Versus Systems

Software - Application · Technology

Price

$1.28

+0.01 (+1.11%)

Market Cap

$6.3M

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+8131.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 60K (2021) → 4.9M (2025)

Winston Score History

The full picture

Versus Systems is a small software company that builds a platform letting video game publishers and broadcasters add prize-based rewards into their games and live streams. Instead of just watching or playing, users can win real prizes — like gift cards or products — by completing in-game challenges. The company sells its technology to game developers, sports broadcasters, and brands looking to keep audiences engaged longer.

Versus makes money by taking a share of the prizes or transactions that flow through its platform, and it also charges licensing fees to clients who use its software. The company operates primarily in North America and is very small, with a market cap near zero and heavy operating losses, meaning it spends far more than it earns. The near-100% gross margin shows the software itself is efficient, but the core risk is whether the company can sign enough clients and grow revenue fast enough to survive before running out of cash.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-24.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-28.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$48,065/ year

↓ Declining (-80% vs prior year)

2.2% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

64.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

$1M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$1M cash & investments at current burn rate

Revenue declining

Versus Systems's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

39.8%

Excellent — 39.8% operating margin

Return on the money invested

ROCE

-20.7%

Weak — -20.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-30.7%

Shrinking sales (-30.7% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-56.0%

Burning cash (-56.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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