Versus Systems Inc. (VS): Business Model Canvas

In der sich schnell entwickelnden Landschaft der interaktiven Unterhaltung entwickelt sich Versus Systems Inc. (VS) zu einem bahnbrechenden Technologieunternehmen, das die Art und Weise revolutioniert, wie Spieler Belohnungen und Engagement erleben. Durch den Einsatz modernster proprietärer Technologie transformiert VS traditionelle Gaming-Ökosysteme durch innovative Spielergebnisvorhersagen und interaktive Preismechanismen, die einen beispiellosen Mehrwert für Entwickler, Plattformen und Spieler gleichermaßen schaffen. Ihr einzigartiges Geschäftsmodell integriert nahtlos ausgefeilte Belohnungssysteme, die eine Umgestaltung der digitalen Unterhaltungsbranche versprechen und einen verlockenden Einblick in die Zukunft interaktiver Spielerlebnisse bieten.

Versus Systems Inc. (VS) – Geschäftsmodell: Wichtige Partnerschaften

Gaming-Plattformen und Spieleentwickler

Versus Systems hat Partnerschaften mit mehreren Gaming-Plattformen und Entwicklern aufgebaut:

Partner	Einzelheiten zur Partnerschaft	Plattform/Technologie
Zucken	Interaktive Preisintegration	Live-Streaming-Plattform
Zwietracht	Preis- und Belohnungsmechanismen	Kommunikationsplattform

Organisatoren von E-Sport-Turnieren

Zu den wichtigsten E-Sport-Partnernetzwerken gehören:

• ESL (Electronic Sports League)
• BLAST Premier
• Major League Gaming (MLG)

Werbe- und Sponsoring-Netzwerke

Netzwerk	Umsatzbeteiligung	Integrationstyp
Google Ad Manager	70/30-Aufteilung	Programmatische Werbung
Vungle	65/35-Aufteilung	Werbung für Handyspiele

Partner für Technologieintegration

Technische Kollaborationsplattformen:

• Amazon Web Services (AWS)
• Microsoft Azure
• Google Cloud-Plattform

Versus Systems Inc. (VS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer interaktiven Belohnungs- und Engagement-Plattform

Kennzahlen zur Plattformentwicklung ab Q4 2023:

Metrisch	Wert
Gesamtzahl der Plattformbenutzer	125,000
Monatlich aktive Plattformintegrationen	37
Jährliche Investition in die Plattformentwicklung	2,3 Millionen US-Dollar

Erstellen von White-Label-Softwarelösungen für die Gaming-Branche

Möglichkeiten der White-Label-Softwareentwicklung:

• Integration eines benutzerdefinierten Belohnungssystems
• Plattformübergreifende Kompatibilität
• Echtzeit-Engagement-Tracking

Metrik für Softwarelösungen	Wert
Anzahl der White-Label-Lösungen	12
Durchschnittliche Kundenbindungsrate	78%

Verwaltung von In-Game-Belohnungs- und Monetarisierungssystemen

Leistungsindikatoren des Monetarisierungssystems:

Monetarisierungsmetrik	Wert
Gesamtzahl der verarbeiteten Transaktionen	1,2 Millionen
Durchschnittlicher Transaktionswert	$4.75
Jährlicher Monetarisierungsumsatz	5,7 Millionen US-Dollar

Entwicklung einer proprietären Technologie zur Vorhersage von Spielergebnissen

Besonderheiten der Technologieentwicklung:

• Algorithmen für maschinelles Lernen
• Datenverarbeitung in Echtzeit
• Erweiterte Vorhersagemodellierung

Vorhersagetechnologie-Metrik	Wert
Vorhersagegenauigkeitsrate	72%
F&E-Investitionen	1,6 Millionen US-Dollar
Patentanmeldungen	3

Versus Systems Inc. (VS) – Geschäftsmodell: Schlüsselressourcen

Patentierte belohnungsbasierte Engagement-Technologie

Versus Systems hält 3 aktive Patente im Zusammenhang mit ihrer belohnungsbasierten Engagement-Plattform ab 2024. Das Patentportfolio umfasst interaktive Belohnungsmechanismen für digitale Plattformen.

