Connect with us

Technology

Baylin Announces Financial Results for the First Quarter of 2025

Published

12 months ago

on

Gross profit increased $0.3 million or 3.6% over Q1 2024 due to improvements in product mix on lower revenues.Gross margin of 42.4%, an increase of 10.1% over Q1 2024.Adjusted EBITDA(2) of $0.7 million, an increase of 47.8% over Q1 2024.

Investor Conference Call on May 8, 2025 at 10:00 a.m. ET

TORONTO, May 7, 2025 /CNW/ – Baylin Technologies Inc. (TSX: BYL) (OTCQB: BYLTF) (the “Company” or “Baylin”), a diversified global wireless technology company focused on the research, design, development, manufacture, and sale of passive and active radio frequency and satellite communications products, and the provision of supporting services, today announced its financial results for the three months ended March 31, 2025. All amounts are stated in Canadian dollars unless otherwise indicated.

FIRST QUARTER SUMMARY

Revenue of $18.9 million in the first quarter of 2025, a decrease of $1.2 million compared to the first quarter of 2024. The decrease was mainly due to softer demand in the Embedded Antenna and Satcom business lines in the first quarter of 2025, offset in part by strong sales volume increase in the Wireless Infrastructure business line compared to the prior year period.Despite the decrease in revenue, gross profit of $8.0 million in the first quarter of 2025, an increase of $0.3 million or 3.6% compared to the first quarter of 2024. The increase was primarily attributable to the Wireless Infrastructure business line which generated stronger revenue and favourable product mix compared to the prior year period.Gross margin of 42.4% in the first quarter of 2025 compared to 38.5% in the first quarter of 2024. The higher gross margin in the first quarter of 2025 was due to improved product mix mainly generated by stronger sales of multibeam, small cell and innovative antennas in the Wireless Infrastructure business line.Adjusted EBITDA of $0.7 million in the first quarter of 2025, an increase of $0.2 million compared to the first quarter of 2024. The increase in Adjusted EBITDA in the first quarter of 2025 was mainly due to the increase in gross profit as discussed above.Net loss of $2.0 million in the first quarter of 2025 was largely consistent with the net loss in the first quarter of 2024. The net loss in the first quarter of 2025 was primarily due to an operating loss of $1.1 million plus interest and other finance expenses. On a per share basis, a net loss of $0.01 per share in the first quarter of 2025 compared to a net loss of $0.01 per share in the first quarter of 2024.Net debt(3) of $12.1 million at March 31, 2025, a decrease of $2.2 million from December 31, 2024, mainly resulted from the cash generated by operating activities in the first quarter of 2025.Backlog(4) of $32.5 million at March 31, 2025 compared to $30.2 million at December 31, 2024. The higher level of backlog was primarily due to an increase in new order intake across all business lines during the first quarter of 2025. Backlog was $29.4 million at April 30, 2025.

SELECTED FINANCIAL INFORMATION
The table below discloses selected financial information for the periods indicated.

(in $000’s except per share amounts)

Three Months Ended March 31,

2025

2024

Change

Change

$

$

$

%

Profit and Loss

Revenue

18,866

20,053

(1,187)

(5.9 %)

Gross profit

8,003

7,722

281

3.6 %

Gross margin

42.4 %

38.5 %

3.9 pp

10.1 %

Net loss from continuing operations

(2,042)

(1,972)

(70)

3.5 %

Net loss from discontinued operations

–

(786)

786

(100.0 %)

Net loss

(2,042)

(2,758)

716

(26.0 %)

Basic and diluted net loss per share from continuing operations

($0.01)

($0.01)

$0.00

0.0 %

Basic and diluted net loss per share from discontinued operations

–

($0.01)

$0.01

(100.0 %)

Basic and diluted net loss per share

($0.01)

($0.02)

$0.01

(50.0 %)

EBITDA from continuing operations

(525)

(671)

146

(21.8 %)

