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Record revenue growth – HEALWELL achieved record annual revenue from continuing operations of approximately $103.8 million in fiscal 2025, an increase of 427% compared to the $19.7 million in fiscal 2024. The Company reported an IFRS net loss from continuing operations of $39.1 million in fiscal 2025, compared to a net loss of $24 million in fiscal 2024.
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First full year of positive Adjusted EBITDA – HEALWELL delivered Adjusted EBITDA of $2.3 million in fiscal 2025 compared to an Adjusted EBITDA loss of $14.2 million in 2024.
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Transition to a pure-play AI and Software Company – During Q4-2025, HEALWELL completed a series of strategic divestments to transition into a pure-play AI and software company, generating approximately $9.7 million in cash proceeds in this process.
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Improving balance sheet – HEALWELL ended 2025 with $18.6 million in cash and holds strategic investments that the Company is evaluating to monetize, including a dedicated investment vehicle with an interest in xAI, now part of the broader SpaceX ecosystem.
TORONTO, ON, March 19, 2026— HEALWELL AI Inc. (“HEALWELL” or the “Company“) (TSX: AIDX) (OTCQX: HWAIF), a healthcare artificial intelligence company focused on preventative care, is pleased to announce its audited consolidated financial results for the fiscal year and fourth quarter ended December 31, 2025. A summary of the Company’s financial and operational results is set out below, and more detailed information is contained in the annual financial statements and related management discussion and analysis, which are available on the Company’s SEDAR+ page at www.sedarplus.com. Financial measures described as “Adjusted” or “EBITDA” in this news release are non-IFRS financial measures and may not be comparable to other similar measures disclosed by other companies. Please see Non-IFRS Financial Measures below for more information.
James Lee, Chief Executive Officer of HEALWELL, commented, “Healthcare is entering its AI deployment era, and HEALWELL has spent the last two years assembling the rare combination of assets required to lead it; a global enterprise distribution network, one of the most scientifically validated clinical AI platforms in the market, and a consent-first data infrastructure that strengthens with every deployment. In 2025, we proved that this strategy works with record revenue of $103.8 million, our first full year of positive Adjusted EBITDA, and a successful transition to a pure-play AI and software company. The financial results are important, but what matters most is what they represent – evidence that our platform model is working and that the flywheel between distribution, data, and AI performance is now turning.”
James Lee added, “We have moved from the proof-of-concept phase, to beginning to deploy at scale. Our first government AI health system contract in the Middle East, a multi-million-dollar U.S. Health Information Exchange (HIE) deal, and enterprise AI deployments scaling across Canada demonstrate that HEALWELL’s platform is being adopted where it matters most, inside the clinical infrastructure of governments and large health systems. With 47 peer-reviewed publications backing our DARWEN AI engine, over 70 enterprise customers across 11 countries through Orion Health, and WELLTRUST providing a global consent-based clinical data network, we have built a competitive position that is very difficult to replicate. Our focus in 2026 is straightforward: scale globally, deepen AI adoption across our installed base, and translate platform economics into sustained profitability.”
Anthony Lam, Chief Financial Officer of HEALWELL, commented, “The financial transformation this year has been significant. We swung from a $14.2 million Adjusted EBITDA loss in 2024 to $2.3 million of positive Adjusted EBITDA; a $16.5 million improvement that reflects not just the Orion acquisition but a fundamental restructuring of our cost base and business mix. We exited the year with $18.6 million in cash, three consecutive quarters of positive Adjusted EBITDA, and a business now entirely focused on two high-margin, scalable segments: AI and Data Science, and Healthcare Software. Our balance sheet also carries additional value not fully reflected in our cash position, including an indirect investment in xAI that we are evaluating monetizing to further strengthen our capital position as we scale. Looking ahead, we see clear operating leverage in the model. As Orion Health integration synergies are fully realized and enterprise AI deployments scale, we are targeting an exit run-rate Adjusted EBITDA margin of approximately 10% in 2026. This is a business that is transitioning from proving it can generate positive economics to demonstrating it can compound them.”
Fiscal 2025 Annual Financial Highlights:
Significant financial highlights for the Company’s continuing operations during the year ended December 31, 2025 included:
- HEALWELL achieved annual revenue from continuing operations of approximately $103.8 million during 2025, an increase of 427% compared to revenue of $19.7 million in 2024.
- HEALWELL achieved Gross Profit of $57.3 million in 2025, compared to $10.8 million in 2024.
- HEALWELL achieved a Gross Margin percentage of 55% during 2025 compared to 55% in 2024.
- During fiscal 2025, the Company’s IFRS net loss from continuing operations was $39.1 million compared to a net loss of $24 million for the previous year.
- During fiscal 2025, HEALWELL reported Adjusted EBITDA(1) of $2.3 million its first full year of positive Adjusted EBITDA, compared to an Adjusted EBITDA loss of $14.2 million in 2024.
