revenue YoY | unavailable | +177.4% | −44.7% | — | −75.5% | −78.9% | +3,711.3% |
| Net income | -7.3 m | -6.9 m | -17.8 m | -22.5 m | -9.5 m | -4.0 m | -1.8 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| Diluted EPS | -0.74 | -8.85 | -15.11 | -192.89 | -10.44 | -1.54 | -0.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| net % | -1,447.9% | -497.2% | -2,322.0% | -2,026.7% | -3,513.3% | -7,056.2% | -82.1% |
| Free cash flow | unavailable | unavailable | unavailable | -9.2 m | unavailable | unavailable | unavailable |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 527.4 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.9 m USD
- Total assets
- 2.1 m USD
- Debt / equity
- unavailable
- Current ratio
- 10.17x
- ROE
- -66.0%
- ROA
- -64.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.4 m | 768.7 k | 1.1 m | 271.2 k | 57.3 k | 2.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | — | 2.0 m | 617.0 k | 103.1 k | 40.3 k | 16.4 k | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | — | -1.3 m ≈ | 491.8 k | 168.1 k | 17.0 k | 2.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | — | — | 2.4 m | 1.1 m | 246.0 k | 48.1 k | SEC (XBRL)· 15 Apr 2026verified |
| SG&A | — | — | 11.8 m | 5.9 m | 4.3 m | 4.3 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | — | — | -22.7 m | -10.9 m | -4.5 m | -2.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Interest expense | — | 225.2 k | — | — | 17.8 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Pre-tax income | — | — | -22.5 m | -10.5 m | -4.6 m | -2.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | — | — | — | — | 24.2 k | 1.6 k | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -6.9 m | -17.8 m | -22.5 m | -9.5 m | -4.0 m | -1.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | -8.85 | -15.11 | -192.89 | -10.44 | -1.54 | -0.37 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | — | — | — | 912.7 k | 2.6 m | 4.9 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.3 m | 1.7 m | 1.2 m | 4.7 m | 3.1 m | 527.4 k | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 464.9 k | 123.6 k | 60.7 k | — | — | 836.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 3.2 m | 2.4 m | 1.5 m | 4.9 m | 3.5 m | 1.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Property, plant & equipment, net | 481.9 k | 326.9 k | 94.0 k | 1.9 k | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Goodwill | — | 6.6 m | — | — | — | — | SEC (XBRL)· 01 Apr 2022verified |
| Intangibles (excl. goodwill) | 1.7 m | 9.2 m | 6.4 m | — | — | 609.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 5.5 m | 18.5 m | 8.1 m | 4.9 m | 3.5 m | 2.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 1.5 m | 832.4 k | 138.3 k | 82.6 k | 26.3 k | 142.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 4.0 m | 3.4 m | 3.3 m | 321.5 k | 26.3 k | 142.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | — | — | 3.3 m | 321.5 k | 26.3 k | 142.8 k | SEC (XBRL)· 15 Apr 2026verified |
| Equity | -1.1 m | 14.0 m | 4.7 m | 4.6 m | 3.5 m | 1.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Shares outstanding at year end | 10.7 m | 15.6 m | 4.2 m | — | — | — | SEC (XBRL)· 29 Mar 2023verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.2 m | -12.9 m | -9.2 m | -5.6 m | -5.0 m | -2.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | — | — | 40.2 k | — | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Free cash flow | — | — | -9.2 m ≈ | — | — | — | SEC (XBRL)· 01 Apr 2024derived |
| Investing cash flow | -944.9 k | -2.5 m | -2.5 m | -14.5 k | — | -609.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 7.4 m | 14.8 m | 11.2 m | 9.0 m | 3.3 m | — | SEC (XBRL)· 31 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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: 5 of at least 6
- score weight coverage: 51.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 m USD
Key indicators
Coverage and freshness
Score by group
51% · 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 · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
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: 5 of at least 6; score weight coverage: 51.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 69.3% | 73 (on a fixed band) | 21% |
| EBIT margin · Quality | -98.5% | 13 (vs peers) | 17% |
| FCF margin · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 25.3% | 100 (on a fixed band) | 33% |
| Revenue growth (YoY) · Growth | 3,711.3% | 100 (vs peers) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.0x | 100 (on a fixed band) | 13% |
| 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· partial100/100 · 1/2 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality47/100 · 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
