Financial Data and Key Metrics Changes - For Q1 fiscal 2026, revenue increased by 21% to $3.9 million compared to $3.2 million in the prior year quarter [10] - Gross profit totaled $3.1 million, up 31.9% from $2.4 million in the prior year, with a gross profit margin improvement to 80.5% from 73.8% [11] - The company achieved positive EBITDA of $333,000, marking the first quarter in its history to reach this milestone [14] Business Line Data and Key Metrics Changes - Recurring revenue from technology as a service and usage-based subscriptions remained robust, driven by the popularity of the FDA cleared cardiac monitoring technology [10] - Technology fees accounted for 87% of total revenue, indicating strong customer retention and quality of support services [10] - Operating expenses decreased by 18.5% to $2.8 million from $3.5 million in the same period last year, with SG&A expenses down by 27.9% [12] Market Data and Key Metrics Changes - The company has expanded its market access through strategic partnerships with three major group purchasing organizations, providing access to approximately 90% of hospitals in the U.S. [5][13] - Regulatory approvals have been obtained in Canada, Saudi Arabia, Argentina, and other smaller markets, aligning with the strategy to promote accessible, high-quality care [6] Company Strategy and Development Direction - The company is focused on advancing its Cardiac AI cloud platform and pursuing FDA clearance for its AI clinical model, aiming to set new standards in cardiac care [4][5] - Strategic partnerships are being sought to further expand U.S. market access and capitalize on advantageous terms for solutions [6] - The company is diversifying into pulmonary neurology fields through partnerships with leading home-based diagnostic solutions [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's market position and the growing demand for its products dedicated to chronic cardiac disease prevention and management [16] - The focus on innovation and development continues to yield advancements in remote monitoring solutions, bringing the company closer to profitability [16] - The company is optimistic about maintaining margins, increasing growth, and achieving sustained profitability [19] Other Important Information - The net loss attributable to common stockholders for Q1 was $754,000, a significant improvement from a net loss of $6.9 million in the prior year [14][15] - The company has achieved positive free cash flows for the last four consecutive quarters, indicating a path towards profitability [13] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with management expressing excitement about the next fiscal year and the milestone of moving to positive EBITDA [18][19]

Core Insights - Biotricity Inc. reported strong financial performance for Q1 of fiscal 2026, achieving a positive EBITDA for the first time, indicating a shift towards profitability and scalability of its business model [1][4][2] Financial Highlights - Revenue increased by 21% to $3.9 million compared to $3.2 million in Q4 FY24 [4] - Gross margin improved to 80.5% from 73.8% in the same quarter last year, driven by increased recurring technology fee revenue and operational efficiencies [4] - Net loss decreased significantly to $0.75 million, or $0.03 per share, from a net loss of $6.9 million, or $0.49 per share, in Q1-FY25, marking an 80.6% improvement [4] - Positive EBITDA of $333,337 was reported, an increase of 118.7% compared to the prior year quarter [4] - Recurring Technology Fees rose by 11.8% year-over-year to $3.4 million, also reflecting a 7.9% increase from the previous quarter [4] Operational Highlights - The company has established strategic alliances with three of the top Group Purchasing Organizations (GPOs), providing access to approximately 90% of all hospitals in the U.S. [2][4] - Biotricity is expanding its geographic footprint across 70% of the U.S., with penetration into thousands of physicians and hundreds of centers [4] - The company is working towards achieving regulatory approval in international markets, having already secured approvals in Canada, Saudi Arabia, and Argentina [4] Technological Advancements - The expansion of Biotricity's Cardiac AI Cloud platform is supported by partnerships with industry leaders, utilizing over 2 trillion beats of anonymized data to enhance diagnostic accuracy and clinic profitability [1][4] - The company continues to leverage AI technology and workflow automation to improve operational expenses, margins, and revenues [1]

