Vancouver, British Columbia–(Newsfile Corp. – August 29, 2025) – Victory Square Technologies Inc. (CSE: VST) (FSE: 6F6) (“Victory Square” or the “Company”), a venture builder that provides investors with access to a diverse portfolio of next-generation technology companies, today announced its financial results for the second quarter ended June 30, 2025, and provided a corporate update on its portfolio companies and strategic initiatives.
Portfolio: Victory Square maintains 25+ portfolio companies across digital health, AI, gaming/immersive, climate tech, and pet wellness.
Portfolio & Strategic Highlights
Hydreight Technologies (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6) – VST Ownership ~58%
Hydreight continues to be the Company’s leading growth engine. Key developments in Q2 included:
Insu Therapeutics (VST Ownership ~22.8%)
Insu Therapeutics is developing a patent-pending oral insulin tablet intended to provide an alternative to daily injections for people living with diabetes. Its buccal delivery system is designed to mimic natural insulin absorption through the inner cheek and liver. Early preclinical trials have demonstrated insulin uptake comparable to injections, with improved liver targeting.
Strategic Rationale: For Victory Square, Insu represents an opportunity to participate in the development of a potential oral insulin breakthrough. If successful, Insu’s oral insulin program represents an opportunity to address an important unmet need in diabetes care, a market projected to grow significantly over the coming years.
Pawsible Ventures (VST Ownership ~49%)
Pawsible Ventures is in the early stages of developing solutions at the intersection of pet wellness, telehealth, and AI — a sector that mirrors trends in human healthcare and is experiencing significant growth.
Next Steps: Pawsible is on track to announce the full structure of its fund and incubator program in early fall, including the unveiling of its first cohort of incubated companies.
According to Alex Chieng, CEO of Pawsible Ventures: “Pet health continues to grow rapidly, but many early-stage founders face barriers to accessing capital and infrastructure. Pawsible aims to help address these gaps by connecting startups with resources to support their development.”
Capital Allocation
In addition to funding portfolio growth, Victory Square is actively exploring share buyback strategies and other capital allocation measures as part of its commitment to reduce the NAV discount and drive long-term shareholder value.
Management Commentary
“Q2 2025 was another quarter of execution and momentum across our portfolio, highlighted by Hydreight’s continued growth and profitability,” said Shafin Diamond Tejani, CEO of Victory Square. “Our model provides investors with diversified exposure to high-growth sectors like digital health, AI, and pet wellness, all through one publicly listed vehicle. Looking ahead, we remain focused on scaling our portfolio, pursuing strategic M&A, and unlocking shareholder value — including the potential implementation of a share buyback program.”
Victory Square will host an Investor Webinar on Thursday, September 4, 2025, from 11:00 p.m. to 12:00 p.m. PDT to provide an update on the Company, share upcoming catalysts, and address investor questions through a live Q&A.
Registration link:
https://zoom.us/webinar/register/WN_Nc4H-izhSp-JOKih4zaz_w#/registration
Outlook for 2025
“As we move into the second half of 2025, our priorities are execution and discipline,” said Shafin Diamond Tejani, CEO of Victory Square. “We will continue to support Hydreight’s growth as it scales its platform nationally and expands into new verticals, while advancing Insu Therapeutics toward its next regulatory and clinical milestones. At the same time, Pawsible Ventures is preparing to launch its fund and incubator program, creating a new growth channel in the fast-expanding pet health sector. We remain committed to exploring strategic options for capital allocation, including potential share buybacks, while monetizing non-core assets to reinvest in the businesses we believe will deliver the strongest long-term shareholder value and help close the gap between NAV and market value.”
Victory Square thanks its shareholders for their continued support and invites investors to access the Q2 2025 filings on SEDAR+.
Victory Square is a Venture Builder that provides investors a liquid way to invest in early-stage technology companies without buying a venture fund that requires accredited investor status or multi-year commitments.
Business Model:
The Victory Square business model is to buy, build and invest in early stage tech companies. We spend upwards of 48 months with those companies until they’re ready to spin-off or stand on their own. There are a couple of unique elements to our business model…
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTC Pink (VSQTF).
For more information, please visit http://www.victorysquare.com.
Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is generally identifiable by the use of words such as “believes,” “may,” “plans,” “will,” “anticipates,” “intends,” “could,” “estimates,” “expects,” “forecasts,” “projects,” and similar expressions, as well as their negative forms. All statements in this release, other than statements of historical fact, are forward-looking information, including but not limited to statements regarding:
Forward-looking information reflects management’s current expectations, estimates, and projections concerning future events and operating performance, based on opinions and assumptions considered reasonable at the time such statements are made. These assumptions include, but are not limited to: the ability of portfolio companies to execute their business models as planned, regulatory approvals being obtained when expected, general economic and industry conditions remaining stable, and access to capital on reasonable terms.
Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied. Key risks include, without limitation: changes in general economic, business, and political conditions; changes in financial markets; risks related to government regulation and compliance; risks related to product development, clinical trials, and commercialization; reliance on key personnel; risks associated with competition; the availability of financing; and those factors disclosed in the Company’s publicly filed documents under its profile on SEDAR+.
There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Readers are cautioned not to place undue reliance on forward-looking information. All forward-looking information in this release is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update such information to reflect future results, events, or developments, except as required by law.
¹See “Use of Non-GAAP Financial Measures” in the Company’s MD&A for reconciliations of Adjusted Revenue and Adjusted EBITDA.
Use of Non-GAAP Financial Measures
This release contains references to non-GAAP financial measures Adjusted Revenue and Adjusted EBITDA. The Company defines Adjusted Revenue as gross cash income before adjustments for the deferred portion of business partner setup, license, and sponsorship fees and gross and accrued receipts from blockchain grant funding. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs and share-based payments expense, and (ii) gains/losses that are not reflective of ongoing operating performance including inventory impairment. The Company believes that the measure provides useful information to its shareholders and investors in understanding the Company’s 2023 operating cash flow and may assist in the evaluation of the Company’s business relative to that of its peers more accurately than GAAP financial measures alone. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not necessarily indicative of other metrics presented in accordance with GAAP.
