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Broadcom Inc. Announces First Quarter Fiscal Year 2025 Financial Results and Quarterly Dividend

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1 year ago

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Revenue of $14,916 million for the first quarter, up 25 percent from the prior year periodGAAP net income of $5,503 million for the first quarter; Non-GAAP net income of $7,823 million for the first quarterAdjusted EBITDA of $10,083 million for the first quarter, or 68 percent of revenueGAAP diluted EPS of $1.14 for the first quarter; Non-GAAP diluted EPS of $1.60 for the first quarterCash from operations of $6,113 million for the first quarter, less capital expenditures of $100 million, resulted in $6,013 million of free cash flow, or 40 percent of revenueQuarterly common stock dividend of $0.59 per shareSecond quarter fiscal year 2025 revenue guidance of approximately $14.9 billion, an increase of 19 percent from the prior year periodSecond quarter fiscal year 2025 Adjusted EBITDA guidance of approximately 66 percent of projected revenue (1)

PALO ALTO, Calif., March 6, 2025 /PRNewswire/ — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its first quarter of fiscal year 2025, ended February 2, 2025, provided guidance for its second quarter of fiscal year 2025 and announced its quarterly dividend.

“Broadcom’s record first quarter revenue and adjusted EBITDA were driven by both AI semiconductor solutions and infrastructure software. Q1 AI revenue grew 77% year-over-year to $4.1 billion and infrastructure software revenue grew 47% year-over-year to $6.7 billion,” said Hock Tan, President and CEO of Broadcom Inc. “We expect continued strength in AI semiconductor revenue of $4.4 billion in Q2, as hyperscale partners continue to invest in AI XPUs and connectivity solutions for AI data centers.”

“Consolidated revenue grew 25% year-over-year to a record $14.9 billion. Adjusted EBITDA increased 41% year-over-year to a record $10.1 billion,” said Kirsten Spears, CFO of Broadcom Inc. “Free cash flow was $6.0 billion, up 28% year-over-year.”

(1) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

First Quarter Fiscal Year 2025 Financial Highlights

GAAP

Non-GAAP

(Dollars in millions, except per share data)

Q1 25

Q1 24

Change

Q1 25

Q1 24

Change

Net revenue

$

14,916

$

11,961

+25

%

$

14,916

$

11,961

+25

%

Net income

$

5,503

$

1,325

+$

4,178

$

7,823

$

5,254

+$

2,569

Earnings per common share – diluted

$

1.14

$

0.28

+$

0.86

$

1.60

$

1.10

+$

0.50

(Dollars in millions)

Q1 25

Q1 24

Change

Cash flow from operations

$

6,113

$

4,815

+$

1,298

Adjusted EBITDA

$

10,083

$

7,156

+$

2,927

Free cash flow

$

6,013

$

4,693

+$

1,320

Net revenue by segment

(Dollars in millions)

Q1 25

Q1 24

Change

Semiconductor solutions

$

8,212

55

%

$

7,390

62

%

+11

%

Infrastructure software

6,704

45

4,571

38

+47

%

Total net revenue

$

14,916

100

%

$

11,961

100

%

 

The Company’s cash and cash equivalents at the end of the fiscal quarter were $9,307 million, compared to $9,348 million at the end of the prior fiscal quarter.

During the first fiscal quarter, the Company generated $6,113 million in cash from operations and spent $100 million on capital expenditures. The Company paid $2,036 million of withholding taxes related to net settled equity awards that vested in the quarter (resulting in the elimination of 8.7 million shares).

On December 31, 2024, the Company paid a cash dividend of $0.59 per share, totaling $2,774 million.

The differences between the Company’s GAAP and non-GAAP results are described generally under “Non-GAAP Financial Measures” below and presented in detail in the financial reconciliation tables attached to this release.

Second Quarter Fiscal Year 2025 Business Outlook

Based on current business trends and conditions, the outlook for the second quarter of fiscal year 2025, ending May 4, 2025, is expected to be as follows: 

Second quarter revenue guidance of approximately $14.9 billion; andSecond quarter Adjusted EBITDA guidance of approximately 66 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Quarterly Dividends

The Company’s Board of Directors has approved a quarterly cash dividend of $0.59 per share. The dividend is payable on March 31, 2025, to stockholders of record at the close of business (5:00 p.m. Eastern Time) on March 20, 2025.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the first quarter of fiscal year 2025 and to discuss the business outlook today at 2:00 p.m. Pacific Time.

