Visionary Holdings Inc.

What they do

Visionary Holdings Inc. is incorporated in Ontario, Canada, with its principal executive offices at 445 Apple Creek Boulevard, Unit 217, Toronto, Ontario. It is registered with the SEC under SIC code 6899, Services-Educational Services. Its common shares trade on the Nasdaq Stock Market under the symbol GV. The 20-F for fiscal 2025 was filed with the SEC on January 28, 2026.

Revenue drivers

• Educational services — The company is classified under SIC code 6899, Services-Educational Services, and the filing describes education-related operations, but the provided excerpt does not disclose individual program lines, tuition pricing, or enrollment figures.
• Fiscal 2025 revenue base — Annual revenue was $5.0 million in fiscal 2025, versus $9.4 million in fiscal 2024, $8.4 million in fiscal 2023, $5.2 million in fiscal 2022, and $7.7 million in fiscal 2021.
• Revenue concentration unknown — The provided excerpt from Item 1 does not break out revenue by segment, customer, or geography, so the relative size of any individual line cannot be determined from the source material.

Recent performance

Fiscal 2025 revenue was $5.0 million, down from $9.4 million in fiscal 2024 and below fiscal 2023's $8.4 million. Net income swung to a $15.8 million loss in fiscal 2025 from $1.0 million of income in fiscal 2024, and diluted EPS was negative $3.66 versus positive $0.32 a year earlier. Operating cash flow was negative $3.0 million in fiscal 2025, following negative $4.1 million in fiscal 2024. At March 31, 2025, total assets were $63.6 million, total liabilities $58.4 million, and shareholder equity $5.1 million, with only $572,107 of cash and equivalents on hand and $508,621 of long-term debt.

Strategy

Item 5, Operating and Financial Review and Prospects, is referenced in the report's table of contents but the provided excerpt of Item 1 does not include its text, so no specific strategic priorities are disclosed in the material supplied. The filing's forward-looking statements reference strategy, future operations, expected capacity, expected sales or rental income, expected costs, demand and acceptance of our products, availability of material components, market trends, and management's plans and objectives, but give no concrete initiatives. The assumptions listed for those statements include expected capacity, labor and material costs, no material changes in the current regulatory environment, and the ability to obtain financing on reasonable terms when needed. This summary is limited to the disclosure available in the excerpt.

Risks

• Sharp revenue decline — Revenue fell to $5.0 million in fiscal 2025 from $9.4 million in fiscal 2024, a 46.8% year-over-year drop.
• Large net loss — The company reported a $15.8 million net loss and negative $3.66 diluted EPS in fiscal 2025, compared with $1.0 million of net income in fiscal 2024.
• Liquidity and leverage — At March 31, 2025, cash and equivalents were $572,107 against total liabilities of $58.4 million and $508,621 of long-term debt, leaving shareholder equity of $5.1 million.
• Negative operating cash flow — Operating cash flow was negative $3.0 million in fiscal 2025 and negative $4.1 million in fiscal 2024, following positive operating cash flow in fiscal 2021 through 2023.

Outlook

The provided excerpt includes the filing's general forward-looking statements but not the specific outlook language from Item 5, and the company is described as a non-accelerated filer and an emerging growth company. No quantified guidance or explicit future targets are provided in the material supplied. Readers should refer to the full Item 5, Operating and Financial Review and Prospects, section of the 20-F for management's discussion of trends and plans.