Visionstate (VIS) AI Stock Analysis

• Market Cap: C$5.17M
• Dividend Yield: N/A
• Average Volume (3M): 370.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.07
• Revenue Growth: -15.33%
• EPS Growth: 47.13%
• Country: CA
• Employees: 7
• Sector: General
• Sector Strength: N/A
• Industry: Information Technology Services
• EPS (TTM): N/A
• Shares Outstanding: 258,326,320
• 10 Day Avg. Volume: 459,940
• 30 Day Avg. Volume: 370,259
• PEG Ratio: 0.25
• Price to Book (P/B): -11.95
• Price to Sales (P/S): 8.66
• P/FCF Ratio: -4.54
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: C$0.01 ▼(-30.00% Downside)
• Action: Upgraded Date: 01/26/26
• Date: Action: Upgraded 01/26/26

The score is primarily constrained by very weak financial performance (losses, cash burn, and negative equity). Technical indicators also lean bearish/soft, while valuation is difficult to support due to a negative P/E and lack of dividend yield.

Positive Factors

Facility & healthcare software focus

Serving facilities management and healthcare creates durable demand for workflow, cleaning and compliance tools. Those sectors favor operational visibility and accountability, so the company’s core digital task-management product aligns with structural digitization trends and recurring operational workflows.

Modest absolute leverage

A relatively low nominal debt load reduces near-term solvency pressure and preserves strategic optionality. Given weak equity and cash burn, modest leverage lowers immediate refinancing risk and gives management more flexibility to restructure operations or seek non-debt financing over the medium term.

Free cash flow improvement in 2025

An improving FCF trend, even from negative levels, signals progress on cost control or revenue mix. If persistent, it reduces ongoing financing needs and indicates operational adjustments taking hold—an important durable step toward cash-flow sustainability over the next several quarters.

Negative Factors

Negative shareholders' equity

Negative equity materially weakens balance-sheet resilience and financing flexibility. Over months this limits access to traditional credit, increases dilution risk from future capital raises, and raises insolvency vulnerability if losses continue or assets erode further.

Structural cash burn

Consistent multi-year negative operating and free cash flow shows the business consumes cash rather than funds itself. This structural burn requires continual external financing, increasing dilution risk and constraining long-term investment in product and go-to-market capabilities.

Persistent unprofitable operations

Negative gross profit in most years and deeply negative operating/net margins indicate the cost base exceeds revenue at current scale. Coupled with recent top-line decline, this suggests weak unit economics and low margin sustainability, making durable profitability unlikely without decisive structural change.

Visionstate Business Overview & Revenue Model

Company Description

Visionstate Corp. engages in the research and development of technology in the realm of the Internet of Things, big data and analytics, and sustainability. The company, through its subsidiary, Visionstate IoT Inc., provides state-of-the-art IoT platform that tracks and monitors cleaning and maintenance activities in publicly accessible buildings and spaces. The company's principal product is WANDA, an IoT touch-screen solution that collects information on cleaning activities, monitors supply inventories, manages workforce, collects foot-traffic data using people sensors, and provides detailed analytics, reporting, and dashboards. Its product WANDA smart technology is used in hospitals, airports, shopping centers, and other public facilities across and beyond North America. The company is also investing in artificial intelligence (AI) applications through its ViCCi 2.0 product, which integrates conversational AI with customer service in brick and mortar locations. Visionstate Corp. is headquartered in Edmonton, Canada.

How the Company Makes Money

Visionstate generates revenue through multiple streams, primarily by offering subscription-based services for its IoT platforms and solutions. The company charges clients for the use of its software and analytics tools, which help businesses monitor and manage their facilities more effectively. Additionally, Visionstate earns revenue from hardware sales, including sensors and devices that are integral to its IoT solutions. Significant partnerships with municipal governments and large enterprises also contribute to its earnings, as these collaborations often lead to larger contracts and recurring service agreements. The company may also benefit from service-level agreements (SLAs) that ensure ongoing support and maintenance for its technology.

Visionstate Financial Statement Overview

Summary

Very weak fundamentals: revenue volatility with recent decline, persistently deeply negative margins (including negative gross profit in most years), ongoing operating/FCF cash burn, and negative shareholders’ equity in 2025 with a shrinking asset base.

Income Statement

Revenue has been volatile and trending down recently (2025 down ~12% vs. 2024; 2024 up vs. 2023), indicating an unstable top-line. Profitability is very weak: gross profit is negative in 3 of the last 4 years (including 2025), and operating and net margins are deeply negative across all periods, with 2025 showing a large net loss relative to revenue. While losses improved meaningfully from the extreme 2023 levels, the business remains far from breakeven and appears to have limited cost absorption at current scale.

