Biotricity, Inc. (BTCY): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the engine room of a company that's making serious headway in remote cardiac monitoring, and frankly, the Business Model Canvas is the clearest lens for that. What I see here is a disciplined pivot to a Technology-as-a-Service (TaaS) model, which is key because it drives predictable, high-margin revenue-they hit $13.8 million in total revenue for FY2025, with subscriptions making up nearly 89% of their Q2 FY2026 take. The real story is the efficiency: they've secured access to roughly 90% of U.S. hospitals through GPO deals while achieving a gross margin of 81.9% in that same quarter. Dive in below to see the specific resources and activities that make this high-margin, recurring revenue machine tick.

Biotricity, Inc. (BTCY) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Biotricity, Inc.'s market penetration strategy, which relies heavily on established channels rather than building them from scratch. Honestly, for a company focused on scaling remote monitoring, these alliances are everything.

Group Purchasing Organizations (GPOs) for Hospital Access

Biotricity, Inc. secured affiliations with multiple leading GPOs, which is how they punch above their weight in hospital access. These GPOs collectively manage the buying needs of 9 out of every 10 hospitals in the U.S.. With the latest affiliation, Biotricity, Inc. gained access to a network of over 3,000 U.S. hospitals. The purchasing power wielded by these GPO partners totals $264 billion. Remember, GPOs represent about 97% of U.S. hospitals, making this channel critical for volume adoption. This access point is key to driving the recurring Technology-as-a-Service (TaaS) revenue, which comprised 94% of total revenue in Q3 Fiscal 2025.

Health-E Commerce for Consumer FSA/HSA Channel Access

The collaboration with Health-E Commerce, the parent brand for FSA Store and HSA Store, directly targets the consumer market using pre-tax healthcare spending accounts. This strategic move makes the continuous cardiac monitoring device Bioheart available to over 70 million consumers enrolled in FSAs and HSAs. This channel helps move the Bioheart solution from a purely prescription/hospital model to one where individuals can self-initiate purchase for their 24/7 wearable heart monitoring solution.

B-Secur for Next-Gen Cardiac Monitoring Platform Expansion

The joint effort with B-Secur, a leader in biosensing technology, is about enhancing the core technology. This partnership, which launched in January 2025, created an advanced, device-neutral platform for integrated heart monitoring. The platform leverages B-Secur's FDA-cleared HeartKey® algorithms and analytics to deliver medical-grade accuracy, even when integrating data from consumer wearables like smartwatches. This technology integration is crucial given the global cardiovascular disease (CVD) financial burden is projected to triple to $1.8 trillion by 2050.

Distributors and Strategic Alliances

While specific names of the top 10 US medical device distributors aren't public, the commercial reach is evident in the operational footprint. As of Q3 Fiscal 2025, Biotricity, Inc.'s customer base was being used by hundreds of centers across 35 states, supported by thousands of cardiologists. Furthermore, strategic alliances forged through fiscal 2025 and 2026 opened the door to managed care programs, marking a new vertical strategy for Biotricity, Inc.. Specific quantitative data on the VA or leading home care group contracts wasn't detailed in the latest reports, but these alliances contribute to the overall market access goal.

Here's a quick look at the quantifiable impact of these key channels as of late 2025:

Partnership Category	Key Metric	Data Point
GPO Network Access	Percentage of U.S. Hospitals Covered	90%
GPO Network Power	Collective Purchasing Power Managed	$264 billion
Consumer Channel Reach	Total FSA/HSA Users Accessing Bioheart	Over 70 million
Platform Technology	B-Secur Algorithm Clearance Status	FDA-cleared
Geographic Footprint (via Sales/Support)	Number of States with Customer Centers	35
Financial Performance Context (Q3 FY25)	Gross Margin Achieved	76.4%

The focus on recurring revenue is clear; the TaaS fees grew 21.8% Year-over-Year in Q3-FY25, reaching $3.39 million. The company also announced a shift to positive adjusted EBITDA in Q4 Fiscal 2025.