EBITDA from discontinued operations

–

281

(281)

(100.0 %)

EBITDA(1)

(525)

(390)

(135)

34.6 %

Adjusted EBITDA from continuing operations

680

460

220

47.8 %

Adjusted EBITDA from discontinued operations

–

(43)

43

(100.0 %)

Adjusted EBITDA(2)

680

417

263

63.1 %

As at

As at

As at

As at

March

31, 2025

March

31, 2024

Change

Change

March

31, 2025

December

31, 2024

Change

Change

$

$

$

%

$

$

$

%

Balance Sheet and Other

Current assets – Continuing operations

35,072

38,335

(3,263)

(8.5 %)

35,072

37,292

(2,220)

(6.0 %)

Current assets – Assets held for sale

–

9,576

(9,576)

(100.0 %)

–

–

–

N/A

Total current assets

35,072

47,911

(12,839)

(26.8 %)

35,072

37,292

(2,220)

(6.0 %)

Total assets

47,372

63,978

(16,606)

(26.0 %)

47,372

49,166

(1,794)

(3.6 %)

Current liabilities – Continuing operations

44,068

43,291

777

1.8 %

44,068

44,375

(307)

(0.7 %)

Current liabilities – Liabilities related to assets held for sale

–

10,628

(10,628)

(100.0 %)

–

–

–

N/A

Total current liabilities

44,068

53,919

(9,851)

(18.3 %)

44,068

44,375

(307)

(0.7 %)

Total liabilities

57,825

65,943

(8,118)

(12.3 %)

57,825

57,689

136

0.2 %

Net debt(3) from continuing operations

12,096

15,689

(3,593)

(22.9 %)

12,096

14,271

(2,175)

(15.2 %)

Backlog(4) from continuing operations

32,502

30,336

2,166

7.1 %

32,502

30,195

2,307

7.6 %

(1)

See “Non-IFRS Measures”. “EBITDA” refers to net income (loss) plus interest and other finance (income) expense, tax expense (recovery), depreciation, and amortization.

(2)

See “Non-IFRS Measures”. “Adjusted EBITDA” refers to EBITDA adjusted for the impact of certain items, including asset impairment charges, expenses related to mergers and acquisitions, gain or loss on the sale of a business, including related expenses, costs of reorganization of a business, legal costs arising from significant non-operating activities, severance and executive recruitment costs, and share-based compensation.

(3)

See “Non-IFRS Measures”. “Net debt” refers to total bank indebtedness less cash and cash equivalents.

(4)

See “Non-IFRS Measures”. “Backlog” refers to the value of unfulfilled purchase orders placed by customers.

A copy of the Company’s unaudited interim condensed consolidated financial statements for the three months ended March 31, 2025 and corresponding management’s discussion and analysis (the “MD&A”) are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

RECENT DEVELOPMENTS

Products

The Company’s products continue to be used in a wide variety of applications. Wireless Infrastructure’s innovative multibeam antennas continue to deliver value for its customers, particularly major carriers and third-party infrastructure operators. They are uniquely adept at handling high-capacity environments, such as indoor and outdoor stadiums. Satcom received a $0.9 million follow-on order for its high-power amplifiers from the US National Oceanic and Atmospheric Administration (NOAA). They will use the amplifiers to carry telemetry, tracking and control links for their fleet of geostationary weather observation satellites.

Credit Facilities

The Company and its principal lender have agreed to another short-term extension of the Company’s revolving credit facility from April 30, 2025 to May 30, 2025. The Company had expected to negotiate a longer extension but uncertainty caused by US import tariffs delayed the negotiation process. The Company expects that the current one-month extension will enable it to complete the negotiation of a new credit agreement to extend the revolving credit facility until April 30, 2026.

Litigation Settlement

The Company has settled certain litigation involving two former principals of Alga Microwave Inc. and entities related to them. For further details, see Note 8 to the Company’s Interim Financial Statements.