Part I – Financial Information [Condensed Consolidated Interim Financial Statements](index=3&type=section&id=Item%201%20%E2%80%93%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Presents Biotricity's unaudited interim financial statements, detailing balance sheets, operations, cash flows, and notes [Condensed Consolidated Interim Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Balance%20Sheets) Total assets increased to $6.04 million, liabilities grew to $36.84 million, and stockholders' deficiency widened to $32.80 million Condensed Consolidated Balance Sheet Highlights (in USD) | Balance Sheet Item | June 30, 2025 (Unaudited) | March 31, 2025 (Audited) | | :--- | :--- | :--- | | **Total Current Assets** | $5,144,540 | $4,639,292 | | **Total Assets** | $6,037,319 | $5,640,954 | | **Total Current Liabilities** | $21,806,321 | $20,636,148 | | **Total Liabilities** | $36,835,946 | $35,655,054 | | **Total Stockholders' Deficiency** | ($32,798,917) | ($32,014,390) | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenue increased to **$3.87 million**, gross profit rose to **$3.12 million**, and profit from operations reached **$281,945** Statement of Operations Summary (in USD) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Revenue** | $3,873,993 | $3,201,743 | | **Gross Profit** | $3,116,800 | $2,363,168 | | **(Loss) Profit from Operations** | $281,945 | ($1,116,846) | | **Net Loss Attributable to Common Stockholders** | ($754,293) | ($6,948,292) | | **Loss Per Share, Basic and Diluted** | ($0.029) | ($0.490) | [Condensed Consolidated Interim Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Interim%20Statements%20of%20Cash%20Flows) Net cash used in operating activities reduced to **$373,389**, with a net increase in cash of **$62,316**, ending with **$391,292** Cash Flow Summary (in USD) | Cash Flow Activity | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | ($373,389) | ($1,494,240) | | **Net cash provided by (used in) financing activities** | $435,705 | $868,180 | | **Net decrease in cash during the period** | $62,316 | ($626,060) | | **Cash, end of period** | $391,292 | $100,731 | [Notes to the Condensed Consolidated Interim Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) Details accounting policies, going concern, revenue, convertible notes, derivatives, and equity changes - The company has incurred recurring losses, resulting in an accumulated deficit of **$140,196,078** and a working capital deficiency of **$16,661,781** as of June 30, 2025, raising substantial doubt about its ability to continue as a going concern[20](index=20&type=chunk) Revenue Breakdown (in USD) | Revenue Source | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Technology fees | $3,371,392 | $3,016,250 | | Device sales | $502,601 | $185,493 | | **Total** | **$3,873,993** | **$3,201,743** | - During the quarter ended June 30, 2025, the company issued **$850,000** in unsecured convertible promissory notes to private investors and repaid a **$100,000** note from the prior fiscal year[123](index=123&type=chunk) - Subsequent to the quarter end, between July 1 and August 14, 2025, the company issued an additional **$694,197** in convertible notes and used the proceeds to redeem **$500,000** of other convertible notes[213](index=213&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202%20%E2%80%93%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting positive profit from operations, revenue growth, and going concern [Company Overview](index=44&type=section&id=Company%20Overview) Biotricity is a medical technology company focused on cardiac diagnostics, offering biometric monitoring and AI tools - The company's business model focuses on earning utilization-based recurring technology fee revenue by placing devices with clinically focused, repeat users[219](index=219&type=chunk) - Biotricity is expanding its AI technology development in remote cardiac care, using proprietary AI to create predictive monitoring tools for new disease profiling and improved patient management[231](index=231&type=chunk) - The company has monitored over **two billion heartbeats**, benefiting over **28,000 patients** diagnosed with atrial fibrillation (afib), a leading cause of strokes[230](index=230&type=chunk) [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Achieved first-ever profit from operations of **$281,945**, revenue up **21%** to **$3.9 million**, and gross margin at **80.5%** - The company reported its first-ever positive profit from operations and positive EBITDA for the quarter ended June 30, 2025[237](index=237&type=chunk)[250](index=250&type=chunk) Key