Over the earnings today that were just released. We'll just give it a few moments while we let everyone join as I see people still joining in the wait room. If you do have any questions, please don't hesitate to put them in that Q&A section. We are going to be keeping this webinar to that 30 minutes. We're going to get through it pretty fast. If you do have additional questions that we don't get to, please send them to our investor relations email at ir@hydreight.com. I'll also put that in the chat section for you. Just a reminder to take a look at our forward-looking statement as we would like to remind everyone that today's presentation will include forward-looking statements.
The statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements may include, but are not limited to, statements about our growth strategies, product development, financial performance, regulatory outlook, and market opportunities. We do not undertake any obligation to update these statements except as required by applicable securities law. For a full discussion of risk factors and uncertainties, please refer to our filings that are available on SEDAR Plus under Hydreight Technologies there. I will pass it off to Shane for you, our CEO, Shane Madden.
Thank you, Abbey. Hi, everybody. As the great Conor McGregor once said, say what you're going to do and go out and do it. That's how I would describe 2025 so far, especially Q2. Obviously, we have some new shareholders here from the activity for the last few weeks. I will go over kind of a high level again. I know some people have heard me talk about this to the point of nausea, but we'll go over it one more time. Then we'll circle back to Q2 and some other exciting things. Q2 essentially for me has been just an organic evolution of the first two verticals that we've talked about for a while. We're quite confident in the growth that we communicated at the start of the year on those verticals. We've established them very well. Our moat is very high.
We've obviously extrapolated that into the third vertical, which we'll talk about, which is the bell of the ball, the girl that everybody wants to date right now, VSDHOne. High level again for anybody that's new, Hydreight Technologies Inc. essentially attempted to capture three key areas of the healthcare industry in the U.S. We came at it from a compliance perspective, building tech on top of three key areas that we had identified that the healthcare industry was going to go. Obviously, there's been a couple of accelerators between COVID-19 and the Ozempic craze that have shone a light on the need and validated the direction of the company in many ways. Our first was mobile health and wellness, which is known as our Hydreight nursing platform. First business to allow nurses to work as independent contractors, allow them to monetize their credentials in a never-before-done way.
We were first movers, still are. No company has attempted to have a 50-state medical mobile workforce. That was our first vertical. The second vertical was addressing the non-traditional doctor's office, so health and wellness facilities that are providing true healthcare, a myriad of services, but it's true healthcare requiring oversight from a medical director, physician network, access to compliant pharmaceuticals. There's a tech component to be able to marry all of those. Everything needs to be built off compliancy. The third vertical, which we'll go into shortly, is the direct-to-consumer self-administered. First movers in terms of a model. We didn't want to be another runner in that space.
We wanted to basically be the home for healthcare in that space, allowing a wide range of different types of businesses, whether it was a business with a large amount of clients in the greater health and wellness space that just weren't structured to be in the medical side of things, or whether it was people who had structured their business but structurally could only do a few treatments or a few states or had structured themselves actually uncompliantly during relaxed laws and everything in between. The goal with that third vertical is, of course, to be the Shopify for healthcare in a sense. Instead of being another player, we want to have 5,000, 10,000 businesses all operating on our medical network, our tech, our pharmacy through that third vertical. At a high level, that's what Hydreight Technologies Inc. is.
The overall market spend is $5 trillion, as everybody has heard me talk about. Today, in the U.S., 90% of that is what's called chronic care management, which essentially means it's preventable. There are only three areas this can go. Individualized healthcare is where this movement is going, controlling one's own wellness. The awareness has shifted between what happened during COVID-19, but also the Ozempic, Mounjaro craze, as I call it, because two years ago, nobody knew what a GLP-1 was or a self-administered service at home, even to extrapolate away from the GLP-1 space into the peptides and the sexual health and the hair care. Nobody knew that existed. Now, half of the U.S. are saying they'd like to try a self-administered at-home service. The awareness is there, which is obviously a huge piece of positioning yourself as an offering.
As a company, a 50-state medical company that has addressed three different areas of this $5 trillion market, we're positioned very, very uniquely because our mold is compliance. We're not a nice-to-have in any of the three verticals. We're a must-have if you want to be compliant. Obviously, we've married that with tech to make the connection with the customer. That's where Hydreight Technologies Inc. set out to go, and that's where we are. Q2, and I'm going to pass it to VH to go into some numbers right now, but Q2 for us was, for me, nothing majorly exciting there, but it was just more of a validation of the first two verticals, execution from the team. We've been putting a lot of work into strengthening the departments for growth, for the growth that we know is coming.
