Light AI Reports Financial Results for Q1 2025

VANCOUVER, BC, May 15, 2025 /CNW/ - Light AI Inc. ("Light AI" or the "Company") (CBOE CA: ALGO) (FSE: 0HC) (OTCQB: OHCFF), a healthcare technology company focused on developing artificial intelligence ("AI") health diagnostic and wellness solutions, today announced its financial and operating results for its first quarter of 2025 representing the three months ended March 31, 2025. Financial information is reported in Canadian dollars ("$") unless otherwise stated and in accordance with International Financial Reporting Standards ("IFRS").
Financial and Operating Results Summary for Q1 2025
The Company is currently in the development stage of its software technology offering which is anticipated to be completed with related commercialization commencing in Q3 2025. During the three months ended March 31, 2025, the Company had total operating expenses, exclusive of interest, depreciation and share based payments, of approximately $4.2 million compared to approximately $1.4 million in the three months ended March 31, 2024 with the increase primarily attributable to the Company's continued investment in product development with total research and development expenses of approximately $1.2 million in Q1 2025 compared to approximately $919,000 in the prior year period in addition to marketing and investor relations activities.
The Company had cash of $11.9 million as of March 31, 2025 compared to $15.2 million as of December 31, 2025. On January 8, 2025, the Company closed the second of two tranches of the Offering by issuing 2,757,000 units of the Company at $0.55 per unit for aggregate gross proceeds of $1,516,350. The Company had Adjusted Working Capital of $12.6 million as of March 31, 2025 compared to $14.6 million as of December 31, 2025.
"Light AI has made strong progress throughout the first quarter of 2025, inclusive of going public with the completion of related equity financings totaling $18.5 million and strengthening our leadership team with the appointments of Anthony Schaller as President and CTO, John Tse as VP Commercial Development and George Reznik as CFO," stated Peter Whitehead, CEO of Light AI. "We are committed to commercializing the Company's AI oriented health and wellness software application in Q3 2025 to address various medical conditions including Strep A, COVID19 and Conjunctivitis (pink eye) to capitalize on our sizable market opportunity leveraging Light AI's first mover advantage with our innovative, patented and disruptive technology."
Financial Statements and Management Discussion & Analysis
Please see the Company's consolidated financial statements ("Financial Statements") and related Management's Discussion & Analysis ("MD&A") for more details. The Financial Statements for the three months ended March 31, 2025, and related MD&A have been reviewed and approved by the Company's Audit Committee and Board of Directors. For a more detailed explanation and analysis, please refer to the MD&A that has been filed on SEDAR+ at www.sedarplus.ca and is also available on the Company's website at www.light.ai.
Non-IFRS and Other Financial Measures
This press release refers to the following non-IFRS measures:
"Adjusted Working Capital" is comprised as current assets less current liabilities. Management believes Adjusted Working Capital is a useful indicator for investors, and is used by management, for evaluating the operating liquidity to the Company. See "Adjusted Working Capital Reconciliation" for a quantitative reconciliation of Adjusted Working Capital to the most directly comparable financial measure.
Such non-IFRS measures and non-IFRS ratio do not have a standardized meaning under IFRS and may not be comparable to a similar measure disclosed by other issuers.
Adjusted Working Capital Reconciliation
March 31, 2025 December 31, 2024 Current Assets $14,970,514 $17,126,245 Less: Current Liabilities ( 2,352,273) ( 2,481,677) Adjusted Working Capital $12,618,241 $14,644,568
About Light AI Inc. (CBOE CA: ALGO / FSE: 0HC / OTCQB: OHCFF)
Light AI Inc. is a technology company focused on developing artificial intelligence health diagnostic solutions. Light AI is developing a technology platform which represents the next generation of patient management: it applies AI algorithms to smartphone images—starting with images of Strep A and anticipated expansion with COVID19 along with other medical conditions —to identify the disease in seconds. Its patented, app-based solution requires no swabs, lab tests or proprietary hardware of any kind—its hardware platform is the 4.5 billion smartphones that exist in the world today. Light AI is at the forefront of developing innovative diagnostic solutions aimed at improving healthcare delivery worldwide. Their cutting-edge AI powered technology offers rapid, accurate, and cost-effective diagnostic tools designed to address critical healthcare challenges.
In pre-FDA validation studies, Light AI's algorithm demonstrated remarkable accuracy in differentiating between viral and bacterial pharyngitis, specifically targeting Group A Streptococcus (GAS). The algorithm achieved a 96.57% accuracy rate and attained a Negative Predictive Value of 100%, indicating its high reliability in confirming the absence of Streptococcus A infection. Viral and GAS pharyngitis affects over 600 million people annually worldwide. If left untreated, GAS pharyngitis can lead to serious complications such as Rheumatic Heart Disease (RHD), which imposes a global economic burden exceeding $1 trillion annually. Light AI's technology offers a significant advancement in the accurate and timely diagnosis of GAS pharyngitis, potentially reducing the incidence of RHD and its associated costs. Light AI's approach to applying AI to smartphone images can be expanded to other throat conditions, as well as other areas of analysis, such as the human eye and skin. Light AI's vision is to combine the smartphone with AI in-the-Cloud to create a Digital Clinical Lab that provides quick and accessible diagnosis for countless conditions that today require expensive and time-consuming imaging or lab processes. Light AI's commercial launch of its consumer-facing Wellness App initial offering is anticipated to be available in North America in Q3 2025.
ON BEHALF OF THE COMPANY
"George Reznik"George ReznikChief Financial OfficerTelephone: 604-307-6800Email: greznik@light.ai
For more information, please contact the Company at investors@light.ai or visit https://light.ai/.
Website: https://light.ai/LinkedIn: LinkedIn/company/Light AIX (Formerly Twitter): @lightaihealth
Forward-Looking Information:
This news release includes information, statements, beliefs and opinions which are forward-looking, and which reflect current estimates, expectations and projections about future events, including, but not limited to, the Company's research and development and commercialization initiatives, the anticipated inflection of the business, the Company's financial and operational performance and outlook and other statements that contain words such as "believe," "expect," "project," "should," "seek," "anticipate," "will," "intend," "positioned," "risk," "plan," "may," "estimate" or, in each case, their negative and words of similar meaning. By its nature, forward-looking information involves a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking information. These risks, uncertainties and assumptions could adversely affect the outcome of the plans and events described herein. Readers should not place undue reliance on forward-looking information, which is based on the information available as of the date of this news release. For a list of the factors that may affect any of the Company's forward-looking statements, please refer to the Company's annual information form dated April 14, 2025 and other filings made by the Company with the Canadian securities regulatory authorities (which may be viewed under its SEDAR+ profile at www.sedarplus.ca). Light AI disclaims any intention or obligation to update or revise any forward-looking information contained in this news release, whether as a result of new information, future events or otherwise, unless required by applicable law. The forward-looking information included in this news release is expressly qualified in its entirety by this cautionary statement.
SOURCE Light AI Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2025/15/c6573.html

