VirnetX Holding Corp (VHC) Income Statement
VHC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsVHC revenue and net income
Where VHC's revenue goes
2025Each bar shows an amount and its share of revenue. VHC kept −11,250.0% of revenue as net income.
VHC profit margins
VHC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3,140.0% | +50.0% | −77.8% | −20.2% |
| Gross profit | +2,680.0% | +42.5% | −76.9% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
VHC quarterly EPS vs estimates
VirnetX beat the analyst EPS estimate in 0 of the last 1 quarters. Next report: November 13, 2026.
VHC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162,000 | $5,000 | $7,000 | $48,000 | $35,000 | $302.6M | $85,000 | $63,000 | $1.5M | $1.6M |
| Cost of revenue | $23,000 | $0 | $9,000 | $3,000 | −$9.1M | $90.1M | $0 | $0 | $26,000 | $884,000 |
| Gross profit | $139,000 | $5,000 | −$2,000 | $48,000 | $35,000 | $212.5M | $85,000 | $63,000 | $1.5M | $666,000 |
| Research & development | $5.7M | $6.0M | $9.7M | $6.4M | $5.6M | $8.8M | $3.8M | $4.8M | $2.7M | $2.5M |
| Sales, general & admin | $13.4M | $14.4M | $21.7M | $15.7M | $52.7M | $2 | $15.9M | $20.7M | $16.2M | $26.7M |
| Total operating expenses | $19.1M | $20.4M | $31.4M | $22.1M | $49.2M | $56.8M | $19.8M | $25.5M | $18.9M | $29.2M |
| Operating income | −$18.9M | −$20.4M | −$31.4M | −$22.1M | −$49.2M | $155.8M | −$19.7M | −$25.5M | −$17.3M | −$28.5M |
| Interest income | $1.2M | $2.2M | $3.9M | $1.8M | $48,000 | $108.3M | $92,000 | $54,000 | $46,000 | $69,000 |
| Interest expense | — | — | — | $1.8M | $48,000 | $190.8M | $92,000 | $0 | $0 | $0 |
| Income before taxes | −$18.2M | −$18.2M | −$27.9M | −$20.2M | −$49.1M | $307.5M | −$19.6M | −$25.4M | −$17.3M | −$28.4M |
| Income taxes | −$2,000 | $3,000 | −$79,000 | $16.0M | −$6.2M | $27.0M | −$393,000 | $3,000 | $3,000 | $133,000 |
| Net income | −$18.2M | −$18.2M | −$27.9M | −$36.3M | −$42.9M | $280.4M | −$19.2M | −$25.4M | −$17.3M | −$28.6M |
| EBITDA | −$18.2M | −$18.2M | −$27.9M | −$22.1M | −$49.1M | $307.5M | −$19.6M | −$25.4M | −$17.3M | −$28.5M |
| EPS (diluted) | −$4.75 | −$5.05 | −$3.54 | −$2.60 | −$0.56 | $3.93 | −$0.27 | −$0.41 | −$0.30 | −$0.42 |
| Gross margin | 85.8% | 100.0% | −28.6% | 100.0% | 100.0% | 70.2% | 100.0% | 100.0% | 98.3% | 43.0% |
| Operating margin | −11,691.4% | −407,940.0% | −449,214.3% | −45,991.7% | −140,497.1% | 51.5% | −23,135.3% | −40,407.9% | −1,119.7% | −1,839.0% |
| Net margin | −11,250.0% | −363,500.0% | −398,157.1% | −75,541.7% | −122,631.4% | 92.7% | −22,564.7% | −40,327.0% | −1,116.9% | −1,843.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $56,000 | $58,000 | $48,000 | $0 | $0 | $2,000 | $1,000 | $2,000 | $3,000 | $3,000 |
| Cost of revenue | $7,000 | $6,000 | $7,000 | $6,000 | $5,000 | $5,000 | $5,000 | $0 | $5,000 | $5,000 | $4,000 | $2,000 |
| Gross profit | −$7,000 | −$6,000 | $49,000 | $52,000 | $43,000 | −$5,000 | −$5,000 | $2,000 | $1,000 | $2,000 | −$4,000 | $3,000 |
| Research & development | $1.1M | $1.2M | $2.0M | $1.1M | $1.2M | $1.3M | $2.4M | $1.2M | $1.2M | $1.3M | $2.4M | $1.2M |
| Sales, general & admin | — | $3.3M | $4.8M | $3.1M | $2.8M | $2.8M | $4.3M | $3.2M | $3.2M | $3.7M | $5.4M | $4.4M |