VERSUS SYSTEMS INC. (VS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.2 m USD in 2025; YoY growth 3,711.3%; net margin -78.4%; ROE -14.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 51.1% 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
- Gross margin: 69.3%
- Revenue CAGR 3Y: 25.3%
- Revenue growth (YoY): 3,711.3%
- Current ratio: 4.0x
What contradicts it
- EBIT margin: -98.5%
Not assessed (insufficient data or a ratio without meaning): FCF margin, Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| DXCDxc Technology Company | 2.3 bn | 21.9 | 3.7% | 0.9% | −1.8% | +13% / −36% |
| EVTCEVERTEC, Inc. | 2.1 bn | 22.9 | 14.4% | 9.0% | +10.2% | +20% / −6% |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| YEXTYext, Inc. | 775.0 m | 40.6 | 27.8% | 5.9% | +6.1% | −7% / +18% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SOHUSohu.com Limited | 355.1 m | 1.0 | 35.8% | 67.4% | −2.4% | −12% / +70% |
| MOVECorvex, Inc. | 176.9 m | — | -9.6% | -623.5% | −57.3% | −17% / −93% |
| SSTKShutterstock, Inc. | 161.1 m | — | -43.4% | -22.9% | +5.8% | −79% / −90% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DDIDoubleDown Interactive Co., Ltd. | 34.1 m | 0.3 | 11.4% | 28.5% | +5.5% | +48% / +72% |
| SJScienjoy Holding Corporation | 23.5 m | — | -66.6% | -47.3% | −4.9% | +28% / −68% |
| DTSTData Storage Corporation | 6.5 m | 1.5 | 113.7% | 1,248.8% | +13.4% | −37% / −14% |
1- and 3-year price returns: for VS 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
Versus Systems Inc. builds business-to-business software that brings gamification and rewards into live events, websites and streaming content for sports teams, arenas and advertising agencies. The company moved from almost no revenue in 2024 to revenue of 2,183,415 USD in 2025, mainly from the ASPIS license, but it still depends on contracts with a small number of customers and its filings flag substantial doubt about its ability to continue as a going concern.
SWOT
Strengths
- The company holds granted patents and pending applications, including ones for artificial intelligence, which can help protect its technology.
- The FFC and Winfinite products are built into live sports experiences at teams and arenas, giving it long-standing relationships with sports clients.
- A small organization allows fast decisions, and cost cuts in recent quarters have improved operating results.
Weaknesses
- Dependence on a few customers, some of them related parties, makes revenue volatile and exposes the company to collection risk.
- Limited financial resources and reliance on outside financing could lead to dilution of existing shareholders.
- Staff reductions have limited development capacity and rebuilding skills may require costly hiring.
Opportunities
- If Brazilian partnerships become contracts, the company could diversify its customer base and reduce reliance on a single partner.
- Licensing its technology and intellectual property, including outside advertising, could create new recurring revenue.
- Growing interest in interactive advertising and consented consumer data could support demand for the company's products.
Threats
- Large technology and media competitors with far bigger budgets and data could move directly into prizes and rewards.
- Regulatory changes on contests, gambling-like games and child protection could restrict certain campaigns.
- Uncertainty about going concern and investor confidence could make financing more expensive or unavailable.
Risks
- Going concernhigh
The auditors note a material uncertainty about the company's ability to continue operating without additional financing, which could force a reduction or halt of operations.
- Customer concentrationhigh
Dependence on a few customers, including related parties, exposes the company to losing important contracts and to delayed payments.
- Former CFO investigationhigh
An internal audit found fraudulent activity involving the former chief financial officer, and recovery of the funds is not assured, which could affect confidence and finances.
- Regulation and privacymedium
Laws on sweepstakes, child protection and personal data are changing, and failure to comply could bring penalties and loss of user trust.
- Shareholder dilutionmedium
If financing is raised through share issues or convertible securities, the stakes of existing shareholders could fall considerably.
Investment thesis
What would need to be true (bull case)
- If ASPIS license revenue holds and Brazilian partnerships turn into contracts, the company could show a firmer revenue base.
- Cost reductions produced operating income in the second quarter of 2026, which could be a base for better results if the trend continues.
- The patent portfolio and AI technology could generate new licenses and product developments in the future.