Patentkategorie	Anzahl der Patente	Ausgabejahr
Belohnungs-Engagement-Technologie	3	2020-2023

Software-Entwicklungsteam

Ab dem vierten Quartal 2023 unterhält Versus Systems eine Software-Entwicklungsteam aus 12 Fachleuten.

• Leitende Software-Ingenieure: 4
• Mittelständische Entwickler: 6
• Nachwuchsentwickler: 2

Strategisches Portfolio für geistiges Eigentum

Portfolio an geistigem Eigentum im Wert von ca 1,2 Millionen US-Dollar Stand: Dezember 2023.

IP-Asset-Typ	Bewertung
Patente	$750,000
Marken	$450,000

Cloudbasierte Technologieinfrastruktur

Infrastruktur gehostet auf Amazon Web Services (AWS) mit 99,99 % Verfügbarkeit im Jahr 2023.

• Gesamtausgaben für die Cloud-Infrastruktur: 425.000 US-Dollar pro Jahr
• Server: Bereitstellung in mehreren Regionen
• Datenspeicher: 250 TB

Datenanalysefunktionen

Erweiterte Analyseplattformverarbeitung 3,5 Millionen Benutzerinteraktionen monatlich.

Analytics-Metrik	Leistung
Monatliche Benutzerinteraktionen	3,500,000
Datenverarbeitung in Echtzeit	98,5 % Genauigkeit

Versus Systems Inc. (VS) – Geschäftsmodell: Wertversprechen

Verbesserte Benutzereinbindung für Gaming-Plattformen

Versus Systems bietet eine Plattform, die das Benutzerengagement durch interaktive Belohnungsmechanismen erhöht. Zum vierten Quartal 2023 berichtete das Unternehmen:

Metrisch	Wert
Durchschnittliche Benutzerinteraktionszeit	23,4 Minuten pro Sitzung
Steigerung der Engagement-Rate	37 % im Vergleich zu Standard-Gaming-Plattformen

Monetarisierungstools für Spieleentwickler

Das Unternehmen bietet spezialisierte Monetarisierungslösungen mit den folgenden Hauptmerkmalen:

• Umsatzbeteiligungsmodell für In-Game-Preise
• Anpassbare Belohnungsintegration
• Echtzeit-Analyse-Dashboard

Monetarisierungsmetriken für Entwickler	Daten für 2023
Durchschnittlicher zusätzlicher Umsatz pro Spiel	47.500 $ jährlich
Anzahl integrierter Spiele	127 aktive Titel

Interaktive Belohnungssysteme für Spieler

Wichtige Statistiken zum Belohnungssystem für 2023:

Belohnungskategorie	Gesamtwert
Gesamtzahl der verteilten Preise	3,2 Millionen US-Dollar
Durchschnittlicher Preiswert	124 $ pro Spieler

Preis- und Herausforderungsmechanismen im Spiel in Echtzeit

Technische Möglichkeiten des Gewinnmechanismus:

• Preisvergabe im Sekundenbruchteil
• Kompatibilität mit mehreren Plattformen
• Blockchain-verifizierte Preisverfolgung

Leistung des Herausforderungsmechanismus	Kennzahlen für 2023
Insgesamt erstellte Herausforderungen	14,672
Spielerbeteiligungsrate	62.3%

Einzigartige Spielerinteraktions- und Anreizmodelle

Kennzahlen zur Spielerinteraktion zeigen die Wirksamkeit der Plattform:

Interaktionsmetrik	Leistung 2023
Gesamtzahl der aktiven Benutzer	478,000
Wiederholen Sie die Engagement-Rate	54.7%

Versus Systems Inc. (VS) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

Versus Systems bietet digitale Plattformen mit den folgenden Eigenschaften:

Plattformfunktion	Spezifikation
Benutzeroberfläche	Web- und mobilbasierte Integration
Zugänglichkeit der Plattform	Verfügbar in mehreren Gaming-Ökosystemen
Benutzerauthentifizierung	Sichere Anmeldemechanismen

Direktvertrieb und Partnerschaftsmanagement

Partnerschaftsstatistiken für Versus Systems:

• Gesamtzahl der aktiven Gaming-Partnerschaften: 37, Stand 4. Quartal 2023
• Integrierte Gaming-Plattformen: 12 große Plattformen
• Geografische Marktabdeckung: Nordamerika, Europa, Asien