Operational Results (in USD) | Metric | Q1 FY2026 (ended June 30, 2025) | Q1 FY2025 (ended June 30, 2024) | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $3,873,993 | $3,201,743 | +21.0% | | **Gross Profit** | $3,116,800 | $2,363,168 | +31.9% | | **Gross Margin** | 80.5% | 73.8% | +6.7 pts | | **Profit (Loss) from Operations** | $281,945 | ($1,116,846) | +$1,398,791 | | **Net Loss before Dividends** | ($671,977) | ($3,694,520) | +$3,022,543 | EBITDA and Adjusted EBITDA (in USD) | Metric | 3 months ended June 30, 2025 | 3 months ended June 30, 2024 | | :--- | :--- | :--- | | **EBITDA** | $333,337 | ($1,779,631) | | **Adjusted EBITDA** | $289,368 | ($1,056,380) | [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) Substantial doubt about going concern due to losses and working capital deficit, despite positive Free Cash Flow - Management has noted the existence of substantial doubt about the company's ability to continue as a going concern, and its independent auditor included an explanatory paragraph in its report[257](index=257&type=chunk) - The company had a cash balance of approximately **$0.4 million** as of June 30, 2025[269](index=269&type=chunk) Free Cash Flow (in USD) | Metric | 3 months ended June 30, 2025 | 3 months ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($373,389) | ($1,494,240) | | Add: Interest expense | $850,254 | $768,673 | | **Free Cash Flows** | **$476,865** | **($725,567)** | [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203%20%E2%80%93%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Disclosure not required as Biotricity Inc. qualifies as a smaller reporting company - Not required for a smaller reporting company[282](index=282&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204%20%E2%80%93%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal controls - Based on an evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[284](index=284&type=chunk) - There were no changes in the Company's internal controls over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[285](index=285&type=chunk) Part II – Other Information [Legal Proceedings](index=55&type=section&id=Item%201%20%E2%80%93%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is not currently a party to any material legal proceedings[288](index=288&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202%20%E2%80%93%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - None reported[290](index=290&type=chunk) [Other Information](index=55&type=section&id=Item%205%20%E2%80%93%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the quarter ended June 30, 2025[294](index=294&type=chunk) [Exhibits](index=55&type=section&id=Item%206%20%E2%80%93%20Exhibits) Lists exhibits filed with Form 10-Q, including CEO/CFO certifications and Inline XBRL financial data - The report includes the following exhibits: - Certifications pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002 - Inline XBRL Document Set for the financial statements[296](index=296&type=chunk)

Core Viewpoint - Biotricity Inc. is set to announce continued revenue growth, improvements in margins, operational efficiency, and a shift to positive EBITDA during its upcoming financial results call [1] Financial Performance - The company has achieved a positive EBITDA, indicating improved financial performance [1] - The Fiscal 2026 First Quarter Financial Results and Business Update Call is scheduled for August 14, 2025, at 4:30 PM ET [2] Company Overview - Biotricity is focused on redefining the healthcare industry through innovative remote monitoring and diagnostic solutions [1] - The company aims to bridge the gap in remote monitoring and chronic care management, providing preventive and personal care solutions [3]

Core Insights - The design of an instrument indicates its purpose and effectiveness in meeting specific goals [1] Group 1 - Tim Worstall is a wholesaler of rare earth metals and an expert in scandium [1] - He is affiliated with the Adam Smith Institute in London and contributes to various media outlets [1]

Group 1 - The core viewpoint of the earnings call is that Biotricity has experienced a transformative fiscal year 2025, with significant advancements and strategic initiatives leading towards profitability and positive EBITDA [4]. - The company has made remarkable progress through innovation, strategic partnerships, and operational efficiency [4]. - A major achievement highlighted is the expansion of Biotricity's Cardiac AI cloud platform, supported by partnerships with industry leaders [5].