What would break the thesis
- If financing cannot be obtained on acceptable terms, the company could be forced to reduce or halt operations.
- Revenue in the first half of 2026 depends almost entirely on related parties, and a drop in those sales could cancel the benefit of cost cuts.
- Competition from large technology and media companies could limit growth and the company's bargaining power.
What to watch
- Signing of new contracts with Brazilian clients and the revenue trend in that marketQ3 2026
- Trend in related-party revenue after the non-cancellable ASPIS license term endsQ2 2027
- Going-concern language and financing plans in the next annual reportnext 10-K
- Recovery of the amount under the promissory note executed by the former CFO2027
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.
The business
Versus offers a suite of proprietary software tools that let partners offer in-game prizes and rewards, including merchandise, coupons, digital goods and sweepstakes entries, inside websites, venues or streaming content. Its main products are the in-venue Filter Fan Cam (FFC) augmented reality platform and the Winfinite line used by brands and agencies outside stadiums on mobile devices, along with the Winfinite Games web casual games. According to the annual report, the company had four active customers at the end of 2025, up from two at the end of 2024, and its largest customer that year was ASPIS, a significant shareholder.
The company has begun operations and partnerships in Brazil, a new market management expects to generate revenue in the near term, and has implemented cybersecurity solutions provided by Aspis Cyber Technologies. Its intellectual property portfolio includes seven granted patents as of December 31, 2025 plus pending claims, including ones covering artificial intelligence and machine learning. Management says these initiatives, together with cost discipline and strategic partnerships, may support improved financial performance in future periods.
Revenue comes from licensing software to teams, ad agencies and content creators, along with professional services and advertising. The company cut staffing sharply in 2024, including most full-time engineers, and now relies on a small number of customers, some of them related parties.
Segments
FFC live-event platform
FFC is an augmented reality filtering tool used on stadium and arena screens, and also at conferences, theme parks and restaurants, to increase audience engagement. Sports teams can use it alongside existing video boards with games and interactive experiences.
Winfinite and Winfinite Games
Winfinite is an interactive advertising tool combining games and rewards to raise awareness, loyalty and sales, while Winfinite Games is a suite of customizable web casual games. Both can be built into customers' existing campaigns across several digital platforms.
Services and ASPIS license
Since April 30, 2025, the license of the gamification, engagement and QR code technology to ASPIS has been the main source of income, with a monthly license fee of 165,000 USD payable regardless of use. The contract sets a non-cancellable initial term of twelve months and an exclusive license in the cybersecurity industry as long as the fee is paid.
Market context
Versus operates in interactive media, live events, in-venue advertising and rewarded advertising, all highly competitive areas where new products and platforms appear constantly. The company considers the sports and live events market in Brazil one of the largest globally, with a highly engaged consumer base.
Demand depends on brands' marketing budgets and on sports teams and arenas wanting to monetize their audiences, and large contracts with a few clients make revenue volatile. The company has also built a sales presence in Brazil through contractors.
Trends
- Expansion into Braziltailwind
Management has set up operations and talks with soccer clubs, leagues and festival promoters in Brazil, where it expects revenue in the near term. If these partnerships turn into contracts, they could diversify the customer base.
- Customer concentrationheadwind
Revenue comes from a small number of customers, and in the first half of 2026 related-party revenue made up nearly all of the top line. If one major customer reduces activity, the impact on results could be significant.
- Cost reductionmixed
After the 2024 restructuring, administrative and research costs fell sharply, and the company reported operating income in the second quarter of 2026. However, staff reductions could limit its ability to resume product development.
- Regulation of contests and dataheadwind
Sweepstakes rules, child protection and privacy laws can change the conditions under which the platform may award prizes. If rules tighten, the company could have to drop certain campaigns in some jurisdictions.
Competitive position
In prizes and rewards, Versus competes with companies such as TapJoy, Honey, Rakuten and Otello, which are funded by free distribution of coupons and rewards. It also faces pay-to-play game companies such as Skillz, FanDuel and DraftKings, which earn most revenue directly from users.
The filings also cite competition from large technology and media companies such as Apple, Alphabet/Google, Amazon, Meta, Microsoft, Netflix, Shopify and Yahoo, which could expand interactive offers and prizes. The company believes its small size allows quick decisions but acknowledges that many rivals have much larger financial resources, data and patents.
