Executive Summary

Reported revenue increased 33% year over year to $1.71M in Q2 2024, driven by a surge in professional/other fees (+93%) and technical engineering fees (+290%), while subscription revenue was flat to slightly higher .
Net loss narrowed to $0.36M (−16% YoY), and diluted EPS improved to $(0.06) vs $(0.09) in Q2 2023; management attributed improvement primarily to an income tax benefit related to valuation allowance changes tied to the business combination .
On an unaudited pro forma basis (VSee + iDoc as if combined from 1/1/2023), Q2 2024 total revenue was $2.70M vs $2.77M in Q2 2023 and net loss increased to $1.79M from $1.03M, reflecting integration and transaction-related costs post-combination .
Strategic catalysts: de-SPAC completion (VSee Lab + iDoc into DHAC), partnerships with Ava Robotics and Premier, and launch of Aimee consumer telehealth offering; management highlights Federal Bureau of Prisons deployment (24 of 122 facilities onboard) and expanded enterprise billing services via SkywardRx .
No formal quantitative guidance was issued; consensus estimates via S&P Global were unavailable for this ticker mapping, limiting beat/miss analysis vs Street . Values retrieved from S&P Global were unavailable.

What Went Well and What Went Wrong

What Went Well

Successfully completed de-SPAC and became publicly traded, enabling access to equity markets and combined capabilities of VSee Lab and iDoc: “Becoming publicly traded marks a significant milestone… leveraging our strengths to enable expanded partnerships and service offerings” — Imo Aisiku, M.D., co-CEO .
Partnership momentum: Ava Robotics tele-intensivist solution, Premier virtual care purchasing agreement, and SkywardRx enterprise billing expansion; plus Federal Bureau of Prisons rollout (24 facilities onboard) .
New product launch (Aimee) expands consumer access to labs and prescriptions without insurance; management expects these moves to set the stage for additional revenue opportunities in 2025+ — Milton Chen, Ph.D., co-CEO .

What Went Wrong

Operating expenses rose 69% YoY in Q2 2024, driven by transaction-related legal, professional, advisory, and consulting fees; higher reseller fees in G&A partially offset by lower software costs and reduced contractor headcount .
Subscription revenue headwinds in 1H 2024: −6% YoY due to churned enterprise customers with low clinic usage as some clients shifted back to face-to-face consultations .
Pro forma combined net loss widened in Q2 2024 (to $1.8M from $1.0M), signaling integration and financing burdens post-merger despite operational revenue drivers .

Financial Results

Reported Results (GAAP)

Metric	Q2 2023	Q2 2024
Revenue ($USD Millions)	$1.290	$1.712
Gross Margin ($USD Millions)	$0.816	$1.225
Total Operating Expenses ($USD Millions)	$1.427	$2.408
Net Loss ($USD Millions)	$(0.429)	$(0.362)
Diluted EPS ($USD)	$(0.09)	$(0.06)

Metric	1H 2023	1H 2024
Revenue ($USD Millions)	$2.886	$3.208
Gross Margin ($USD Millions)	$1.837	$2.335
Total Operating Expenses ($USD Millions)	$3.085	$3.480
Net Loss ($USD Millions)	$(0.885)	$(0.333)
Diluted EPS ($USD)	$(0.19)	$(0.07)

Pro Forma Combined (VSee + iDoc, unaudited)

Metric	Q2 2023	Q2 2024
Total Revenue ($USD Millions)	$2.769	$2.701
Net Loss ($USD Millions)	$(1.031)	$(1.791)
Diluted EPS ($USD)	$(0.07)	$(0.12)

Revenue Mix (Reported)

Revenue Category	Q2 2023 ($)	Q2 2024 ($)
Subscription fees	$1,022,631	$1,037,426
Professional & other fees	$218,942	$421,632
Technical engineering fees	$48,650	$189,939
Patient fees	$—	$31,520
Telehealth fees	$—	$30,569
Institutional fees	$—	$480
Total Revenue	$1,290,223	$1,711,566

Revenue Category	1H 2023 ($)	1H 2024 ($)
Subscription fees	$2,183,822	$2,042,628
Professional & other fees	$478,332	$749,475
Technical engineering fees	$224,337	$352,889
Patient fees	$—	$31,520
Telehealth fees	$—	$30,569
Institutional fees	$—	$480
Total Revenue	$2,886,491	$3,207,561

Additional balance sheet note: Cash and cash equivalents were $1.1M as of June 30, 2024 .

vs Estimates

S&P Global consensus estimates for Q2 2024 were unavailable for this ticker mapping; therefore, we cannot assess beats/misses vs Street. Values retrieved from S&P Global were unavailable.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Quarter (not specified)	Not provided	Not provided	Maintained (no guidance)
Margins	FY/Quarter (not specified)	Not provided	Not provided	Maintained (no guidance)
OpEx	FY/Quarter (not specified)	Not provided	Not provided	Maintained (no guidance)
Tax rate	FY/Quarter (not specified)	Not provided	Not provided	Maintained (no guidance)
Segment guidance	FY/Quarter (not specified)	Not provided	Not provided	Maintained (no guidance)

Note: The Q2 press release and 8-K did not include formal quantitative guidance ranges .

