Liquidity and financing risk
The company may need additional capital to continue operations and fund growth initiatives.
- Scope
- Operating runway and strategic flexibility
- Materiality
- high
Versus Systems Inc.
Versus Systems Inc. is a U.S.-based software company that develops interactive engagement and rewards products for live events, media, and brand marketing. Its platform includes in-venue and mobile software used to deliver trivia, polls, games, and prize-based fan engagement experiences, with operations and customer relationships extending beyond the United States.
99,2 %
−82,1 %
+3 711,3 %
10.17
10.17
| % | |
|---|---|
| In-venue engagement software | 45% XEO and related live-event tools used in stadiums and arenas for interactive fan participation. |
| Mobile engagement and prizing | 30% Winfinite and similar mobile products that let brands and media reach users on phones. |
| Augmented reality filtering | 10% Filter Fan Cam and related AR experiences used in live and mobile event settings. |
| Software licensing | 10% Licenses for the company’s interactive software and IP to teams, agencies, and content creators. |
| Professional services | 5% Implementation, customization, and related services tied to customer deployments. |
Versus sells primarily to sports teams, leagues, media companies, advertising agencies, and other content creators that...
- Professional sports franchisesprimary
Teams buy in-venue and mobile engagement tools to increase fan interaction and sponsorship value.
- Advertising agencies and brandsprimary
Agencies and brands license Winfinite-style products to run prize-based campaigns and audience activations.
- Media companies and content creatorssecondary
They use the software to add interactive games, polls, and rewards to broadcasts or digital content.
- Leagues and event organizerssecondary
They deploy the platform in stadiums, arenas, festivals, and other live events to boost engagement.
Versus is headquartered in the United States, where it has historically served most of its customers and partners...
- •United States is the core operating and customer base
- •Brazil is a stated expansion market for future live-event revenue
- •Business depends on local sports and entertainment partnerships
- •Revenue can be concentrated in a small number of customer relationships
- •International expansion may require local commercial and legal setup
The company is focused on expanding customer relationships, commercializing its software products, and building new...
01
Commercialize core engagement productsshort-term
The company needs recurring customer adoption of XEO, FFC, and Winfinite to scale licensing revenue.
02
Expand into Brazilmedium-term
New market entry can diversify the customer base and open additional live-event partnerships.
03
Develop and protect intellectual propertymedium-term
IP can support licensing economics and create future product extensions.
04
Improve platform security and infrastructureshort-term
Security is important for customer trust and reliable delivery of interactive software.
Versus faces substantial financing and going-concern risk because its business depends on external capital and...
Going-concern uncertainty
Management disclosed substantial doubt if financing, cash flow improvement, or a strategic transaction does not occur.
- Scope
- Potential dissolution or wind-down
- Materiality
- high
Customer concentration
Revenue has been driven by a small number of large customers and related-party arrangements.
- Scope
- Revenue volatility and renewal risk
- Materiality
- high
Market expansion execution
Brazil and other new markets require local partnerships, sales execution, and product-market fit.
- Scope
- International growth plans
- Materiality
- medium
Technology and IP obsolescence
Interactive engagement software must keep pace with changing user expectations and platform standards.
- Scope
- Product relevance and licensing value
- Materiality
- medium
Revenue recognition
Quarterly revenue and contract asset balances
Contract assets
Working capital and cash conversion
Capitalized developed technology
Balance sheet and cash flow presentation
Foreign currency translation
Equity and comprehensive income volatility
Stock-based compensation
Reported operating loss and dilution
Verses AI Inc.
VRSSF · Services-Computer Programming, Data Processing, Etc.
Eventbrite, Inc.
Services-Computer Programming, Data Processing, Etc.
WEWARDS, INC.
WEWA · Services-Computer Programming, Data Processing, Etc.
Fortinet, Inc.
FTNT · Computer Peripheral Equipment, NEC
Fortinet designs and sells cybersecurity and secure networking products built around its FortiOS software and Fortinet Security Fabric platform.
Roblox Corp
RBLX · Services-Prepackaged Software
Roblox Corp operates an immersive gaming and creation platform that lets users explore, create, and share interactive experiences through its Roblox Client, Roblox Studio, and Roblox Cloud.
EPLUS INC
PLUS · Wholesale-Computers & Peripheral Equipment & Software
: 29/04/2026