- Hydreight Technologies (TSXV:NURS) reported record growth in Q3 2025 revenue, which hit C$12.83M (+110 per cent YoY), with GAAP net income of C$362K, marking a turnaround from last year’s loss
- The company has seen an operational expansionvof around 295,000 product orders processed; nurse network grew 49 per cent YoY, and pharmacy orders surged 72 per cent YoY
- Hydreight signed a deal for a 5 per cent stake in Perfect Scripts (option to 40 per cent) and is preparing to launch VSDHOne V2 to boost automation and scalability
- Hydreight Technolgies stock (TSXV:NURS) last traded at C$5.28
Hydreight Technologies (TSXV:NURS) released its financial results for the three and nine months ended September 30, 2025. All figures are in Canadian dollars unless otherwise noted.
Q3 2025 financial highlights
- Topline revenue:
- First nine months: C$26.71 million, up 61 per cent year-over-year.
- Q3: C$12.83 million, a record quarter, up 110 per cent from Q3 2024.
- GAAP revenue:
- First nine months: C$20.44 million, up 70 per cent year-over-year.
- Q3: C$10.52 million, up 132 per cent from Q3 2024.
- Gross margin: C$2.33 million, compared to C$1.53 million in Q3 2024.
- Adjusted EBITDA: C$620K, reflecting continued operational improvement.
- GAAP net income: C$362K, a turnaround from a C$90K loss in Q3 2024.
- Cash on hand: C$18.64 million at quarter-end.
Hydreight’s strong performance points to the accelerating adoption of its telehealth and mobile medical services platform, VSDHOne, across multiple wellness verticals.
Operational and business highlights
- Product demand: ~295,000 VSDHOne orders processed in Q3, spanning GLP-1 weight management, hormone therapy, NAD, hair restoration, genetic testing, and more.
- Nurse network expansion:
- 198 new nurse sign-ups in Q3 (+49 per cent YoY).
- 593 sign-ups in the first nine months of 2025 (~63 per cent YoY growth).
- Pharmacy orders: Increased approximately 72 per cent YoY, signalling broader adoption.
- M&A pipeline: Actively evaluating profitable multi-state wellness and digital-health operators for national scaling via VSDHOne.
- Technology advancements: Integration of 503A/503B pharmacy partners and upcoming release of VSDHOne V2, designed for greater automation, scalability, and modular functionality.
Business partnership
Hydreight signed a definitive agreement to acquire a 5 per cent equity stake in Perfect Scripts, LLC, with an option to increase to 40 per cent, establishing a significant partnership to enhance pharmacy capabilities.
Industry recognition
Hydreight was named one of Canada’s Technology Fast 50 and ranked among North America’s fastest-growing companies on the 2025 Deloitte Technology Fast 500.
Leadership insights
“We are very pleased with the momentum behind VSDHOne. Although we announced the business at the end of last year, the platform only began operating in a meaningful way toward the end of June, and since then it has contributed to both revenue growth and sustained profitability. This progress reflects the development of our modular infrastructure and the legal framework that supports long-term scale,” Hydreight’s CEO, Shane Madden said in a news release. “The next version of VSDHOne will build on this foundation with added automation, new services, and expanded partner integrations. As we move forward, our focus remains on operational discipline and careful financial planning to support continued growth and prepare for 2026.”
About Hydreight Technologies
Hydreight Technologiess is a rapidly expanding mobile clinical network and medical platform enabling flexible at-home medical services across all 50 U.S. states.
Hydreight Technolgies stock (TSXV:NURS) last traded at C$5.28 and has risen 157.56 per cent since the year began.
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