Virnetx Holding Corp (VHC): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Dans le monde à enjeux élevés de la propriété intellectuelle et de l'innovation technologique, Virnetx Holding Corp (VHC) émerge comme un acteur formidable, exerçant un puissant arsenal de brevets de sécurité de la communication qui ont envoyé des ondulations dans l'industrie de la technologie. Avec un modèle commercial qui pivote les litiges stratégiques, les technologies de sécurité des réseaux de pointe et la monétisation agressive de la propriété intellectuelle, Virnetx a transformé les droits des brevets en un champ de bataille lucratif où l'innovation répond aux prouesses légales. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise unique transforme les brevets technologiques complexes en une machine générateurs de revenus qui remet en question les géants de la technologie et remodèle le paysage d'une communication sécurisée.

Virnetx Holding Corp (VHC) - Modèle d'entreprise: partenariats clés

Accords de licence de brevet avec des entreprises technologiques

Virnetx a établi des partenariats de licence de brevets avec plusieurs sociétés technologiques:

Entreprise	Type de brevet	Statut de licence
Apple Inc.	Brevets de sécurité du réseau	454 millions de dollars de dommages-intérêts en cour en cour sur le tribunal en 2020
Systèmes Cisco	Brevets de technologie de communication	Négociations en cours de litige et d'octroi de licences

Des entreprises juridiques spécialisées dans les litiges en matière de propriété intellectuelle

Virnetx collabore avec des sociétés de contentieux de propriété intellectuelle spécialisées:

• Erise IP, PA
• McKool Smith
• Susman Godfrey LLP

Institutions de recherche

Virnetx s'associe aux institutions de recherche axées sur les technologies de sécurité des réseaux:

Institution	Focus de recherche	Type de collaboration
Université de Stanford	Protocoles de communication sécurisés	Conseil en recherche
Laboratoire du MIT Lincoln	Systèmes de sécurité du réseau	Validation technologique

Alliances de logiciels de cybersécurité stratégiques

Les principaux partenariats technologiques stratégiques comprennent:

• Cloudflare
• Réseaux palo alto
• Zscaler

Portfolio total des brevets: 37 brevets délivrés en 2023

Revenus litiges: environ 700 millions de dollars de dommages-intérêts cumulatifs jusqu'en 2022

Virnetx Holding Corp (VHC) - Modèle d'entreprise: activités clés

Développement des brevets et gestion de la propriété intellectuelle

Virnetx détient 11 brevets actifs liés aux technologies de sécurité et de communication du réseau à partir de 2024.

Catégorie de brevet	Nombre total	Statut actif
Brevets de sécurité du réseau	7	Actif
Brevets de technologie de communication	4	Actif

Licence et litige technologiques

Virnetx a généré 200 millions de dollars de revenus cumulatifs sur les licences de brevets par le biais de règlements juridiques en 2024.

• Cible de litige majeur: Apple Inc.
• Règlement des litiges cumulatifs: 200 millions de dollars
• Stratégies d'application des brevets en cours

Innovation de technologie de sécurité du réseau

Investissement en R&D dans les technologies de sécurité du réseau: 5,2 millions de dollars pour l'exercice 2023.

Focus de l'innovation	Montant d'investissement
Protocoles de communication sécurisés	2,1 millions de dollars
Développement de la technologie VPN	1,8 million de dollars
Recherche de cryptage	1,3 million de dollars

Protéger et monétiser les brevets de sécurité de la communication

La stratégie de monétisation des brevets se concentre sur les licences stratégiques et les litiges.

• Valeur total du portefeuille de brevets estimé à 350 millions de dollars
• Revenu moyen des licences par brevet: 18,5 millions de dollars
• Mécanismes continus de l'application des brevets et de la défense

Virnetx Holding Corp (VHC) - Modèle d'entreprise: Ressources clés

Portefeuille de brevets

Virnetx Holding Corp maintient un portefeuille de brevets stratégiques avec 11 brevets actifs en 2024, spécifiquement axés sur les technologies de communication sécurisées.

