Cardiff Lexington (CDIX) Q4 2025 earnings summary

Executive summary

• Achieved revenue growth of 40% in FY 2025, reaching $11.5 million, driven by higher patient volume and a shift to more complex surgical procedures across 11 Nova Ortho & Spine locations in Florida and Georgia.

• Patient volume increased to 270–375 per month, with a focus on underserved and rural populations.

• Strategic investments and expansion included a new partnership with Doctors' Memorial Hospital in Perry, FL, and strengthening of the operational team.

• Actively preparing for up-listing to a major U.S. stock exchange, including a 1-for-3 reverse stock split to enhance visibility, liquidity, and access to capital.

• Net loss widened to $5.5 million in FY 2025, primarily due to higher interest expense from growth investments.

Financial highlights

• FY 2025 GAAP revenue: $11.5 million, up 40% from $8.3 million in 2024; FY 2024 revenue was impacted by a $2.8 million one-time non-cash adjustment.

• Gross profit for FY 2025: $7.2 million (62.5% margin), up from $4.4 million (53.5%) in 2024.

• Adjusted EBITDA for FY 2025: $1.8 million, compared to $2.1 million in 2024.

• Net loss for FY 2025: $5.5 million, compared to $3.3 million in 2024, mainly due to higher interest expense.

• Accounts receivable increased 39% to $22.1 million; total assets rose to $29.1 million at year-end 2025.

Outlook and guidance

• Plans to expand geographic footprint along the I-75 corridor and into the broader Southeast US, targeting underserved regions.

• Continued focus on M&A as a key growth pillar, targeting physician practices and accretive assets.

• Uplisting to a major U.S. exchange and increased working capital expected to enhance operational capacity and support accelerated growth.