Hydreight Technologies (NURS) Q4 2025 earnings summary

Executive summary

• Achieved record fiscal 2025 results with revenue of CAD 35.4M, Adjusted Revenue of $43.6M, and Adjusted EBITDA of $2.5M, reflecting rapid growth, platform scale, and a significant structural shift to scalable healthcare infrastructure for digital health brands across all 50 U.S. states.

• Net income reached $1.69M, marking a transition to profitability and strong operating leverage.

• Launched VSDHOne platform mid-2025, enabling rapid onboarding and compliance for licensees, with over 12,000 licenses signed by year-end, indicating strong demand and national expansion.

Financial highlights

• Q4 2025 revenue reached CAD 14.9M (or $14.95M), up 270% year-over-year; full-year revenue was CAD 35.4M, up 121%.

• Adjusted Revenue for 2025 was $43.56M, up 95% year-over-year.

• Q4 gross profit was CAD 3.2M (22% margin); full-year gross profit was CAD 9M (25% margin).

• Operating expenses for 2025 were CAD 7.6M, up only CAD 1.5M despite CAD 19.3M in sales growth; OpEx as a percentage of revenue fell from 38% to 22% for the year, and to 15% in Q4.

• Q4 adjusted EBITDA was CAD 1.6M (11% margin), up from -CAD 83,000 a year prior; full-year adjusted EBITDA was CAD 2.5M, up 1,765% year-over-year.

Outlook and guidance

• Reaffirmed Q1 2026 revenue guidance, tracking in line with expectations.

• Full-year 2026 revenue guidance set at a minimum of CAD 150M, driven by ramp-up of existing licensees and increased per-partner revenue.

• Entering 2026 with strong momentum, focusing on expanding the partner network and transaction volumes.

• Recent $15M financing in January 2026 boosts available capital to over $30M for growth initiatives.