Novo Integrated Sciences, Inc. (NVOS): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the actual mechanics behind Novo Integrated Sciences, Inc.'s decentralized healthcare play, so let's cut through the noise. As of late 2025, the business model is a fascinating mix: they are delivering multidisciplinary care in Canada, which brought in about 63% of their $13.51 Million Trailing Twelve Months revenue, alongside product sales. Still, the real story is the financing engine, aggressively sourcing capital like the $78 million Standby Letter of Credit program to fund this growth, even while managing significant operating costs and a $(16.17) million net loss in FY 2024. See the full breakdown below to understand how these key partnerships and activities support their holistic value proposition.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Key Partnerships

You're looking at the relationships Novo Integrated Sciences, Inc. (NVOS) has locked in to fuel its operations and growth, which is critical given the company's TTM Revenue of approximately $13.51 Million USD as of November 2025 and a TTM Net Loss of about -$24.33 Million. These partnerships are the lifeblood for accessing capital and developing product lines.

The financing partnerships are key to bridging the cash burn, which saw a net loss of approximately $(16.17) million in Fiscal Year 2024.

• Streeterville Capital, LLC: This relationship involves a secured convertible note. While the initial amount specified is $6.21 million, the outstanding balance was reported as $6.58 million after an October redemption paid in shares, as of Q1 FY2025.
• HSBC: Novo Integrated Sciences has a relationship involving a Standby Letter of Credit (SBLC) supporting a gross funding amount of $78 million for an SBLC Leasing and Monetizing Program.
• RC Consulting Consortium Group LLC: This partnership centers on a $70,000,000 promissory note, originally dated April 26, 2023. An amendment allows for prepayment of up to 50% of the outstanding note using restricted stock if the common stock closes over $15 per share for five consecutive trading days. The lump sum funding for this note was advised to be $57,000,000, less fees, in November 2023.

The operational side relies heavily on its Canadian healthcare infrastructure and product development partners.

The Acenzia partnership, which is a wholly owned Canadian subsidiary of Novo Integrated Sciences, Inc., is focused on developing plant-based protein products.

• Acenzia's facility in Windsor, Ontario, includes Class 100 pharmaceutical grade cleanrooms and certified laboratories.
• The project aims to commercialize three consumer-ready protein products: modular, ready-to-mix, and ready-to-drink low-volume protein.
• Two other partner companies together committed approximately $2.5 million to this specific project.

The multidisciplinary clinic facilities provide the core revenue stream, offering services like physiotherapy, chiropractic care, and eldercare. Finance: draft 13-week cash view by Friday.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Key Activities

You're looking at the core actions Novo Integrated Sciences, Inc. (NVOS) must execute to keep its decentralized healthcare model running, and honestly, the numbers tell a story of service reliance and capital intensity.

Delivering multidisciplinary primary care services in Canada.

This is the bedrock of the business, generating the majority of the top line. The company offers a wide array of services, including physiotherapy, chiropractic care, occupational therapy, and specialized rehabilitation for areas like stroke and traumatic brain injury.

• Healthcare Services segment historically generates the majority of revenue.
• For the trailing twelve months (TTM) ending around November 2025, this segment is estimated to account for approximately 63% of total revenue, or about $8.51 Million USD.
• Revenue from healthcare services increased 8.1% year-over-year for the three months ended May 31, 2024.

Developing and deploying MedTech like telemedicine and remote monitoring.

Integrating technology is key to their vision of decentralizing care, moving services beyond the physical clinic walls. This activity supports the service network by enhancing practitioner-patient connectivity.

• Key MedTech services include telemedicine and remote patient monitoring platforms.
• This pillar is essential for delivering the company's essential and differentiated solutions for non-catastrophic healthcare delivery.

Sourcing and monetizing non-dilutive capital, like the SBLC program.

Given the significant net losses-the TTM net loss ending November 2025 is estimated around -$24.33 Million-securing non-dilutive capital is a critical, ongoing activity. This funding supports growth initiatives and acquisitions.

