Hydreight Technologies (NURS) Q3 2025 earnings summary

Executive summary

• Achieved 132% year-over-year GAAP revenue growth in Q3, reaching $12.83M, with four consecutive profitable quarters and record topline performance.

• Broad-based growth across all business verticals, driven by strong adoption and expansion of the VSDHOne platform.

• Strategic investments in modular technology, automation, and infrastructure support margin improvement and 2026 scaling objectives.

• 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.

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 the prior year; 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 for Q3 2025 was $362K, 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 on operational discipline, financial planning, and scaling VSDHOne platform to support continued growth and 2026 objectives.

• Upcoming release of VSDHOne V2 aims to deliver greater automation, scalability, and expanded partner integrations.