"The progress we are making in fiscal 2025 demonstrates our success in shifting to a leaner operating model that will enable future growth," said Michael Tan, CEO of Numinus. "With a solid operational platform in place, Numinus is entering the next phase of its evolution: from direct care provider to the backbone of in-clinic delivery for approved psychedelic medicines."
"The Company is now up to date with its public company filing requirements and will be moving forward with its application to revoke the ongoing cease trade order," added Kelvin Yang, CFO of Numinus. "Once the cease trade order has been lifted, the Company will seek to relist on another reputable exchange."
Revenue from continuing operations
The Company's consolidated revenues increased by 81.6% in Q3 2025 to $1.8 million compared to $992,912 in Q3 2024.
Revenues from Cedar Clinical Research ("CCR") operations during Q3 2025 increased by 95.8% from $824,082 during Q3 2024 to $1.6 million, as a result of increased high-return clinical trials.
Revenues from Practitioner Training during Q3 2025 increased by 12.3% to $189,685 from $168,830 in Q3 2024. The continued increase in revenue was due to strategic contracts with research partners to help support the training efforts of various psychedelic clinical trials.
Gross Margin
Gross margin in Q3 2025 was 48.2%, compared to a gross margin loss of 4.6% in Q3 2024.
Operating expenditures
Operating expenditures and other items were $1.5 million in Q3 2025, compared to $3.8 million in Q3 2025. The decrease is a result of the Company's ongoing cost containment initiatives and operational optimization.
Balance Sheet and Liquidity
Numinus ended the quarter with a cash balance of $822,835.
Q3 2025 Performance Metrics
| For the quarter ended: |
| May 31, 2025
(Q3 2025) | May 31, 2024
(Q3 2024) | % change |
| Total Revenue | $1,802,942 | $992,912 | 81.6% |
| Cost of revenue | 932,842 | 1,038,887 | -10.2% |
| Gross Profit (Loss) | $870,100 | ($45,975) | -n/a |
| Gross profit margin (loss) | 48.2% | (4.6%) | 528 bps |
| Operating expenses and other items | 1,538,914 | 3,833,482 | -59.8% |
| Loss and comprehensive loss | ($741,575) | ($5,766,085) | n/a |
Numinus' unaudited condensed consolidated interim financial statements for the three months ended May 31, 2025, and related management's discussion and analysis are available on Numinus' Investor Relations website at www.investors.numinusnetwork.com and under the Company's profile on SEDAR+ at www.sedarplus.ca. These documents were prepared in accordance with IFRS.
Outlook
With strong relationships with leading drug sponsors and deep experience running late-stage clinical trials, Numinus is well-positioned as the bridge between regulatory approval and the rollout of thousands of clinics preparing to offer psychedelic-assisted therapy.
The company's focus going forward will be on building the infrastructure these clinics will need. Leveraging Numinus' operational expertise, extensive clinical dataset, and sector relationships, we are developing technology-enabled solutions to streamline insurance reimbursement, integrate measurement-based care, standardize therapist credentialing, and ensure compliance. These are essential capabilities for scaling psychedelic therapies safely and effectively, and Numinus is uniquely positioned to deliver them.
Numinus' foundation rests on two growing business units: Cedar Clinical Research and Numinus Practitioner Training. This, combined with valuable intellectual property and one of the most comprehensive sets of protocols and procedures in the sector, which was built through serving over 50,000 individuals and delivering 200,000 appointments, provides Numinus with unmatched insight into what it will take to operationalize psychedelic therapies at scale.
Momentum in the sector is accelerating. Multiple drug candidates are approaching regulatory submission, and supportive policy initiatives are gaining traction at both the federal and state levels. This growing demand, combined with Numinus' operational readiness, positions us to capitalize on the market opportunity as these treatments transition from trials to clinics.
Numinus is focused, growing, and strategically positioned to be a critical enabler of the psychedelic therapy rollout. The goal is to provide the systems, infrastructure, and expertise that will bring these treatments from approval to the patients who need them most.