I feel that was an excellent performance in Q2 and validation of what we've built. I'm just going to pass it over to VH to go into some numbers.
Thank you, Shane. Hi, everyone. I appreciate everyone joining the webinar. As promised, we tried and we did file earlier than before end of the period that we had time to do and set up an earnings call right away to provide updates. Before I go to the Q2, I'd like to walk everyone through the trend, the trend of the business. Because when you're talking about the SaaS company and as a software as a service that has recurring revenue, trend is a lot more important than having revenue from one point. You may do a great Q2 or Q3 or Q4, but when the trend is there, and that's what we're focusing on, the trend on the revenue, the trend on profit, on margins, and what it takes for us to take us where we want to go. In 2020, the business got into action.
Obviously, there were a few years before that to create such infrastructure and framework to be able to do that. The first two verticals that we had took us from about $1 million to last year, our top line revenue about over $22 million. We didn't have the third vertical last year. I'd like to remind everyone, the VSDHOne that right now is in full speed and we're fulfilling the numbers, we're surpassing the numbers, is a brand new business. A business that contains legal compliancy, technology, and multiple different dependent factors, doctor network, medical directions, pharmacies, and all that. Not only it went live, but also is generating revenue, a real revenue for the business that is helping the revenue of the business go in higher and higher in the very first year that is in action. That's why the trend is the key.
That's why not only we invested it, not only we created such infrastructure and technology, but also is in action and is working. When we started this year for the first two verticals, we're expecting and projecting based on the evidence that we had in hand that we're going to have about 27.5% growth in our base with our first two verticals that would have shown the graph like this. That again, it's based on the historical data that we're going on. In the meantime, we're also focusing on our adjusted EBITDA that in 2020, 2021, 2022, and 2023, we financed our own growth. We paid to create the legal structure, to create a technology and update the technology without borrowing any money, without raising any money after going public.
At the same time, we're looking at our bottom line to see it's going to be positive, to be a real business. We could achieve that in 2024. In 2025, we continue doing that not only from the adjusted EBITDA perspective, but from the GAAP perspective as well. Same thing with the cash flow. The reason I went back is for you to see the trend, the trend of the business. It's not like you go down one quarter, the next quarter you go up. We walked into 2025. We had a very strong Q1. We surpassed our projections from the revenue perspective. We could end up being GAAP positive. We finished a live offering successfully at $1.55, have enough cash in the bank. We walked into Q2.
Our goal at the beginning of Q2 that was communicated with everyone when we sent the release out was focusing on the revenue, focusing on the number of the orders coming in, continue focusing on our profitability, trying to add more product, including a genetic test into our offering, and also looking at some talking acquisitions or investment. The investment that is purposeful is not an investment just for the sake of doing an investment that we're going to do. An investment that is going to help either with the revenue or with the margin. If it helps with either of those, that's what we're looking for. We didn't want to be a company that keeps sending a release out on the LOIs and not completing that.
We sent a binding LOI release out around the 503A, but that was after, I would say, a handful of advanced conversations with other players in the market or have some sort of agreement with them, but they failed in the due diligence side of it. We walked into Q2. Q2, with that focus, we continued having the same growth. We could have, you know, we achieved, we surpassed the growth % that we're looking for. Not only did we focus on the VSDHOne to make sure that we can onboard our clients. Again, I'd like to remind you, that's a brand new business. You can do so much planning based on the evidence in hand. The nature of the beast is you have to adjust. You have to monitor, adjust, and move forward.
We learned so many things as we pushed it through, but we tried to keep the goal that we have for end of the year consistent. We had to make a lot of adjustments from the onboarding perspective, from going and focusing on the businesses that have the orders and make it easy for them to come through our system by being modular. If somebody wants to use the whole thing or one module or two modules, at the end of the day, bringing them through and serving their customers. All that was learning, but we grew as we met the expectations that we had as we learned and as we adjusted. Q2, we finished it strong. Our revenue was higher than expected. It ended up being cash flow positive again.
Now, being cash flow positive and also having money in the bank, everyone would have asked, why do you need to launch a convertible note if you have that all in hand? We couldn't talk about these when we launched it because the financial was not out, but we're going to add more coloring to that and the reason for that. Q2, from the GAAP perspective, we had about $5 million revenue. Our top line was about $7 million revenue. We are cash flow positive now. In Q3, we're investing heavily into the company on some of the areas that are going to expedite the growth of the company and the VSTHOne in Q3 and Q4. We had some major hires that we brought on board, people that have a very extensive experience in different areas that can help us, including marketing.
