Hydreight Achieves Record Revenue and Profitability Milestone in Q4 2024 Audited Results

Record 2024 Topline¹ revenue of $22.32 million, up 31% from 2023
Record 2024 GAAP revenue of $16.04 million, up 39% from 2023
2024 Adjusted EBITDA¹ of +490K compared to ($1.38) million in 2023
2024 gross margin of $5.75 million, up from 8% from 2023
Q4 2024 Topline¹ revenue of $5.74 million, up 15% from Q4 2023
Q4 2024 GAAP revenue of $4.04 million, a 20% increase over Q4 2023
Q4 2024 gross margin of $1.37 million, compared to 1.57 million in Q4 2023
Met profitability milestone by achieving positive cash flow from operations in 2024 Audited Results
Ranked #9 on Deloitte’s 2024 Technology Fast 50™ list of Canada’s fastest-growing companies
Ranked #56 on Deloitte’s 2024 Technology Fast 500™ list of fastest-growing companies in North America
Recognized as one of the TSX Venture Exchange’s 2024 Top 50 Companies
Completed First Post-IPO Financing: In February 2025, Hydreight raised $5.4 million in gross proceeds through a LIFE offering, attracting strong support from strategic and institutional investors to fuel its next stage of growth.
Upcoming earnings call to discuss Fiscal Year 2024 results: Tuesday May 6, 2025, at 10am PST / 1pm EST. See below for registration details.

/EIN News/ -- VANCOUVER, British Columbia and LAS VEGAS, May 01, 2025 (GLOBE NEWSWIRE) -- Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS)(OTCQB: HYDTF)(FSE: SO6),a fast-growing mobile clinical network and medical platform offering flexible, at-home healthcare services across all 50 U.S. states, is pleased to announce that it has filed its audited financial statements for the 2024 fiscal year ended December 31, 2024. All financial information is presented in Canadian dollars unless otherwise indicated.

“At the beginning of last year, we committed to three things: delivering meaningful growth, reaching profitability, and increasing our visibility in the capital markets. I'm proud to say we've delivered on all three. With record revenue, positive Adjusted EBITDA, and recognition from Deloitte, the TSX Venture 50, we’ve laid a strong foundation. Now, our focus for 2025 is scaling VSDHOne. We’ve onboarded several high-volume D2C partners, 40+ services and medications, and expect a significant ramp-up in orders beginning in the second half of this year. With franchise white-label and pharmacy growth continuing as our core drivers, this next wave of expansion is what sets us up for our next inflection point.”

— Shane Madden, CEO, Hydreight Technologies Inc.

The table below sets out a summary of certain financial results of the Company over the past eight quarters and is derived from the audited annual consolidated financial statements and unaudited quarterly consolidated financial statements of the Company.


Fiscal Quarter Ended	Revenue	Net Income (Loss) After Taxes		Comprehensive Loss		Basic and Diluted Loss Per Share
December 31, 2024	4,040,578	20,577		(106,396	)	0.00
September 30, 2024	4,526,320	(89,938	)	(53,119	)	(0.00	)
June 30, 2024	4,100,212	(27,087	)	(48,184	)	(0.00	)
March 31, 2024	3,377,606	(308,721	)	(370,559	)	(0.01	)
December 31, 2023	3,373,193	(898,561	)	(865,068	)	(0.02	)
September 30, 2023	3,088,219	(466,973	)	(548,954	)	(0.01	)
June 30, 2023	2,699,668	(471,890	)	(405,638	)	(0.01	)
March 31, 2023	2,348,416	(99,927	)	(99,125	)	(0.00	)

Please see SEDAR+ for the Company's condensed consolidated audited financial statements and MD&A for audited annual consolidated financial statements for the year ended December 31, 2024.

