HEALWELL More than Doubles YoY Adjusted EBITDA in Q3-2026 and Improves YTD Operating Cashflow by $26 Million

• HEALWELL achieved revenue from continuing operations of $32.6 million in Q3-2026, an increase of 7% compared to revenue of $30.4 million in Q3-2025.

• HEALWELL reported positive Adjusted EBITDA¹ of $1.6 million in Q3-2026, an increase of 144% compared to Adjusted EBITDA of $0.7 million in Q3-2025. The improvement in Adjusted EBITDA margin reflects improved performance across HEALWELL’s operating segments and a 7% reduction in total operating expenses. Net loss from continuing operations, was $16.0 million in Q3-2026, unchanged from $16.0 million in Q3-2025.

• Cash flow generated from operating activities was $5.9 million for the nine months ended September 30, 2026, compared to cash used of $20.1 million in the prior-year period, representing an improvement of $26.0 million, reflecting operating efficiencies realized across the organization.

• On September 1, HEALWELL announced its subsidiary, Orion Health, had entered into a multi-million-dollar, multi-year agreement with Converge Health Iowa to deploy DARWEN™-powered SMART Search and SMART Summary across Iowa’s statewide Health Information Exchange, an existing Orion Health customer relationship.

Toronto, Ontario–(Newsfile Corp. – November 9, 2026) – HEALWELL AI Inc. (TSX: AIDX) (OTCQX: HWAIF) (“HEALWELL” or the “Company”), a healthcare artificial intelligence company focused on preventative care, is pleased to announce its unaudited interim condensed consolidated financial results for the quarter and nine months ended September 30, 2026. A summary of the Company’s financial and operational results is set out below, and more detailed information is contained in the interim financial statements and related management discussion and analysis, which are available on the Company’s SEDAR+ page at www.sedarplus.ca. Financial measures described as “Adjusted” or “EBITDA” in this news release are non-IFRS financial measures and may not be comparable to other similar measures disclosed by other companies. Please see Non-IFRS Financial Measures below for more information.

James Lee, Chief Executive Officer of HEALWELL, commented, “The third quarter demonstrated the commercial model we have been building since the Orion Health acquisition. Our agreement with Converge Health Iowa expands an existing Orion Health infrastructure relationship into DARWEN™-powered AI across a statewide health information exchange, and the deployment of SMART Summary across New Brunswick through Intrahealth brings our AI directly into the clinical workflows of front-line providers. Together with the growth of the WELLTRUST™ consented patient network and the continued peer-reviewed validation of DARWEN™, these milestones reflect our strategy of embedding clinically validated AI across our software carriage network. We remain focused on replicating these cross-sell opportunities across our global customer base as we continue to grow our recurring revenue.”

Anthony Lam, Chief Financial Officer of HEALWELL, commented, “Our third quarter results reflect the progress we are making in driving operational efficiencies, improving margins, and transitioning toward larger, recurring enterprise opportunities. During the first nine months of 2026, we generated $5.9 million in cash flow from operating activities, representing a $26.0 million improvement over the prior-year period, while remaining in compliance with all covenants under our credit facilities. With $14.9 million in cash and cash equivalents and a $17.7 million short-term investment representing our indirect interest in SpaceX, we believe we are well-positioned to maintain financial flexibility as we continue to focus on disciplined capital allocation and achieving sustained profitability.”

Third Quarter 2026 Financial Highlights

Significant financial highlights for the Company’s continuing operations during the three months ended September 30, 2026 included:

• HEALWELL achieved quarterly revenue from continuing operations of $32.6 million in Q3-2026, an increase of 7% compared to revenue of $30.4 million generated in Q3-2025.

• HEALWELL achieved Gross Profit of $17.1 million during Q3-2026, an increase of 3% compared to $16.5 million in Q3-2025.

• HEALWELL achieved a Gross Margin percentage of 52% during Q3-2026, compared to 54% in Q3-2025.

• During Q3-2026, HEALWELL reported positive Adjusted EBITDA¹ of $1.6 millionin Q3-2026, an increase of 144% compared to Adjusted EBITDA of $0.7 million in Q3-2025.

• During Q3-2026, the Company’s IFRS net loss from continuing operations was $16.0 million, compared to a net loss of $16.0 million for the previous year, as a $2.3 million improvement in loss from operations was offset primarily by higher non-cash charges for changes in the fair value of contingent consideration, investments and options.

• As of September 30, 2026, HEALWELL had $14.9 million in cash, compared to $18.6 million as of December 31, 2025.

• Data Science & AI segment revenue was $1.5 million in Q3-2026 compared to $2.0 million in Q3-2025, reflecting lower project-based life sciences revenue. During 2026, HEALWELL has focused on productizing its DARWEN™ AI capabilities for delivery through its Healthcare Software platforms, including the Converge Health Iowa and New Brunswick deployments, with the resulting recurring revenue reported within the Healthcare Software segment, where Subscription, Support and Maintenance revenue grew 10% compared to Q3-2025.