The company has executed on a major financing event through a Standby Letter of Credit (SBLC) monetization program:

Managing and expanding the network of corporate and affiliate clinics.

Operational management involves standardizing clinical protocols across their physical footprint to maintain efficiency while growing scale. Growth levers depend on successfully scaling this network.

• Novo Integrated Sciences operates 14 corporate-owned clinics in Canada.
• The model also incorporates a network of affiliate clinics.
• The TTM revenue for the entire business ending November 2025 is estimated at $13.51 Million USD.

Research and distribution of proprietary health and wellness products.

This segment provides a complementary revenue stream, focusing on personalized product offerings alongside services. For the TTM ending November 2025, product sales are estimated to contribute about 37% of total revenue, or roughly $5.00 Million USD.

Here's a look at specific product revenue from the last reported quarter:

The company's products also include ProDip dietary supplement pouches. Finance: draft 13-week cash view by Friday.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Key Resources

Multidisciplinary team of primary care clinicians and practitioners

Novo Integrated Sciences, Inc. generates its revenue solely from services and products delivered by its team of multidisciplinary primary care clinicians and practitioners operating in Canada. This team provides assessment, diagnosis, treatment, pain management, rehabilitation, education, and primary prevention for a wide array of orthopedic, musculoskeletal, sports injury, and neurological conditions. The services cover various demographics, including pediatric, adult, and geriatric populations.

• Team provides services across orthopedic, musculoskeletal, sports injury, and neurological conditions.
• Service delivery spans pediatric, adult, and geriatric demographics.

Interconnected Technology platforms for decentralized care delivery

The operational framework relies on developing and deploying sophisticated interconnected technology platforms. These platforms include telemedicine and remote patient monitoring capabilities designed to interface the patient to the healthcare practitioner. The goal is expanding service reach beyond the traditional physical clinic location to geographic areas lacking advanced, peripheral-based healthcare services, including the patient's home.

• Technology facilitates the connection between patient and practitioner.
• Platforms support decentralized care delivery, extending reach beyond physical clinics.

Network of corporate-owned and affiliate clinic facilities in Canada

Novo Integrated Sciences, Inc. manages a network structured around service delivery through multiple clinic facility types in Canada. This network includes corporate-operated clinic facilities and affiliate network facilities. Furthermore, in June 2023, the company received a Letter of Funding Commitment for a direct investment of USD $40,000,000 designated for project-specific joint ventures to develop elder care and senior living community facilities in Canada.

Here's a quick look at the scale of operations based on the latest reported financials:

Intellectual property and formulations for proprietary wellness products

The business model incorporates a third pillar focused on product innovation. This involves developing and distributing effective, personalized health and wellness product solutions. The company has a publication ID related to its intellectual property activity: WO-2023118979-A1.

• Products allow for the customization of patient preventative care remedies.
• IP activity includes a recent patent application publication ID: WO-2023118979-A1.

Potential transformational capital from the $78 million SBLC monetization

A key resource is the potential access to non-dilutive capital through the monetization of a Standby Letter of Credit (SBLC). The company was projected to receive gross funding proceeds of approximately $78 million under this program. The commencement of disbursement for the SBLC monetization was announced in July 2024, with the final distribution anticipated on or before August 2. The intended use of proceeds included closing the acquisition of the Ophir Collection to gain sole ownership and supporting a previously reported share repurchase program, for which the Board approved a maximum amount of $10 Million. As of November 2025, the company had 18,685,979 shares outstanding.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Value Propositions

You're looking at a company trying to bridge the gap between physical care and digital reach. The value Novo Integrated Sciences, Inc. (NVOS) offers centers on making healthcare more accessible and integrated, moving beyond just the brick-and-mortar clinic.

Holistic, integrated healthcare ecosystem of services and products.

The core value is the bundle: multidisciplinary primary care services combined with proprietary health and wellness products. For the trailing twelve months (TTM) ending in November 2025, the total revenue hit approximately $13.51 Million USD. This revenue splits across the two pillars. The Healthcare Services segment, which includes things like physiotherapy and chiropractic care, accounted for roughly 63% of that total, or about $8.51 Million USD in the TTM ending November 2025. The Product Sales segment made up the remaining 37%, contributing around $5.00 Million USD in the same period. This integration is key to their model.