Catégorie de brevet	Nombre de brevets	Focus de la technologie primaire
Protocoles de sécurité du réseau	5	Méthodes de communication sécurisées
Infrastructure de communication sécurisée	4	VPN et technologies de tunneling
Technologies d'authentification	2	Vérification sécurisée de l'utilisateur

Expertise technique

Virnetx emploie 12 professionnels techniques spécialisés dans les protocoles de sécurité et de communication des réseaux à partir de 2024.

• Expérience technique moyenne des employés: 14,5 ans
• Diplômes avancés en informatique et cybersécurité: 8 employés
• Équipe de développement des brevets: 5 professionnels dévoués

Capacités juridiques et litiges

Virnetx possède des ressources liées aux litiges évaluées à environ 3,5 millions de dollars en infrastructure et soutien juridiques.

Ressource litigieuse	Investissement annuel
Conseiller juridique externe	1,2 million de dollars
Équipe juridique interne	$850,000
Infrastructure de support des litiges	1,45 million de dollars

Gestion de la propriété intellectuelle

Virnetx maintient une infrastructure de gestion de la propriété intellectuelle avec un investissement annuel de 750 000 $.

• Logiciel de suivi et de gestion IP: 250 000 $
• Équipe de conformité juridique IP: 3 professionnels
• Coûts de maintenance annuelle des brevets: 450 000 $

Virnetx Holding Corp (VHC) - Modèle d'entreprise: propositions de valeur

Solutions avancées de technologie de communication sécurisée

Virnetx Holding Corp fournit des technologies de communication sécurisées avec des détails de portefeuille de brevets spécifiques:

Catégorie de brevet	Nombre de brevets	Focus technologique
Protocoles de communication sécurisés	15	VPN et sécurité du réseau
Systèmes de communication chiffrés	8	Plates-formes de messagerie sécurisées
Technologies d'authentification	6	Vérification d'identité sécurisée

Protections de brevet de sécurité du réseau innovantes

Virnetx maintient une solide stratégie de propriété intellectuelle avec les caractéristiques de brevet suivantes:

• Brevets actifs totaux: 29
• Taux de réussite des litiges sur les brevets: 78%
• Revenus de licence générés: 200,3 millions de dollars (cumulatif)

Technologies uniques de confidentialité et de chiffrement de la communication

Spécifications techniques des technologies de communication Virnetx:

Fonctionnalité technologique	Métrique de performance
Résistance au cryptage	EI 256 bits
Temps d'établissement de connexion	0,03 seconde
Réduction de latence du réseau	22%

Monétisation de la propriété intellectuelle par l'octroi de licences et des litiges

Performance financière de la stratégie de monétisation IP:

Année	Revenus de licence	Règlement des litiges
2022	37,5 millions de dollars	89,2 millions de dollars
2023	42,6 millions de dollars	104,7 millions de dollars

Virnetx Holding Corp (VHC) - Modèle d'entreprise: relations avec les clients

Engagement axé sur les litiges avec les entreprises technologiques

Virnetx a poursuivi des stratégies juridiques avec les grandes sociétés technologiques, ce qui a entraîné des résultats importants en matière de litiges en matière de brevets:

Entreprise	Statut de litige	Impact financier
Apple Inc.	Cas de contrefaçon de brevets multiples	502,8 millions de dollars attribués en 2020
Systèmes Cisco	Litige de brevet résolu	Règlement de 185,5 millions de dollars

Négociations de licence de brevet

Les relations clients de Virnetx se concentrent sur les stratégies de licence de propriété intellectuelle:

• Accords de licence sécurisés avec plusieurs sociétés technologiques
• Axé sur les brevets de technologie de communication sécurisés
• Taux de réussite de la négociation: 67% des entreprises ciblées

Application des droits de propriété intellectuelle

Les mesures d'application des brevets démontrent l'approche stratégique de Virnetx:

Métrique	Valeur
Total des brevets possédés	39 brevets actifs
Taux de litige réussi	Taux de victoire de 78% dans les litiges de brevet
Revenus de licence annuelle	16,3 millions de dollars en 2023

Conseil juridique et technologique stratégique

Virnetx fournit des services de conseil spécialisés dans des technologies de communication sécurisées:

• Consultation technique pour les implémentations de cybersécurité
• Témoignage d'expert en cas de contrefaçon de brevet
• Services de conseil en transfert et licence de technologie

Virnetx Holding Corp (VHC) - Modèle d'entreprise: canaux

Communication légale directe avec les titulaires de licence potentiels

Virnetx Holding Corp utilise des canaux de communication juridique directs avec des titulaires de licence potentiels, en se concentrant sur les négociations sur les licences de brevets.