Share Consolidation

In March 2025, the Board of Directors approved a consolidation (the “Consolidation”) of the Company’s outstanding common shares on the basis of 40 pre-Consolidation common shares for one post-Consolidation common share. The Consolidation is subject to shareholder approval at the Company’s Annual and Special Meeting on May 8, 2025. The Consolidation also requires approval of the Toronto Stock Exchange.

OUTLOOK

The Company has now achieved five consecutive quarters of positive Adjusted EBITDA and has consistently improved gross margins since the first quarter of 2024 other than the fourth quarter of 2024, which was mainly due to soft performance by Satcom. The Wireless Infrastructure business line continued its strong financial performance, again exceeding the plan, by delivering strong results in the first quarter of 2025, with substantial increases in revenue, gross profit and Adjusted EBITDA compared to the prior year period. The Embedded Antenna and Satcom business lines fell below expectations in the first quarter of 2025, which was largely impacted by reduced customer demand as a result of market fluctuations and global economic uncertainty. The macro-economic environment in 2025 remains a concern, principally due to high level of uncertainty concerning the impacts of US tariffs and retaliatory tariffs from the countries subject to US tariffs, changes in customer purchasing behaviour driven by uncertainty over tariffs, as well as the overall level of inflation and interest rates. In addition to their effect on inflation, tariffs could also affect exchange rates and disrupt supply chains on which the Company relies in producing its products. Based on our current assessment, we expect revenue from the Wireless Infrastructure business line will further grow in 2025 but with higher tariff costs resulting in a combined financial performance comparable to 2024, which was a very strong year. The Embedded Antenna and Satcom business lines are currently expected to deliver lower revenue than 2024 due to uncertainty over the effect of tariffs and customer delays. We continue to prioritize product mix, emphasizing products that generate higher margins and gross profit, with a view to growing Adjusted EBITDA and positive cash flows while reducing the overall debt.

Embedded Antenna Business Line

We expect Embedded Antenna will perform at reasonable levels over the remainder of 2025 albeit potentially lower than or in line with 2024 revenue. While the backlog of purchase orders remains at its highest level in the business’ history, order flow through due to uncertainty on tariffs is having an impact on its revenue attainment in the first half of 2025. See “Tariffs” below. The number of active bids for new projects remains at a strong level.

Wireless Infrastructure Business Line

Wireless Infrastructure had a very strong first quarter of 2025 compared to each of the preceding four quarters in 2024. We expect strong sales of its higher margin multibeam and innovative small cell antennas as well as stadium deployments will continue in the remainder of 2025. We are continuing to leverage the competitive advantages that these products afford in order to open up new global opportunities and drive sales with wireless carriers and third-party operators who operate wireless mobile networks for their customers. We are continuing to expand into new markets, particularly with multibeam antenna sales in Europe and Mexico. Although there remains a risk of spending cutbacks by carriers and third-party operators, we expect to see further spending on multibeam and small cell antennas continue in 2025, which will drive higher sales volumes for the business. However, gross margin of the Wireless Infrastructure business line is likely to be adversely affected by the US tariff currently imposed on imports from China. See “Tariffs” below.

Satcom Business Line

Satcom expects to generate lower revenue in 2025 compared to 2024 mainly due to a reduction in demand for its products, particularly its specialized custom engineered products, such as high powered amplifiers for use in military, government, and broadcast applications.

We continue to see softness in the commercial lower power market, but broadcast applications remain solid. Our Genesis and Summit lines of solid-state power amplifiers are generating sales from clients due to the improvements in performance, monitoring and failover they provide over our older technology and products of our competitors. Importantly, these new amplifiers are consistent in architecture, meaning they will allow the business to simplify supply chain requirements over time and thereby improve efficiencies in manufacturing.

We expect to see continued opportunities for military and other government-related uses as many western countries continue to maintain high levels of defence and scientific spending. Conversely, the new US government administration and the Department of Government Efficiency activities may cause some delay in orders due to uncertainty with our customers. Our plan is to retire legacy products and replace them with the new Genesis architecture.

