Voip-Pal Doubles Down on Patent Litigation, Antitrust Claims

TL;DR

**VPLM is a pure-play patent litigation bet; if they win big against tech giants, the stock could soar, but it's a long shot.**

AI Summary

Voip-pal.com Inc. (VPLM) reported its fiscal year ended September 30, 2025, continuing its focus as a patent assertion entity. The company's primary business revolves around its worldwide portfolio of issued and pending patents, primarily for the broadband VoIP market, which it acquired through Digifonica International (DIL) Limited in 2013. VPLM is actively pursuing patent infringement lawsuits in Waco, Texas, against several Fortune 500 companies, alleging unauthorized use of its patented technologies. Additionally, VPLM is engaged in two antitrust lawsuits, one direct and one as a lead plaintiff in a class action, against multiple Fortune 500 companies, alleging restrictive practices in the telecommunications industry. The company's market value of voting stock held by non-affiliates was $101,208,134 based on 2,381,367,863 shares at $0.0199 per share as of March 31, 2023. As of December 19, 2025, there were 3,755,305,519 shares of common stock outstanding. The filing does not provide specific revenue or net income figures for the fiscal year 2025, focusing instead on its intellectual property and ongoing litigation efforts.

Why It Matters

Voip-pal.com Inc.'s strategy as a patent assertion entity means its financial performance is heavily tied to the outcomes of its ongoing lawsuits against major tech and telecom companies like Apple and AT&T. For investors, this presents a high-risk, high-reward scenario, as a significant win could lead to substantial payouts, while losses could severely impact the company's viability. Employees and customers are less directly impacted, as VPLM primarily operates as an intellectual property holder rather than a service provider. The broader market watches these cases closely, as they can set precedents for patent enforceability and competitive practices within the telecommunications industry, potentially influencing how larger players innovate and license technology.

Risk Assessment

Risk Level: high — The company's entire business model is predicated on winning complex, high-stakes patent infringement and antitrust lawsuits against Fortune 500 companies. The filing explicitly states that 'some of the claims of each of these patents been found patent-ineligible in court proceedings under 101,' indicating significant legal challenges and uncertainty regarding the enforceability of its core assets. The absence of traditional revenue streams and reliance on litigation outcomes makes VPLM's financial future highly speculative.

Analyst Insight

Investors should approach VPLM with extreme caution, recognizing it as a highly speculative investment tied to litigation outcomes. Only those with a high-risk tolerance and a deep understanding of patent law should consider a position, and even then, it should be a small portion of a diversified portfolio. Monitor legal proceedings closely for any significant developments.

Financial Highlights

debt To Equity

Not Disclosed

revenue

Not Disclosed

operating Margin

Not Disclosed

total Assets

Not Disclosed

total Debt

Not Disclosed

net Income

Not Disclosed

eps

Not Disclosed

gross Margin

Not Disclosed

cash Position

Not Disclosed

revenue Growth

Not Disclosed

Key Numbers

• $101,208,134 — Market Value of Non-Affiliate Voting Stock (As of March 31, 2023, reflecting the company's valuation based on its stock price.)
• 3,755,305,519 — Common Stock Shares Outstanding (As of December 19, 2025, indicating a large share count for a company with no reported revenue.)
• 2013 — Year of Digifonica Acquisition (Marks the strategic shift to acquiring and developing a patent suite for VoIP technology.)
• 8,542,815 — U.S. Patent No. (One of the key classification/routing patents, subject to IPR challenges where claims were confirmed patentable.)
• 9,179,005 — U.S. Patent No. (Another key classification/routing patent, also subject to IPR challenges where claims were confirmed patentable.)

