Here are 1-3 brief analogies for Versus Systems (VS):

• Stripe for real-world prize contests and interactive fan engagement.
• HQ Trivia for any game or live stream.
• Shopify for running real-world prize contests in digital content.

• Prizing and Rewards Platform: A white-label software platform enabling game developers and publishers to offer real-world prizes and experiences to players based on in-game performance.

Versus Systems (VS) primarily sells its engagement and rewards platform technology and services to other companies (B2B).

Based on their financial disclosures (e.g., 10-K filings), a single customer accounts for a significant majority of Versus Systems' revenue. While not explicitly named in public filings, public announcements and industry analysis strongly indicate this primary major customer is:

• HP (Symbol: HPQ) - Versus Systems has integrated its prizing engine into the OMEN Gaming Hub, providing rewards and engagement features to HP's global gaming ecosystem.

Other notable customer companies and partners that have publicly engaged with Versus Systems for their technology include:

• Xcite.com (part of Alghanim Industries) - A major electronics retailer in the Middle East that partnered with Versus to offer rewards through a white-labeled engagement platform. Alghanim Industries is a private company.
• Complex Networks (part of BuzzFeed, Symbol: BZFD) - Versus Systems partnered with Complex Networks for virtual events like "ComplexLand" to provide interactive prizing experiences.
• Hasbro (Symbol: HAS) - Versus has collaborated with Hasbro on integrating prizing into branded mobile game experiences.

• Amazon.com, Inc. (AMZN)

Luis Goldner

Chief Executive Officer

Mr. Goldner was appointed Chief Executive Officer of Versus Systems on October 25, 2024. He brings extensive executive management experience, having previously served as Chief Executive Officer of Intralot do Brazil, a publicly-listed global leader in the gaming sector, and as Chief Executive Officer of Trust Impressores, a subsidiary of Oberthur Group, which specializes in high-security printing. Mr. Goldner also held the role of Chief Operating Officer and was a Member of the Board of Directors of ICARO Media Group, Inc. He was instrumental in establishing Smart Card technology in Brazil and in growing Intralot do Brazil into one of the country's leading lottery operators.

Geoff Deller

Chief Financial Officer

Mr. Deller was appointed interim Chief Financial Officer of Versus Systems on July 22, 2024. Prior to joining Versus Systems, he served as President and Chief Investment Officer of Orinoco Capital, LLC, a multi-family office investment company, where he managed global investment assets for wealthy families. He has over two decades of experience in investment banking, and has also served as interim COO of an entertainment content and creation company and as CFO and Co-COO of a privately held global consumer products company. Mr. Deller co-founded Luxury Experience Charlotte and the Charlotte Drivers Club, which contributed to over $25 million in new assets under management. His transaction expertise includes structuring deals in transportation and logistics and facilitating acquisitions.

Alex Peachey

Chief Technology Officer

Mr. Peachey joined Versus Systems as Chief Technology Officer in May 2016. He leads the architecture efforts for the company's Winfinite challenge platform. Before his time at Versus Systems, Mr. Peachey founded Threadbias LLC, an online community for sewing enthusiasts, where he continues to serve as CEO. From February 2012 to May 2016, he was the Director of Engineering at Originate, Inc., managing a team of software engineers.

Amanda Armour

Chief People Officer

Ms. Armour was appointed Chief People Officer of Versus Systems on July 30, 2021, having been with the company since 2016. In this role, she is responsible for driving growth, cultivating company culture, and overseeing learning and development as well as hiring initiatives. Her background includes creating and implementing operational, hiring, and organizational strategies for the inaugural 2016 Cedar Sinai-Techstars partnership and its resulting technology companies. Additionally, Ms. Armour has led national research teams focused on organizational behavior for NIH and the Robert Wood Johnson Foundation, and she has served on the Advisory Board of Aeras Fog, a drone technology company.

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Versus Systems Inc. (VS) offers proprietary interactive engagement platforms and prizing and promotions tools that allow brands and content creators to provide real-world prizes within games, applications, and streaming content. The company's main products and services operate within several significant addressable markets globally and regionally.