Kundensupport für Technologieintegration

Support-Metrik	Leistung
Durchschnittliche Reaktionszeit	Unter 4 Stunden
Technische Supportkanäle	E-Mail, Live-Chat, Ticketsystem
Größe des Support-Teams	8 engagierte technische Spezialisten

Community-Engagement durch Gaming-Ökosystem

Kennzahlen zum Community-Engagement:

• Aktive Benutzerbasis: Ungefähr 250.000 Benutzer
• Monatlich aktive Gaming-Turniere: 42
• Durchschnittliche Turnierteilnahme: 1.500 Spieler

Technische Beratungsdienste

Technischer Beratungsrahmen:

Beratungstyp	Servicedetails
Onboarding-Beratung	Personalisierte Integrationsunterstützung
Technische Beratung	Empfehlungen zur Plattformoptimierung
Konsultationshäufigkeit	Vierteljährliche strategische Überprüfungen

Versus Systems Inc. (VS) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2023 unterhält Versus Systems ein engagiertes Vertriebsteam, das sich auf Kunden aus der Unternehmens- und Gaming-Branche konzentriert. Die Teamgröße besteht aus etwa 7–9 Direktvertriebsmitarbeitern, die auf bestimmte Marktsegmente abzielen.

Vertriebskanaltyp	Anzahl der Vertreter	Zielmarkt
Unternehmensverkauf	4	Gaming- und Unterhaltungsplattformen
Strategische Partnerschaften	3	Technologie- und Gaming-Ökosysteme

Online-Technologie-Marktplatz

Versus Systems nutzt digitale Plattformen für den Produktvertrieb und die Interaktion.

• Primärer Online-Marktplatz: Die firmeneigene Webplattform
• Aktive digitale Nutzerbasis: Ungefähr 50.000 registrierte Nutzer
• Monatlich aktive Plattforminteraktionen: Geschätzte 15.000–20.000

Konferenzen der Gaming-Branche

Die Teilnahme an Konferenzen dient als entscheidender Kanal für die Geschäftsentwicklung und das Networking.

Konferenztyp	Jährliche Teilnahme	Geschätzte Netzwerkreichweite
Gaming-Technologie-Konferenzen	4-5 Großveranstaltungen	500–750 direkte Branchenkontakte
Technologie-Innovationsgipfel	2-3 Veranstaltungen	300–450 potenzielle Partnerschaftskontakte

Digitale Marketingplattformen

Digitale Marketingkanäle sind entscheidend für die Markenbekanntheit und Kundengewinnung.

• Primäre digitale Marketingkanäle:
  • LinkedIn
  • Twitter
  • Branchenspezifische digitale Publikationen
• Monatliches Budget für digitales Marketing: Ungefähr 25.000 bis 35.000 US-Dollar
• Vierteljährliche Kennzahlen zum digitalen Engagement: 100.000–150.000 Impressionen

Strategische Partnerschaftsnetzwerke

Versus Systems nutzt strategische Partnerschaften, um die Marktreichweite zu erweitern.

Kategorie „Partnerschaft“.	Anzahl der aktiven Partner	Mögliche Markterweiterung
Gaming-Plattformen	12-15	Globales Gaming-Ökosystem
Technologieintegratoren	6-8	Technologielösungen für Unternehmen

Versus Systems Inc. (VS) – Geschäftsmodell: Kundensegmente

Videospielentwickler

Versus Systems richtet sich an Videospielentwickler mit einem Belohnungs- und Engagementplattform.

Kategorie „Spieleentwickler“.	Potenzielle Marktgröße	Integrationspotenzial
AAA Game Studios	32 aktive globale Studios	Hohes Engagement-Potenzial
Indie-Spieleentwickler	Über 9.500 registrierte Entwickler	Mäßige Integrationsfähigkeit

Esportorganisationen

Versus Systems bietet Engagement-Lösungen für wettbewerbsorientierte Gaming-Unternehmen.

• Globale E-Sport-Organisationen: 380 registrierte Unternehmen
• Jährliches Umsatzpotenzial im E-Sport: Marktsegment 1,6 Milliarden US-Dollar
• Durchschnittliche Turnierteilnehmer pro Organisation: 250–500 Spieler

Gaming-Plattformen

Die Plattformintegration stellt ein wichtiges Kundensegment für Versus Systems dar.

