Healwell AI's Profit Soars Thanks to SpaceX Stake, But Operations Lag Behind

Healwell AI's second-quarter earnings report revealed a net profit of $6.4 million Canadian dollars, but investors should not be fooled by this headline figure. The company's indirect stake in SpaceX contributed significantly to this profit, valued at approximately $23 million Canadian dollars as of June 30, 2026.

Strip away the investment gains, and Healwell AI's operational reality becomes clearer. Revenue from continuing operations came in at $33.0 million US dollars, slightly below the year-ago quarter's $33.2 million US dollars. Adjusted EBITDA fell to $1.1 million US dollars, down from 2.3 million US dollars.

The company is undergoing a strategic pivot, shifting its focus towards recurring revenue generated by large healthcare institutions. This repositioning aims to embed AI capabilities more deeply into Healwell's platforms and has shown commercial traction in North America, the Middle East, and Canada. The number of physicians connected to its proprietary AI copilots has grown to 1,291.

The company is planning to launch Amadeus AI internationally on September 1, which will test whether lessons learned in its home market can be applied globally.