VANCOUVER, BC and LAS VEGAS, June 1, 2026 /CNW/ - 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 financial results for the three months ended March 31, 2026. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures are as reported in the Company's Management Discussion and Analysis ("MD&A").
Revenue reached a record $24.9 million in Q1 2026, with $27.6 million in Adjusted Revenue1 (non-GAAP), gross profit of $5.1 million, and Adjusted EBITDA2 of $3.3 million, reflecting continued platform adoption, increased transaction volumes, expanding pharmacy operations, and improving operating leverage across the Company's healthcare infrastructure platform.
The Company generated net income of $2.6 million during the quarter while significantly strengthening its balance sheet, ending the period with $24.2 million in cash, $32.0 million in working capital, and $36.4 million in shareholders' equity.
FIRST QUARTER 2026 HIGHLIGHTS
All comparisons below are to the three months ended March 31, 2025, unless otherwise noted.
Revenue: $24.93M vs $4.5M (+449% YoY)
Adjusted Revenue1: $27.6M vs $6.5M (+323% YoY)
Adjusted EBITDA2: $3.3M vs $0.2M (+1,412% YoY)
Adjusted EBITDA2 Margin: 13.1% vs 3.6%
Net Income: $2.6M vs $20K
Ending Q1 2026 Cash Position: $24.2M
Ending Q1 2026 Working Capital: $32.0M
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 reflects gross economic activity processed through the Company's platform and should not be considered revenue recognized under IFRS.
(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 March 31,
%
2026
2025
change
Adjusted Revenue
$ 27,625,787
$ 6,527,957
323 %
Deduct - deferred business partner contract revenue
146,555
454,140
Deduct - business partner payouts on app service gross revenue
2,548,581
1,533,695
GAAP Revenue
$ 24,930,651
$ 4,540,122
449 %
Adjusted Gross Margin
$ 5,228,959
$ 1,958,605
167 %
Deduct - deferred business partner contract revenue
146,555
454,140
GAAP Gross Margin
$ 5,082,404
$ 1,504,465
238 %
Adjusted EBITDA
