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Spotlight Update 🔍 Hydreight Technologies

Fresh off another Top Pick honour at the CEM Muskoka Capital Event, and following its standout selection in Kelowna, this Spotlight Update looks at how Hydreight Technologies (TSXV: NURS) is surpassing the expectations set earlier in the year.

Hydreight Advances From Advantage to Execution With Record Order Surge and New Strategic Moves

Since Hydreight Technologies' (TSXV: NURS) August Spotlight and its repeat recognition as a Top Pick at the Muskoka Capital Event, the company has begun to convert early promise into demonstrated scale. What was initially viewed as bridging a regulatory moat is now materializing as a full operating platform, validated by a surge in demand that saw the company’s August orders climb past 80,000, well above the 55,000 it had forecast.

That performance offers a clearer picture of what Hydreight has been building. While many emerging health platforms rely on consumer marketing or trend-driven growth, Hydreight structured itself around the unglamorous groundwork of compliance, licensure, and infrastructure. It is that groundwork, spanning all 50 U.S. states across medical, nursing, and pharmacy frameworks, that is now allowing the company to absorb rising demand without strain.

The company’s operating metrics from January through August show nurse licenses on the platform climbed more than 70% year-over-year, while pharmacy order volume rose by over 80%. In the first half of 2025, Hydreight posted 33% revenue growth and secured its third consecutive quarter of profitability. Rather than relying on one high-demand therapy, Hydreight is powering multiple verticals, including GLP-1 weight management, hormone optimization, IV therapy, peptide protocols, and diagnostic services, through a single compliant engine that healthcare providers can plug into without building their own back-end systems.

“Our recent performance shows how the platform is taking hold… the most encouraging part is that the momentum isn’t tied to a single product. It’s coming from broad adoption as patients and providers are engaging across weight loss, wellness, and longevity and other verticals we support,” said Shane Madden, CEO of Hydreight Technologies.

The company’s recent strategic steps also show a consistent focus on control and durability. The oversubscribed $11.5 million financing completed in September was not raised to chase exposure, but to reinforce the platform. Shortly after, Hydreight moved to acquire an initial stake in Perfect Scripts, a licensed 503A pharmacy, with the ability to increase ownership. This move is aimed at tightening control over compounding, supply certainty, and margin capture, allowing Hydreight not just to facilitate prescriptions, but to own part of the fulfillment pipeline itself.

At the same time, the company is integrating clinical intelligence into its platform through a planned acquisition of Dynamic IV Therapy Support, an AI tool designed to support dosage precision and treatment recommendation at the point of care. Rather than positioning AI as a marketing feature, Hydreight is embedding it as a compliance and confidence layer, supporting providers and patients with medically rooted guidance.

What makes the model compelling from an investor’s lens is Hydreight’s progression from transactional volume to full patient lifecycle value. Patients rarely enter the system for a single service. They begin with weight management or wellness and progress through hormone treatments, restoration therapies, peptide programs, and eventually diagnostic and preventative care. Each transition deepens retention and increases revenue per user, turning the platform not into a marketplace, but into an operating environment where healthcare businesses can scale without rebuilding infrastructure.

With a million orders projected for 2025 and a pathway toward nine-figure revenue, Hydreight is beginning to resemble a long-term infrastructure provider rather than a sector participant.

“We’ve reached profitability and are committed to scaling with discipline and efficiency. The recent $11.5 million raise gives us the capacity to accelerate our strategy and build on that foundation. We see significant opportunity through the rest of 2025 and into 2026,” said Madden.

đź’°
$196M
Market CapÂą
đź”·
$4.22
PriceÂą
🎉
$4.04
Picked²
  1. As of market close on October 22, 2025
  2. As of market open Septemeber 28, 2025 after being selected as a Top Pick at the CEM Muskoka Capital Event 2025

Editors note: The original Spotlight, published on August 19th, 2025, can be found below for further reading or follow the link below:

View Original Spotlight

August 2025: Spotlight 🔍 Hydreight Technologies

Hydreight Technologies Posts Explosive Growth as its Next-Gen Platform Transforms U.S. Healthcare Delivery