2024 Key Highlights and Subsequent Events

Fourth quarter revenues were $4.04M compared to $3.37M in the comparative quarter. Fourth quarter Adjusted Revenue¹ and Adjusted Margin¹ was $5.74M and $1.68M compared to $4.99M and $1.78M in the comparative quarter.
Fiscal 2024 revenues were $16.04M compared to $11.51M in the comparative year.
Fiscal 2024 Adjusted Revenue¹ and Adjusted Margin¹ was $22.32M and $5.75M compared to $17.05M and $5.34M in the comparative quarter.
Fourth quarter Adjusted EBITDA¹ was +$270K compared to ($557K) in the comparative quarter.
Fiscal 2024 Adjusted EBITDA¹ was +$490K compared to ($1.38M) in the comparative year.
Fiscal 2024 cash flow from operating activities was $857K compared to ($402K) in cash used in operating activities in the comparative year.
Cash balance at December 31, 2024, is $1.19M compared to $1.78M at December 31, 2023.
On April 17, 2025. Hydreight Technologies to Present at the Planet MicroCap Showcase: VEGAS in partnership with MicroCapClub on Wednesday, April 23, 2025 & 1×1 Meetings on Thursday, April 24, 2025
On April 15, 2025. Hydreight Technologies Expands GLP-1 Telehealth Suite with Launch of Liraglutide on VSDHOne Platform
On April 8, 2025. Hydreight Technologies Partners with Renowned Endocrinologist Dr. Franklin Joseph to Bring Globally Successful Weight Loss Brand to the U.S. via VSDHOne Platform
On April 2, 2025. Hydreight Technologies Named One of the Americas’ Fastest Growing Companies by Financial Times
On February 27, 2025. Hydreight Technologies Expands Telehealth Services with New Oral Weight Loss Therapies on VSDHOne Platform
On February 26, 2025. Hydreight Technologies Inc. Announces Closing of $5.4 Million LIFE Offering
On February 19, 2025. Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company
On February 18, 2025. Hydreight Technologies Provides Update to Financing
On February 10, 2025. Hydreight Technologies Inc. Announces LIFE Offering of up to $4 Million
On February 5, 2025. Hydreight Technologies Expands Telehealth Offerings with Launch of NAD+ Therapy on VSDHOne Platform
On January 29, 2025. Hydreight Technologies Partners with The DRIPBaR to Launch ‘DRIPBaR Direct’ Nationwide, Expanding Access to Direct-to-Consumer Healthcare Services
On January 21, 2025. Hydreight and Victory Square Launch $10 Million Health Accelerator to Fuel Nationwide Expansion of Emerging Healthcare Brands on VSDHOne platform
On January 9, 2025. Hydreight Technologies Provides Shareholder Update on 2024 Milestones and 2025 Vision
On December 16, 2024. Hydreight Updates on VSDHOne: Revolutionizing Direct-to-Consumer Healthcare Across All 50 States
On November 26, 2024. Hydreight Reports Record Topline¹ Revenue of $6.12M in Q3-2024 (YOY Increase of 54%) and achieved positive Adjusted EBITDA¹
On November 21, 2024. Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
On November 6, 2024. Hydreight Technologies Inc. Ranks 9th in Deloitte’s Technology Fast 50 Program Winners for 2024
On October 24, 2024. VSDHOne Expands to Offer Asynchronous Telehealth Treatments Including Skincare, Hair Loss, and Sexual Health
On October 16, 2024. Hydreight Provides Corporate Update Reflecting Significant Growth
On September 30, 2024. Hydreight Announces Normal Course Issuer Bid
On August 28, 2024. Hydreight Reports Record Topline¹ Revenue of $5.59M in Q2-2024 (YOY Increase of 27%) and positive Adjusted EBIDTA¹
On July 11, 2024. Hydreight Expands Its “At-Home Blood Testing” Solution with More Tests to All 50 States
On June 26, 2024, Hydreight provided a corporate update reflecting significant revenue growth and strong organic operational growth.
On June 12, 2024, Hydreight announced the addition of the third national wellness med spa franchise for white label solution.
On June 5, 2024, Hydreight announced Launching VSDHOne, a telemedicine solution that helps companies launch a direct to consumer (“D2C”) healthcare brand in all 50 States.
On May 30, 2024, Hydreight reported record Adjusted Revenue ¹ of $4.87M in Q1-2024 (YOY Increase of 33%)
On May 23, 2024, Hydreight Technologies, through its associated medical network, announced it now offered Tirzepatide which also features GLP-1 Medications (Low-Cost Semaglutide), NAD+ and more.
On April 29, 2024, Hydreight announced that it achieved record revenue and filed its audited financial statements for the fiscal year ended December 31, 2023.
On March 25, 2024. Hydreight Partners with American Frontline Nurses with a Network of Over 26,000 Nurses
On February 26, 2024. Hydreight Partners with Ola Digital Health, an Independent, National Pharmacy Network to Provide Health and Wellness Services in Store
On February 15, 2024. Hydreight Founder and CEO, Shane Madden, Joins Founding Member Board of the American IV Association
On January 16, 2024. Hydreight to Participate in the Maxim Group Healthcare IT Conference January 24 – 25, 2024
On January 8, 2024. Hydreight Provides Year-End Review on Significant Growth and Progress

The Company believes the following Non-GAAP¹financial measures provide meaningful insight to aid in the understanding of the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers:


	Three months ended December 31,							Twelve months ended December 31,
		2024		2023		% change			2024			2023		% change

Adjusted Revenue	$	5,742,523	$	4,992,195		15	%	$	22,321,265		$	17,050,345		31	%
Deduct - deferred business partner contract revenue		208,436		209,275					(45,317	)		379,377
Deduct - business partner payouts on app service gross revenue		1,493,509		1,409,727					6,321,866			5,161,472
GAAP Revenue	$	4,040,578	$	3,373,193		20	%	$	16,044,716		$	11,509,496		39	%

Adjusted Gross Margin	$	1,679,247	$	1,779,249		-6	%	$	5,749,796		$	5,340,827		8	%
Deduct - deferred business partner contract revenue		208,436		209,275					(45,317	)		379,377
Deduct - inventory impairment		98,860		-					98,860			-
GAAP Gross Margin	$	1,371,951	$	1,569,974		-13	%	$	5,696,253		$	4,961,450		15	%