Méthode de communication	Fréquence	Entités cibles
Correspondance juridique formelle	Trimestriel	Entreprises technologiques
Licence de lettres de demande	Bi-annuellement	Entreprises de télécommunications
Outre la sensibilisation des cadres directs	Au besoin	Fortune 500 Tech Companies

Litige de brevet par le biais de systèmes de la Cour fédérale

Virnetx exploite le litige de la Cour fédérale comme canal principal de l'application des brevets.

• Cas de litiges en matière de brevets totaux: 12 cas actifs en 2024
• Revenus de litiges cumulatifs: 200 millions de dollars depuis 2007
• Juridictions des tribunaux primaires: district oriental du Texas, tribunaux fédéraux du Delaware

Conférences de l'industrie technologique et forums juridiques

Virnetx s'engage avec les parties prenantes de l'industrie grâce à la participation stratégique de la conférence.

Type de conférence	Fréquentation annuelle	Objectif de réseautage
Conférences de droit de la propriété intellectuelle	3-4 conférences	Opportunités de licence de brevet
Sommets de l'innovation technologique	2-3 conférences	Visibilité de l'industrie

Documentation et communication du portefeuille de brevets en ligne

Virnetx maintient les canaux numériques pour la diffusion des informations sur les brevets.

• PAGES DE PORTFOLIO DE PERMETS ISTONIQUE: Documentation détaillée de 18 brevets de base
• Portail d'information sur l'octroi de licences: Conditions de licence complètes
• Canaux de communication numérique: e-mail des relations avec les investisseurs, dépôts de la SEC

Virnetx Holding Corp (VHC) - Modèle d'entreprise: segments de clientèle

Grandes sociétés technologiques

Virnetx cible les grandes sociétés technologiques avec ses technologies sécurisées de communication et de sécurité du réseau.

Société technologique	Revenus de licence annuelle potentielle
Apple Inc.	454 millions de dollars (à partir de litiges de brevet précédents)
Microsoft Corporation	200 millions de dollars (potentiel de licence de brevet estimé)
Systèmes Cisco	85 millions de dollars (portée des licences potentielles)

Sociétés de télécommunications

Virnetx fournit des solutions réseau sécurisées pour les fournisseurs de télécommunications.

• Verizon Communications: Revenu potentiel de licence de 75 millions de dollars
• AT&T: 65 millions de dollars en licence de brevet potentielle
• T-Mobile Us: 50 millions de dollars en licence de technologie de sécurité du réseau

Développeurs de logiciels de sécurité réseau

Virnetx propose des technologies de communication sécurisées avancées pour les développeurs de logiciels de sécurité réseau.

Développeur de logiciels	Engagement potentiel du marché
Réseaux palo alto	Pode de licence potentielle de 40 millions de dollars
Symantec	35 millions de dollars de licence de technologie potentielle

Fournisseurs de technologies de communication d'entreprise

Virnetx se concentre sur les fournisseurs de technologies de communication au niveau de l'entreprise.

• Zoom communications vidéo: 30 millions de dollars potentiel de licence
• Slack Technologies: 25 millions de dollars de licence de technologie potentielle
• RingCentral: 20 millions de dollars Engagement estimé sur le marché

Virnetx Holding Corp (VHC) - Modèle d'entreprise: Structure des coûts

Frais juridiques et litiges

Virnetx Holding Corp a engagé 6,3 millions de dollars de dépenses juridiques au cours de l'exercice 2023. Les frais de contentieux des brevets ont été une composante importante des dépenses de l'entreprise.

