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VSee Health is like the Shopify for telehealth services, providing an easy-to-use platform for healthcare providers to create and manage their virtual care offerings.

Alternatively, think of VSee Health as the Stripe for telehealth infrastructure, offering the underlying technology and tools that make it simple for partners to integrate and deliver robust virtual care experiences.

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• Unified Telehealth Platform: A comprehensive technology solution designed to help healthcare partners easily create and manage a seamless, accessible telehealth experience.

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• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

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Milton Chen, PhD Co-CEO & Chairman of the Board

Dr. Milton Chen is a co-founder of VSee, which merged into VSee Health, and currently serves as Co-CEO and Chairman of the Board. He developed the first version of the VSee software while completing his PhD at Stanford University, focusing on human-centered design and video communications. Under his leadership, VSee Health serves over 1,000 organizations globally, including NASA and McKesson. Dr. Chen possesses more than 15 years of experience in AI telehealth product development and board-level leadership. He is also recognized for his humanitarian efforts and has personally deployed VSee for high-profile individuals such as Hillary Clinton and Angelina Jolie.

Imoigele Aisiku, MD, MBA Co-CEO & Director

Dr. Imoigele Aisiku is a Co-CEO and Director at VSee Health. He is a seasoned physician entrepreneur with 16 years of experience in telemedicine, holding board certifications in Neurocritical Care and Emergency Medicine. Dr. Aisiku founded iDoc Telehealth, a company specializing in e-ICU, telestroke, tele-neurocritical care, and tele-radiology services. He is recognized as a Distinguished Chair in Emergency Medicine at Harvard University and is known for his involvement in saving Congresswoman Gabby Giffords after her assassination attempt. His background includes military service and multiple business degrees, extending his impact beyond medicine into technology and academia.

Jerry Leonard, MBA, CPA CFO, Senior VP & Secretary

Jerry Leonard is the Chief Financial Officer, Senior Vice President, and Secretary of VSee Health, bringing over 25 years of financial expertise to the company. He previously led the finance department for Voya's asset management arm and held positions at IBM and Colgate Palmolive. Mr. Leonard began his public accounting career at Arthur Andersen and PricewaterhouseCoopers. He is a Certified Public Accountant (CPA) and holds an MBA in Finance from Emory University, along with a BBA in Accounting from Baruch College.

Erika Chuang, PhD Chief of Products

Dr. Erika Chuang is the Chief of Products at VSee Health and a co-founder of VSee (which merged into VSee Health). She contributes 20 years of expertise in telehealth design and innovative thinking, guiding the development of VSee's no-code, low-code telehealth platform and pioneering early market workflows. Prior to VSee Health, Dr. Chuang spent a decade in the audio-visual communications industry, including roles at Hewlett Packard and Disney Feature Animation. She earned her PhD in Electrical Engineering from Stanford University and a BS from MIT.

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The key risks to VSee Health's business (NASDAQ: VSEE) are primarily centered around its financial viability, regulatory compliance, and internal controls.

1. Going Concern and Financial Health: VSee Health faces substantial doubt about its ability to continue as a going concern due to persistent operating losses and low cash reserves. The company's financial health is rated poorly, with an Altman Z-Score indicating a potential risk of bankruptcy within the next two years. VSee Health also carries a significant amount of debt and derivative liabilities, with current liabilities far exceeding current assets, which points to severe liquidity pressures.
2. Nasdaq Non-Compliance and Delisting Risk: VSee Health has received a notice from Nasdaq for non-compliance with listing rules due to its failure to timely file quarterly and annual financial reports (Form 10-Q for the period ended March 31, 2025, and Form 10-K for the period ended December 31, 2024). Failure to regain compliance within the stipulated timeframe could lead to the delisting of its common stock, introducing significant uncertainty regarding the company's financial management and operational efficiency.
3. Restatement of Financial Statements and Internal Control Weaknesses: The company's previously issued financial statements for FY 2024 and Q2 2024 required restatement due to multiple accounting errors. These restatements highlight ongoing material weaknesses in VSee Health's internal controls, which can be time-consuming and expensive to remediate and could expose the company to additional financial and operational risks.

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The increasing direct entry and aggressive expansion of major technology companies (such as Amazon, Apple, Google, and Microsoft) into comprehensive healthcare solutions, including telehealth platforms and integrated services. These companies possess extensive resources, established cloud infrastructures, advanced AI capabilities, and large user bases, enabling them to develop and rapidly deploy highly competitive and deeply integrated telehealth offerings that could directly challenge specialized platform providers like VSee Health.

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VSee Health (symbol: VSEE) operates in the rapidly expanding digital health industry, providing a comprehensive telehealth platform and services, including virtual consultations, remote patient monitoring, and critical care solutions. The addressable markets for its main products and services are significant, both globally and within the United States.