Addressable Markets for Versus Systems' Products and Services:

• Global Gamification Market: This market, which encompasses the integration of game mechanics into non-game environments to increase user engagement, was valued at approximately USD 20.35 billion in 2024. It is projected to grow to about USD 132.6 billion by 2032, demonstrating a Compound Annual Growth Rate (CAGR) of 26.4% from 2025 to 2032. North America currently holds a dominant position in this market, accounting for over 36.7% of the market share in 2024.
• Global In-Game Advertising Market: Versus Systems' offerings that facilitate real-world prizes within digital experiences are a component of the broader in-game advertising market. This global market is estimated to be over USD 119.31 billion in 2025 and is projected to nearly double to USD 197.99 billion by 2030, with a CAGR of approximately 10.66%.
• Global Interactive Content Platform Market: This market, which includes platforms enabling engaging and bespoke content, is projected to reach USD 130.71 billion in 2025. It is expected to grow to USD 682.86 billion by 2033, exhibiting a CAGR of 22.95%. North America is a dominant region in this market due to its advanced digital infrastructure and high internet penetration.
• Global Esports Market: Versus Systems has shown an interest in the esports scene, including expanding its offerings in this area. The global esports market was valued at USD 1.3 billion in 2023 and is projected to reach USD 9.2 billion by 2033, growing at a CAGR of 21.2% from 2024 to 2033. North America generated the highest revenue in the esports market in 2023, with a market share exceeding 36.3% and a revenue of USD 0.83 billion. The U.S. esports market alone is valued at over USD 1.07 billion.

1. Expansion into New Geographic Markets: Versus Systems has demonstrated a clear strategy of expanding its reach, notably with its expansion into Brazil in January 2025, a significant gaming market. This geographic expansion is anticipated to open new avenues for customer acquisition and increased usage of its engagement and rewards platform.
2. Continued Product Development and AI Innovation: The company emphasizes organic growth through ongoing product development and innovation, with a particular focus on artificial intelligence. By integrating machine learning and enhanced personalization into its gamification and reward capabilities, Versus Systems aims to improve its offerings, attract new clients, and increase engagement with existing users.
3. Strategic Partnerships and Acquisitions: Versus Systems plans to pursue opportunistic inorganic growth opportunities, including evaluating potential partnerships and acquisition opportunities. These collaborations and integrations could expand the power and reach of its platform, leading to increased market share and diversified revenue streams. The extension of existing partnerships, such as with the Texas Rangers for the 2025 season, also indicates ongoing revenue from strengthened customer relationships.
4. Growth of Existing Gamification and Rewards Platforms: Versus Systems provides a suite of proprietary, interactive, prizing and promotions tools including its live event suite, advertising products, and platforms like eXtreme Engagement Online, Filter Fan Cam, and Winfinite. Increased adoption and utilization of these existing offerings by brands and content creators to engage audiences and drive sales will contribute to future revenue growth.

Share Issuance

• In December 2024, Versus Systems issued 2,155,172 common shares and warrants in connection with the conversion of a $2.5 million promissory note held by ASPIS Cyber Technologies, Inc..
• In November 2023, Versus Systems issued 15,838,441 common shares to Cronus Equity Capital Group, LLC, as part of a strategic investment, amounting to approximately $2,562,659.76 for the first tranche. An additional 8,888,920 common shares were expected to be issued as a second tranche.
• In February 2023, the company completed a direct offering of 2.5 million shares at $0.90 per share to institutional investors, raising approximately $2.25 million.

Inbound Investments

• In October 2024, Versus Systems entered into a $2.5 million funding agreement with ASPIS Cyber Technologies, which included a convertible promissory note. Initially, $500,000 was delivered, with $2,000,000 deferred pending Nasdaq's review.
• In November 2023, Cronus Equity Capital Group, LLC made a strategic investment in Versus Systems, purchasing shares for approximately $2,562,659.76 for the first tranche, with the total investment contemplating the issuance of up to 24,727,361 common shares.
• ASPIS Cyber Technologies is expected to invest $2.5 million in Versus Systems, which could lead to Aspis owning an estimated 45.8% of Versus' outstanding common stock.

Outbound Investments

• In June 2021, Versus Systems acquired Xcite Interactive, which provided key technology and relationships for live events fan engagement.

Capital Expenditures

• Versus Systems reported $0.00 Million in cash flow for capital expenditures for the three months ended June 2025, and also $0.00 Million for the trailing twelve months ended June 2025.