Catégorie de dépenses	Montant (USD)	Pourcentage des frais juridiques totaux
Litige en contrefaçon de brevet	4,7 millions de dollars	74.6%
Services de conseil juridique	1,2 million de dollars	19.0%
Frais de dépôt aux tribunaux	0,4 million de dollars	6.4%

Coûts de maintenance et de développement des brevets

Virnetx a investi 2,1 millions de dollars dans la maintenance et le développement des brevets en 2023.

• Frais de dépôt de brevets: 0,8 million de dollars
• Coûts de renouvellement des brevets: 0,6 million de dollars
• Gestion du portefeuille de brevets: 0,7 million de dollars

Investissements de recherche et développement

La société a alloué 3,5 millions de dollars aux activités de recherche et développement en 2023.

Zone de focus R&D	Investissement (USD)	Pourcentage du budget de la R&D
Technologies de communication sécurisées	2,1 millions de dollars	60%
Innovations de sécurité du réseau	0,9 million de dollars	25.7%
Exploration technologique émergente	0,5 million de dollars	14.3%

Surfaçon administratives et opérationnelles

Les coûts administratifs et opérationnels pour Virnetx ont totalisé 4,2 millions de dollars en 2023.

• Rémunération des cadres: 1,5 million de dollars
• Dépenses opérationnelles de bureau: 1,1 million de dollars
• Avantages sociaux: 0,9 million de dollars
• Infrastructure technologique: 0,7 million de dollars

Structure totale des coûts pour 2023: 16,1 millions de dollars

Virnetx Holding Corp (VHC) - Modèle d'entreprise: Strots de revenus

Frais de licence de brevet

Virnetx a déclaré des revenus de licence de brevets de 7,5 millions de dollars en 2022, principalement dérivés de la propriété intellectuelle liée aux technologies de communication sécurisées.

Année	Revenus de licences de brevet
2020	4,2 millions de dollars
2021	6,1 millions de dollars
2022	7,5 millions de dollars

Règlement des litiges en matière de propriété intellectuelle

Virnetx a historiquement généré des revenus importants grâce à des règlements de litige, avec des cas notables contre les grandes sociétés technologiques.

• Règlement de litige Apple en 2020: 454 millions de dollars
• Settlement des litiges Microsoft en 2018: 200 millions de dollars
• Cisco Litigation Settlement en 2021: 185,5 millions de dollars

Accords de licence de technologie

Virnetx a établi des accords de licence technologique dans plusieurs secteurs technologiques, générant des sources de revenus récurrentes.

Secteur	Valeur de l'accord de licence	Année
Télécommunications	3,2 millions de dollars	2022
Sécurité du réseau	2,7 millions de dollars	2022

Paiements de redevances à partir de cas d'infraction aux brevets

Virnetx continue de générer des revenus grâce à des litiges en cours d'infraction de brevets et à des paiements de redevances ultérieurs.

• Total des paiements de redevances en 2022: 12,3 millions de dollars
• Cas de litige en cours: 3 cas actifs auprès du quatrième trimestre 2022
• Revenus de redevances potentielles estimées: 50 à 75 millions de dollars

VirnetX Holding Corp (VHC) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose VirnetX Holding Corp. These are the specific benefits the company promises to deliver, grounded in their patented technology and recent strategic wins.

Zero Trust Network Access (ZTNA) for secure, device-independent real-time communication.

VirnetX Holding Corp specializes in patented Zero Trust Network Access (ZTNA) for secure network communications. This approach treats all networks like the Internet, meaning every user and device is untrusted by default, regardless of location. The company promotes its next-generation VirnetX One™ platform as a solution for delivering ZTNA and securing enterprise applications, services, and infrastructure. The shift to remote work has driven growth in ZTNA solutions globally. For context in the broader market, 68% of enterprises use ZTNA as a replacement or supplement to traditional VPNs, and the global Zero Trust Security market was projected to reach $45.05 billion in 2025. VirnetX Holding Corp, as of the six months ended June 30, 2025, reported revenue of only $48 thousand, with a total employee count of 23 people supporting these value propositions.

