Hydreight Reports 34% Year-Over-Year Q1 Revenue Growth, Improvement in Bottom Line Results, and Delivers Strong Performance Across Verticals
“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
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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 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 | $ | 1,958,605 | $ | 1,114,356 | 76 | % | ||
| Deduct - deferred business partner contract revenue | 454,140 | (116,978 | ) | |||||
| GAAP Gross Margin | $ | 1,504,465 | $ | 1,231,334 | 22 | % | ||
| Adjusted EBITDA | $ | 163,412 | $ | (45,873 | ) | 456 | % | |
| Deduct - amortization and depreciation | 101,004 | 46,553 | ||||||
| Deduct - share-based payments | 41,505 | 216,295 | ||||||
| GAAP Net Income (Loss) | $ | 20,903 | $ | (308,721 | ) | 107 | % | |
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 interim 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 |
||||
| 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 | ) |
| September 30, 2023 | 3,088,219 | (466,973 | ) | (548,954 | ) | (0.01 | ) | (0.01 | ) |
| June 30, 2023 | 2,699,668 | (471,890 | ) | (405,638 | ) | (0.01 | ) | (0.01 | ) |
Please see SEDAR+ for the Company's condensed consolidated unaudited interim financial statements and MD&A for the three months ended March 31, 2025 and 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 2024, with the current quarter reflecting net income.
The Company continues to deliver on its mission of building the largest mobile clinical network in the United States. Through its medical network, pharmacy network and proprietary technology platform that adheres to the complex healthcare legislation across 50 states, Hydreight has provided a fully integrated solution for healthcare providers to become independent contractors.
Strategic Outlook
Hydreight remains focused on scaling responsibly while improving margins and capturing market share in the high-growth digital health space. Key priorities for the remainder of 2025 include:
- Focusing on Growth and our projections across three verticals
- Achieving profitability and sustaining positive Adjusted EBITDA
- Expanding offerings across genetic testing, anti-aging, and mental wellness
- Driving onboarding of high-volume franchise and D2C partners
- Pursuing strategic tuck-in M&A opportunities and investment that helps with our revenue and/or margins
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 200 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, 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, 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.
1 See Use of Non-GAAP Financial Measures
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