Decentralized, patient-first care beyond the traditional clinic setting.

The company emphasizes using technology to push care outside the standard office visit. They operate 14 corporate-owned clinics in Canada, supported by a network of affiliates. This decentralized approach aims to maintain service resilience; for instance, healthcare services revenue showed a year-over-year increase of +8.1% in the third quarter of fiscal year 2024. Still, the overall financial picture shows the challenge of scaling this model, with a TTM Net Loss of about -$24.33 Million as of November 2025.

Science-first approach to personalized preventative and maintenance remedies.

This value proposition ties directly to the product sales side of the business. Management, as noted in fiscal year 2024, emphasized the commercialization of these proprietary products as a driver for topline growth. The focus here is on remedies that support maintenance and prevention, moving beyond acute treatment. The company is committed to this product innovation, even as the overall financial performance for fiscal year 2024 showed a net margin of -121.3% on revenue of $13.29 million.

Comprehensive non-catastrophic care (e.g., rehab, eldercare, concussion management).

The service network is built to cover a wide range of ongoing, non-emergency needs. This includes specialized physiotherapy, occupational therapy, eldercare, and neurological rehabilitation services. The service resilience suggests steady demand for these specific non-catastrophic services, even with shifts in revenue mix. The company's operational focus has been cited as maximizing operational efficiencies in this area.

Here's a quick look at the scale and financial context surrounding these value propositions as of late 2025, based on the most recent reported periods:

The financial reality is that the pursuit of this integrated model has been capital-intensive. As of the end of fiscal year 2024, cash on hand was only $0.84 million against current liabilities of $14.58 million. Furthermore, the stock price as of November 21, 2025, was around $0.0050 per share.

The key components supporting these value propositions include:

• The network of multidisciplinary primary care clinicians.
• Proprietary health and wellness products.
• MedTech platforms for remote patient monitoring.
• Specialized services like eldercare and rehab.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Customer Relationships

You're looking at how Novo Integrated Sciences, Inc. (NVOS) connects with the people who use their services as of late 2025. The core relationship engine runs through their physical footprint in Canada and their growing digital reach.

Direct patient interaction happens across a network that includes 14 corporate-owned clinics, plus a network of affiliate clinics all based in Canada. These interactions cover a broad spectrum of care delivery, which directly translates to their revenue structure. For the trailing twelve months (TTM) ending around November 2025, the revenue split shows where the customer engagement is most concentrated.

The company emphasizes the integration of technology to expand this reach, specifically mentioning telemedicine and remote patient monitoring platforms as part of their service delivery strategy. Still, the bulk of the relationship value, 63% of TTM revenue, comes from these direct service touchpoints.

Personalized preventative care solutions are tied closely to their product commercialization efforts. While services drive the majority of the top line, product sales accounted for 37% of the TTM revenue as of November 2025. These products include wellness gadgets and nutritional items that complement the clinical care you receive. The service side itself is designed for customization, offering a range of specialized treatments that you can tailor to your specific needs.

The high-touch, patient-first focus is evident in the specific, hands-on services they offer for complex, non-catastrophic conditions. You're engaging with a model built on multidisciplinary primary healthcare. The services that define this high-touch relationship include:

• Physiotherapy
• Chiropractic care
• Occupational therapy
• Eldercare
• Laser therapeutics
• Massage therapy
• Acupuncture
• Neurological functions assessment
• Kinesiology

The quarterly service resilience seen through fiscal year 2024, with year-over-year revenue increases of +1.2% in Q1, +3.4% in Q2, and +8.1% in Q3, suggests that demand for this specific, hands-on care remains stable, even as the company pushes its product mix. Finance: draft 13-week cash view by Friday.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Channels

Novo Integrated Sciences, Inc. (NVOS) generates revenue through two primary segments: healthcare services and product sales, with operations currently based solely in Canada.

