Healwell AI's Half-Year Momentum Masks a Flat Quarter — and a Curious SpaceX Twist

Healwell AI's H1 revenue jumps 60%, but Q2 stalls; first positive EBITDA and a $23M SpaceX stake lift shares 13%.

Investors scanning Healwell AI's latest numbers on Friday were met with two very different stories. The first half of fiscal 2026 tells of a company firing on all cylinders, with revenue up more than 60% year over year. The second quarter alone, however, reveals a business treading water — and a balance sheet quietly bolstered by an unlikely source: a stake in Elon Musk's SpaceX.

The healthcare AI specialist's shares climbed 13% to €0.4965 in European trading on Friday, building on the momentum of a 6.9% gain that had already pushed the stock to €0.4705 earlier in the session. That move leaves the equity trading roughly 2.1% above its 50-day moving average, a technical signal that has caught the attention of chart-watchers.

A Half-Year Story of Expansion

The headline numbers for the first six months of the year are hard to argue with. Healwell AI booked revenue of CAD 66.17 million, a substantial jump from the CAD 41.23 million generated in the same period last year. Management attributes much of that growth to the successful integration of Orion Health, an acquisition that has clearly reshaped the company's revenue profile.

The second quarter on its own, though, tells a more nuanced tale. Revenue from continuing operations came in at CAD 33.0 million for the three-month period — essentially flat against the CAD 33.2 million recorded a year earlier, and marginally shy of the CAD 33.2 million FactSet consensus. The deceleration on a quarterly basis follows a strong start to the year, leaving the half-year figures to carry the growth narrative.

First-Ever Positive EBITDA

Where the company did break new ground was on the profitability front. Healwell AI reported its first-ever positive adjusted EBITDA for a quarter, posting CAD 1.1 million in Q2. That contributed to a half-year adjusted EBITDA of CAD 1.9 million, a milestone that management was keen to emphasize during the August 7 earnings call.

CEO James Lee, President Dr. Alexander Dobranowski, and CFO Anthony Lam all took part in the call, striking an upbeat tone about the company's trajectory. The leadership team reiterated its commitment to reaching a 10% adjusted EBITDA margin by year-end — a target that has become something of a litmus test for the company's path to sustainable operational profitability.

The adjusted earnings per share figure also came in ahead of analyst forecasts, even as the top line missed by a whisker. Management pointed to improved operating cash flows and a strengthened balance sheet as evidence that the operational turnaround is taking hold.

The SpaceX Factor

That balance sheet improvement deserves a closer look. According to company disclosures, Healwell AI holds an indirect stake in SpaceX, the private space exploration company. As of June 30, that position was valued at approximately CAD 23 million, based on prevailing market prices and current exchange rates at the reporting date.

The disclosure adds an unusual dimension to what is ostensibly a healthcare technology investment story. While the stake provides additional financial cushioning, it also raises questions about the company's strategic focus — particularly as management doubles down on enterprise sales cycles in the AI-for-healthcare space.

Looking Ahead

For fiscal 2027, Healwell AI is promising even stronger growth, with management pointing to the maturation of its enterprise sales pipeline. The bet is that large-volume contracts in healthcare AI will begin to convert more meaningfully over the coming quarters, providing the revenue acceleration that the flat Q2 numbers lacked.

That said, the stock still trades roughly 50% below its 52-week high of €0.9950, reached in October of last year. The gap underscores just how far the shares have fallen — and how much ground they would need to reclaim to approach those earlier levels.

Analysts who track TSX-listed names have also flagged a rising debt-to-equity ratio over a five-year period, a trend that bears watching even as the company points to its improved liquidity position post-Q2. The combination of a strengthened cash position, a first positive EBITDA quarter, and that intriguing SpaceX holding gives investors plenty to weigh as they assess whether the year-end margin target is within reach.