Virtuix Holdings (NASDAQ:VTIX) released fourth-quarter financial results and hosted an earnings call on Thursday. Read the complete transcript below.
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Summary
Virtuix Holdings reported a fiscal year 2026 revenue increase of 18% to $4.3 million, driven by strong sales of Omni One and a robust 2025 holiday season.
Gross margin improved significantly to 25% from a negative 6% in the previous year, while operating expenses decreased by 19%, leading to a 27% improvement in operating loss.
The company listed on NASDAQ and expanded its product offerings, launching Omni One for Quest in collaboration with Meta, and extended its market reach to Europe, the UK, and Canada.
Virtuix is pursuing strategic acquisitions in defense training and simulation to enhance its position in the defense market, where it sees significant growth potential.
Management expressed optimism about future growth across consumer, defense, and healthcare verticals, with a focus on scaling operations and improving profitability.
Full Transcript
OPERATOR
Good morning and welcome to the Virtuix earnings conference call for the full fiscal year 2026 ending March 31, 2026. All lines have been placed on listen-only mode and the floor will be open for your questions following the presentation. During today's call, we may make statements relating to our goals and objectives for future operations, financial and business trends, business prospects, and management's expectations for future performance that constitute forward-looking statements under federal securities laws.
Any such forward-looking statements reflect management's expectations based upon currently available information and are not guarantees of future performance, and they involve certain risks and uncertainties that are more fully described in our SEC filings. Our actual results, performance, or achievements may differ materially from those expressed in or implied by such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this call.
A press release detailing these results was issued this morning and is available on the Company's investor relations website at invest.virtuix.com. Hosting today's call are Virtuix Founder, Chief Executive Officer and Chairman Jan Goetgeluk and Chief Financial Officer Thomas McGinnis. They will provide a corporate overview, review key highlights, discuss strategic milestones, cover financial results, and outline the Company's priorities and outlook.
With that, I'd like to turn the call over to Mr. Goetgeluk.
Jan Goetgeluk, Founder and CEO
Thank you, Operator, and good morning everyone. Thank you for joining us to review our results for the fiscal year 2026. Today we'll walk you through a brief corporate overview, our key highlights for the year, our strategic milestones, consumer defense, enterprise and healthcare, and then Thomas will take you through a detailed financial review. So let's get started. Virtuix is a leading developer of AI-driven full-body virtual reality systems now trading on the NASDAQ Global Markets under the ticker VTIX since their debut on January 27, 2026, and we were honored to ring the NASDAQ opening bell on March 6th, which was a nice experience.
Our technology enables natural full-body movement in 360 degrees inside virtual worlds, bringing the physical act of walking and running into video games and other applications across enterprise and defense. Our product portfolio includes five core offerings covered by 25 issued patents, with a 26th patent recently allowed. We have Omni One, Omni One for Quest, and Omni One Core. Those are our flagship consumer products, Omni One Enterprise for industrial training and other enterprise applications, and Virtual Terrain Work or VTW, which is our primary defense simulation system.
We are hardware experts with a proven track record of execution. We're headquartered in Austin, Texas, with operations in Zhuhai, China, where a manufacturing facility is set up and ready to support up to 3,000 units per month, which would represent over $100 million in annual revenue potential at full utilization. So we are ready to scale. We pursue a multi-use revenue strategy that includes high-volume consumer gaming and fitness supplemented by high-value defense and enterprise training, all with recurring revenues from software games and subscriptions for consumers and software licensing and custom simulation development for defense and enterprise customers. We're also at the leading edge of AI-driven 3D reconstruction with technologies like Gaussian splatting that transform 360-degree video footage into photorealistic walkable 3D worlds in just hours. Previously, recreating a real-world environment as an explorable space in virtual reality could take weeks or several months. Very expensive, very time-consuming. Today, thanks to AI, we can do that in just a few hours, and we're applying this technology to our VTW defense system, and it's also driving adoption of our technology in the enterprise space for training.
Fiscal 2026 was a transformational year for Virtuix on every front: financial, strategic, and commercial. Let me briefly walk you through the highlights before we take a deeper dive financially. We grew full-year revenue 18% year over year to 4.3 million, driven by strong demand for Omni One, including a robust 2025 holiday season. Now keep in mind that revenues in fiscal year 2025 primarily stem from fulfilling a large backlog of nearly two years of pre-orders for Omni One, whereas fiscal year 2026, this most recent year, primarily reflects only new sales of Omni One.