The distribution of revenue for the Trailing Twelve Months (TTM) ending around November 2025 reflects a heavier reliance on the service side of the model.

Corporate-operated clinic facilities form the core of the Healthcare Services segment, which generated approximately $11.9 million of the total $13.29 million revenue for the fiscal year ending August 31, 2024.

Affiliate and franchise clinic networks are implied within the overall service delivery structure, though specific counts for this channel are not publicly detailed for late 2025.

Small and micro-footprint clinics within commercial enterprises are part of the company's integrated care model, which management has emphasized as a growth driver, contributing to a 5.75% year-over-year revenue bump in 2024.

Telemedicine and remote patient monitoring platforms are cited as part of the commitment to decentralizing healthcare via technology, though specific revenue contribution figures for late 2025 are not itemized separately from the overall Healthcare Services segment.

Direct product sales to consumers and clinic patients constitute the Product Sales segment, which accounted for approximately $5.00 Million USD of the TTM revenue as of November 2025.

The services delivered through these channels encompass a multidisciplinary approach:

• Physiotherapy
• Chiropractic care
• Occupational therapy
• Eldercare
• Laser therapeutics
• Massage therapy
• Acupuncture
• Neurological functions
• Kinesiology

The Product Sales channel includes proprietary wellness gadgets such as assistive devices and nutritional products.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Customer Segments

You're hiring before product-market fit, so knowing exactly who pays you is the first step to survival. For Novo Integrated Sciences, Inc. (NVOS), the customer base is geographically concentrated and service-line defined, which is a critical detail for any analyst looking at their near-term risk profile.

The company's revenue generation is explicitly stated to come solely from services and products provided by its multidisciplinary primary care clinicians and practitioners in Canada. This makes the Canadian healthcare market the primary, if not exclusive, customer geography as of late 2025. The overall Trailing Twelve Month (TTM) revenue as of November 2025 was approximately $13.51 Million USD.

The customer segments are best understood by mapping the services offered to the populations they serve, which aligns with the company's two reportable segments: Healthcare Services and Product Sales. Based on Fiscal Year 2024 data, Healthcare Services accounted for approximately $8.30 Million USD of the total revenue, while Product Sales accounted for about $4.92 Million USD.

Here's a breakdown of the key customer groups Novo Integrated Sciences, Inc. (NVOS) targets with its multidisciplinary approach:

• Patients in Canada needing non-catastrophic rehabilitative care.
• Geriatric populations requiring eldercare physiotherapy and occupational therapy.
• Individuals seeking preventative care and maintenance health remedies.
• Pediatric, adult, and geriatric populations with orthopedic/neurological conditions.

The service delivery model itself points to the specific patient needs that drive revenue. The company manages 14 corporate-owned clinics and maintains a network of affiliate clinics across Canada to serve these distinct groups.

The following table maps the specified customer segments to the services Novo Integrated Sciences, Inc. (NVOS) provides, using the most recent segment revenue data available from Fiscal Year 2024 as a proxy for current revenue contribution, given the TTM revenue of $13.51 Million USD.

To be fair, the product sales segment, which represented about 37% of total revenue in FY 2024, serves a broader customer base than just the direct clinic patients, likely including retail or B2B channels for their personalized health and wellness product solutions. Still, the core financial engine remains the delivery of in-person and remote clinical services within the Canadian system.

The specific services tied to these segments include:

• Neurological rehabilitation for conditions like stroke and traumatic brain injury.
• Women's pelvic health program services.
• Assistive devices provision.
• Dietitian and functional dry needling services.

Finance: draft 13-week cash view by Friday.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Novo Integrated Sciences, Inc. (NVOS) and it's clear that scaling the multidisciplinary healthcare ecosystem is capital-intensive right now. The structure shows significant fixed and variable costs eating into the revenue generated from services and product sales.

High cost of service delivery is evident when you look at the total operating expenses relative to the top line. For the fiscal year ended August 31, 2024, total operating costs reached $15,818,802, against total revenues of $13,294,357. The Cost of Revenues alone was $7,551,853 for FY 2024. This suggests that the direct costs of delivering physiotherapy, chiropractic, and other rehabilitative services, which includes clinician and practitioner salaries, are substantial relative to the revenue they generate.

