“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 of 61% compared to the same period last year.
First 9 months GAAP revenue was $20.44 million an increase of 70% compared to the same period last year.
Q3, 2025 topline¹ record revenue of $12.83 million, an increase of 110% compared to Q3, 2024.
Q3, 2025 GAAP revenue was $10.52 million an increase of 132% 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 $620K, marking continued operational improvement
Q3, 2025 GAAP Net Income of 362K, from GAAP Net Loss of $90K 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 to 40%, 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