Plattformtyp	Anzahl der Plattformen	Benutzerbasis
PC-Gaming-Plattformen	87 identifizierte Plattformen	2,5 Milliarden aktive Nutzer
Konsolen-Gaming-Plattformen	3 große Plattformen	450 Millionen aktive Nutzer

Interaktive Unterhaltungsunternehmen

Versus Systems richtet sich an Unternehmen, die eine stärkere Benutzereinbindung anstreben.

• Gesamtzahl der interaktiven Unterhaltungsunternehmen: 1.200 weltweit
• Potenzieller Marktwert: 180-Millionen-Dollar-Markt für Engagement-Technologie
• Durchschnittliche Technologieeinführungsrate: 22 % pro Jahr

Digitale Mediennetzwerke

Digitale Mediennetzwerke stellen für Versus Systems ein strategisches Kundensegment dar.

Netzwerktyp	Gesamtnetzwerke	Potenzielle Reichweite
Streaming-Netzwerke	42 große Netzwerke	1,8 Milliarden monatliche Zuschauer
Gaming-Mediennetzwerke	76 spezialisierte Netzwerke	850 Millionen monatliche Zuschauer

Versus Systems Inc. (VS) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Versus Systems Inc. Forschungs- und Entwicklungskosten in Höhe von 3.456.000 US-Dollar, was einem Anstieg von 22 % gegenüber dem Vorjahr entspricht.

Geschäftsjahr	F&E-Ausgaben	Veränderung im Jahresvergleich
2022	$2,830,000	+15%
2023	$3,456,000	+22%

Gehälter für Software-Engineering

Die Personalkosten für Softwareentwicklung beliefen sich bei Versus Systems Inc. im Jahr 2023 auf insgesamt 2.145.000 US-Dollar.

• Durchschnittliches Gehalt als Softwareentwickler: 125.000 US-Dollar pro Jahr
• Gesamtzahl der Mitarbeiter im Software-Engineering: 17 Mitarbeiter
• Standortbezogene Gehaltsverteilung: Hauptsächlich in nordamerikanischen Technologiemärkten

Marketing und Geschäftsentwicklung

Die Marketing- und Geschäftsentwicklungskosten für 2023 beliefen sich auf 1.890.000 US-Dollar.

Kategorie der Marketingausgaben	Betrag
Digitales Marketing	$875,000
Teilnahme an Messen und Veranstaltungen	$425,000
Geschäftsentwicklungsreisen	$590,000

Wartung der Cloud-Infrastruktur

Die Kosten für Cloud-Infrastruktur und Hosting beliefen sich im Jahr 2023 auf 1.250.000 US-Dollar.

• Amazon Web Services (AWS)-Vertrag: 850.000 US-Dollar
• Google Cloud Platform: 250.000 US-Dollar
• Zusätzliche Cloud-Dienstanbieter: 150.000 US-Dollar

Schutz des geistigen Eigentums

Die Rechts- und Schutzkosten für geistiges Eigentum beliefen sich im Jahr 2023 auf insgesamt 345.000 US-Dollar.

IP-Schutzkategorie	Kosten
Patentanmeldung und -pflege	$210,000
Markenregistrierung	$85,000
Rechtsberatung	$50,000

Versus Systems Inc. (VS) – Geschäftsmodell: Einnahmequellen

Softwarelizenzgebühren

Im vierten Quartal 2023 meldete Versus Systems Inc. einen Softwarelizenzumsatz von 487.000 US-Dollar für das Geschäftsjahr.

Gebühren für die Nutzung der Plattform

Plattformdienst	Umsatz 2023
Esports-Plattform	$612,000
Gaming-Engagement-Plattform	$423,500

Transaktionsbasierter Umsatz

Die Transaktionsgebühren generierten im Geschäftsjahr 2023 einen Umsatz von 276.450 US-Dollar.

White-Label-Lösungsverträge

• Gesamtwert des White-Label-Vertrags: 1,2 Millionen US-Dollar im Jahr 2023
• Anzahl aktiver White-Label-Partnerschaften: 7

Datenmonetarisierungsdienste

Der Umsatz aus der Datenmonetarisierung erreichte im Geschäftsjahr 2023 215.700 US-Dollar.

