A Primer on Hydreight

We introduced this company as an interesting alternative to HIMS in February 2025 to our Seeking Alpha group. Hydreight (HYDTF) consists of three segments:

• The Hydreight App, a mobile platform used by independent registered nurses, med-spas, and wellness providers to deliver at-home clinical services like IV hydration and injectables. It provides tools for booking, scheduling, payments, EMR integration, and pharmacy ordering.

• VSDHOne (White-Label Telehealth Platform), a business-to-business (B2B) SaaS platform that allows consumer health brands, influencers, and clinics to launch their own branded, nationwide direct-to-consumer (D2C) telehealth offerings (e.g., GLP-1 weight loss, skincare, sexual health) in a matter of days.

• Hydreight MD / Clinical Infrastructure is the regulatory, clinical, and operational backbone for all operations. It provides the necessary legal framework, medical oversight, and a network of physicians and medical directors to ensure compliance across all 50 US states.

Let’s start with the latter as it’s the backbone for the other two segments.

Hydreight MD

Hydreight MD serves as the backbone, providing the essential regulatory and legal framework that enables compliant healthcare delivery across all 50 US states.

It also manages medical oversight, physician networks, and legal risk, ensuring all services offered through the other platforms are compliant with corporate practice of medicine laws.

And

And

The Hydreight App

How it Works for Nurses

The app is designed to remove the barriers to entry for nurses wanting to start their own mobile clinic.

• The “Uber” Workflow: Nurses set their own availability. When a patient books a service in their area, the nurse receives a notification, accepts the job, and the app provides GPS navigation to the patient’s location (home, office, or hotel).

• Integrated Medical Backend: Unlike a standard gig app, the Hydreight app includes a full Electronic Medical Record (EMR) system. Nurses use it to:

  • Record patient vitals and health history.

  • Conduct telemedicine calls with on-staff doctors (required for many prescriptions like Botox or IV meds).

  • Access standardized, copyrighted medical protocols.

• Inventory & Pharmacy: Nurses can order medical supplies (IV bags, needles, Botox, GLP-1s) directly through the app from Hydreight’s partner pharmacies. The app tracks their inventory levels in real-time.

• Financial Management: It handles all credit card processing, automatic payouts to the nurse (1099 contractor status), and tax reporting.

The Patient Experience

For consumers, the app looks much like a food delivery or ride-sharing platform:

• Menu of Services: Patients browse a “pharmaceutical menu” that includes IV drips (hydration, vitamins), medical aesthetics, and weight loss consultations.

• Real-Time Tracking: Once a nurse is dispatched, the patient can see their location and estimated time of arrival.

• Telehealth Integration: If a patient is a new user, they can perform their required medical intake and doctor consultation directly within the app before the nurse arrives.

Costs and Earnings

The “Uber for Nurses” model is not free for the providers. As of current data:

• Subscription Fee: Nurses typically pay an annual fee (roughly $3K USD) to access the platform. This fee covers their medical malpractice insurance, 50-state legal compliance, and the medical director’s oversight.

• The Cut: Hydreight typically takes a 15–20% commission on the services rendered.

• Earnings: Highly active nurses on the platform have reported earning $100+ per hour or up to $3.5K per week, though this depends entirely on how many hours they work and their local market demand.

VSDHOne

Hydreight’s enterprise-level, white-label vertical, designed for businesses—such as med-spas, wellness brands, and health clubs—that want to launch their own direct-to-consumer (D2C) healthcare brand across all 50 states without building the infrastructure themselves. Think of it as the “Shopify for Digital Healthcare.”

The Core Purpose: Turnkey Compliance

The primary problem VSDHOne solves is the legal and logistical nightmare of operating a medical business in the US To sell a prescription drug (like a GLP-1) or provide a medical service in 50 states, a brand normally needs 50 different legal entities, a massive network of doctors to sign off on scripts, and complex pharmacy integrations.

VSDHOne provides all of that instantly:

• Medical Oversight: Access to Hydreight’s network of 200+ doctors.

• Pharmacy Network: Pre-integrated 503A and 503B compounding pharmacies.

• Telehealth Tech: A widget or modular platform that a brand can drop onto their existing website.

• Legal Moat: Use of Hydreight’s established Corporate Practice of Medicine compliant infrastructure.

