Q3 2025 Financial Highlights

Three months ended September 30, 2025:

• Adjusted Revenue: $12.83 million

• GAAP Revenue: $10.52 million

• Gross Margin: $2.33 million

• Adjusted EBITDA: $1.26 million

• Cash & Marketable Securities: $25.91 million

Nine months ended September 30, 2025:

• Adjusted Revenue: $26.71 million

• GAAP Revenue: $20.44 million

"Q3 was another quarter of focused execution across our portfolio," said Shafin Diamond Tejani, CEO of Victory Square. "Hydreight continued its national expansion in digital health, Insu progressed toward first-in-human oral insulin studies, Pawsible launched its $10 million fund and studio, and XR Immersive Tech deepened its move into health-related IP. These developments reinforce our long-term strategy and the core verticals where we see significant opportunity for value creation."

PORTFOLIO & STRATEGIC UPDATE

Hydreight Technologies Inc. (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6)

Hydreight, Victory Square's flagship digital health subsidiary, continued to be the Company's strongest operational driver in Q3 2025. Beyond its financial performance, Hydreight has established itself as one of the most recognized and awarded growth companies in the digital health sector.

Industry Recognition: Over the past 18-24 months, Hydreight has been nationally recognized for its growth, innovation, and compliance-first approach, including:

• Deloitte Technology Fast 50 Canada

• Deloitte Technology Fast 500 North America

• Financial Times: Americas' Fastest-Growing Companies

• TSX Venture Top 50 Ranking

These third-party rankings reinforce Hydreight's position as one of the fastest-growing companies in North America, across all sectors - not only digital health.

Key Operational and Strategic Highlights:

• Significant year-over-year revenue growth, with GAAP and topline revenues more than doubling compared to Q3 2024.

• Fourth consecutive profitable quarter, reflecting Hydreight's disciplined cost structure and unit economics.

• Internal expectations of approximately 1.3 million product orders placed for FY2025

• 1,100+ licenses sold across multiple categories, supporting a diversified multi-vertical revenue base.

• A nationally scaled clinical network of nurses, medical directors, and prescribing partners, enabling compliant operations across all 50 U.S. states.

• $18.64 million in cash at quarter-end, supporting operational stability and planned vertical expansion.

Strategic Positioning: Hydreight operates at the intersection of several high-growth health segments, including GLP-1 therapies, peptide medicine, hormone optimization, at-home testing, and longevity programs. These verticals have been among the fastest-growing segments in direct-to-consumer healthcare, and Hydreight's compliance infrastructure - medical directors, telehealth integrations, pharmacy relationships, and a 50-state clinician network - provides the foundation for safe, scalable expansion.

Hydreight's VSDHOne platform extends these capabilities by enabling clinics, med-spas, and digital health brands to plug into a turnkey nationwide infrastructure, reducing their operational and regulatory barriers to entry.

Victory Square participates economically through its equity interest in Hydreight and a recurring 10% profit share from VSDHOne, providing an additional revenue stream tied to the platform's long-term growth.

Hydreight's complete Q3 2025 financial results and disclosure can be reviewed in its news release available on SEDAR+ and the Company's website.

Digital Health Initiatives:

Victory Square continued to support digital health platforms serving telehealth, diagnostics, virtual care, and clinician-network enablement. These include:

• A telehealth and e-pharmacy infrastructure spanning all 50 U.S. states

• Compliance frameworks for remote prescribing

• Diagnostics and at-home testing partnerships

These initiatives aim to support companies operating in areas such as metabolic health, dermatology, hormone optimization, and preventative health.

Industry Context

• U.S. healthcare spending projected to reach US$7.2 trillion by 2031 (CMS)

• 50% of U.S. care delivery is inefficient (Deloitte)

• Administrative overhead equals 25% of U.S. healthcare spending (JAMA)

• 40% of Americans forgo or delay care due to cost or access challenges (KFF)

Digital health adoption continues to increase with growth in at-home testing, wearables, telehealth, personalized treatments, and hybrid care models.

$10 Million Digital Health & Longevity Accelerator

In January 2025, Victory Square and Hydreight launched a $10M accelerator

The accelerator focuses on:

• Biomarker & genetic testing

• Tele-pharmacy

• Dermatology & skincare

• Sexual health & hair loss

• GLP-1 & metabolic programs

• TRT & peptide therapies

• Longevity & preventative health

The program provides integrated telehealth access, compliance support, pharmacy connections, and marketing resources.

Insu Therapeutics Inc. - Biotech Platform

Insu Therapeutics continued development of its oral insulin tablet. As disclosed by Insu:

• Preclinical work is ongoing

• The formulation is being evaluated under a 505(b)(2) regulatory pathway

• First-in-human studies are targeted for 2026, subject to regulatory review

Leadership includes Dr. Anubhav Pratap-Singh, Ammad Shorbaji, and Dr. Tom Elliott.

Pawsible Ventures Inc. - Pet Health Platform

Pawsible launched a $10M venture fund and studio

• Veterinary care software

• Diagnostics & biohealth

• AI clinical tools

• Emotional wellness

• Personalized supplements & pharmaceuticals

Pawsible anticipates supporting 15-20 companies over the next three years. Pet wellness is viewed as a natural extension of Victory Square's digital health infrastructure.

XR Immersive Tech

Expansion Into Health IP, Immersive Diagnostics & Prior Life Sciences Experience

XR Immersive Tech continued accelerating its shift into health-related intellectual property throughout 2025, adapting its immersive and simulation technologies to support next-generation digital health applications.

Building on earlier work with global life sciences organizations-including prior immersive simulation projects for Bayer Pharmaceutical s and regulatory-focused experience involving the FDA

Current development areas include:

• Digital twin models for metabolic and chronic-condition tracking

• 3D visualization of biomarker and diagnostic data

• Immersive patient-education and treatment-adherence tools

• Virtual onboarding experiences for programs such as weight loss, hormone optimization, and longevity care

• Simulation-based clinical workflows designed to complement telehealth and at-home testing environments

XR's transition aligns with Victory Square's broader healthcare infrastructure, adding an immersive layer intended to enhance patient engagement, clarity of care, and the usability of virtual-first health solutions.

SafeTest Diagnósticos - Digital Health in Brazil