Healwell AI (AIDX) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of CAD 103.8M in 2025, up 427% year-over-year, driven by the Orion Health acquisition, global expansion, and major contracts in the Middle East, U.S., and Canada.

• Delivered first full year of positive Adjusted EBITDA at CAD 2.3M, reflecting operating leverage and a $16.5M improvement from 2024.

• Transitioned to a pure-play AI and software company through strategic divestments, generating $9.7M in cash proceeds and launching Amadeus AI.

• Ended 2025 with CAD 18.6M in cash and holds strategic investments, including an interest in xAI.

• Positioned as a leader in healthcare AI with a validated platform, global distribution, and deep integration into clinical workflows.

Financial highlights

• Fiscal 2025 revenue reached CAD 103.8M, up 427%; Q4 revenue was CAD 32.2M, up 374% year-over-year.

• Fiscal 2025 gross profit was CAD 57.3M, up 429%; Q4 gross profit was CAD 17.66M, up 376%; gross margin held steady at 55% for both periods.

• Fiscal 2025 Adjusted EBITDA was CAD 2.3M (vs. loss of CAD 14.2M in 2024); Q4 Adjusted EBITDA was CAD 1.4M.

• IFRS net loss from continuing operations was CAD 39.1M in 2025, compared to CAD 24M in 2024.

• Subscription, support, and maintenance revenue grew 522% to CAD 66.8M in 2025.

Outlook and guidance

• Targeting approximately 50% AI revenue growth and an exit run rate Adjusted EBITDA margin around 10% in 2026.

• Focus for 2026 is on global scaling, expanding distribution, and deepening AI adoption.

• Organic growth in AI/data science segment projected north of 50% for 2026.

• Software revenue expected to grow recurring component by about 10%, with professional services revenue remaining lumpy.

• Management evaluating monetization of strategic investments to further strengthen capital position.