One of the things that we've been working hard on in the last 45 days is to create our own marketing agency as a subsidiary in Hydreight to help every single business that goes on the VSTHOne that they need the marketing help. That's the biggest challenge that we see they're dealing with. We invested heavily into the technology, and we're constantly adding more. We made it modular. We're adding more features. New versions are coming out. We invested heavily into our product. We invested heavily into the scalability of our company in every single department. We are investing as we grow to make sure by the end of Q4, we achieve the numbers that we're looking for with the acceptable margin that we go through it. Our cash flow from the ops was over $200,000, cash in the bank about $6 million.
We're going to use it only on the growth and investment side. When you look at the growth trend and the graph that we initially showed at the beginning of the year, are the orange line and the blue line. We're not changing our expectation from the company from the perspective that we're going to change the numbers that we're hitting. Based on the trend that we have in Q1 and Q2, just with the first two verticals, the trend is going to show the yellow and the gray line that is going to be higher than what we originally started the year with. We're going to continue doing, focusing on that. We try to even surpass that in Q3 and Q4.
Some of the major updates that we had for 2024, we focused a lot on rather than increasing the, while we're increasing the number of the nurses, but the main focus to be helping them to get more services. For them, instead of taking them three to five months going live, helping them to go live within 30 days. There were so many things from the service perspective that we tried to improve that are paying off. In Q2 2025, the number of the new license holders, and again, keep in mind, every license holder in our nurse network that comes on board with us, they usually bring two or three other nurses to deliver the services. The license holders, we went up by 77% in comparison to Q2 2024. That trend continues going up.
That helps with the pharmacy orders, that helps with the services orders, that helps with our reach across 50 states because the nurse network is not only from the revenue perspective. We created that as part of our mobile clinical network that is creating a white glove service for some of the second and third verticals that we haven't put in place that are coming in Q4 and are going to make it easier for everyone to deliver those services. The pharmacy orders that from our second vertical, which is a white label, have gone up by almost 50%. Now, the nature of the pharmacy, sometimes you see the prices go down a little bit. For us, it's focused on the numbers. It's going up.
These numbers, we'll talk about this more, why now having pharmacy ownership in the pharmacy is the key because we focus on getting these orders coming in. We focus on creating the margin on every order. We focus on creating the revenue from every three verticals. Again, I remind you on the model that we had in mind. Most of the SaaS companies won't make money from subscription because your A players pay only so much. B and C players either cancel or go out of the business. The way that they make money is mostly tying a service to your technology and platform. We see a lot of SaaS companies tying a payment processing to the services.
Now, in our case, we're trying to do that with the pharmaceutical sales and tie it to the compliancy and tie it to the IP that our Doctor of Pharmacy, our Chief Medical Officer, they put together these dosages, they put together these IPs that are produced only for our own clients. In the VSDHOne platform, when we started at the VSDHOne platform, we grouped our customers into three groups. The group that they're brand new customers, that they have marketing budget, they have the customers that they have members, but they don't have any pharmaceutical sales, and the customers that they come with ready-to-go orders. Those groups should have satisfied our goal for this year, the third group. However, it's a brand new business. We had to learn as we move forward. We're dealing with bringing over patient data.
We made it modular to make it easy for them to come at any stage of the game into our flow. If it's a doctor network, it's a pharmacy, if it's a medical direction, if it's an end-to-end, to make it easy for them to come into everything and go through it. It slowly brings them over through the migration plan. That's the group that we came up with our entire year ago. We didn't even count on the first two, as those two are growing as well, creating marketing agencies in the support of the first two to help them to grow on all that. Within June, July, August, internally, we had a matrix that we're going to hit between $70,000- $80,000 range within the first three months. The first month, we hit the numbers, we surpassed the numbers.
July, we hit the numbers, surpassed the numbers, we went over 42,000 orders. August, same thing, we fulfilled the range that we have and surpassed that. August, starting late July, because we keep adding more product into the pharmacy, now we see a wide range of the products coming in from the order perspective. We see some cheaper products that it wasn't in the original range of the revenue threshold that we have. That again, it's a business that is coming in. We're adjusting that. One of the reasons that in August we surpassed it by, we're surpassing our goals from the product sales perspective. We're taking time to wait until the end of August to qualify them from the grouping them from the revenue perspective and tie them to our matrix. At the end of the day, right now, we are focusing on the growth of this third vertical.
