Numinus Wellness Reports 29% Quarterly Revenue Growth as Practitioner Training Accelerates

Key Points

• Q4 fiscal 2025 revenue increased 29% sequentially to C$2.33 million.
• Gross profit rose 63.5% from the prior quarter to C$1.42 million.
• Gross margin improved to 61.2%, from 48.3% in Q3 fiscal 2025.
• Cedar Clinical Research revenue decreased 13.2% sequentially to C$1.4 million due to seasonal effects on clinical-trial patient activity.
• Practitioner Training revenue rose 387.6% sequentially to C$1.0 million, supported by strategic research-partner contracts.
• Numinus ended the quarter with C$0.5 million in cash and a C$2.7 million working-capital deficit.
• The company continues to work toward completing outstanding filings and having its cease-trade order revoked.

 Numinus Wellness Inc. (OTC: NUMIF) has reported a fiscal fourth-quarter 2025 revenue of C$2.3 million, up 29% from the prior quarter, with gross profit rising to C$1.4 million and gross margin improving to 61.2%. Growth in practitioner-training revenue drove much of the improvement, though the company ended the period with limited cash, a working-capital deficit, and an active cease-trade order.

Strong Training Demand Drives Q4 Revenue and Gross-Margin Improvement

Numinus generated C$2.33 million in revenue in the three months ended August 31, 2025, up from C$1.80 million in the prior quarter. Cost of revenue fell slightly to C$902,926, allowing gross profit to increase to C$1.42 million and gross margin to expand by 12.9 percentage points to 61.2%.

The primary driver was Practitioner Training, where revenue climbed to C$1.0 million from C$0.2 million in Q3. Numinus attributed the increase to the ramp-up of strategic contracts with a research partner supporting training for psychedelic clinical trials.

Cedar Clinical Research Activity Expands Despite Seasonal Revenue Decline

Revenue at Cedar Clinical Research, or CCR, declined 13.2% quarter over quarter to C$1.4 million, which Numinus attributed to seasonal impacts on clinical-trial patient activity.

However, underlying activity increased. CCR managed 18 clinical trials and completed 306 patient appointments during Q4, compared with 15 trials and 233 appointments in the previous quarter. This suggests that the business expanded its clinical-trial workload even as timing and seasonality affected quarterly revenue recognition.

Higher Operating Expenses Keep Numinus in a Quarterly Loss Position

Numinus reported an overall quarterly comprehensive loss of C$881,837, wider than the C$741,575 loss reported in the previous quarter. Operating expenses and other items rose 71.8% sequentially to C$2.88 million from C$1.67 million.

The results show operational progress in revenue and gross margin, but profitability will require the company to sustain higher-margin training revenue, stabilize CCR revenue, and control operating costs.

Cash Constraints and Regulatory Filings Remain Key Risks for NUMIF

Numinus ended Q4 with C$0.5 million in cash and cash equivalents and a C$2.7 million working-capital deficit. These conditions create significant liquidity pressure and may require the company to secure further financing or improve cash generation.

The company remains subject to a cease-trade order. Management has said that completing the fiscal 2025 audit and filing outstanding interim reports are central steps toward seeking revocation of the order; it has also said it intends to schedule its overdue annual shareholder meeting after completing the audit and making substantial progress on the revocation process.

For NUMIF investors, the positive revenue trend must be balanced against the company’s cash position, working-capital deficit, audit and filing delays, potential financing needs, and the uncertainty around lifting the cease-trade order.