So even then, we grew revenues by double digits. And if we compare new sales in December 2026, the key holiday month, versus new sales of units in December 2025, new sales in December 2026 were up 60% compared to the prior year, reflecting strong growth in our consumer segments. Gross margin turned sharply positive, coming in at 25% compared to a negative 6% in the prior year. We reduced our operating expenses by 19% and ended the year with $9.5 million in cash, up from just half a million a year ago.
Strategically, we achieved a series of major milestones. We listed on NASDAQ under the ticker VTIX, validating our decade-long innovation in Full Body XR while also providing access to capital and market visibility for us to scale aggressively. We also launched Omni One for Quest through our collaboration with Meta and Meta's Made for Meta program. We expanded globally across the European Union, the United Kingdom, and Canada. Most importantly, we're also seeing strong traction in our defense business with U.S. Air Force CIBRO awards, our selection as a lead integrator for a U.S. Marine Corps training system, and a development agreement with the U.S. Navy. We also extended our platform into longer-term verticals like healthcare. So let me turn to these strategic milestones in more detail. One of the most significant developments of the year is the launch of Omni One for Quest in collaboration with Meta that happened just this past Tuesday through Meta's Made for Meta program.
Omni One is now certified for the Meta Quest ecosystem and will be featured in the Meta store. More than 20 million Quest headsets have been sold, with an estimated 6 million or so active users by recent estimates. So for the first time, those users can pair Omni One with their existing Quest headset and game library, enabling them to walk, run, crouch, strafe, jump, all in 360 degrees through a plug-and-play experience. This meaningfully expands Omni One's addressable market and broadens our distribution.
Omni One, which some call a 'Peloton for gamers,' also earned meaningful consumer validation in the past year. As you know, users can burn up to 700 calories per hour. So in addition to being fun, it's also good for your health. Our product now holds a 4.8-star average rating, and Omni One also won a 2025 Auggie Award, which is one of our industry's most prestigious awards. At $2,595, about $90 per month with a firm, Omni One for Quest is also our most successful entry point into Full Body VR.
We view this as an important step forward for bringing physically active, engaging full-body virtual reality to a much larger consumer audience. Our international growth is also well underway. Omni One for Quest and Omni One Core are now available across Germany, the UK, France, and additional EU markets through dedicated storefronts. Most recently, we've also expanded availability into Canada through our online store. This adds a large high-income international consumer base for our products.
We're also advancing into the medical vertical through university-led validations of our platform. We deployed Omni One at Rutgers University at WINLAB for research and development in AI assistance, neurodivergent therapy, as well as immersive behavior analytics, including autism therapy for children, and similarly at the Florida Gulf Coast University. Faculty there in the Marieb College of Health and Human Services are evaluating Omni One for physical and occupational therapy, new rehabilitation, fall prevention, and clinical simulations.
We believe that in the future, these collaborations can open up new large revenue opportunities within next-generation healthcare and specifically therapeutic applications. So that's potentially a third big vertical for our product in addition to consumer and defense.
Thomas McGinnis, CFO
So let's turn to defense. A major component of our long-term growth strategy is the defense markets, where we now have active programs across all four branches of the U.S. Military. Our vision there is to supplement our high-volume consumer sales with potentially high-value defense contracts. Now we're experiencing rapid traction for our technology in the defense training and simulation markets. With the U.S. Air Force, we recently received an AFWorks CBR Phase 1 Award for VTW.
We've also sold test units to the U.S. Air Force Academy and Yokota Air Force Base. For the U.S. Marine Corps, specifically their Training and Education Command or TCOM, through the partnership with KBR, we were selected as a lead integrator for a multi-user virtual infantry training system featuring four Omni One treadmills. With the U.S. Army, we sold Omni One to the U.S. Military Academy at West Point. And with the U.S. Navy, we signed a cooperative research and development agreement with the Naval Postgraduate School to evaluate Omni One for training and simulation.