We are focusing on the number of the orders. We're focusing on the revenue secondarily after the number of the orders, and thirdly, our margin. Because we get this trend going, this is the very first year of this business. If we get this wheel turning next year and the year after, and the year after, this is going to be accumulated. We're going to continue doing that in September. Just for you to know the focus of the company, Shane Madden, the CEO of the company, his main focus himself is directly working with the team and the top customers and the pharmacies on the VSTHOne platform because the business is there. We already secured enough businesses to help us to get to our numbers and surpass that. There is so much detail into taking them live. It's on us to take these orders on our platform.
It's not just the turning on and turning off the switch. It takes time for us to do that, and we want to make sure we don't sacrifice the quality over the time. In the meantime, we hit our numbers. In the meantime, we bring the revenue. This quarter, as we promised, we launched a personalized genetic test and wellness that ties to our vision. Later, we're going to talk about that on the acquisition side. We'll talk about that. We received some unpaid analyst coverage. We know more is coming. Our focus is quality. We've been super grateful with the analysts, with the banks, with the investors that we have behind us. We're not spending money on the typical promo marketing to just give it a hype.
We take our time to spend time with the investors, Shafin, Shane, everyone in the team, try to meet new investors, share our story. From every three investors, maybe one of them will be interested in our story, but at least they're investors that we fall within their thesis. We're going to continue doing that. As you remember, for those of you who went with us for the past two years, last year we didn't spend much time on that. We're focusing on building a business. We promised we're going to do it this year. We've already done that. We're sharing our plan for the rest of the quarter on different events that we're going to do, different investor conversations that we're going to go. That's where we are. We launched a $10 million convertible. Business is profitable. You have $6 million in the bank.
Why do you need this convertible? It's a very good question. Sometimes because we're a publicly traded company, it has a lot of advantages. Trust me, they have some disadvantages. We cannot share everything going on in our head and in the company, and we have to follow the rules and regulations of the exchange and regulators. At a time that we launched this, we saw our numbers, but we couldn't discuss that in detail. We had to wait for the financials to go out. Business from the operation perspective, we're good. We don't need money. Business is paying for itself. However, this is the time that we look at the value of every dollar that is coming to the business. If a dollar into the business can lead to $10 in the business in 12 months, 24 months, or 36 months, it's based on the evidence.
It's a good decision that we can take. Right now, based on the number of the orders that we're getting on VSDHOne across three verticals, and based on different pieces that we can see how quickly it can help with the revenue increase and margin increase, there are many investment and acquisition and growth drivers available in the market. Every day counts with the level of the growth and the orders that we're seeing. We wanted to make sure that we can take advantage of that. If we have enough around us, we can use it for those purposes to support our growth, to see where we're going with that. As you've seen the numbers that have been filed, the business from an operational perspective is not bleeding. We actually have enough cash in the bank and we keep adding to it. We're looking at this in the long term.
We're looking at this as a bigger picture, how we can, again, based on the best evidence, based on the best knowledge that we have, what can be done to add the maximum value for our investors and for our company. We launched that with Canaccord. Other banks and other firms are helping us with that through the whole process. I think the closing is next week that we're going to do that. I think it's September 3rd, but please go back to the press release for more details. We focused on potential M&A and investments since late last year. We don't want to just spend money, even our shares on something that is not going to add value. There are five or six areas that we're looking into for investment and acquisition: pharmacy 503A, pharmacy 503B. Shane will add more color into that. It has two parts.
It's not only about the margin. Margin is one thing. The second reason for that is the full control over the offering. We're not dependent on other players. Thirdly, we have this volume coming in. Right now, it adds value from the revenue and profit perspective in our balance sheet. Why not use the same, the very same orders and create assets in our balance sheet, creating an asset for our company? These are our orders that are going through. Yes, we make money off them. Why not also have that be part of an asset that is creating value for our business? We'll talk about this shortly. 503A, after at least eight or ten serious conversations and a handful of advanced conversations within those, we found the right group.
We signed a binding LOI, and we extended it outside it by five days because we've done very extensive due diligence on the whole thing. We're closing it, and we pushed it by five days, which is, I think, early next week to finalize that. Then it's done on the 503B side of it with them. The technology side, we wanted to have a prescription software, which we achieved with the number one acquisition that we announced through Perfect Scripts. That ties to our point of sales and also cornering the brick and mortar. Shane will add more detail to that. Point of sales, we've been talking about this. We have all these brick and mortars coming on board that are using us.
