Verses AI Delays 10-Q Amid Leadership Transition

VERSES AI ( (VRSSF) ) has released a notification of late filing.

Verses AI Inc. has filed a Form 12b-25 notifying investors of a delay in its Form 10-Q (Quarter Report) for the quarter ended December 31, 2025, citing the need for additional time to complete internal review. The delay follows the February 8, 2026 resignation of former CEO Gabriel Rene and the appointment of interim CEO David Scott.

Management says the new interim chief executive needs more time to adequately review the financial statements before sign-off, and that filing on time would require unreasonable effort or expense. The company emphasizes that this is an administrative timing issue linked to leadership changes rather than a disclosed problem with auditors or internal controls.

Verses AI Inc. expects to submit the late Form 10-Q (Quarter Report) within the five-day grace period allowed under SEC Rule 12b-25, which would keep the company in timely-filer status if met. The company also confirms that all other required SEC reports over the past 12 months have been filed.

Preliminary figures point to a sharp year-over-year improvement in the company’s cost structure and earnings per share, despite continued losses and a tight cash position. Verses AI Inc. expects quarterly net revenue of about $417,932 versus zero a year earlier, with net loss narrowed to roughly $3.99 million, or $0.34 per share, from $16.81 million, or $2.63 per share, in the prior-year quarter.

The company anticipates significantly lower total expenses, down to around $4.12 million from $16.81 million, and a reduced shareholders’ deficiency as liabilities fall compared with the prior year. However, cash is projected at only $67,954 as of December 31, 2025, versus $876,951 a year earlier, underscoring liquidity pressure despite a smaller balance-sheet deficit.

Verses AI Inc. stresses that all these figures are preliminary estimates and could change, possibly materially, once the full quarter-end financial statements and reviews are complete. The company frames these disclosures as forward-looking statements subject to market and operational risks, cautioning investors not to place undue reliance on the early numbers.

The notification is signed by Chief Financial Officer James Christodoulou on February 17, 2026, signaling that the finance team is actively managing the delayed filing and regulatory communications. Management indicates it is focused on completing the review process and filing the Form 10-Q (Quarter Report) within the permitted extension to remain in compliance with SEC requirements.

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