Core Insights - Biotricity Inc. reported a 19% increase in revenue for Q2 FY26, reaching $3.9 million compared to $3.3 million in the same period last year, indicating strong growth in its Technology-as-a-Service (TaaS) model [7] - The company achieved a gross margin of 81.9%, up from 75.3% year-over-year, reflecting operational efficiencies and an expanding recurring revenue base [7] - Net loss improved significantly to $0.77 million, or $0.03 per share, from a net loss of $1.7 million, or $0.07 per share, marking a 53.3% reduction in losses [7] Financial Highlights - Recurring TaaS Technology Fees rose by 4.2% year-over-year to $3.5 million, constituting 88.7% of total revenue for Q2 FY26 [7] - The company maintained a strong customer retention rate, attributed to high-quality services that prioritize diagnostic accuracy and user-friendliness [7] - Biotricity is making progress in securing regulatory approvals in key international markets, including Canada, Saudi Arabia, and Argentina, which will facilitate broader distribution [7] Operational Highlights - The company is focusing on enhancing operational efficiency through proprietary AI-driven automation, which is expected to sustain margins and accelerate growth [2] - Biotricity is expanding its market presence in the U.S. by engaging with thousands of cardiologists and forming strategic alliances with major Group Purchasing Organizations (GPOs) that represent 90% of U.S. hospitals [7] - The launch of the Biocore Pro cardiac monitoring device and large-scale pilots in leading hospital networks demonstrate the company's capability to scale its technology and impact [2]

Financial Performance - Total revenue for the six months ended September 30, 2025, was $7,759,788, representing a 20% increase from $6,468,589 in the same period of 2024[10]. - Gross profit for the three months ended September 30, 2025, was $3,181,498, up 29% from $2,459,174 in the same quarter of 2024[10]. - The net loss attributable to common stockholders for the six months ended September 30, 2025, was $1,526,616, compared to a loss of $8,601,321 in the same period of 2024[10]. - The company experienced a comprehensive loss of $1,553,499 for the six months ended September 30, 2025, compared to $8,707,114 in the same period of 2024[10]. - The net loss before dividends for the period of $690,913 for the three months ended September 30, 2025, compared to a net loss of $1,362,890 for the same period in 2024, indicating a year-over-year improvement[11]. - For the six months ended September 30, 2025, Biotricity reported a net loss of $1,362,890, a significant improvement compared to a net loss of $5,256,288 for the same period in 2024, representing a reduction of approximately 74%[14]. Revenue Breakdown - Technology fees for the six months ended September 30, 2025, amounted to $6,882,846, up from $6,081,064 in 2024, reflecting a growth of 13%[28]. - Device sales increased significantly to $876,942 for the six months ended September 30, 2025, compared to $387,525 in 2024, marking a growth of 126%[28]. Assets and Liabilities - Total current assets increased to $5,536,234 as of September 30, 2025, from $4,639,292 as of March 31, 2025[8]. - Total liabilities rose to $37,984,860 as of September 30, 2025, compared to $35,655,054 as of March 31, 2025[8]. - Cash decreased to $308,460 as of September 30, 2025, from $365,145 as of March 31, 2025[8]. - The company reported a working capital deficiency of $18,077,790 as of September 30, 2025, compared to $15,996,856 as of March 31, 2025, highlighting liquidity concerns[21]. Equity and Stockholder Information - The number of common shares outstanding increased to 26,791,608 as of September 30, 2025, from 26,081,295 as of March 31, 2025[8]. - The total common shares issued increased to 26,952,280 as of September 30, 2025, up from 26,728,441 as of June 30, 2025, representing a growth of approximately 0.84%[11]. - The total stockholders' deficiency increased from $32,798,917 to $33,412,378, indicating a decline in overall equity position[11]. - The company’s accumulated deficit reached $140,968,401 as of September 30, 2025, reflecting ongoing financial challenges[11]. Cash Flow and Financing - Cash generated from operating activities was $42,241 for the six months ended September 30, 2025, a turnaround from cash used of $1,891,299 in the same period of 2024[14]. - Cash paid for interest during the six months ended September 30, 2025, was $1,683,697, compared to $1,235,256 in the same period of 2024, indicating increased financing costs[14]. - The Company issued $11,275,500 in Series A Convertible Promissory Notes, which accrue interest at 12% per annum, with a maturity date of one year from the final closing date[75]. - The Company issued Series C Notes totaling $1,812,700 with net proceeds of $1,100,430 after financing fees[104]. Stock-Based Compensation - The company recorded stock-based compensation of $6,001 for the ESOP during the period, contributing to the overall equity adjustments[11]. - Stock-based compensation under the ESOP was recorded at $115,863, reflecting the company's commitment to employee incentives[13]. - The Company recognized stock-based compensation of $6,001 and $11,936 for the three and six months ended September 30, 2025, respectively[202]. Employee Stock Purchase Plan (ESPP) - The Company adopted the Employee Stock Purchase Plan (ESPP) allowing eligible employees to purchase shares at a discount[206]. - The purchase price under the ESPP cannot be less than 85% of the fair market value on the commencement or purchase date[206]. - Employees can withdraw from the ESPP due to financial hardship with a request made at least 20 business days before the end of the offering period[206]. - The ESPP aims to incentivize employee ownership and engagement within the Company[206].