Earnings Call Themes & Trends

No Q2 2024 earnings call transcript was found; themes reflect press release and filings.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2024)	Trend
AI/technology initiatives	SPAC-stage disclosures focus on financing and Nasdaq compliance; limited operations detail in Q1 2024 10-Q .	Partnership with Ava Robotics for tele-intensivist ICU solutions; SaaS telehealth workflow platform positioning .	Increasing productization and applied robotics/virtual care footprint .
Supply chain	Not discussed in prior quarter 10-Q .	Not highlighted in Q2 press release .	Neutral (no explicit commentary) .
Tariffs/macro	Nasdaq listing/market compliance noted previously; no macro tariff discussion .	Not discussed in Q2 press release .	Neutral .
Product performance	Pre-close SPAC, no operational KPIs .	Launch of Aimee consumer telehealth; increased technical engineering and professional fees .	Positive with new offerings and services .
Regional trends	None prior .	Federal Bureau of Prisons onboarding across 24 facilities (of 122) .	Expanding federal footprint .
Regulatory/legal	Nasdaq listing transitions and compliance addressed in Q1 2024 10-Q .	No new regulatory items in press release; business combination accounting impacts (valuation allowance) visible in results .	Stabilizing; focus moves to operations .
R&D execution	Not highlighted prior .	Emphasis on integration/customization services (technical engineering fees up 290%) .	Improving services execution .
Health features	N/A prior .	Aimee for labs/prescriptions; ICU/neuro modules via iDoc .	Expanding portfolio .

Management Commentary

“The accomplishments by VSee Health during the second quarter and subsequent weeks underscore our commitment to enhance the healthcare experience through innovative virtual care business-to-business solutions, and our financial results reflect the transition of Digital Health Acquisition Corp. from a SPAC to an operating company.” — Imo Aisiku, M.D., co-CEO and Chairman .
“By securing partnerships such as with the Koch brothers-founded Stand Together in launching Aimee… Broadening our range of services allowed us to enter new markets… we believe these strategic moves should enable us to set the stage for additional revenue opportunities in 2025 and beyond.” — Milton Chen, Ph.D., co-CEO .

Q&A Highlights

No Q2 2024 earnings call transcript located; no Q&A themes available for analysis [Search result indicated none in catalog].

Estimates Context

Wall Street consensus via S&P Global was unavailable due to missing mapping for this ticker; as a result, we cannot quantify beats/misses vs Street for Q2 2024. Values retrieved from S&P Global were unavailable.
Given the transition from SPAC to operating company during Q2, coverage initiation and estimate normalization may lag Street adoption .

Key Takeaways for Investors

Operational inflection: YoY revenue growth (+33%) driven by non-subscription services (engineering/customization, professional/other), signaling traction in enterprise deployments and integration services .
Expense normalization is a focus: Elevated OpEx from transaction-related costs should abate post-integration; monitor underlying G&A and compensation trends for operating leverage .
Pro forma losses widened despite combined scale; integration costs and financing structure remain a near-term overhang—track progress on cost control and margin expansion .
Strategic pipeline: Ava Robotics ICU use case, Premier purchasing agreement, and Federal Bureau of Prisons rollout provide credible near-term adoption catalysts; Aimee opens a consumer telehealth vector .
Subscription churn noted in 1H 2024 highlights the importance of enterprise usage; watch subscription stabilization vs growth in services revenue mix .
Liquidity: $1.1M cash at quarter-end; capital structure includes multiple notes and potential equity facilities—investors should monitor dilution risk and financing costs as growth scales .
With no formal guidance and unavailable Street estimates, price action likely hinges on visible contract wins, recurring revenue growth and demonstrated margin improvements in subsequent quarters .

Sources: Q2 2024 Form 8-K and Exhibit 99.1 press release ; Q1 2024 Form 10-Q for prior quarter context . The company’s newsroom press release corroborating Q2 details: https://vseehealth.com/press-releases/news/press-2024/vsee-health-provides-a-business-update-and-reports-second-quarter-2024-financial-results

VSEE HEALTH, INC. (DHAC)·Q2 2024 Earnings Summary