449% Revenue Growth, Guidance Reaffirmed, Up 68% Since Inception
It’s been a while since the last update on this company...
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It’s been a while since the last update on this company.
And it’s been a very choppy year.
Back in August, the original thesis was published at C$2.90. The stock ran past C$5 as the business executed quarter after quarter. Then the Q3 earnings call happened - management couldn’t clearly explain their own numbers, KPIs shifted mid-call, and the stock dropped 26% in a single session.
The slide continued into the new year, with the stock touching a low of C$2.39 at one point.
Then Q1 2026 earnings landed earlier this week.
The stock ran quickly up to C$5.34, before settling back down to C$4.86.
That brings our total return since the original thesis to roughly 68%.
But here’s what makes this situation interesting:
The business never broke.
Revenue this quarter grew 449% year-over-year.
Third consecutive quarter of margin expansion.
Operating expenses fell from 36% of revenue to 9%.
Cash position strengthened.
Full-year revenue guide of at least C$150M reaffirmed.
What’s interesting is what management is not doing - namely, taking analyst questions on earnings calls. Two quarters in a row now, no Q&A.
The numbers are loud enough that they can probably get away with the silence. For now.
The asymmetry from the original C$2.90 entry has compressed. But on the 2026 guide, the stock is still trading at a meaningful discount to telehealth peers.
Today’s company is...