Adjusted EBITDA	$	270,179	$	(579,473	)	147	%	$	489,704		$	(1,384,253	)	135	%
Deduct - amortization and depreciation		62,853		68,661					181,136			108,389
Deduct - share-based payments		87,889		250,427					614,877			444,709
Deduct - inventory impairment		98,860		-					98,860			-
GAAP Net Income (Loss)	$	20,577	$	(898,561	)	102	%	$	(405,169	)	$	(1,937,351	)	79	%
¹Refer to Use of Non-GAAP Financial Measures

Hydreight has expanded each division according to the revenue generation and needs of each specific division; scaling while the division’s initiatives are performing successfully.

Hydreight Continues Strong Growth Trajectory in 2024

Hydreight has delivered eight consecutive quarters of revenue growth, underscoring the platform’s scalability and market demand. In fiscal 2024, the Company reported:

GAAP revenue of $16.04 million, up from $11.51 million in 2023
Adjusted Revenue¹ of $22.32 million
Adjusted EBITDA¹ of $270K, a meaningful turnaround from negative $1.38 million in 2023
Adjusted Gross Margin¹ of $5.75 million, demonstrating improved unit economics and margin leverage

Hydreight’s network now spans over 3,000 nurses, 200+ physicians, and a compliant infrastructure operating across all 50 states and 700+ cities. The Company’s VSDHOne platform powers 400+ Direct to Consumers license holders, serving as a critical launchpad for high-growth consumer health businesses entering the telehealth and at-home care space.

While continuing to invest in product expansion and onboarding, the Company has kept core operating expenses in check. Excluding one-time items such as the RTO-related costs in Q4 2022, net and comprehensive loss has remained stable—a testament to prudent financial management amid high growth.

Hydreight is uniquely positioned at the intersection of consumerization, telehealth, and compliance—a combination that supports both continued topline growth and margin expansion in the years ahead.

Strategic Focus for 2025

Building on our strong momentum, Hydreight is executing a focused 2025 strategy centered around six high-impact growth priorities:

Expand Franchise White-Label Partnerships:
We are rapidly scaling our footprint by partnering with high-volume, consumer-facing health and wellness brands. These collaborations leverage our compliant, 50-state infrastructure and turnkey platform to power new digital health products—from weight loss to sexual wellness—under leading D2C brands.
Increase Pharmacy Margins:
By optimizing our supply chain and improving unit economics across prescription volumes, we are enhancing gross margin contributions from one of our most scalable revenue drivers. Strategic pricing, operational efficiency, and exclusive formulary additions will support margin expansion in 2025.
Launch New Wellness Categories:
We’re extending our clinical offering beyond GLP-1s to include NAD+, testosterone replacement therapy (TRT), peptide therapies, and additional personalized wellness treatments. These categories tap into surging consumer demand for longevity, performance, and preventative care solutions.
Scale VSDHOne D2C Onboarding:
With over 400 licenses already sold on the platform, we’re accelerating the onboarding of high-growth D2C healthcare companies
Onboard and Support More Nurses Nationwide:
We are deepening our provider network by attracting, onboarding, and supporting thousands of licensed nurses through training, education, and platform tools—enabling them to operate independently or plug into branded service lines on the platform.
Pursue Strategic Tuck-In Acquisitions:
Hydreight is actively pursuing accretive acquisitions of complementary D2C health brands, IP, and clinical infrastructure that can scale faster through our platform. The focus is on revenue-generating businesses that improve our product mix, enhance margins, and add operating leverage.

️Upcoming Earnings Call

Hydreight Technologies will host a live earnings call to discuss its Fiscal Year 2024 results, provide a business update, and share insights into the Company’s strategic priorities for 2025.

Date & Time: Tuesday, May 6 at 10am PST / 1pm EST
Registration Link: https://hydreight.zoom.us/webinar/register/WN_sbN8pGRWQguWZQrTaSxImg

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 200 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.

On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.

Contact

Contact
Email: ir@hydreight.com; Telephone: 1 (702) 970-8112

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About VSDHOne - Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne (Read as VSDH-One) platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform will help all businesses to launch a 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, 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. This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

Use of Non-GAAP Financial Measures:

This release contains references to non-GAAP financial measures Adjusted Revenue, Adjusted Gross Margin and Adjusted EBITDA. 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 and share-based payments expense, and (iii) gains/losses that are not reflective of ongoing operating performance. The Company believes that the measures provide information useful to its shareholders and investors in understanding the Company’s operating cash flow growth, user growth, and cash generating potential and may assist in the evaluation of the Company’s business relative to that of its peers more accurately than GAAP financial measures alone. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP.

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 growth, Margins and VSDHOne’s growth and numbers in 2025.

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.

¹See Use of Non-GAAP Financial Measures

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