Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale
Rhea-AI Summary
Hydreight (OTCQB:VSQTF) reported audited 2025 results: GAAP revenue $35.4M, Adjusted Revenue $43.56M, net income $1.69M and Adjusted EBITDA $2.54M. Cash improved to $15.65M at year-end and the company completed a $15M financing in January 2026. Platform scale: >11,000 VSDHOne licenses (Q1 2026: >12,000). Q4 revenue was $14.95M, reflecting accelerating adoption and improved operating leverage.
Positive
- Revenue +121% YoY to $35.4M in 2025
- Adjusted Revenue $43.56M in 2025 (non-GAAP)
- Net income of $1.69M, achieving profitability in 2025
- Adjusted EBITDA $2.54M, up 1,765% YoY
- Year-end cash improved to $15.65M; $15M financing closed Jan 2026
Negative
- Adjusted Revenue is a non-GAAP gross activity measure, not IFRS revenue
- Business partner payouts reduced GAAP revenue by $7.75M in 2025
- Material revenue concentration tied to VSDHOne platform activity
News Market Reaction – HYDTF
In the May 1 session, HYDTF declined 7.44%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 09 | Normal course issuer bid | Positive | +2.6% | Announced share repurchase plan covering up to 4.95M shares over one year. |
| Feb 02 | Revenue guidance & financing | Positive | +6.4% | Issued 2026 revenue and EBITDA guidance plus completed $15M bought-deal financing. |
| Dec 31 | STI testing launch | Positive | +10.2% | Entered at-home STI testing with ~50,000 pre-orders and platform integration plans. |
| Dec 18 | Operational milestones | Positive | +2.5% | Exceeded 1.3M product orders and 2,500 licenses, beating 2025 operational targets. |
| Dec 02 | Corporate update | Positive | +26.2% | Highlighted strong Q3 revenue growth, VSDHOne acceleration, and 2026 focus areas. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent company news on guidance, platform scale, and strategic initiatives has generally coincided with positive price reactions.
Over the past six months, Hydreight issued several growth-focused updates, including Q3 2025 momentum with VSDHOne and multi-vertical scale on Dec 2, 2025, and surpassing 1.3M product orders on Dec 18, 2025. It expanded into at-home STI testing with roughly 50,000 pre-orders and later provided 2026 revenue guidance and a $15M financing on Feb 2, 2026. A normal course issuer bid was announced on Mar 9, 2026. Today’s record 2025 results and profitability fit this trajectory of scaling the platform and reinforcing financial strength.
Key Terms
adjusted revenue financial
adjusted EBITDA financial
GAAP financial
IFRS financial
telehealth technical
working capital financial
bought-deal financing financial
lateral-flow immunoassay medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with
Revenue reached
The Company achieved net income of
FULL YEAR 2025 HIGHLIGHTS
All comparisons below are to the year ended December 31, 2024, unless otherwise noted.
- Revenue:
$35.4M $16.04M 121% YoY) - Adjusted Revenue:(1)
$43.56M $22.32M 95% YoY) - Adjusted EBITDA:(2)
$2.5M $136 K765% YoY) - Rising Operating Leverage: OPEX as a % of revenue fell from
38% to22% - 2025 Year-end Cash Position:
$15.65M $1.19M - Positive Adjusted EBITDA2 across the year, reflecting improving operating leverage
- Over 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption
4th QUARTER 2025 HIGHLIGHTS
All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted
- Revenue:
$14.95M $4.04M 270% YoY) - Adjusted Revenue:(1)
$16.85M $5.74M 193% YoY) - Adjusted EBITDA:(2)
$1.58M $0.1M - Rising Operating Leverage: OPEX as a % of revenue fell to
15% in Q4 2025, versus34% in Q4 2024
The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company's performance and may assist in the evaluation of the Company's business relative to that of its peers.
Notes:
(1) "Adjusted Revenue" is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company's platform and should not be considered revenue recognized under IFRS. See "Non-GAAP Financial Measures" section below for definition.
(2) "Adjusted EBITDA" is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See "Non-GAAP Financial Measures" section below for definition.