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom’s website at https://investors.broadcom.com/.

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. Broadcom believes non-GAAP financial information provides additional insight into the Company’s on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company’s on-going operations and enable more meaningful period to period comparisons. 

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company’s underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company’s operations, and benchmarking performance externally against the Company’s competitors. The exclusion of these and other similar items from Broadcom’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom’s free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom

Broadcom Inc. (NASDAQ: AVGO) is a global technology leader that designs, develops, and supplies a broad range of semiconductor, enterprise software and security solutions. Broadcom’s category-leading product portfolio serves critical markets including cloud, data center, networking, broadband, wireless, storage, industrial, and enterprise software. Our solutions include service provider and enterprise networking and storage, mobile device and broadband connectivity, mainframe, cybersecurity, and private and hybrid cloud infrastructure. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, go to www.broadcom.com. 

Cautionary Note Regarding Forward-Looking Statements 

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance, and other statements identified by words such as “will,” “expect,” “believe,” “anticipate,” “estimate,” “should,” “intend,” “plan,” “potential,” “predict,” “project,” “aim,” and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of Broadcom’s management, current information available to Broadcom’s management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, undue reliance should not be placed on such statements.

Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; global political and economic conditions relating to our international operations; our acquisition of VMware, Inc., including our ability to realize the expected benefits; any acquisitions or dispositions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; dependence on and risks associated with distributors and other channel partners of our products; dependence on senior management and our ability to attract and retain qualified personnel; our ability to protect against cyber security threats and a breach of security systems; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; cyclicality in the semiconductor industry or in our target markets; our ability to make successful investments in research and development; our ability to continue achieving design wins with our customers, as well as the timing of any design wins; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; prolonged disruptions of our or our contract manufacturers’ manufacturing facilities, warehouses or other significant operations; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; our ability to improve our manufacturing capacity and quality; involvement in legal proceedings; ability of our software products to manage and secure IT infrastructures and environments; demand for our data center virtualization products and customer acceptance of our products, services and business strategy; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; use of open source software in our products; sales to government customers; our ability to manage products and services lifecycles; quarterly and annual fluctuations in operating results; our competitive performance; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our compliance with privacy and data security laws; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.

Our filings with the SEC, which are available without charge at the SEC’s website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
650-427-6000
investor.relations@broadcom.com 

(AVGO-Q)

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED

(IN MILLIONS, EXCEPT PER SHARE DATA)

Fiscal Quarter Ended

February 2,

November 3,

February 4,

2025

2024

2024

Net revenue

$

14,916

$

14,054

$

11,961

Cost of revenue:

Cost of revenue

3,273

3,399

3,114

Amortization of acquisition-related intangible assets

1,484

1,602

1,380

Restructuring charges

14

51

92

Total cost of revenue

4,771

5,052

4,586

Gross margin

10,145

9,002

7,375

Research and development

2,253

2,234

2,308

Selling, general and administrative

949

1,010

1,572

Amortization of acquisition-related intangible assets

511

813

792

Restructuring and other charges

172

318

620

Total operating expenses

3,885

4,375

5,292

Operating income

6,260

4,627

2,083

Interest expense

(873)

(916)

(926)

Other income, net

103

52

185

Income from continuing operations before income taxes

5,490

3,763

1,342

Provision for (benefit from) income taxes

(13)

(442)

68

Income from continuing operations

5,503

4,205

1,274

Income from discontinued operations, net of income taxes

–

119

51

Net income

$

5,503

$

4,324

$

1,325

Basic income per share:

Income per share from continuing operations

$

1.17

$

0.89

$

0.28

Income per share from discontinued operations

–

0.03

0.01

Net income per share

$

1.17

$

0.92

$

0.29

Diluted income per share:

Income per share from continuing operations

$

1.14

$

0.87

$

0.27

Income per share from discontinued operations

–

0.03

0.01

Net income per share

$

1.14

$

0.90

$

0.28

Weighted-average shares used in per share calculations:

Basic

4,695

4,679

4,517

Diluted

4,836

4,828

4,666

Stock-based compensation expense included in continuing operations:

Cost of revenue

$

153

$

159

$

161

Research and development

822

839

863

Selling, general and administrative

305

316

548

Total stock-based compensation expense

$

1,280

$

1,314

$

1,572

 

BROADCOM INC.