If we can tie them to our technology in a way that they don't need any third player, not only do we have full control, but also it's going to add a new revenue stream for us, which is the payment processing that we already secured the agent licenses to be able to do the payment processing. We just need to tie it to the point of sales. We've been talking about AI and treatment plan on the technology side. AI is a cliché word nowadays. AI means nothing if you don't have the data and if you don't know how to monetize those. We have the data. One of the reasons that we wanted to launch the genetic test was tying it to this one. Also, treatment plan, Shane will add more color into that.
We want to have medications that we're going to put on our pharmacy and be on the IP. These are the areas that we're focusing on, the $10 million convertible and also supporting this from the operation perspective and supporting the existing growth is going to be used. From the technology perspective, we have started working on all these three internally. If we find an opportunity that is going to fast track this one, that is going to go live and start generating revenue for the company, it makes sense for us to go that path and start getting it in action right away. Before I go any further into our capital market events, I'd like to pass it to Shane to add more colors into this one or the previous slide, which was about the updates.
No, that's great. Thank you, Vahid. Very eloquently put, as always. Just kind of go back to where we're at now and where we're going. I guess Vahid covered a lot of ground there. We've talked since Q4 of last year about the release of our third vertical. We hope to have put it across very well in previous meetings as to the migration plan, the challenges from moving people from one medical company over to another in Q3 and Q4. The reason I said there was nothing overly exciting about the first two verticals is because we essentially knew where those verticals were and what the company was going to do. We've been talking about the third vertical for quite a while, and the party has officially started in Q3, and it's going to continue to grow.
We're very, very, very excited about the execution that the team has done. The first two verticals also have accelerators coming that are all feeding the same. Remember, the ecosystem is the entire healthcare industry. I talk about three different areas, but there's a lot of synergy below it in terms of everything ends up in the pharmaceutical. We have two distinct accelerators in our first two verticals, the nursing. We already released, obviously, some notes about financing and things like that that have helped boost. We have a version two coming of that, which is quite dramatic. It kind of showcases our position in the industry with some of these very, very large banks and the history of the company and the support.
There's a lot of good news coming shortly on the nurses, which is going to remove essentially a barrier to entry, and we see a huge expedition of the amount of nurses coming on there. The second vertical, we're actually releasing, we've been reinvesting in tech, as everybody knows, for the last year very aggressively across all three verticals to help with scale, to help with automation, to help with the volume that we know is coming in. We're in the middle of migration on a lot of it. We have a hardware addition to our fully digital offering for our second vertical that's going to be released in Q4. Our goal behind that is to essentially capture a very large portion of the 100,000-plus med spa industry. A very aggressive strategy. We've hired a new Head of Sales to basically spearhead that.
We are going to essentially try to capture a very large portion of that market, which again is just an addition to our existing bricks and mortar offering, but it offers a lot more in terms of control of the pharmaceutical, of the telemedicine, et cetera. That is an exciting one that we're really excited about. Obviously, the third vertical then is what we're currently migrating businesses, giving updates on the volume. We all know our projections for the end of the year, and everything is going great there. If we zoom out for one second, knowing what's coming, obviously, the communications we've been giving since Q4 of last year weren't projections. Essentially, it was goals for the company based off of the businesses that we knew were coming on the third vertical and what they were currently doing.
We know and we're excited about the execution of that, and we're always very happy to share the numbers because it validates everything that we had been saying. If we want to scale and we want to control the scalability of that vertical, we need to start really thinking about controlling the pharmaceutical itself. That's why for a number, and this wasn't a thought that popped into our head the last couple of weeks. This has been since last year. The A is obviously a 50-state dispensing pharmacy. The A can dispense across the various states. The B, however, is kind of the bulk creation and obviously the $10 billion industry that you see there by 2033 that Forbes predicted. That is controlling all of the three verticals. We want a strategic talking and strategic partnership that basically is going to protect all verticals.
It's going to increase our control from a pharmaceutical perspective, which all three verticals end up in, increase profit margin, increase control of the product itself from a compliance perspective, from a product expansion perspective. Vahid touched earlier that we have some clients migrating now that have asked for other things. Wonderful. The future on that side is all about vertical integration, and we're ahead of the game on that. We've announced, obviously, there are certain things we can't go into, but the company is in a very strong position. We obviously know what Q3 and Q4 from a numbers perspective has looked like. That's why this transaction from a convertible made a lot more sense. The other side of it then is just if I zoom back out, and this is the last thing I'll say. I know we're kind of going over time here.