Fourth Quarter 2025 Financial Highlights
Significant financial highlights for the Company’s continuing operations during the three months ended December 31, 2025 included:
- HEALWELL achieved quarterly revenue from continuing operations of $32.2 million in Q4-2025, an increase of 374% compared to revenue of $6.8 million generated in Q4-2024. The acquisition of Orion Health, along with both organic growth initiatives, contributed significantly to overall revenue growth.
- HEALWELL achieved Gross Profit of $17.6 million during Q4-2025, an increase of 376% compared to $3.7 million in Q4-2024. The increase is due to higher revenues in the quarter.
- HEALWELL achieved Gross Margin percentage of 55% during Q4-2025, compared to 55% in Q4-2024.
- During Q4-2025, HEALWELL reported positive Adjusted EBITDA of $1.1 million, compared to an Adjusted EBITDA loss of $5 million in Q4-2024. This marks the Company’s third consecutive quarter of positive Adjusted EBITDA, highlighting continued execution improvements and stronger financial performance, representing a year-over-year increase of approximately 123% in Adjusted EBITDA.
- During Q4-2025, the Company’s IFRS net loss from continuing operations was $7 million compared to a net loss of $11.4 million for the previous year.
- As of December 31, 2025, HEALWELL had $18.6 million in cash, compared to $9.4 million as of December 31, 2024.
Fourth Quarter 2025 Business and Operational Highlights
Significant business and operational highlights for the Company during the three months ended December 31, 2025 included:
- DARWEN™ AI Generates Regulatory-Grade Real-World Data in Collaboration with a major pharmaceutical firm: On October 6, 2025, HEALWELL, in collaboration with a major pharmaceutical firm, presented new AI-generated regulatory-grade real-world data (RWD) at United European Gastroenterology (UEG) Week in Berlin. This represents one of the world’s first applications of AI to generate regulatory-grade RWD for pharmaceutical use, highlighting HEALWELL’s unique capabilities in clinical data abstraction and real-world evidence generation.
- UK Business Development and Investor Awareness Week: In the week of October 14, 2025, HEALWELL conducted a series of business development and investor engagement activities in the UK, including an invitation-only London event on October 14 featuring a fireside chat moderated by Beatrice York, founder of BY-EQ Limited.
- Strategic Collaboration with Lean and Orion Health to Advance AI-Powered Healthcare Across the Middle East: On October 28, 2025, HEALWELL announced a collaboration with Lean Business Services (“Lean”), a Public Investment Fund (PIF)-backed Saudi digital health leader to co-develop and commercialize digital health and AI-driven solutions across the Middle East.
- Strategic Divestments and Progression to a Pure-Play SaaS and Services Business: On November 3, 2025, HEALWELL announced the completion of a series of strategic transactions with WELL Health Technologies Corp. and its subsidiaries to streamline operations and sharpen its focus on AI-driven healthcare solutions. HEALWELL divested its Polyclinic Family Medicine and Specialty Clinics (two clinics) to WELL Health Clinic Network Inc., formed a 50/50 clinical research joint venture with WELL Health Technologies Corp. combining Bio Pharma Services Inc. and Canadian Phase Onward Inc., and sold its majority interest in Mutuo Health Solutions Inc. to WELLSTAR Technologies Corp. Collectively, these transactions strengthened HEALWELL’s balance sheet with approximately $9.7 million in cash proceeds and mark a key step in its transition to a pure-play AI SaaS and services company focused on delivering enterprise-grade data science and preventative care technologies.
- Board Appointment – Ian Kidson Joins HEALWELL AI Board of Directors: On December 10, 2025, HEALWELL announced the appointment of Ian Kidson to its Board of Directors. Mr. Kidson is a seasoned corporate director and senior executive with extensive leadership experience across capital markets, public companies, and healthcare, having previously served as Chief Financial Officer at Docebo Inc. and as Chief Financial Officer and Chief Executive Officer at Apollo Health Corp.
Events Subsequent to December 31, 2025
Significant business and operational highlights for the Company subsequent to December 31, 2025 included:
- Platform Integration, Embedded AI Expansion and Portfolio Simplification: On February 12, 2026, HEALWELL announced progress on integrating its Khure and Pentavere capabilities into a unified AI engine powered by DARWEN™, alongside coordinated commercial initiatives across Orion Health and Verosource Solutions customer bases to drive upsell and cross-sell opportunities. The Company also highlighted continued expansion of embedded AI functionality, including Smart Search, Smart Summary and Smart ID features within Orion Health’s platform and the planned North American launch of Amadeus AI in the first half of 2026 with international expansion later in the year.
- Launch of WELLTRUST™ Ethical Patient Identification Platform: On February 19, 2026, HEALWELL launched WELLTRUST™, a consent-first patient identification platform developed with WELL Health Technologies. Combining DARWEN™ AI with WELL’s clinic network, the platform securely identifies high-fit patients for research, preserves privacy, and supports clinical trial recruitment and real-world evidence generation across Canada.