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Business Wire

an hour ago

• Business Wire

U-Haul Offers Disaster Relief After Derecho Hits North Dakota, Minnesota

FARGO, N.D.--(BUSINESS WIRE)--U-Haul ® is extending 30 days of free self-storage and U-Box ® container usage at seven centers across eastern North Dakota and northern Minnesota to residents affected by tornadoes that left a wide path of destruction Friday night and into the early hours of Saturday. U-Haul is extending 30 days of free self-storage and U-Box container usage at seven centers in North Dakota and Minnesota to residents impacted by the derecho. Share A derecho with winds exceeding 100 mph moved across numerous counties in both states, damaging properties and leaving thousands without power. There were multiple tornado sightings throughout the fast-moving storm system. Enderlin, N.D., located southwest of Fargo, and Bemidji, Minn., were among the communities hardest hit. Access to dry and secure self-storage and portable storage containers can be vital to communities during the clean-up and recovery process after natural disasters. The 30 days free offer applies to new self-storage and U-Box rentals and is based on availability. The U-Box offer is for on-site storage at Company centers, and for customers who tow their portable storage container. U-Box delivery and pick-up is also available for a modest cost. People seeking more information on the disaster relief program or needing to arrange storage services can contact the nearest participating U-Haul facility: NORTH DAKOTA U-Haul Moving & Storage of 13th Ave. 4901 13th Ave S. Fargo, ND 58103 (701) 205-3260 U-Haul Moving & Storage of Fargo 1436 Main Ave. Fargo, ND 58103 (701) 293-5256 U-Haul Moving & Storage of Osgood 5200 Veterans Blvd. Fargo, ND 58104 (701) 492-8900 U-Haul Storage of Fargo 610 42nd St. N. Fargo, ND 58102 (701) 639-7714 MINNESOTA U-Haul Moving & Storage of Moorhead 50 County Road 9 Dilworth, MN 56529 (218) 303-1480 U-Haul Storage of Nisswa 4745 County Road 77 Nisswa, MN 56468 (218) 963-5106 U-Haul Storage North Baxter 15237 Edgewood Dr. Brainerd, MN 56401 (218) 297-3018 In addition to its 30 days free self-storage disaster relief program, U-Haul is proud to be at the forefront of aiding communities in times of need as an official American Red Cross Disaster Responder. About U-HAUL Celebrating our 80th anniversary in 2025, U-Haul is the No. 1 choice of do-it-yourself movers with more than 24,000 rental locations across all 50 states and 10 Canadian provinces. The U-Haul app makes it easy for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and -return options on their smartphones with our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to 193,900 trucks, 138,200 trailers and 40,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,060,000 rentable storage units and 92.0 million square feet of self-storage space at owned and managed facilities. U-Haul is the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry. Get the U-Haul app from the App Store or Google Play.