The full end-to-end flow here and the way all of this is going is individualized healthcare and accessible healthcare. What do I mean by that? Individual. Get a test at your house, at your home, at your office, wherever. Get results back in a timely fashion to some type of technology that tells you exactly that. Now, there's an AI component. If you're not looking at AI, you're looking in the wrong direction at the moment as a company, unfortunately. There's an AI component that needs to be plugged in there to basically expedite the level of care, the predictions, the accuracy, what can be given, and then tucked into your other technology. That's something we're also looking at at the moment with a number of companies. That flow from individualized healthcare to almost immediate accurate predictions, recommendations to the telehealth to the pharmaceutical itself, that's the flow.
That's the flow, whether it's a nurse in the mobile setting, whether it's self-administered at home, or whether it's in a bricks and mortar. That is the full end-to-end of where all of this is going. We've positioned ourselves pretty well, I would say, to now. We are doing some vertical integrations at the moment that are basically just going to add on to what we already know is coming. Again, I know we went over, so I just want to talk high level on where we're going.
I appreciate it, Shane. On the same note, we talk about these acquisitions that are going to help with two things: one, our investments with our margin, and also with our revenue and volume. One thing that I mentioned earlier is how our existing business can create big value and assets for our business by having ownership in those. Forbes came up with how the compound pharmacy is going to be valued nowadays, especially if you have a turnkey to send the orders and manage the orders in full compliancy, which is our technology and our corporate structure. That's something that no other players in the market have something similar to. Just to give you an idea, and again, for numbers, I want you guys to do your own research. This is based on a very high level.
For example, a 503B pharmacy or a 503A pharmacy, if you get in at the right time, the business has the structure, they have the compliance, they have 50-state license, it's ready to go. You get in at the valuation of anywhere between $50 million to $60 million or $70 million or $80 million valuation to come in to get a piece of that because it's kind of like a gold mine. When you see in the market, usually those businesses will be valued at 10 times the revenue. I recommend you to do your own research. This is high level based on our researches, but we do more details. I just want to talk about the idea.
Us putting our own revenue and our own pharmacy orders through that pharmacy and going at the $50 million, $60 million, $70 million, $80 million valuation and get the 10 times multiple of that from the value perspective as an asset under the company, you're looking at, you know, we won't be the only clients of that. If you look at that, adding $50 million revenue from the pharmacy going through that, that is a $500 million business within 6 to 12 months. The numbers can change. I recommend you to do your own research, but that's the thought process. We're trying to create an ecosystem. We're trying to create a company that has assets, has technology, has customers, has compliancy, has legal structure, and it's an end-to-end solution to serve this market.
To wrap up the call, as promised, we're going to continue going around and talking to the right investors to share our story with them rather than spending money on one-time promo marketing. There's nothing wrong with that, but we don't believe in that. We'd rather focus on quality conversations. There are three events from now until the end of October that we're going to go. Besides that, there are multiple events that we're going to from the medical perspective that we always talk with different similar-minded people within the industry, and we actually talk to them. Now, again, we passed the time, but there are a bunch of questions. We try to go to answer as many questions as we want in the next few minutes. If anything's left, please feel free to send an email to the IR, and we'll be more than happy to answer.
We're always very open and very grateful for all the feedback and all the discussion points and support that we're getting from investors. As we said before, by no means we're perfect. We're trying to do our best to bring the best value for the company, for our team, for our investors, for our clients. This is, again, this is a brand new, the third industry is a brand new business that we learn as we move forward. We've done enough researches. We created enough. It's already showing results. I'm just going to go on a bunch of the questions, and between Shane and I, we'll answer that. How do you see 503A and potential 503B acquisition impact the targeted 20 to 30% margin figures you probably previously shared? We already talked about the margin. We talked about the assets and all that. When are you going to NASDAQ?
Has that process started? No, that process hasn't started yet. We always say we want to graduate high school before we go to the master program. We have so much to do. We don't want to get diluted for no reason. We want to make sure we're ready to go to the NASDAQ. That's the goal. That's what we're hoping to do. That's what we're planning to do. Right now, just the cost for the capital market side going to NASDAQ, we'd rather spend on the growth side. When we hit the real numbers that we have in mind within the next 12 months, that's the time to start looking at it. That's definitely part of our goal to go to do that. We want to focus to master this, what we do right now, and go there. Yes, it's part of the plan. The process hasn't started yet.
Can you provide a high-level split revenue between the TRT, GLP, IV right now that is trending in the future? Shane, do you have those stats handy, or do you want us to send the release out on that?
