VRSSFServices-Computer Programming, Data Processing, Etc.IFRS · EUR

Verses AI Inc.

Verses AI Inc. is a U.S.-based software company focused on developing artificial intelligence systems and related applications under its Genius platform. The business centers on AI agents, software development services, and enterprise applications built around its proprietary algorithms and governance technologies.

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Revenue0.2m EUR
−92.1 %y/y
Operating profit (EBIT)-41.8m EUR
−4.1 %y/y
EBIT margin-26,953.5%
−24,912.5 ppy/y
Net income-43.0m EUR
+17.5 %y/y
Free cash flow-33.1m EUR
−11.2 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

-50-40-30-20-10010m EUR2024: 2.0 m EUR2024: EBIT -40 m EUR20242025: 0.16 m EUR2025: EBIT -42 m EUR20250.16-42
RevenueOperating profit (EBIT)
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Business

Share of revenue
Genius platform45 %

Core AI software platform for building and deploying intelligent agents and applications.

Software development services30 %

Custom development work and longer-duration software projects for customers.

AI agent applications15 %

Industry-specific applications built on top of the Genius platform.

Governance and safety tools10 %

Tools and technologies intended to manage AI behavior, transparency, and risk.

Customers

VERSES sells to organizations that need AI systems for operational decision-making, automation, and software-enabled workflows. Its customers are typically enterprises or institutional users that require customized development, integration support, and ongoing platform usage rather than off-the-shelf consumer software.

Enterprise customers

Buy Genius-based AI applications and development services for business operations and decision support.

Software development clients

Engage VERSES for longer-duration software projects and custom builds.

AI governance users

Adopt the company's safety and governance tools to manage AI risk and compliance.

Platform and application users

Use Genius and related applications through hosted or integrated deployments.

Strategy

VERSES is focused on developing Genius into a scalable AI platform and extending it into multiple industry applications. Its strategy depends on improving product reliability, expanding partner relationships, and building governance capabilities that make its AI systems usable in regulated or mission-critical settings.

Scale Genius across industriesMedium term

Broader use cases increase the addressable market and support repeatable deployment.

Deepen third-party technology partnershipsShort term

Cloud, hosting, and software vendors are essential to product delivery and scaling.

Improve AI governance and safetyMedium term

Explainability, bias control, and compliance are important for enterprise adoption.

Geography

The company is based in the United States and operates in a market that serves both domestic and international customers. Its disclosures also reference Canadian and international competition, and its technology depends on third-party cloud and data-center infrastructure that can be located across multiple jurisdictions.

Risks

VERSES faces execution risk because its products are technically complex and must perform reliably in customer environments where errors can create liability and reputational damage. The company also operates in a fast-moving and highly competitive AI market, with regulatory, cybersecurity, and third-party dependency risks that can affect product adoption and scaling.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Product reliability and performance failures1AI bias, explainability, and regulatory liability2Cybersecurity breaches3Competition from larger AI and software vendors4Third-party infrastructure dependence5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Product reliability and performance failuresImpact: HighLikelihood: Medium

    Genius is used in critical decision workflows, so defects or interruptions can cause customer losses and claims.

    Exposure: Genius platform and related applications

  2. AI bias, explainability, and regulatory liabilityImpact: HighLikelihood: Medium

    Autonomous AI systems can generate unfair or incorrect outputs and attract legal scrutiny.

    Exposure: AI algorithms and agent governance tools

  3. Cybersecurity breachesImpact: HighLikelihood: Medium

    Unauthorized access to customer or internal data could harm reputation and create liability.

    Exposure: Internal systems and hosted AI services

  4. Competition from larger AI and software vendorsImpact: MediumLikelihood: Medium

    Rivals may have more capital, brand recognition, and technical resources.

    Exposure: Enterprise AI software market

  5. Third-party infrastructure dependenceImpact: MediumLikelihood: Medium

    Cloud hosting, software, and hardware vendors are required to operate and scale the platform.

    ExposureData centersCloud platformsVendors
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Accounting

Judgemental items
Revenue recognition for software development contracts

Longer projects require judgment on performance obligations and whether revenue is recognized over time or at a point in time.

Impact: Can shift revenue and contract assets between periods

Contract assets and unbilled receivables

Work completed before billing creates estimates that affect working capital and reported revenue.

Impact: Affects balance sheet and cash conversion

Expected credit loss allowance

Customer creditworthiness and payment behavior influence collectability estimates.

Impact: Affects receivables and bad debt expense

Equipment useful lives

Technical obsolescence can shorten asset lives and increase depreciation.

Impact: Affects operating expenses and asset values

Functional currency

Management must determine the currency that best reflects each entity's economics.

Impact: Affects translation and reported results

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Last updated: 24/09/2026

Verses AI Inc. – Services-Computer Programming, Data Proc | Financial Analysis – Clarifo