VANCOUVER, BC, May 1, 2026 /CNW/ - Victory Square Technologies Inc. (CSE:VST) (FSE: 6F6) (OTC:VSQTF) ("Victory Square" or the "Company"), a venture builder focused on healthcare infrastructure, digital health, artificial intelligence, and emerging technology platforms, today reported its audited financial results for the year ended December 31, 2025 and provided a corporate update across its portfolio.
Fiscal 2025 marked a transition year for Victory Square, highlighted by strong performance from Hydreight Technologies Inc., continued expansion of the VSDHOne healthcare platform, and progress across key portfolio companies including Insu Therapeutics Inc., and Pawsible Ventures Inc.
The Company's audited financial statements and Management Discussion & Analysis ("MD&A") are available on SEDAR+.
Management Commentary
"2025 was a year of continued execution across our portfolio," said Shafin Diamond Tejani, Chairman and CEO of Victory Square.
"For years, we've been building infrastructure in complex, high-value markets. In 2025, we began to see that infrastructure translate into real scale, revenue growth, profitability, and increasing visibility into what these platforms can become."
"What matters to us is not any single product or trend. It's whether we are building systems that can scale. Hydreight demonstrated that in 2025. Across the portfolio, we are beginning to see the same pattern emerge."
Fiscal 2025 Financial Highlights
Revenue: $35.4M
Adjusted Revenue (non-GAAP): $43.56M
Cash & Marketable Securities: $22.0M
Working capital: $15.0M
Victory Square's consolidated financial results are primarily driven by Hydreight Technologies Inc., the Company's flagship digital health subsidiary.
Operating Performance
Victory Square's financial results in fiscal 2025 were primarily driven by the continued growth of Hydreight Technologies Inc.
Revenue increased to approximately $35.4 million for the year ended December 31, 2025, compared to approximately $16.04 million in 2024, reflecting significant growth in Hydreight's user base and platform activity.
Cost of goods sold increased in line with revenue growth, driven primarily by higher pharmacy fulfillment volumes as transaction activity scaled.
Gross margin improved to approximately $9.0 million in 2025, compared to approximately $6.4 million in 2024.
Total expenses declined to approximately $9.3 million in 2025, compared to approximately $16.5 million in 2024, reflecting improved cost discipline, operational efficiencies, and the impact of prior-year restructuring and deconsolidation activities.
Operating Leverage
Operating leverage improved during fiscal 2025, with operating expenses declining as a percentage of revenue from approximately 38% in 2024 to approximately 22% in 2025.
This reflects the scalability of Hydreight's platform model, where a largely fixed cost structure supported increasing transaction volumes.
As utilization increased, incremental revenue was generated with comparatively lower incremental cost, resulting in improved margins and overall operating efficiency.
The Company's improved cost structure and increasing platform utilization provide a stronger foundation to support continued scaling of its core operations.
Hydreight: The Core Proof Point
Hydreight Technologies Inc. (TSXV:NURS) is Victory Square's largest operating subsidiary and the primary driver of the Company's consolidated financial performance. As at December 31, 2025, Victory Square held a 51.03% ownership interest in Hydreight and consolidates its financial results, which are reflected in the Company's reported revenue and operating performance.
Hydreight delivered record results for fiscal 2025:
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 leverage
Over 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption
Growth was driven by the rollout and scaling ...