Voting Results from the Annual General and Special Meeting Held on Thursday, August 28, 2025
A total of 65,684,359 common shares representing 20.49% of the 320,551,600 issued and outstanding common shares of the Company as at the record date of July 14, 2025, were represented either in person or by proxy at the Meeting.
The following four nominees proposed by Numinus were elected as directors of Numinus to serve until Numinus' next annual meeting of shareholders, or until their successors are elected or appointed. Below is a summary of the voting results for the directors elected:
| DIRECTOR | VOTES CAST FOR | % VOTES FOR | VOTES WITHHELD | % VOTES WITHHELD |
| Payton Nyquvest | 32,208,565 | 82.48% | 6,842,849 | 17.52% |
| Larry Timlick | 37,067,331 | 94.92% | 1,984,083 | 5.08% |
| Michael Tan | 33,515,358 | 85.82% | 5,536,056 | 14.18% |
| Donna Wilson | 37,305,639 | 95.53% | 1,745,775 | 4.47% |
In addition to the election of all nominees listed as directors in the management information circular, dated July 29, 2025 (the "Circular"), Numinus shareholders approved all other resolutions placed before the Meeting. More information about the resolutions voted on at the Meeting is available is available in Numinus' Management Information Circular, which can be found on the Company's profile on SEDAR+ at www.sedarplus.ca. Final voting results on all matters voted on at the Meeting are also filed on SEDAR+.
About Numinus
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) helps people to heal and be well through the development and delivery of innovative mental health care and access to safe, evidence-based psychedelic-assisted therapies. The Numinus model - including psychedelic research and clinic care - is at the forefront of a transformation aimed at healing rather than managing symptoms for depression, anxiety, trauma, pain and substance use. At Numinus, we are leading the integration of psychedelic-assisted therapies into mainstream clinical practice and building the foundation for a healthier society.
Learn more at www.numinusnetwork.com and follow us on LinkedIn, Facebook, Twitter, and Instagram.
SOURCE Numinus Wellness Inc.
Forward-looking statements
This press release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs regarding future performance are "forward-looking statements". Forward-looking statements can be identified by the use of words such as "expects", "does not expect", "is expected", "believes", "intends", "anticipates", "does not anticipate", "believes" or variations of these words, expressions or statements, that certain actions, events or results "may", "could", "would", "might" or "will be" taken, will occur or will be realized. Such forward-looking statements involve risks, uncertainties and other known and unknown factors that could cause actual results, events or developments to differ materially from the results, events or developments expected and expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, ability of Numinus to maintain or increase earnings; ability of Numinus to achieve or maintain profitability; results of changes to operations from a financial or business perspective; the effect of cost containment measures on Numinus business and financial position; changes to cash burn rate, expenses, corporate programs or priorities, or unanticipated costs affecting cash runway or the pathway to positive cashflow or profitability, the effect of any transaction or other activity undertaken by the company in connection with the strategic review; interest in, uptake of and the ability to commercialize the Numinus Training; dependence on obtaining and maintaining regulatory approvals, including the acquisition and renewal of federal, provincial, municipal, local or other licenses, and any inability to obtain all necessary government authorizations, licenses and permits to operate the Company's facilities; regulatory or policy changes such as changes in applicable laws and regulations, including federal, state and provincial legalization, if any, due to fluctuations in public opinion, industry perception of integrative mental health, including the use of psychedelic-assisted therapy, delays or inefficiencies or any other reason; any other factor or development likely to hamper the growth of the market; the Company's need for additional financing and the effects of financial market conditions and other factors on the availability of capital; competition, including that of more established and better funded competitors; the need to build and maintain alliances and partnerships, including with research and development companies, customers and suppliers; and other risk factors set forth in our annual information form dated July 25, 2025 and available on SEDAR+ at www.sedarplus.ca. These factors should be carefully considered, and readers are cautioned not to place undue reliance on forward-looking statements. Despite the Company's efforts to identify the main risk factors that could cause actual measures, events or results to differ materially from those described in forward-looking statements, other risk factors may cause measures, events or developments to materially differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company does not undertake to revise forward-looking statements, even if new information becomes available as a result of future events, new facts or any other reason, except as required by applicable laws.
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