- TapJoy
Company offering free rewards and coupons to users, in direct competition on the brand rewards side.
- Skillz
Game platform with paid entry and cash rewards that competes for user attention but earns its revenue directly from players.
- Alphabet/Google
Technology giant that could add prizes and rewards to its interactive and advertising offers, with far greater resources.
- Meta
Company with a broad online presence that could develop interactive offers and rewards, competing for advertising budgets.
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
- Postop morbidity lower with laparoscopic versus open resection of colorectal liver metastasesMedical Xpress · 02 Nov 2026 · EN
- Import AI 479: Spacewar; low-latency tasks versus LLMs; Genie 4Import AI · 02 Nov 2026 · EN
- Coronary CT Angiography versus Intravascular Ultrasound Guidance for PCINew England Journal of Medicine · 01 Nov 2026 · EN
- Răzvan Burleanu versus Gianni Infantino?! L'Equipe scrie că românul e luat în calcul pentru șefia FIFA - GSPSurge — Google News · 30 Oct 2026 · RO
- Euro Set For Worst Month Versus Pound Since 2022 on French WoesBloomberg Markets · 30 Oct 2026 · EN
- Subsoil versus Topsoil Straw Addition Shifts Microbial Carbon Allocation for Enhanced Carbon Sequestration and Emission MitigationEnvironmental Science & Technology · 28 Oct 2026 · EN
- New Zealand Dollar Slides Most Versus Aussie Since 2017 on RBNZBloomberg Markets · 28 Oct 2026 · EN
- Elvis Presley versus Anthropic. Proces de 41 de milioane de dolari privind melodii utilizate de inteligența artificialăAntena 3 CNN · 27 Oct 2026 · RO
- BREAKING: Brazil's currency real slumps over 8% versus US dollar on Lula winTelegram — Insider Paper (EN, defense leaks) · 26 Oct 2026 · EN
- Ionuţ Daniel Coleaşă, CITR: „Avem o creştere a numărului de insolvenţe anul acesta de 12%, în primele 9 luni din 2026 versus 9 luni din 2025. Dacă facem un zoom in, în agricultură şi în sectorul construcţiilor este cea mai mare creştere. Anul acesta s-au văzut dificultăţile financiare din ultimii 3-4 ani de zile şi nu doar din 2026”Ziarul Financiar · 26 Oct 2026 · RO
- Aplicații de fitness gratuite versus abonamente premium: pentru ce funcții merită să plăteștiProfit.ro · 25 Oct 2026 · RO
- Zoom Versus The Hague: Anatomy of a Russian Sleight of HandKyiv Post · 24 Oct 2026 · EN
- Relatlimab plus nivolumab versus nivolumab for advanced melanoma: 5-year survival and biomarker analyses of the phase 3 RELATIVITY-047 trialNature Medicine · 24 Oct 2026 · EN
- Test de sânge pentru febra tifoidă: explicarea testului Widal versus hemocultură - Kantesti AI Blood Test AnalyzerSurge — Google News · 23 Oct 2026 · RO
- Israeli elections: Is it just right wing versus right?Al Jazeera — World · 22 Oct 2026 · EN
- Imunitatea statului versus CPIJuridice.ro · 22 Oct 2026 · RO
- Bitcoin versus aur și Wall Street: prognoza J.P. Morgan pentru următorii 15 ani - Forbes RomaniaSurge — Google News · 20 Oct 2026 · RO
- Mechanistic versus descriptive interpretation of brain activity pattern reconstructionPNAS · 15 Oct 2026 · EN
- Moscova și Washington versus Kiev. Poate Trump să forțeze Ucraina să capituleze? (Kyiv Post)Digi24 · 15 Oct 2026 · RO
- ArXiv versus AI slop: will capping preprint submissions work?Nature · 15 Oct 2026 · EN
SEC filings
- Current report10 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report24 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jul 2026Shareholder vote · Financial statements and exhibits
- Current report29 Jun 2026Item 3.02 · Financial statements and exhibits
- Proxy statement22 Jun 2026
- Quarterly report15 May 2026
- Current report05 May 2026Delisting notice · Financial statements and exhibits
- Current report16 Apr 2026Material agreement · Financial statements and exhibits
- Annual report15 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Versus Systems Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Versus Systems Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.