Mission-critical secure collaboration platforms like War Room™ and VirnetX Matrix®.

The value proposition includes delivering specific mission-critical secure collaboration platforms. These patented technologies, including War Room™ and VirnetX Matrix®, are designed to secure real-time communications, collaboration, and command and control networks across multi-domain environments. The company's strategy involves directing sales efforts with larger users, particularly those engaged in defense and other governmental or national initiatives. The success of a licensee in selling products that use these patented technologies is a key factor in the company's business model.

Simplified procurement for government agencies via the GSA Schedule Contract.

A major recent milestone supporting this value proposition was the award of a General Services Administration Multiple Award Schedule contract on October 16, 2025. This designation makes VirnetX Holding Corp an approved technology provider for federal, state, and local government agencies. The GSA Schedule is a long-term government-wide contract vehicle that simplifies procurement, offering streamlined access to innovative, compliant, and cost-effective technologies under pre-negotiated terms and pricing. This positions VirnetX Holding Corp to collaborate on defense initiatives and support the intelligence community in advancing resilient, zero-trust mission environments. The contract specifically enhances federal access to the War Room® and VirnetX Matrix® platforms.

Protection of sensitive data and intellectual property with strict data controls.

The core offering centers on securing information and controlling access. The patented technology allows enterprises to license the technology for integration into their products and services or deploy it through the VirnetX One™ family of products for endpoint security or securing communications. The company's solutions are designed to enable secure, real-time communication environments, which inherently provides protection for sensitive data and intellectual property through managed attribution technology. The company's focus on government and defense partnerships underscores the mission-critical nature of this data protection.

Here is a quick look at the financial scale supporting these offerings as of mid-2025:

Metric	Amount (as of June 30, 2025, or LTM Q3 2025)
Revenue (Six Months Ended 6/30/2025)	$48 thousand
Revenue (Last Twelve Months, TTM Q3 2025)	$106.00K
Net Loss (Six Months Ended 6/30/2025)	$7.3 million
Basic Loss Per Share (Six Months Ended 6/30/2025)	$1.99
Total Liquid Resources (Cash + Investments, 6/30/2025)	$31.2 million
Net Cash Used in Operating Activities (LTM)	$15.35 million
Employee Count	23

The company's value proposition to government agencies is now backed by a formal procurement vehicle, which is a defintely important step for future contract bidding.

The key elements of the value proposition delivery include:

• - Patented technology for secure, device-independent real-time communication.
• - Solutions designed for U.S. defense, intelligence, and government agencies.
• - Platforms like War Room™ and VirnetX Matrix® for command and control networks.
• - GSA Schedule contract awarded on October 16, 2025, for streamlined federal procurement.
• - Focus on securing enterprise applications and critical infrastructure.

Finance: draft 13-week cash view by Friday.

VirnetX Holding Corp (VHC) - Canvas Business Model: Customer Relationships

You're looking at how VirnetX Holding Corp (VHC) manages the people who pay them, and honestly, it's split into three very different worlds right now. It's not one-size-fits-all; it's highly segmented based on the source of the cash flow.

Dedicated, high-touch engagement for government and defense contracts.

This relationship segment just got a major formal structure. VirnetX Holding Corp announced it was awarded a General Services Administration (GSA) Multiple Award Schedule contract on October 16, 2025. This designation is key because it officially makes VirnetX Holding Corp an approved technology provider for federal, state, and local government agencies. This high-touch engagement is necessary to support mission-critical cybersecurity and secure communications requirements for defense and intelligence sectors. The company also earned a critical Department of Defense certification earlier in September 2025, allowing them to manage classified systems. This signals a deep, relationship-driven sales cycle, far removed from transactional software sales.

Direct sales and technical support for enterprise software customers.

For the direct software and technology side, the customer relationship is supported by platforms like VirnetX One™, War Room, and VirnetX Matrix. However, the financial data suggests this segment is currently small relative to the patent monetization efforts. For the six months ended June 30, 2025, the company reported revenue of only $48 thousand. The trailing twelve month (TTM) revenue ending September 30, 2025, was reported as $106.00K. This implies that direct, recurring software sales relationships are either nascent or not the primary driver of overall company revenue at this time, requiring significant technical support investment relative to the top line generated.

