Hydreight Technologies (NURS) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 revenue of CAD 28 million ($28.0 million), up over 420% year-over-year and 12.5% sequentially, with net income of CAD 2.5 million ($2.5 million), consistent with Q1.

• First half revenue reached CAD 53 million ($53.0 million), surpassing the previous fiscal year by 50% and up 434% year-over-year, with net income of CAD 5.1 million.

• Growth was broad-based, driven by scaling of the VSDHOne platform, new and existing partners, deeper pharmacy network, and expanded product catalog.

• Adjusted EBITDA was CAD 3.2 million ($3.2 million) for Q2, up from $0.2 million in Q2 2025.

• Six-month revenue from the virtual healthcare/direct-to-consumer segment reached $42.7 million, up from $1.0 million a year ago.

Financial highlights

• Q2 revenue: CAD 28 million ($28.0 million), up 420% year-over-year and 12.5% sequentially; adjusted revenue: CAD 30.2 million ($30.2 million).

• Gross profit: CAD 5.4 million ($5.4 million); gross margin: 19.4% (down from 36% a year ago due to revenue mix shift).

• Adjusted EBITDA: CAD 3.2 million (11.5% margin); net income: CAD 2.5 million.

• Operating expenses: CAD 2.7 million, under 10% of revenue (down from 36% a year ago).

• Working capital stood at CAD 35.1 million ($35.0 million) and cash at CAD 20 million ($20.0 million) at quarter-end.

Outlook and guidance

• Full-year revenue guidance reaffirmed at CAD 150 million ($150 million), with adjusted EBITDA margin of 15%-17%.

• Acceleration expected in H2, driven by funded product launches, ramping partner cohorts, and platform utilization.

• Guidance based on partner activity, transaction volumes, service mix, and market conditions.