Victory Square Technologies Ranks No. 2 Among Publicly Traded Companies on The Globe and Mail's 2026 Canada's Top Growing Companies List
First-half 2026 consolidated revenue increased approximately 434%, extending growth beyond the ranking's 2022–2025 measurement period.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Victory Square Technologies (VSQTF) ranked No. 58 overall on The Globe and Mail's 2026 Canada's Top Growing Companies list. Revenue grew 497% from 2022 to 2025. The company placed second among 24 publicly traded companies, based on its review of the published ranking.
Beyond the ranking period, first-half 2026 consolidated revenue reached C$53.0 million, up approximately 434% from C$9.9 million a year earlier. Gross profit rose to C$10.5 million from C$3.4 million. Cash was C$20.2 million and working capital was C$34.5 million at June 30, 2026. Hydreight, its largest operating subsidiary, primarily drove revenue growth.
Insu Therapeutics is developing peptide drug delivery and requires clinical validation and applicable regulatory approvals before commercialization. Pet-health platform Pawsible announced an inaugural eight-company cohort in April 2026. A portfolio update webinar is scheduled for October 8, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointFirst-half 2026 consolidated revenue rose approximately 434% to C$53.0 million from C$9.9 million a year earlier.
- Moderate pointFirst-half 2026 consolidated gross profit increased to C$10.5 million from C$3.4 million a year earlier.
- Minor pointRevenue growth of 497% from 2022 to 2025 underpinned the company's ranking.
Negative
- Moderate pointConsolidated revenue depends principally on Hydreight, which primarily drove first-half 2026 revenue growth.
- Minor pointEarlier-stage businesses Insu and Pawsible carry distinct development and execution risks.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VST places No. 58 overall with
Victory Square also holds the second-highest position among the 24 publicly traded companies included in the ranking, based on the Company's review of the published list filtered by publicly traded status.
The
"Behind this recognition are years of building, teams that kept executing and shareholders who supported us along the way," said Shafin Diamond Tejani, CEO of Victory Square Technologies. "Placing second among the publicly traded companies on this list is a proud moment for everyone involved. It reflects meaningful progress in turning the businesses we help build into operations with real commercial scale."
Continued growth beyond the ranking period
The ranking measures revenue growth through 2025. Victory Square's previously announced results show continued expansion in the first half of 2026:
- Consolidated revenue of
$53.0 million $9.9 million 434% . - Consolidated gross profit of
$10.5 million $3.4 million - Consolidated cash of
$20.2 million $34.5 million
First-half consolidated revenue growth was primarily attributable to Hydreight Technologies Inc., Victory Square's largest operating subsidiary.
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All financial amounts are in Canadian dollars. Readers should review the Company's financial statements and Management's Discussion and Analysis on SEDAR+ for additional information. |
What investors gain exposure to through VST
Victory Square provides public-market investors with exposure to operating and development-stage technology businesses through a single publicly traded company. Its approach combines investment capital with operational support, strategic guidance and industry relationships to help businesses develop and scale.
Current areas of focus include:
Hydreight Technologies —
Hydreight (TSXV: NURS) operates a digital health infrastructure platform supporting healthcare providers, businesses and direct-to-consumer healthcare brands across all 50 U.S. states. Its platform brings together technology, physician coverage, pharmacy relationships and compliance infrastructure. Hydreight is the principal driver of Victory Square's consolidated revenue.
Insu Therapeutics — Peptide drug delivery
Insu is developing technology designed to deliver peptide-based medicines through the inner cheek, known as buccal delivery. Its research includes evaluating the delivery of existing therapies such as semaglutide through an alternative route of administration. Insu remains a development-stage biotechnology business; clinical validation and applicable regulatory approvals are required before commercialization.
Pawsible Ventures — Building pet-health businesses
Pawsible is a pet-health venture platform supporting founders across veterinary technology and animal wellness. In April 2026, it announced its inaugural cohort of eight companies, selected from several hundred applicants globally. The cohort spans veterinary infrastructure, diagnostics, AI-enabled care, preventative health and consumer wellness, giving Pawsible a concrete starting point for applying Victory Square's venture-building approach to companion-animal health.
These businesses represent different stages of development. Hydreight provides established commercial operations, while Insu and Pawsible offer exposure to earlier-stage opportunities with distinct development and execution risks.
"Our model gives investors a way to participate in businesses they might otherwise encounter only through private markets," added Tejani. "We work alongside founders and management teams to help those businesses move forward. Our priorities are to support execution, allocate capital carefully and translate portfolio progress into long-term value for VST shareholders."
Meet the portfolio: October 8 investor webinar
Victory Square invites existing shareholders and prospective investors to its Corporate and Portfolio Update on Thursday, October 8, 2026, at 2:00 p.m. Pacific Time.
The webinar will include a closer look at Hydreight, Insu Therapeutics and Pawsible Ventures, alongside other public and private holdings. Management will discuss net asset value, capital allocation and how progress across the portfolio can translate into value for VST shareholders.
The event will include a live shareholder Q&A.
On behalf of the Board of Directors
Shafin Diamond Tejani
Chairman & Chief Executive Officer
Victory Square Technologies Inc.
About
The 2026 ranking is available in the October issue of Report on Business magazine and online at The Globe and Mail.
About Victory Square Technologies Inc.
Victory Square builds, acquires and invests in technology companies, providing capital, strategic leadership and operational support to help them develop and scale. Its portfolio includes operating and development-stage businesses across healthcare infrastructure, digital health, artificial intelligence, pet health and other emerging technology sectors.
Headquartered in Vancouver, Canada, Victory Square trades on the Canadian Securities Exchange, the OTCQX market and the Frankfurt Stock Exchange.
For more information, visit www.victorysquare.com.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws, including statements concerning Victory Square's business strategy, portfolio development, capital allocation, potential shareholder value, Insu Therapeutics' drug-delivery technology and potential commercialization, Pawsible Ventures' development opportunities, and the timing and content of the planned investor webinar.
Such information is based on management's current expectations and assumptions, including the availability of capital, demand for portfolio companies' products and services, successful research and development, receipt of applicable regulatory approvals and the ability to execute business plans. Actual results may differ materially due to risks including market and economic conditions, financing requirements, competition, regulatory changes, clinical and technological uncertainty, and operational execution. Additional risks are described in the Company's public filings on SEDAR+.
Historical revenue growth and inclusion in an editorial ranking do not guarantee future operating results or investment returns. Readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update such information except as required by applicable law.
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SOURCE Victory Square Technologies Inc
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Where did Victory Square Technologies rank on Canada's Top Growing Companies list in 2026?
Victory Square ranked No. 58 overall, with 497% revenue growth from 2022 to 2025. The company identified itself as second among the 24 publicly traded companies included, based on its review of the published list filtered by publicly traded status.
How are companies selected for the Canada's Top Growing Companies ranking that includes Victory Square?
The ranking is a voluntary program that ranks qualifying Canadian businesses by three-year revenue growth following an application and review process. It is published by The Globe and Mail's Report on Business magazine.