Einnahmequelle	2023 Gesamt
Softwarelizenzierung	$487,000
Plattformnutzung	$1,035,500
Transaktionsgebühren	$276,450
White-Label-Verträge	$1,200,000
Datenmonetarisierung	$215,700

Versus Systems Inc. (VS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why content partners and venues choose Versus Systems Inc. as of late 2025. The value propositions are centered on turning passive consumption into active, rewarded participation.

Enhanced Audience Engagement

Versus Systems Inc. drives participation by tying activities to real-world rewards, whether that's in-game or while you're at a venue. This is being scaled through new partnerships, such as the one announced in December 2025 with LiftMedia LDA. for Digital Out-of-Home (DOOH) experiences.

The expected reach from this DOOH initiative alone is substantial:

• Daily reach across key Iberian Peninsula markets: 2,650,000 people.
• Percentage of the Iberian population reached daily: 4.4%.
• Annual impressions projected from this channel: Nearly 1 billion.

This focus on active engagement is clearly reflected in the company's top-line performance compared to the prior year.

Metric	Nine Months Ended Sept 30, 2025 (Partial)	Full Year 2024
Revenue	Data not fully available for 9 months, but Q3 2025 was $2.18 million	$57,288
Q3 Revenue Comparison	Q3 2025: $2.18 million	Q3 2024: $3,848

Interactive Advertising

The platform offers high-engagement ad units, like the Winfinite tool, designed to keep players involved rather than tuning out. The success of embedding these incentivized mechanics is visible in the Q3 2025 revenue figures, which show a massive increase over the previous year's comparable quarter. This suggests that the interactive advertising and licensing revenue streams are gaining traction.

The platform's core technology is designed to monetize user interaction across various digital touchpoints.

Real-Time Analytics

Content partners get immediate feedback through a proprietary analytics dashboard. This helps you see what's working right now, not next month. Versus Systems Inc. provides tools to track specific performance indicators for incentive campaigns.

Metrics clients track in real time include:

• Participation rates in challenges.
• Redemption activity for rewards.

The company's gross margin for Q3 2025 was reported at $2.16 million, indicating that the services and licensing driving this data analysis are highly efficient on a cost basis.

Augmented Reality (AR) Experiences

The Filter Fan Cam platform is Versus Systems Inc.'s specific tool for AR experiences, usable for both mobile and in-venue fan broadcasts. This technology is part of a broader strategy that includes expanding into new geographical markets and verticals.

Strategic expansion efforts as of late 2025 include targeting specific sports and entertainment sectors:

Geographical Market	Target Verticals	Status/Goal
Brazil	Major soccer franchises, leagues, festival promoters, and tennis organizations.	Expected to generate revenue in the near term.
Iberian Peninsula	Digital Out-of-Home (DOOH) screen environments, elevator-based media properties.	Non-binding Letter of Intent signed with LiftMedia LDA..

Verifiable Rewards

A key differentiator is the use of blockchain and web3 principles to ensure that all prizes and rewards are traceable and secure. This builds trust in the incentive system, which is crucial for high-value prizes.

The platform includes a proprietary reward wallet and ledger infrastructure to support this traceability. Financially, the company is working toward profitability while supporting this technology stack.

Financial Metric (Q3 2025)	Amount
Operating Loss	$(990,361)
Net Loss	$(972,013)
Basic and Diluted Loss Per Share	$(0.17)

The revenue for the nine months ended September 30, 2025, was significantly bolstered by a license agreement with ASPIS Cyber Technologies, Inc., a related party, which underpins the value delivered through these verifiable systems.

Versus Systems Inc. (VS) - Canvas Business Model: Customer Relationships

You're looking at the relationships Versus Systems Inc. (VS) maintains with its key customer and strategic counterparties as of late 2025. The structure here is heavily weighted toward a few critical, financially significant arrangements, which is something you definitely need to track closely.

Strategic Partnerships: Deep, financially intertwined relationship with ASPIS

The relationship with ASPIS Cyber Technologies Inc. is the current financial backbone, given the concentration of revenue. This is a deep tie, as ASPIS is an affiliate of a shareholder holding approximately 20.20% of Versus Systems Inc. as of the Q2 2025 filings.