Core Insights - Biotricity Inc. is set to host its Fiscal 2026 Second Quarter Financial Results and Business Update Call on November 14, 2025, showcasing continued strength in financial performance [1] - The call will feature remarks from the Founder and CEO, Dr. Waqaas Al-Siddiq, and CFO, John Ayanoglou, followed by a Q&A session for investors [1] Company Overview - Biotricity is focused on transforming the healthcare market through advanced remote monitoring and chronic care management solutions [3] - The company is recognized for its high standards in preventive and personal care, offering diagnostic and post-diagnostic solutions for chronic conditions [3] - Biotricity develops comprehensive remote health monitoring solutions catering to both medical and consumer markets [3]

Core Insights - Health-E Commerce has partnered with Biotricity to offer the Bioheart remote cardiac monitoring device, making it accessible to over 70 million consumers enrolled in Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) [1][2][3] Company Overview - Health-E Commerce is the parent brand of FSA Store and HSA Store, focusing on pre-tax health and wellness products, and has been a leader in the direct-to-consumer e-commerce market since 2010 [4] - Biotricity specializes in remote health monitoring solutions, aiming to enhance preventive and personal care for chronic conditions [5] Product Features - Bioheart provides continuous 24/7 monitoring of heart health, capturing data from three different angles to offer a comprehensive view [3] - The device is designed for comfort and can monitor heart activity during various activities, including exercise and sleep, ensuring that subtle changes are not overlooked [3] Market Impact - The collaboration aims to transform healthcare from a reactive to a preventative model, increasing accessibility to high-quality care for millions of individuals [3] - Bioheart joins a growing category of telehealth solutions available through Health-E Commerce, which includes products for weight management, women's health, and mental health [3]

Core Insights - Biotricity Inc. and B-Secur are enhancing their joint cardiac monitoring platform to support ECG data from consumer wearables, transforming the consumer wearables market [1][2][3] - The device-neutral platform launched in early 2025 allows seamless integration of data from various smart devices into Biotricity's cloud-based medical workflow [2][4] - This advancement positions Biotricity and B-Secur as leaders in digital cardiovascular innovation, addressing the growing demand for preventive cardiovascular solutions [3][5] Company Overview - Biotricity aims to make high-quality cardiac care accessible through its collaboration with B-Secur, introducing clinical-grade heart monitoring to consumer wearables [4][7] - B-Secur specializes in advanced biosensing technology, providing medical-grade ECG data for faster diagnosis and management of health conditions [6] - Both companies are focused on bridging the gap between consumer devices and clinical care, enhancing preventive and personal care solutions [4][7] Market Context - Cardiovascular disease accounts for 1 in 3 deaths globally and is projected to triple costs to $1.8 trillion by 2050, highlighting the urgent need for scalable preventive technologies [5] - The integration of consumer wearables into clinical pathways is expected to improve long-term health outcomes while reducing healthcare costs [5]

Company Overview - Biotricity Inc. (BTCY) is part of the Medical sector, which includes 976 individual stocks and currently holds a Zacks Sector Rank of 6, indicating its relative strength among sector groups [2] - Biotricity Inc. has a Zacks Rank of 2 (Buy), suggesting a favorable outlook based on earnings estimate revisions and improving earnings outlooks [3] Performance Metrics - Over the past three months, the Zacks Consensus Estimate for BTCY's full-year earnings has increased by 17.9%, reflecting improved analyst sentiment and a stronger earnings outlook [4] - Year-to-date, BTCY has gained approximately 115.6%, significantly outperforming the average loss of 3.3% in the Medical group [4] Industry Comparison - Biotricity Inc. belongs to the Medical Info Systems industry, which consists of 44 companies and currently ranks 51 in the Zacks Industry Rank. This industry has seen a year-to-date gain of about 23.6%, indicating BTCY's strong performance relative to its peers [6] - In contrast, another stock in the Medical sector, Brainsway Ltd. Sponsored ADR (BWAY), has a year-to-date return of 57.5% and belongs to the Medical - Products industry, which ranks 96 and has gained 5.5% year to date [5][6] Investment Consideration - Investors interested in the Medical sector may want to monitor Biotricity Inc. and Brainsway Ltd. Sponsored ADR for their continued strong performance [7]

Core Viewpoint - Biotricity Inc. (BTCY) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors utilize earnings estimates to determine the fair value of stocks, leading to buying or selling actions that affect stock prices [4]. Business Improvement Indicators - The upgrade in Zacks Rank for Biotricity suggests an improvement in the company's underlying business, which could lead to increased stock prices as investors respond positively [5][10]. - Over the past three months, the Zacks Consensus Estimate for Biotricity has increased by 17.9%, indicating a positive trend in earnings expectations [8]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have averaged a +25% annual return since 1988 [7][9]. - Biotricity's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10].

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)