Gross Margin Increased by 46% and Operating Expenses Decreased by 45%
Strategic Collaboration with Meta and Global Expansion Accelerate Omni One Adoption and Scale
AI-Enabled Defense Training and Enterprise Applications Advance Multi-Use Growth Strategy
Virtuix Rang the Nasdaq Closing Bell on
Management to Host Conference Call Today at
Figures presented herein are approximate and have been minimally rounded for readability. Investors should refer to the accompanying financial statements and the Company’s Quarterly Report on Form 10-Q for exact amounts.
Key Third Quarter and Nine-Month Fiscal 2026 Results and Subsequent Highlights
- Net sales for the nine months ended
December 31, 2025 were$3.0 million , an increase of$0.9 million or 41% from net sales of$2.1 million for the prior year period. - Gross margin for the nine months ended
December 31, 2025 , increased to 29% from (17%) in the prior year period. - Total operating expenses decreased
$5.1 million , or 45%, to$6.3 million in the nine months endedDecember 31, 2025 , from$11.4 million in the prior year period. - Net sales for the three months ended
December 31, 2025 were$1.0 million , compared to$1.3 million in the prior year period. Notably, new orders forOmni One andOmni One Core systems increased 60% inDecember 2025 compared toDecember 2024 , reflecting a strong 2025 holiday season. The overall higher revenue in the three months endedDecember 31, 2024 was primarily attributable to the fulfillment of a large backlog ofOmni One preorders, accumulated since the start of the preorder period inAugust 2023 , in Q3 FY2025, whereas revenues in Q3 FY2026 resulted from sales to newly acquired customers. - Gross margin for the three months ended
December 31, 2025 increased to 30% from (2%) in the prior year period, driven by the price increase implemented inNovember 2024 and lower per-unit overhead costs. - Listed and began trading on the Nasdaq Global Market under the ticker symbol “VTIX” on
January 27, 2026 . - Joined the “Made for Meta” partnership program of Meta Platforms, Inc. to enable "Omni One" 360-degree treadmill compatibility with
Meta Quest headsets and games, broadeningOmni One's addressable market to the world's largest XR user base. - Expanded
Omni One Core sales toEurope , marking a significant milestone in the Company's international growth. European customers can now place orders across major markets includingGermany ,United Kingdom ,France , and additional EU countries throughVirtuix's dedicated EU andUK storefronts, with initial shipments scheduled to beginbetween April 13 and April 24, 2026 . - Demonstrated humanoid robot teleoperation using Omni One Enterprise in collaboration with the University of Central Florida’s
Institute for Simulation & Training , highlighting Omni One’s ability to translate 360-degree natural walking into real-time robot teleoperation and training. - Highlighted the integration of AI-driven 3D reconstruction into the Virtual Terrain Walk (VTW) system for training and simulation in the defense industry, rapidly transforming real-world environments captured with 360-degree cameras into high-fidelity, photorealistic, and navigable 3D worlds, and announced the sale of test units to the U.S. Military Academy at West Point, the
U.S. Air Force Academy , andYokota Air Force Base . - Announced that
Omni One is eligible for purchase with Health Savings Account (HSA) and Flexible Spending Account (FSA) funds through the Company’s partner, Truemed, allowing users to invest in their health while enjoying a fully immersive VR gaming experience. By using pre-tax HSA or FSA dollars, eligible buyers can save approximately 30% on their purchase, depending on their federal and state income tax. - Exhibited at CES 2026 in partnership with Pimax as part of a collaboration to demonstrate
Omni One played with Pimax’s newDream Air headset, highlighting the system’s seamless compatibility with PC VR and SteamVR games.
Management Commentary
“During the first nine months of fiscal year 2026, we made tremendous progress in advancing our mission of enabling natural, full-body movement in virtual worlds,” said Jan Goetgeluk, CEO of
“As the fiscal fourth quarter began, we transitioned from a private company to a publicly-traded business with the successful Nasdaq debut of
“A strategic collaboration through the Made for Meta program is positioning
“Most recently, we expanded our enterprise and research footprint by collaborating with the University of Central Florida’s
“Advancing the development of our Virtual Terrain Walk (VTW) system for the defense market with leading AI technologies, we believe, will allow us to supplement high-volume consumer sales with high-value defense contracts. Integration of AI-driven Gaussian splatting technology into VTW reduces the time required to create realistic virtual terrain from weeks or months to hours, enabling faster deployment of immersive simulations. VTW is seeing early adoption within defense organizations, with test units purchased by
“Looking ahead, we are highly focused on scaling our proprietary full-body movement technology, including international expansion of our consumer business. We recently launched
“Finally, we had the honor of ringing the Nasdaq closing bell yesterday to mark the occasion of Virtuix’s listing as a public company. I would like to thank all those who watched the bell ringing webcast and everyone who attended the ceremony, including our team, members of the Board of Directors, management, family, and friends of Virtuix,” concluded Goetgeluk.