Core Insights - Biotricity Inc. has reported significant financial improvements for fiscal year 2025, showcasing a transformation driven by technology and operational efficiencies [2][8][9] Financial Performance - FY25 revenue increased by 14.3% year-over-year to $13.8 million, up from $12.1 million in FY24 [9] - Gross margin improved to 76.6% in FY25, compared to 69.3% in FY24, attributed to increased recurring technology fee revenue and operational efficiencies [8][9] - The net loss for FY25 decreased by 20% year-over-year to $11.9 million, or $0.56 per share, down from a net loss of $14.9 million, or $1.66 per share, in FY24 [9] - Positive Adjusted EBITDA of $438,260 was achieved in Q4 FY25, marking the first time in the company's history to reach EBITDA positivity [8][9] Operational Highlights - Recurring Technology Fees rose by 12% year-over-year to $12.6 million, significantly outpacing Device Sales revenue [7] - Operating expenses were reduced by 24.5% year-over-year, contributing to improved financial metrics [8] - The company is on track to achieve EBITDA breakeven and long-term profitability in FY26 [2][8] Strategic Developments - Biotricity has expanded its Cardiac AI Cloud platform through strategic partnerships, enhancing its market reach to approximately 90% of hospitals in the U.S. [4][3] - The company is pursuing FDA clearance for its AI clinical model, which is expected to revolutionize medical diagnostics and chronic care management [3][4] - Collaborative partnerships established during FY25 and FY26 are aimed at capitalizing on new market channels and value-based care programs [4] Market Position - Biotricity is positioned within a total addressable market of $35 billion, focusing on innovative and accessible cardiac care solutions [15] - The company has secured strategic alliances with three of the top Group Purchasing Organizations (GPOs), representing a significant portion of U.S. hospitals [15]

Part I [Business](index=4&type=section&id=ITEM%201.%20BUSINESS) Biotricity Inc. provides biometric data monitoring solutions for cardiac care, leveraging an insourcing model and recurring revenue from FDA-cleared products - The company's core business is providing remote cardiac monitoring solutions (Bioflux®, Biocore®) to medical professionals using an insourcing model, charging recurring technology service fees[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - Biotricity is expanding its AI technology development, leveraging a proprietary cardiac AI model built with Google's TensorFlow and AWS infrastructure to improve disease profiling and patient management[27](index=27&type=chunk)[28](index=28&type=chunk) - The company has expanded its commercial sales efforts to **35 states** and is pursuing regulatory approvals in key international jurisdictions for future growth[14](index=14&type=chunk) [Market Overview and Opportunity](index=6&type=section&id=ITEM%201.%20BUSINESS%23Market%20Overview%20and%20Opportunity) The company targets the growing cardiovascular and remote monitoring markets, aiming to disrupt them with superior technology and an insourced business model - The global ECG equipment market is projected to grow at a CAGR of **6.5%** from 2023 to 2030, with the US market valued at **$2.01 billion** in 2022[32](index=32&type=chunk) - Mobile Cardiac Outpatient Monitoring (COM) tests have an estimated average reimbursement rate of approximately **$850 per test** in key US markets[34](index=34&type=chunk) - The chronic care management market is projected to reach **$8.7 billion** in the US by 2027 (**18% CAGR**), and the remote patient monitoring (RPM) market is projected to reach **$96.67 billion** by 2030 (**17.6% CAGR**)[45](index=45&type=chunk)[46](index=46&type=chunk) [Products and Technology](index=10&type=section&id=ITEM%201.%20BUSINESS%23Products%20and%20Technology) Biotricity offers a comprehensive product ecosystem for cardiac monitoring and chronic care, including advanced ECG devices and a disease management platform, with plans for future market expansion - The flagship Biocore® Pro is an advanced ECG device for the COM market with **3 channels** and built-in cellular connectivity[60](index=60&type=chunk)[61](index=61&type=chunk) - The Biocare® platform, combined with the Bioheart® monitor and Biokit®, provides a comprehensive disease management solution for cardiovascular patients, a unique offering in a space primarily focused on diabetes[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Future product development includes Bionatal for fetal monitoring and leveraging an NIH grant to investigate cardiac anomalies in chronic kidney disease patients[69](index=69&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Competition](index=12&type=section&id=ITEM%201.