Vaso Corporation Announces Financial Results for Second Quarter of 2026
PLAINVIEW, N.Y., Aug. 14, 2026 (GLOBE NEWSWIRE) -- Vaso Corporation (“Vaso”) (OTCQX: VASO), a leading MedTech company with a business portfolio in professional sales services and proprietary non-invasive medical products, today announced its operating results for the three months ended June 30, 2026.
“For the second quarter of 2026, the Company recorded net income of $542 thousand on total revenue of $20.9 million, as compared to a net loss of $197 thousand on a total revenue of $20.0 million for the same quarter of the prior year, representing an improvement of $739 thousand to the bottom line,” commented Dr. Jun Ma, President and Chief Executive Officer of Vaso Corporation. “Gross profit for the quarter was $13.1 million, an increase of $1.3 million, or 11.3%, year over year, as a result of higher revenue – despite the exclusion of the healthcare IT business that was sold in the fourth quarter of 2025 – and higher gross margin.”
“Cash generated from operating activities for the first half of 2026 was $4.8 million,” Dr. Ma continued. “Total deferred revenue grew to $41.5 million at the end of the second quarter of 2026, an increase of $3.4 million, or 8.9%, from June 30, 2025.”
“The Company’s operating efficiency and profitability have been significantly improved since the divestiture of its healthcare IT business. Further, in order to allow the Company to focus its resources on the continued development of its businesses in the healthcare sector, the Company recently announced the sale of its network service business on July 31, 2026, completing its exit from the network and IT services business.” concluded Dr. Ma.
During the second quarter of 2026, the Company determined that the network service business of NetWolves met the criteria to be classified as a discontinued operation, and, as a result, NetWolves’ historical financial results are reflected in the Company’s condensed consolidated financial statements as discontinued operations, and its assets and liabilities were retrospectively reclassified as assets and liabilities held for sale. Accordingly, the following presentation excludes NetWolves’ network service operations from current and historical results. Because the healthcare IT business sold in November 2025 was not classified as discontinued operations, the historical financial results continue to include VHC-IT’s healthcare IT operations.
Financial Results for Three Months Ended June 30, 2026
For the three months ended June 30, 2026, revenue increased by 8.3%, to $11.2 million, compared to $10.3 million for the same period of 2025, due to revenue increases in both the professional sales services and equipment segments, partially offset by a decrease in revenue in the IT segment as a result of the divestiture of the healthcare IT service business in November 2025. Revenue in the professional sales services segment in the second quarter of 2026 was up by $1.8 million, or 20.0%, year-over-year, mainly due to higher diagnostic imaging product deliveries by our partner during the period, partially offset by lower ultrasound product deliveries and a lower blended commission rate. Revenue in our equipment segment for the second quarter of 2026 increased by $164 thousand, or 31.0%, when compared to the second quarter of 2025, principally due to higher equipment deliveries in our China operations. Revenue in our IT segment decreased by $1.1 million in the second quarter of 2026 when compared to the same quarter of 2025, as a result of the sale of the healthcare IT business in November 2025.
Gross profit for the second quarter of 2026 increased by $948 thousand, or 11.9%, to $8.9 million, compared with a gross profit of $7.9 million for the same quarter of 2025, as a result of higher revenue and higher gross margin.
Selling, general and administrative (SG&A) expenses for the second quarter of 2026 increased by $22 thousand, or 0.3%, to $7.7 million, compared to the second quarter of 2025. The increase was primarily attributable to higher personnel costs, largely offset by reduced costs due to the divestiture of VHC-IT in Nov 2025.
Operating income for the three months ended June 30, 2026 was $974 thousand, compared to operating income of $93 thousand in the second quarter of 2025. The increase of $881 thousand was primarily due to higher gross profit partially offset by higher SG&A expenses as discussed above.
Net income from continuing operations for the three months ended June 30, 2026 was $840 thousand, compared to net income from continuing operations of $323 thousand in the second quarter of 2025, an increase of $517 thousand.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, and stock-based compensation) from continuing operations was $1.1 million in the second quarter of 2026 compared to $145 thousand for the second quarter of 2025, an increase of $907 thousand. The increase was primarily the result of higher net income, a larger income tax expense and higher depreciation and amortization in the 2026 quarter. Adjusted EBITDA is a non-GAAP financial metric. A reconciliation of Adjusted EBITDA from continuing operations to net income (loss) from continuing operations can be found below.
Net cash provided by operating activities was $4.8 million for the first half of 2026, compared to net cash provided by operating activities of $6.2 million for the first half of 2025. As of August 7, 2026, the Company’s cash and cash equivalents totaled approximately $52.3 million.
