NEUPATH HEALTH REPORTS THIRD QUARTER 2025 RESULTS

Executive Summary

• NeuPath Health reported Q3 2025 total revenue of C$22.1 M, a 26% YoY increase, and adjusted EBITDA of C$1.5 M, up 98% YoY.
• Capacity utilization improved to 81% for the nine‑month period, cash balances rose to C$4.6 M and net debt fell to C$1.7 M.
• An investor webinar is scheduled for Thursday, November 13, 2025 at 10:00 AM ET / 7:00 AM PT.

Key Details

• Revenue:
• Q3 2025 total revenue C$22.1 M (vs. C$17.6 M in Q3 2024).
• Nine‑month revenue C$65.0 M (vs. C$53.9 M YoY).
• Clinic revenue: C$20.8 M (Q3) and C$61.0 M (nine months).

• Non‑clinic revenue: C$1.3 M (Q3) and C$4.0 M (nine months).

• Adjusted EBITDA:

• Q3 2025 adjusted EBITDA C$1.5 M (vs. C$0.7 M YoY).

• Nine‑month adjusted EBITDA C$5.0 M (vs. C$3.0 M YoY).

• Capacity Utilization:

• Q3 2025: 84% (vs. 73% YoY).

• Nine‑month average: 81% (up from 74%).

• Liquidity & Debt:

• Cash & cash equivalents C$4.6 M as of Sep 30 2025.

• Long‑term debt C$6.3 M; net debt reduced to C$1.7 M (down from C$2.8 M).

• Gross Margin:

• Q3 2025 gross margin 19.1% (up from 18.3%).

• Nine‑month gross margin 19.3% (up from 19.0%).

• Share Data (Sep 30 2025):

• Basic shares outstanding: 56,234,412.

• Fully diluted shares outstanding: 62,436,841.

• Investor Webinar:

• Date & Time: Thursday, November 13, 2025 – 10:00 AM ET / 7:00 AM PT.
• Registration link: https://us02web.zoom.us/webinar/register/2817612634497/WN_ul2FZ9hkSOKGmex71eNtHA.

Notable Quotes

• “Our strong growth and improved cash flows demonstrate the work that our team has done to optimize our medical facility footprint, mitigate cost pressures, and increase the time our medical professionals are available to treat patients,” – Joe Walewicz, CEO.