You should check the next SEC filing to see if the distributor or specific VA contract details have been quantified. Finance: draft 13-week cash view by Friday.

Biotricity, Inc. (BTCY) - Canvas Business Model: Key Activities

You're looking at the core engine of Biotricity, Inc. (BTCY) right now, the things they absolutely must execute on to keep the momentum going after hitting positive EBITDA for the first time in September 2024 and continuing that trend into fiscal 2026. These aren't just tasks; they are the daily, weekly, and monthly focus areas that drive the Technology-as-a-Service (TaaS) revenue model.

Continuous research and development (R&D) for new devices

Biotricity, Inc. (BTCY) keeps pushing the envelope on its hardware and software platforms. This activity is heavily supported by intellectual property development. They recently expanded their IP portfolio, announcing the addition of 14 new patents, reinforcing their position in remote monitoring and diagnostics (Source 12).

The development pipeline is focused on next-generation hardware and advanced AI capabilities. Specifically, they are finalizing Biocore Pro 2, their next-generation cardiac monitor featuring an expanded set of capabilities, with an expected FDA filing by the end of Q1 next year (Source 5). This R&D effort is supported by a commitment to data leverage; the company has already monitored and recorded well over 2 trillion heartbeats, which feeds directly into their analytical capabilities (Source 5).

It's worth noting the cost discipline around this area. In the second quarter of fiscal 2025, R&D expenses were reduced by almost 26% compared to the same period the prior year (Source 3).

Real-time remote cardiac data monitoring and analysis

This is the service delivery backbone, directly tied to the recurring revenue stream. The analysis component is where the value is extracted from the raw data collected by their devices, like the Biocore line (Source 3).

The recurring revenue from this activity is substantial and growing. For the second quarter of fiscal 2026, which ended September 30, 2025, revenue increased by 19% compared to the corresponding prior year period, reaching $3.9 million (Source 5). The Technology Fees component, which is the core TaaS revenue, is the most resilient part of the business. In Q2 FY2026, recurring Technology Fees were reported at just under $3.1 million, representing approximately 94% of total revenue (Source 4, Source 5).

The quality of this service is reflected in the margins. For the three months ended June 30, 2025 (Q1-FY26), the overall Gross margin was 80.5% (Source 1). This high margin is directly supported by the recurring Technology Fees, which in Q3-FY25 had an 81.4% gross profit percentage (Source 8).

Here's the quick math: that recurring revenue stream is the key to stability.

• Customer retention remains strong, supported by quality support services (Source 8).
• The ecosystem of technologies is focused on facilitating the diagnosis of Atrial Fibrillation (Source 3).
• The total addressable market for their solutions is estimated at $35 billion (Source 1).

Operational automation using proprietary AI to drive efficiency

Biotricity, Inc. (BTCY) actively uses proprietary Artificial Intelligence to streamline its internal processes, which directly impacts the bottom line. This isn't just future potential; it's already factored into current financial performance.

Efficiencies gained from using proprietary AI in operational automation were cited as a direct contributor to the Gross margin reaching 80.5% in Q1-FY26 (Source 1). Furthermore, initial enhancements to the AI Cloud platform increased tech stack efficiency by 20%, which was projected to enhance the topline margin by 200 to 300 basis points (Source 2). The company is planning for more gains; the next generation AI cloud is expected to improve Cost of Goods Sold (COGS) across the entire SaaS business by 5% once post-FDA clearance is achieved (Source 6).

The AI platform is designed to enhance diagnostic accuracy and clinic profitability by leveraging the massive dataset of heartbeats (Source 1).

Managing regulatory compliance (e.g., FDA clearance process)

Navigating the regulatory environment, particularly the United States Food and Drug Administration (FDA) clearance process, is a critical activity that unlocks higher-value commercialization opportunities. This is a major near-term catalyst.

The company is actively pursuing clearance for its advanced analytical models. Management stated they remain on track to pursue FDA clearance for their groundbreaking AI clinical model in the coming months (Source 1). More specifically, the target for filing the AI clinical model was set for mid next year (Source 4). As mentioned above, the Biocore Pro 2 hardware is targeted for an FDA filing by the end of Q1 next year (Source 5).