Nine-Month Fiscal 2026 Financial Results
Net sales for the nine months ended
Gross profit in the nine months ended
Total operating expenses decreased by
Net loss for the nine months ended
Cash and cash equivalents totaled
Net cash used in operating activities was
Third Quarter Fiscal 2026 Financial Results
Net sales for the three months ended
Gross profit in the three months ended
Total operating expenses increased by
Net loss for the three months ended
Third Quarter and Nine-Month Fiscal 2026 Financial Results Conference Call
Virtuix Founder, Chief Executive Officer, and Chairman
To access the call, please use the following information:
| Date: | |
| Time: | |
| Dial-in: | 1-877-425-9470 |
| International Dial-in: | 1-201-389-0878 |
| Conference Code: | 13758872 |
| Webcast: | https://viavid.webcasts.com/starthere.jsp?ei=1753424&tp_key=3f04306bbb |
A telephone replay will be available approximately three hours after the call and will run through
About
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the
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Company Contact
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VTIX@mzgroup.us
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| ASSETS | ||||||||
2025 (unaudited) | 2025 | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 1,074,638 | $ | 477,908 | ||||
| Receivables, net of allowance for credit losses | 215,905 | 125,672 | ||||||
| Inventory | 1,380,265 | 1,456,249 | ||||||
| Prepaids and other current assets | 735,908 | 306,153 | ||||||
| TOTAL CURRENT ASSETS | 3,406,716 | 2,365,982 | ||||||
| NONCURRENT ASSETS | ||||||||
| Property and equipment | 1,406,973 | 1,321,931 | ||||||
| Less: accumulated depreciation | (988,351 | ) | (857,028 | ) | ||||
| Net property and equipment | 418,622 | 464,903 | ||||||
| Intangibles | 2,794,251 | 2,792,059 | ||||||
| Less: accumulated amortization | (1,146,120 | ) | (810,356 | ) | ||||
| Net intangibles | 1,648,131 | 1,981,703 | ||||||
| Investment in joint venture | 40,619 | 40,689 | ||||||
| Other assets | 125,983 | 86,258 | ||||||
| Right-of-use asset operating | 715,603 | 835,488 | ||||||
| TOTAL NONCURRENT ASSETS | 2,948,958 | 3,409,041 | ||||||
| TOTAL ASSETS | $ | 6,355,674 | $ | 5,775,023 | ||||
| LIABILITIES AND STOCKHOLDERS’ (DEFICIT) | ||||||||
2025 (unaudited) | 2025 | |||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 1,275,992 | $ | 807,401 | ||||
| Accrued expenses | 808,470 | 502,001 | ||||||
| Deferred revenue | 727,266 | 1,769,556 | ||||||
| Gift card liability | 448,087 | - | ||||||
| Due to related party | 21,798 | 40,000 | ||||||
| Current portion of notes payable, net of discount and unamortized deferred loan costs | 5,287,058 | 2,589,976 | ||||||
| Current portion of EIDL loan | 565 | 549 | ||||||
| Lease liability - operating | 175,420 | 204,051 | ||||||
| TOTAL CURRENT LIABILITIES | 8,744,656 | 5,913,534 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| EIDL loan | 23,661 | 24,087 | ||||||
| Lease liability, net of current portion - operating | 540,183 | 631,437 | ||||||
| TOTAL LONG-TERM LIABILITIES | 563,844 | 655,524 | ||||||
| TOTAL LIABILITIES | 9,308,500 | 6,569,058 | ||||||
| STOCKHOLDERS’ (DEFICIT) | ||||||||
| Preferred stock, | - | 21,688 | ||||||
| Class A common stock, | 26,352 | 8,259 | ||||||
| Class B common stock, | 4,500 | - | ||||||
| Additional paid-in capital | 66,401,214 | 61,668,608 | ||||||
| Accumulated deficit | (69,384,892 | ) | (62,492,590 | ) | ||||
| TOTAL STOCKHOLDERS (DEFICIT) | (2,952,826 | ) | (794,035 | ) | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) | $ | 6,355,674 | $ | 5,775,023 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| $ | 963,817 | $ | 1,264,122 | $ | 2,980,765 | $ | 2,110,889 | |||||||||
| COST OF GOODS SOLD | 674,396 | 1,283,540 | 2,107,718 | 2,466,492 | ||||||||||||
| GROSS PROFIT (LOSS) | 289,421 | (19,418 | ) | 873,047 | (355,603 | ) | ||||||||||
| OPERATING EXPENSES | ||||||||||||||||
| Selling expenses | 733,662 | 245,512 | 2,129,111 | 1,151,749 | ||||||||||||
| General and administrative expenses | 1,172,329 | 1,263,290 | 3,538,778 | 8,199,206 | ||||||||||||
