Healwell AI (AIDX) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 revenue of CAD 14.1 million, up 208% year-over-year, driven by organic growth, acquisitions, and 224% growth in AI and Data Science revenue.

• Closed the transformative acquisition of Orion Health on April 1, 2025, expanding global reach and expected to add CAD 100 million in annual SaaS and services revenue.

• Strengthened executive team with new CEO, COO, and CCO appointments to support integration and global scale.

• Focused on integrating Orion Health, accelerating organic growth, and leveraging Buy Canadian opportunities.

Financial highlights

• Q1 2025 revenue: CAD 14.1 million (vs. CAD 4.6 million in Q1 2024), a 208% increase.

• Gross profit: CAD 6.5 million, up 226% year-over-year; gross margin improved to 46% from 44%.

• Adjusted EBITDA loss: CAD 3.3 million (vs. CAD 2.5 million loss in Q1 2024), reflecting investments in scaling and higher marketing costs.

• Net loss: CAD 14.1 million, impacted by CAD 2.5 million in transaction costs and CAD 2.9 million in stock-based compensation.

• Ended Q1 with CAD 18.4 million in cash and CAD 86.6 million in escrow for Orion Health acquisition.

Outlook and guidance

• Orion Health expected to contribute CAD 25 million in revenue in Q2 2025 and CAD 100 million annually.

• Anticipate being adjusted EBITDA positive for full year 2025 with Orion's contribution.

• Healthcare software segment expected to comprise over 70% of total revenue for the year.

• AI and data science, plus healthcare software, projected to approach 80% of total revenue.