Versus Systems Inc. (VS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução do entretenimento interativo, versus Systems Inc. (VS) surge como uma empresa de tecnologia inovadora que revoluciona como os jogadores experimentam recompensas e engajamento. Ao alavancar a tecnologia proprietária de ponta, o VS transforma os ecossistemas tradicionais de jogos por meio de previsão inovadora de resultados de correspondências e mecanismos de prêmios interativos que criam valor sem precedentes para desenvolvedores, plataformas e jogadores. Seu modelo de negócios exclusivo integra perfeitamente sistemas de recompensa sofisticados que prometem remodelar a indústria de entretenimento digital, oferecendo um vislumbre tentador no futuro das experiências interativas de jogos.

Versus Systems Inc. (VS) - Modelo de Negócios: Principais Parcerias

Plataformas de jogos e desenvolvedores de jogos

A versus a Systems estabeleceu parcerias com várias plataformas e desenvolvedores de jogos:

Parceiro	Detalhes da parceria	Plataforma/tecnologia
Contração muscular	Integração interativa do prêmio	Plataforma de transmissão ao vivo
Discórdia	Mecanismos de prêmio e recompensa	Plataforma de comunicação

Organizadores do torneio de eSports

As principais redes de parceria eSports incluem:

• ESL (liga esportiva eletrônica)
• Premier de explosão
• Jogos da liga principal (MLG)

Redes de publicidade e patrocínio

Rede	Participação de receita	Tipo de integração
Google Ad Manager	70/30 Divisão	Publicidade programática
Vungle	65/35 Divisão	Publicidade para jogos para celular

Parceiros de integração de tecnologia

Plataformas de colaboração técnica:

• Amazon Web Services (AWS)
• Microsoft Azure
• Plataforma do Google Cloud

Versus Systems Inc. (VS) - Modelo de Negócios: Atividades -chave

Desenvolvendo a plataforma de recompensa e engajamento interativa

Métricas de desenvolvimento da plataforma a partir do quarto trimestre 2023:

Métrica	Valor
Usuários totais da plataforma	125,000
Integrações mensais de plataforma ativa	37
Investimento anual de desenvolvimento de plataforma	US $ 2,3 milhões

Criação de soluções de software de etiqueta branca para a indústria de jogos

Recursos de desenvolvimento de software de etiqueta branca:

• Integração do sistema de recompensa personalizada
• Compatibilidade entre plataformas
• Rastreamento de engajamento em tempo real

Métrica de solução de software	Valor
Número de soluções brancas	12
Taxa média de retenção de clientes	78%

Gerenciando sistemas de recompensa e monetização no jogo

Indicadores de desempenho do sistema de monetização:

Métrica de monetização	Valor
Total de transações processadas	1,2 milhão
Valor médio da transação	$4.75
Receita anual de monetização	US $ 5,7 milhões

Desenvolvendo tecnologia de previsão de resultados de correspondência proprietária

Especíadas de desenvolvimento de tecnologia:

• Algoritmos de aprendizado de máquina
• Processamento de dados em tempo real
• Modelagem preditiva avançada

Métrica de tecnologia de previsão	Valor
Taxa de precisão de previsão	72%
Investimento em P&D	US $ 1,6 milhão
Aplicações de patentes	3

Versus Systems Inc. (VS) - Modelo de negócios: Recursos -chave

Tecnologia de engajamento baseada em recompensa patenteada

Versus sistemas mantêm 3 patentes ativas Relacionado à sua plataforma de engajamento baseada em recompensa a partir de 2024. O portfólio de patentes abrange mecanismos de recompensa interativa para plataformas digitais.

Categoria de patentes	Número de patentes	Ano de emissão
Tecnologia de engajamento de recompensa	3	2020-2023

Equipe de desenvolvimento de software

A partir do quarto trimestre 2023, versus sistemas mantém um Equipe de desenvolvimento de software de 12 profissionais.

• Engenheiros de software seniores: 4
• Desenvolvedores de nível médio: 6
• Desenvolvedores Junior: 2

Portfólio de propriedade intelectual estratégica

Portfólio de propriedade intelectual avaliada em aproximadamente US $ 1,2 milhão em dezembro de 2023.

Tipo de ativo IP	Avaliação
Patentes	$750,000
Marcas comerciais	$450,000

Infraestrutura de tecnologia baseada em nuvem

Infraestrutura hospedada no Amazon Web Services (AWS) com 99,99% de tempo de atividade em 2023.

• Despesas totais de infraestrutura em nuvem: US $ 425.000 anualmente
• Servidores: implantação de várias regiões
• Armazenamento de dados: 250 TB

Recursos de análise de dados

Processamento avançado de plataforma de análise 3,5 milhões de interações do usuário mensalmente.