| Total operating expenses | $4.7M | $4.5M | $6.9M | $4.2M | $4.0M | $4.0M | $6.7M | $4.4M | $4.4M | $4.9M | $7.8M | $5.6M |
| Operating income | −$4.7M | −$4.5M | −$6.8M | −$4.1M | −$3.9M | −$4.0M | −$6.7M | −$4.4M | −$4.4M | −$4.9M | −$7.8M | −$5.6M |
| Interest income | — | $154,000 | $224,000 | $296,000 | $323,000 | $370,000 | $454,000 | $548,000 | $588,000 | $635,000 | $671,000 | $716,000 |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $1.5M | — |
| Income before taxes | −$4.5M | −$4.4M | −$6.6M | −$4.3M | −$3.6M | −$3.7M | −$6.2M | −$3.8M | −$3.8M | −$4.3M | −$7.1M | −$4.9M |
| Income taxes | — | — | −$4,000 | — | — | $2,000 | −$6,000 | — | $3,000 | −$38,276 | −$4.8M | −$1,000 |
| Net income | −$4.5M | −$4.4M | −$6.6M | −$4.3M | −$3.6M | −$3.7M | −$6.2M | −$3.8M | −$3.8M | −$4.3M | −$7.1M | −$4.9M |
| EBITDA | −$4.7M | −$4.3M | −$6.6M | −$4.3M | −$3.6M | −$3.7M | −$6.2M | −$3.8M | −$3.8M | −$4.3M | −$7.1M | −$4.9M |
| EPS (diluted) | −$1.20 | −$1.16 | −$1.57 | −$1.18 | −$0.99 | −$1.01 | −$1.73 | −$1.07 | −$1.07 | −$1.19 | −$1.96 | −$1.36 |
| Gross margin | — | — | 87.5% | 89.7% | 89.6% | — | — | 100.0% | 100.0% | 100.0% | −133.3% | 100.0% |
| Operating margin | — | — | −12,151.8% | −7,144.8% | −8,216.7% | — | — | −219,350.0% | −441,500.0% | −246,300.0% | −259,266.7% | −187,833.3% |
| Net margin | — | — | −11,744.6% | −7,496.6% | −7,543.8% | — | — | −191,950.0% | −383,000.0% | −214,550.0% | −236,900.0% | −163,933.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in VHC's financial statements (latest annual report filed March 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
VHC financial results
In fiscal year 2025 (ended December 31, 2025), VirnetX reported revenue of $0.2 million, up 3,140.0% from the year before. It had a net loss of $18.2 million, a net profit margin of −11,250.0%. Diluted earnings per share came to −$4.75. Over five years revenue grew at an average rate of −77.8% a year.
See the VHC stock overview for the latest quote and news, or the VHC chart for price history and technical indicators.
VHC income statement FAQ
What is VirnetX's annual revenue?
VirnetX reported total revenue of $0.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 3,140.0% from $0.0 million the previous year.
Is VirnetX profitable?
No. VirnetX reported a net loss of $18.2 million in fiscal 2025, a net profit margin of −11,250.0%; its operating margin was −11,691.4%.
What is VirnetX's gross margin?
VirnetX's gross margin was 85.8% in fiscal 2025: for every $100 of revenue, VirnetX kept $86 after the direct cost of its products and services.
How much does VirnetX spend on research and development?
VirnetX spent $5.7 million on research and development in fiscal 2025, 3,490.1% of revenue.
How fast is VirnetX growing?
Revenue grew −77.8% a year on average over the last five fiscal years, from $302.6 million to $0.2 million.
What are VirnetX's earnings per share?
VirnetX earned $-4.75 per diluted share in fiscal 2025, compared with $-5.05 a year earlier.
When will VirnetX report its next earnings?
VirnetX is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does VirnetX's fiscal year end?
VirnetX's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 24, 2026.