Regulatory success is tied to market expansion, as evidenced by recent approvals in other jurisdictions, including Canada, which sets the stage for new initiatives in 2026 (Source 3).

Expanding sales network and geographic footprint

The strategy involves securing access to large institutional buyers and expanding the physical reach of the devices. This is a major focus area following strategic alliances forged during fiscal 2025 and 2026.

A significant achievement here is the establishment of broad market access. Biotricity, Inc. (BTCY) has signed 3 of the largest Group Purchasing Organization (GPO) networks, which provides access to approximately 90% of all hospitals in America (Source 1, Source 4). This channel expansion is material (Source 4).

Geographically, the solutions are currently being used by hundreds of centers across 35 states (Source 8). Beyond the hospital focus, the company is expanding through strategic partnerships into new distribution channels, culminating in market expansion with contracts in the VA and leading home care groups (Source 5).

The company has also made inroads with regulatory approvals in other countries, including Canada, opening up new jurisdictions for sales (Source 3).

The company has invested in inventory to support this expansion, completing its largest manufacturing order to date to fulfill anticipated sales orders in calendar 2025 (Source 6).

The operational and financial metrics supporting these activities are summarized below:

Metric	Value/Period	Reporting Period
Revenue	$3.9 million	Q2 FY2026 (ended Sep 30, 2025) (Source 5)
Gross Margin	80.5%	Q1 FY2026 (ended Jun 30, 2025) (Source 1)
Positive EBITDA	$333,337	Q1 FY2026 (ended Jun 30, 2025) (Source 1)
Recurring Technology Fees	$3.4 million (11.8% YoY rise)	Q1 FY2026 (ended Jun 30, 2025) (Source 1)
AI Data Volume Monitored	Over 2 trillion heartbeats	As of Q2 FY2026 (Source 5)
Hospital Network Access (via GPOs)	Approximately 90% of U.S. hospitals	As of Q2 FY2025/2026 updates (Source 1, 4)
Net Loss	$0.75 million	Q1 FY2026 (ended Jun 30, 2025) (Source 1)

Biotricity, Inc. (BTCY) - Canvas Business Model: Key Resources

You're looking at the core assets Biotricity, Inc. (BTCY) relies on to deliver its Technology-as-a-Service (TaaS) model. These aren't just ideas; they are quantifiable, protected, and operational assets as of late 2025.

Proprietary AI-enabled cloud-based cardiac ecosystem

The cloud platform is central, using proprietary Artificial Intelligence to process patient data. This AI capability is a key differentiator, driving efficiency and predictive power.

• Expansion of the Cardiac AI Cloud platform is a primary focus.
• AI technology is used in operational automation to improve margins.
• The platform is set to enhance clinic profitability and diagnostic accuracy.

FDA-cleared diagnostic devices (Bioflux, Biotres, Biocore Pro)

The physical tools are the entry point for data collection, designed for remote monitoring. While the search results confirm the use of the Bioflux system, specific, current FDA clearance status for all three mentioned devices in late 2025 is not explicitly detailed for all, so I will focus on operational scale and related financial performance.

Metric	Value (As of Q2 FY26 / Sept 30, 2025)
Recurring Technology Fee Revenue Share	94% of total revenue (Q2 FY25)
Q1 FY26 Recurring Technology Fees	$3.4 million
Gross Profit Percentage (Q2 FY26)	81.9%

Patents focused on multi-biometric device platforms

Intellectual property is a hard asset protecting the platform's future development, specifically around versatility in data capture. This is a clear, recent number you can bank on.

• 15 total issued patents as of March 12, 2025.
• An additional 14 patents pending as of March 12, 2025.
• New patents focus on a versatile, multi-biometric device platform.
• The platform base components can function in a patch form factor and a watch form factor.

Dedicated direct sales force and clinical support team

The human capital supporting the technology is focused on enterprise adoption and physician ease-of-use. The reach of this team is quantifiable through market access achieved.