Revenue Model: Scaling Faster than the App

VSDHOne is a SaaS-based (Software as a Service) model, which differs from the gig-economy model of the nurse app.

• Licensing Fees: Partners pay for state-specific licenses to use the platform

• Per-Order Fees: Hydreight takes a cut of every product sold (e.g., every month of weight loss medication) through the partner’s site.

• High Volume: As of late 2025, the platform surpassed 2.5K licenses. Management expects each mature license to eventually process between 5 and 20 orders per day, creating a massive recurring revenue stream.

Key Verticals & Offerings

VSDHOne allows brands to sell approximately 40+ different medical products under their own name. The most popular 2026 categories include:

• GLP-1 Weight Management: The single largest driver, including injectables and newer oral/sublingual options.

• Sexual Health: Including the newly launched at-home STI testing kits and TRT (Testosterone Replacement Therapy).

• Longevity & Wellness: NAD+ (nasal sprays, patches, and injections), peptides (like Sermorelin), and specialized skincare.

• Genetic Testing: Their newest 2025/2026 addition, allowing brands to offer DNA-based personalized wellness plans.

Strategic Importance: VSDHOne 2.0

In late 2025, Hydreight began rolling out VSDHOne 2.0. This update focused on automation.

• Automated Onboarding: Reducing the time it takes for a new brand to go live from months to just a few days.

• Modular Design: Allowing partners to pick and choose only the modules they need (e.g., just the pharmacy fulfillment or just the telehealth doctors), which has expanded their addressable market to larger institutional clients like union networks and pharmacy groups.

Users

The DRIPBaR (”DRIPBaR Direct”)

One of the most significant disclosed partnerships is with The DRIPBaR, a leading national IV therapy franchise.

• Launched as “DRIPBaR Direct,” this initiative uses VSDHOne to allow the franchise to move beyond their brick-and-mortar walls.

• It enables The DRIPBaR to offer at-home IV drips and medical weight loss (GLP-1s) to their customers nationwide, powered entirely by Hydreight’s backend medical and pharmacy infrastructure.

Dr. Franklin Joseph’s Weight Loss Brand

In April 2025, Hydreight partnered with renowned UK endocrinologist Dr. Franklin Joseph to bring his globally successful medical weight loss brand to the U.S. market.

• The Impact: This partnership serves as a flagship for VSDHOne’s GLP-1 vertical, utilizing the platform to handle all U.S. prescriptions, doctor consultations, and specialized pharmacy fulfillment for the brand’s American expansion.

Unnamed Third Franchise

While the name of the third national franchise is often kept under “white-label” wraps in filings, the company has confirmed it is a growing wellness spa franchise with multiple locations across the U.S.

• Services: This partner uses VSDHOne to provide IV therapy, aesthetics (Botox), GLP-1s, and NAD+ services.

• 2026 Growth: This partner is expected to continue expanding its footprint throughout 2026, with all new locations automatically integrated into the Hydreight POS (Point of Sale) and payment processing modules.

Ola Digital Health

In early 2024, Hydreight partnered with Ola Digital Health, an independent national pharmacy network.

• The Goal: This partnership was designed to provide health and wellness services in-store at physical pharmacy locations, essentially turning local pharmacies into mini-wellness clinics using Hydreight’s technology.

Advantages

• Launch a 50-state digital health brand in days, not months.

• No need for the franchise to hire its own legal team to navigate 50 different state medical boards.

• Instant access to hard-to-source medications like Tirzepatide and Semaglutide.

• Partners can often leverage Hydreight’s existing medical director and insurance frameworks.

Synergies

Hydreight’s platforms synergize by creating a vertically integrated healthcare ecosystem where each component supports and drives value for the others. The entire structure is built on a shared foundation of technology and compliance, which acts as a barrier to entry for competitors.

Here is how the platforms work together:

• Hydreight MD (Clinical Infrastructure) as the Backbone: This platform provides the essential regulatory and legal framework that enables compliant healthcare delivery across all 50 U.S. states. It manages medical oversight, physician networks, and legal risk, ensuring all services offered through the other platforms are compliant with “corporate practice of medicine” laws.