Here's the quick math on the ASPIS license recognition for the period ending June 30, 2025, which drove much of the recent top-line performance:

Metric	Value as of June 30, 2025
Revenue Recognized (Q2 2025)	$1,980,000
Monthly License Fee	$165,000
Accounts Receivable - Related Party (Billed)	$330,000
Contract Asset - Related Party (Unbilled)	$1,650,000
Initial Investment by ASPIS (Convertible Note)	$2,500,000
Potential Ownership Upon Conversion	45.8%

The Q3 2025 revenue of $2.18 million for the quarter further underscores this concentration, as the ASPIS license was the primary driver for the nine months ended September 30, 2025. Still, management is actively pursuing new customer relationships in other sectors.

Dedicated Account Management: Long-term, high-touch relationships with league partners

While the ASPIS deal dominates the current financials, the historical high-touch model focused on sports and entertainment remains a stated area of future growth. You should watch for any new contract announcements that mirror the structure of past relationships.

• Expansion focus in late 2025 targets Brazil, specifically major soccer franchises, leagues, festival promoters, and tennis organizations.
• In 2023, the three largest customers included the San Jose Sharks and the Sacramento Kings, indicating established relationships within major North American sports leagues.
• The company is also pursuing new intellectual property development aimed at enhancing its technology portfolio, including advancements in Artificial Intelligence and Machine Learning, to better serve these partners.

Self-Service API: Tools for game developers to integrate prizing directly

Versus Systems Inc. has expanded its API offerings, which is the mechanism for game developers to integrate the prizing and engagement tools directly. However, the status of the core platform components suggests a transition period for developer adoption.

• The proprietary eXtreme Engagement Online or "XEO" platform, designed for in-venue main-board work, is currently in a development-only state and was not being used by clients as of 2025.
• The company continues to refine its suite of tools, which includes a proprietary reward wallet, ledger infrastructure, and analytics dashboard for incentive campaigns.

Investor Relations: Proactive communication via SEC filings and press releases

Investor communication is governed by the standard SEC reporting cadence, with the latest Form 10-Q filed on November 14, 2025, detailing Q3 2025 results. This proactive disclosure is critical given the company's ongoing need for financing and focus on maintaining Nasdaq listing requirements.

Here are some key shareholder metrics from the mid-2025 reporting period:

Metric	Value
Common Shares Outstanding (as of June 30, 2025)	4,901,677
Cash Balance (as of June 30, 2025)	$1,682,256
Operating Cash Used (1H 2025)	$1,508,972
Share-based Compensation Recognized (6M ended June 30, 2025)	$387,476
Unrecognized Share-based Compensation Remaining	$235,843

The unrecognized share-based compensation of $235,843 is expected to vest over approximately 2.75 years. Finance: draft 13-week cash view by Friday.

Versus Systems Inc. (VS) - Canvas Business Model: Channels

You're looking at how Versus Systems Inc. gets its product and value proposition in front of customers as of late 2025. The channel strategy mixes direct sales with platform deployments through partners across various digital and physical venues.

The overall financial context for these channels shows significant recent growth, though quarterly revenue can be lumpy. For the trailing twelve months ending September 30, 2025, Versus Systems Inc. reported total revenues of $2.18 million. This represented a massive year-over-year increase of 2,281.70% compared to the prior year's TTM revenue. However, the quarterly picture shows variability, with revenue for the quarter ending September 30, 2025, reported as $0.0.

Here's a breakdown of the key financial metrics underpinning the channel performance for the period:

Metric	Value (TTM/Q3 2025)	Period/Note
Trailing Twelve Months Revenue	$2.18 million	Ending September 30, 2025
Q3 2025 Revenue	$0.0	Quarter ending September 30, 2025
Gross Margin	$2.16 million	Q3 2025
Operating Loss	$(990,361)	Q3 2025
Net Loss	$(972,013)	Q3 2025
Basic and Diluted Loss Per Share	$(0.17)	Q3 2025

Direct Software Licensing:

This channel involves the sales team pushing the XEO platform directly to teams and leagues. The primary financial driver for the recent revenue surge was a specific agreement. The company's revenue for the nine months ended September 30, 2025, was significantly boosted by the license agreement with ASPIS Cyber Technologies, Inc., which is noted as a related party. This suggests that large, direct licensing deals are a critical, albeit potentially non-recurring, component of the revenue mix.

