Versus Systems Inc. (VS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de entretenimiento interactivo en rápida evolución, Versus Systems Inc. (VS) surge como una empresa de tecnología innovadora que revoluciona cómo los jugadores experimentan recompensas y compromiso. Al aprovechar la tecnología patentada de vanguardia, VS transforma los ecosistemas de juego tradicionales a través de la predicción innovadora de los resultados del partido y los mecanismos de premios interactivos que crean un valor sin precedentes para desarrolladores, plataformas y jugadores por igual. Su modelo de negocio único integra sin problemas sistemas de recompensa sofisticados que prometen remodelar la industria del entretenimiento digital, ofreciendo una visión tentadora del futuro de las experiencias de juegos interactivos.

Versus Systems Inc. (vs) - Modelo de negocio: asociaciones clave

Plataformas de juego y desarrolladores de juegos

Versus Systems ha establecido asociaciones con múltiples plataformas y desarrolladores de juegos:

Pareja	Detalles de la asociación	Plataforma/tecnología
Contracción nerviosa	Integración de premios interactivos	Plataforma de transmisión en vivo
Discordia	Mecanismos de premios y recompensas	Plataforma de comunicación

Organizadores del torneo de deportes electrónicos

Las redes de asociación de eSports clave incluyen:

• ESL (Liga de Deportes Electrónicas)
• Premier de explosión
• Games de las Grandes Ligas (MLG)

Redes de publicidad y patrocinio

Red	Participación de ingresos	Tipo de integración
Administrador de anuncios de Google	70/30 división	Publicidad programática
Vungle	65/35 Split	Publicidad de juegos móviles

Socios de integración de tecnología

Plataformas de colaboración técnica:

• Servicios web de Amazon (AWS)
• Microsoft Azure
• Plataforma en la nube de Google

Versus Systems Inc. (vs) - Modelo de negocio: actividades clave

Desarrollo de la recompensa interactiva y la plataforma de compromiso

Métricas de desarrollo de la plataforma a partir del cuarto trimestre 2023:

Métrico	Valor
Usuarios totales de la plataforma	125,000
Integraciones mensuales de plataforma activa	37
Inversión de desarrollo de plataforma anual	$ 2.3 millones

Creación de soluciones de software de etiqueta blanca para la industria del juego

Capacidades de desarrollo de software de etiqueta blanca:

• Integración del sistema de recompensas personalizadas
• Compatibilidad multiplataforma
• Seguimiento de compromiso en tiempo real

Métrica de solución de software	Valor
Número de soluciones de etiqueta blanca	12
Tasa de retención de cliente promedio	78%

Gestión de sistemas de recompensa y monetización en el juego

Indicadores de rendimiento del sistema de monetización:

Métrica de monetización	Valor
Transacciones totales procesadas	1.2 millones
Valor de transacción promedio	$4.75
Ingresos anuales de monetización	$ 5.7 millones

Desarrollo de tecnología de predicción de resultados de coincidencias propietarias

Decuestros de desarrollo tecnológico:

• Algoritmos de aprendizaje automático
• Procesamiento de datos en tiempo real
• Modelado predictivo avanzado

Métrica de tecnología de predicción	Valor
Tasa de precisión de predicción	72%
Inversión de I + D	$ 1.6 millones
Solicitudes de patentes	3

Versus Systems Inc. (vs) - Modelo de negocio: recursos clave

Tecnología de compromiso basada en recompensas patentadas

Versus sistemas se mantiene 3 patentes activas relacionado con su plataforma de compromiso basada en recompensas a partir de 2024. La cartera de patentes cubre mecanismos de recompensa interactivos para plataformas digitales.

Categoría de patente	Número de patentes	Año de emisión
Tecnología de compromiso de recompensa	3	2020-2023

Equipo de desarrollo de software

A partir del cuarto trimestre de 2023, versus Systems mantiene un Equipo de desarrollo de software de 12 profesionales.

• Ingenieros de software senior: 4
• Desarrolladores de nivel medio: 6
• Desarrolladores junior: 2

Cartera estratégica de propiedad intelectual

Cartera de propiedad intelectual valorada en aproximadamente $ 1.2 millones a diciembre de 2023.

Tipo de activo IP	Valuación
Patentes	$750,000
Marcas registradas	$450,000

Infraestructura tecnológica basada en la nube

Infraestructura alojada en Amazon Web Services (AWS) con 99.99% de tiempo de actividad en 2023.

• Gasto total de infraestructura de la nube: $ 425,000 anualmente
• Servidores: implementación de múltiples regiones
• Almacenamiento de datos: 250 TB

Capacidades de análisis de datos

Procesamiento de plataforma de análisis avanzado 3.5 millones de interacciones de usuario mensualmente.