  • Fully licensed and live in all 50 U.S. states, Hydreight’s VSDHOne platform lets medical professionals and partner brands bypass years of compliance hurdles, allowing them to launch new patient services, products, and treatment programs nationwide in weeks.
  • Hydreight is on a steep growth path, delivering $22.24M in FY2024 with positive adjusted EBITDA, and is projecting 1.3M + orders in 2025. Sustained double-digit monthly order growth is driving momentum toward a clear $100M+ revenue trajectory.
  • Advancing a $10M convertible note financing led by Canaccord Genuity at a 25% premium conversion price, with proceeds earmarked for the build-out of Hydreight’s own 503B pharmacy. This is a move set to boost margins, secure supply, and create new revenue streams.
“Most companies in this space start with a product. We started with the infrastructure … the regulatory licenses, the pharmacy network, the doctor/nurse coverage and built a system that can launch any compliant healthcare brand nationwide in weeks, not years.”
— Shane Madden, CEO of Hydreight Technologies

Just as Shopify reshaped retail by giving merchants a turnkey digital storefront, Hydreight Technologies (TSXV: NURS, OTC: HYDTF) is doing the same for U.S. healthcare brands and independent medical professionals. Its VSDHOne platform is a nationwide, on-demand operating system that allows licensed medical professionals to deliver care directly to patients, while the company handles the regulatory and logistical complexity in the background.

In a country where every state is a maze of separate medical, nursing, and pharmacy boards, Hydreight has already done the hard work. It is licensed, compliant, and fully operational in all 50 U.S. states. From prescription to pharmacy fulfillment to patient delivery, Hydreight enables brands and providers to scale instantly, bypassing years of red tape. And with every order that flows through the system, Hydreight takes a percentage, creating a scalable, recurring revenue stream.

For Tiffani Tesch in North Dakota, a registered nurse with nearly two decades of experience, Hydreight made entrepreneurship possible without the overhead or compliance headaches. While still working full-time in corporate America, she joined the platform and signed over 20 clients in less than 60 days.

“Hydreight provides me exceptional support with responsive pharmacy and tech teams that allow me to focus on providing care,” Tiffany says. “With Hydreight as my platform, I’ve been able to elevate my professional journey and make a significant contribution to the overall well-being of my clients.”

Her experience is one example of how the platform empowers thousands of nurses, doctors, and healthcare entrepreneurs to operate their own practices at their own pace with nationwide reach from day one.

“We’re on track to process over 1.3 million orders this year,” said Shane Madden, CEO of Hydreight. “That’s not a projection on paper … that’s real order flow, real patients, and real revenue accelerating through our platform right now.”

Hydreight has also upgraded its VSDHOne platform into a fully modular system, so businesses can pick and use only the tools they need to start generating orders. This makes onboarding faster, easier, and more cost-efficient, driving order growth across multiple healthcare sectors.

Partnerships are also scaling at a pace rarely seen in healthcare.

  • Dr. Frank — An established GLP-1 weight loss provider with a large following in the UK and Australia. In the U.S., Hydreight’s platform allowed them to go nationwide in weeks instead of spending years securing state-by-state approvals.
  • DripBar Direct — Partnering with Hydreight, The DRIPBaR launched a nationwide direct-to-consumer service powered by VSDHOne. After a successful pilot, clients can now book telehealth consults, get physician-prescribed wellness treatments, and have them shipped to their door — expanding The DRIPBaR’s reach beyond 700+ locations and positioning it to compete with leading D2C healthcare brands.
  • Licensee Expansion — Hydreight’s growth is also driven by its expanding network of healthcare licensees — now over 450 and targeting 1,000. Every new licensee adds patients, orders, and revenue, leveraging infrastructure already built to scale nationwide.

“These are not small wins,” said Madden. “They’re proof that our platform can take established healthcare brands from limited reach to nationwide coverage almost overnight while unlocking entirely new revenue streams for them and for us.”

That ability to scale partners at speed and now to control supply through vertical integration is translating directly into financial performance and a compelling growth trajectory.

FY2024 delivered $22.24 million in adjusted revenue, $5.67 million in adjusted margin, and positive adjusted EBITDA. In 2025, the company is tracking toward $100 million in revenue, fueled by an anticipated 1.3 million orders this year, each averaging $60 to $200. Order growth accelerated 74% year-over-year in 2024 and continues double-digit month-over-month in 2025 — a flywheel that spins faster with every partner onboarded. 