• VSDHOne (White-Label Telehealth Platform) as the Scalable Engine: This B2B platform leverages the Hydreight MD infrastructure to allow third-party health brands to launch their own branded D2C telehealth services rapidly. These services (e.g., GLP-1 weight loss treatments, sexual health products) drive a massive volume of prescription and pharmacy orders through Hydreight’s established network. Hydreight is able to monetize these orders through revenue-sharing agreements and fulfillment fees.

• The Hydreight App (At-Home Clinical Services) as the Direct Link: The mobile app for nurses utilizes the same Hydreight MD infrastructure to provide on-demand, in-person services to patients (like IV infusions or injectables). This platform engages patients directly, strengthens brand loyalty, and also acts as a potential in-person follow-up channel for patients who start their journey on the VSDHOne telehealth platform (e.g., a patient in a D2C program can use the app to book an at-home lab test or injection administration).

In essence

• VSDHOne generates a high volume of D2C orders and revenue streams via B2B partners.

• The Hydreight App provides a reliable, compliant network of physical service providers for at-home care.

• Hydreight MD makes both operations legally compliant and scalable across the entire country.

This integration forms a self-reinforcing growth loop where more partners and nurses attract more patients and transactions, solidifying Hydreight’s position at the intersection of software, compliance, and healthcare delivery.

2025 Developments

2025 was a transformative year for Hydreight Technologies (HYDTF), marking its transition from a high-growth startup to a consistently profitable enterprise.

Financial Turning Point & Profitability

The most significant development was the company’s achievement of sustained profitability.

• By the end of 2025, Hydreight recorded its fourth consecutive quarter of positive net income and adjusted EBITDA.

• In Q3 2025, the company reported revenue of $12.83M, a massive 132% increase year-over-year.

• The company maintained strong year-to-date adjusted margins of 28.21%, proving that its business model could scale efficiently.

The GLP-1 & Weight Loss Explosion

Hydreight successfully capitalized on the massive demand for medical weight loss treatments.

• They expanded their offerings to include the “Big Three” injectables (Semaglutide, Tirzepatide, and Liraglutide) as well as needle-free sublingual and buccal options.

• They differentiated themselves from other telehealth providers by mandating monthly in-home nurse check-ins and lab testing, a strategy that drove significant customer retention.

VSDHOne Adoption

The white-label enterprise platform, VSDHOne, became a major revenue driver in 2025.

• Q3 was the first full quarter of revenue recognition for their VSDHOne enterprise platform, which is already significantly outperforming internal projections.

• The company far exceeded its initial goal of 1,000 licenses, ending the year with approximately 2.5K licenses supporting nurses, med-spas, and national franchises.

New Market Entry: At-Home STI Testing

In late December 2025, Hydreight diversified its revenue stream by entering the sexually transmitted infection (STI) testing market.

• They secured an exclusive deal for a lateral-flow rapid test kit (providing results in minutes).

• The launch was backed by 50K pre-orders, setting the stage for STI testing to be a primary growth pillar for 2026.

Supply Chain & Strategic Acquisitions

To protect against drug shortages and regulatory changes, Hydreight moved to verticalize its operations.

• They acquired a 5% stake in Perfect Scripts, LLC (with an option to increase to 40%). This move was critical for securing a reliable supply of compounded GLP-1 medications and other proprietary wellness products.

Industry Recognition

• Hydreight was ranked #9 on the Deloitte Technology Fast 50 list, officially recognizing it as one of the fastest-growing technology companies in North America.

• The company surpassed its annual goal of 1.3M product orders ahead of schedule, reflecting the rapid expansion of its provider network.

Preparation for NASDAQ Uplisting

In the latter half of 2025, management publicly confirmed they were exploring a NASDAQ uplisting. This development was a key focus for investors, as it signals a move toward higher liquidity and broader institutional ownership.

Updated 2026 Outlook

The company has issued aggressive guidance for the current year, indicating they expect the momentum to continue:

• Management is projecting 2026 revenue to land between CAD $90.8M and $130M.

• The platform now supports approximately 2,500 licenses (nurses/clinics), more than double their original 2025 goal of 1,000.

• On the recent earnings call, management confirmed they are actively exploring a potential uplisting to the NASDAQ, which would likely increase liquidity and institutional interest.