To further accelerate our position in this market, we also formed a special board committee to evaluate strategic acquisitions in defense training and simulation. We are actively evaluating companies today that provide immediate access to government contract vehicles and recurring defense revenues in the $10 to $50 million range. In addition to boosting revenues, we believe such an acquisition can provide several other key benefits. That includes positioning Virtuix to expand into larger multiyear contracts and acquiring valuable past performance credentials.
Past performance is critical for winning large government contracts. We can acquire that, and we also gain access potentially to established sales channels and contract vehicles across all branches of the U.S. military. Additionally, we believe there may be meaningful synergies between our 360-degree movement technology, the Omni, and the capabilities of potential acquisition targets, which would result in opportunities for cross-selling, enhanced training solutions, and making contract bids more competitive.
We believe this initiative of pursuing M&A in the defense sector is very promising and a potentially major catalyst for our company going forward. The center of our defense offering is our Virtual Terrain Walk system with the slogan 'Walk the terrain before you fight on it.' Most recently, we demonstrated VTW alongside our FARB trainer, the Forward Arming Refueling Trainer, at I/ITSEC, which is a training and simulation industry symposium, I/ITSEC 2026.
We also showed it at the VR/AR Association's 4th annual Immersive Technology Summit. VTW is powered by that AI-driven Gaussian splatting technology that I mentioned, which transforms 360-degree footage into photorealistic walkable 3D terrain in just hours. That enables terrain generation in just a few hours thanks to the use of AI. This enables immersive mission planning where users can walk geospecific terrain in 360 degrees for reconnaissance, decision support, and leader rehearsals.
This system supports 12 or more distributed stations enabling multi-user planning across geographically separated sites. Essentially, for the first time here, warfighters can explore the battlefield before we put boots on the ground. We believe that is a revolutionary capability that our defense and our military did not have until now, thanks to our technology. Importantly, beyond the upfront system sale, VTW is designed to generate high-margin recurring revenues.
Jan Goetgeluk, Founder and CEO
All right, with that, I'll hand the call over to Thomas to walk us through the financials.
Thomas McGinnis, CFO
Thank you, Jan, and good morning everyone. Net sales for the full fiscal year 2026 were 4.3 million, an 18% increase from 3.6 million in the prior year. The increase was driven primarily by new sales of Omni One, including a strong 2025 holiday season, whereas prior year sales primarily reflected the fulfillment of legacy Omni One pre-orders placed during our pre-order period that ended in September 2024. Sales of new Omni One and Omni One Core systems were up 60% in December fiscal year 2026 compared to the prior year, reflecting strong growth in our consumer segment.
The metric I'd like to emphasize most is gross margin. Gross profit improved by 1.3 million to 1 million to 1 million, compared to a gross loss of approximately 0.2 million in the prior year. Gross margin turned positive, reaching 25% compared to negative 6% a year ago. That represents a 31 percentage point improvement and is a meaningful step forward for the business. This improvement was driven by the higher average selling price of the complete Omni One system, lower per unit manufacturing overhead, and the completion of delivery of nearly all discounted units to our equity crowdfunding investors.
Turning to full year operating expenses, total operating expenses decreased in fiscal year 2026 by 2.6 million, or 19%, to 11.4 million from 14 million in the prior year, reflecting meaningful cost discipline across the organization. General and administrative expenses declined by 2.2 million and research and development expenses declined by 1.3 million, partially offset by a 0.9 million increase in selling expenses as we invested in commercial expansion.
As a result, loss from operations improved by approximately 27% to $10.3 million compared to 14.2 million in the prior year. Net loss for the year was 16.8 million compared to 14.6 million in the prior year. However, it is important to note that this increase was not driven by operating performance, which again improved materially over the year. Rather, the change was driven by approximately 6.4 million of non-operating costs, the majority of which were non-cash, including interest expense, amortization of debt, discount on our convertible notes, and a one-time non-cash warrant modification expense, all related to capital raised during the year.
These items sit below the operating line. Turning to our balance sheet and liquidity position, we ended the year in a substantially stronger position. Cash and cash equivalents totaled 9.5 million as of March 31, 2026, compared to 0.5 million a year earlier, an increase of approximately 9 million. Total assets also increased to 14.8 million compared to 5.8 million in the prior year. And on the liability side, total liabilities were $11.7 million compared to $6.6 million a year ago.