Third Quarter 2026 Business and Operational Highlights

Significant business and operational highlights for the Company during the three months ended September 30, 2026 included:

• International Prix Galien Nomination: On August 19, 2026, HEALWELL announced that its subsidiary Pentavere Research Group (now HEALWELL DARWEN Inc.), developer of DARWEN™ AI, had been nominated for the 2026 International Prix Galien Award in the Best Startup category, following its receipt of the 2024 Prix Galien USA Award for Best Digital Health Startup. The International Prix Galien is held every two years and brings together innovations that have already earned Prix Galien recognition in national and regional competitions around the world.

• Statewide U.S. HIE AI Deployment: On September 1, 2026, HEALWELL, through its subsidiary Orion Health, announced an agreement with Converge Health Iowa, Iowa’s designated statewide Health Information Exchange (“HIE”) and an existing Orion Health customer, to deploy DARWEN™-powered SMART Search and SMART Summary across Iowa’s statewide HIE infrastructure, which currently receives data from 115 hospitals. The multi-million-dollar, multi-year agreement is expected to generate recurring revenue over its term and reflects HEALWELL’s strategy of cross-selling its AI capabilities across Orion Health’s global enterprise customer base.

• WELLTRUST™ Clinical Trial Matching: On September 8, 2026, HEALWELL and WELL Health Technologies Corp. announced that WELLTRUST™, a WELL-managed network of consented patients that uses HEALWELL’s DARWEN™ AI to match clinical trial protocols against the consented patient population, had surpassed 100,000 patient consents since its launch in February 2026.

• Benchmark Performance: On September 15, 2026, HEALWELL announced new peer-reviewed research in which DARWEN™-powered SMART Suite clinical summaries outperformed published benchmarks for OpenAI’s GPT, DeepSeek and Llama, with average improvements of up to 43%, and DARWEN™ delivered nearly 50% higher treatment-plan accuracy than a leading general-purpose AI model in blinded clinician review. A study published in the Canadian Journal of Cardiology also found that SMART Patient ID identified more than 4,100 heart failure patients not receiving guideline-directed medical therapy.

• SMART Summary Deployment in New Brunswick: On September 23, 2026, HEALWELL announced the deployment of DARWEN™-powered SMART Summary to customers across New Brunswick through its subsidiary Intrahealth, making the solution available to more than 400 clinicians. The deployment follows the evaluation of SMART Summary through Canada Health Infoway’s Vendor Innovation Program.

• SpaceX Investment: As of September 30, 2026, the fair value of the Company’s indirect interest in SpaceX was $17.7 million, based on their market price and exchange rates in effect on that date, as compared to a carrying value of approximately CAD$4.6 million reflected in the Company’s financial statements as of March 31, 2026. HEALWELL acquired its indirect interest in SpaceX through its prior investment in xAI Corp. in May 2024, which was acquired by SpaceX in February 2026. The investment continues to be held indirectly through a private fund and is subject to customary lock-up restrictions which are expected to fully expire in February 2027. Management expects to realize the investment within twelve months through a distribution, with the proceeds intended to strengthen HEALWELL’s balance sheet and liquidity position.

Events Subsequent to September 30, 2026

Significant business and operational highlights for the Company subsequent to September 30, 2026 included:

• Peer-Reviewed MyHealthNB Research and DARWEN™ Governance Recognition: On October 6, 2026, HEALWELL announced that peer-reviewed research published in the Journal of Medical Internet Research found that MyHealthNB, New Brunswick’s provincial personal health record built on VeroSource technology, was associated with statistically significant, self-reported improvements in patient empowerment and healthcare engagement.

• TIME Recognition and Fall Research Program: On October 15, 2026, HEALWELL announced that it had been named to TIME’s World’s Top HealthTech Companies of 2026 in the AI & Data Analytics category, and that HEALWELL and its collaborators are presenting 12 scientific abstracts and presentations at 8 international conferences this fall.

Webcast and Conference Call Details

HEALWELL will be holding a conference call and simultaneous webcast to discuss its financial results on Tuesday, November 10, 2026 at 8:30 am EST (6:30 am PCT). The call will be hosted by James Lee, Chief Executive Officer, Dr. Alexander Dobranowski, President, and Anthony Lam, Chief Financial Officer. Please dial-in 10 minutes prior to the start of the call.

Date: Tuesday, November 10, 2026
Time: 8:30 AM EST / 6:30 AM PCT
Webcast link: https://bit.ly/AIDX-Q3
Toll-Free North America: (+1) 800 431 2204
Toronto Local and International Toll: (+1) 289 514 5015

When connecting to the conference call via phone, please dial in 10 minutes prior to the start of the call and ask to be joined into the “HEALWELL AI Inc. Conference Call.”

