Healwell AI (AIDX) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of CAD 30.4 million, up 354% year-over-year, driven by the Orion Health acquisition, organic growth, and strategic initiatives.

• Positive Adjusted EBITDA of CAD 0.7 million, marking the second consecutive quarter of profitability and a 125% year-over-year improvement.

• Completed the acquisition of Orion and full ownership of Pentavere, enabling deeper AI integration and global expansion.

• Divested non-core clinical research and patient services divisions, streamlining operations to focus on AI/data science and healthcare software.

• Launched Amadeus AI, integrating DARWEN into Orion Health's platform, and announced a 50/50 JV with WELL Health for an AI-driven clinical research platform.

Financial highlights

• Q3 2025 revenue reached CAD 30.4 million, up 354% year-over-year, driven by Orion acquisition and organic/inorganic growth.

• Gross profit was CAD 16.5 million, up 330% from Q3 2024; gross margin was 54% versus 57% last year.

• Achieved positive Adjusted EBITDA of CAD 0.7 million, second consecutive quarter of profitability, compared to a loss of CAD 2.8 million in Q3 2024.

• IFRS net loss from continuing operations was CAD 16 million, compared to CAD 8.7 million loss in Q3 2024.

• Ended Q3 with CAD 15.6 million in cash, up from CAD 9.4 million at end of Q4 2024, with additional proceeds from divestments.

Outlook and guidance

• Focused on completing integration plans in Q4 to maximize efficiency and flexibility, aiming for improved operating margins year-over-year.

• Q1 2026 goal is to demonstrate commercial validation of AI platform in healthcare systems beyond life sciences.

• Ongoing expansion of proof of value AI projects with healthcare systems across North America and active discussions with global pharma and research organizations.

• Expect material growth in AI subscription revenue from hospital systems and clinics as adoption increases into 2026.

• Expanding international presence and leveraging partnerships in the UK and Middle East.