Hydreight Reports 132% YoY Revenue Increase in Q3 2025 and Fourth Consecutive Quarter of Profitability, Highlighting Strong Multi-Vertical Performance
Rhea-AI Summary
Hydreight (OTCQB: HYDTF) reported Q3 2025 GAAP revenue of $10.52M, up 132% YoY, and record topline of $12.83M (+110% YoY). The company posted GAAP net income of $361,888 for Q3 vs a loss in Q3 2024 and adjusted EBITDA of $619,752, marking the fourth consecutive profitable quarter. Cash on hand was $18.64M at quarter-end.
Operational highlights include ~295,000 VSDHOne product orders processed in Q3, nurse sign-ups up ~49% Q3 YoY, pharmacy orders +~72% YoY, and a definitive agreement to acquire a 5% stake in Perfect Scripts with option to 40%. The company closed an $11.5M convertible debenture in 2025 and continues VSDHOne platform expansion and integration efforts.
Positive
- GAAP revenue +132% YoY to $10.52M in Q3 2025
- Topline revenue of $12.83M in Q3 2025 (+110% YoY)
- Adjusted EBITDA of $619,752 in Q3 2025, indicating operational improvement
- Cash on hand of $18.64M at quarter-end
- ~295,000 VSDHOne product orders processed in Q3 2025
Negative
- $11.5M convertible debenture offering closed in 2025, posing potential shareholder dilution
- Q3 2025 GAAP net income was modest at $361,888 despite strong revenue growth
- VSDHOne meaningfully began operating only late June 2025, indicating limited operating history for recent platform revenue
“The quarter reflects broad growth across all verticals, expanding VSDHOne adoption, and strategic investments aimed at supporting margin improvement and 2026 objectives. We exceeded our internal metrics across all verticals, reinforcing the strength of our strategy. A key focus has been onboarding and expanding our VSDHOne customers and services, supported by our investment in making the VSDHOne platform fully modular—allowing customers to adopt it module by module based on their needs. These initiatives position us to scale efficiently and achieve our 2026 objectives.” – Shane Madden, CEO of Hydreight
VANCOUVER, British Columbia and LAS VEGAS, Nov. 26, 2025 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. (“Hydreight” or the “Company”) ( TSXV: NURS )( OTCQB: HYDTF )( FSE: SO6 ), a rapidly expanding mobile clinical network and medical platform which enables flexible at-home medical services across 50 states in the United States, is pleased to announce its financial results for the three and nine months ended September 30, 2025. All financial information is presented in Canadian dollars unless otherwise indicated.
Q3 2025 Highlights
- First 9 months topline¹ revenue was
$26.71 million an increase of61% compared to the same period last year. - First 9 months GAAP revenue was
$20.44 million an increase of70% compared to the same period last year. - Q3, 2025 topline¹ record revenue of
$12.83 million , an increase of110% compared to Q3, 2024. - Q3, 2025 GAAP revenue was
$10.52 million an increase of132% compared to Q3, 2024. - Q3, 2025 Gross Margin of
$2.33 million , up from$1.53 million in Q3 2024 - Q3, 2025 Adjusted EBITDA¹ of
$620 K, marking continued operational improvement - Q3, 2025 GAAP Net Income of 362K, from GAAP Net Loss of
$90 K in Q3, 2024 - Cash on Hand of
$18.64 million at quarter-end - The Company received independent analyst coverage in 2025 from Maxim Group, Beacon Securities, and Canaccord Genuity, and continues to explore opportunities to broaden its independent research coverage.
- Hydreight Technologies Signs Definitive Agreement to Acquire
5% Equity Stake in Perfect Scripts, LLC, with Option to Increase to40% , and Establish Strategic Partnership - ~295,000 VSDHOne product orders processed between July and September, reflecting broad growth across GLP-1 weight-management, hormone therapy, NAD, hair restoration, genetic testing, Ondanestron and more.
- Nurse network expansion: 198 new nurse sign-ups between July and September vs. 133 during the same period last year (+
49% YoY); 593 sign-ups in the first nine months of 2025 vs. 364 in 2024 (~63% YoY). - Pharmacy orders increased approximately
72% year-over-year, reflecting sustained growth and broader adoption across multiple wellness verticals. - M&A pipeline: Active evaluation of profitable multi-state wellness and digital-health operators that can scale nationally through VSDHOne.
- Infrastructure and Technology Growth: Further integration of 503A/503B pharmacy partners to increase capacity, fulfillment speed, and margin potential, alongside the upcoming release of VSDHOne V2 — an enhanced version of the Company’s telehealth platform designed to deliver greater automation, scalability, and modular functionality for partners nationwide.