Operational Metric	Scale/Access
Customer Base Reach (States)	35 states
Customer Base Size (Centers)	Hundreds of centers
Customer Base Size (Cardiologists)	Thousands of cardiologists
U.S. Hospital Access via GPO Networks	More than 90% of hospitals
Total Employees (As of Sept 30, 2025)	46 total employees

The company is operating with a lean structure, reporting 46 total employees as of September 30, 2025. That small team supports a large installed base and market access.

Trillions of recorded and analyzed heartbeats data

The accumulated data set is a critical, non-physical asset that feeds the AI engine, creating a data moat. This number has been recently updated, showing continued data ingestion.

• Data leveraged in Q1-FY26 (ended June 30, 2025): Over 2 trillion beats of anonymized data.
• Data recorded as of Q2-FY26 (ended September 30, 2025): Well over 2 trillion heartbeats.

This massive dataset underpins the predictive capabilities that management expects will lead to filing for FDA clearance on their AI clinical model in the coming months (post-September 2025). Finance: draft 13-week cash view by Friday.

Biotricity, Inc. (BTCY) - Canvas Business Model: Value Propositions

You're looking at the core value Biotricity, Inc. (BTCY) delivers to its customers, which is built on high-margin recurring revenue and clinical efficacy. Here are the hard numbers supporting those claims as of late 2025.

Continuous, Real-Time Remote Cardiac Monitoring (MCT)

The foundation of the offering is continuous, real-time remote cardiac monitoring (MCT). This capability is validated by the sheer volume of data processed by their platform.

• Biotricity, Inc. has monitored and recorded well over 2 trillion heartbeats.
• This monitoring directly supports improved patient outcomes for conditions like atrial fibrillation.

High Gross Margin Profile, Reaching 81.9% in Q2 FY2026

The financial structure supports the service delivery through strong unit economics. The gross margin performance shows efficiency in delivering the monitoring service.

For the second quarter of fiscal 2026, the gross profit percentage hit 81.9%. This was an improvement of 660 basis points from 75.3% in the corresponding prior year quarter. The revenue for that quarter was $3.9 million.

Metric	Value (Q2 FY2026)	Comparison/Context
Gross Profit Percentage	81.9%	Up from 75.3% in the prior year quarter
Total Revenue	$3.9 million	A 19% increase year-over-year
Gross Profit	$3.2 million	Up 29.4% from the prior year period
EBITDA	$373,000	Second consecutive quarter of positive EBITDA

Technology-as-a-Service (TaaS) Model for Predictable Costs

The business is heavily weighted toward the subscription side, which you, as an analyst, know translates directly to revenue predictability. The Technology-as-a-Service (TaaS) component is clearly the engine here.

In Q2 FY2026, recurring TaaS fees totaled $3.5 million. This recurring revenue represented 88.7% of the total quarterly revenue. This model is what management cites for margin improvement, alongside efficiencies gained through proprietary AI.

Improved Patient Outcomes Via Faster Medical Intervention

The clinical value proposition centers on timely action. The ability to detect issues faster is a direct value driver for both patients and the healthcare system.

• The technology increases the chances of earlier medical intervention for patients with atrial fibrillation.
• This early intervention has the propensity to deliver significant healthcare cost savings for both patients and the broader system.

Access to Approximately 90% of U.S. Hospitals Via GPO Contracts

Market access is significantly streamlined through established purchasing channels. Biotricity, Inc. has strategically positioned itself to reach a vast majority of potential customers.

Strategic alliances forged in fiscal 2025 and 2026 have positioned the company to have access to approximately 90% of all hospitals in America. This access is secured through partnerships with leading Group Purchasing Organizations (GPOs).

Finance: draft 13-week cash view by Friday.

Biotricity, Inc. (BTCY) - Canvas Business Model: Customer Relationships

You're looking at how Biotricity, Inc. keeps its professional and consumer users locked in, which is key since their whole model is built on recurring service fees.

The relationship with clinical users, the cardiologists and clinics, is intentionally deep. This is supported by the company maintaining strong customer retention, with reports citing high retention rates of approximately 99%. This level of stickiness is what allows the Technology-as-a-Service (TaaS) model to work so well for Biotricity, Inc.

