VirnetX Holding Corp

virnetx.com

What Do They Do?

Sells cybersecurity software and services for secure communications to government agencies and commercial organizations.

How Do They Make Money?

Customers pay for professional services as those are delivered and for patent licensing and royalties; payments for services and licensing are collected shortly after service delivery begins or patent rights transfer.

FY2025 revenue

Who Are Their Customers?

Targets defense and federal government agencies and commercial organizations, while also engaging universities and academic institutions. Its purchasing schedule is intended to streamline procurement for federal, state and local government customers.

Do Revenues Turn Into Profits?

No. It lost $18.2M in FY2025.

Operating income, FY2025

−12000% of revenue

▼ −5% (Loss) vs FY2024 (−$20.4M, −407940%)

Net income, FY2025

−11250% of revenue

▲ 0% (Loss) vs FY2024 (−$18.2M, −363500%)

Free cash flow, FY2025

−9667% of revenue

▲ +2% (Loss) vs FY2024 (−$15.3M, −306980%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −100%; vs $48K in Q2 FY2025
Net income: ▲ +25% (Loss); vs −$3.6M in Q2 FY2025

Growing. Revenue grew 4.6x in 4 years, from $35K in FY2021 to $162K in FY2025, about 47% a year.

Government-facing technical services Adds planned digital engineering and cyber threat assessment services for government agencies alongside its software products and patent licensing; the older report focused on software products and a licensing program.

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