Can you read the question again?
They want a split revenue between testosterone replacement therapy, GLP, and IV. It's a lot more than that. Right now, we have over 55 products. That was one of the things I said about August. The orders are above the numbers that we're expecting. It's just because we added so many products. Some are a lot cheaper, some are a lot more expensive. That's the variance. Shane, please feel free to add any comments on that one.
I'll just give two minutes. The IV is obviously administered by a healthcare professional. That's on the first vertical with the nurses, and that's obviously one of the major services that are being done by those. The other third vertical, which is the self-administered, there's over 45 treatments there. TRT is obviously one of the big ones, GLP-1, of course. Obviously, the peptides, the sexual health, and things like that. The IVs wouldn't fall into that category whatsoever. I would say pretty evenly spread between TRT and GLP-1 at the moment. TRT is huge.
Okay. You've been outlining a fairly aggressive growth trajectory on the monthly orders. Last four months, $100,000, $200,000, $300,000, $400,000. Where do you see this trajectory peaking? You have not shared any 2026 projection order. All great points. As I said, we haven't seen any evidence for us to change our numbers that we set as a goal. The $100,000 for September is, again, with the numbers that we saw in July and August and June, we're not too worried about the next few months based on the numbers. We'll continue updating the market on that. At the end of September, we're going to work on our 2026 numbers. As I said, it's a brand new business that got from zero to about $100,000 orders within the first three months. It's very aggressive.
I want to emphasize the fact that the businesses that we secured with the existing orders are supporting our 2025. It's just a matter of us doing a good job and successfully bringing them over to our platform at one of the stages coming over.
If I could just add in a little bit there, Vahid, I hate to sound like a broken record because I know a lot of people have heard me say this before, but we need to really always kind of go back to where we've positioned this company. The growth is in front of us. When we talk about our first vertical, there's 4.5 million RNs. We're talking about thousands that are on it right now. Our second vertical, there's 150,000 that would fall into the med spa, non-traditional doctor office. We're talking about hundreds on there. The third vertical is untapped, as we know, and we've obviously given some projections as to the current clients that we have.
When people talk about what are your projections, the projections are very hard, actually, at the moment because we have positioned the company with a compliance mode that the future is looking fantastic. We will give communication towards Q4 for 2026. I know I'm always saying this, but the growth is in front of us because of where we've positioned the company. We will give as accurate information as we can for our goals.
Great progress over the year. Congrats to the team. How confident are you that the guided 1.3 million orders will be reached by the end of the year? That will mean that in the second half, every month, there must be 150,000 orders. Thanks for the updates. I appreciate the kind words. The goal that we set for 1.3 million orders, again, we haven't seen any evidence for us to change that. Again, we're focusing on the trend. We're focusing on the trend more than just having one month for 500,000 orders and going down to 2,000 orders, right? The trend, we're sharing the trend. You can see the trend. We'll continue updating the market as much as we can based on the rules and regulation on the progress. You mentioned GLP-1 churches in the last webinar, but you didn't elaborate. Can you provide the color to this?
Shane, I don't know how much we can do because that's through one of our clients. If you want to just add a high level.
What was the first part of the question? I heard GLP-1.
You mentioned GLP-1 to churches in the last webinar, but didn't elaborate. Can you provide more color this time?
I can give a high level because, again, it's a client on the third vertical that has a unique relationship with a ministry across the U.S. that has a tremendous following. They're a perfect example of a client that is not structured for medical but has a large following. They're in various stages of launch. We can provide more color, I think, in the coming weeks, actually.
Okay. Shane and the team, three questions. How are large partners onboarding going on like Doctors Frank? Just to let you know, our large partners, Doctor Frank is not one of them. The large partners that we're talking about are the ones who already have orders. They're already processing 40,000, 30,000, 25,000, 100,000 orders a month. Doctor Frank is a big brand. It took us a lot to bring them on board, but they're starting from scratch in the U.S. We don't look at them as a large partner. The Doctor Franks, Shane, do you want to provide? There are three questions. That's one of them.
They'll eventually be a huge partner with their experience in this space. Obviously, they're a large company, so they have a large marketing budget. The U.S. is new to them. That's one of the reasons they wanted to join forces with us. They're on board. They're ready to go. They're basically just fleshing out their marketing strategy. Do they want to go with a certain number of services and then branch out, or do they want to go across multiple categories right away? That's where they're at. In the coming weeks, I believe they've already started their first phase, and then ramp up from there. We will be the first to update everybody on success. As we communicated through Q1 and Q2, we said, guys, once migration starts and once Q3 and Q4 hit, we'll be the first to update everybody. I think we've started doing that.