Balance Sheet

Leverage in absolute dollars is modest, but the capital structure is a key concern: shareholders’ equity flips between positive and negative and is negative in 2025, which weakens balance-sheet resilience and financing flexibility. Total assets also fell sharply in 2025 versus 2024, suggesting contraction and/or asset base erosion. Debt-to-equity is not very informative when equity is negative, but the negative equity itself is a material risk factor despite the relatively small debt load.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are negative in every year shown, implying the business is consuming cash rather than funding itself internally. 2025 free cash flow improved versus 2024, but it remains meaningfully negative, and the company still lacks clear cash-flow durability. Free cash flow tracking closely with net losses signals losses are not merely non-cash accounting items—cash burn appears structural.

Breakdown	Sep 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	433.08K	492.38K	289.24K	410.54K	540.64K
Gross Profit	-392.06K	-155.40K	-275.94K	365.01K	528.20K
EBITDA	-1.04M	-891.81K	-1.69M	-573.90K	-981.91K
Net Income	-1.08M	-933.16K	-1.73M	-621.13K	-1.04M
Balance Sheet
Total Assets	191.21K	826.07K	386.62K	976.75K	1.49M
Cash, Cash Equivalents and Short-Term Investments	75.82K	456.48K	89.77K	19.80K	635.96K
Total Debt	165.52K	170.76K	243.59K	251.54K	180.50K
Total Liabilities	504.84K	517.13K	641.27K	720.13K	830.21K
Stockholders Equity	-313.63K	308.94K	-254.65K	256.63K	655.03K
Cash Flow
Free Cash Flow	-826.56K	-671.66K	-1.01M	-766.04K	-536.56K
Operating Cash Flow	-826.56K	-671.66K	-1.01M	-766.04K	-536.56K
Investing Cash Flow	-82.50K	-63.00K	-22.75K	-109.98K	-1.29M
Financing Cash Flow	528.40K	1.10M	1.11M	259.86K	2.47M

Visionstate Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.02
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VIS, the sentiment is Negative. The current price of 0.02 is equal to the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.02, and below the 200-day MA of 0.02, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 34.97 is Neutral, neither overbought nor oversold. The STOCH value of <0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:VIS.

Visionstate Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DCSI	49 Neutral	C$2.49M	-0.47	―	―	33.92%	-402.25%
ALYA	45 Neutral	C$129.60M	-5.77	-16.17%	―	3.40%	-691.81%
KNR	44 Neutral	C$104.58M	-3,571.43	-0.42%	―	-59.23%	-100.34%
DM	43 Neutral	C$13.73M	-0.41	-58.58%	―	-56.02%	91.71%
VIS	42 Neutral	C$5.17M	-4.65	-3428.85%	―	-15.33%	47.13%
NERD	42 Neutral	C$2.75M	-6.25	―	―	13.01%	20.00%

Visionstate Corporate Events

Visionstate Targets Subscription Growth and Profitability After Compliance-Focused 2025 Investments

Visionstate Corp. is entering 2026 with growing subscription-based revenue momentum after a year of targeted investment in compliance-driven technologies, including its MIRA Inspections mobile platform, TidyLogic AI analytics engine, and WandaLITE (CleanWatch) solution tailored for facilities subject to Ontario’s Bill 190. The company reports active billing beginning for late-2025 Bill 190-related subscriptions, advancing renewals and activations on its CleanWatch platform, and strengthening direct sales that support both WANDA unit deployments and long-term platform engagement; together with its first installation in Australia and a custom-development U.S. pilot expected to underpin a larger rollout, Visionstate is focusing this year on monetizing its technology through subscription growth within Visionstate IoT Inc., progressing toward operational profitability, and engaging investors via an online shareholder Coffee Chat to outline its 2026 strategy and compliance-led growth opportunities.

Visionstate Advances AI in Facility Management with TidyLogic

Visionstate Corp. has advanced its AI initiatives in facility management through a collaboration with the Alberta Machine Intelligence Institute (AMII), resulting in the development of TidyLogic. This platform uses real-world data to optimize labor allocation, improve compliance, and enhance service quality. The partnership with AMII has accelerated Visionstate’s AI roadmap and positioned the company to lead in the facility management sector, with potential applications in other industries. TidyLogic will be offered through a flexible, recurring-revenue model, supporting Visionstate’s long-term growth.

Visionstate Secures Financing to Expand Smart Facility Management

Visionstate Corp. has secured a $300,000 convertible debenture to boost its global expansion in smart facility management technologies. This financing reflects strong shareholder confidence and positions Visionstate to leverage its first-mover advantage in the rapidly evolving digital facility management sector. The company aims to capitalize on the increasing demand for digital solutions driven by legislative mandates and market trends, with its SaaS-based model offering strong recurring revenue potential and scalability.

Visionstate Expands U.S. Presence with New Pilot Project and Customer Growth

Visionstate Corp. has announced a pilot project with a leading U.S.-based facility management company, marking its expansion into the U.S. market. The pilot, which begins with three hospitals and could extend to 15, aims to enhance operational excellence through technology. Additionally, Visionstate is expanding its customer base across North America, with new deployments in trucking, construction, and healthcare sectors. These developments underscore the growing recognition of Visionstate’s software solutions as essential tools for ensuring cleanliness, compliance, and sustainability across diverse industries.