| Research and development expenses | 226,574 | 306,738 | 624,759 | 2,006,822 | ||||||||||||
| TOTAL OPERATING EXPENSES | 2,132,565 | 1,815,540 | 6,292,648 | 11,357,777 | ||||||||||||
| LOSS FROM OPERATIONS | (1,843,144 | ) | (1,834,958 | ) | (5,419,601 | ) | (11,713,380 | ) | ||||||||
| OTHER INCOME (EXPENSE) | ||||||||||||||||
| interest income | 272 | 885 | 571 | 1,341 | ||||||||||||
| Other income | 5,275 | (72 | ) | 5,445 | 3,171 | |||||||||||
| Loss on extinguishment of debt | (122,864 | ) | - | |||||||||||||
| interest expense | (870,717 | ) | (128,116 | ) | (1,308,982 | ) | (243,738 | ) | ||||||||
| TOTAL OTHER INCOME (EXPENSE) | (865,170 | ) | (127,303 | ) | (1,425,830 | ) | (239,226 | ) | ||||||||
| PROVISION FOR INCOME TAX | ||||||||||||||||
| Enterprise income tax expense | 53 | 710 | 1,482 | 1,722 | ||||||||||||
| 22,577 | 9,353 | 45,319 | 50,644 | |||||||||||||
| TOTAL PROVISION FOR INCOME TAX | 22,630 | 10,063 | 46,801 | 52,366 | ||||||||||||
| SHARE OF GAIN (LOSS) IN JOINT VENTURE | - | 1,711 | (70 | ) | (19,096 | ) | ||||||||||
| NET LOSS | $ | (2,730,944 | ) | $ | (1,970,613 | ) | $ | (6,892,302 | ) | $ | (12,024,068 | ) | ||||
| Weighted average common shares outstanding: | ||||||||||||||||
| Basic and Diluted | 30,839,238 | 8,250,643 | 20,275,350 | 8,210,643 | ||||||||||||
| Net loss per share: | ||||||||||||||||
| Basic and Diluted | $ | (0.09 | ) | $ | (0.24 | ) | $ | (0.34 | ) | $ | (1.46 | ) | ||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED | ||||||||
| Nine Months Ended | ||||||||
| 2025 | 2024 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net loss | $ | (6,892,302 | ) | $ | (12,024,068 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization expense | 467,087 | 329,840 | ||||||
| Amortization of discount on notes payable | 939,162 | 7,720 | ||||||
| Amortization of loan cost | 13,537 | - | ||||||
| Credit loss expense | 39,622 | 21,309 | ||||||
| Stock-based compensation | 36,015 | 36,469 | ||||||
| Loss on extinguishment of debt | 122,884 | - | ||||||
| Share of loss in joint venture | 70 | 19,096 | ||||||
| Stock issuance in exchange for services | 232,577 | 4,647,500 | ||||||
| (Increase) decrease in assets: | ||||||||
| Prepaid expenses and other current assets | (429,756 | ) | 259,114 | |||||
| Accounts receivable | (129,855 | ) | (109,386 | ) | ||||
| Other assets | (39,725 | ) | (6,487 | ) | ||||
| Inventory | 75,984 | (1,034,272 | ) | |||||
| Operating lease right-of-use assets | 142,120 | 208,181 | ||||||
| Increase (decrease) in liabilities: | ||||||||
| Accounts payable | 468,591 | 349,488 | ||||||
| Accrued expenses | 154,518 | 194,910 | ||||||
| Operating lease liabilities | (142,120 | ) | (208,181 | ) | ||||
| Gift card liability | 448,087 | - | ||||||
| Deferred revenue | (1,042,290 | ) | 966,084 | |||||
| CASH USED IN OPERATING ACTIVITIES | (5,535,794 | ) | (6,342,683 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
| Cash paid for purchases of property and equipment | (85,042 | ) | (113,150 | ) | ||||
| Cash paid for purchases of intangibles | (2,192 | ) | (351,216 | ) | ||||
| CASH USED IN INVESTING ACTIVITIES | (87,234 | ) | (464,366 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Issuance of preferred stock | 1,945,352 | 2,389,680 | ||||||
| Proceeds from SAFE notes | - | 3,598,805 | ||||||
| Payments on short-term notes payable | (443,186 | ) | (303,498 | ) | ||||
| Payments on long-term notes payable | (410 | ) | (230 | ) | ||||
| Proceeds from short-term notes payable | 1,733,170 | 2,367,500 | ||||||
| Payment for equity repurchase | - | (2,750 | ) | |||||
| Proceeds from convertible notes | 3,000,000 | - | ||||||
| Warrants exercised | 3,034 | 88 | ||||||
| Due from (to) related parties | (18,202 | ) | (25,768 | ) | ||||
| CASH PROVIDED BY FINANCING ACTIVITIES | 6,219,758 | 8,023,827 | ||||||
| NET INCREASE IN CASH | 596,730 | 1,216,778 | ||||||
| CASH AT BEGINNING OF PERIOD | 477,908 | 270,029 | ||||||
| CASH AT END OF PERIOD | $ | 1,074,638 | $ | 1,486,807 | ||||
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e19ff502-d549-4f46-ab9f-0bec34767b08
