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Lam Research Corporation Reports Financial Results for the Quarter Ended March 30, 2025

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FREMONT, Calif., April 23, 2025 /PRNewswire/ — Lam Research Corporation (the “Company,” “Lam,” “Lam Research”) today announced financial results for the quarter ended March 30, 2025 (the “March 2025 quarter”).

Highlights for the March 2025 quarter were as follows:

Revenue of $4.72 billion.U.S. GAAP gross margin of 49.0%, U.S. GAAP operating income as a percentage of revenue of 33.1%, and U.S. GAAP diluted EPS of $1.03.Non-GAAP gross margin of 49.0%, non-GAAP operating income as a percentage of revenue of 32.8%, and non-GAAP diluted EPS of $1.04.

Key Financial Data for the Quarters Ended

March 30, 2025 and December 29, 2024

(in thousands, except per-share data, percentages, and basis points) 

 

U.S. GAAP

March 2025

December 2024

Change Q/Q

Revenue

$                4,720,175

$                4,376,047

+ 8 %

Gross margin as percentage of revenue

49.0 %

47.4 %

+ 160 bps

Operating income as percentage of revenue

33.1 %

30.5 %

+ 260 bps

Diluted EPS

$                          1.03

$                          0.92

+ 12 %

Non-GAAP

March 2025

December 2024

Change Q/Q

Revenue

$                4,720,175

$                4,376,047

+ 8 %

Gross margin as percentage of revenue

49.0 %

47.5 %

+ 150 bps

Operating income as percentage of revenue

32.8 %

30.7 %

+ 210 bps

Diluted EPS

$                          1.04

$                          0.91

+ 14 %

 

U.S. GAAP Financial Results

For the March 2025 quarter, revenue was $4,720 million, gross margin was $2,314 million, or 49.0% of revenue, operating expenses were $752 million, operating income was 33.1% of revenue, and net income was $1,331 million, or $1.03 per diluted share on a U.S. GAAP basis. This compares to revenue of $4,376 million, gross margin of $2,073 million, or 47.4% of revenue, operating expenses of $739 million, operating income of 30.5% of revenue, and net income of $1,191 million, or $0.92 per diluted share, for the quarter ended December 29, 2024 (the “December 2024 quarter”).

Non-GAAP Financial Results

For the March 2025 quarter, non-GAAP gross margin was $2,312 million, or 49.0% of revenue, non-GAAP operating expenses were $763 million, non-GAAP operating income was 32.8% of revenue, and non-GAAP net income was $1,336 million, or $1.04 per diluted share. This compares to non-GAAP gross margin of $2,077 million, or 47.5% of revenue, non-GAAP operating expenses of $735 million, non-GAAP operating income of 30.7% of revenue, and non-GAAP net income of $1,175 million, or $0.91 per diluted share, for the December 2024 quarter.

“Lam’s portfolio is the most compelling it’s ever been, driving opportunities to expand our addressable market, gain share, and deliver innovative services as deposition and etch intensity increases in the production of advanced semiconductors,” said Tim Archer, Lam Research’s President and Chief Executive Officer. “Our outlook remains strong even as we address near-term tariff-related uncertainty, and we are highly confident in our ability to outperform semiconductor industry growth in the years to come.”

Balance Sheet and Cash Flow Results

Cash, cash equivalents, and restricted cash balances decreased to $5.5 billion at the end of the March 2025 quarter compared to $5.7 billion at the end of the December 2024 quarter. The decrease was primarily the result of cash deployed for capital return activities, principal payment on debt instruments, and capital expenditures during the quarter, partially offset by cash generated from operating activities.

Deferred revenue at the end of the March 2025 quarter decreased to $2,011 million compared to $2,032 million as of the end of the December 2024 quarter. Lam’s deferred revenue balance does not include shipments to customers in Japan, to whom control does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of acceptance. The estimated future revenue from shipments to customers in Japan was approximately $587 million as of March 30, 2025 and $453 million as of December 29, 2024.