Métrico de análisis	Actuación
Interacciones mensuales de usuario	3,500,000
Procesamiento de datos en tiempo real	98.5% de precisión

Versus Systems Inc. (vs) - Modelo de negocio: propuestas de valor

Compromiso mejorado del usuario para plataformas de juego

Versus Systems proporciona una plataforma que aumenta la participación del usuario a través de mecanismos de recompensa interactivos. A partir del cuarto trimestre de 2023, la compañía informó:

Métrico	Valor
Tiempo promedio de interacción del usuario	23.4 minutos por sesión
Aumento de la tasa de compromiso	37% en comparación con las plataformas de juego estándar

Herramientas de monetización para desarrolladores de juegos

La compañía ofrece soluciones de monetización especializadas con las siguientes características clave:

• Modelo de intercambio de ingresos para premios en el juego
• Integración de recompensas personalizable
• Panel de análisis de análisis en tiempo real

Métricas de monetización del desarrollador	2023 datos
Ingresos adicionales promedio por juego	$ 47,500 anualmente
Número de juegos integrados	127 títulos activos

Sistemas de recompensa interactivos para jugadores

Estadísticas del sistema de recompensa clave para 2023:

Categoría de recompensa	Valor total
Total de premios distribuidos	$ 3.2 millones
Valor de premio promedio	$ 124 por jugador

Mecanismos de premio y desafío en el juego en tiempo real

Capacidades técnicas del mecanismo de premios:

• Asignación de premios sub-segundo
• Compatibilidad multiplataforma
• Seguimiento de premios verificado de blockchain

Rendimiento del mecanismo de desafío	2023 métricas
Desafíos totales creados	14,672
Tasa de participación del jugador	62.3%

Modelos únicos de interacción de jugadores e incentivos

Las métricas de interacción del jugador demuestran la efectividad de la plataforma:

Métrica de interacción	2023 rendimiento
Usuarios activos totales	478,000
Repita la tasa de compromiso	54.7%

Versus Systems Inc. (vs) - Modelo de negocio: relaciones con los clientes

Plataformas digitales de autoservicio

Versus Systems proporciona plataformas digitales las siguientes características:

Característica de la plataforma	Especificación
Interfaz de usuario	Integración web y móvil
Accesibilidad de la plataforma	Disponible en múltiples ecosistemas de juegos
Autenticación de usuario	Mecanismos de inicio de sesión seguros

Ventas directas y gestión de asociación

Estadísticas de asociación para versus sistemas:

• Asociaciones de juegos activos totales: 37 a partir del cuarto trimestre 2023
• Plataformas de juego integradas: 12 plataformas principales
• Cobertura del mercado geográfico: América del Norte, Europa, Asia

Atención al cliente para la integración de tecnología

Métrico de soporte	Actuación
Tiempo de respuesta promedio	Menos de 4 horas
Canales de soporte técnico	Correo electrónico, chat en vivo, sistema de boletos
Tamaño del equipo de soporte	8 especialistas técnicos dedicados

Participación comunitaria a través del ecosistema de juegos

Métricas de compromiso de la comunidad:

• Base de usuarios activo: aproximadamente 250,000 usuarios
• Torneos de juegos activos mensuales: 42
• Participación promedio del torneo: 1.500 jugadores

Servicios de consulta técnica

Marco de consulta técnica:

Tipo de consulta	Detalles del servicio
Consulta de incorporación	Soporte de integración personalizado
Aviso técnico	Recomendaciones de optimización de plataforma
Frecuencia de consulta	Revisiones estratégicas trimestrales

Versus Systems Inc. (vs) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2023, Versus Systems mantiene un equipo de ventas dedicado centrado en clientes empresariales y de la industria del juego. El tamaño del equipo consta de aproximadamente 7-9 representantes de ventas directas dirigidas a segmentos específicos del mercado.

Tipo de canal de ventas	Número de representantes	Mercado objetivo
Ventas empresariales	4	Plataformas de juegos y entretenimiento
Asociaciones estratégicas	3	Ecosistemas de tecnología y juego

Mercado de tecnología en línea

Versus Systems utiliza plataformas digitales para la distribución y participación del producto.

• Mercado principal en línea: plataforma web patentada de la compañía
• Base de usuarios digitales activos: aproximadamente 50,000 usuarios registrados
• Interacciones mensuales de la plataforma activa: estimado de 15,000-20,000

Conferencias de la industria del juego

La participación de la conferencia sirve como un canal crítico para el desarrollo de negocios y las redes.

Tipo de conferencia	Participación anual	Alcance de red estimado
Conferencias de tecnología de juego	4-5 eventos importantes	500-750 Contactos de la industria directa
Cumbres de innovación tecnológica	2-3 eventos	300-450 Potentes de asociación potencial

Plataformas de marketing digital

Los canales de marketing digital son cruciales para el conocimiento de la marca y la adquisición de clientes.

• Canales de marketing digital primario:
  • LinkedIn
  • Gorjeo
  • Publicaciones digitales específicas de la industria
• Presupuesto mensual de marketing digital: aproximadamente $ 25,000- $ 35,000
• Métricas de compromiso digital trimestral: 100,000-150,000 Impresiones

Redes de asociación estratégica

Versus Systems aprovecha las asociaciones estratégicas para expandir el alcance del mercado.