Included in the fiscal year 2026 liabilities are $8.5 million of notes payable, net of debt discount. $6.1 million of these notes are convertible and structured to convert into equity rather than require cash repayment. The remainder, $2.4 million of notes, are straight promissory notes with a maturity date of 07-01-2027, and they are intended to be repaid via three A9 exchanges into equity prior to their maturity date. So in other words, none of our year-end notes payable are intended to require a cash repayment.
Importantly, stockholders' equity turned positive, reaching 3 million compared to a stockholders' deficit of 0.8 million a year ago, representing a 3.8 million improvement during the year. We strengthened the balance sheet through warrant exercises, convertible note issuances, and other financing activities. And with that, I'll turn the call back over to Jan.
Jan Goetgeluk, Founder and CEO
Thank you, Thomas. So looking ahead, our priorities are clear. First, we intend to scale Omni One consumer revenue primarily through the OmniWant request rollout, which opens a market of an estimated 6 million active users while continuing to expand internationally across the EU, UK, Canada, and other markets. Second, we plan to grow the adoption of our technology in the defense sector by advancing VTW across all four branches of the US Military, pursuing phase two and phase three opportunities, and targeting consistently larger high-value contracts with recurring software revenue.
Third, we plan to complete strategic acquisitions in the defense training and simulation space, targeting government contract vehicles and recurring defense revenue in a range of 10 to $50 million. Fourth, we will continue to advance our enterprise and AI initiatives by expanding Omni One Enterprise into the medical vertical and further the development of AI applications. Building on our recent collaborations, we also remain focused on improving gross margins with targets of 40% or more in consumer and 70% or more in enterprise through volume, price leverage, and continued cost optimization.
And above all, we remain focused on our path toward profitability driven by the combination of revenue growth and operating expense discipline and supplemented by high-value defense and enterprise contracts. Let me leave you with a few key takeaways. First, our commercial momentum is very real. For the full year, we grew revenue 18%, returned gross margin positive, and we reduced operating expenses by 19%. Second, our strategic position has never been stronger.
We're now a NASDAQ-listed company with Omni One for Quest Live through Metro Meta, with international storefronts across the EU, UK, and Canada, with active defense programs across all four US Military branches, and with a platform that is further expanding into enterprise, AI, and healthcare. And lastly, our manufacturing infrastructure is in place to support meaningful scale with capacity for up to 3,000 units per month and more than $100 million in annual revenue potential.
So we believe we are ready to take Virtuix Holdings to the next level to achieve continued growth and create long-term value for our shareholders. With that, we will now open up the call for questions.
OPERATOR
Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press Star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star two to remove yourself from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment please while we pull for questions. Our first question comes from the line of Jack Cordero with Maxim Group LLC. Please proceed with your question.
Jack Kodarik
Hi, this is Jack Kodarik calling in for Jack Van der Roerte. Thanks for taking my questions. It's nice to see the progress with all the different arms of the US Military. And you kind of mentioned there what it would take to secure larger contracts. I'm kind of wondering, just big picture, what do you expect the total size of that opportunity to be and what sort of time horizon do you think it would take for some of those larger contracts to materialize?
Jan Goetgeluk, Founder and CEO
Hey, good morning Jack. Thanks for that question. Yeah, it's a big opportunity just to give some numbers. For example, the US Army alone has 117 battalions that could use a VTW system for mission planning and rehearsal and sort-like systems, 10-12 user system simulation system. I mean, contract value probably anywhere from half a million to a million dollars per system and you can multiply that by the number of battalions. That's just the US Army potential on the battalion level.
Just one example, the USTCOM US Marine Corps TCOM project that we have, similar story. That is a system for the training of infantry, a fire team infantry training system that we are the lead integrator on sort-like systems. If it gets expanded to a 10-person system, it could be again half a million, $2 million system over the life of the contract that could be expanded potentially to 20 training bases nationwide for the US Marine Corps. So that's just that one specific project we have with the Marine Corps.
And those are just a few examples that we have announced today. If we look at everything else that we're working on, I mean the defense market for us is such a big opportunity and could be a major catalyst for growth going forward. And we add to that our M&A activity in this space that will accelerate that momentum and that growth even more because then we have even faster access to contract vehicles, get past performance on our books to bid on big contracts or win big contracts.