Revenue

The geographic distribution of revenue during the March 2025 quarter is shown in the following table:

Region

Revenue

China

31 %

Korea

24 %

Taiwan

24 %

Japan

10 %

United States

4 %

Southeast Asia

4 %

Europe

3 %

The following table presents revenue disaggregated between system and customer support-related revenue:

Three Months Ended

March 30,
2025

December 29,
2024

March 31,
2024

(In thousands)

Systems revenue

$              3,035,276

$              2,625,649

$              2,395,817

Customer support-related revenue and other

1,684,899

1,750,398

1,397,741

$              4,720,175

$              4,376,047

$              3,793,558

 

Systems revenue includes sales of new leading-edge equipment in deposition, etch, clean and other wafer fabrication markets.

Customer support-related revenue includes sales of customer service, spares, upgrades, and non-leading-edge equipment from our Reliant® product line.

Outlook

For the quarter ended June 29, 2025, Lam is providing the following guidance: 

U.S. GAAP

Reconciling
Items

Non-GAAP

Revenue

$5.00 Billion

+/-

$300 Million

—

$5.00 Billion

+/-

$300 Million

Gross margin as a percentage of revenue

49.4 %

+/-

1 %

$   2.7

Million

49.5 %

+/-

1 %

Operating income as a percentage of revenue

33.4 %

+/-

1 %

$   3.2

Million

33.5 %

+/-

1 %

Net income per diluted share

$1.20

+/-

$0.10

$   3.7

Million

$1.20

+/-

$0.10

Diluted share count

1.28 Billion

—

1.28 Billion

 

The information provided above is only an estimate of what the Company believes is realizable as of the date of this release and does not incorporate the potential impact of any business combinations, asset acquisitions, divestitures, restructuring, balance sheet valuation adjustments, financing arrangements, other investments, or other significant arrangements that may be completed or realized after the date of this release, except as described below. U.S. GAAP to non-GAAP reconciling items provided include only those items that are known and can be estimated as of the date of this release. Actual results will vary from this model and the variations may be material. Reconciling items included above are as follows:

Gross margin as a percentage of revenue – amortization related to intangible assets acquired through business combinations, $2.7 million.Operating income as a percentage of revenue – amortization related to intangible assets acquired through business combinations, $3.2 million.Net income per diluted share – amortization related to intangible assets acquired though business combinations, $3.2 million; amortization of debt discounts, $0.7 million; and associated tax benefit for non-GAAP items ($0.2 million); totaling $3.7 million.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company’s non-GAAP results for both the March 2025 and December 2024 quarters exclude amortization related to intangible assets acquired through business combinations, the effects of elective deferred compensation-related assets and liabilities, amortization of note discounts, and the net income tax effect of non-GAAP items. Additionally, the non-GAAP results for the December 2024 quarter exclude the income tax benefit from a change in tax law.

Management uses non-GAAP gross margin, operating expense, operating income, operating income as a percentage of revenue, net income, and net income per diluted share to evaluate the Company’s operating and financial results. The Company believes the presentation of non-GAAP results is useful to investors for analyzing business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. Tables presenting reconciliations of non-GAAP results to U.S. GAAP results are included at the end of this press release and on the Company’s website at https://investor.lamresearch.com.

