The company exhibits severe top-line instability, evidenced by a -52.0% year-over-year revenue decline in 2026Q2 and an operating margin of -52.9% that highlights an inability to cover fixed costs.
| Metric | TTM | Sep'25 | Dec'24 | Sep'23 | Sep'22 | Dec'21 | Dec'20 | Dec'19 | Aug'18 | Aug'17 | Aug'16 | Aug'12 | Aug'11 | Aug'10 |
|---|
| Sales/Revenue | -30.49M | 6.53M | 50.3M | 118.94M | 92.63M | 58.63M | 54.38M | 20.75M | 617 | 2.16K | 63 | 0 | 0 | 0 |
| Revenue Growth % | -158.46% | -87.01% | -57.71% | 28.4% | 57.98% | 7.82% | 162.08% | 3362926.53% | -71.49% | 3354.11% | - | - | - | - |
| Cost of Goods Sold | -22.28M | 5.01M | 31.8M | 95.33M | 79.33M | 41.17M | 36.06M | 13.04M | 274 | 417 | 2.86K | 4.14K | 4.11K | 4.4K |
| COGS % of Revenue | - | 76.65% | 63.23% | 80.15% | 85.64% | 70.21% | 66.3% | 62.84% | 44.42% | 19.26% | 4571.43% | - | - | - |
| Gross Profit | -8.21M | 1.53M | 18.49M | 23.61M | 13.31M | 17.47M | 18.32M | 7.71M | 343 | 1.75K | -2.8K | -4.14K | -4.11K | -4.4K |
| Gross Margin % | 26.92% | 23.35% | 36.77% | 19.85% | 14.36% | 29.79% | 33.7% | 37.16% | 55.58% | 80.73% | -4472.47% | - | - | - |
| Gross Profit Growth % | - | -91.75% | -21.68% | 77.45% | -23.82% | -4.69% | 137.62% | 2248626.85% | -80.37% | 162.35% | 32.38% | -0.85% | 6.56% | - |
| Operating Expenses | -16.84M | 12.93M | 27.07M | 29.42M | 14.47M | 39.49M | 53.21M | 53.72M | 686.05K | 655.84K | 272.23K | 8.92K | 34.35K | 35.65K |
| OpEx % of Revenue | - | 197.92% | 53.83% | 24.73% | 15.62% | 67.35% | 97.85% | 258.88% | 111188.8% | 30306.84% | 434528.33% | - | - | - |
| Selling, General & Admin | -687K | 12.93M | 26.93M | 29.49M | 13.14M | 39.49M | 53.21M | 53.72M | 686.05K | 655.84K | 272.23K | 8.92K | 34.35K | 16.25K |
| SG&A % of Revenue | - | 197.92% | 53.54% | 24.8% | 14.19% | 67.35% | 97.85% | 258.88% | 111188.8% | 30306.84% | 434528.33% | - | - | - |
| Research & Development | 0 | 0 | 143.81K | 132.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.29% | 0.11% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | 0 | -207.65K | 1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.41K |
| Operating Income | -2.26M | -11.41M | -8.58M | -5.81M | -1.17M | -22.02M | -34.89M | -46.01M | -685.7K | -654.09K | -275.03K | -13.07K | -38.45K | -40.05K |
| Operating Margin % | 7.41% | -174.56% | -17.06% | -4.88% | -1.26% | -37.56% | -64.15% | -221.72% | -111133.21% | -30226.06% | -439000.8% | - | - | - |
| Operating Income Growth % | - | -32.92% | -47.76% | -397.9% | 94.7% | 36.88% | 24.17% | -6609.46% | -4.83% | -137.82% | -2004.8% | 66.02% | 3.98% | - |
| EBITDA | 2.91M | -11.38M | -8.39M | -4.1M | -539.4K | -19.9M | -32.65M | -45.72M | -685.7K | -654.09K | -272.18K | -8.92K | -34.35K | -35.65K |
| EBITDA Margin % | -9.56% | -174.09% | -16.69% | -3.45% | -0.58% | -33.94% | -60.05% | -220.36% | -111133.21% | -30226.06% | -434438.95% | - | - | - |
| EBITDA Growth % | 162.64% | -35.51% | -104.54% | -660.81% | 97.29% | 39.06% | 28.58% | -6568.27% | -4.83% | -140.32% | -2950.27% | 74.02% | 3.66% | - |
| D&A (Non-Cash Add-back) | 5.17M | 31K | 186.95K | 1.7M | 627.01K | 2.12M | 2.23M | 282.41K | 0 | 0 | 2.86K | 4.14K | 4.11K | 4.4K |
| EBIT | -2.4M | -8.01M | 442.93K | -8.76M | -1.17M | 8.46M | -63.96M | -46.01M | -685.7K | -654.09K | -275.03K | -13.07K | -38.45K | -40.05K |
| Net Interest Income | -5.9M | -628K | -671.59K | -2.05M | -753.71K | -4.1M | -11.81M | -892.51K | -1.42M | -1.04M | -537.68K | -2.66K | -1.58K | -254 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.9M | 628K | 671.59K | 2.05M | 753.71K | 4.1M | 11.81M | 892.51K | 1.42M | 1.04M | 537.68K | 2.66K | 1.58K | 255 |
| Other Income/Expense | -9.99M | 2.77M | 8.35M | -5.13M | -842.77K | 26.39M | -40.88M | -199.72M | -762.51K | -1.52M | -943.66K | -2.66K | -1.58K | -254 |
| Pretax Income | -1.36M | -8.64M | -228.66K | -10.94M | -2.01M | 4.36M | -75.76M | -245.72M | -1.45M | -2.18M | -1.22M | -15.73K | -40.04K | -40.3K |
| Pretax Margin % | 4.46% | -132.22% | -0.45% | -9.2% | -2.17% | 7.44% | -139.32% | -1184.19% | -234715.64% | -100549.72% | -1945237.03% | - | - | - |
| Income Tax | -670.32K | 0 | 12.94K | 196.58K | 440.21K | 47.16K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 49.25% | 0% | -5.66% | -1.8% | -21.91% | 1.08% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -51.41M | -45.01M | -241.6K | -11.14M | -2.45M | 3.8M | -75.76M | -245.72M | -14.27M | -2.18M | -1.22M | -15.73K | -40.04K | -40.3K |