The core of the professional relationship is the dedicated, high-touch service provided to cardiologists. This focus on quality support directly ties into the financial performance of the recurring revenue. For instance, in the second quarter of fiscal 2026, Technology fees accounted for 89% of the quarter's total revenue, reflecting strong customer satisfaction and the quality of support services. This recurring revenue base is what drives the high gross profit percentage, which reached 81.9% in Q2 FY26, up from 75.3% in the corresponding prior year quarter. Also, the flat fee revenue component saw significant growth in prior periods, growing by about 34% year-over-year in Q2 FY25.

The subscription-based TaaS model is designed explicitly to foster this long-term engagement. It shifts the focus from one-time device sales to continuous service delivery. This is evident in the revenue mix; for the third quarter of fiscal 2025, Recurring Technology Fee revenue comprised 94% of total revenue, carrying a gross profit percentage of 81.4%.

Here's a quick look at the scale of the relationship and the data being managed:

Metric	Value as of Late 2025 Data
Approximate Customer Retention Rate	99%
Technology Fees as % of Total Revenue (Q2 FY26)	89%
Gross Profit Percentage (Q2 FY26)	81.9%
Total Heartbeats Monitored (Cumulative)	Well over 2 trillion
Centers Utilizing Solutions	Hundreds of centers across 35 states

For the end-user, the Bioheart device, which is part of the ecosystem that includes the Biolife solution, is positioned for self-service and direct-to-consumer support. This empowers users to self-manage chronic conditions. The strategic alliances Biotricity, Inc. has formed are also part of the relationship strategy, as they provide access to approximately 90% of all hospitals in America, expanding the reach of their high-touch clinical support.

You can see the commitment to the clinical side through the sheer volume of data they are processing for them; Biotricity, Inc. has already monitored and recorded well over 2 trillion heartbeats, improving patient outcomes and underscoring potential healthcare cost savings.

• Dedicated support for cardiologists and clinics.
• TaaS model drives predictable revenue streams.
• Self-service options for personal monitoring users.
• Strong gross profit percentage on recurring fees, hitting 81.9% in Q2 FY26.

Finance: draft 13-week cash view by Friday.

Biotricity, Inc. (BTCY) - Canvas Business Model: Channels

You're looking at how Biotricity, Inc. (BTCY) gets its Technology-as-a-Service (TaaS) solutions into the hands of healthcare providers and patients as of late 2025. The channel strategy is heavily weighted toward institutional and professional adoption, which makes sense given the recurring revenue model.

The core of the distribution relies on securing access through large purchasing entities, which then drives the high percentage of recurring revenue. The company is definitely prioritizing scale through established healthcare networks.

Channel Component	Metric/Reach as of Late 2025	Latest Financial Context
Group Purchasing Organization (GPO) networks for hospital sales	Strategic partnerships secured with GPOs representing 90% of US hospitals (FY2025)	Focus on GPOs was a key part of the sales force reshaping strategy
Direct sales force targeting cardiologists and clinics	Technology currently used by thousands of cardiologists across 35 states (Q3-FY25)	Recurring Technology Fee revenue comprised 94% of total revenue in Q3-FY25
Medical device distributors for broader commercialization	No specific distributor revenue or count data available	Device Sales revenue was less than 1/10th of Recurring Technology Fees in a prior period
Consumer e-commerce platforms (e.g., Health-E Commerce)	No specific e-commerce platform sales data available	Recurring TaaS revenue makes up nearly 89% of sales (latest report)
International distribution channels (e.g., Canada, Saudi Arabia)	No specific international sales figures or country-specific channel data available	The total FY2025 revenue was $13.8 million

The company's focus on recurring revenue streams dictates the channel priority. You can see the scale they are aiming for with the GPO penetration.

• Recurring Technology Fee revenue reached $12.6 million in Fiscal Year 2025.
• Gross margin on Recurring Technology Fees was 81.4% in Q3-FY25.
• The company is actively pursuing geographic expansion, though specific international channel metrics aren't public yet.
• The technology is deployed across hundreds of centers.