Métrica de análise	Desempenho
Interações mensais do usuário	3,500,000
Processamento de dados em tempo real	98,5% de precisão

Versus Systems Inc. (VS) - Modelo de Negócios: Proposições de Valor

Engajamento aprimorado do usuário para plataformas de jogos

O Systems versus fornece uma plataforma que aumenta o envolvimento do usuário por meio de mecanismos de recompensa interativa. A partir do quarto trimestre 2023, a empresa informou:

Métrica	Valor
Tempo médio de interação do usuário	23,4 minutos por sessão
Aumento da taxa de engajamento	37% em comparação com plataformas de jogos padrão

Ferramentas de monetização para desenvolvedores de jogos

A empresa oferece soluções de monetização especializadas com os seguintes recursos importantes:

• Modelo de compartilhamento de receita para prêmios no jogo
• Integração de recompensa personalizável
• Painel de análise em tempo real

Métricas de monetização do desenvolvedor	2023 dados
Receita adicional média por jogo	US $ 47.500 anualmente
Número de jogos integrados	127 títulos ativos

Sistemas de recompensa interativa para jogadores

Estatísticas principais do sistema de recompensa para 2023:

Categoria de recompensa	Valor total
Total de prêmios distribuídos	US $ 3,2 milhões
Valor médio do prêmio	US $ 124 por jogador

Mecanismos de prêmio e desafio em tempo real

Capacidades técnicas do mecanismo de prêmio:

• Alocação de prêmios subsendos
• Compatibilidade com várias plataformas
• Rastreamento de prêmios verificado em blockchain

Desafio mecanismo de desempenho	2023 Métricas
Desafios totais criados	14,672
Taxa de participação do jogador	62.3%

Interação exclusiva de jogadores e modelos de incentivo

As métricas de interação do jogador demonstram eficácia da plataforma:

Métrica de interação	2023 desempenho
Usuários ativos totais	478,000
Repita a taxa de engajamento	54.7%

Versus Systems Inc. (VS) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

Versus sistemas fornece plataformas digitais com as seguintes características:

Recurso da plataforma	Especificação
Interface do usuário	Integração da Web e móvel
Acessibilidade da plataforma	Disponível em vários ecossistemas de jogos
Autenticação do usuário	Mecanismos de login seguro

Vendas diretas e gerenciamento de parceria

Estatísticas de parceria para versus sistemas:

• Total de parcerias de jogos ativos: 37 A partir do quarto trimestre 2023
• Plataformas de jogos integradas: 12 principais plataformas
• Cobertura do mercado geográfico: América do Norte, Europa, Ásia

Suporte ao cliente para integração de tecnologia

Métrica de suporte	Desempenho
Tempo médio de resposta	Abaixo de 4 horas
Canais de suporte técnico	Email, chat ao vivo, sistema de ingressos
Tamanho da equipe de suporte	8 especialistas técnicos dedicados

Engajamento da comunidade através do ecossistema de jogos

Métricas de engajamento da comunidade:

• Base de usuários ativos: aproximadamente 250.000 usuários
• Torneios mensais de jogos ativos: 42
• Participação média do torneio: 1.500 jogadores

Serviços de consulta técnica

Estrutura de consulta técnica:

Tipo de consulta	Detalhes do serviço
Consulta a integração	Suporte de integração personalizado
Aviso técnico	Recomendações de otimização da plataforma
Frequência de consulta	Revisões estratégicas trimestrais

Versus Systems Inc. (VS) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2023, versus a Systems mantém uma equipe de vendas dedicada focada em clientes da indústria de empresas e jogos. O tamanho da equipe consiste em aproximadamente 7-9 representantes de vendas diretas direcionadas a segmentos de mercado específicos.

Tipo de canal de vendas	Número de representantes	Mercado -alvo
Vendas corporativas	4	Plataformas de jogos e entretenimento
Parcerias estratégicas	3	Ecossistemas de tecnologia e jogos

Mercado de tecnologia on -line

Versus sistemas utilizam plataformas digitais para distribuição e engajamento de produtos.

• Mercado Online Primário: Plataforma da Web proprietária da empresa
• Base de usuário digital ativo: aproximadamente 50.000 usuários registrados
• Interações mensais de plataforma ativa: estimado 15.000-20.000

Conferências da indústria de jogos

A participação na conferência serve como um canal crítico para o desenvolvimento e o trabalho em rede de negócios.

Tipo de conferência	Participação anual	Alcance estimado em rede
Conferências de tecnologia de jogos	4-5 grandes eventos	500-750 contatos diretos do setor
Cúpulas de inovação em tecnologia	2-3 eventos	300-450 Leads de parceria em potencial

Plataformas de marketing digital

Os canais de marketing digital são cruciais para o reconhecimento da marca e a aquisição de clientes.

• Canais de marketing digital primários:
  • LinkedIn
  • Twitter
  • Publicações digitais específicas do setor
• Orçamento mensal de marketing digital: aproximadamente US $ 25.000 a US $ 35.000
• Métricas trimestrais de engajamento digital: 100.000-150.000 impressões

Redes de parceria estratégica

Versus sistemas aproveitam as parcerias estratégicas para expandir o alcance do mercado.