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP – UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

February 2,

November 3,

February 4,

2025

2024

2024

Gross margin on GAAP basis

$

10,145

$

9,002

$

7,375

Amortization of acquisition-related intangible assets

1,484

1,602

1,380

Stock-based compensation expense

153

159

161

Restructuring charges

14

51

92

Acquisition-related costs

–

–

6

Gross margin on non-GAAP basis

$

11,796

$

10,814

$

9,014

Research and development on GAAP basis

$

2,253

$

2,234

$

2,308

Stock-based compensation expense

822

839

863

Acquisition-related costs

–

–

1

Research and development on non-GAAP basis

$

1,431

$

1,395

$

1,444

Selling, general and administrative expense on GAAP basis

$

949

$

1,010

$

1,572

Stock-based compensation expense

305

316

548

Acquisition-related costs

107

86

285

Selling, general and administrative expense on non-GAAP basis

$

537

$

608

$

739

Total operating expenses on GAAP basis

$

3,885

$

4,375

$

5,292

Amortization of acquisition-related intangible assets

511

813

792

Stock-based compensation expense

1,127

1,155

1,411

Restructuring and other charges

172

318

620

Acquisition-related costs

107

86

286

Total operating expenses on non-GAAP basis

$

1,968

$

2,003

$

2,183

Operating income on GAAP basis

$

6,260

$

4,627

$

2,083

Amortization of acquisition-related intangible assets

1,995

2,415

2,172

Stock-based compensation expense

1,280

1,314

1,572

Restructuring and other charges

186

369

712

Acquisition-related costs

107

86

292

Operating income on non-GAAP basis

$

9,828

$

8,811

$

6,831

Interest expense on GAAP basis

$

(873)

$

(916)

$

(926)

Loss on debt extinguishment

65

52

–

Interest expense on non-GAAP basis

$

(808)

$

(864)

$

(926)

Other income, net on GAAP basis

$

103

$

52

$

185

(Gains) losses on investments

4

30

(33)

Other

(31)

–

–

Other income, net on non-GAAP basis

$

76

$

82

$

152

Provision for (benefit from) income taxes on GAAP basis

$

(13)

$

(442)

$

68

Non-GAAP tax reconciling adjustments

1,286

1,506

735

Provision for income taxes on non-GAAP basis

$

1,273

$

1,064

$

803

Net income on GAAP basis

$

5,503

$

4,324

$

1,325

Amortization of acquisition-related intangible assets

1,995

2,415

2,172

Stock-based compensation expense

1,280

1,314

1,572

Restructuring and other charges

186

369

712

Acquisition-related costs

107

86

292

Loss on debt extinguishment

65

52

–

(Gains) losses on investments

4

30

(33)

Other

(31)

–

–

Non-GAAP tax reconciling adjustments

(1,286)

(1,506)

(735)

Income from discontinued operations, net of income taxes

–

(119)

(51)

Net income on non-GAAP basis

$

7,823

$

6,965

$

5,254

Net income on GAAP basis

$

5,503

$

4,324

$

1,325

Non-GAAP Adjustments:

Amortization of acquisition-related intangible assets

1,995

2,415

2,172

Stock-based compensation expense

1,280

1,314

1,572

Restructuring and other charges

186

369

712

Acquisition-related costs

107

86

292

Loss on debt extinguishment

65

52

–

(Gains) losses on investments

4

30

(33)

Other

(31)

–

–

Non-GAAP tax reconciling adjustments

(1,286)

(1,506)

(735)

Income from discontinued operations, net of income taxes

–

(119)

(51)

Other Adjustments:

Interest expense

808

864

926

Provision for income taxes on non-GAAP basis

1,273

1,064

803

Depreciation

142

156

139

Amortization of purchased intangibles and right-of-use assets

37

40

34

Adjusted EBITDA

$

10,083

$

9,089

$

7,156

Weighted-average shares used in per share calculations – diluted on GAAP basis

4,836

4,828

4,666

Non-GAAP adjustment (1)

