Revenue for 2025 increased by 40% to $14,618,184, up from $10,421,352 in 2024, primarily driven by the iDoc acquisition. Net loss significantly improved by 74%, reducing to $(14,735,984) in 2025 from $(57,702,015) in 2024, mainly due to the absence of a large goodwill impairment charge from the prior year. The company reported an accumulated deficit of $82,416,723 as of December 31, 2025, and a working capital deficit of $7,879,201. Cash and cash equivalents increased to $5,266,286 in 2025 from $326,115 in 2024, but current cash is insufficient for operating needs over the next 12 months. Management has concluded that substantial doubt exists about the company's ability to continue as a going concern. VSee Health received a Nasdaq notification for non-compliance with the minimum $1.00 bid price rule and has until September 21, 2026, to regain compliance. Material weaknesses in internal control over financial reporting were identified, including insufficient accounting personnel, ineffective IT General Controls, and lack of formalized control environment. The company operates two segments: Healthcare Technology (VSee Lab) and Telehealth Services (iDoc), with iDoc contributing significantly to revenue growth in 2025. No active research and development spending is currently in place due to capital constraints, despite operating in a rapidly evolving industry.