%20BUSINESS%23Competition) Biotricity competes in the COM and Holter markets against major players, differentiating itself through superior 3-channel technology and a unique insourced business model - Primary COM competitors include Philips Biotel and Boston Scientific, who operate on an outsourced service model, whereas Biotricity uses an insourced model empowering physicians[74](index=74&type=chunk)[75](index=75&type=chunk) - In the Holter patch market, competitors like iRhythm Technologies and BardyDx offer **1-channel**, non-connected devices, while Biotricity's Biocore is a connected, **3-channel** solution[81](index=81&type=chunk)[82](index=82&type=chunk) - The company believes its competitive advantage lies in its superior technology (e.g., **3-channel**, connected devices) and its disruptive insourcing business model, which creates financial and clinical benefits for providers[82](index=82&type=chunk)[55](index=55&type=chunk) [Government Regulation](index=15&type=section&id=ITEM%201.%20BUSINESS%23Government%20Regulation) Biotricity's Class II medical devices are subject to extensive FDA and international regulations, requiring 510(k) clearance and ongoing compliance with quality and reporting standards - The company's products are classified as **Class II medical devices** and have received the necessary **510(k) clearances** from the FDA for commercial distribution in the U.S.[96](index=96&type=chunk)[104](index=104&type=chunk) - Post-market, the company must comply with numerous FDA regulations, including Quality System Regulation (QSR), Medical Device Reporting (MDR), and rules governing product modifications and advertising[94](index=94&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company is also subject to foreign regulations and has implemented a quality management system compliant with **ISO 13485:2013** to facilitate international market access[109](index=109&type=chunk)[110](index=110&type=chunk) [Risk Factors](index=19&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company faces significant risks including limited operating history, ongoing net losses, going concern doubts, dependence on physician adoption, regulatory and reimbursement challenges, intense competition, and intellectual property issues - The company has a history of net losses, an accumulated deficit of **$138.9 million** as of March 31, 2025, and its auditors have expressed substantial doubt about its ability to continue as a going concern[122](index=122&type=chunk)[176](index=176&type=chunk) - Business success is highly dependent on convincing physicians to use its solutions, which is influenced by factors like reimbursement adequacy, product reliability, and pricing[130](index=130&type=chunk)[131](index=131&type=chunk) - The company is subject to extensive government regulation (FDA), and its revenue is vulnerable to changes in third-party reimbursement policies from Medicare and commercial payors[133](index=133&type=chunk)[143](index=143&type=chunk)[149](index=149&type=chunk) - The company relies on trade secrets and has limited patent protection, exposing it to risks of intellectual property litigation and competition from others developing similar technologies[182](index=182&type=chunk)[204](index=204&type=chunk)[205](index=205&type=chunk) [Cybersecurity](index=36&type=section&id=ITEM%201C.%20CYBERSECURITY) Biotricity integrates cybersecurity risk management into its overall processes, with the VP of Technology overseeing efforts, third-party consultants assisting, and board audit committee oversight - The company has integrated cybersecurity risk management into its overall risk processes, with oversight from the board's audit committee[216](index=216&type=chunk)[222](index=222&type=chunk) - The Vice President of Technology is primarily responsible for managing cybersecurity risk, and the company engages third-party consultants to assist in designing, implementing, and monitoring safeguards[219](index=219&type=chunk)[220](index=220&type=chunk) - To date, the company has not experienced any cybersecurity incidents that have materially impaired its operations or financial condition[221](index=221&type=chunk) [Properties](index=37&type=section&id=ITEM%202.