The following table is included to provide a reconciliation of the Company's non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company's financial performance for investors.
Three months ended December 31, | Twelve months ended December 31, | |||||
2025 | 2024 | % | 2025 | 2024 | % | |
Adjusted Revenue | $ 16,853,102 | $ 5,742,523 | 193 % | $ 43,563,753 | $ 22,321,265 | 95 % |
Deduct - deferred business partner contract | (313,878) | 208,436 | 425,945 | (45,317) | ||
Deduct - business partner payouts on app | 2,218,121 | 1,493,509 | 7,752,770 | 6,321,866 | ||
GAAP Revenue | $ 14,948,859 | $ 4,040,578 | 270 % | $ 35,385,038 | $ 16,044,716 | 121 % |
Adjusted Gross Margin | $ 2,924,341 | $ 1,580,387 | 85 % | $ 9,429,151 | $ 5,650,936 | 67 % |
Deduct - deferred business partner contract | (313,878) | 208,436 | 425,945 | (45,317) | ||
GAAP Gross Margin | $ 3,238,219 | $ 1,371,951 | 136 % | $ 9,003,206 | $ 5,696,253 | 58 % |
Adjusted EBITDA | $ 1,577,760 | $ (83,191) | $ 2,542,895 | $ 136,334 | 1765 % | |
Deduct - amortization and depreciation | 127,982 | 62,853 | 452,772 | 181,136 | ||
Deduct - share-based payments | 8,843 | 87,889 | 82,385 | 614,877 | ||
Deduct - interest and accretion | 452,209 | - | 586,354 | - | ||
Deduct - sales tax provision, net cash paid | 252,603 | (254,510) | 252,603 | (254,510) | ||
Deduct - impairment charge | 54,814 | - | 54,814 | - | ||
Deduct - income tax expense | (119,249) | - | (119,249) | - | ||
Deduct - deferred tax recovery | 699,586 | - | 699,586 | - | ||
GAAP Net Income (Loss) | $ 1,261,646 | $ 20,577 | 6031 % | $ 1,694,304 | $ (405,169) | 518 % |
Shane Madden, CEO of Hydreight, commented:
"2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.
The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.
As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in
BUSINESS PERFORMANCE & DRIVERS
VSDHOne – Core Growth Engine
The Company's VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:
- Rapid onboarding of new partners
- Expansion of direct-to-consumer healthcare brands
- Increased transaction volume across telehealth and pharmacy services
Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.
The platform ramped significantly through the second half of the year, with Q4 alone contributing
OPERATING METRICS & VOLUME GROWTH
Operational performance across the Company's core verticals continued to strengthen throughout 2025.
The Company's first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight's proprietary platform structure.
- Completed Services revenue in Q4 2025 for the first vertical increased by approximately
44% compared to the same period in 2024 - Completed Services revenue for the first vertical in 2025 increased by approximately
17% compared to 2024 - New nurse sign-ups increased by approximately
45% in 2025 compared to 2024
These metrics reflect continued growth in the Company's core service offerings, expansion of its provider network, and increasing utilization across the platform.
PLATFORM SCALE & NETWORK EFFECTS
Hydreight continues to expand its position as a leading healthcare infrastructure platform:
- 11,000+ licenses signed across VSDHOne
- National footprint across all 50 U.S. states
- Network of healthcare providers, pharmacies, and partners
The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the
MULTI-VERTICAL REVENUE MODEL
Hydreight generates revenue across three primary streams:
- Business partner subscription contracts
- Telehealth consultation and platform commissions
- Pharmacy sales
Growth was supported by:
- Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)
- Increased partner utilization
- Broader adoption across wellness verticals
PROFITABILITY & OPERATING LEVERAGE
Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:
- Adjusted EBITDA:
$2.5M $0.14M 765% YoY) - Net income (loss):
$1.69M $(0.41)M
Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.
- Q4 Adjusted EBITDA:
$1.58M $0.10M
This reflects:
- Platform scalability
- Revenue growth outpacing cost increases
- Improved operational efficiency
This improvement reflects the operating leverage inherent in the Company's platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company's platform.
