Nova Leap Health (NLH) Q3 2025 earnings summary

Executive summary

• Achieved record consolidated quarterly revenues, gross margin, and Adjusted EBITDA in Q3 2025, marking the best financial performance in company history.

• Both Canadian and U.S. operating segments set new records for revenues, gross margin, and Adjusted EBITDA.

• Net income turned positive in Q3 2025, reversing net losses from both Q2 2025 and Q3 2024.

Financial highlights

• Q3 2025 revenues reached $8,264,326, up 3% from Q2 2025 and 29% year-over-year from Q3 2024.

• Adjusted EBITDA for Q3 2025 was $670,706, a 16.1% increase over Q2 2025 and 76.9% higher than Q3 2024.

• Gross profit margin was 39.6% in Q3 2025, compared to 40.2% in Q2 2025 and 38.0% in Q3 2024.

• Income from operating activities was $418,553 in Q3 2025, up $68,114 from Q2 2025 and $210,443 from Q3 2024.

• Net income for Q3 2025 was $426,171, compared to net losses of $484,008 in Q2 2025 and $207,871 in Q3 2024.

Outlook and guidance

• Management highlighted a new, higher benchmark for quarterly Adjusted EBITDA, with Q2 and Q3 2025 both materially above prior averages.

• Continued focus on disciplined growth, profitability, and long-term value creation, supported by strong operating cash flow and access to acquisition financing.