Cheelcare Reports Strong Revenue Growth and Patent Grant

Cheelcare Inc., a Canadian innovator in advanced mobility solutions, has announced its financial results for the first quarter of fiscal 2027, ending July 31, 2026. The company reported a significant increase in revenue and gross profit, marking a pivotal moment in its commercialization efforts.

Revenue for the quarter reached $828,516, up from $417,981 in the same period of the previous fiscal year, representing a 98% increase. The gross profit stood at $481,637, with a gross margin of 58.1%, compared to $212,787 and a gross margin of 50.9% in the previous quarter. These figures reflect the commercial impact of Companion's Medicare and Medicaid reimbursement eligibility, which was received in January 2026, and the growth of the company's dealer and clinician network.

The net loss for the quarter was $501,008, or $0.02 per share, down significantly from a net loss of $1,630,108, or $0.15 per share, in the same period of the previous fiscal year. This improvement is attributed to the reduction in listing expenses associated with the company's reverse takeover.

Cheelcare has also secured a significant financial boost through a private placement. On July 3, 2026, the company completed an upsized private placement for gross proceeds of $3.02 million, providing additional capital to support commercialization, product development, and working capital.

In terms of product development, Cheelcare has continued to advance the engineering and validation activities for Curio, a robotic complex-rehab power wheelchair, in support of a future resubmission under Ontario's Assistive Devices Program. Cybersecurity testing for Curio has been completed, paving the way for further regulatory approvals.

The company has also expanded its intellectual property portfolio. In May 2026, the Canadian Intellectual Property Office granted Canadian Patent No. 3,090,535, covering core technologies underlying the Companion power-assist platform. This patent complements the company's existing U.S. patent protection and provides additional intellectual property protection for Companion in North America.

Subsequent to the quarter-end, Cheelcare participated in Numotion's Commercial Growth Summit in Denver, presenting Companion to clinicians, Assistive Technology Professionals, and other decision-makers within one of North America's largest Complex Rehab Technology networks. This engagement is expected to further enhance the company's market access and distribution footprint.

As of July 31, 2026, Cheelcare held cash and cash equivalents of $2.4 million, up significantly from $163,416 at April 30, 2026. The company has also repaid its outstanding bank loans with the Business Development Bank of Canada in full.

These developments underscore Cheelcare's commitment to innovation and growth in the mobility solutions sector, positioning the company for continued success in the coming fiscal year.