Categoria de parceria	Número de parceiros ativos	Expansão potencial de mercado
Plataformas de jogos	12-15	Ecossistema global de jogos
Integradores de tecnologia	6-8	Enterprise Technology Solutions

Versus Systems Inc. (VS) - Modelo de Negócios: Segmentos de Clientes

Desenvolvedores de videogames

Versus sistemas direciona os desenvolvedores de videogames com um Plataforma de recompensa e engajamento.

Categoria de desenvolvedor de jogos	Tamanho potencial de mercado	Potencial de integração
AAA Game Studios	32 estúdios globais ativos	Alto potencial de engajamento
Desenvolvedores de jogos independentes	Mais de 9.500 desenvolvedores registrados	Capacidade de integração moderada

Organizações de esports

A versus a Systems fornece soluções de engajamento para entidades de jogos competitivas.

• Organizações globais de esports: 380 entidades registradas
• Potencial anual de receita de esports: segmento de mercado de US $ 1,6 bilhão
• Participantes médios do torneio por organização: 250-500 jogadores

Plataformas de jogos

A integração da plataforma representa um segmento de cliente importante para os sistemas.

Tipo de plataforma	Número de plataformas	Base de usuários
Plataformas de jogos para PC	87 plataformas identificadas	2,5 bilhões de usuários ativos
Plataformas de jogos de console	3 plataformas principais	450 milhões de usuários ativos

Empresas de entretenimento interativas

Versus sistemas direciona as empresas que buscam engajamento aprimorado do usuário.

• Total de empresas de entretenimento interativo: 1.200 globalmente
• Valor potencial de mercado: US $ 180 milhões no mercado de tecnologia de engajamento
• Taxa média de adoção de tecnologia: 22% ao ano

Redes de mídia digital

As redes de mídia digital representam um segmento estratégico de clientes para sistemas versus sistemas.

Tipo de rede	Total de redes	Alcance potencial
Redes de streaming	42 redes principais	1,8 bilhão de espectadores mensais
Redes de mídia para jogos	76 redes especializadas	850 milhões de espectadores mensais

Versus Systems Inc. (VS) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, contra a Systems Inc. relatou despesas de pesquisa e desenvolvimento de US $ 3.456.000, representando um aumento de 22% em relação ao ano anterior.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	$2,830,000	+15%
2023	$3,456,000	+22%

Salários de engenharia de software

Os custos da equipe de engenharia de software da Versus Systems Inc. totalizaram US $ 2.145.000 em 2023.

• Salário médio de engenheiro de software: US $ 125.000 por ano
• Ponto de Engenharia de Software Total: 17 funcionários
• Distribuição salarial baseada em localização: principalmente nos mercados de tecnologia norte-americanos

Marketing e desenvolvimento de negócios

As despesas de marketing e desenvolvimento de negócios em 2023 totalizaram US $ 1.890.000.

Categoria de despesa de marketing	Quantia
Marketing digital	$875,000
Feira de feira e participação do evento	$425,000
Viagens de desenvolvimento de negócios	$590,000

Manutenção da infraestrutura em nuvem

As despesas com infraestrutura em nuvem e hospedagem para 2023 foram de US $ 1.250.000.

• Contrato da Amazon Web Services (AWS): US $ 850.000
• Plataforma do Google Cloud: $ 250.000
• Provedores adicionais de serviços em nuvem: US $ 150.000

Proteção à propriedade intelectual

Os custos legais e de proteção de propriedade intelectual em 2023 totalizaram US $ 345.000.

Categoria de proteção IP	Despesa
Arquivamento e manutenção de patentes	$210,000
Registro de marcas comerciais	$85,000
Consultas legais	$50,000

Versus Systems Inc. (VS) - Modelo de negócios: fluxos de receita

Taxas de licenciamento de software

A partir do quarto trimestre 2023, versus a Systems Inc. relatou receita de licenciamento de software de US $ 487.000 para o ano fiscal.

Cobranças de uso da plataforma

Serviço de plataforma	Receita 2023
Plataforma Esports	$612,000
Plataforma de engajamento de jogos	$423,500

Receita baseada em transações

As taxas de transação geraram US $ 276.450 em receita durante o período fiscal de 2023.

Contratos de solução de etiqueta branca

• Valor total do contrato de etiqueta branca: US $ 1,2 milhão em 2023
• Número de parcerias ativas de etiqueta branca: 7

Serviços de monetização de dados

A receita de monetização de dados atingiu US $ 215.700 para o ano fiscal de 2023.

Fluxo de receita	2023 TOTAL
Licenciamento de software	$487,000
Uso da plataforma	$1,035,500
Taxas de transação	$276,450
Contratos de etiqueta branca	$1,200,000
Monetização de dados	$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.