¹ See "Non-GAAP Financial Measures and Reconciliation".
BALANCE SHEET & LIQUIDITY
- Cash:
$15.65M $1.2M - Working Capital:
~ (vs. deficiency of$15.7M $2.5M - Strong capital position to support ongoing operations
The Company also completed a
Including the
Please see SEDAR+ for the Company's consolidated audited financial statements and MD&A for the year ended December 31, 2025.
STRATEGIC INITIATIVES & MILESTONES
Hydreight continues to expand its platform through strategic initiatives and partnerships.
During 2025, the Company:
- Strengthened its vertically integrated healthcare infrastructure
- Expanded its national pharmacy network
- Invested in next-generation platform capabilities (VSDHOne 2.0)
- Established strategic relationships to enhance product innovation and distribution
In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight's long-term strategy of supporting next-generation treatments across its platform.
OUTLOOK
Hydreight is entering 2026 with strong momentum, supported by:
- Continued onboarding of new partners
- Increasing transaction volumes across VSDHOne
- Recent capital deployment initiatives
- Expansion into new healthcare verticals
As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.
Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.
"We look forward to discussing these results in more detail on our upcoming earnings call." -Shane Madden
ANNUAL FILINGS
The Company's audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company's issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.
UPCOMING EARNINGS CALL
Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company's strategic priorities heading into 2026.
Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST
Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ
The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight's growth strategy and platform expansion.
Clarification on Engagement of GRA Enterprises
Further to the Company's news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) ("GRA") was not renewed and as such was terminated effective May 27, 2025.
Under the engagement, the Company paid GRA an aggregate fee of USD
The engagement was conducted at arm's length and has been fully concluded, with no ongoing obligations or amounts payable by the Company. To the Company's knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in
Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company
About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in
About VSDHOne - Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch 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.
Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including "Adjusted Revenue" and "Adjusted EBITDA". These measures are not recognized under International Financial Reporting Standards ("IFRS") and do not have standardized meanings prescribed by IFRS or GAAP.
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 (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities.
Adjusted Revenue reflects the gross economic activity processed through the Company's platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS. As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.
The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company's platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.
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 Company's 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.
Forward‑looking information is based on management's expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in
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.
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SOURCE Hydreight Technologies Inc.
FAQ
What were Hydreight (VSQTF) full-year 2025 revenue and profit figures?
Hydreight reported GAAP revenue of $35.4M and net income of $1.69M for 2025. According to the company, Adjusted Revenue was $43.56M and Adjusted EBITDA was $2.54M, reflecting platform-driven growth and improved operating leverage.
How many VSDHOne licenses had Hydreight (VSQTF) signed by Q1 2026?
VSDHOne surpassed 12,000 licenses sold as of end of Q1 2026. According to the company, platform adoption accelerated through 2025 and continued into early 2026, supporting higher transaction volumes and partner onboarding.
How did Hydreight (VSQTF) cash and liquidity change in 2025 and early 2026?
Year-end cash was $15.65M and the company completed a $15M financing in January 2026. According to the company, combined capital access exceeds $30.7M to support growth and operations.
What drove Hydreight's (VSQTF) Q4 2025 revenue surge to $14.95M?
Q4 revenue growth was driven primarily by VSDHOne rollout and increased transaction volume. According to the company, Q4 reflected platform ramp and partner demand for turnkey compliant healthcare solutions across telehealth and pharmacy services.
What is the difference between Hydreight's (VSQTF) Adjusted Revenue and GAAP revenue?
Adjusted Revenue reflects gross economic activity processed on the platform and is non-GAAP. According to the company, GAAP revenue deducts deferred contract items and partner payouts, producing the recognized revenue figure of $35.4M.
Does Hydreight's (VSQTF) 2025 financials show sustainable profitability?
Hydreight reported net income and positive Adjusted EBITDA in 2025, indicating profitability for the year. According to the company, improving operating leverage and platform scalability supported margins, though continued execution will determine sustainability.