This week, a Canaccord-led financing will primarily fund Hydreight’s own 503B pharmacy in partnership with Perfect Scripts, giving the company full control over manufacturing and supply chain for GLP-1s and other high-demand injectables. It will improve margins, ensure consistent supply, enable faster rollout of new products, and even allow Hydreight to supply external clients. According to the company, this is a strategic move that deepens vertical integration, supports higher valuation multiples, and solidifies Hydreight’s competitive edge.

The combination of rapid partner expansion, tight control over supply, and a business model built for recurring revenue has positioned Hydreight as one of the fastest-growing players in its space. This momentum has not gone unnoticed.

Hydreight ranked #9 on the Deloitte Technology Fast 50, #56 on the Deloitte Technology Fast 500, #13 on the Financial Times Americas’ Fastest Growing Companies list, and is a TSX Venture 50 performer. Maxim Group recently initiated coverage with an $8 price target, citing Hydreight’s regulatory moat, scalability, and position as the infrastructure powering the next generation of healthcare brands in the U.S.

A Top Pick in Kelowna

Stock Information TSXV: NURS

đź’°
$146.2M
Market Cap
đź”·
$3.25
PriceÂą
🎉
$1.94
Picked²
  1. As of market close on Monday, August 18, 2025
  2. As of market open on Monday, July 21, 2025 after being selected as a Top Pick in Kelowna

After being selected as a Top Pick at the Kelowna TSX Venture Growth Capital 2025 Conference, Hydreight Technologies CEO Shane Madden sat down with us to discuss the company’s accelerating growth, its competitive edge in the $4.5 trillion U.S. healthcare market, and why its platform is attracting both major brands and independent medical professionals.

Hydreight has been called the Shopify of U.S. healthcare. What makes your model so scalable.

“Our infrastructure is already fully licensed and operational in all 50 states, covering nursing, medical, and pharmacy requirements. That means partners can launch nationally without building state-by-state operations. Every new partner plugged into the platform adds near 100% gross margin contribution without significant overhead.”

You’re projecting strong growth in 2025. What is driving that acceleration?

“We are on pace for over 1.3 million orders this year with an average order value between $60 and $200. In 2024, we saw a 74% year-over-year increase in order volume and in 2025 we are seeing double-digit month-over-month growth. This growth is being driven by our ability to onboard major partners quickly, expand their reach nationwide and continuously add new verticals.”

What is the long-term vision for Hydreight?

“Our path to $100 million in revenue is clear. Capturing just 0.002% of the U.S. healthcare market gets us there, and we believe we can go well beyond that. The infrastructure we have built is category-defining and gives us a regulatory moat that is extremely difficult to replicate. We are building the rails on which healthcare’s next generation of brands will run.”

Our View

  • Defensible First-Mover Advantage
    Fully licensed, compliant infrastructure across all 50 states gives Hydreight a rare “plug-and-play” capability that eliminates years of regulatory work for partners, positioning it as the default platform for digital and on-demand healthcare.
  • Accelerating Revenue Flywheel
    The company is on track for 1.3 million orders in 2025, with average order values between $60–$200 and near 100% gross margin contribution from new partners. Double-digit month-over-month growth in 2025 builds on 74% year-over-year gains in 2024, signalling momentum that compounds with each brand onboarded.
  • Proven Growth Model with Major Brand Adoption
    VSDHOne has taken brands like Dr. Frank, DripBar Direct, and a leading D2C Licensees from limited reach to full U.S. coverage in weeks, validating Hydreight’s ability to scale, diversify revenue streams, and execute toward $100M+ in revenue.

Weekly Insight

This week on Investor Breakout Weekly Insight, CEM Portfolio Manager Ryan Iverson breaks down three key stories grabbing investor attention, including Hydreight Technologies, which continues its impressive growth streak with a 34% year-over-year revenue surge in Q1 2025 — tune in from the 2:20 mark to see why this momentum might be just getting started.

Weekly Insight Video posted October 23, 2025

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Warm Regards and Happy Investing,
Fabian Dawson

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