Healwell AI (AIDX) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 revenue of $40.5M, up 645% year-over-year, driven by the Orion Health acquisition.

• First quarter of positive adjusted EBITDA at $1.9M, marking a significant financial inflection point.

• Strategic shift to become a pure-play AI software and services company, with plans to divest clinical and patient service units.

• Expansion into the U.S. market leveraging Orion Health's established presence and infrastructure.

• Integration of Orion Health, Verisource, and Intra-Health into a unified healthcare software segment, enhancing global reach and operational efficiency.

Financial highlights

• Q2 2025 revenue: $40.5M vs. $5.4M in Q2 2024 (+645%).

• Gross profit: $21.3M, up 764% from $2.5M in Q2 2024; gross margin improved to 52.5% from 45.2%.

• Adjusted EBITDA: $1.9M (first positive quarter), compared to a loss of $3.7M in Q2 2024.

• Net loss: $6M in Q2 2025 vs. $2.5M loss in Q2 2024, reflecting acquisition-related costs.

• Cash balance at quarter-end: $19M, up from $9.4M at end of Q4 2024.

Outlook and guidance

• On track to be adjusted EBITDA positive for full year 2025.

• AI and data science segment expected to achieve 100% year-over-year revenue growth.

• Orion Health expected to contribute approximately $100M in annual SaaS and services revenue.

• Focus on further integration, organic growth, and executing strategic M&A.

• Anticipates reducing reporting segments to two: AI and healthcare software.