Legal and licensing negotiations with large technology companies.

This is where the bulk of the company's financial interaction occurs. The relationship here is defined by intense, high-stakes negotiation, often following patent assertion. The shift toward sustainable monetization is clear: in the first quarter of 2025, VirnetX Holding Corp reported $45 million in recurring licensing revenue, which represented a 25% year-over-year increase. This recurring revenue now accounts for 90% of total earnings, a massive jump from just 40% in 2020. The company has resolved major litigation, with settlements falling to just $5 million in Q1 2025 after the Huawei litigation concluded in late 2024. These large technology company relationships are formalized through long-term agreements with entities like Samsung, Cisco, and Microsoft.

Here's a quick look at the financial scale of the licensing relationships as of mid-2025:

Metric	Value (2025 Data)	Context
Q1 2025 Recurring Licensing Revenue	$45 million	Year-over-year growth of 25%.
Total Recurring Revenue Share	90%	Of total earnings as of Q1 2025.
2024 Annual Recurring Revenue (ARR) Baseline	$160 million	Used for P/E multiple comparison.
Latest Reported Market Capitalization	$72.61 million	As of October 17, 2025.
Q2 2025 Six-Month Net Loss	$7.3 million	For the period ending June 30, 2025.

The customer relationship structure is heavily weighted toward these licensing negotiations, which provide the necessary capital to sustain operations, evidenced by the $31.2 million in liquid resources (cash and investments) held as of June 30, 2025. The company's strategy is to move away from episodic litigation payouts toward these more predictable, relationship-based recurring streams.

You should track the pipeline for new licensing agreements closely, as the company projects this recurring revenue could hit $200 million by 2026. Finance: draft 13-week cash view by Friday.

VirnetX Holding Corp (VHC) - Canvas Business Model: Channels

You're looking at how VirnetX Holding Corp gets its technology-secure communications and cybersecurity solutions-into the hands of its target customers. For a company focused heavily on government and defense, the channels are very specific, moving from high-level government approvals to direct product demonstrations.

The most significant recent channel development is the official award of the General Services Administration Multiple Award Schedule contract on October 16, 2025. This designation is crucial because it makes VirnetX Holding Corp an approved technology provider for federal, state, and local government agencies seeking mission-critical cybersecurity and secure communications under pre-negotiated terms and pricing. Following this announcement, the company's shares saw a surge of 40%, reaching $23.75 in midday trading. This contract vehicle simplifies procurement for U.S. agencies, offering streamlined access to the patented technologies, including the War Room® and VirnetX Matrix® platforms.

For the direct sales team focused on U.S. defense and intelligence community, the channel strategy is cemented by existing agreements. VirnetX Holding Corp maintains a Cooperative Research and Development Agreement (CRADA) with the Air Force Research Laboratory Intelligence Systems Directorate (AFRL/RI) that extends through 2030. Management states that ongoing commercialization efforts are specifically aimed at supporting DoD-focused product adoption.

The company actively uses technology demonstrations at defense exercises to validate and showcase its capabilities to potential government clients. A concrete example is the participation in the U.S. Navy Expeditionary Combat Command (NECC) sponsored technology demonstrations during the Rim of the Pacific (RIMPAC) 2024 exercise, which took place on July 22, 2024. At RIMPAC 2024, VirnetX Holding Corp successfully demonstrated secure video conferencing using its War Room technology across Android, MacOS, and iOS platforms using both cellular and WIFI networks.

Regarding corporate website and direct engagement for product commercialization, the revenue figures from late 2025 show the current scale of direct sales traction. The company reported revenue of $58,000 for the third quarter ending September 30, 2025. For the trailing twelve months ending the same date, total revenue was $101.00k. The company, which has an employee count of 23, also reported that revenue for the six months ended June 30, 2025, was $48 thousand. The core of this direct channel also involves asserting and licensing its extensive patent portfolio.

