Vaso Corporation announced its financial results for the first quarter ended March 31, 2025, reporting record first-quarter revenue of $19.5 million. This represents a 3.9% increase compared to $18.7 million in the same period of 2024, driven by revenue increases in the IT and professional sales service segments.
Gross profit for the first quarter of 2025 increased by 4.0% to $11.4 million, up from $10.9 million in Q1 2024. The company's net loss for the quarter narrowed to $1.1 million, an improvement from a net loss of $1.2 million in the first quarter of 2024, reflecting higher gross profit partially offset by increased selling, general, and administrative (SG&A) expenses.
As of March 31, 2025, Vaso Corporation maintained a strong balance sheet with $25.3 million in cash and cash equivalents. Total deferred revenue grew to $35.4 million, an increase of 12.7% from March 31, 2024, providing revenue stability and financial visibility for future periods. Net cash used in operating activities improved to $566 thousand, compared to $1.1 million used in the prior year's first quarter.
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