Digital Out-of-Home (DOOH) Networks:

Versus Systems Inc. uses partners to deploy its technology across DOOH networks. A recent development shows a collaboration with LiftMedia to launch audience-enhancing Digital Out-of-Home experiences across key markets. This points to a channel strategy relying on established media network operators for scale and deployment infrastructure.

In-Venue Screens:

The technology is integrated into physical locations, specifically stadium main videoboards and jumbotrons. While specific deployment numbers aren't public, the company's expansion into Brazil targets major soccer franchises and leagues, which inherently rely on these large-format screens for fan engagement.

Mobile/In-App Integration:

Direct use within partner mobile applications represents another key delivery method for the interactive experiences. This channel is essential for capturing engagement data and delivering rewards directly to the end-user's device, complementing the large-screen activations.

Advertising Agencies:

Versus Systems Inc. is positioned in the advertising technology space, meaning it sells ad units, likely based on Cost Per Click (CPC) or Cost Per Action (CPA) models, to brands and agencies. The company's overall business is centered on interactive media and advertising technology. The success of the DOOH and in-venue channels directly feeds inventory into this advertising sales pipeline.

• The technology enables interactive advertising experiences.
• Expansion into Brazil targets leagues and festival promoters, key advertising inventory holders.

Versus Systems Inc. (VS) - Canvas Business Model: Customer Segments

The Customer Segments for Versus Systems Inc. (VS) as of late 2025 are defined by the nature of the technology licensing and professional services rendered, with significant financial contribution from a specific technology partner.

Cybersecurity/Technology Sector: ASPIS Cyber Technologies License

The financial performance for the nine months ended September 30, 2025, saw revenue primarily driven by the license agreement with ASPIS Cyber Technologies, Inc.. This segment represents a critical, high-value stream.

The established terms for this segment include:

• Monthly license fee starting January 2025: $165,000.
• Related-party license revenue recognized in Q2 2025: $1,980,000.
• Related-party contract asset as of June 30, 2025: $1,650,000.
• Accounts receivable - related party as of June 30, 2025: $330,000.
• Revenue from consulting services related to the ASPIS arrangement for the three months ended March 31, 2025: $176,000.

Professional Sports Organizations, Global Brands and Advertisers, and Content Creators

Versus Systems Inc. customers generally include sports teams, venues, and advertising agencies using the products for live events or advertising campaigns. The company has collaborated with gaming studios, streaming platforms, and consumer brands across North America and select international markets.

Specific activity noted within these broader segments includes:

Customer Type/Entity	Activity/Metric	Reported Value (2025)
Texas Rangers (MLB)	Partnership Renewal Term	2025 Season
Professional Sports Teams/Venues/Ad Agencies	Revenue Contribution (9 Months Ended 9/30/2025)	Primarily driven by ASPIS license
Overall Company Revenue (Q3 2025)	Quarterly Revenue	$2.18 million
Overall Company Revenue (9 Months Ended 9/30/2025)	Nine-Month Revenue	Data not explicitly segmented for this period beyond ASPIS driver

The company offers proprietary business-to-business software tools designed to drive user engagement through gamification and rewards.

International Markets

Versus Systems Inc. is actively expanding its operations into specific international territories.

The geographical focus includes:

• Country Focus: Brazil.
• Target Entities in Brazil: Major soccer franchises, leagues, festival promoters, and tennis organizations.

Versus Systems Inc. (VS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Versus Systems Inc.'s burn rate right now. Understanding where the cash goes is key to seeing the near-term financial reality of this technology play.

The cost structure is heavily weighted toward operational overhead and future-proofing the platform. For the three months ended September 30, 2025, Versus Systems Inc. reported total operating expenses of $\text{\$756,401}$. This resulted in the reported operating loss for the quarter of $\text{$(990,361)$}$.

Technology Development Costs:

Significant spend is going into new intellectual property, which includes AI/ML projects to modernize the technology portfolio. This is a necessary investment for a B2B software platform focused on engagement.

• Research and development expense for the three months ended September 30, 2025: $\text{\$14,470}$.
• Research and development expense for the nine months ended September 30, 2025: $\text{\$26,838}$.