59

77

113

Weighted-average shares used in per share calculations – diluted on non-GAAP basis

4,895

4,905

4,779

Net cash provided by operating activities

$

6,113

$

5,604

$

4,815

Purchases of property, plant and equipment

(100)

(122)

(122)

Free cash flow

$

6,013

$

5,482

$

4,693

 Fiscal
Quarter

Ending 

May 4,

Expected average diluted share count: 

2025

Weighted-average shares used in per share calculation – diluted on GAAP basis

4,840

Non-GAAP adjustment (1)

107

Weighted-average shares used in per share calculation – diluted on non-GAAP basis

4,947

(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation
expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be
used to repurchase shares under the GAAP treasury stock method.

 

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED

(IN MILLIONS)

February 2,

November 3,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$

9,307

$

9,348

Trade accounts receivable, net

4,955

4,416

Inventory

1,908

1,760

Other current assets

4,820

4,071

Total current assets

20,990

19,595

Long-term assets:

Property, plant and equipment, net

2,465

2,521

Goodwill

97,871

97,873

Intangible assets, net

38,583

40,583

Other long-term assets

5,449

5,073

Total assets

$

165,358

$

165,645

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

1,905

$

1,662

Employee compensation and benefits

922

1,971

Short-term debt

5,653

1,271

Other current liabilities

12,430

11,793

Total current liabilities

20,910

16,697

Long-term liabilities:

Long-term debt

60,926

66,295

Other long-term liabilities

13,733

14,975

Total liabilities

95,569

97,967

Stockholders’ equity:

Preferred stock

–

–

Common stock

5

5

Additional paid-in capital

66,848

67,466

Retained earnings

2,729

–

Accumulated other comprehensive income

207

207

Total stockholders’ equity

69,789

67,678

  Total liabilities and equity

$

165,358

$

165,645

 

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED

(IN MILLIONS)

Fiscal Quarter Ended

February 2,

November 3,

February 4,

2025

2024

2024

Cash flows from operating activities:

Net income

$

5,503

$

4,324

$

1,325

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible and right-of-use assets

2,032

2,455

2,206

Depreciation

142

156

139

Stock-based compensation

1,280

1,314

1,582

Deferred taxes and other non-cash taxes

(696)

(868)

(294)

Loss on debt extinguishment

65

52

–

Non-cash interest expense

97

91

102

Other

41

138

38

Changes in assets and liabilities, net of acquisitions and disposals:

  Trade accounts receivable, net

(539)

249

1,756

  Inventory

(148)

134

(14)

  Accounts payable

241

(85)

(74)

  Employee compensation and benefits

(908)

196

(660)

  Other current assets and current liabilities

26

(1,410)

(2,182)

  Other long-term assets and long-term liabilities

(1,023)

(1,142)

891

Net cash provided by operating activities

6,113

5,604

4,815

Cash flows from investing activities:

Acquisition of business, net of cash acquired

–

–

(25,416)

Purchases of property, plant and equipment

(100)

(122)

(122)

Purchases of investments

(105)

(30)

(13)

Sales of investments

18

20

89

Other

13

–

(15)

Net cash used in investing activities

(174)

(132)

(25,477)

Cash flows from financing activities:

Proceeds from long-term borrowings

2,986

4,969

30,010

Payments on debt obligations

(8,090)

(7,472)

(934)

Proceeds from commercial paper, net

3,980

–

–

Payments of dividends

(2,774)

(2,484)

(2,435)

Repurchases of common stock – repurchase program

–

–

(7,176)

Shares repurchased for tax withholdings on vesting of equity awards

(2,036)

(1,204)

(1,114)

Issuance of common stock

–

126

–

Other

(46)

(11)

(14)

Net cash provided by (used in) financing activities

(5,980)

(6,076)

18,337

Net change in cash and cash equivalents

(41)

(604)

(2,325)

Cash and cash equivalents at beginning of period

9,348

9,952

14,189

Cash and cash equivalents at end of period

$

9,307

$

9,348

$

11,864

Supplemental disclosure of cash flow information:

Cash paid for interest

$

671

$

738

$

750

Cash paid for income taxes

$

404

$

832

$

904

 

View original content:https://www.prnewswire.com/news-releases/broadcom-inc-announces-first-quarter-fiscal-year-2025-financial-results-and-quarterly-dividend-302395106.html

SOURCE Broadcom Inc.

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Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026

Published

4 hours ago

on

May 1, 2026

By

BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Reach officially unveiled its full-stack product portfolio designed to accelerate the intelligent evolution of AI vehicles. Industry leaders and experts, along with executives and representatives from Honda, Toyota, FAW, Geely, GAC, Dongfeng Voyah, FAW Jiefang, BMW, Volkswagen CARIAD, Chery, Nissan, Mazda, Hitachi Astemo, Bosch, UAES, ZTE Microelectronics and other global OEMs and industry partners, visited the booth for in-depth discussions on the future of AI-powered mobility and intelligent vehicle evolution.

At the show, Reach demonstrated how AI vehicles are moving from “responding to commands” to “understanding intent and proactively serving users.” Human-vehicle interaction is evolving from isolated smart functions to integrated intelligent experiences, creating a new vision for future mobility.

Supporting this transformation is Reach’s full-stack portfolio covering five key areas: AI Vehicle Neural Foundation, Emotional Cognition, Intelligent Driving Brain, Vehicle-Cloud Computational Brain, and Energy Heart.

At the core is NeuSAR OS, the digital foundation for AI vehicles. Backed by over 10 million production deployments, it provides secure, reliable, and scalable support for AI applications, enabling unified management of vehicle-wide capabilities, cross-domain resources, and AI Agents while improving development efficiency by 30%–50%.

Cloud OS introduces a vehicle-cloud collaborative computing architecture that allows flexible scheduling between onboard small models and cloud-based large models, reducing hardware dependency and optimizing computing costs.

For intelligent driving, Reach’s full-stack AI solution and fifth-generation architecture NeuAUTO support faster mass production across passenger and commercial vehicles through unified software architecture and end-to-end AI models.

Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.

Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.

As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.

Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/reach-showcases-full-stack-product-portfolio-for-ai-vehicle-intelligent-evolution-at-auto-china-2026-302759688.html

SOURCE Reach

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Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale

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May 1, 2026

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Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with $15.7M in cash 

VANCOUVER, BC and LAS VEGAS, April 30, 2026 /PRNewswire/ – Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a U.S.-focused digital health infrastructure platform, is pleased to report its audited financial results for the year ended December 31, 2025. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures1 2 are as reported in the Company’s amended and restated Management Discussion and Analysis dated April 30, 2026 (“MD&A”).

Revenue reached $35.4M in 2025, with $43.6M in Adjusted Revenue1 (non-GAAP) and $2.5M in Adjusted EBITDA2 (non-GAAP), reflecting strong growth and improving operating leverage.

The Company achieved net income of $1.69M and continued to scale its platform, driven by accelerating adoption of VSDHOne and expanding transaction volumes across its national healthcare network.

FULL YEAR 2025 HIGHLIGHTS

All comparisons below are to the year ended December 31, 2024, unless otherwise noted.

Revenue: $35.4M vs. $16.04M (+121% YoY)Adjusted Revenue:(1) $43.56M vs. $22.32M (+95% YoY)Adjusted EBITDA:(2) $2.5M vs. $136K (+1,765% YoY)Rising Operating Leverage: OPEX as a % of revenue fell from 38% to 22%2025 Year-end Cash Position: $15.65M vs. $1.19M (strong balance sheet improvement)Positive Adjusted EBITDA2 across the year, reflecting improving operating leverageOver 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption

4th QUARTER 2025 HIGHLIGHTS

All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted

Revenue: $14.95M vs. $4.04M (+270% YoY)Adjusted Revenue:(1) $16.85M vs. $5.74M (+193% YoY)Adjusted EBITDA:(2) $1.58M vs. ($0.1M)Rising Operating Leverage: OPEX as a % of revenue fell to 15% in Q4 2025, versus 34% in Q4 2024

The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.

Notes:

(1) “Adjusted Revenue” is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company’s platform and should not be considered revenue recognized under IFRS. See “Non-GAAP Financial Measures” section below for definition.

(2) “Adjusted EBITDA” is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See “Non-GAAP Financial Measures” section below for definition.

The following table is included to provide a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company’s financial performance for investors.

