Victory Square Technologies Applauds Hydreight Technologies’ Record-Breaking Q3 2024 Financial Performance
Vancouver, BC, November 27, 2024 – Victory Square Technologies Inc. (CSE: VST) (OTCQX: VSQTF) (FWB: 6F6), a leading technology-focused venture builder, proudly highlights the outstanding Q3 2024 financial results of its portfolio company, Hydreight Technologies Inc. (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6). Hydreight continues to redefine healthcare delivery with its innovative mobile clinical network and technology platform.
Hydreight Q3 2024 Financial Highlights:
- Record Topline Revenue: $6.12 million, reflecting a remarkable 54% year-over-year (YOY) increase.
- GAAP Revenue Growth: $4.53 million, up 47% compared to Q3 2023.
- Positive Adjusted EBITDA: Achieved $48K, a significant turnaround from ($265K) in the same quarter last year.
- Robust Gross Margin: $1.53 million, an increase from $1.27 million in Q3 2023.
- Strong Cash Position: $1.21 million as of September 30, 2024.
Hydreight’s success extends beyond financials. The company was ranked 56th in the 2024 Deloitte Technology Fast 500™ and 9th in the Deloitte Technology Fast 50™ Program Winners in Canada.
Strategic Milestones in Q3 2024:
- Launch of VSDHOne Platform: In partnership with industry leaders, Hydreight introduced a telemedicine and e-commerce solution empowering businesses to launch direct-to-consumer healthcare brands across all 50 U.S. states. Over 200 licenses sold within 90 days.
- Commitment to Innovation: Hydreight invested significantly in expanding its technology, legal framework, and infrastructure to ensure the VSDHOne platform remains compliant and scalable across all 50 states.
- Growth Through Collaboration: The company strengthened its network of healthcare professionals, adding to its existing base of over 2,500 nurses and 100 doctors, enabling the delivery of at-home medical services nationwide.
Driving Future Growth:
Hydreight remains focused on its strategic priorities:
- Sustaining profitability and scalability.
- Expanding product and service offerings.
- Building awareness among potential shareholders.
- Growing white-label partnerships and nurse networks.
- Exploring strategic mergers and acquisitions.
Hydreight’s CEO, Shane Madden, commented, “Our record-breaking Q3 results are a testament to the strength of our team and platform. The successful launch of VSDHOne and our partnerships set the stage for even greater growth in the year ahead.”
Shafin Diamond Tejani, CEO of Victory Square Technologies, added, “Hydreight’s continued success exemplifies the impact of combining visionary leadership, cutting-edge technology, and strategic execution. We are thrilled to see their impressive growth and the value they are creating for patients, healthcare providers, and stakeholders alike. Victory Square is proud to be a part of their journey as they transform healthcare accessibility and convenience across the U.S.”
Victory Square Technologies commends Hydreight for its achievements and is proud to support its mission to revolutionize healthcare delivery in the United States.
For more details on Hydreight’s Q3 2024 financial results, visit SEDAR+ or Hydreight’s website.
About VSDHOne – Direct to Consumer Platform
In a partnership with two other parties, 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 (semaglutide, tirzepatide), 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.
About Hydreight Technologies Inc.
Hydreight Technologies Inc. is building the largest mobile clinic network in the United States. Its proprietary, fully integrated platform hosts a network of over 2500 nurses, over 100 doctors and a pharmacy network 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.
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On behalf of the Board of Directors
“Shafin Diamond Tejani”
Director and Chief Executive Officer
Victory Square Technologies Inc.
www.victorysquare.com
For further information about Victory Square, please contact:
Investor Relations Contact: Abbey Vogt
Email: ir@victorysquare.com
Telephone: 604 283-9166
Peter Smyrniotis: Director
Telephone: 604 283-9166
About Victory Square Technologies Inc.
Victory Square Technologies builds, acquires, and invests in promising startups across various industries, including AI, gaming, blockchain, clean technology, and digital health. Through its dynamic ecosystem, Victory Square nurtures and scales innovative companies, creating long-term value for shareholders.
Use of Non-GAAP Financial Measures:
This release contains references to non-GAAP financial measures Adjusted Revenue (also referred to as Topline 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 for funding working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. These non-GAAP measures 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.
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FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square and its portfolio companies, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries and portfolio companies, including those items listed under the heading “Net Asset Value (“NAV”) Update”, “Notable Portfolio Highlights” and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “to be”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, “objectives”, “outlook” or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Although Victory Square believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statements has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Victory Square’s control, including, but not limited to, the risk factors discussed in the continuous disclosure materials of the Victory Square which are available under the Victory Square’s profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
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Use of Non-GAAP Financial Measures:
This release contains references to non-GAAP financial measures Adjusted Revenue (also referred to as Topline 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 for funding working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. These non-GAAP measures 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.
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