Healwell AI (AIDX) Q2 2026 earnings summary

Executive summary

• Completed integration of Orion Health, shifting focus from episodic life science sales to recurring enterprise healthcare sales, driving operational efficiencies and a strong pipeline of enterprise deals across all geographies.

• AI capabilities embedded across platforms, with significant commercial wins in North America, Middle East, and Canada, and a growing base of 1,291 physicians onboarded to AI Copilots.

• Four key growth engines: HIE and clinical data unlock, SMART Suite, global life science enterprise business, and consented data in Canada, all showing strong execution signals.

• Strategic goals include commercializing AI product suite, expanding scientific validation, and leveraging a CAD 23 million indirect stake in SpaceX.

• IFRS net income from continuing operations was $6.4 million in Q2-2026, compared to a net loss of $4.1 million in Q2-2025.

Financial highlights

• Q2 2026 revenue from continuing operations was CAD 33 million, nearly flat year-over-year, with H1 2026 revenue at CAD 66.2 million, up 60% year-over-year, driven by the Orion Health acquisition.

• Positive adjusted EBITDA of CAD 1.1 million in Q2 2026, down from CAD 2.3 million in Q2 2025; H1 2026 adjusted EBITDA was CAD 1.9 million, up from CAD 0.1 million.

• Gross profit for Q2 2026 was CAD 17.9 million (gross margin 54%), compared to CAD 18.7 million (56%) in Q2 2025; H1 2026 gross profit was CAD 37.4 million, up 62% year-over-year.

• Operating cash flow for H1 2026 was CAD 4.5 million, a CAD 14.4 million improvement year-over-year, strengthening liquidity and covenant compliance.

• Operating expenses for Q2 2026 decreased 9% year-over-year to $24.1 million.

Outlook and guidance

• Targeting approximately 10% adjusted EBITDA margin by year-end 2026, with margin expansion expected from enterprise sales and cost actions.

• Anticipates lower end of 30%-50% growth for AI & Data Science segment in 2026, with stronger growth expected in 2027 as enterprise deals ramp.

• Healthcare software segment expected to maintain high single-digit growth rates.

• Revenue recognition for enterprise deals expected to accelerate in Q3 and Q4 as delivery milestones are met.

• Plans to monetize SpaceX holdings as lock-up expires to further strengthen liquidity.