Vancouver, British Columbia--(Newsfile Corp. - December 1, 2025) - Victory Square Technologies Inc. (CSE: VST) (FSE: 6F6) (OTC Pink: VSQTF) ("Victory Square" or the "Company") today released its financial results for the three and nine months ended September 30, 2025, and provided a comprehensive update on key developments across its digital health, biotech, pet wellness, climate tech, and immersive technology platforms.
The Company's complete financial statements and Management Discussion & Analysis ("MD&A") for Q3 2025 are available on SEDAR+ at www.sedarplus.ca.
Q3 2025 Financial Highlights
Three months ended September 30, 2025:
Adjusted Revenue: $12.83 million
GAAP Revenue: $10.52 million
Gross Margin: $2.33 million
Adjusted EBITDA: $1.26 million
Cash & Marketable Securities: $25.91 million
Nine months ended September 30, 2025:
"Q3 was another quarter of focused execution across our portfolio," said Shafin Diamond Tejani, CEO of Victory Square. "Hydreight continued its national expansion in digital health, Insu progressed toward first-in-human oral insulin studies, Pawsible launched its $10 million fund and studio, and XR Immersive Tech deepened its move into health-related IP. These developments reinforce our long-term strategy and the core verticals where we see significant opportunity for value creation."
PORTFOLIO & STRATEGIC UPDATE
Hydreight Technologies Inc. (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6)
Hydreight, Victory Square's flagship digital health subsidiary, continued to be the Company's strongest operational driver in Q3 2025. Beyond its financial performance, Hydreight has established itself as one of the most recognized and awarded growth companies in the digital health sector.
Industry Recognition: Over the past 18-24 months, Hydreight has been nationally recognized for its growth, innovation, and compliance-first approach, including:
Deloitte Technology Fast 50 Canada
Deloitte Technology Fast 500 North America
Financial Times: Americas' Fastest-Growing Companies
TSX Venture Top 50 Ranking
These third-party rankings reinforce Hydreight's position as one of the fastest-growing companies in North America, across all sectors - not only digital health.
Key Operational and Strategic Highlights :
Significant year-over-year revenue growth, with GAAP and topline revenues more than doubling compared to Q3 2024.
Fourth consecutive profitable quarter, reflecting Hydreight's disciplined cost structure and unit economics.
Internal expectations of approximately 1.3 million product orders placed for FY2025
1,100+ licenses sold across multiple categories, supporting a diversified multi-vertical revenue base.
A nationally scaled clinical network of nurses, medical directors, and prescribing partners, enabling compliant operations across all 50 U.S. states.
$18.64 million in cash at quarter-end, supporting operational stability and planned vertical expansion.
Strategic Positioning: Hydreight operates at the intersection of several high-growth health segments, including GLP-1 therapies, peptide medicine, hormone optimization, at-home testing, and longevity programs. These verticals have been among the fastest-growing segments in direct-to-consumer healthcare, and Hydreight's compliance infrastructure - medical directors, telehealth integrations, pharmacy relationships, and a 50-state clinician network - provides the foundation for safe, scalable expansion.
Hydreight's VSDHOne platform extends these capabilities by enabling clinics, med-spas, and digital health brands to plug into a turnkey nationwide infrastructure, reducing their operational and regulatory barriers to entry.
Victory Square participates economically through its equity interest in Hydreight and a recurring 10% profit share from VSDHOne, providing an additional revenue stream tied to the platform's long-term growth.
Hydreight's complete Q3 2025 financial results and disclosure can be reviewed in its news release available on SEDAR+ and the Company's website.
Digital Health Initiatives:
Victory Square continued to support digital health platforms serving telehealth, diagnostics, virtual care, and clinician-network enablement. These include:
A telehealth and e-pharmacy infrastructure spanning all 50 U.S. states
Compliance frameworks for remote prescribing
Diagnostics and at-home testing partnerships
These initiatives aim to support companies operating in areas such as metabolic health, dermatology, hormone optimization, and preventative health.
Industry Context
U.S. healthcare spending projected to reach US$7.2 trillion by 2031 (CMS)
50% of U.S. care delivery is inefficient (Deloitte)
Administrative overhead equals 25% of U.S. healthcare spending (JAMA)
40% of Americans forgo or delay care due to cost or access challenges (KFF)
Digital health adoption continues to increase with growth in at-home testing, wearables, telehealth, personalized treatments, and hybrid care models.
$10 Million Digital Health & Longevity Accelerator
In January 2025, Victory Square and Hydreight launched a $10M accelerator to incubate direct-to-consumer health companies scaling on the VSDHOne platform.
The accelerator focuses on:
Biomarker & genetic testing
Tele-pharmacy
Dermatology & skincare
Sexual health & hair loss
GLP-1 & metabolic programs
TRT & peptide therapies
Longevity & preventative health
The program provides integrated telehealth access, compliance support, pharmacy connections, and marketing resources.
