Versus Systems Inc (NASDAQ: VS) is a technology company that operates prize-based interactive engagement platforms for live events, brands, and advertising campaigns. Revenue is generated by charging advertisers, sponsors, and brand partners for access to its platforms, which deliver in-content challenges such as trivia, polls, and casual mobile games to end users who can earn prizes. As of December 31, 2025, the company had four active customers, up from two as of December 31, 2024. Its products include the in-venue Filter Fan Cam platform for arenas and stadiums, the stand-alone Winfinite product line for brand and agency use on mobile devices outside of sports venues, and Winfinite Games, a suite of customizable web-based casual games. The company also holds an IP portfolio with potential future licensing applications. Net cash used in operating activities was $2,052,862 for the year ended December 31, 2025, compared to $4,971,948 for the year ended December 31, 2024. The company has incurred recurring losses and negative operating cash flows since inception.

Revenue model

Transactional and campaign-based fees from advertisers, sponsors, and brand partners who use the platforms to engage fans, collect consented first-party data, and drive sales.

Products and services

Filter Fan Cam (FFC) in-venue platform for live events at arenas and stadiums; Winfinite stand-alone product line for mobile brand and agency campaigns; Winfinite Games customizable web-based casual games; IP portfolio with potential licensing applications.

Customers and end markets

Professional sports teams, event venues including arenas and stadiums, fan engagement and sponsor activation platforms, digital out-of-home media companies, and advertising agencies. Four active customers as of December 31, 2025.

Value-chain role

Platform provider and technology intermediary between advertisers/sponsors and end-user consumers at live events and on mobile devices.

Geographic exposure

Common shares traded on NASDAQ under symbol VS. A small number of shares registered to Canadian residents as of December 31, 2025. No further geographic revenue breakdown supported by filing excerpts.

Source: SEC 10-K, filed 2026-04-15

Industry: Services-Computer Processing & Data Preparation