Visionstate (VIS) AI Stock Analysis

• Market Cap: C$3.87M
• Dividend Yield: N/A
• Average Volume (3M): 370.26K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.47
• 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: 39 Underperform
• Price Target: C$0.01 ▼(-30.00% Downside)
• Action: Downgraded Date: 03/10/26
• Date: Action: Downgraded 03/10/26

The score is primarily driven by very weak financial performance (sharp revenue decline, extremely negative margins, continued losses and cash burn, and negative equity). Technical indicators add modest support only in that RSI is low and price is flat versus moving averages, but overall momentum remains weak. Valuation is constrained by a negative P/E and no dividend yield data.

Positive Factors

Niche Software Focus

Visionstate’s core product is a digital task management and reporting platform for facilities and healthcare — a durable vertical niche with structural demand for accountability, compliance and operational visibility. This specialization supports recurring contract potential and targeted product development.

Low Absolute Debt

Total debt is modest in absolute terms, which reduces near-term interest burden and gives management more optionality to restructure operations or raise incremental capital. Lower nominal leverage can ease refinancing pressure compared with highly leveraged peers.

Lean Operating Base

A very small headcount implies a low fixed-cost base and potential for strong operating leverage if revenue stabilizes. For a software-centric firm, a lean team can enable scaled delivery with limited incremental payroll expense as product adoption grows.

Negative Factors

Severe Revenue Decline

A nearly 100% TTM revenue decline signals a collapsing top line and undermines core viability. Persistent revenue contraction reduces pricing power, prevents fixed-cost absorption, and makes recovery dependent on successful product repositioning or new customer wins.

Deep Negative Margins

Extremely negative gross and net margins show the business is losing money on operations, not just impacted by one-off items. Such structural unprofitability indicates pricing, cost structure, or revenue recognition problems that must be fixed for sustainable operations.

Cash Burn & Negative Equity

Material negative operating cash flow and negative shareholder equity intensify solvency and dilution risk. Ongoing cash burn limits reinvestment, raises the need for external funding, and reduces resilience to market or execution setbacks absent decisive turnaround action.

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

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Visionstate Financial Statement Overview

Summary

Very weak fundamentals: TTM revenue is down sharply (RevenueGrowthRate -0.994), profitability is deeply negative (gross margin ~-91%, net margin ~-250%) with persistent losses, cash flow is materially negative (operating cash flow and free cash flow about -$0.84M), and the balance sheet deteriorated to negative shareholders’ equity (about -$0.40M), increasing solvency and financing/dilution risk.

Income Statement

TTM (Trailing-Twelve-Months) results show severe operating weakness: revenue is down sharply (RevenueGrowthRate -0.994) and profitability is deeply negative (gross margin ~-91%, net margin ~-250%). Losses are persistent across the full history provided (net income negative every year), and margins deteriorated materially versus 2024 (net margin ~-190% in 2024 to ~-250% in TTM), indicating limited operating leverage and continued cost pressure.

Balance Sheet

The balance sheet is stressed in the most recent period, with negative shareholders’ equity in TTM (about -$0.40M), which raises solvency risk and limits financial flexibility. Debt is moderate in absolute terms (TTM total debt ~$0.45M), but the negative equity base makes leverage indicators hard to interpret and inherently riskier; this contrasts with 2024, when equity was positive. Total assets are also relatively small (TTM ~$0.27M), leaving a thin cushion against ongoing losses.

Cash Flow

Cash generation remains weak: TTM operating cash flow and free cash flow are both materially negative (about -$0.84M), consistent with a business that is consuming cash rather than self-funding. While free cash flow growth is shown as positive in TTM, it is coming off a negative base and does not change the key issue that cash burn is ongoing; cash flow also broadly tracks net losses (free cash flow to net income ~1.0), suggesting limited non-cash offsets.

Breakdown	Dec 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: Negative

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 100.00 is Negative, 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$2.86M	-2.52	―	―	33.92%	-402.25%
ALYA	45 Neutral	C$132.99M	60.68	-13.00%	―	3.40%	-691.81%
KNR	44 Neutral	C$104.58M	2.69	-0.43%	―	-59.23%	-100.34%
NERD	44 Neutral	C$2.75M	-4.02	―	―	13.01%	20.00%
DM	41 Neutral	C$8.39M	-1.20	-212.14%	―	-56.02%	91.71%
VIS	39 Underperform	C$3.87M	-15.43	-3428.85%	―	-15.33%	47.13%

Visionstate Corporate Events

Visionstate Repositions Under MIRA Platform as Subscriptions Accelerate

Visionstate has rebranded and consolidated its technology under the MIRA compliance platform, shifting its positioning from an IoT facility management provider to a compliance-focused subscription business. The company sees rising regulatory demands, such as public cleaning transparency rules, as driving a broader move toward documented compliance and verification across facilities, enhancing the strategic relevance of its platform.

To capitalize on this shift, Visionstate has simplified and standardized its subscription model, reporting 110 active rebilling locations and 35 new subscriptions in January 2026 through its main distribution partner, a marked increase from one new subscription a year earlier. With core MIRA subscriptions priced at about $960 annually per location and additional revenue potential from MIRA Inspections and related services, management estimates that reaching roughly 400 active location subscriptions could bring its IoT subsidiary to operating break-even within about a year if recent growth levels are sustained.

The most recent analyst rating on (TSE:VIS) stock is a Hold with a C$0.01 price target. To see the full list of analyst forecasts on Visionstate stock, see the TSE:VIS Stock Forecast page.

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.