%20PROPERTIES) The company's principal executive office is a leased 8,300 square foot facility in Redwood City, California, deemed adequate for current operations - The company's main office is a leased space of approximately **8,300 sq. ft.** at 203 Redwood Shores Parkway, Suite 600, Redwood City, California[225](index=225&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=38&type=section&id=ITEM%205.%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%2C%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) Biotricity's common stock trades on the OTCQB, with 26.57 million shares outstanding, and the company pays dividends only on Series A preferred shares while maintaining equity incentive plans - The company's common stock is traded on the OTCQB under the symbol **"BTCY"**[228](index=228&type=chunk) - As of July 15, 2025, there were **26,567,769 shares** of common stock outstanding[7](index=7&type=chunk)[229](index=229&type=chunk) - The company pays a **12% annual dividend** on its Series A preferred shares but does not anticipate paying cash dividends on its common stock[231](index=231&type=chunk) Equity Compensation Plan Information as of March 31, 2025 | Plan Category | (a) Number of securities to be issued upon exercise of outstanding options, warrants and rights | (b) Weighted average exercise price of outstanding options, warrants and rights | (c) Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 3,953,442 | $ 3.0525 | 4,849,418 | | Warrants granted to Directors and Officers | 736,216 | $ 2.2943 | - | | **Total** | **4,689,658** | **5.3468** | **4,849,418** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Biotricity's FY2025 revenue grew to **$13.8 million** with improved gross margin and reduced operating losses, though liquidity remains critical with substantial doubt about its going concern ability [Results of Operations](index=43&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS%23Results%20of%20Operations) In FY2025, revenue increased by **14.3%** to **$13.8 million**, gross margin expanded to **76.6%**, and operating loss significantly narrowed to **$2.4 million** due to reduced expenses Fiscal Year 2025 vs 2024 Operating Results | | 2025 ($) | 2024 ($) | Period Change ($) | | :--- | :--- | :--- | :--- | | **Revenue** | **13,790,294** | **12,063,345** | **1,726,949** | | Gross profit | 10,564,491 | 8,356,281 | 2,208,210 | | *Gross Margin %* | *76.6%* | *69.3%* | *7.3%* | | Total operating expenses | 12,968,538 | 17,184,550 | (4,216,012) | | Loss from operations | (2,404,047) | (8,828,269) | 6,424,222 | | Net loss before dividends | (8,421,179) | (14,094,283) | 5,673,104 | | Net loss attributable to common stockholders | (11,246,320) | (14,928,960) | 3,682,640 | Q4 2025 vs Q4 2024 Operating Results | | Q4 2025 ($) | Q4 2024 ($) | Period Change ($) | | :--- | :--- | :--- | :--- | | **Revenue** | **3,702,597** | **3,178,311** | **524,286** | | Gross profit | 2,978,181 | 2,272,313 | 705,868 | | *Gross Margin %* | *80.4%* | *71.5%* | *8.9%* | | Loss from operations | (810,547) | (3,044,336) | 2,233,789 | - The increase in gross margin to **76.6%** was primarily due to a higher percentage of technology sales, which have a higher margin (**79.8%** in FY25 vs. **75%** in FY24), and improved operational efficiency[262](index=262&type=chunk) - Selling, general and administrative expenses decreased by **$3.8 million** in FY25, attributed to increased monitoring of spending efficiency over sales commissions and fixed G&A costs[265](index=265&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS%23Liquidity%20and%20Capital%20Resources) Biotricity faces critical liquidity challenges with **$0.4 million** cash and a **$15.9 million** working capital deficit, necessitating additional financing to address going concern doubts and fund operations - As of March 31, 2025, the company had only **$365,145** in cash and a working capital deficit of **$15.9 million**, raising substantial doubt about its ability to continue as a going