VirnetX Holding Corp VHC
VirnetX Holding Corporation ("Company", "we", "us", or "our") is an Internet security software and technology company with patented cybersecurity solutions that are designed to
ensure resilient, secure communications across any network or device.
Our flagship platform, VirnetX One™, is built on Zero Trust Network Access (ZTNA) principles and extends our patented Secure Domain Name System (SDNS) technology to establish end-to-end encrypted communications on
demand, regardless of user location or endpoint. VirnetX One™ operates as a security-as-a-service platform and may be deployed in cloud, on-premise, or hybrid enterprise environments. The platform is designed to protect applications, services, and
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $162.0K | $5.0K | $7.0K | $48.0K | $35.0K | $302.6M | $85.0K | $63.0K | $1.5M | $1.6M |
| R&D | $5.7M | $6.0M | $9.7M | $6.4M | $5.6M | $8.8M | $3.8M | $4.8M | $4.2M | $4.2M |
| SG&A | $13.4M | $14.4M | $21.7M | $15.7M | $52.7M | $45.8M | $15.9M | $20.7M | $14.7M | $25.0M |
| Total operating expenses | $19.6M | $20.4M | $31.5M | $22.1M | $49.2M | $144.7M | $19.8M | $25.5M | $18.9M | $30.1M |
| Operating income | -$19.4M | -$20.4M | -$31.4M | -$22.1M | -$49.2M | $157.9M | -$19.7M | -$25.5M | -$17.3M | -$28.5M |
| Pre-tax income | -$18.2M | -$18.2M | -$27.9M | -$20.2M | -$49.1M | $307.5M | -$19.6M | -$25.4M | -$17.3M | -$28.4M |
| Income tax | $2.0K | $3.0K | $79.0K | $16.0M | $6.2M | $27.0M | $393.0K | $3.0K | $3.0K | $133.0K |
| Net income | -$18.2M | -$18.2M | -$27.9M | -$36.3M | -$42.9M | $280.4M | -$19.2M | -$25.4M | -$17.3M | -$28.6M |
| EPS, basic | -5.00 | -5.05 | -7.79 | -10.17 | -0.60 | 3.96 | -0.28 | — | — | — |
| EPS, diluted | -5.00 | -5.05 | -7.79 | -10.17 | -0.60 | 3.92 | -0.28 | -0.40 | -0.30 | -0.51 |
| Shares, diluted (wtd. avg.) | $3.6K | $3.6K | $3.6K | $3.6K | $71.2M | $71.6M | $68.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $15.5M | $23.3M | $26.3M | $86.6M | $142.0M | $192.9M | $3.1M | $7.6M | $3.1M | $6.6M |
| Short-term investments | $6.0M | $14.8M | $27.3M | $65.5M | $27.3M | $28.3M | $2.4M | $1.8M | $1.5M | $9.2M |
| Receivables | $19.0K | $0 | $2.0K | $14.0K | $17.0K | $8.0K | $5.0K | $6.0K | $0 | — |
| Total current assets | $21.7M | $38.2M | $53.8M | $152.3M | $169.5M | $224.4M | $5.8M | $10.1M | $5.2M | $16.5M |
| Property, plant and equipment | $61.0K | $67.0K | $67.0K | $11.0K | $18.0K | $11.0K | $16.0K | $9.0K | $7.0K | $33.0K |
| Total assets | $31.1M | $49.6M | $60.4M | $153.0M | $186.5M | $234.8M | $7.5M | $11.8M | $7.2M | $18.9M |
| Accounts payable | $388.0K | $336.0K | $440.0K | $373.0K | $338.0K | $654.0K | $1.3M | $1.1M | $414.0K | $1.8M |
| Total current liabilities | $2.0M | $7.2M | $1.3M | $731.0K | $1.0M | $10.4M | $1.8M | $1.9M | $4.5M | $5.2M |
| Total liabilities | $8.6M | $10.0M | $4.4M | $731.0K | $1.1M | $10.4M | $1.9M | $1.9M | $5.6M | $7.7M |
| Retained earnings | -$222.9M | -$204.7M | -$186.5M | -$87.2M | -$50.9M | -$8.0M | -$217.6M | -$198.4M | -$175.5M | -$158.2M |
| Total equity | $22.5M | $39.6M | $56.0M | $152.2M | $185.4M | $224.4M | $5.6M | $9.9M | $1.6M | $11.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.6M | -$15.3M | -$24.8M | -$16.9M | -$51.7M | $281.4M | -$15.1M | -$22.3M | -$14.9M | -$21.9M |
| Depreciation and amortisation | $23.0K | $21.0K | $9.0K | $7.0K | $4.0K | $5.0K | $7.0K | $18.0K | $26.0K | $28.0K |
| Capital expenditure | $17.0K | $22.0K | $65.0K | $0 | $11.0K | $0 | $14.0K | $0 | $0 | $13.0K |
| Investing cash flow | $8.8M | $12.5M | $35.9M | -$38.5M | $1.0M | -$26.0M | -$606.0K | -$370.0K | $7.8M | $700.0K |
| Financing cash flow | -$873.0K | -$129.0K | -$71.4M | -$29.0K | -$196.0K | -$65.7M | $11.2M | $27.1M | $3.7M | $19.1M |
| Dividends paid | — | $0 | $71.4M | $0 | $0 | $70.8M | $0 | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-016717.
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| REFR | RESEARCH FRONTIERS INC | $14.5M | — | -16.0% |