VirnetX Holding Corp (VHC) Financial Statements
Industry: Patent Owners & Lessors
In fiscal 2025, VirnetX reported revenue of $162,000, up 3140.0% from $5,000 the year before. Net income was -$18.2M (a -11250.0% net margin), or -$5.00 per diluted share. Operating margin was -12000.0%. Operating activities generated -$15.6M of cash, leaving -$15.7M of free cash flow. At fiscal year end, VirnetX held $31.1M in total assets against $8.6M in total liabilities, including $15.5M of cash and equivalents.
Open the full interactive VirnetX financials → Quarterly statements, key ratios, valuation history and price charts.
VirnetX Key Stats
| Share Price | $10.96 |
|---|---|
| Market Cap | $41.3M |
| 52-Week Range | $9.38 – $24.84 |
| Shares Outstanding | 3.8 million (basic, 2026 Q2) |
VirnetX Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $302.6M | $35,000 | $48,000 | $7,000 | $5,000 | $162,000 |
| Operating Income | $157.9M | -$49.2M | -$22.1M | -$31.4M | -$20.4M | -$19.4M |
| Pre-Tax Income | $307.5M | -$49.1M | -$20.2M | -$27.9M | -$18.2M | -$18.2M |
| Income Tax | $27.0M | -$9.5M | $16.0M | -$79,000 | $3,000 | -$2,000 |
| Net Income | $280.4M | -$39.6M | -$36.3M | -$27.9M | -$18.2M | -$18.2M |
| Diluted EPS | $78.40 | -$11.20 | -$10.20 | -$7.79 | -$5.05 | -$5.00 |
VirnetX Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $58,000 | $56,000 | $0 | $0 |
| Net Income | -$4.3M | -$6.6M | -$4.4M | -$4.5M |
| Diluted EPS | -$1.18 | -$1.80 | -$1.16 | -$1.20 |
VirnetX Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $192.9M | $142.0M | $86.6M | $26.3M | $23.3M | $15.5M |
| Current Assets | $224.4M | $169.5M | $152.3M | $53.8M | $38.2M | $21.7M |
| Total Assets | $234.8M | $189.8M | $153.0M | $60.4M | $49.6M | $31.1M |
| Current Liabilities | $10.4M | $1.0M | $731,000 | $1.3M | $7.2M | $2.0M |
| Total Liabilities | $10.4M | $1.1M | $731,000 | $4.4M | $10.0M | $8.6M |
| Shareholders' Equity | $224.4M | $188.8M | $152.2M | $56.0M | $39.6M | $22.5M |
VirnetX Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $281.4M | -$51.7M | -$16.9M | -$24.8M | -$15.3M | -$15.6M |
| Cash From Investing | -$26.0M | $1.0M | -$38.5M | $35.9M | $12.5M | $8.8M |
| Cash From Financing | -$65.7M | -$196,000 | -$29,000 | -$71.4M | -$129,000 | -$873,000 |
| Free Cash Flow | $281.4M | -$51.7M | -$16.9M | -$24.8M | -$15.3M | -$15.7M |
| Dividends Paid | — | — | — | $71.4M | $0 | — |
Figures from VirnetX's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full VirnetX financials page for every line item.
VirnetX Company Profile
| Ticker | VHC |
|---|---|
| Exchange | Nasdaq |
| Industry | Patent Owners & Lessors |
| Headquarters | Zephyr Cove, Nevada |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001082324 |
Frequently Asked Questions
What was VirnetX's revenue in fiscal 2025?
VirnetX (VHC) reported revenue of $162,000 for fiscal 2025.
What is VirnetX's annual revenue history?
VirnetX's annual revenue by fiscal year: 2020: $302.6M; 2021: $35,000; 2022: $48,000; 2023: $7,000; 2024: $5,000; 2025: $162,000.
What was VirnetX's net income in fiscal 2025?
VirnetX reported net income of -$18.2M for fiscal 2025.
What was VirnetX's earnings per share (EPS) in fiscal 2025?
VirnetX's diluted EPS was -$5.00 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did VirnetX generate in fiscal 2025?
VirnetX generated -$15.7M of free cash flow in fiscal 2025.
What was VirnetX's revenue last quarter?
In its most recent reported quarter (2026 Q2), VirnetX reported revenue of $0.
How many shares of VirnetX are outstanding?
VirnetX reported a weighted average of 3.8 million basic shares outstanding in 2026 Q2.
What is VirnetX's market cap?
Based on its latest closing price, VirnetX (VHC) has a market capitalization of about $41.3M.
When does VirnetX's fiscal year end?
VirnetX's fiscal year end, as registered with the SEC, is December 31.
Where is VirnetX headquartered?
VirnetX lists its business address in Zephyr Cove, Nevada in its SEC filings.