Hydreight Technologies (NURS) Q3 2025 earnings summary

Executive summary

• Achieved fourth consecutive quarter of profitability and record revenue growth across all business verticals, with Q3 GAAP revenue up 132% year-over-year to $12.83M and nine-month revenue at $26.71M, driven by strong adoption of the VSDHOne platform and strategic investments.

• The business model is scaling efficiently, with profitability and margin expansion driven by automation, partner onboarding, and multi-vertical adoption.

• Q3 marked the first full quarter of revenue recognition for the direct-to-consumer vertical (VSDHOne), validating the platform's compliance-driven moat and ecosystem.

• Over 510,000 product orders processed year-to-date by mid-November, with 1,100+ licenses sold, all inbound, and no slowdown in order growth.

• Recognized as one of North America's fastest-growing technology companies, ranking #77 on the 2025 Deloitte Technology Fast 500™ and #25 on Deloitte's 2025 Technology Fast 50™.

Financial highlights

• Q3 GAAP revenue: $12.83M, up 132% year-over-year; nine-month revenue: $26.71M.

• Gross margin for Q3 2025 was $2.33M, a 52% increase from Q3 2024; year-to-date gross margin: 28.21%.

• Adjusted EBITDA for Q3 2025 was $620K, with four straight quarters of positive adjusted EBITDA and net income.

• GAAP net income of $362K in Q3 2025, compared to a net loss of $90K in Q3 2024.

• Cash on hand at quarter-end was $18.64M.

Outlook and guidance

• 2026 revenue expected to double, with analyst models projecting CAD 90.8M–130M.

• Margin expansion anticipated as higher-value SKUs and additional treatments are introduced.

• Guidance for Q4 and 2026 to be provided within weeks, pending completion of key initiatives.

• Focus remains on scaling VSDHOne platform, operational discipline, and financial planning to support continued growth and 2026 objectives.

• Upcoming release of VSDHOne V2 aims to deliver greater automation, scalability, and modular functionality.