And also then again, of course, the revenue side there where we can add to our revenues with a step change in a very meaningful way. I think these activities in the defense space that we're pursuing can truly be a game changer for our company and a big catalyst for growth going forward. We're very excited about our traction in the space so far.
Jack Kodarik
Okay, that's super helpful. Color. And I have one more question, just a little bit. Speaking on geographic coverage, I'm just wondering overall, where are you selling now and then kind of in the, in the near future? Where do you expect to open any more online storefronts? Is there any areas that you expect to be, you know, kind of like these incremental additions to like, you know, drive demand? Thank you.
Jan Goetgeluk, Founder and CEO
Yeah, our biggest market is the US. That's always been our bread and butter. We recently expanded to Europe and the UK. That's for Omni One Core and Omni One for Quest. And then we also recently expanded to Canada with our own online store for all our products. So those are recent additions. Can we add additional international markets? Yes, we are looking at that. Nothing to announce just yet, but yeah, we will continue to expand our global footprint wherever it makes sense commercially in the future.
Jack Kodarik
Awesome. Thank you for taking my questions.
Jan Goetgeluk, Founder and CEO
Thanks Jack.
OPERATOR
Thank you. Our next question comes from the line of Gaussi Sri with Singular Research. Please proceed with your question.
Gaussi Sri
Good morning gentlemen. Can you hear me?
Jan Goetgeluk, Founder and CEO
Hey, Gauchi.
Gaussi Sri
Good morning, Jan. My first question is on the Omni One for Quest. Now that it's live, how are you guys thinking about any kind of cannibalization on the standalone system? And when you think about the mix shift towards Quest as the dominant SKU, what kind of, how are we supposed to think about the net margin effect? So is the volume gain from the Meta install base enough to offset any kind of margin compression? Any kind of, any color on that?
Jan Goetgeluk, Founder and CEO
Yeah, I think margin compression is muted. You know, it's not, not much there. I mean, I think we now we have three core offerings on our store. We have Omni One Core for 2004, 95, that's for PC VR. We have Omni One for Quest which is 2005, 95 or with a firm that's about $90 a month with a firm, buy now, pay later. And that's really, I think our, you know, with, if you bundle a Quest with that, it would provide a complete system under $3,000 with the Quest library and the Quest name behind it.
So that's a very. We find it to be an incredible offering that is we believe is going to accelerate our growth on the consumer side. So it's a big deal. It's a big milestone for us that we got this launched and then we have the only one kind of our complete system that we ship with our headsets which is now 2,995. And that's for people that don't have a Quest yet, don't want to buy a Quest or just want to buy the plug and play everything works out of the box experience.
We have that offering as well. So those are three products right now in our store. We do believe that Omni One for Quest will be our most valuable or dominant offering. But we'll see. We just launched it this week. It's been a great launch. So we'll see how we can really drive our sales going forward and look forward to announcing results on that in the future.
John Smith, Analyst at Morgan Stanley
And on the Meta side, what kind of support is Meta providing? Are you in a curated catalog? Does Meta provide any kind of data on the impressions and click-throughs that you can track?
Jan Goetgeluk, Founder and CEO
Yeah, we will be on the official Meta store with the Meta brand behind it. We have close collaboration with Meta with weekly or bi-weekly calls. And so now that we launched a product, you know, we're going to work even more closely together to really drive the product and then we'll see what kind of data they can provide us over time. That I don't quite know just yet. But yeah, it's been a great collaboration and we were officially Meta certified and part of the Made for Meta program.
So it's an official collaboration, which I think from a visibility perspective and a branding perspective will bring a lot of positives.
John Smith, Analyst at Morgan Stanley
On the Omni One side, I know there's a cohort now approaching kind of the second renewal cycle. Can you guys give us a sense of what that two-year renewal rate on those early cohorts are, even directionally? Is the subscription running better or better than anticipated? How is that performing?