Caution Regarding Forward-Looking Statements
Statements made in this press release that are not of historical fact are forward-looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, but are not limited to: our outlook and guidance for future financial results, including revenue, gross margin, operating income and net income; our opportunities, including with respect to our addressable market, share and delivery of services; trends with respect to deposition and etch intensity in semiconductor production; the strength of our outlook; our ability to address the impacts of tariff-related uncertainty; the duration of tariff-related uncertainty; our confidence in our outlook; our relative performance compared the future performance of the industry; and the prospects for future industry growth. Some factors that may affect these forward-looking statements include: business, economic, political and/or regulatory conditions in the consumer electronics industry, the semiconductor industry and the overall economy may deteriorate or change; the actions of our customers and competitors may be inconsistent with our expectations; trade regulations, export controls, tariffs, trade disputes, and other geopolitical tensions may inhibit our ability to sell our products; supply chain cost increases, tariffs and other inflationary pressures have impacted and may continue to impact our profitability; supply chain disruptions or manufacturing capacity constraints may limit our ability to manufacture and sell our products; and natural and human-caused disasters, disease outbreaks, war, terrorism, political or governmental unrest or instability, or other events beyond our control may impact our operations and revenue in affected areas; as well as the other risks and uncertainties that are described in the documents filed or furnished by us with the Securities and Exchange Commission, including specifically the Risk Factors described in our annual report on Form 10-K for the fiscal year ended June 30, 2024, and our quarterly report on Form 10-Q for the fiscal quarter ended December 29, 2024. These uncertainties and changes could materially affect the forward-looking statements and cause actual results to vary from expectations in a material way. The Company undertakes no obligation to update the information or statements made in this release.

Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. Lam’s equipment and services allow customers to build smaller and better performing devices. In fact, today, nearly every advanced chip is built with Lam technology. We combine superior systems engineering, technology leadership, and a strong values-based culture, with an unwavering commitment to our customers. Lam Research (Nasdaq: LRCX) is a FORTUNE 500® company headquartered in Fremont, Calif., with operations around the globe. Learn more at www.lamresearch.com. (LRCX)

Consolidated Financial Tables Follow.

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data and percentages)

(unaudited) 

Three Months Ended

Nine Months Ended

March 30,
2025

December 29,
2024

March 31,
2024

March 30,
2025

March 31,
2024

Revenue

$   4,720,175

$   4,376,047

$   3,793,558

$ 13,264,198

$  11,033,879

Cost of goods sold

2,406,489

2,303,066

1,977,820

6,874,848

5,783,087

Restructuring charges, net – cost of goods sold

—

—

15,202

—

38,099

Total cost of goods sold

2,406,489

2,303,066

1,993,022

6,874,848

5,821,186

Gross margin

2,313,686

2,072,981

1,800,536

6,389,350

5,212,693

Gross margin as a percent of revenue

49.0 %

47.4 %

47.5 %

48.2 %

47.2 %

Research and development

525,904

494,947

512,274

1,516,209

1,404,615

Selling, general and administrative

226,023

244,150

215,904

713,301

651,770

Restructuring charges, net – operating expenses

—

—

15,246

—

18,955

Total operating expenses

751,927

739,097

743,424

2,229,510

2,075,340

Operating income

1,561,759

1,333,884

1,057,112

4,159,840

3,137,353

Operating income as a percent of revenue

33.1 %

30.5 %

27.9 %

31.4 %

28.4 %

Other income (expense), net

(25,035)

14,262

36,073

19,308

68,513

Income before income taxes

1,536,724

1,348,146

1,093,185

4,179,148

3,205,866

Income tax expense

(206,057)

(157,128)

(127,359)

(541,019)

(398,376)

Net income

$   1,330,667

$   1,191,018

$      965,826

$   3,638,129

$  2,807,490

Net income per share:

Basic

$             1.04

$             0.93

$             0.74

$             2.82

$            2.13

Diluted

$             1.03

$             0.92

$             0.73

$             2.81

$            2.12

Number of shares used in per share calculations:

Basic

1,283,779

1,287,109

1,308,382

1,290,041

1,316,627

Diluted

1,288,100

1,291,469

1,315,178

1,294,545

1,322,819

Cash dividend declared per common share

$             0.23

$             0.23

$             0.20

$             0.69

$            0.60

 

 LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 30,
2025

December 29,
2024

June 30,
2024

(unaudited)

(unaudited)

(1)

ASSETS

Cash and cash equivalents

$         5,450,718

$         5,665,379

$         5,847,856

Accounts receivable, net

3,228,182

3,304,946

2,519,250

Inventories

4,463,275

4,358,152

4,217,924

Prepaid expenses and other current assets

318,147

284,370

298,190

Total current assets

13,460,322

13,612,847

12,883,220

Property and equipment, net

2,372,203

2,313,590

2,154,518

Goodwill and intangible assets

1,795,248

1,761,021

1,765,073

Other assets

2,340,537

2,152,458

1,941,917

Total assets

$       19,968,310

$       19,839,916

$       18,744,728

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current portion of long-term debt and finance lease obligations

$            754,306

$            504,136

$            504,814

Other current liabilities

4,735,539

4,846,160

3,833,624

Total current liabilities

5,489,845

5,350,296

4,338,438

Long-term debt and finance lease obligations

3,730,034

4,478,148

4,478,520

Income taxes payable

690,660

669,747

813,304

Other long-term liabilities

546,666

533,699

575,012

Total liabilities

10,457,205

11,031,890

10,205,274

Stockholders’ equity (2)

9,511,105

8,808,026

8,539,454

Total liabilities and stockholders’ equity

$       19,968,310

$       19,839,916

$       18,744,728

(1)

Derived from audited financial statements.

(2)

Common shares issued and outstanding were 1,282,957 as of March 30, 2025, 1,284,956 as of December 29, 2024, and 1,303,769 as of June 30, 2024.

 

LAM RESEARCH CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, unaudited)

Three Months Ended

Nine Months Ended

March 30,
2025

December 29,
2024

March 31,
2024

March 30,
2025

March 31,
2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$         1,330,667

$         1,191,018

$            965,826

$         3,638,129

$         2,807,490

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

Depreciation and amortization

97,343

96,200

89,922

287,838

271,342

Deferred income taxes

(19,992)

(82,854)

(24,621)

(211,568)

(137,606)

Equity-based compensation expense

87,115

81,959

76,854

249,085

213,966

Other, net

1,654

(8,592)

10,210

(7,395)

14,242

Changes in operating assets and liabilities

(188,124)

(535,789)

266,645

(337,013)

620,405

Net cash provided by operating activities

1,308,663

741,942

1,384,836

3,619,076

3,789,839

CASH FLOWS FROM INVESTING ACTIVITIES:

Capital expenditures and intangible assets

(288,058)

(188,349)

(103,654)

(586,995)

(295,922)

Net maturities and sales of available-for-sale securities

—

—

14,650

—

37,766

Other, net

(4,857)

12,974

(3,356)

8,154

(10,845)

Net cash used for investing activities

(292,915)

(175,375)

(92,360)

(578,841)

(269,001)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt, including finance lease
obligations and payments for debt issuance costs

(504,037)

(1,032)

(1,060)

(506,003)

(255,155)

Treasury stock purchases, including excise tax payments

(435,321)

(697,688)

(980,561)

(2,130,044)

(2,469,257)

Dividends paid

(295,716)

(297,634)

(262,707)

(854,335)

(757,453)

Reissuance of treasury stock related to employee stock purchase plan

—

60,557

—

60,557

53,081

Proceeds from issuance of common stock, net issuance costs

1,993

(194)

8,235

1,756

12,757

Other, net

526

761

300

963

(5,672)

Net cash used for financing activities

(1,232,555)

(935,230)

(1,235,793)

(3,427,106)

(3,421,699)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

2,380

(26,022)

(8,452)

(960)

(12,758)

Net change in cash, cash equivalents, and restricted cash

(214,427)

(394,685)

48,231

(387,831)

86,381

Cash, cash equivalents, and restricted cash at beginning of period (1)

5,677,399

6,072,084

5,625,522

5,850,803

5,587,372

Cash, cash equivalents, and restricted cash at end of period (1)

$         5,462,972

$         5,677,399

$         5,673,753

$         5,462,972

$         5,673,753

(1)