Insu Therapeutics Inc. - Biotech Platform
Insu Therapeutics continued development of its oral insulin tablet. As disclosed by Insu:
Preclinical work is ongoing
The formulation is being evaluated under a 505(b)(2) regulatory pathway
First-in-human studies are targeted for 2026, subject to regulatory review
Leadership includes Dr. Anubhav Pratap-Singh, Ammad Shorbaji, and Dr. Tom Elliott.
Pawsible Ventures Inc. - Pet Health Platform
Pawsible launched a $10M venture fund and studio aimed at accelerating innovation in pet health, including:
Pawsible anticipates supporting 15-20 companies over the next three years. Pet wellness is viewed as a natural extension of Victory Square's digital health infrastructure.
XR Immersive Tech
Expansion Into Health IP, Immersive Diagnostics & Prior Life Sciences Experience
XR Immersive Tech continued accelerating its shift into health-related intellectual property throughout 2025, adapting its immersive and simulation technologies to support next-generation digital health applications.
Building on earlier work with global life sciences organizations-including prior immersive simulation projects for Bayer Pharmaceuticals and regulatory-focused experience involving the FDA-XR is now applying its technical capabilities to emerging opportunities in digital-first care, patient education, and diagnostic visualization.
Current development areas include:
Digital twin models for metabolic and chronic-condition tracking
3D visualization of biomarker and diagnostic data
Immersive patient-education and treatment-adherence tools
Virtual onboarding experiences for programs such as weight loss, hormone optimization, and longevity care
Simulation-based clinical workflows designed to complement telehealth and at-home testing environments
XR's transition aligns with Victory Square's broader healthcare infrastructure, adding an immersive layer intended to enhance patient engagement, clarity of care, and the usability of virtual-first health solutions.
SafeTest Diagnósticos - Digital Health in Brazil
SafeTest continued expanding its telehealth and diagnostic capabilities within Brazil's US$15B diagnostics market, building on established relationships with clinics, hospitals, and retailers.
Services include:
SafeTest remains Victory Square's primary presence in Latin American digital health.
Additional Portfolio Notes
Victory Square manages a diversified portfolio of 20+ companies across:
Digital Health & Wellness
AI & Machine Learning
Gaming & Immersive Technologies
Climate Tech
Pet Health & Wellness
Web3 / Blockchain Infrastructure
Capital Recycling & Allocation:
The Company continues reviewing monetization opportunities for non-core assets. Recent examples include:
On September 22, 2025, Victory Square announced a Normal Course Issuer Bid (NCIB) permitting the repurchase of up to 5,000,000 common shares.
Looking Ahead
Priorities for Q4 2025 and 2026 include:
Supporting Hydreight, VSDHOne, and VSDH platforms
Advancing Insu's development program
Supporting Pawsible's fund and studio initiatives
Continuing development of XR's immersive health tools
Ongoing NCIB activity and selective capital recycling
"We remain focused on execution within each platform," added Tejani. "Our goal is to build long-term, sustainable value by supporting companies aligned with our core sectors."
On behalf of the Board of Directors,
Shafin Diamond Tejani
Chairman & CEO
Victory Square Technologies Inc.
www.victorysquare.com
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
- A diverse portfolio of 25+ innovative companies from around the world (founders come from: Ireland, Sri Lanka, Bulgaria, Australia, India, Brazil, the Middle East and North America)
- Sectors include: Digital Health, Artificial Intelligence (AI), Machine Learning (ML), Blockchain/Web3, Virtual & Augmented Reality (VR/AR), Gaming, Climate Tech
- Owner-operated (approx. 15% Management Ownership)
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they're ready to spin-off or stand on their own. There are a couple of unique elements to our business model.
- We have unparalleled access to startups through our internal incubator and International network with over 250+ founders, investors, tech accelerators and venture capital firms from more than 60 countries.
- Second, our management team and advisors are actively involved in our investments from incubation through monetization, providing them with financial, operational, and strategic support to scale globally.
- We drive value by monetizing investments and reinvesting the gains in new innovations. The strategy was to build a self-sustaining business.
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTC Pink (VSQTF).
For more information, please visit www.victorysquare.com.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. All statements other than statements of historical facts contained in this news release are forward looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company, execution of business strategy, future performance and future growth, business prospects, synergies and opportunities of the Company and its related subsidiaries, and other factors beyond the Company's control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to the Company being able to capitalize on the acquired assets, the ability of acquired assets to maintain its value as presently contemplated, the synergies of the acquired assets with the Company's operations, and such other assumptions presented in the Company's disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Use of Non-GAAP Financial Measures
This release contains references to non-GAAP financial measures Adjusted Revenue and Adjusted EBITDA. The Company defines Adjusted Revenue as gross cash income before adjustments for the deferred portion of business partner setup, license, and sponsorship fees and gross and accrued receipts from blockchain grant funding. 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 (ii) gains/losses that are not reflective of ongoing operating performance including inventory impairment. The Company believes that the measure provides useful information to its shareholders and investors in understanding the Company's 2023 operating cash flow and 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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