SRx Health Solutions (SRXH) Registration Filing summary

Company overview and business model

• Operates as a premium pet health and wellness company under the Halo brand, offering a broad portfolio of dog and cat foods, treats, toppers, and chews focused on natural, science-based nutrition.

• Transitioned from specialty pharmaceuticals and healthcare services to a streamlined consumer products business after restructuring and bankruptcy of legacy operations.

• Products are distributed through e-commerce (Amazon, Chewy), brick & mortar specialty retailers, and select international partners, with a digital-first strategy and focus on brand innovation.

• Manufacturing is outsourced to established co-manufacturers, with a supply chain emphasizing high-quality, sustainably sourced ingredients.

Financial performance and metrics

• For the year ended September 30, 2025, net sales from continuing operations were $6.5 million, with a gross profit of $1.5 million and a gross margin of 23%.

• Operating expenses totaled $12.9 million, resulting in a loss from continuing operations of $8.6 million.

• Adjusted EBITDA for continuing operations was negative, reflecting ongoing investment in brand and restructuring costs.

• Cash and cash equivalents as of September 30, 2025, were $1.3 million, with significant reliance on external financing.

• Discontinued operations (legacy healthcare) generated a net loss of $36.4 million in 2025.

Use of proceeds and capital allocation

• Proceeds from the ELOC Purchase Agreement with Keystone Capital Partners, up to $1.0 billion, are intended for working capital and general corporate purposes, with management retaining broad discretion over allocation.

• No proceeds will be received from the resale of shares by the selling stockholder; only from direct sales to Keystone under the ELOC.

• Recent capital raises include PIPE financings, private placements, and convertible notes to support operations and restructuring.