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SRXH

SRx Health Solutions Inc.

SRXH

SRx Health Solutions Inc. • NYSE
$0.34 ▲ 3.01% (+0.01)
Market Cap $11.64 M
52w High $2.02
52w Low $0.20
Dividend Yield 0%
P/E 0
Volume 61.92K
Outstanding Shares 34.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $11.447M ▲ $20.841M ▲ $-15.133M ▼ -132.201% ▼ $-0.74 ▼ $-13.758M ▼
Q1-2025 $7.159M ▼ $2.412M ▼ $-669.974K ▲ -9.358% ▼ $-0.26 ▼ $-738.084K ▼
Q2-2024 $42.67M ▲ $10.738M ▲ $-3.115M ▼ -7.3% ▲ $-0.14 ▲ $-214.668K ▲
Q1-2024 $5.834M $3.75M $-2.089M -35.809% $-2.66 $-1.721M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $912K ▲ $33.985M ▲ $79.865M ▲ $-45.88M ▼
Q1-2025 $790.208K $10.625M $5.09M $5.535M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-15.133M ▼ $0 ▼ $0 ▲ $0 ▲ $0 ▲ $0 ▼
Q1-2025 $-964K ▲ $384K ▲ $-1.127M ▼ $-1.186M ▼ $-1.929M ▼ $377K ▲
Q2-2024 $-3.115M ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▲ $0 ▲
Q1-2024 $-2.089M $-1.006M $-3K $430K $-579K $-744.902K

Five-Year Company Overview

Income Statement

Income Statement SRx Health is still very small and not yet sustainably profitable. Revenue has been growing, but only from a very low base. The core healthcare and pet-food activities can generate some gross profit, but once you include overhead, technology, and integration costs, the business slips into a small loss. Recent results show that earnings per share are still negative, though the loss per share has narrowed compared with the prior year, which suggests some progress but not a clear turnaround. Overall, the income statement points to an early-stage or transition-phase company, with scale and cost control still key challenges.

Balance Sheet

Balance Sheet The balance sheet looks thin and stressed. Total assets have grown, but not by much, and reported cash is effectively negligible. Debt has increased, while shareholders’ equity has swung into negative territory, which is a warning sign that past losses and leverage are weighing on the company’s financial health. The Canadian subsidiary’s formal restructuring process reinforces the picture of a balance sheet under pressure. Financial flexibility appears limited, and the company is likely reliant on lenders and capital markets to support its plans.

Cash Flow

Cash Flow Reported operating and free cash flow are essentially flat at near-zero levels, which usually means the business is not yet generating meaningful surplus cash after its basic needs. Capital spending also appears minimal, either because investments are small or because they are being delayed due to tight finances. Combined with the weak balance sheet, this suggests that funding growth, innovation, and restructuring will likely depend more on external financing and asset maneuvers than on internally generated cash in the near term.

Competitive Edge

Competitive Edge SRx Health’s competitive position is unusual because it mixes a Canadian specialty healthcare platform with a premium pet food brand. On the healthcare side, its nationwide network of specialty pharmacies, infusion clinics, and support programs across Canada has been a real differentiator, offering integrated care for complex conditions. However, the ongoing restructuring in Canada puts that advantage at risk and may disrupt relationships with patients, providers, and drug partners. On the pet side, the Halo brand competes in a growing premium segment, with a focus on natural, whole-ingredient formulas that resonate with health-conscious pet owners. That gives SRx a foothold in an attractive niche, but it is an intensely competitive market with many well-funded rivals. Overall, the company has interesting assets and reach, but its competitive strengths are partly offset by financial and operational uncertainty.

Innovation and R&D

Innovation and R&D Innovation is one of SRx’s main calling cards. In healthcare, the company emphasizes technology-enabled services, including AI tools and data platforms to streamline the patient journey, manage pharmacy spending, and support clinical programs. This kind of digital backbone can be valuable if it leads to better outcomes and lower costs, but details on performance and adoption are still limited. In pet wellness, Halo differentiates through product design: whole meats, non-GMO ingredients, and specialized formulas tailored to specific diets and needs. The planned “Better Pet Rx” initiative aims to bridge human and animal health, extending medical know-how into veterinary offerings. At the same time, the move into cryptocurrency-based financing and reserves is a very unconventional “innovation” in capital management, adding complexity and volatility rather than clear operational benefits. Overall, the company is experimenting aggressively, but not all of these innovations carry the same level of predictability or transparency.

Summary

SRx Health is a hybrid story: a technology-leaning specialty healthcare platform combined with a premium pet nutrition brand. It has appealing strategic angles—integrated Canadian healthcare services, a recognized pet food label, and plans to link human and animal health—but these strengths sit on top of a fragile financial base. The income statement shows a small, loss-making business that is still trying to reach efficient scale. The balance sheet is highly strained, with negative equity and a formal restructuring underway in Canada. Cash generation appears weak, making the company dependent on external capital and creative (sometimes risky) financial structures, including cryptocurrency-related strategies. Looking ahead, the key uncertainties are whether SRx can stabilize and rebuild its Canadian operations, convert its technological and brand advantages into consistent profitability, and manage its unconventional financing choices without adding excessive risk. The upside potential is tied to execution across both healthcare and pet wellness, while the downside is anchored in balance sheet stress and operational disruption from restructuring.