Selected Financial Information

(in thousands of Canadian dollars, except percentages and per share amounts)

^[1] EBITDA and Adjusted EBITDA are non-IFRS financial measures and do not have any standardized meaning under IFRS Accounting Standards. These measures may not be comparable to similar measures used by other issuers. See “Non-IFRS Measures”.

^[2] EBITDA and Adjusted EBITDA are non-IFRS financial measures and do not have any standardized meaning under IFRS Accounting Standards. These measures may not be comparable to similar measures used by other issuers. See “Non-IFRS Measures”.

Segmented Revenue

Non-IFRS Financial Measures

The terms EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin used in this document do not have any standardized meaning under IFRS, may not be comparable to similar financial measures disclosed by other companies and should not be considered a substitute for, or superior to, IFRS financial measures. Readers are advised to review the section entitled “Non-IFRS Financial Measures” in the Company’s management discussion and analysis for the quarter ended September 30, 2026, available on the Company’s SEDAR+ page at www.sedarplus.ca, for a detailed explanation of the composition of these measures and their uses.

The following table reconciles EBITDA and Adjusted EBITDA to net loss from continuing operations for the three and nine months ended September 30, 2026 and September 30, 2025:

¹ EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. See “Non-IFRS Financial Measures” above.

James Lee
Chief Executive Officer
HEALWELL AI Inc.

About HEALWELL AI

HEALWELL AI is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve health outcomes with better care and technology. HEALWELL is executing its strategy by developing and acquiring technology and clinical science capabilities that complement its business of preventative care, including data science, AI-powered patient identification, and clinical decision support. HEALWELL is publicly traded on the Toronto Stock Exchange under the symbol “AIDX” and on the OTC Exchange under the symbol “HWAIF”. Learn more at www.healwell.ai.

Forward-Looking Statements

Certain statements in this press release, constitute “forward-looking information” and “forward looking statements” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws, including statements about the expected benefits of, and recurring revenue to be generated over the term of, the Company’s agreement with Converge Health Iowa; the Company’s ability to cross-sell its AI solutions across Orion Health’s customer base; the expected expiry of lock-up restrictions on the Company’s indirect interest in SpaceX common shares and the future value of that investment; the continued deployment of the Company’s SMART Suite and the continued growth of the WELLTRUST™ consented patient network; the Company’s ability to continue generating positive cash flow from operating activities; and the Company’s strengthening financial foundation; and are based on assumptions, expectations, estimates and projections as of the date of this press release. Forward-looking statements are often, but not always, identified by words or phrases such as “growing”, “strengthening”, “enabling”, “accelerating”, “building”, “transitioning”, “improving”, “trends”, “becoming”, “maintaining”, “planned”, “expects”, “continues to”, “expanding”, “strategy”, “believes”, “intended” or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can” be taken, occur or be achieved, or the negative of any of these terms. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by HEALWELL as of the date of such statements, are outside of HEALWELL’s control and are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being entirely or partially incorrect or untrue. Forward looking statements contained in this press release are based on various assumptions, including, but not limited to, the following: HEALWELL’s ability to leverage Orion Health personnel, products, services, customers and relationships; HEALWELL’s ability to maintain and leverage its relationships with its commercial partners; the successful implementation and customer acceptance of the Company’s AI solutions; the continued adoption of the software, tools and solutions created by HEALWELL; that HEALWELL will be successful in identifying, executing and integrating new acquisitions, investments and/or partnerships; the market price of SpaceX common shares and the timing and terms of the release of lock-up restrictions and any distribution of the applicable securities; the stability of general economic and market conditions; sufficiency of working capital and access to financing; HEALWELL’s ability to comply with applicable laws and regulations; HEALWELL’s continued compliance with third party intellectual property rights; the effects of competition in the industry; the requirement for increasingly innovative product solutions and service offerings; technologies working as intended or at all; trends in customer growth and the adoption of new technologies in the industry; and that the risk factors noted below, collectively, do not have a material impact on HEALWELL’s business, operations, revenues and/or results. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved.

Known and unknown risk factors, many of which are beyond the control of HEALWELL, could cause the actual results of HEALWELL to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Such risk factors include but are not limited to those factors which are discussed under the section entitled “Risk Factors” in HEALWELL’s most recent annual information form dated March 18, 2026, which is available under HEALWELL’s SEDAR+ profile at www.sedarplus.ca. The risk factors are not intended to represent a complete list of the factors that could affect HEALWELL and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. HEALWELL disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. All of the forward-looking statements contained in this press release are qualified by these cautionary statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/323259