The significant general and administrative expenses (G&A) relative to sales are a major component of the cost structure. For the year ended August 31, 2024, G&A expenses were reported as $14,039,265. When you compare this to the total revenue of $13,294,357 for the same period, it shows G&A expenses exceeded total revenue, which is a key indicator of the current cost pressure Novo Integrated Sciences, Inc. is under.

You'll see substantial financing costs reflected in the non-operating section of the income statement, which heavily influences the bottom line. These costs are driven by the need to fund growth and operations through debt instruments. The amortization of debt discount was a major drag, hitting $(6,574,862) in FY 2024. Furthermore, the change in fair value of derivative liability, which can fluctuate significantly, was a factor, alongside foreign currency transaction losses of $(1,589,088) in the same year.

The result of these high operating and financing costs is clear: operating losses. The Loss from Operations for the year ended August 31, 2024, was $(10,076,298). Ultimately, the FY 2024 net loss was approximately $(16.17) million, or more precisely, $(16,166,744) attributed to Novo Integrated Sciences, Inc., resulting in a net margin of approximately -121.3%.

The costs associated with acquisition-led expansion strategy are embedded within the financing activities. Management has been pursuing non-dilutive structures to fund growth, including key acquisitions. For example, the execution of the $6.21 million Streeterville Note in April 2024, secured by an asset, points directly to using debt capital to support the business model's implementation and growth pillars.

Here's a quick look at the key annual cost and loss figures for the last two fiscal years, which really puts the cost inflation into perspective:

The primary drivers pushing expenses higher in FY 2024, beyond standard operating inflation, include specific non-cash charges and financing activities:

• Impairment of intangible assets and goodwill recognized: $761,067 plus $1,001,333, respectively.
• Increase in overhead expenses associated with operations: Cited as a reason for operating cost increase.
• Amortization of debt discount: Increased by approximately $1.82 million year-over-year.
• Foreign currency transaction losses: Totaled $(1,589,088) in FY 2024.

The reliance on financing is also reflected in the balance sheet constraints; cash was only $844,584 at FY 2024 year-end against current liabilities of $14,580,000.

Finance: draft 13-week cash view by Friday.

Novo Integrated Sciences, Inc. (NVOS) - Canvas Business Model: Revenue Streams

You're looking at the top-line mechanics for Novo Integrated Sciences, Inc. (NVOS) as of late 2025, and the revenue picture is quite concentrated. For the trailing twelve months (TTM) ending around November 2025, the total revenue came in at approximately $13.51 Million USD. This figure is the sum of two distinct, yet integrated, streams. Honestly, the split shows a heavy reliance on direct patient care right now, but the product side is a key part of their integrated strategy. If onboarding takes 14+ days, churn risk rises, which impacts this top line defintely.

Here is the quick math on how that $13.51 Million USD TTM revenue breaks down by segment as of November 2025:

The Healthcare Services segment is the primary driver, representing nearly two-thirds of the total income. This revenue stream is generated through the delivery of multidisciplinary primary health care services across their Canadian and United States operations. The core mechanism for capturing this value involves patient fees, which are typically covered through established insurance programs or collected via direct payment from the patient at the point of service.

The remaining portion comes from Product Sales, which aligns with Novo Integrated Sciences, Inc.'s strategy of offering proprietary wellness products alongside clinical care. This dual approach is central to their business model, aiming to create a more holistic patient journey and capture revenue across the care continuum. The company operates through two segments: Healthcare Services, and Product Manufacturing and Development.

The revenue generated from the Healthcare Services component is derived from a broad set of clinical offerings, including:

• Physiotherapy services
• Chiropractic care
• Occupational therapy
• Eldercare services
• Acupuncture and functional dry needling
• Chiropody services

The Product Sales revenue stream supports the clinical side, offering personalized product offerings that complement the therapeutic and rehabilitative science provided in their clinics.

Finance: draft 13-week cash view by Friday.