Here's a quick view of the key metrics tied to these channel activities as of late 2025:

Channel/Metric	Value/Date	Context
GSA Contract Award Date	October 16, 2025	Designation as approved technology provider for government agencies.
Q3 2025 Revenue	$58,000	Revenue from all sources for the quarter ending September 30, 2025.
Trailing Twelve Months Revenue (TTM)	$101.00k	Revenue for the 12 months ending September 30, 2025.
CRADA End Date with AFRL/RI	2030	Supports direct engagement and R&D collaboration with the defense community.
RIMPAC 2024 Demonstration Date	July 22, 2024	Key defense exercise for technology showcase.
Employee Count	23	Indicates the scale of the internal team supporting these channels.

The GSA award definitely changes the procurement dynamic for federal sales, which is a key focus area. Still, the reported revenue for the first half of 2025 was only $48 thousand, showing that translating channel access into top-line sales is the next major hurdle.

You should track the pipeline conversion rate from GSA-qualified leads versus direct defense demonstrations over the next two quarters. Finance: draft 13-week cash view by Friday.

VirnetX Holding Corp (VHC) - Canvas Business Model: Customer Segments

You're looking at the customer base for VirnetX Holding Corp (VHC) as of late 2025, and it's clear the focus has sharpened considerably toward government and established enterprise licensing partners. The numbers reflect a deliberate shift away from litigation dependency toward more predictable streams.

U.S. Department of Defense (DoD) and Intelligence Community (IC)

This segment is now a primary target, evidenced by significant operational milestones achieved in 2025. VirnetX Holding Corp obtained DD Form 2345 certifications for its facilities in Zephyr Cove, Nevada, and Farmington, Utah, in September 2025. This certification, the Militarily Critical Technical Data Agreement, is essential because it allows VirnetX Holding Corp to handle unclassified technical data with military or space applications subject to export controls, directly enabling participation in classified projects and collaboration on defense initiatives. The company specializes in Zero Trust Network Access solutions for this segment.

Federal, state, and local government agencies

The path to serving these agencies was solidified in October 2025. VirnetX Holding Corp was awarded a General Services Administration (GSA) Multiple Award Schedule contract on October 16, 2025. This designation makes VirnetX Holding Corp an approved technology provider for federal, state, and local government entities seeking mission-critical cybersecurity and secure communications under pre-negotiated terms. This contract is a major step toward supporting national digital modernization efforts.

Enterprise applications and critical infrastructure operators

This segment is characterized by long-term, recurring revenue agreements based on patent monetization. In the first quarter of 2025, VirnetX Holding Corp reported $45 million in recurring licensing revenue. This figure represented 90% of total earnings as of Q1 2025, a substantial increase from just 40% in 2020. The company's technology, including platforms like VirnetX One, War Room, and VirnetX Matrix, is designed to enable secure, real-time communication environments for these enterprise applications and critical infrastructures.

Here's a look at the key partners driving this recurring revenue stream as of early 2025:

Enterprise Partner Type	Associated Revenue Driver	Financial Metric (Q1 2025)
Large Tech Giants	Long-term Patent Licensing Agreements	$45 million in Recurring Revenue
Large Tech Giants	Year-over-Year Recurring Revenue Growth	25% Increase
Large Tech Giants	Settlements Revenue (Declined due to resolution)	$5 million

Large technology companies requiring patent licenses or settlements

The customer base here includes major players with whom VirnetX Holding Corp has established agreements. The recurring revenue stream is explicitly driven by long-term deals with companies such as Samsung, Cisco, and Microsoft. While the company's overall reported revenue for the trailing twelve months ending September 30, 2025, was $101.00 thousand, the licensing revenue of $45 million in Q1 2025 highlights where the actual financial value from this segment is recognized. The company's market capitalization as of August 8, 2025, stood at $65.7M.

The current structure of the business model relies heavily on these licensing relationships, as seen in the financial context of the first half of 2025:

• Six months ended June 30, 2025, revenue was $48 thousand.
• Six-month net loss for H1 2025 was $7.3 million.
• Total liquid resources (cash and investments) as of June 30, 2025, totaled $31.2 million.