- Global AI Expansion and Enterprise Adoption: On February 26, 2026, HEALWELL announced its first contract delivering AI solutions to a major governmental health system in the Middle East, marking a key milestone in its global expansion. Concurrently, HEALWELL continues to deploy SMART Identify, SMART Search, and SMART Summary across healthcare systems in Canada and the U.S., embedding AI into operational workflows, including patient identity management and automated clinical documentation, while expanding enterprise adoption across core markets.
- Expansion and U.S. HIE Contract: Multi-Million Dollar Health Data Interoperability Deal: On March 5, 2026, HEALWELL announced a multi-million dollar U.S.-based Health Information Exchange (HIE) software contract, expanding its enterprise data interoperability footprint in the United States. The platform will aggregate and normalize clinical data across hospitals, clinics, labs, and public health agencies to improve care coordination, reduce duplication, and enhance provider workflows.
- DARWEN™ AI Reaches 47 Peer-Reviewed Publications: On March 12, 2026, HEALWELL announced that its DARWEN™ AI platform has now been validated across 47 peer-reviewed publications spanning multiple disease areas and patient populations. The Company also presented new research at the European Crohn’s and Colitis Organisation (ECCO) meeting, with findings published in the Journal of Crohn’s and Colitis, further reinforcing DARWEN™ AI’s growing scientific validation and adoption in real-world clinical research.
Webcast and Conference Call Details:
HEALWELL will be holding a conference call and simultaneous webcast to discuss its financial results on Friday, March 20, 2026 at 8:30 am ET (5:30 am PT). The call will be hosted by James Lee, Chief Executive Officer, Dr. Alexander Dobranowski, President, and Anthony Lam, Chief Financial Officer. Please dial-in 10 minutes prior to the start of the call.
Date: Friday, March 20, 2026
Time: 8:30 AM ET / 5:30 AM PT
Webcast link: https://www.gowebcasting.com/14622
Toll-Free North America: 1-800-715-9871
Toronto Local and International Toll: 1-647-932-3411
When connecting to the conference call via phone, please dial in 10 minutes prior to the start of the call and ask to be joined into the “HEALWELL AI Inc. Conference Call.”
Selected Financial Information
(in thousands of dollars, except percentages and per share amounts)
Non-IFRS Financial Measures
The terms EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin used in this document do not have any standardized meaning under IFRS, may not be comparable to similar financial measures disclosed by other companies and should not be considered a substitute for, or superior to, IFRS financial measures. Readers are advised to review the section entitled “Non-IFRS Financial Measures” in the Company’s management discussion and analysis for the quarter ended December 31, 2025, available on the Company’s SEDAR+ page at www.sedarplus.com, for a detailed explanation of the composition of these measures and their uses.
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to net income (loss) for the three-months, and twelve months ended December 31, 2025 and December 31, 2024:
Segmented Revenue
James Lee
Chief Executive Officer
HEALWELL AI Inc.
About HEALWELL AI
HEALWELL is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the Company’s road map. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol “AIDX” and on the OTC Exchange under the symbol “HWAIF”. To learn more about HEALWELL, please visit https://healwell.ai/.
Forward Looking Statements
Certain statements in this press release, constitute “forward-looking information” and “forward looking statements” (collectively, “forward looking statements”) within the meaning of applicable Canadian securities laws, including statements about the potential to monetize some of the Company’s strategic investments; the Company’s strategic focus for 2026; and statements about the expansion of the Company’s product and service offerings into new markets and industry sectors and opportunities to expand the Company’s products and service offerings to existing customers; and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements are often, but not always, identified by words or phrases such as “evaluating” , “monetizing”, “beginning to”, “focus in 2026”, “targeting”, “transitioning”, strengthening”, “growth”, “strategy”, “accelerate”, “growing”, “positions”, “expanding”, “opportunities”, “”potential”,or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can” be taken, occur or be achieved, or the negative of any of these terms . Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL’s control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: HEALWELL’s ability to maintain and leverage is relationships with its commercial partners; the continued adoption of the software, tools and solutions created by HEALWELL; that HEALWELL will be successful in identifying, executing and integrating new acquisitions, investments and/or partnerships; HEALWELL’s ability to deal with its investment assets and the cost and timelines associated with those dealings; the stability of general economic and market conditions; sufficiency of working capital and access to financing; HEALWELL’s ability to comply with applicable laws and regulations; HEALWELL’s continued compliance with third party intellectual property rights; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL’s business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.
Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled “Risk Factors” in HEALWELL’s most recent annual information form dated March 31, 2025, which is available under HEALWELL’s SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.
This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about HEALWELL’s targeted Adjusted EBITDA Margin for 2026, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraphs. The actual financial results of HEALWELL may vary from the amounts set out herein and such variation may be material. HEALWELL and its management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, HEALWELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about HEALWELL’s anticipated future business operations on a post-closing basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.
For more information:
Pardeep S. Sangha
Investor Relations, HEALWELL AI Inc.
Phone: 604-572-6392
ir@healwell.ai