HEALWELL AI Delivers Record Revenue and First Year of Positive Adjusted EBITDA as Global AI Platform Strategy Takes Hold

Executive Summary

• HEALWELL AI Inc. reported record FY 2025 revenue of $103.8 M, a 427 % increase year‑over‑year, and its first full year of positive Adjusted EBITDA ($2.3 M).
• The company completed strategic divestments in Q4 2025, generating ≈ $9.7 M cash proceeds and transitioning to a pure‑play AI & software model.
• Cash balance ended FY 2025 at $18.6 M, with additional strategic investments (e.g., indirect stake in xAI) under evaluation for monetisation.

Key Details

• Revenue Growth
• FY 2025 revenue: $103.8 M vs. $19.7 M in FY 2024 (+427 %).
• Q4‑2025 revenue: $32.2 M vs. $6.8 M in Q4‑2024 (+374 %).
• Profitability
• Adjusted EBITDA FY 2025: $2.3 M (positive) vs. a loss of $14.2 M in 2024.
• Q4‑2025 Adjusted EBITDA: $1.1 M positive vs. a loss of $5.0 M in Q4‑2024.
• Gross Margin
• FY 2025 gross profit $57.3 M; gross margin stable at 55 % (same as 2024).
• Net Loss
• IFRS net loss FY 2025: $39.1 M vs. $24.0 M in 2024.
• Q4‑2025 net loss: $7.0 M vs. $11.4 M in Q4‑2024.
• Balance Sheet
• Cash at year‑end FY 2025: $18.6 M (up from $9.4 M).
• Strategic investments include an indirect interest in xAI (part of SpaceX ecosystem) under review for monetisation.
• Strategic Divestments (Q4‑2025)
• Sold two clinics to WELL Health Clinic Network Inc.
• Formed a 50/50 JV with WELL Health Technologies Corp. (Bio Pharma Services + Canadian Phase Onward).
• Sold majority interest in Mutuo Health Solutions Inc. to WELLSTAR Technologies Corp.
• Total cash proceeds from divestments: ≈ $9.7 M.
• Acquisition
• Completed acquisition of Orion Health (contributed significantly to revenue growth and cost‑base restructuring).
• Operational Highlights (Post‑Year‑End)
• Integrated Khure & Pentavere AI capabilities into unified DARWEN™ engine (Feb 12 2026).
• Launched WELLTRUST™ consent‑first patient identification platform (Feb 19 2026).
• Secured first governmental health‑system contract in the Middle East (Feb 26 2026).
• Signed multi‑million‑dollar U.S. Health Information Exchange software deal (Mar 5 2026).
• DARWEN™ AI now cited in 47 peer‑reviewed publications (Mar 12 2026).
• Guidance / Outlook
• Target Adjusted EBITDA margin of ~10 % for 2026 as integration synergies and scale are realised.

Notable Quotes

“In 2025, we proved that this strategy works with record revenue… our first full year of positive Adjusted EBITDA, and a successful transition to a pure‑play AI SaaS company.” – James Lee, CEO

“We swung from a $14.2 M Adjusted EBITDA loss in 2024 to $2.3 M positive in 2025… targeting an exit run‑rate Adjusted EBITDA margin of approximately 10 % in 2026.” – Anthony Lam, CFO