Categoría de asociación	Número de socios activos	Expansión del mercado potencial
Plataformas de juego	12-15	Ecosistema de juegos globales
Integradores tecnológicos	6-8	Soluciones de tecnología empresarial

Versus Systems Inc. (vs) - Modelo de negocio: segmentos de clientes

Desarrolladores de videojuegos

Versus Systems se dirige a los desarrolladores de videojuegos con un plataforma de recompensa y compromiso.

Categoría de desarrollador de juegos	Tamaño potencial del mercado	Potencial de integración
AAA Game Studios	32 Estudios Globales Activos	Alto potencial de compromiso
Desarrolladores de juegos independientes	Más de 9,500 desarrolladores registrados	Capacidad de integración moderada

Organizaciones de deportes electrónicos

Versus Systems proporciona soluciones de compromiso para entidades de juego competitivas.

• Organizaciones globales de eSports: 380 entidades registradas
• Potencial anual de ingresos de deportes electrónicos: segmento de mercado de $ 1.6 mil millones
• Participantes promedio del torneo por organización: 250-500 jugadores

Plataformas de juego

La integración de la plataforma representa un segmento clave de clientes para versus sistemas.

Tipo de plataforma	Número de plataformas	Base de usuarios
Plataformas de juegos de PC	87 plataformas identificadas	2.5 mil millones de usuarios activos
Plataformas de juegos de consola	3 plataformas principales	450 millones de usuarios activos

Compañías de entretenimiento interactivas

Versus Systems se dirige a las empresas que buscan una mayor participación del usuario.

• Compañías de entretenimiento interactiva total: 1.200 a nivel mundial
• Valor de mercado potencial: mercado de tecnología de participación de $ 180 millones
• Tasa de adopción de tecnología promedio: 22% por año

Redes de medios digitales

Las redes de medios digitales representan un segmento estratégico de clientes para versus sistemas.

Tipo de red	Total de redes	Alcance potencial
Transmisión de redes	42 redes principales	1.800 millones de espectadores mensuales
Redes de medios de juego	76 redes especializadas	850 millones de espectadores mensuales

Versus Systems Inc. (vs) - Modelo de negocio: estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Versus Systems Inc. reportó gastos de investigación y desarrollo de $ 3,456,000, lo que representa un aumento del 22% respecto al año anterior.

Año fiscal	Gastos de I + D	Cambio año tras año
2022	$2,830,000	+15%
2023	$3,456,000	+22%

Salarios de ingeniería de software

Los costos de personal de ingeniería de software para Versus Systems Inc. totalizaron $ 2,145,000 en 2023.

• Salario promedio de ingeniero de software: $ 125,000 por año
• CUENTA DE INGENIERÍA DE SOFTWARE TOTAL: 17 empleados
• Distribución salarial basada en la ubicación: principalmente en los mercados tecnológicos de América del Norte

Marketing y desarrollo de negocios

Los gastos de marketing y desarrollo comercial para 2023 ascendieron a $ 1,890,000.

Categoría de gastos de marketing	Cantidad
Marketing digital	$875,000
Participación en la feria y eventos	$425,000
Viajes de desarrollo de negocios	$590,000

Mantenimiento de la infraestructura en la nube

La infraestructura de la nube y los gastos de alojamiento para 2023 fueron de $ 1,250,000.

• Contrato de Amazon Web Services (AWS): $ 850,000
• Plataforma en la nube de Google: $ 250,000
• Proveedores adicionales de servicios en la nube: $ 150,000

Protección de propiedad intelectual

Los costos legales y de protección de la propiedad intelectual en 2023 totalizaron $ 345,000.

Categoría de protección de IP	Gastos
Potente y mantenimiento	$210,000
Registro de marcas registradas	$85,000
Consultas legales	$50,000

Versus Systems Inc. (vs) - Modelo de negocio: flujos de ingresos

Tasas de licencia de software

A partir del cuarto trimestre de 2023, Versus Systems Inc. informó ingresos por licencia de software de $ 487,000 para el año fiscal.

Cargos de uso de la plataforma

Servicio de plataforma	Ingresos 2023
Plataforma de deportes electrónicos	$612,000
Plataforma de compromiso de juego	$423,500

Ingresos basados ​​en transacciones

Las tarifas de transacción generaron $ 276,450 en ingresos durante el período fiscal 2023.

Contratos de solución de etiqueta blanca

• Valor de contrato de etiqueta blanca total: $ 1.2 millones en 2023
• Número de asociaciones activas de etiqueta blanca: 7

Servicios de monetización de datos

Los ingresos por monetización de datos alcanzaron los $ 215,700 para el año fiscal 2023.

Flujo de ingresos	2023 Total
Licencia de software	$487,000
Uso de la plataforma	$1,035,500
Tarifas de transacción	$276,450
Contratos de etiqueta blanca	$1,200,000
Monetización de datos	$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.