Time Business News

5 hours ago

• Time Business News

Exploring the Rise of Local Courier Marketplaces and Courier Service Platforms in Canada

In a world where speed, convenience, and real-time updates define consumer expectations, the logistics and delivery industry is undergoing a massive transformation. From online shoppers awaiting same-day delivery to small businesses needing rapid parcel dispatch, the demand for efficient courier solutions has never been higher. In response, a powerful new trend is emerging in the local courier Canada, this model is quickly gaining traction, offering both individuals and businesses a flexible, transparent, and efficient way to manage deliveries. At the heart of this transformation is the growth of the Courier service platform in Canada, a digital solution that connects senders with local couriers in real this article, we'll dive deep into what makes local courier marketplaces so powerful, why Canada is a prime location for this disruption, and how these platforms are reshaping the courier industry across the country. A Local courier marketplace is an on-demand digital platform that connects senders — whether they're individuals or businesses — with available couriers in their area. Think of it like Uber, but for deliveries. Instead of calling a traditional courier company and dealing with long wait times, users can simply log in to a platform, post their delivery request, and select a nearby courier based on price, ETA, vehicle type, and user model thrives on flexibility. Couriers are typically independent contractors who choose when and where they want to work. Users benefit from transparent pricing, real-time tracking, and rapid delivery times. Canada is uniquely positioned to embrace the digital courier revolution. With a growing e-commerce market, a dispersed population, and urban centers that demand fast, reliable service, the rise of the courier service platform in Canada is a natural evolution. Here are a few reasons why this model is growing rapidly in Canada: Canadian consumers are shopping online more than ever. From small Etsy sellers to large online retailers, the demand for reliable and flexible delivery solutions is increasing. A local courier marketplace provides e-commerce sellers with an affordable, scalable way to fulfill orders locally without relying on national carriers with slow delivery windows. Cities like Toronto, Vancouver, and Montreal face high traffic congestion and logistical challenges. Local couriers who know the area well can navigate these challenges more efficiently than national couriers. The courier service platform in Canada offers real-time route optimization and allows for quick deliveries that traditional models can't match. Small businesses often can't afford to partner with large courier companies or pay premium shipping rates. Platforms that operate as local courier marketplaces give them access to cost-effective, on-demand delivery options, helping them stay competitive and retain local customers. Canada has high smartphone penetration and tech-savvy consumers. This makes it easier to adopt mobile-first delivery solutions. Couriers and senders alike can manage pickups, track packages, and handle payments seamlessly from their phones. To understand the impact of this model, let's break down how a local courier marketplace functions: Input Details : Enter pickup and delivery addresses, item size, preferred vehicle type, and any special instructions. : Enter pickup and delivery addresses, item size, preferred vehicle type, and any special instructions. Get Offers : The platform displays available couriers, estimated time of arrival, and pricing. : The platform displays available couriers, estimated time of arrival, and pricing. Track Live : Once a courier is selected, senders can track the delivery in real time and communicate directly with the courier. : Once a courier is selected, senders can track the delivery in real time and communicate directly with the courier. Pay and Rate: Payment is processed automatically via the platform, and users can leave reviews. Register on the Platform : Couriers sign up with details about their vehicle and service area. : Couriers sign up with details about their vehicle and service area. Accept Jobs : Choose deliveries that fit their schedule and location. : Choose deliveries that fit their schedule and location. Navigate with Tools : Use route optimization, live chat, and integrated GPS for efficient service. : Use route optimization, live chat, and integrated GPS for efficient service. Get Paid: Payment is direct and immediate upon completion. There are several advantages for both senders and couriers using this model: Users can choose the exact delivery window, compare prices, and select couriers based on past performance. Couriers can pick jobs based on their availability and location, making the system dynamic and efficient. Traditional courier services often come with hidden fees or vague pricing structures. Local marketplaces offer upfront pricing, allowing users to make informed choices. Live GPS tracking and integrated chat features build trust between sender and courier, and offer full visibility throughout the delivery journey. With route optimization and localized delivery, these platforms reduce unnecessary travel, making them more environmentally friendly compared to traditional delivery systems. The popularity of this delivery model has led to the rise of several platforms operating within Canada. One such platform is Sendiate, a courier marketplace that recently expanded its operations into Canadian cities like Winnipeg. The platform offers a seamless experience for both senders and couriers, with features like pricing comparison, direct chat, and diverse vehicle options — from bicycles to refrigerated trucks. By enabling real-time matching between senders and couriers, platforms like Sendiate are setting a new standard for the courier service platform in Canada. As demand for fast, local delivery continues to rise, we can expect local courier marketplaces to become an essential part of Canada's logistics landscape. Here are a few trends to watch: Many courier service platforms are working to expand their coverage to remote and rural areas. This will open up access to better delivery options for Canadians living outside of major cities. Expect tighter integration with platforms like Shopify, Amazon, and WooCommerce. Sellers will be able to offer real-time delivery options to local customers, boosting satisfaction and reducing cart abandonment. Electric vehicles, bicycles, and carbon-offsetting options will become key selling points for courier platforms, appealing to environmentally conscious users. Machine learning will play a role in predicting demand, optimizing routes, and ensuring timely delivery. Automation tools for dispatch, communication, and customer support will further improve platform efficiency. The delivery industry is shifting from large, rigid networks to agile, localized solutions. The local courier marketplace model reflects the needs of today's economy — speed, transparency, flexibility, and you're a small business needing same-day shipping or a courier looking for a flexible way to earn, platforms that offer a modern courier service platform in Canada are bridging the gap between technology and logistics. With real-time matching, transparent pricing, and urban-focused solutions, these platforms represent the future of delivery in more users embrace this model, expect to see rapid innovation, wider adoption, and a fundamentally transformed last-mile delivery experience across the country. TIME BUSINESS NEWS