Restricted cash is reported within Other assets in the Condensed Consolidated Balance Sheets

 

Non-GAAP Financial Summary

(in thousands, except percentages and per share data)

(unaudited)

Three Months Ended

March 30,
2025

December 29,
2024

Revenue

$        4,720,175

$        4,376,047

Gross margin

$        2,312,391

$        2,077,151

Gross margin as percentage of revenue

49.0 %

47.5 %

Operating expenses

$           763,336

$           734,501

Operating income

$        1,549,055

$        1,342,650

Operating income as a percentage of revenue

32.8 %

30.7 %

Net income

$        1,336,006

$        1,175,000

Net income per diluted share

$                 1.04

$                 0.91

Shares used in per share calculation – diluted

1,288,100

1,291,469

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income

(in thousands, except per share data)

(unaudited) 

Three Months Ended

March 30,
2025

December 29,
2024

U.S. GAAP net income

$           1,330,667

$           1,191,018

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations – cost of goods sold

2,687

2,817

Elective deferred compensation (“EDC”) related liability valuation (decrease) increase – cost of goods sold

(3,982)

1,353

EDC related liability valuation (decrease) increase – research and development

(7,168)

2,432

Amortization related to intangible assets acquired through certain business combinations – selling, general and
administrative

538

538

EDC related liability valuation (decrease) increase – selling, general and administrative

(4,779)

1,626

Amortization of note discounts – other income (expense), net

759

772

Loss (gain) on EDC related asset – other income (expense), net

16,903

(4,502)

Net income tax expense (benefit) on non-GAAP items

381

(276)

Income tax benefit from a change in tax law

—

(20,778)

Non-GAAP net income

$           1,336,006

$           1,175,000

Non-GAAP net income per diluted share

$                    1.04

$                    0.91

U.S. GAAP net income per diluted share

$                    1.03

$                    0.92

U.S. GAAP and non-GAAP number of shares used for per diluted share calculation

1,288,100

1,291,469

 

Reconciliation of U.S. GAAP Gross Margin, Operating Expenses and Operating Income to Non-GAAP Gross Margin,
Operating Expenses and Operating Income

(in thousands, except percentages)

(unaudited) 

Three Months Ended

March 30,
2025

December 29,
2024

U.S. GAAP gross margin

$        2,313,686

$        2,072,981

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

2,687

2,817

EDC related liability valuation (decrease) increase

(3,982)

1,353

Non-GAAP gross margin

$        2,312,391

$        2,077,151

U.S. GAAP gross margin as a percentage of revenue

49.0 %

47.4 %

Non-GAAP gross margin as a percentage of revenue

49.0 %

47.5 %

U.S. GAAP operating expenses

$           751,927

$           739,097

Pre-tax non-GAAP items:

Amortization related to intangible assets acquired through certain business combinations

(538)

(538)

EDC related liability valuation decrease (increase)

11,947

(4,058)

Non-GAAP operating expenses

$           763,336

$           734,501

U.S. GAAP operating income

$        1,561,759

$        1,333,884

Non-GAAP operating income

$        1,549,055

$        1,342,650

U.S. GAAP operating income as percent of revenue

33.1 %

30.5 %

Non-GAAP operating income as a percent of revenue

32.8 %

30.7 %

 

Lam Research Corporation Contacts:
Ram Ganesh, Investor Relations, phone: 510-572-1615, e-mail: investor.relations@lamresearch.com

View original content:https://www.prnewswire.com/news-releases/lam-research-corporation-reports-financial-results-for-the-quarter-ended-march-30-2025-302436137.html

SOURCE Lam Research Corporation

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

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4 hours ago

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May 1, 2026

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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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4 hours ago

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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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May 1, 2026

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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.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/scaled-commercial-breakthrough-omoda–jaecoo-aimoga-robotics-secures-1-000-robot-orders-boosting-smart-city-deployment-step-by-step-302758705.html

SOURCE OMODA & JAECOO

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