- Hydreight was recognized again in 2025 as one of Canada’s Technology Fast 50™ award winners as well as one of Fastest-Growing Company in North America on the 2025 Deloitte Technology Fast 500™
Shane Madden, CEO of Hydreight, commented: “We are very pleased with the momentum behind VSDHOne. Although we announced the business at the end of last year, the platform only began operating in a meaningful way toward the end of June, and since then it has contributed to both revenue growth and sustained profitability. This progress reflects the development of our modular infrastructure and the legal framework that supports long-term scale. The next version of VSDHOne will build on this foundation with added automation, new services, and expanded partner integrations. As we move forward, our focus remains on operational discipline and careful financial planning to support continued growth and prepare for 2026.”
️Upcoming Earnings Call
Hydreight Technologies will host a live earnings call to discuss its Q3, 2025 results, provide a business update, and share insights into the Company’s strategic priorities for 2025.
Date & Time: Friday November 28th, 2025 at 11:00am - 12:00pm PST
Registration Link: https://hydreight.zoom.us/webinar/register/WN_ddVQpLHgSgijH1rSbDO35g
The event will include a formal presentation followed by a Q&A session with investors.
The Company believes the following Non-GAAP1 financial measures provide meaningful insight to aid in the understanding of the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers:
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||
| 2025 | 2024 | % change | 2025 | 2024 | % change | |||||||||
| Adjusted Revenue | $ | 12,833,898 | $ | 6,122,257 | 110 | % | $ | 26,710,651 | $ | 16,578,742 | 61 | % | ||
| Deduct - deferred business partner contract revenue | 86,889 | 50,160 | 739,823 | (253,753 | ) | |||||||||
| Deduct - business partner payouts on app service gross revenue | 2,227,471 | 1,545,776 | 5,534,649 | 4,828,357 | ||||||||||
| GAAP Revenue | $ | 10,519,538 | $ | 4,526,320 | 132 | % | $ | 20,436,179 | $ | 12,004,138 | 70 | % | ||
| Adjusted Gross Margin | $ | 2,417,209 | $ | 1,583,331 | 53 | % | $ | 6,504,810 | $ | 4,070,549 | 60 | % | ||
| Deduct - deferred business partner contract revenue | 86,889 | 50,160 | 739,823 | (253,753 | ) | |||||||||
| GAAP Gross Margin | $ | 2,330,320 | $ | 1,533,171 | 52 | % | $ | 5,764,987 | $ | 4,324,302 | 33 | % | ||
| Adjusted EBITDA | $ | 619,752 | $ | 47,690 | 1200 | % | $ | 965,135 | $ | 219,525 | 340 | % | ||
| Deduct - amortization and depreciation | 116,657 | 47,094 | 324,790 | 118,283 | ||||||||||
| Deduct - share-based payments | 7,062 | 90,534 | 73,542 | 526,988 | ||||||||||
| Deduct - interest and accretion | 134,145 | - | 134,145 | - | ||||||||||
| GAAP Net Income (Loss) | $ | 361,888 | $ | (89,938 | ) | 502 | % | $ | 432,658 | $ | (425,746 | ) | 202 | % |
1 Refer to Use of Non-GAAP Financial Measures
The table below sets out a summary of certain financial results of the Company over the past eight quarters and is derived from the audited annual consolidated financial statements and unaudited quarterly consolidated financial statements of the Company.
| Fiscal Quarter Ended | Revenue | Net Income (Loss) After Taxes | Comprehensive Income (Loss) | Basic Income (Loss) Per Share | Diluted Income (Loss) Per Share | |||||
| September 30, 2025 | 10,519,538 | 361,888 | 242,317 | 0.01 | 0.01 | |||||
| June 30, 2025 | 5,376,519 | 49,867 | 160,779 | 0.00 | 0.00 | |||||
| March 31, 2025 | 4,540,122 | 20,903 | 21,652 | 0.00 | 0.00 | |||||
| December 31, 2024 | 4,040,578 | 20,577 | (106,396 | ) | 0.00 | 0.00 | ||||
| September 30, 2024 | 4,526,320 | (89,938 | ) | (53,119 | ) | (0.00 | ) | (0.00 | ) | |
| June 30, 2024 | 4,100,212 | (27,087 | ) | (48,184 | ) | (0.00 | ) | (0.00 | ) | |
| March 31, 2024 | 3,377,606 | (308,721 | ) | (370,559 | ) | (0.01 | ) | (0.01 | ) | |
| December 31, 2023 | 3,373,193 | (898,561 | ) | (865,068 | ) | (0.02 | ) | (0.02 | ) | |
Please see SEDAR+ for the Company's Q3 condensed consolidated interim financial statements and MD&A and for its audited annual consolidated financial statements for the year ended December 31, 2024.
The Company has experienced dramatic user growth over the past two years as can be seen by the consistent revenue growth over the past eight quarters. Net loss and comprehensive loss have improved from 2023 and into 2025, with the current quarter reflecting net income.
