Fiscal 2026 Financial Results
Cheelcare Reports 22% Revenue Growth and Provides Update on Curio Product
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Cheelcare announced fiscal 2026 results showing 22% revenue growth, but the medical device maker posted a net loss of $4.86 million as it invests heavily in product development Market Screener. The company took a $443,000 inventory write-off and reclassified labor costs, which reduced gross profit to $464,525 despite higher sales Brantford Expositor.
To fund growth, Cheelcare raised $3.02 million through a private placement at $1,000 per unit County Market. The company is now focused on boosting Companion wheelchair sales, improving manufacturing efficiency, and advancing Curio—a robotic complex-rehab power wheelchair seeking approval under Ontario's Assistive Devices Program PRR Gazette.
Revenue Growth Masked by Rising Losses
Cheelcare's top line expanded 22% year-over-year in fiscal 2026, a bright spot amid deeper red ink Cold Lake Sun. Yet the net loss ballooned to $4.86 million, or $0.27 per share, compared to just $1.27 million in fiscal 2025—nearly four times worse Whitecourt Star. The company blamed a major $443,000 inventory write-off and the reclassification of assembly labor from overhead to direct cost of sales Fort Saskatchewan Record.
Gross Profit Squeezed Despite Sales Gains
Gross profit fell to $464,525, or 24% of revenue, down sharply from $663,963 in the prior year Ontario Farmer. The decline reflects manufacturing challenges and one-time charges that offset the benefit of stronger sales Clinton News Record. Cheelcare is working to improve manufacturing efficiency and margins going forward, signaling the company sees cost control as critical to returning to profitability.
$3 Million Funding Fuels Curio Wheelchair Push
Cheelcare closed a $3.02 million private placement, issuing 2,015,500 units at $1,000 each to shore up its balance sheet Market Screener. The capital will fund continued product development, commercialization, and working capital needs as the company scales operations Brantford Expositor. The focus is building sales of its Companion wheelchair while advancing Curio, a robotic rehab power chair undergoing testing for Ontario's Assistive Devices Program listing.
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