For the second quarter of fiscal 2026, revenue was $3.9 million, with the TaaS model driving the results. The company is also expanding through contracts with the VA and leading home care groups, which acts as another form of institutional channel access.

Finance: review the Q2-FY2026 SG&A spend of $2.9 million against the revenue generated through these channels by end of next week.

Biotricity, Inc. (BTCY) - Canvas Business Model: Customer Segments

You're looking at the core groups Biotricity, Inc. (BTCY) serves as of late 2025, based on their latest reported operational scale.

US hospitals and large health systems (via GPOs)

Biotricity, Inc. (BTCY) has established strategic alliances that provide access to approximately 90% of all hospitals in America through Group Purchasing Organization (GPO) channels as of Q1 Fiscal Year 2026. This segment is targeted for expansion, including entry into managed care programs.

Cardiologists and specialty clinics focusing on chronic care

As of the third quarter of Fiscal Year 2025, Biotricity, Inc. (BTCY) solutions were in use by hundreds of centers across 35 states. This usage involved thousands of cardiologists focused on diagnostics and chronic care management.

Patients requiring Mobile Cardiac Telemetry (MCT)

The core of the revenue model supports patients requiring remote monitoring, with a focus on conditions like Atrial Fibrillation (A-fib). The Technology-as-a-Service (TaaS) subscription model, which is the primary revenue driver, reflects the ongoing service provided to these patients.

Consumers managing chronic conditions (Bioheart/Biolife users)

Biotricity, Inc. (BTCY) develops solutions for the consumer market, including the Biolife solution, which empowers users to self-manage chronic conditions. The platform has recorded well over 2 trillion heartbeats, demonstrating the scale of monitoring across both medical and consumer applications.

Here's a quick look at the scale of the recurring business supporting these segments as of the second quarter of Fiscal Year 2026 (ended September 30, 2025):

Metric	Value/Percentage (as of Q2 FY2026)
Technology Fees as % of Total Revenue	89%
Total Monitored Heartbeats (Cumulative)	Well over 2 trillion
Hospital Access via GPO Alliances	Approximately 90% of US Hospitals
Q2 FY2026 Revenue from Technology Fees	$3.2 million or $3.2 million
Q2 FY2026 Total Revenue	$3.9 million

The shift to a flat fee subscription model has seen approximately 3/4 of the business transitioned to this structure, aiming for more predictable revenue streams.

Biotricity, Inc. (BTCY) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational burn for Biotricity, Inc. (BTCY) as they push toward consistent profitability. The cost structure is clearly being managed with a focus on efficiency, especially in overhead, while strategically balancing investment in the future pipeline.

Cost of revenue for monitoring and cloud infrastructure is being actively optimized. Management noted efficiencies gained through the proprietary Artificial Intelligence (AI) used in data processing and general improvements in the monitoring and cloud cost structure as key drivers for gross margin expansion, which reached 75.3% in Q2 FY2025 and further improved to 81.9% by Q2 FY2026. While the absolute dollar cost of revenue for Q2 FY2025 was approximately $0.8 million (based on $3.3 million revenue minus $2.5 million gross profit), the focus is on the improving percentage contribution to gross profit.

The discipline on overhead is evident. Selling, General, and Administrative (SG&A) expenses were explicitly reduced to $2.25 million in Q2 FY2025, a 35.5% decrease year-over-year from the prior period. However, as the company scales and invests in commercial expansion, this line item saw a slight uptick in the most recent quarter available; for Q2 FY2026, SG&A expenses increased by 2.5% compared to the same period last year, representing an additional spending of over $56,000 for that quarter.

Regarding Research and development (R&D) spending for new product pipeline, the investment strategy appears dynamic. In Q2 FY2025, R&D expenses were reduced by almost 26% year-over-year. Conversely, looking at the latest comparison in Q2 FY2026, R&D expenses increased by $84,000 compared to Q2 FY2025, reflecting a strategic recommitment to innovation, such as the planned FDA filing for the AI clinical model by mid-next year.