Satcom has taken steps to better align its cost structure to reflect its lower revenue and production volume. In April 2025, it temporarily laid off approximately 30 workers at its facility in Quebec, which will result in savings of approximately $0.2 million per month. Employees will be recalled if and when business conditions improve. Additionally, since the majority of Satcom’s products are made in Quebec, we expect the Canada-United States-Mexico Agreement (“CUSMA”, also called “USMCA” in the United States) tariff exemption applies to the vast majority, if not all, of the satellite communications products produced there. See “Tariffs” below.

Tariffs

The Company’s business is being significantly affected by uncertainty over the timing, level, duration and extent of US tariffs. Currently, Canadian goods other than those that are compliant with the CUSMA are subject to a 25% tariff, with a lower tariff rate for non-CUSMA compliant energy and potash. On April 2, 2025, the US President announced a sweeping set of new reciprocal tariffs on almost all foreign imports to the US, including some of the US’s major trading partners such as China and Vietnam. As of now, the US has imposed a 145% tariff on imports from China, with some exemptions, and different reciprocal tariff rates on a number of other countries. With the exception of China, a 90-day pause on their tariffs was put into effect by the US.

The Company is proactively taking steps to mitigate the effect of the tariffs across all of its business lines.

The Embedded Antenna business line is not expected to be directly affected by the increase in the China tariff. This has been our experience with the previous US tariffs levied on imports from China starting in 2018. Although Embedded Antenna’s products are manufactured in our facility in China, they are shipped from there to the contract manufacturers elsewhere in Asia for embedding in the final products of those contract manufacturers. There remains a risk that the new tariffs on other Asian countries, if resumed after the 90-day pause, could impact future order volumes for Embedded Antenna’s products as well as result in requests for some price concessions. Additionally, if end customer demand declines due to the inflationary impact of tariffs, the Embedded Antenna business may be indirectly impacted in revenue attainment.

Wireless Infrastructure’s products are also manufactured in our facility in China and are then purchased by Galtronics USA for delivery to customers in various jurisdictions, including the United States. Products shipped into the US enter under a US Harmonized Tariff Schedule (HTS) code that subjects them to the 25% tariff on imports of steel and aluminum based on the value of those metals. According to the US Customs and Border Protection’s public information on application of the 25% steel and aluminum tariff, the pre-reciprocal tariff on goods from China of 27.5% continues to apply (but not the increased reciprocal tariff on goods from China). When the steel and aluminum tariff is applied to the value of steel and aluminum of Wireless Infrastructure’s products, the effective tariff rate is approximately 30.5% and not the maximum 145% on imports from China generally. This result has also been evidenced by containers recently cleared through customs by the US Customs and Border Protection. There is a risk that the US Customs and Border Protection will change the basis on which it applies the tariffs to our products. In that case, the higher tariff is expected to result in Wireless Infrastructure incurring a higher cost of sales and thus reduce the gross margin for this business line. We are working with our US customers and taking other appropriate measures to mitigate the effect of the China tariff.

In the case of Satcom, most of its products are produced in Canada, of which a significant proportion – between 40% and 50% annually – is delivered to customers in the United States. Although we believe Satcom’s products are compliant with the CUSMA and therefore are not subject to the 25% Canada tariff, we are assessing other measures to mitigate the effect of the Canada tariff, particularly if this exemption is removed in the future. This may include a change in the structure and operation of Satcom’s business so that its products will remain competitive in the US market. Despite Satcom’s products being compliant with the CUSMA, the uncertainty surrounding the effect of the Canada tariff and other tariffs generally could result in delays or cancellations of existing orders and reduced new orders for Satcom’s products, impacting Satcom’s backlog and its revenue attainment.

