Revenue Increased to $24.9 Million, Net Income Totaled $3.9 Million, and Cash & Marketable Securities Increased to Approximately $31 Million
VANCOUVER, BC, June 1, 2026 /PRNewswire/ - Victory Square Technologies Inc. (CSE: VST) (OTCQX: VSQTF) (FWB: 6F6) ("Victory Square", "VST", or the "Company"), a venture builder focused on healthcare infrastructure, digital health, artificial intelligence, and emerging technology platforms, today announced its financial results for the three months ended March 31, 2026.
Q1 2026 marked another important milestone in Victory Square's evolution from venture builder to platform owner.
During the quarter, the Company continued to support portfolio companies operating across healthcare infrastructure, digital health, artificial intelligence, pet health, and emerging technologies. Notable developments included continued expansion of Hydreight Technologies' healthcare platform, progress at Insu Therapeutics' buccal peptide delivery program, and the launch of Pawsible Ventures' pet-health platform initiatives.
Q1 2026 Financial Highlights
- Revenue increased to $24.9 million, compared to $4.5 million in Q1 2025.
- Gross profit increased to $5.1 million, compared to $1.5 million in the prior-year period.
- Net income totaled approximately $3.9 million.
- Cash & Marketable Securities increased to approximately $31 million at March 31, 2026.
- The Company exited the quarter with a strengthened liquidity position and increased financial flexibility.
The Company's financial performance continues to be driven primarily by the growth and scale of Hydreight Technologies Inc., Victory Square's largest operating subsidiary and core healthcare infrastructure platform.
Hydreight Technologies Update
Hydreight Technologies (TSXV: NURS) is Victory Square's largest operating subsidiary.
Hydreight operates a healthcare platform that provides physician coverage, pharmacy relationships, compliance frameworks, and telehealth enablement capabilities across all 50 U.S. states.
Recent developments included:
- Revenue growth and profitability
- Growth in the VSDHOne platform to more than 12,000 licenses
- Completion of a $15 million financing
- Launch of a Normal Course Issuer Bid (NCIB)
VSDHOne supports healthcare entrepreneurs, clinics, healthcare brands, and operators through physician coverage, compliance infrastructure, pharmacy fulfillment, and telehealth capabilities.
Insu Therapeutics Update
Insu Therapeutics is a clinical-stage biotechnology company developing a patented buccal delivery platform for peptide-based therapeutics.
The Company's research initially focused on evaluating the buccal delivery of insulin, which inspired the name "Insu Therapeutics." Building on that work, the Company has expanded its research to include semaglutide, a peptide-based therapy currently used in the treatment of obesity and diabetes.
Many peptide-based therapies continue to rely on injection-based administration. Insu's platform is designed to evaluate an alternative delivery approach through a patented buccal delivery system engineered to:
- Absorb peptides through the buccal mucosa (inner cheek)
- Bypass gastrointestinal degradation
- Avoid first-pass liver metabolism
- Protect active pharmaceutical ingredients from salivary loss
Unlike traditional oral tablets that rely on gastrointestinal absorption, buccal delivery utilizes a different route of administration designed to deliver molecules through the buccal mucosa.
Importantly, Insu is not developing a new peptide molecule. The Company's research is focused on evaluating its delivery platform using existing peptide therapies, including semaglutide.
During the quarter, Insu announced completion of Phase I preclinical studies evaluating its buccal semaglutide program and received Research Ethics Board approval from the University of British Columbia to initiate Phase II studies.
The studies utilize innovator-manufactured semaglutide and are designed to evaluate pharmacokinetics, systemic exposure, and performance under chronic administration.
Insu's intellectual property and research programs are focused on peptide delivery technologies and are supported by research conducted at the University of British Columbia.
Pawsible Ventures Update
During its first year of operations, Pawsible Ventures evaluated several hundred companies globally and launched its inaugural cohort focused on veterinary diagnostics, AI-enabled care, preventative health, therapeutics, and veterinary operations.
According to third-party industry research, the global pet care market exceeds US$270 billion annually and is projected to approach US$500 billion over the next decade. Growth in the sector has been supported by rising pet ownership, increasing veterinary spending, preventative healthcare adoption, and continued investment in pet health and wellness.
To address this opportunity, Pawsible launched:
- A dedicated pet-health venture platform
- A $10 million investment fund
- A venture studio
- A pet-health incubator
- A global advisory board comprised of veterinary, healthcare, technology, and industry leaders
The platform recently announced its inaugural cohort of companies focused on veterinary diagnostics, AI-enabled care, preventative health, veterinary infrastructure, therapeutics, and consumer wellness.
"Q1 2026 was an active quarter across several areas of the portfolio," said Shafin Diamond Tejani, Chairman and Chief Executive Officer of Victory Square Technologies.
"Hydreight continued to expand its healthcare platform, Insu advanced its semaglutide delivery studies, and Pawsible launched several new initiatives focused on pet health innovation.
Over the past several years, we have focused on supporting businesses operating in large and evolving markets, particularly where infrastructure, technology, and execution can create long-term competitive advantages. During the quarter, we continued to see progress across multiple portfolio companies as they advanced their respective operating and development milestones.
Victory Square remains focused on supporting founders, allocating capital prudently, and helping portfolio companies execute on their growth objectives. We believe the combination of healthcare infrastructure, emerging technologies, and diversified portfolio exposure continues to position the Company to participate in multiple sectors undergoing significant change and innovation."
Looking Ahead
Management remains focused on:
- Supporting Hydreight Technologies' operational growth initiatives and platform expansion
- Advancing Insu Therapeutics' development programs and research milestones
- Expanding Pawsible Ventures' pet health platform initiatives
- Supporting portfolio company execution across key sectors
- Evaluating monetization opportunities where appropriate
- Disciplined capital allocation
The Company continues to evaluate opportunities that can leverage infrastructure developed across its healthcare ecosystem, including physician networks, pharmacy relationships, compliance frameworks, technology platforms, and patient access capabilities.