The nine-month figure shows a sharp decrease from the prior year's $\text{\$118,077}$, suggesting a shift in spending focus or project phasing as of late 2025.

Operating Expenses Breakdown:

The largest component of the operating cost base is clearly in the Selling, General and Administrative category. Here's how the major expense lines looked for the third quarter of 2025:

Expense Category	Three Months Ended 09/30/2025 ($)	Nine Months Ended 09/30/2025 ($)
Research and development	14,470	26,838
Selling, general and administrative	741,931	3,126,425
Total operating expenses	756,401	3,153,263

The Selling, general and administrative costs for the nine months ended September 30, 2025, were $\text{\$3,126,425}$, which is lower than the $\text{\$3,429,062}$ recorded in the same period of 2024.

Sales and Marketing and General and Administrative (G&A):

The Selling, general and administrative spend of $\text{\$741,931}$ for the quarter covers both the team salaries and the costs of market expansion. Versus Systems Inc. is actively expanding into Brazil, targeting major sports and entertainment entities.

• Team Size: The corporate overhead supports a small team of just 5 total employees as of September 30, 2025.

Salaries and corporate overhead for only 5 people must be a significant portion of that $\text{\$741,931}$ quarterly figure.

Interest Expense:

The financing structure introduces a fixed debt cost. Based on the required structure, the interest expense calculation is straightforward, though the specific interest expense in the Q3 2025 filing isn't explicitly broken out to match this note description.

Here's the quick math for the mandated cost:

• Note Principal: $\text{\$2,500,000}$ (Raised in late 2024).
• Annual Interest Rate: 10% per annum.
• Estimated Quarterly Interest Expense: $\text{\$2,500,000} \times \text{0.10} / 4 = \text{$\text{\$62,500}$}$.

This $\text{\$62,500}$ quarterly charge hits the income statement regardless of revenue performance, which is a key risk when operations are not yet cash-flow positive. Finance: draft 13-week cash view by Friday.

Versus Systems Inc. (VS) - Canvas Business Model: Revenue Streams

You're looking at how Versus Systems Inc. (VS) is bringing in the money as of late 2025, and it's heavily weighted toward a specific, large agreement right now. The revenue streams are clearly defined, but the concentration risk is something you'll want to watch closely.

Software Licensing Fees form the primary driver of reported revenue. This is anchored by the non-cancellable license agreement with ASPIS Cyber Technologies, Inc. This agreement stipulates a monthly license fee of $165,000, which began in January 2025. To give you a concrete example of how this is recognized, in the quarter ended June 30, 2025, Versus Systems Inc. recognized $1,980,000 in related-party license revenue from ASPIS. Of that amount, $330,000 was billed and recorded as accounts receivable, while $1,650,000 was recorded as a contract asset for the unbilled portion of the initial twelve-month term.

Professional Services also contribute to the top line. Revenue reported for the third quarter was a substantial increase, driven by the ASPIS license revenue and professional services, which likely cover custom integration and support work related to that core technology deployment.

The third stream involves Advertising/Sponsorship Revenue. Versus Systems Inc.'s platform is designed to monetize branded interactivity through performance-based models. This includes revenue generated via Cost-Per-Click (CPC), Cost-Per-Action (CPA), and direct brand sponsorships embedded within the incentivized engagement experiences. This is the intended monetization path outside of the core licensing structure.

Here are the key financial figures defining the current revenue profile:

Metric	Amount
Software Licensing Fee (ASPIS Monthly)	$165,000
Q3 2025 Revenue	$2.18 million USD
Total Trailing Twelve Months (TTM) Revenue (2025)	$2.18 million USD

The Q3 2025 revenue of $2.18 million represents a substantial increase year-over-year, showing the immediate impact of the new licensing structure.

However, you need to be aware of the counterparty risk inherent in this revenue structure as of mid-2025. The reliance on the ASPIS agreement is significant:

• External revenue (non-related party) was $0 in Q2 2025.
• External revenue for the first six months of 2025 totaled only $23,348.
• The majority of the $1,980,000 recognized in Q2 2025 was from the related-party ASPIS license.

The company is also expanding operations into Brazil, targeting major soccer franchises, leagues, festival promoters, and tennis organizations, which management expects to generate revenue in the near term.