concern[176](index=176&type=chunk)[279](index=279&type=chunk)[282](index=282&type=chunk) Cash Flow Summary (Fiscal Years Ended March 31) | | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | (2,401,397) | (6,693,912) | | Net cash used in investing activities | — | — | | Net cash provided by financing activities | 1,929,253 | 6,741,685 | | **Net (decrease) increase in cash** | **(472,144)** | **47,773** | - The company will require additional funds to support its business plan, estimating a need for an additional **$10 million** to fund operations and sales expansion[156](index=156&type=chunk) - In November 2024, the company amended its term loan to receive an additional **$635,000** in proceeds and capitalized approximately **$1.5 million** in interest, while also issuing **600,000 warrants** to the lender[288](index=288&type=chunk) [Critical Accounting Policies](index=50&type=section&id=ITEM%207.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS%23Critical%20Accounting%20Policies) Biotricity's critical accounting policies involve significant estimates for revenue recognition (ASC 606), fair value of financial instruments, stock-based compensation, and a full valuation allowance against deferred tax assets due to historical losses - Revenue is recognized under **ASC 606**, with a distinction between technology fees and device sales. For FY2025, technology fees constituted the majority of revenue[300](index=300&type=chunk)[301](index=301&type=chunk) Revenue Breakdown (Fiscal Year Ended March 31) | | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Technology fees | 12,591,036 | 11,249,113 | | Device sales | 1,199,258 | 814,232 | | **Total** | **13,790,294** | **12,063,345** | - The company uses significant estimates for the fair value of derivative liabilities associated with convertible debt and preferred stock, stock options, and warrants, which can materially impact financial results[307](index=307&type=chunk)[310](index=310&type=chunk) - A full valuation allowance is recorded against deferred tax assets due to the company's history of losses, making it not more likely than not that these assets will be realized[317](index=317&type=chunk)[663](index=663&type=chunk) [Controls and Procedures](index=57&type=section&id=ITEM%209A.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls during the last quarter - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report (March 31, 2025)[347](index=347&type=chunk)[350](index=350&type=chunk) - There were no changes in internal controls over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[353](index=353&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=59&type=section&id=ITEM%2010.%20DIRECTORS%20AND%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE) The company's leadership includes CEO Waqaas Al-Siddiq and CFO John Ayanoglou, supported by a Board with three independent directors and established governance committees and policies - The executive team is led by Waqaas Al-Siddiq (President, CEO, Chairman) and John Ayanoglou (CFO)[359](index=359&type=chunk) - The Board has **three independent directors** (David Rosa, Ron McClurg, Jainal Bhuiyan) and has established Audit, Compensation, and Nominating committees[372](index=372&type=chunk)[380](index=380&type=chunk) - The company has adopted a clawback policy allowing for the recovery of incentive-based compensation from executives in the event of a material accounting restatement[369](index=369&type=chunk) [Executive Compensation](index=64&type=section&id=ITEM%2011.%20EXECUTIVE%20COMPENSATION) In FY2025, CEO Waqaas Al-Siddiq's total compensation was **$732,000**, and CFO John Ayanoglou's was **$738,023**, both with employment agreements outlining salary, bonus, and severance terms Summary Compensation Table (Fiscal Years 2025 & 2024) | Name and Principal Position | Fiscal Year | Salary ($) | Bonus ($) | Option/Warrant Awards(1) ($) | All Other Compensation ($) | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Waqaas Al-Siddiq** | 2025 | 480,000 | 240,000 | - | 12,000 | **732,000** | | *Chief Executive Officer* | 2024 | 480,000 | 240,000 | 522,153 | 12,000 | **1,254,153** | | **John Ayanoglou** | 2025 | 300,000 | 250,000 | 176,023 | 12,000 | **738,023** | | *Chief Financial Officer* | 2024 | 300,000 | 250,000 | - | 12,000 | **562,000** | - CEO Waqaas Al-Siddiq has an employment agreement with a base salary of **$480,000** for FY2025 and eligibility for a bonus up to **50%** of his salary[387](index=387&type=chunk) [Security Ownership of Certain Beneficial Owners and Management](index=67&type=section&id=ITEM%2012.