Healwell AI (AIDX) Q1 2026 earnings summary

Executive summary

• Achieved Q1 2026 revenue of CAD 33.2 million, up 316% year-over-year, driven by the Orion Health acquisition and organic AI growth.

• Positive adjusted EBITDA of CAD 0.7 million, a turnaround from a loss of CAD 2.3 million in Q1 2025.

• IFRS net loss narrowed to CAD 6.8 million from CAD 14 million in Q1 2025.

• Secured first AI contract with a major Middle Eastern governmental health system and expanded deployments in North America.

• Signed a multi-million dollar U.S. Health Information Exchange contract, enhancing clinical data interoperability.

Financial highlights

• Gross profit rose 340% to CAD 19.5 million, with gross margin improving to 59% from 56% year-over-year.

• Cash position increased to CAD 21.9 million as of March 31, 2026, up from CAD 18.6 million at year-end.

• Subscription, support, and maintenance revenue surged 493% to CAD 21.4 million.

• AI and Data Science segment revenue grew 13% year-over-year to CAD 2.6 million, offset by the divestiture of Mutuo.

• Healthcare Software revenue surged 439% to CAD 30.6 million, reflecting Orion Health's contribution and organic growth.

Outlook and guidance

• Targeting approximately 10% exit run rate for adjusted EBITDA margin by year-end.

• Confident in previously stated organic AI growth guidance; pipeline building across all regions.

• Expecting continued steady growth in subscription support and maintenance for Healthcare Software.

• R&D expenses expected to decline as integration and tech debt projects complete.

• Planned North American launch of Amadeus AI in H1 2026, with international expansion later in the year.