Vaso Corporation Announces Financial Results for Third Quarter of 2025

PLAINVIEW, N.Y., Nov. 14, 2025 (GLOBE NEWSWIRE) — Vaso Corporation (“Vaso”) (OTCQX: VASO), a leading MedTech company with a diversified business portfolio in network and healthcare IT services, professional sales services and proprietary medical products, today announced operating results for the three months ended September 30, 2025.

“For the third quarter of 2025, the Company’s total revenue was $22.7 million, an increase of $1.9 million, or 9.1%, from prior year’s third quarter revenue of $20.8 million. All three segments of our business contributed to this significant year-over-year growth of quarterly revenue,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Net income for the quarter was $1.7 million as compared to a net loss of $1.2 million for the same period last year, representing an improvement of $2.9 million, due to higher levels of revenue and gross margin as well as lower operating expenses in the three-month period of 2025 compared to the same period of 2024.”

“Cashflow generated from operating activities during the three months ended September 30, 2025 was $2.8 million. As a result, the Company’s balance sheet continues to be strong, with cash and cash equivalents at $34.9 million as of the end of the quarter,” Dr. Ma continued. “Deferred revenue continued to trend upward, and subscription revenues remain a significant portion of the total revenue, both of which forecasting a stable topline for the foreseeable future.”

“As you might be aware, the 2025 Annual Shareholders Meeting will take place on December 17, 2025 in New York City; I look forward to seeing you then,” concluded Dr. Ma.

Financial Results for Three Months Ended September 30, 2025

For the three months ended September 30, 2025, total revenue increased by 9.1%, to $22.7 million, compared to $20.8 million for the same period of 2024, due to revenue increases in all three segments of our business. Revenue in the professional sales service segment was up by $1.7 million, or 18.7%, year-over-year, mainly due to a higher volume of underlying equipment delivered by our partner during the period. Revenue in our IT segment increased by $136 thousand, or 1.2%, in the third quarter 2025 when compared to the same quarter of 2024, due to higher revenue from network services sales, partially offset by lower healthcare IT sales. Quarterly revenue in our equipment segment increased by $46 thousand, or 8.0%, when compared to the third quarter of 2024, principally due to higher ARCS software subscription revenue in the US, partially offset by lower equipment deliveries in our China operations.

Gross profit for the third quarter of 2025 increased by $2.1 million, or 18.2%, to $13.9 million, compared with a gross profit of $11.8 million for the same quarter of 2024, as a result of both higher revenues and higher margins.

Selling, general and administrative (SG&A) expenses for the third quarter of 2025 increased by $803 thousand, or 7.0%, to $12.2 million, compared to the third quarter of 2024. The increase was primarily attributable to higher personnel costs in the IT and professional sales service segments, partially offset by lower expenses in the equipment segment.

Operating income for the three months ended September 30, 2025 was $1.5 million, compared to operating loss of $1.4 million in the third quarter of 2024. The improvement of $2.9 million year-over-year was due to the higher gross profit in all three business segments, partially offset by higher SG&A expenses as discussed above.

Net income for the three months ended September 30, 2025 was $1.7 million, compared to net loss of $1.2 million in the third quarter of 2024.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and stock-based compensation) was $1.6 million for the third quarter of 2025, compared to a negative $1.2 million for the third quarter of 2024. The improvement of $2.8 million was primarily the result of the increase in net income for the quarter. Adjusted EBITDA is a non-GAAP financial measure, as further discussed below.

Net cash generated in operating activities was $9.0 million for the first nine months of 2025, as compared to $3.6 million for the first nine months of 2024. As of September 30, 2025, the Company’s cash and cash equivalents totaled approximately $34.9 million.

About Vaso

Vaso Corporation is a diversified medical technology company with several distinct but related specialties: managed IT systems and services, including healthcare software solutions and network connectivity services; professional sales services for medical equipment; and design, manufacture, and sale of proprietary medical devices.

The Company operates through three wholly owned subsidiaries:

• VasoTechnology, Inc. provides network and IT services through two business units: NetWolves Network Services LLC, a managed network services provider with an extensive, proprietary service platform to a broad base of customers; and VasoHealthcare IT Corp., a national value added reseller of RIS (radiology Information system), PACS (picture archiving and communication system), and other software solutions from various vendors as well as related services, including implementation, management and support.
• Vaso Diagnostics, Inc. d.b.a. VasoHealthcare, provides professional sales services and is the operating subsidiary for the exclusive sales representation of GE HealthCare diagnostic imaging and ultrasound products in certain market segments in the USA.
• VasoMedical, Inc. manages and coordinates the design, manufacture and sales of proprietary medical equipment and software, as well as operates the Company’s overseas assets including China-based subsidiaries.

Additional information is available on the Company’s website at www.vasocorporation.com.

Summarized Financial Information and Non-GAAP Financial Measures

We utilize Adjusted EBITDA to evaluate our performance internally, and this non-GAAP financial measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Management believes that this non-GAAP financial measure, in addition to GAAP measures, is useful to investors to evaluate the Company’s results.

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and should not be considered a substitute for net income (loss), which we consider to be the most directly comparable U.S. GAAP measure. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other consolidated income statement data prepared in accordance with U.S. GAAP. Investors should recognize that the Company’s presentation of this non-GAAP financial measure might not be comparable to similarly-titled measures of other companies, limiting its usefulness as a comparative measure.

Summarized financial information including a reconciliation of net income (loss) to Adjusted EBITDA is set forth below:

The information contained in this report contains forward-looking statements (as such term is defined in the Securities Exchange Act of 1934 and the regulations thereunder). These forward-looking statements may include projections of, or guidance on, the Company’s future financial performance, expected levels of future revenue and expenses, anticipated growth strategies, and anticipated trends in the Company’s business or financial results. When used in this report, words such as “anticipates”, “continue”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential”, “future”, “intends”, the negative of these terms and similar expressions identify forward-looking statements. Any forward-looking statement made by the Company in this document is based only on the Company’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business based on information currently available to the Company and speaks only as of the date when made. Forward-looking statements are not historical facts or guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside of the Company’s control. Actual results may differ materially from this forward-looking information and therefore should not be unduly relied upon. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn or disruptions in the U.S. economy; the impact of US tariff policies; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments. 

Investor Contact:
Jonathan Newton
Investor Relations
Phone: 516-997-4600
Email: jnewton@vasocorporation.com