“It was an outstanding quarter. We exceeded our Q1 projections with approximately 34% YOY growth from our first two verticals, a clear sign that our strategy is working. We also secured new customers for VSDHOne, positioning us strongly to hit our year-end goals with the number of orders. Our continued investments in the first half of 2025 reflect our commitment to scaling efficiently and driving sustainable margin improvements.” – Shane Madden, CEO of Hydreight
VANCOUVER, British Columbia and LAS VEGAS, May 30, 2025 (GLOBE NEWSWIRE) — Hydreight Technologies Inc. (“Hydreight” or the “Company“) (TSXV:NURS)(OTCQB:HYDTF)( FSE: SO6 ), a fast-growing 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 first quarter ended March 31, 2025. All financial information is presented in Canadian dollars unless otherwise indicated.
Q1 2025 Highlights
Topline¹ Revenue of $6.53 million, a 34% year-over-year increase
GAAP Revenue of $4.54 million, up from $3.38 million in Q1 2024
Gross Margin of $1.50 million, up from $1.23 million in Q1 2024
Adjusted EBITDA¹ of $163K, marking continued operational improvement
GAAP Net Income of 21K, from GAAP Net Loss of $309K in Q1, 2024
Cash on Hand of $6.04 million at quarter-end
$5.4M gross ($4.8M net) strategic financing completed in February to fuel growth initiatives
Approximately 65% growth in new Nurse signup compared to Q1, 2024
Approximately 48% growth in Number of pharmacy orders compared to Q1, 2024
Launches Personalized Genetic Testing and Wellness Solution on VSDHOne Platform
Shane Madden, CEO of Hydreight commented, “It was an outstanding quarter. We exceeded our Q1 projections with approximately 34% YOY growth from our first two verticals, a clear sign that our strategy is working. We also secured new customers for VSDHOne, positioning us well to achieve our year-end goals. These accounts are currently onboarding and migrating their new and existing orders to the VSDHOne platform. We’re continuing to increase our investments in the first half of 2025 to support this growth and drive sustainable margin improvements.”
Highlights and Subsequent Events
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 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 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
March 31,
2025
2024
% change
Adjusted Revenue
$
6,527,957
$
4,867,004
34
%
Deduct – deferred business partner contract revenue
454,140
(116,978
)
Deduct – business partner payouts on app service gross revenue
1,533,695
1,606,376
GAAP Revenue
$
4,540,122
$
3,377,606
34
%
Adjusted Gross Margin
$