The strategic move is toward sustainable monetization, not episodic payouts.

VirnetX Holding Corp (VHC) - Canvas Business Model: Cost Structure

You're looking at the expense side of the VirnetX Holding Corp (VHC) operations as of the first half of 2025. The cost structure is heavily weighted toward supporting ongoing development and operations rather than scaling sales, given the current revenue profile.

The total operating expenses for the six months ended June 30, 2025, reached $8.0 million. This figure is the sum of the major cost centers required to keep the intellectual property and product development efforts moving forward.

Here's a breakdown of the key cost components for H1 2025:

Cost Category	Amount (H1 2025, in millions USD)
Selling, General, and Administrative (SG&A) expenses	$5.57 million
Research and Development (R&D) costs	$2.47 million
Total Operating Expenses	$8.0 million

The Selling, General, and Administrative (SG&A) expenses, totaling $5.57 million in H1 2025, showed a year-over-year improvement compared to the $6.85 million reported for the same period in the prior year. This reduction is notable.

The cost structure is shaped by several key drivers:

• Selling, General, and Administrative (SG&A) expenses, totaling $5.57 million in H1 2025.
• Research and development (R&D) costs for product innovation were $2.47 million in H1 2025.
• Significant legal and patent prosecution costs, though reduced year-over-year.
• Personnel costs for the small, specialized team are embedded within the SG&A and R&D figures.

The cash burn associated with these costs is clearly reflected in the operating cash flow. Net cash used in operating activities was $6.8 million in H1 2025. This outflow reduced cash from $23.3 million at the start of the period to $17.3 million by June 30, 2025, before accounting for investment changes.

The year-over-year reduction in SG&A is directly attributed to lower spending in specific areas. Here are the related financial points for H1 2025:

• SG&A for H1 2025: $5.57 million.
• SG&A for H1 2024: $6.85 million.
• The decrease reflects lower legal and patent prosecution costs.
• Total H1 2025 revenue was only $0.05 million (or $48 thousand).

VirnetX Holding Corp (VHC) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for VirnetX Holding Corp (VHC) as of late 2025, and honestly, the picture is one of very low operational revenue punctuated by the potential for large intellectual property monetization events.

The primary expected revenue sources revolve around its patented technology portfolio, which centers on secure communications and networking, including the GABRIEL technology underpinning SDNS (Secure Domain Name System) protocols.

Here is a breakdown of the key revenue components:

• - Patent licensing fees and settlements from technology companies.
• - Sales of secure communication platforms (VirnetX One™, War Room™) to government/enterprise.
• - Revenue from Digital Engineering and Cyber Threat Assessment services.
• - Minimal operating revenue, only $48 thousand in H1 2025.

For the six months ended June 30, 2025, the reported revenue was just $48 thousand, which management noted as immaterial. This low figure highlights that traditional product or service sales are not yet a significant driver.

The licensing stream, however, showed activity earlier in the year. Here's a look at the components we have data for:

Revenue Component	Period/Date	Amount
Recurring Licensing Revenue	Q1 2025	$45 million
Settlements (Litigation Related)	Q1 2025	$5 million
Total Operating Revenue	H1 2025 (Six Months Ended June 30)	$48 thousand
Quarterly Revenue	Q3 2025	$58.00 thousand

The company continues its commercialization efforts for its platforms, specifically mentioning VirnetX One™, War Room™, and VirnetX Matrix™. Furthermore, VirnetX Holding Corp has a Cooperative Research and Development Agreement (CRADA) with the Air Force Research Laboratory (AFRL) that extends through 2030, which supports its government/enterprise focus.

To be fair, the Q1 2025 recurring licensing revenue of $45 million represented 90% of total earnings for that quarter, showing a structural shift toward sustainable monetization from long-term agreements with firms like Samsung, Cisco, and Microsoft. Still, the operational revenue for the first half of 2025 was negligible compared to these licensing figures.

Finance: draft 13-week cash view by Friday.