I think they're going to send the release out soon on that and update the market. What are the next products VSDHOne will be rolling out? Would VSDHOne be fulfilling palatable orders? What's the new products that VSDHOne will be rolling out?
Across the categories, obviously, we all know about GLP-1s. The peptide space is just going to grow continually. There will be a continuation of that category. The sexual health, the hair loss, the sensitive stuff. The at-home testing will also broaden because, of course, that's the first piece of the individualized healthcare. It'll be more of an expansion of the categories rather than a specific product. Obviously, the TRTs, the HRTs, there's different administration types of those coming now. The same way that the GLP-1 has numerous types of administration from sublingual to patch to all that stuff. It'll be versions of those categories.
Perfect. I'm going through with the question. There's a bunch of questions about the M&A strategy. Talk about the M&A or how you're going to use the cash for convertible. These are, I believe they were posted before we go to the other slide. I'm just passing it. I'm not ignoring the question. New products have responded to add to the platform. We just talked about that. You recently referenced the potential partnership exit sales in 2026 and the retail conference call. Do you feel an exit might be premature at this point given the trajectory? That might be the end goal, but right now our focus is growth, number of the orders, profit. In order to do that, we're going to do it organically, acquisition, investment, supporting the growth in different ways, including initiatives that we have internally doing that.
Could you provide some color in additional operational costs that are expected to be incurred as the VSTHOne continues to grow? We need to focus. We are building this business as a process-oriented business that is around the automation more than anything. We don't want to be cornered by people or mistakes or errors because human beings will create errors no matter how precise we are. It's going to be, we're going to invest more and heavily around the technology that we have, around the offerings that we have, around the operation that we have. We are monitoring that. We have our numbers. We'll look at those, and we continue planning for our next 90, 120, 180 days, and we adjust it as we move forward. Can you provide insight into the current, I believe your current measure in the potential reach to $200 million?
We never mentioned any specific revenue for 2026. We haven't provided any specific number on 2026. As Shane said, we're looking at the numbers. We're focusing on the orders. By the end of September, we're hoping and we believe we're going to have a clear projection for next year. We have a better idea from the dollar per order side that we can work on that. How do you feel about the August numbers relative to your previous cited? The August originally, we had it about like, you know, in the original matrix before we get into the July, we had about 35,000 to 75,000, 70,000, average 55,000 orders. As I said, we fully surpassed that. It's just that we're not because some of the orders are coming as a new product that is cheaper than the numbers that we had.
We need to wait for the month to be over and start organizing those so we can tie the number of the orders coming in with the revenue generated and dollar per order. From the order perspective, product order perspective, we're very excited and happy for the month of August as well. Can we discuss dilution in the future? There are many times where the topic was addressed in the calls and the answers that Hydreight has enough capital to meet the growth. The problem is not the dilution itself, but communication in front. How sure we are that we'll not enter dilution in three months? There is no dilution. You are looking at this business. The question is, do you want to have a big piece of a small pie, or do you want to have a small piece of a bigger pie, right?
We didn't raise any money since we went public at $0.63 until earlier this year at $1.55. We make sure that the revenue goes from $1 million- $22.5 million before we do the raise. We made the company to be profitable. We have done our research to do our best to make sure the money that is coming in is going to be used properly. We got diluted by issuing RSUs to the team that's been with us over the years and made this growth possible. We got diluted by creating, bringing more investors at $1.55 to diversify that and also getting coverage. We got diluted by getting a piece of a 503A pharmacy that is a gold mine. It's in their benefits now that they do well because they are shareholders of Hydreight.
We got a convertible, not the straight raise, because we believe the value of the shares. When you look at the dilution, we're still saying what we said before. We have to see what's going to bring the most benefit for the shareholders, the management, the board, the CEO, everyone working day in, day out to see what's going to bring the most value for the shareholders. I think I added, like I'm going over the question. Most of the questions we addressed, and a lot of it is very similar. I know we already passed about 25 minutes over the webinar. Apologize for taking your time longer. Appreciate your time. Appreciate your support. Any other questions, feel free to send us an email to IR emails, and our team will get on the phone with you, respond back to your email.
Again, we're overwhelmed with the support that we have, and we appreciate it. We're doing our best based on the best of the knowledge, best of the effort that we can put in to deliver the results. I appreciate it. Thank you so much.
Thanks, everybody.