%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT) As of July 14, 2025, CEO Waqaas Al-Siddiq beneficially owned **8.02%** of common stock, while all directors and executive officers as a group owned **12.58%** Beneficial Ownership as of July 14, 2025 | Name of Beneficial Owner | Shares Beneficially Owned | % of Shares Beneficially Owned | | :--- | :--- | :--- | | Waqaas Al-Siddiq (1) | 2,248,723 | 8.02% | | Sohaira Siddiqui | 1,916,910 | 6.84% | | Mohammad Siddiqui | 1,898,159 | 6.77% | | Rizwana Siddiqui | 1,790,434 | 6.39% | | Rizwan Rahman | 1,790,434 | 6.39% | | Mohamed Abdi | 1,790,434 | 6.39% | | All directors and executive officers as a group (5 persons) | 3,401,573 | 12.58% | [Principal Accountant Fees and Services](index=68&type=section&id=ITEM%2014.%20PRINCIPAL%20ACCOUNTANT%20FEES%20AND%20SERVICES) For FY2025, the company incurred **$118,447** in total fees from its principal accountant, exclusively for audit services, a decrease from the prior fiscal year Accountant Fees (Fiscal Years Ended March 31) | Fee Category | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Audit Fees | 118,447 | 155,377 | | Audit-Related Fees | - | - | | Tax Fees | - | - | | All Other Fees | - | - | | **Total Fees** | **118,447** | **155,377** | Part IV [Exhibits and Financial Statement Schedules](index=69&type=section&id=ITEM%2015.%20EXHIBITS%20AND%20FINANCIAL%20STATEMENT%20SCHEDULES) This section details all exhibits filed with the Form 10-K, including corporate foundational documents, financing agreements, equity plans, employment contracts, and officer certifications - Filed exhibits include foundational corporate documents, details of equity and debt financing instruments, executive employment agreements, and required SEC certifications[404](index=404&type=chunk)[405](index=405&type=chunk)[407](index=407&type=chunk)

Core Insights - Biotricity Inc. is set to announce significant improvements in margins, operational efficiency, and a transition to positive adjusted EBITDA during its Fiscal 2025 Fourth Quarter Financial Results and Business Update Call on July 18, 2025 [1] - The company claims this will be its best financial performance to date, highlighting its commitment to redefining the healthcare industry through innovative remote monitoring and diagnostic solutions [1] Company Overview - Biotricity Inc. operates in the Technology-as-a-Service (TaaS) sector, focusing on remote monitoring and chronic care management [3] - The company aims to bridge gaps in healthcare by providing comprehensive remote health monitoring solutions for both medical and consumer markets [3] Event Details - The Financial Results and Business Update Call is scheduled for July 18, 2025, at 4:45 PM ET, with a listen-only mode for investors [2] - A replay of the call will be available approximately three hours after the live event, accessible through the company's investor relations section [3]

Core Insights - Biotricity Inc. has been recognized as one of The Americas' Fastest-Growing Companies 2025 by the Financial Times, achieving a remarkable growth rate of 256.4% during challenging global conditions [1][2][3] Company Performance - The evaluation by the Financial Times, in collaboration with Statista, focused on independent companies across the Americas based on revenue growth from 2020 to 2023, amidst significant economic challenges such as the COVID-19 pandemic and supply chain disruptions [2] - Biotricity's growth is attributed to the increasing demand for smart remote monitoring solutions, addressing the needs of over 100 million Americans who face barriers to essential healthcare services [3] Innovation and Market Position - Biotricity is at the forefront of transforming healthcare with proprietary technologies that enhance continuous remote monitoring for high-risk cardiac patients, enabling medical providers to deliver faster interventions and improve patient outcomes [3] - The company's mission to revolutionize chronic care management, particularly in the cardiac sector, is gaining momentum, as highlighted by the recognition from the Financial Times [4]