Victory Square's healthcare ecosystem includes infrastructure supporting telehealth, pharmacy fulfillment, diagnostics, wellness programs, healthcare enablement, and therapeutic delivery technologies. The Company believes this infrastructure may provide opportunities to support the development, acquisition, and growth of businesses operating within the broader healthcare sector.
Victory Square remains focused on supporting portfolio companies as they execute on their operating objectives while maintaining a disciplined approach to capital allocation and long-term portfolio development.
Upcoming Victory Square Webinar
Victory Square Technologies will host a live webinar to discuss its Q1 2026 financial results, provide a portfolio update, and discuss key developments across the Company's investments and operating businesses.
Date: Tuesday, June 9, 2026
Time: 1:15 p.m. PST - 2:00 p.m. PST (4:15 p.m. EST - 5:00 p.m. EST)
Webcast Registration:https://us06web.zoom.us/webinar/register/WN_yQ4femuMTbOXwkeA5cKVKw
Shareholders are encouraged to submit questions in advance to [email protected] . Management will address as many shareholder questions as possible during the live webinar.
A replay of the webinar will be made available following the event.
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 Technologies Inc. is a publicly traded company that invests in, develops, and supports businesses operating across healthcare infrastructure, digital health, artificial intelligence, immersive technologies, and other emerging sectors.
The Company maintains a portfolio of operating and development-stage businesses, with a particular focus on healthcare infrastructure, software platforms, and technology-enabled services.
Portfolio sectors include:
- Digital Health & Healthcare Infrastructure
- Artificial Intelligence (AI) & Machine Learning
- Blockchain & Web3 Infrastructure
- Virtual & Augmented Reality (VR/AR)
- Gaming & Interactive Technologies
- Climate Technology
- Pet Health & Wellness
Victory Square provides portfolio companies with access to capital, operational support, strategic guidance, and industry relationships to assist in their development and growth.
The Company is headquartered in Vancouver, British Columbia, Canada, and its common shares trade on the Canadian Securities Exchange (CSE: VST), the Frankfurt Stock Exchange (FWB: 6F6), and the OTC Market (OTCQX: VSQTF).
For more information, please visit www.victorysquare.com.
Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable securities laws.
Forward-looking information may be identified by words such as "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions.
Forward-looking information in this news release includes, without limitation, statements relating to:
- The Company's strategy and business model
- Portfolio company development and performance
- Platform scaling and utilization
- Capital allocation and monetization initiatives
- Hydreight's publicly disclosed guidance and outlook
- The anticipated benefits of VSDHOne and other platform-based offerings
- Development timelines and regulatory pathways for Insu Therapeutics
- Expansion initiatives across Pawsible Ventures and other portfolio companies
Forward-looking information is based on management's current expectations, estimates, assumptions, and beliefs as of the date of this release, including assumptions regarding:
- Continued partner adoption and transaction volumes
- Stability of regulatory frameworks in applicable jurisdictions
- Availability of capital
- Portfolio company execution
- General economic and market conditions
Forward-looking information relating to Hydreight, including revenue guidance and margin expectations, is based on information publicly disclosed by Hydreight and reflects Hydreight management's expectations regarding partner activity, service mix, and operational capacity.
Actual results may differ materially from those anticipated due to a number of factors, including, without limitation:
- Changes in regulatory requirements
- Execution risk at the portfolio company level
- Variability in transaction volumes or partner performance
- Revenue recognition and audit outcomes
- Capital markets conditions
- Clinical development risks
- General economic and industry conditions
There can be no assurance that forward-looking information will prove to be accurate, and readers are cautioned not to place undue reliance on such information.
Except as required by applicable law, the Company does not undertake any obligation to update forward-looking information.
Use of Non-GAAP Financial Measures
This news release references certain non-GAAP financial measures used by the Company and its portfolio companies, including "Adjusted Revenue" and "Adjusted EBITDA."
These measures do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS") and may not be comparable to similar measures used by other issuers.
For Victory Square, non-GAAP measures are used to provide additional insight into operating performance, portfolio activity, and the scale of underlying platform economics.
For Hydreight Technologies Inc. ("Hydreight"), which is consolidated within the Company's financial results, non-GAAP financial measures are defined and reported by Hydreight in its public disclosure, including its audited financial statements and MD&A.
As disclosed by Hydreight:
- Adjusted Revenue reflects gross economic activity processed through the platform and may differ materially from revenue recognized under IFRS due to revenue recognition and deferral requirements.
- Adjusted EBITDA is defined as net income (loss) before interest, taxes, depreciation and amortization, and before certain non-recurring or non-operating items, including transaction costs, share-based compensation, and other adjustments as disclosed in Hydreight's filings.
These measures are provided for informational purposes only and should not be considered in isolation or as substitutes for financial measures prepared in accordance with IFRS.
Readers are encouraged to review Hydreight's public filings on SEDAR+ for full definitions, reconciliations, and related disclosures regarding its non-GAAP financial measures.
In addition, revenue recognition for certain platform-based offerings, including those facilitated through the VSDHOne infrastructure, may involve management judgment and auditor review, and may result in differences between reported IFRS revenue and gross processing volumes or cash receipts during a given period.
Notes:
- "Adjusted Revenue" is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company's platform and should not be considered revenue recognized under IFRS. See "Non-GAAP Financial Measures" section below for definition.
- "Adjusted EBITDA" is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See "Non-GAAP Financial Measures" section below for definition.
SOURCE Victory Square Technologies Inc
