WELLSTAR Achieves Record Quarterly Revenue of $24.1 Million and 33% Revenue Growth in First Quarter Reporting as a Public Company
Key Highlights
- ➤Q3 revenue $24.1 million, up 33% year over year
- ➤ARR reached $83.7 million, up 27% year over year
- ➤Adjusted EBITDA $5.1 million, up 10% sequentially
- ➤Net loss widened to $49.5 million from $1.7 million
- ➤WELLSTAR ended Q3 with $93.0 million cash and zero debt
Expert Statements
Amir Javidan, Chief Executive Officer of WELLSTAR
“The third quarter is a historic quarter for WELLSTAR as we completed our listing on the TSX Venture Exchange while delivering record revenue, up 33% year-over-year, and growing ARR⁽²⁾ to $83.7 million. Each of our product lines had strong growth during the quarter, reflecting continued demand for technology that reduces administrative burden for Canadian healthcare providers. With the integration of new acquisitions Lambert Médico Factures Inc. ("Lambert"), Sherritt Services Inc. ("Sherritt") and JCL Medical Systems Ltd. ("JCL Medical"), we are broadening our billing and revenue cycle management capabilities across provincial markets, and through our Nexus AI™ platform we continue to embed AI-enabled workflows into the daily operations of clinics so providers can redirect more of their time towards patient care.”
Darren Hoegler, Chief Financial Officer of WELLSTAR
“With the completion of the Transaction, the conversion of our redeemable preferred shares and the release of proceeds from our concurrent financing, WELLSTAR ended the quarter with $93.0 million in cash, zero debt, and a simplified capital structure. Adjusted EBITDA⁽¹⁾ increased 10% sequentially to $5.1 million from $4.6 million in Q2-2026. We remain focused on disciplined capital allocation as we invest in AI-related innovation, organic growth initiatives and strategic acquisitions to grow our recurring revenue base.”
* WELLSTAR achieved quarterly revenue of $24.1 million in Q3-2026, an increase of 33% as compared to Q3-2025, with growth across all three product lines, led by Billing and Practice Management, an increase of 54%, to $9.0 million. * Annual Recurring Revenue (ARR)((2)) reached $83.7 million as of September 30, 2026, an increase of 27% year over year. * WELLSTAR achieved Adjusted EBITDA((1)) of $5.1 million in Q3-2026, an increase of 10% from Q2-2026, representing an Adjusted EBITDA Margin((1)) of 21%. Year-to-date Adjusted EBITDA((1)) increased 17% to $13.5 million compared to the first nine months of 2025. * WELLSTAR completed its reverse takeover transaction of 1587818 B.C. Ltd. (the "Transaction") on September 29, 2026 and ended the quarter with cash of $93.0 million. Its subordinate voting shares commenced trading on the TSXV under the symbol "WSTR" on October 1, 2026. Vancouver, British Columbia--(Newsfile Corp. - November 9, 2026) - WELLSTAR Technologies Corp. (TSXV: WSTR) (the "Company" or "WELLSTAR"), a leading provider of digital health solutions for Canadian healthcare providers, is pleased to announce its interim consolidated financial results for the three and nine months ended September 30, 2026. All amounts are in Canadian dollars unless otherwise indicated.
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