Jan Goetgeluk, Founder and CEO
Yeah, very well. I mean, I don't think we disclose it in our filings, but you know, as you can imagine, those are on automatic payments for most people and most of our customers. So, you know, as you can imagine, the churn there is not that high. But I don't think we disclose official numbers there. But those recurring revenues from Omni Online are very powerful for us. It really boosts our margins and juices up our revenues in addition to the upfront hardware sale of Omni One.
So it's done very well for us.
John Smith, Analyst at Morgan Stanley
And I might have apologized and missed the part where you were talking about the development with the military. But what is the typical timeline for Phase one completion to Phase two decision?
Jan Goetgeluk, Founder and CEO
It depends. It really depends on the contracts on the branch and we're pursuing various avenues. With the Air Force, we have this first Cibber Awards, that's a three-month project that then very quickly can turn into a phase two with other branches, the US Marine Corps, for example, that can evolve into a bigger contract rather quickly depending on what pot of money that will be used to pay for it. So it always depends on what money is available, what contract vehicles will be used, what's the bidding process.
It can go from a few months to one or two years or more. So it really depends on the situation. And we're pursuing and we have programs with various branches and various contract vehicles. So there's not just one standard answer there.
John Smith, Analyst at Morgan Stanley
Okay. And now that you're kind of deeply involved in the military bidding process, what is the competitive space in the military evaluation like? Who are your main competitors in the space?
Jan Goetgeluk, Founder and CEO
Yeah. The benefit is that regarding movements in virtual environments, we're the only game in town. We have, of course, our core technology that is patent protected. We're by far the leader in this space. We have a Chinese competitor, a copycat if you will. But of course, they have no play in the US military space insofar as adding physical movements to virtual training. And we are it. And it's really exciting because if you think of it, the military, they have simulators for aircraft, to have simulators for vehicles, tanks.
They've never before had simulators for infantry, for ground troops until today. Until with our technology now for the first time, infantry, ground troops, war fighters can have this. Basically a walking simulator with the Omni. They can walk around without boundaries, inside virtual environments. And so 10 plus war fighters together can walk around inside virtual worlds for mission planning, mission rehearsal, virtually explore the battlefield before we put boots on the ground.
And we believe that's a revolutionary capability. And I think the military is very excited about that. That's where we're seeing such rapid traction, more rapid than we expected, frankly. Rapid traction, momentum for our technology in a defense training space.
John Smith, Analyst at Morgan Stanley
Awesome. I'll make this my last question, but I'll be remiss if I didn't ask whether given your verbiage about the M&A, has the landscape broadened? Is there something being announced before the end of the calendar year?
Jan Goetgeluk, Founder and CEO
You broke up there for a second, Gaussi. You're asking if the landscape of Target has broadened? Yes. And if there's a chance of something being announced before the end of the calendar year. Oh, that is definitely the goal. Yes, that would be our goal and our aim. Definitely. We are actively reviewing opportunities. We're very excited about that. We think that it's going to have a really positive impact on top line and our strategic position in the space and on accelerating our growth in the defense markets.
And we are moving that forward at rapid speed as a key priority. And so we hope to announce something substantial there in the near future. Yes.
John Smith, Analyst at Morgan Stanley
Awesome. Thank you guys and good luck for your next year.
Jan Goetgeluk, Founder and CEO
Thanks, Gaussi.
OPERATOR
Thank you. And we have reached the end of the question and answer session. I would now like to turn the call back over to Mr. Jan Goetgeluk for his closing remarks.
Jan Goetgeluk, Founder and CEO
Thank you, operator. And thank you all for joining us today. Fiscal 2026 was truly a defining year for us. We became a public company, we launched a new one for Quest with Meta. We expanded internationally and we built a meaningful momentum across consumer defense, enterprise and also healthcare. So I want to thank our team, our partners, our shareholders for your continued support. And we're proud of what we accomplished this year and we're confident and I can see it as our team, we are more excited than ever before about the opportunities we have ahead.
So thank you for joining. If you are unable to address your question today, please respond to reach out to our investor relations team at MZ Group and they'll be happy to assist. Thank you again for joining us and have a great day.
OPERATOR
Thank you. And this concludes today's conference and you may disconnect your lines at this time. We thank you for your participation.
Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company's SEC filings and official press releases. Corporate participants' and analysts' statements reflect their views as of the date of this call and are subject to change without notice.
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