    Three months ended December 31,

        Twelve months ended December 31,

2025

2024

%
change

2025

2024

%
change

Adjusted Revenue

$                   16,853,102

$     5,742,523

193 %

$               43,563,753

$            22,321,265

95 %

  Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

  Deduct – business partner payouts on app
service gross revenue

2,218,121

1,493,509

7,752,770

6,321,866

GAAP Revenue

$                   14,948,859

$     4,040,578

270 %

$               35,385,038

$            16,044,716

121 %

Adjusted Gross Margin

$                     2,924,341

$     1,580,387

85 %

$                 9,429,151

$              5,650,936

67 %

  Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

GAAP Gross Margin

$                     3,238,219

$     1,371,951

136 %

$                 9,003,206

$              5,696,253

58 %

Adjusted EBITDA

$                     1,577,760

$         (83,191)

$                 2,542,895

$                 136,334

1765 %

  Deduct – amortization and depreciation

127,982

62,853

452,772

181,136

  Deduct – share-based payments

8,843

87,889

82,385

614,877

  Deduct – interest and accretion

452,209

–

586,354

–

  Deduct – sales tax provision, net cash paid

252,603

(254,510)

252,603

(254,510)

  Deduct – impairment charge

54,814

–

54,814

–

  Deduct – income tax expense

(119,249)

–

(119,249)

–

  Deduct – deferred tax recovery

699,586

–

699,586

–

GAAP Net Income (Loss)

$                     1,261,646

$          20,577

6031 %

$                 1,694,304

$                (405,169)

518 %

Shane Madden, CEO of Hydreight, commented:

“2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.

The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.

As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in the United States.”

BUSINESS PERFORMANCE & DRIVERS

VSDHOne – Core Growth Engine

The Company’s VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:

Rapid onboarding of new partnersExpansion of direct-to-consumer healthcare brandsIncreased transaction volume across telehealth and pharmacy services

Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.

The platform ramped significantly through the second half of the year, with Q4 alone contributing $14.9M in revenue, representing approximately 270% growth compared to the same period in 2024. This acceleration reflects strong demand from partners seeking compliant, turnkey solutions and demonstrates the Company’s ability to scale transaction volume efficiently across its infrastructure.

OPERATING METRICS & VOLUME GROWTH

Operational performance across the Company’s core verticals continued to strengthen throughout 2025.

The Company’s first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight’s proprietary platform structure.

Completed Services revenue in Q4 2025 for the first vertical increased by approximately 44% compared to the same period in 2024Completed Services revenue for the first vertical in 2025 increased by approximately 17% compared to 2024New nurse sign-ups increased by approximately 45% in 2025 compared to 2024

These metrics reflect continued growth in the Company’s core service offerings, expansion of its provider network, and increasing utilization across the platform.

PLATFORM SCALE & NETWORK EFFECTS

Hydreight continues to expand its position as a leading healthcare infrastructure platform:

11,000+ licenses signed across VSDHOneNational footprint across all 50 U.S. statesNetwork of healthcare providers, pharmacies, and partners

The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the U.S. healthcare market.

MULTI-VERTICAL REVENUE MODEL

Hydreight generates revenue across three primary streams:

Business partner subscription contractsTelehealth consultation and platform commissionsPharmacy sales

Growth was supported by:

Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)Increased partner utilizationBroader adoption across wellness verticals

PROFITABILITY & OPERATING LEVERAGE

Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:

Adjusted EBITDA: $2.5M in 2025 vs. $0.14M in 2024 (+1,765% YoY)Net income (loss): $1.69M in 2025 vs. $(0.41)M in 2024

Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.

Q4 Adjusted EBITDA: $1.58M vs. ($0.10M) in Q4 2024

This reflects:

Platform scalabilityRevenue growth outpacing cost increasesImproved operational efficiency

This improvement reflects the operating leverage inherent in the Company’s platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company’s platform.

¹ See “Non-GAAP Financial Measures and Reconciliation”.

BALANCE SHEET & LIQUIDITY

Cash: $15.65M (vs. $1.2M in 2024)Working Capital: ~$15.7M (vs. deficiency of $2.5M in 2024)Strong capital position to support ongoing operations

The Company also completed a $15M financing in January 2026, subsequent to year‑end, further strengthening its ability to scale operations and pursue strategic initiatives.