About Vaso
Vaso Corporation (OTCQX: VASO), headquartered in Plainview, New York, is a diversified healthcare-focused organization operating through wholly owned subsidiaries VasoHealthcare and VasoMedical. VasoHealthcare is the professional sales service arm for GE HealthCare’s diagnostic imaging and ultrasound products. VasoMedical designs and manufactures proprietary medical products, including Biox series non-invasive devices for recording and analysis of physiological signals, and develops and operates the ARCS cloud-based SaaS platform for cardiac telemetry.
For additional information, please visit www.vasocorporation.com or contact us at info@vasocorporation.com.
Non-GAAP Financial Information Reconciliation
We utilize Adjusted EBITDA to evaluate our performance internally, and this non-GAAP financial measure is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Management believes that this non-GAAP financial measure, in addition to GAAP measures, is useful to investors to evaluate the Company’s results.
Adjusted EBITDA is a non-GAAP financial measure and should not be considered a substitute for net income, which we consider to be the most directly comparable U.S. GAAP measure. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other consolidated income statement data prepared in accordance with U.S. GAAP. Investors should recognize that the Company’s presentation of this non-GAAP financial measure might not be comparable to similarly titled measures of other companies, limiting its usefulness as a comparative measure.
Summarized financial information including a reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations is set forth below:
| FOR THE THREE MONTHS ENDED | FOR THE SIX MONTHS ENDED | |||||||||||
| STATEMENTS OF OPERATIONS | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||
| (In thousands) | ||||||||||||
| (unaudited) | ||||||||||||
| Revenue | $ | 11,187 | $ | 10,331 | $ | 20,982 | $ | 20,464 | ||||
| Gross profit | 8,889 | 7,941 | 16,410 | 15,577 | ||||||||
| Operating income (loss) | 974 | 93 | (80 | ) | (519 | ) | ||||||
| Other (expense) income, net | 253 | 258 | 455 | 432 | ||||||||
| Income (loss) before taxes | 1,227 | 351 | 375 | (87 | ) | |||||||
| Income tax expense | (387 | ) | (28 | ) | (260 | ) | (56 | ) | ||||
| Net income (loss) from continuing operations | $ | 840 | $ | 323 | $ | 115 | $ | (143 | ) | |||
| Income tax expense | 387 | 28 | 260 | 56 | ||||||||
| Interest expense (income), net | (297 | ) | (289 | ) | (539 | ) | (528 | ) | ||||
| Depreciation and amortization | 120 | 74 | 235 | 126 | ||||||||
| Non-cash stock-based compensation | 2 | 9 | 19 | 16 | ||||||||
| Adjusted EBITDA from continuing operations* | $ | 1,052 | $ | 145 | $ | 90 | $ | (473 | ) | |||
| *Adjusted EBITDA is earnings (loss) before interest, taxes, depreciation and amortization and non-cash stock-based compensation |
| BALANCE SHEETS | June 30, 2026 | December 31, 2025 | ||
| (In thousands) | ||||
| (unaudited) | ||||
| Total current assets | $ | 55,190 | $ | 58,560 |
| Total assets | $ | 85,907 | $ | 88,349 |
| Total current liabilities | $ | 32,867 | $ | 36,846 |
| Total stockholders' equity | $ | 29,204 | $ | 29,429 |
The information contained in this report contains forward-looking statements (as such term is defined in the Securities Exchange Act of 1934 and the regulations thereunder). These forward-looking statements may include projections of, or guidance on, the Company’s future financial performance, expected levels of future revenue and expenses, anticipated growth strategies, and anticipated trends in the Company’s business or financial results. When used in this report, words such as “anticipates”, “continue”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential”, “future”, “intends”, the negative of these terms and similar expressions identify forward-looking statements. Any forward-looking statement made by the Company in this document is based only on the Company’s current expectations, estimates and projections about future events and financial trends affecting the financial condition of its business based on information currently available to the Company and speaks only as of the date when made. Forward-looking statements are not historical facts or guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside of the Company’s control. Actual results may differ materially from this forward-looking information and therefore should not be unduly relied upon. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions, including the possibility of a downturn or disruptions in the U.S. economy; the impact of US tariff policies; the effect of the dramatic changes taking place in IT and healthcare; continuation of the GEHC agreement; the impact of competitive technology and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
Investor Contact:
Jonathan Newton
Investor Relations
Phone: 516-997-4600
Email: jnewton@vasocorporation.com