Key Players & Entities

• Voip-pal.com Inc. (company) — Registrant and patent assertion entity
• Digifonica International (DIL) Limited (company) — Source of Voip-Pal's patent suite, acquired in 2013
• Apple (company) — Defendant in IPR challenges against Voip-Pal's patents
• AT&T Services (company) — Defendant in IPR challenges against Voip-Pal's patents
• Unified Patents (company) — Challenger in IPR proceedings against Voip-Pal's patents
• U.S. Patent and Trademark Office (regulator) — Body that issues and reviews patents
• $101,208,134 (dollar_amount) — Market value of voting stock held by non-affiliates as of March 31, 2023
• $0.0199 (dollar_amount) — Closing sales price per share on OTC Markets, Inc. on March 31, 2023
• Waco, Texas (location) — Location where Voip-Pal is actively pursuing patent infringement lawsuits
• Fortune 500 companies (company) — Defendants in Voip-Pal's patent infringement and antitrust lawsuits

FAQ

Risk Factors

• Patent Litigation and Enforcement [high — legal]: The company's primary business model relies on patent assertion and enforcement through litigation. VPLM is actively engaged in multiple patent infringement lawsuits against Fortune 500 companies. The success of these lawsuits is critical to the company's financial viability, and adverse outcomes could significantly impact its operations and future prospects.
• Antitrust Lawsuits [high — legal]: VPLM is involved in two antitrust lawsuits, one as a direct plaintiff and another as a lead plaintiff in a class action, against multiple Fortune 500 companies. These lawsuits allege restrictive practices in the telecommunications industry. The outcomes of these complex legal battles carry substantial financial and reputational risks.
• Lack of Operating Revenue [high — financial]: The company's 10-K filing does not provide specific revenue figures for the fiscal year 2025, indicating a business model that is not generating traditional operating revenue. This reliance on potential litigation settlements or licensing agreements creates significant financial uncertainty.
• Dependence on Patent Portfolio Value [medium — market]: The company's market value is heavily tied to its patent portfolio and the perceived value of its intellectual property in ongoing legal disputes. Fluctuations in the success or perceived strength of these patents can lead to significant volatility in its market valuation.
• Development Stage Operations [medium — operational]: The company has historically been in the development stage, focusing on acquiring and asserting patents rather than commercializing products. This operational model requires substantial legal and administrative resources, with uncertain returns.

Industry Context

Voip-pal.com Inc. operates within the telecommunications and intellectual property sectors. The company's focus as a patent assertion entity places it in a niche but highly litigious segment. The broader VoIP market continues to evolve with advancements in technology and increasing competition, but VPLM's strategy is centered on leveraging its acquired patent portfolio through legal means rather than direct market participation.

Regulatory Implications

As a company heavily involved in patent litigation and antitrust lawsuits, VPLM is subject to the regulatory oversight of patent offices and antitrust authorities. The outcomes of its legal battles can have significant implications for the telecommunications industry and set precedents for patent enforcement and competition law.

What Investors Should Do

1. Monitor Litigation Outcomes
2. Assess Patent Portfolio Strength
3. Evaluate Share Dilution Risk
4. Consider Business Model Viability

Key Dates

• 2013-01-01: Acquisition of Digifonica International (DIL) Limited — This acquisition marked a strategic shift for VPLM, enabling it to acquire and develop a significant patent suite for the broadband VoIP market, forming the core of its current business model.
• 2025-09-30: Fiscal Year End — Represents the period covered by the reported 10-K, focusing on the company's patent assertion activities and ongoing litigation.
• 2023-03-31: Market Value of Voting Stock Calculation Date — Established the market value of non-affiliate voting stock at $101,208,134, providing a snapshot of the company's valuation based on its stock price at that time.
• 2025-12-19: Common Stock Shares Outstanding Update — Indicated 3,755,305,519 shares of common stock outstanding, highlighting a substantial number of shares for a company without reported operating revenue.

Glossary

Patent Assertion Entity

A company whose primary business is to acquire patents and then license them or sue for infringement, rather than to produce goods or services using the patented technology. (This accurately describes VPLM's core business model as detailed in the 10-K.)

VoIP

Voice over Internet Protocol, a technology that allows voice calls to be made over the internet and other IP networks. (VPLM's patent portfolio is primarily focused on VoIP technology, making this a central term to its business.)

IPR

Inter Partes Review, a trial proceeding conducted at the U.S. Patent and Trademark Office (USPTO) to review the patentability of one or more claims in a patent. (The filing mentions IPR challenges related to key patents, indicating a significant aspect of their patent defense strategy.)

Antitrust Lawsuits

Legal actions brought against companies for engaging in practices that unfairly restrict competition, such as monopolization or price-fixing. (VPLM is actively involved in these types of lawsuits, which represent a significant part of its legal strategy and potential revenue streams.)

Year-Over-Year Comparison

The provided 10-K filing for the fiscal year ended September 30, 2025, does not contain comparative financial data from the previous year. It focuses on the company's current business model as a patent assertion entity, its ongoing litigation, and its patent portfolio. Key metrics such as revenue, net income, and margins are not disclosed for the current fiscal year, making a direct comparison impossible based on this filing alone.

Key Financial Figures

• $0.001 — ction 12(g) of the Act: Common Stock, $0.001 par value (Title of class) Indicate
• $0.0199 — e based upon the closing sales price of $0.0199 per share of the Company on OTC Markets
• $50 million — of securities in amounts not exceeding $50 million; and - Exemption from registration b
• $1,000,000 — offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by
• $1 billion — r 8, 2011 and the company had less than $1 billion of total annual gross revenues during i

Filing Documents

• form10-k.htm (10-K) — 1289KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 9KB
• form10-k_001.jpg (GRAPHIC) — 20KB
• form10-k_002.jpg (GRAPHIC) — 29KB
• 0001493152-25-029094.txt ( ) — 6617KB
• vplm-20250930.xsd (EX-101.SCH) — 46KB
• vplm-20250930_cal.xml (EX-101.CAL) — 40KB
• vplm-20250930_def.xml (EX-101.DEF) — 170KB
• vplm-20250930_lab.xml (EX-101.LAB) — 389KB
• vplm-20250930_pre.xml (EX-101.PRE) — 307KB
• form10-k_htm.xml (XML) — 976KB

Properties

Properties 9 Item 3.

Legal Proceedings

Legal Proceedings 9 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item 6.

Selected Financial Data

Selected Financial Data 12 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 16 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 37 Item 9A.

Controls and Procedures

Controls and Procedures 37 Item 9B. Other Information 37 Item 10. Directors, Executive Officers and Corporate Governance 38 Item 11.

Executive Compensation

Executive Compensation 38 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 39 Item 13. Certain Relationships and Related Transactions 39 Item 14. Principal Accounting Fees and Services 39 Item 15.

Financial Statements and Exhibits

Financial Statements and Exhibits 40 2 PART I CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS In this Annual Report, references to "VoIP-Pal," "VPLM," the "Company," "we," "us," and "our" refer to VoIP-Pal.Com Inc., the Registrant. This Annual Report on Form 10-K (this "Annual Report" or this "Report") contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included in this Annual report are forward looking statements, including, without limitation, statements regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements may be, but are not always, identified by their use of terms and phrases such as "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "plan," "will," "shall," "should," "could" and "potential," and similar terms and phrases, including when used in the negative. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements. You should consider carefully the risks described under the "Risk Factors" section of this Annual Report and other sections of this report, which describe factors that could cause our actual results to differ from those anticipated in the forward-looking statements. All forward-looking statements are expressly qualified in their entirety by the cautionary statements in this paragraph and elsewhere in this Annual Report. Other than as required under the securities laws, we do not assume a duty to update these forward-looking statements, whether because of new information, subsequent events or

financial statements required for only two fiscal years (provided that "smaller reporting companies" such as the Company

financial statements required for only two fiscal years (provided that "smaller reporting companies" such as the Company are only required to provide two years of financial statements); (ii) selected financial data required for only the fiscal years that were audited (provided that "smaller reporting

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