Including the $15M financing completed in January 2026, the Company has access to over $30.7M in capital to support growth initiatives.

Please see SEDAR+ for the Company’s consolidated audited financial statements and MD&A for the year ended December 31, 2025.

STRATEGIC INITIATIVES & MILESTONES

Hydreight continues to expand its platform through strategic initiatives and partnerships.

During 2025, the Company:

Strengthened its vertically integrated healthcare infrastructureExpanded its national pharmacy networkInvested in next-generation platform capabilities (VSDHOne 2.0)Established strategic relationships to enhance product innovation and distribution

In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight’s long-term strategy of supporting next-generation treatments across its platform.

OUTLOOK

Hydreight is entering 2026 with strong momentum, supported by:

Continued onboarding of new partnersIncreasing transaction volumes across VSDHOneRecent capital deployment initiativesExpansion into new healthcare verticals

As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.

Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.

“We look forward to discussing these results in more detail on our upcoming earnings call.” -Shane Madden

ANNUAL FILINGS

The Company’s audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.

UPCOMING EARNINGS CALL

Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company’s strategic priorities heading into 2026.

Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST

Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ

The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight’s growth strategy and platform expansion.

Clarification on Engagement of GRA Enterprises

Further to the Company’s news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) (“GRA”) was not renewed and as such was terminated effective May 27, 2025.

Under the engagement, the Company paid GRA an aggregate fee of USD $30,000 in cash pursuant to the GRA Engagement. The fee was paid from general working capital at the commencement of the engagement. No securities, stock options, or other equity-based compensation were issued or granted in connection with the engagement.

The engagement was conducted at arm’s length and has been fully concluded, with no ongoing obligations or amounts payable by the Company.  To the Company’s knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.

On behalf of the Board of Directors

Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.

Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™

Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company

About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.

About VSDHOne – Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including “Adjusted Revenue” and “Adjusted EBITDA”. These measures are not recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS or GAAP.

The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities. 

Adjusted Revenue reflects the gross economic activity processed through the Company’s platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS.  As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.

The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company’s platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the Company’s 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.

Forward‑looking information is based on management’s expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in the United States, availability of capital, and general economic conditions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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SOURCE Hydreight Technologies Inc.

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Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step

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KUALA LUMPUR, Malaysia and WUHU, China, May 1, 2026 /PRNewswire/ — In response to steady advancement of smart city construction and the actual demand for efficient, low-cost urban public service equipment, OMODA & JAECOO officially launched the full-scale commercial layout of AiMOGA Robotics at the 2026 Chery International Business Summit in Wuhu. Centering on the theme “Driven by Scenarios, United for Growth”, the event witnessed a key industrial breakthrough: AiMOGA Intelligent Police Robots secured 1,000 intentional signing orders and completed an official concentrated delivery of 100 units, laying a solid foundation for orderly large-scale promotion and practical scenario operation in urban roads, traffic hubs and daily public governance links.

Jointly developed by OMODA & JAECOO and the professional AiMOGA technical team, the robotic product lineup covers humanoid robots, quadruped robots and core intelligent patrol robots. Drawing on the brand’s mature intelligent vehicle underlying technologies in perception, planning and control, the equipment retains high operational stability. It can well adapt to daily road conditions and climatic environments, independently completing core practical tasks such as real-time traffic guidance, illegal parking identification and fixed-route auxiliary patrols, effectively assisting local frontline staff and optimizing urban refined management efficiency.

Chery Group pointed out that intelligent vehicles and robots share core technological homology, and the batch signing and delivery officially means AiMOGA enters the stage of large-scale standardized commercialization. The products have been iteratively optimized in more than 100 real scenarios across 50 countries including Malaysia, with reliable performance that meets local application standards. Relying on supporting facilities such as university talent cooperation projects, 31 innovation laboratories and a special robot leasing platform launched at the conference, OMODA & JAECOO will steadily improve local supporting service capabilities. The brand will rely on its global channel advantages to accelerate the localized landing of embodied intelligent equipment, pragmatically empower the steady development of smart urban governance industry, and jointly build a complete regional intelligent service ecology with local partners.

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SOURCE OMODA & JAECOO

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