Highlights and Subsequent Events
- On November 23, 2025, Hydreight Technologies Ranked #77 Fastest-Growing Company in North America on the 2025 Deloitte Technology Fast 500™
- On October 23, 2025, Hydreight Reports Corporate Update and Ranks #25 on Deloitte’s 2025 Technology Fast 50™
- On September 19, 2025, Hydreight Announces Annual General Meeting Results
- On September 18, 2025, Hydreight Posts Record VSDHOne Growth and Outperforms Internal Projections
- On September 8, 2025, Hydreight Technologies Signs Binding Letter of Intent to Acquire Dynamic IV Therapy Support AI Agent
- On September 4, 2025, Hydreight Announces Closing of its Oversubscribed
$11.5 Million Convertible Debenture Offering, Including Full Exercise of Over-Allotment Option - On September 2, 2025, Hydreight Technologies Signs Definitive Agreement to Acquire
5% Equity Stake in Perfect Scripts, LLC, with Option to Increase to40% , and Establish Strategic Partnership - On August 25, 2025, Hydreight Achieves
33% YoY H1 Revenue Growth, Records 3rd Consecutive Quarter of Profitability, and Strengthens Performance Across Verticals - On August 18, 2025, Hydreight Announces up to
$10 Million Convertible Debenture Offering - On August 12, 2025, Hydreight Posts Record VSDHOne Growth, Ahead of 2025 Targets
- On July 22, 2025, Hydreight to Participate in the Canaccord Genuity 45th Annual Growth Conference in Boston
- On July 14, 2025, Hydreight Technologies Signs Binding Letter of Intent to Acquire
5% Equity Stake in Perfect Scripts, LLC, with Option to Increase to40% , and Establish Strategic Partnership - On May 30, 2025, Hydreight Reports
34% Year-Over-Year Q1 Revenue Growth, Improvement in Bottom Line Results, and Delivers Strong Performance Across Verticals - On May 27, 2025, Hydreight Launches Personalized Genetic Testing and Wellness Solution on VSDHOne Platform
- On May 5, 2025, Hydreight Technologies Appoints Dr. Roebuck As a Director of the Company
- On May 1, 2025, Hydreight Achieves Record Revenue and Profitability Milestone in Q4 2024 Audited Results
- On April 17, 2025, Hydreight Technologies to Present at the Planet MicroCap Showcase: VEGAS in partnership with MicroCapClub on Wednesday, April 23, 2025 & 1×1 Meetings on Thursday, April 24, 2025
- On April 15, 2025, Hydreight Technologies Expands GLP-1 Telehealth Suite with Launch of Liraglutide on VSDHOne Platform
- On April 8, 2025, Hydreight Technologies Partners with Renowned Endocrinologist Dr. Franklin Joseph to Bring Globally Successful Weight Loss Brand to the U.S. via VSDHOne Platform
- On April 2, 2025, Hydreight Technologies Named One of the Americas’ Fastest Growing Companies by Financial Times
- On February 27, 2025, Hydreight Technologies Expands Telehealth Services with New Oral Weight Loss Therapies on VSDHOne Platform
- On February 26, 2025, Hydreight Technologies Inc. Announces Closing of
$5.4 Million LIFE Offering - On February 19, 2025, Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company
- On February 18, 2025, Hydreight Technologies Provides Update to Financing
- On February 10, 2025, Hydreight Technologies Inc. Announces LIFE Offering of up to
$4 Million - On February 5, 2025, Hydreight Technologies Expands Telehealth Offerings with Launch of NAD+ Therapy on VSDHOne Platform
- On January 29, 2025, Hydreight Technologies Partners with The DRIPBaR to Launch ‘DRIPBaR Direct’ Nationwide, Expanding Access to Direct-to-Consumer Healthcare Services
- On January 21, 2025, Hydreight and Victory Square Launch
$10 Million Health Accelerator to Fuel Nationwide Expansion of Emerging Healthcare Brands on VSDHOne platform - On January 9, 2025, Hydreight Technologies Provides Shareholder Update on 2024 Milestones and 2025 Vision
The
The U.S. healthcare market, valued at
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Contact
Email: ir@hydreight.com; Telephone: (702) 970-8112
Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.
About VSDHOne - Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne (Read as VSDH-One) platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform will help all businesses to launch a direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Use of Non-GAAP Financial Measures:
This release contains references to non-GAAP financial measures Adjusted Revenue, Adjusted Gross Margin and Adjusted EBITDA. The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs and share-based payments expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company believes that the measures provide information useful to its shareholders and investors in understanding the Company’s operating cash flow growth, user growth, and cash generating potential and may assist in the evaluation of the Company’s business relative to that of its peers more accurately than GAAP financial measures alone. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the 2025 strategic outlook, Company's growth, Margins and VSDHOne’s and Hydreight’s growth and numbers in 2025.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
¹See Use of Non-GAAP Financial Measures
FAQ
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