Hamilton Spectator

6 hours ago

• Hamilton Spectator

Rejecting Trump's rhetoric, Maine's governor heads to Maritimes to build ties

HALIFAX - Maine's governor is heading to the Maritimes next week with hopes a charm offensive will slow the rapid drop in Canadian tourist visits to her state. In a release issued Friday, Janet Mills says she's aware the historically close relationship between New England and its northern neighbours has been challenged by U.S. president Donald Trump's tariffs and his rhetoric about Canada becoming the 51st state. According to U.S. federal border crossing data released Friday, 85,000 fewer Canadians entered Maine in May than in the same month a year ago, a drop of about 27 per cent. The governor says she will spend three days meeting with premiers, appearing in local media and visiting businesses in hope of sending a message that Maritimers remain 'welcome in Maine' despite Trump's trade policies. On Monday, the governor will stop in Saint John, N.B., where she intends to visit businesses with links to Maine and she then will travel to Fredericton to hold talks with New Brunswick Premier Susan Holt. On Wednesday, Mills will meet with Nova Scotia Premier Tim Houston in Halifax and tour a marine technology centre. Last month, the governor unveiled new, bilingual signs welcoming Canadian visitors, which are being placed in windows around the state. On June 13, in her weekly radio address, Mills said she wants to ensure the 'historic friendship and deeply intertwined economies last for generations to come.' 'It's not just our economies – we are connected so deeply by mutual economic advantages and on centuries-old familial, cuisine, language, and cultural bonds that far supersede politics,' she told her listeners, reminding them that Canada is the United States' closest and most important trading partner. The Democratic Party member said Trump's 'roller coaster tariffs' are unsettling business in her state and 'making our Canadian neighbors feel unwelcome in the United States.' In 2024, nearly 800,000 Canadian visitors spent approximately US$498 million in Maine, according to the state's Office of Tourism. Overall, the data showed Maine welcomed 14.8 million visitors, who spent more than US$9.2 billion, supporting 115,900 jobs and generating US$5.4 billion in wages. This report by The Canadian Press was first published June 21, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .