Hydreight Technologies (NURS) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 revenue of CAD 24.9 million ($24.9M), up 449% year-over-year, with adjusted EBITDA of CAD 3.3 million and net income of CAD 2.6 million, marking the third consecutive quarter of margin expansion and strong platform adoption.

• Growth was broad-based, with all business segments contributing and no single client or product driving results.

• Expanded healthcare infrastructure platform, with operations in all 50 U.S. states and over 12,000 VSDHOne licenses sold since launch.

• Ended the quarter with CAD 24.2 million ($24.2M) in cash and CAD 32 million ($32.0M) in working capital, supporting ongoing growth and strategic initiatives.

• Regulatory tightening in digital health and telemedicine is viewed as a tailwind, increasing demand for compliant platforms.

Financial highlights

• Revenue grew 450% year-over-year and 67% sequentially from Q4 2025, reaching CAD 24.93 million ($24.9M); adjusted revenue was CAD 27.6 million ($27.6M).

• Adjusted EBITDA was CAD 3.3 million ($3.3M), up 1,412% year-over-year, with margin improving to 13.1%.

• Net income reached CAD 2.6 million ($2.6M) versus break-even or $20K last year.

• Gross profit was CAD 5.1 million at a 20% margin, down from 33% a year ago due to revenue mix shift.

• Shareholders’ equity stood at $36.4M.

Outlook and guidance

• Reaffirmed full-year 2026 revenue guidance of at least CAD 150 million, with adjusted EBITDA margin expected at 15%-17%.

• Guidance is based solely on existing partners and programs, not factoring in potential acquisitions or new markets.

• Management remains focused on expanding partnerships, investing in technology, increasing platform utilization, and scaling VSDHOne.

• Confident in delivering full-year 2026 guidance, supported by profitability improvements and a strong balance sheet.

• Anticipates strong opportunities in Q3 and Q4 as new product categories are released and regulatory changes take effect.