| Net Margin % | 168.61% | -688.8% | -0.48% | -9.36% | -2.64% | 6.49% | -139.32% | -1184.19% | -2313431.22% | -100549.72% | -1945237.03% | - | - | - |
| Net Income Growth % | -819% | -18528.39% | 97.83% | -354.72% | -164.38% | 105.02% | 69.17% | -1621.46% | -556.01% | -78.54% | -7648.54% | 60.72% | 0.66% | - |
| Net Income (Continuing) | -690.83K | -8.64M | -241.6K | -11.14M | -2.45M | 4.32M | -75.76M | -245.72M | -1.45M | -2.18M | -1.22M | -15.73K | -40.04K | -40.3K |
| Discontinued Operations | 0 | -36.37M | 0 | 0 | 0 | 0 | 0 | 0 | -12.83M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -10.31 | -127.80 | -6.00 | -1937.40 | -3535.80 | 360.00 | -19181.40 | -87958.20 | -57246.00 | -8236.80 | -4118.40 | -107078.40 | -4118.40 | -4118.40 |
| EPS Growth % | -332.46% | -2030% | 99.69% | 45.21% | -1082.17% | 101.88% | 78.19% | -53.65% | -595% | -100% | 96.15% | -2500% | 0% | - |
| EPS (Basic) | - | -127.80 | -6.00 | -1937.40 | -3535.80 | 395.40 | -19181.40 | -87958.20 | -57246.00 | -8236.80 | -4118.40 | -107078.40 | -4118.40 | -4118.40 |
| Diluted Shares Outstanding | 4.98M | 351.78K | 26.93K | 11.75K | 11.12K | 8.3K | 3.1K | 2.1K | 192 | 189 | 171 | 0 | 0 | 0 |
| Basic Shares Outstanding | 4.98M | 351.78K | 26.93K | 11.75K | 11.12K | 7.55K | 3.1K | 2.1K | 192 | 189 | 171 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency crisis
According to the provided financial data, SRXH has experienced extreme volatility, highlighted by a -81.32% year-over-year revenue decline, which suggests a fundamental loss of business scale or a significant shift in how the company recognizes its service-based revenue streams within the Canadian healthcare market.
The erratic top-line performance, including periods of zero reported revenue, indicates that the company's core business model is currently failing to maintain consistent contract volume. Investors should monitor whether this volatility stems from the loss of major pharmaceutical manufacturer partnerships or a structural change in accounting for drug pass-through costs.
As reported in recent financial statements, the company's operating margin of -176.46% significantly trails its 22.88% gross margin, indicating that the firm is unable to scale its specialized clinical and cold-chain infrastructure to match the current, severely diminished revenue base.
The wide gap between gross and operating profitability suggests that the company is carrying a heavy fixed-cost burden, likely tied to its national nursing and pharmacy footprint. Without a substantial recovery in top-line volume, these operating expenses appear to be structurally unsustainable, leaving little room for margin improvement.
Based on the income statement figures, SRXH demonstrates a lack of operating leverage, as SG&A expenses frequently exceed gross profit, resulting in consistent operating losses that suggest the current service-delivery model is not optimized for the company's reduced operational scale.
The inability to align overhead costs with fluctuating revenue suggests that the company's administrative and clinical infrastructure is not sufficiently flexible. This lack of efficiency warrants further investigation into whether management can right-size the organization before the current cash position is fully exhausted.
While the company promotes a closed-loop specialty pharmacy model, the financial data suggests that this integration creates high contract concentration risk, as evidenced by the -688% net margin and the rapid erosion of the company's top-line performance over the last ten quarters.
Short-sellers would likely focus on the company's inability to maintain profitability despite its specialized niche, arguing that the business model is overly dependent on a few key manufacturer contracts. The current financial trajectory suggests that the firm may be struggling to compete with larger, more diversified aggregators in the Canadian specialty healthcare space.
Quick answers to the most common questions about buying SRXH stock.
For fiscal year 2025, SRX Global Inc. (SRXH) reported total revenue of $6.5M.
SRX Global Inc. (SRXH) reported a net loss of $45.0M for the fiscal year ending 2025.
SRX Global Inc. (SRXH) reported an operating income of $-11.4M, resulting in an operating profit margin of -174.6%. This margin reflects the operational efficiency of the business before interest and taxes.
SRX Global Inc. (SRXH) generated $1.5M in gross profit for the year, representing a gross profit margin of 23.4%. This demonstrates the company's core pricing power and production efficiency.