The burden of financing remains a material cost. Interest expense and debt servicing costs were reported as elevated, hitting $0.75 million in Q2 FY2025. This was noted despite the company obtaining forbearance/waivers related to term loan covenant non-compliance in November 2024.

For device manufacturing and inventory costs, the narrative centers on efficiency and readiness. Management indicated they have become more efficient in producing their devices, which are now enjoying sales at higher margins. The CEO also stated that the company has 'everything we need in-house now to get to our profitability point... if we sell all those units, we'll be well into the profit category,' suggesting inventory levels are positioned to support future revenue growth without immediate large procurement outlays.

Here's a quick look at the movement in key operating costs between the two most recent reported quarters:

Cost Component	Q2 Fiscal Year 2025 Amount	Q2 Fiscal Year 2026 Amount
Selling, General, and Administrative (SG&A)	$2.25 million	Increased by over $56,000 YoY
Interest Expense	$0.75 million	Not explicitly stated
Total Operating Expenses	$2.8 million	$2.9 million

The overall operating expenses trend reflects the cost control efforts juxtaposed with R&D investment. Total operating expenses were $2.8 million in Q2 FY2025, which improved by 34% from the prior year period. By Q2 FY2026, total operating expenses had risen slightly to $2.9 million, a 5.1% increase year-over-year, driven by the increase in R&D spending.

You can see the cost structure is shifting from high fixed overhead to strategic investment:

• Efficiencies gained through proprietary AI in data processing.
• Improved margins on technology fees, which comprised approximately 94% of revenue in Q2 FY2025.
• R&D investment increased by $84,000 in Q2 FY2026 over Q2 FY2025.
• Device production efficiency leading to higher margins on sales.

Finance: draft 13-week cash view by Friday.

Biotricity, Inc. (BTCY) - Canvas Business Model: Revenue Streams

You're looking at the core of how Biotricity, Inc. (BTCY) brings in cash, and honestly, it's all about locking in that predictable subscription income. The business model is heavily weighted toward recurring revenue, which is what smart investors like to see in a Technology-as-a-Service (TaaS) setup.

The primary revenue driver is the Recurring Technology Fees (TaaS subscriptions). This stream represents the ongoing service fees for using their remote cardiac monitoring platform, which is the backbone of their offering. To be fair, this model is what gives the company stability, even as they work on new device sales.

Here's a quick look at the most recent figures we have, which really highlight the shift to TaaS:

• Recurring Technology Fees reached $3.5 million in Q2 FY2026.
• This recurring revenue accounted for a massive 88.7% of the total Q2 FY2026 revenue base.
• For the full fiscal year 2025, total revenue for Biotricity, Inc. (BTCY) reached $13.8 million.

The company's focus is clearly on growing that recurring slice. For example, in the prior full fiscal year (FY2025), the recurring Technology Fees totaled $12.6 million. This shows a clear strategic direction, as that $12.6 million was more than 10.5 times the revenue generated from device sales in that same period.

The second component of the revenue structure is the Revenue from device sales (non-recurring). These are the upfront sales of the physical monitoring hardware, like the Biocore Pro device, which are one-time transactions per unit sold. While important for initial customer acquisition, they are dwarfed by the subscription income.

Let's map out the revenue composition for the latest reported quarter and the previous full year so you can see the trend:

Revenue Component	Q2 FY2026 Amount	Q2 FY2026 % of Total	FY2025 Amount (Approximate)
Recurring Technology Fees (TaaS)	$3.5 million	88.7%	$12.6 million
Device Sales (Non-recurring)	$0.40 million (Calculated)	11.3% (Calculated)	$1.2 million (Calculated)
Total Revenue	$3.9 million	100.0%	$13.8 million

You can see the math there; if total Q2 FY2026 revenue was $3.9 million and recurring fees were $3.5 million, the device sales component was about $0.40 million for that quarter. This defintely reinforces the TaaS focus. Finance: draft 13-week cash view by Friday.