There can be no assurance (i) as to the timing, level, duration or extent of the existing or new tariffs or the temporary or permanent nature of them or (ii) that our efforts to mitigate the effect of the tariffs will be sufficient or adequate to counteract (in whole or in part) the potential negative financial or other impacts the tariffs may have on our business, and those impacts may be material.

INVESTOR CONFERENCE CALL

Baylin will hold a conference call on Thursday, May 8, 2025 at 10:00 a.m. (ET) to discuss its financial results for the three months ended March 31, 2025. The conference call will be hosted by Leighton Carroll, Chief Executive Officer, and Cliff Gary, Chief Financial Officer. All interested parties are invited to participate using the dial-in details provided below.

Date:

May 8, 2025

Time:

10:00 a.m. (ET)

Dial-in Number:

(+1) 800-836-8184 or (+1) 289-819-1350

Conference ID#:

91567

Rapid Connect:

To instantly join the conference call by phone, please use the following URL to easily register and be connected into the conference call automatically: https://emportal.ink/4daug4h

Webcast:

This call is also on webcast and can be accessed at: https://app.webinar.net/LXAlorRo2n7

FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release includes forward-looking information and forward-looking statements (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements are not statements of historical fact. Rather, forward-looking statements are disclosure regarding conditions, developments, events or financial performance that we expect or anticipate may or will occur in the future including, among other things, information or statements concerning our objectives and strategies to achieve those objectives, statements with respect to management’s beliefs, estimates, intentions and plans, and statements concerning anticipated future circumstances, events, expectations, operations, performance or results. Forward-looking statements can be identified generally by the use of forward-looking terminology, such as “anticipate”, “believe”, “could”, “should”, “would”, “estimate”, “expect”, “forecast”, “indicate”, “intend”, “likely”, “may”, “outlook”, “plan”, “potential”, “project”, “seek”, “target”, “trend” or “will” or the negative or other variations of these words or other comparable words or phrases and is intended to identify forward-looking statements, although not all forward-looking statements contain these words.

The forward-looking statements in this press release include statements concerning the outlook for our business generally and each of our business lines in particular, including our expectation for future financial performance, the effect of the macroeconomic environment, higher interest rates, timing of and potential impacts from US tariffs and retaliatory tariffs from countries subject to US tariffs, and other disruptions to our business and financial performance. Forward-looking statements are based on certain assumptions and estimates made by us in light of the experience and perception of historical trends, current conditions, expected future developments, including projected growth in the sales of passive and active radio frequency and satellite communications products, and supporting services, and other factors we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such assumptions and estimates will prove to be correct.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including the risk factors discussed in the Company’s most recent Annual Information Form, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update any forward-looking statements.

NON-IFRS MEASURES

This press release includes a number of measures that are not recognized under International Financial Reporting Standards (“IFRS”), do not have any standardized meaning under IFRS and as such may not be comparable to similar measures presented by other companies. Management believes that these measures provide useful information to analysts, investors and other interested parties regarding the Company’s financial condition and results of operation as they provide additional key metrics of the Company’s performance. While management believes that non-IFRS measures provide useful supplemental information, they are not intended to represent, and should not be considered as alternatives to, net income (loss), cash flows generated by operating, investing or financing activities, or other financial statement data presented in accordance with IFRS. For further information, see “Non-IFRS Measures” on page 3 of the MD&A.

ABOUT BAYLIN

Baylin Technologies Inc. is a diversified global wireless technology company focused on the research, design, development, manufacture, and sale of passive and active radio frequency and satellite communications products, and the provision of supporting services.

SOURCE Baylin Technologies Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

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

Published

2 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

Continue Reading

Technology

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

Published

2 hours ago

on

May 1, 2026

By

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hydreight-reports-record-fiscal-2025-results-as-vsdhone-drives-rapid-growth-and-platform-scale-302759724.html

SOURCE Hydreight Technologies Inc.

Continue Reading

Technology

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

Published

2 hours ago

on

May 1, 2026

By

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

Continue Reading

Trending