Cheelcare Inc. (TSXV: CHER | OTC: CHCRF), a Markham, Ontario-based advanced mobility solutions company, has announced its financial results for the first quarter of fiscal 2027, covering the three months ended July 31, 2026. Revenue nearly doubled year-over-year to $828,516, while gross margin expanded and net losses narrowed significantly. The results reflect the early commercial impact of Medicare and Medicaid reimbursement eligibility for its Companion power-assist platform, received in January 2026.

Key Points

  • Cheelcare Inc. (TSXV: CHER | OTC: CHCRF)
  • Q1 fiscal 2027 revenue rose approximately 98% year-over-year to $828,516, with gross margin expanding to 58.1%
  • Net loss narrowed to $501,008 ($0.02 per share) from $1,630,108 ($0.15 per share) in the prior-year period; cash position jumped to $2.4 million from $163,416
  • Investors may be watching progress on Companion's U.S. dealer network growth and the Curio FDA 510(k) regulatory process

Companion Revenue Growth and Expanded U.S. Reimbursement Access Drive Q1 Results

Cheelcare's Q1 fiscal 2027 revenue of $828,516 compares with $417,981 in the same quarter of fiscal 2026, an increase of approximately 98%. Gross profit rose to $481,637, representing a gross margin of 58.1%, up from $212,787 and 50.9% in the prior-year period. CEO Eugene Cherny noted in the release that Q1 is "the first full quarter where we are beginning to see the commercial impact of Companion's Medicare and Medicaid reimbursement eligibility," attributing growth to broader reimbursement access and an expanding dealer and clinician network.

Strengthened Balance Sheet Following $3.02 Million Private Placement

Cheelcare's cash and cash equivalents stood at $2.4 million as at July 31, 2026, a substantial improvement from $163,416 at April 30, 2026. The improvement reflects the $3.02 million upsized private placement completed on July 3, 2026, which the company states was intended to support commercialisation, product development, and working capital. Subsequent to quarter-end, Cheelcare also repaid its outstanding bank loans with the Business Development Bank of Canada in full, according to the announcement.

Canadian Patent Issued for Companion Platform, Curio Regulatory Work Continues

In May 2026, the Canadian Intellectual Property Office granted Canadian Patent No. 3,090,535 covering core technologies underlying the Companion power-assist platform, complementing the company's existing U.S. patent protection. On the Curio robotic power wheelchair, the company continued engineering, validation, and regulatory activities, including completing cybersecurity testing. Cheelcare is advancing both an Ontario Assistive Devices Program resubmission and the U.S. FDA 510(k) process for Curio, though the company did not disclose a target timeline for regulatory clearance in the announcement.

Numotion Summit Appearance Extends Companion's Clinical Reach

Subsequent to quarter-end, Cheelcare participated in the Numotion 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. The release states the company is focused on converting broader reimbursement access and its expanded distribution footprint into sustained Companion revenue growth, while continuing to improve manufacturing efficiency as volumes increase.