SRx Health Solutions, Inc.

Listed Company

SRXHCIK 0001471727NYSENon-AcceleratedSmaller ReportingBeveragesDelawareFY ends Sep 30

Period

FY 2025

Revenue

$6.53M

Net Income

$-45.01M

Total Assets

$8.40M

Equity

$407.0K

Shares Out

298.21M

Op. Cash Flow

$-8.14M

Business

SRx Health Solutions, Inc. operates a continuing pet health and wellness business following a reverse merger, focusing on premium pet nutrition and related products. The company offers over 100 Halo-branded products including kibble, canned and freeze-dried foods, treats, toppers, dental products, chews and supplements formulated to high sourcing and nutritional standards. Its business distinguishes continuing Halo operations from legacy discontinued specialty pharmaceuticals and healthcare services and includes product innovation, brand positioning and co-manufacturer supply chain management. Products are sold primarily via e-commerce partners (Amazon, Chewy and others), select brick-and-mortar retailers and international distributors, with direct-to-consumer sales through halopets.com exited in 2024.

Summary from filing dated 2025-12-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Net sales	7	35	—	39	55
Cost of goods sold	5	22	—	27	39
Gross profit	2	13	—	12	15
Selling, general and administrative	13	19	—	24	35
Total operating expenses	13	19	—	33	54
Loss from continuing operations	−11	−6	—	−21	−39
Interest expense	−628,000	−467,000	—	−1	−551,000
Loss on extinguishment of debt	−716,000	6	—	—	0
Bargain purchase gain	4	—	—	—	—
Total other income	3	6	—	−2	−551,000
Net loss before income taxes	−9	−159,000	—	−23	−39
Income tax expense	—	−9,000	—	−2,000	−18,000
Net loss from continuing operations	−9	—	—	—	—
Loss from discontinued operations	−36	—	−43	—	—
Total loss	−45	−168,000	−43	−23	—
Reclassification of AOCI related to discontinued operations	−2	—	—	—	—
Foreign currency translation related to discontinued operations	—	—	14	—	—
Total comprehensive loss	−47	—	−29	—	—
Weighted average number of shares outstanding, basic	21	2	22	705,185	667,114
Weighted average number of shares outstanding, diluted	21	2	22	705,185	667,114
Loss per share, basic	−2.13	−0.1	−1.95	−32.29	−58.93
Loss per share, diluted	−2.13	−0.1	−1.95	−32.29	−58.93

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2023 2023-09-30
Cash and cash equivalents	1	3	106,000	4	—
Accounts receivable, net	4	5	9	4	—
Inventories, net	2	4	3	7	—
Prepaid expenses and other current assets	794,000	484,000	496,000	812,000	—
Current portion of lease receivable	—	—	21,000	—	—
Total Current Assets	8	15	14	16	—
Fixed assets, net	88,000	138,000	6	230,000	—
Right-of-use assets, operating leases	20,000	64,000	6	120,000	—
Lease receivable, long-term	—	—	456,000	—	—
Intangible assets	—	—	7	—	—
Deferred tax assets	—	—	150,000	—	—
Other assets	168,000	193,000	—	155,000	—
Total Assets	8	16	34	17	—
Accounts payable	2	3	40	7	—
Accrued liabilities	1	—	2	—	—
Current portion of long-term borrowings	—	—	32	—	—
Convertible debt, short-term	—	—	2	—	—
Operating lease liability, short-term	21,000	62,000	1	57,000	—
Income tax payable	—	—	300,000	—	—
Deferred revenue	—	—	29,000	—	—
Short-term borrowings	—	—	4	—	—
Total Current Liabilities	4	7	81	14	—
Long-term borrowings	—	—	696,000	—	—
Operating lease liability, long-term	—	5,000	6	67,000	—
Convertible debt, long-term	4	—	—	—	—
Deferred tax liability	—	—	1	—	—
Total Non-current Liabilities	4	5,000	8	67,000	—
Total Liabilities	8	7	89	14	—
Common Stock, $0.001 par value, 200,000,000 shares authorized, 24,915,740 & 22,495,955 shares issued and outstanding as of September 30, 2025 and 2024, respectively	31,000	2,000	22,000	32,000	—
Additional paid-in capital	23	330	12	324	—
Accumulated deficit	−23	−322	−70	−321	—
Accumulated other comprehensive income	—	—	2	—	—
Total Stockholders Equity	407,000	9	−55	3	−34
Total Liabilities and Stockholders Equity	8	16	34	17	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2024 2024-09-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Net loss	−9	—	−43	—	—
Income tax payable	—	—	−170,000	—	—
Depreciation and amortization	31,000	130,000	4	2	2
Interest expense on lease liability	—	—	464,000	—	—
Impairment of goodwill	—	—	20	—	—
Impairment of intangibles	—	—	2	—	—
Deferred tax expense	—	9,000	−951,000	−2,000	—
Share-based compensation	3	833,000	4	2	3
Debt discount amortization	287,000	—	—	—	—
Loss on sale of cryptocurrency assets	35,000	—	—	—	—
Other	—	60,000	—	−7,000	126,000
Accounts receivable	5	−1	−409,000	2	−66,000
Inventories	496,000	3	3	4	−7
Prepaid expenses and other assets	−829,000	291,000	414,000	628,000	−1
Accounts payable	−6	−1	10	4	−761,000
Accrued and other liabilities	1	−304,000	9,000	−760,000	99,000
Cash Used in Operating Activities	−8	−4	−1	97,000	−21
Capital expenditures, net of disposals	—	—	1	—	—
Purchase of cryptocurrency	−2	—	—	—	—
Proceeds from sale of cryptocurrency	2	—	—	—	—
Cash acquired in business combination	6	—	—	—	—
Cash paid for acquisitions, net of assets acquired	—	—	−2	—	—
Cash Provided by (Used in) Investing Activities	6	−2	−1	−18,000	−198,000
Proceeds from long-term borrowings	—	—	4	2	12
Repayment of long-term borrowings	—	—	−3	−14	−6
Payment of principal portion of lease liabilities	—	—	−3	—	—
Proceeds from share issuance	—	—	919,000	—	—
Proceeds from short-term borrowings	—	—	3	—	413,000
Increase in balance due to related parties	—	—	−662,000	—	—
Proceeds from Wintrust facility	859,000	12	—	8	—
Payments on Wintrust facility	−2	−12	—	−6	—
Proceeds from short-term borrowings	800,000	—	—	8	—
Repayment on short-term borrowings	−800,000	—	—	—	−6
Proceeds from issuance of convertible debt	6	—	—	—	—
Repayment of convertible debt	−2	—	—	—	—
Cash paid for financing costs	−154,000	—	—	—	—
Proceeds from PIPE	9	—	—	—	—
Payments for share repurchase	−137,000	−206,000	—	—	—
Cash Provided by Financing Activities	12	5	932,000	−5	1
Net cash provided by (used in) continuing operations	10	—	−2	—	—
Net cash used in discontinued operations	−9	—	—	—	—
Net increase (decrease) in cash	1	−1	−2	−5	−19
Effect of foreign currency translation adjustments	−207,000	—	−341,000	—	—
Cash paid for interest during the period	−329,000	245,000	−3	543,000	444,000

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