VirnetX Holding Corp (NYSE American: VHC) is an internet security software and technology company that develops patented cybersecurity solutions for encrypted communications across networks and devices. The company generates revenue through a security-as-a-service model built on its VirnetX One platform, which is grounded in Zero Trust Network Access (ZTNA) principles and patented Secure Domain Name System (SDNS) technology. Its products target U.S. Department of Defense, federal government, and commercial customers requiring real-time encrypted communications and network security, per its 10-K filed 2026-03-24 for fiscal year ending December 31, 2025. The company's intellectual property portfolio, acquired in part from Leidos, Inc. in 2006, underpins its technology. In FY2025, VirnetX provided subject matter and technical expertise as a subcontractor under a DoD contract in support of activities directed by the Air Force Research Laboratory. The company holds DoD Joint Certification Program certifications for facilities in Zephyr Cove, Nevada, and Farmington, Utah.

Revenue model

Security-as-a-service subscriptions via the VirnetX One platform, deployable in cloud, on-premise, or hybrid environments, plus subcontract services to the U.S. Department of Defense, including work directed by the Air Force Research Laboratory during FY2025. The company's patent portfolio is a stated core business component, though specific royalty or licensing revenue figures are not detailed in the excerpts provided.

Products and services

VirnetX One: Zero Trust Network Access platform with patented SDNS technology for end-to-end encrypted communications. VirnetX Matrix: security layer for enterprise applications, connected devices, and control systems, deployable without infrastructure changes. VirnetX War Room: secure collaboration and visualization platform for sensitive communications targeting government, law enforcement, legal, financial, and healthcare use cases. The company also offers cybersecurity services including Dynamic Trust Evaluation, cyber threat intelligence, and Model-Based Systems Engineering support aligned with the DoD Digital Engineering strategy.

Customers and end markets

U.S. Department of Defense and federal government agencies, including engagement with the Air Force Research Laboratory as of FY2025. Commercial end markets include critical infrastructure, law enforcement, healthcare, financial services, legal services, and energy sectors. The company holds DoD Joint Certification Program certifications supporting access to government and defense customers.

Value-chain role

IP developer and software platform vendor operating as a security technology provider. Also acts as a subcontractor to prime DoD contractors, providing subject matter and technical expertise in national security engagements.

Geographic exposure

U.S.-focused operations with facilities in Zephyr Cove, Nevada, and Farmington, Utah, certified under the DoD Joint Certification Program. The company holds U.S. and foreign patents.

Source: SEC 10-K, filed 2026-03-24

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