Global Market

The global telehealth market is projected to reach approximately $175 billion by 2026, with some estimates indicating it could be as high as $191.88 billion in 2026 or even $244.30 billion in 2026. This market is driven by increasing healthcare digitization initiatives, demand for remote care access, and advancements in telecommunication infrastructure. The global remote patient monitoring (RPM) market, a key component of telehealth, is expected to be valued at around $67.3 billion in 2026, with other projections placing it at $71.29 billion in 2026 or as high as $102.44 billion in 2026.

U.S. Market

In the United States, the telehealth market is estimated to reach approximately $48.31 billion in 2026, with other forecasts suggesting it could be around $59.39 billion or even $65.35 billion in 2026. The U.S. remote patient monitoring (RPM) market alone is projected to exceed $18 billion by 2026 and reach approximately $30.7 billion by 2026. North America, including the U.S., holds a major share of the global telehealth and RPM markets due to advanced healthcare infrastructure and strong adoption of digital health technologies.

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VSee Health (VSEE) is poised for future revenue growth over the next 2-3 years, driven by several key factors in the expanding telehealth market:

1. Expanded Hospital Partnerships and Major Contracts: VSee Health has demonstrated a strong ability to secure significant multi-year contracts with large healthcare providers. For example, the company secured a pivotal multi-year teleradiology contract with a major Level 1 hospital system, valued at over $10 million across two years, with potential for an additional $5 million or more in future revenues. This particular deal is expected to double the company's annual recurring revenue. These types of partnerships and the ongoing advancement of its pipeline of multi-year contracts are projected to add millions in annualized recurring revenue.
2. Growth in Telehealth Services and Patient/Institutional Fees: The company is experiencing substantial growth in its telehealth services. In Q3 2025, telehealth fees surged by 196% year-over-year, and patient fees rose by 42%, primarily due to expanded ICU and neurocritical care deployments across over 25 hospitals. The telehealth sector itself is projected to grow at a compound annual growth rate of 23.84% through 2034, indicating a favorable market environment for VSee Health's core offerings.
3. Strategic Acquisitions and Platform Consolidation: The integration of acquisitions, such as iDoc, has been a significant driver of revenue growth. Year-to-date through the first nine months of 2025, revenues climbed 60% compared to the same period in 2024, reflecting the full impact of the iDoc acquisition and expanded hospital partnerships. The consolidation of VSee Lab and iDoc platforms, alongside the alignment of physician coverage and service offerings, is expected to deliver substantial operational improvements and continued revenue growth in the near future.
4. Leveraging AI-Powered Telehealth Solutions and Innovation: VSee Health is a pioneering provider of AI-powered telehealth solutions. The company is actively integrating AI innovations, such as SOAP Notes, which have demonstrated a 93% reduction in documentation time. This focus on AI-driven solutions is aimed at enhancing patient care, optimizing hospital operations, and addressing clinician burnout, thereby creating new avenues for revenue through advanced and efficient service offerings.
5. Expansion into Government Markets with FedRAMP Status: The achievement of FedRAMP High status is a crucial driver, as it unlocks opportunities for VSee Health to pursue billions in federal contracts through 2030. In early 2025, the company secured a multi-year government contract with an initial allocation of $6 million for the first year, significantly increasing its year-over-year revenue run rate. This expansion into government deals presents a substantial growth opportunity.

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Share Issuance

• VSee Health announced a $6.0 million private placement in November 2025 with a single institutional investor, involving the sale of 9,836,065 shares of common stock and warrants to purchase up to 19,672,130 additional shares, with net proceeds allocated for working capital and general corporate purposes.
• In March 2026, stockholders approved the issuance of up to 19,672,130 common shares related to warrants from a private placement, aimed at providing liquidity for the company.
• The company established a $25,000,000 Equity Line of Credit (ELOC) in November 2025 with a 36-month term, allowing for periodic sales of common stock to an institutional investor for working capital and general corporate purposes.

Inbound Investments

• A single institutional investor made a significant inbound investment of approximately $6.0 million through a private placement in November 2025, purchasing common stock and warrants.
• In March 2025, VSee Health amended a Securities Purchase Agreement, leading to an investor providing a $555,555.56 senior secured note in exchange for 100,000 shares of common stock.
• VSee Health became a public company (Nasdaq: VSEE) in July 2024, following a merger with iDoc Telehealth, which served as a foundational capital event for the company.

Outbound Investments

• No information is available regarding direct equity outbound investments made by VSee Health in other companies.

Capital Expenditures

• For the last 12 months, VSee Health reported capital expenditures of -$27,536.
• Future capital requirements will be influenced by factors such as the company's growth rate, contract and subscription renewal activities, market acceptance of telehealth, and debt funding.