Rocket Doctor AI Inc. reported record annual revenue of $1,739,219 for fiscal year 2025, up from $10,990 in 2024. The 2025 figure reflects the full-year impact of the acquisition of Rocket Doctor Inc., a physician-led digital health platform and marketplace completed in Q2 2025. That acquisition brought the company’s first meaningful revenue, its first sustained gross margin, and its first operating proof that the physician marketplace model could perform at commercial scale.
Published in May 2026, the results come alongside a network milestone: Rocket Doctor AI (CSE: AIDR, OTC: AIRDF, Frankfurt: 939) now has in-network access to more than 21 million covered lives across California, New York, and Maryland, following a series of payer agreements signed between Oct. 2025 and Jan. 2026.
Yazan al Homsi, a Vancouver-based venture capitalist who invested in Rocket Doctor AI through Founders Round Capital, identified the platform before its payer network reached any of those states. His investment thesis was built on the unit economics of the physician marketplace model, specifically its gross margin structure and customer acquisition cost profile, rather than on market size projections.
Q2 2025 revenue came in at $512,755. Q3 reached $529,123, a modest increase through what the company described as typical summer seasonality. Q4 climbed to $697,340, a 31.8% quarter-on-quarter increase. The full-year total of approximately $1.74 million establishes the first commercial baseline from which 2026 projections are being built.
Gross margin held between 84% and 89% across all four quarters. The modest compression in Q4 reflected higher variable costs from increased patient activity following the Rocket Doctor Inc. acquisition, rather than pricing pressure or fixed cost problems. Most telehealth businesses that scaled during the pandemic operated on gross margins well below 50%, burdened by clinical staffing costs and physical infrastructure. Rocket Doctor AI’s asset-light physician marketplace model, in which physicians build independent virtual practices on the platform rather than accepting employment contracts, structurally avoids that cost exposure.
In Oct. 2025, Rocket Doctor announced in-network agreements with six major US insurers covering more than 7 million patients across California and New York, spanning Medicare Advantage, Medicaid Managed Care, and commercial insurance. A subsequent agreement added approximately 6.5 million covered lives, bringing the total above 13 million. A Jan. 2026 contract with another California commercial insurer added 175,000 members for employer-sponsored plans.
The cumulative in-network reach now exceeds 21 million covered lives. US revenue represented approximately 5% of total revenue at the time those payer agreements were signed. The agreements themselves generate revenue only once patients book appointments, making the 2026 execution question one of conversion rate: covered lives to active patients, dependent on physician availability, platform discovery, and in-network billing friction.
Al Homsi has described his investment framework for small-cap healthcare technology as prioritising management execution over market size estimates. The leadership team, headed by CEO Dr. Essam Hamza, oversaw a successfully oversubscribed $4.23 million private placement in Aug. 2025, providing the capital runway for the payer network expansion. Oversubscription in a year when overall digital health venture capital contracted sharply was itself a validation of the underlying thesis.
The pharmacy kiosk programme reached 50 independently owned pharmacies across Canada by Sept. 2025, with 16,500 appointments completed. Approximately 75% of prescriptions issued during virtual consultations were filled at the originating pharmacy, a fulfilment rate that creates a natural financial incentive for pharmacy partners and makes the programme commercially self-sustaining.
In July 2025, Rocket Doctor Inc. partnered with EngageWell IPA in a programme backed by $1 million from the CVS Health Foundation to launch the Healthy Aging Program, offering virtual health screenings for adults 60 and older across New York City. The same month, an emergency department diversion programme was launched in Canada to reduce low-acuity patient load in overcrowded hospitals. In Dec. 2025, the first Canadian strategic partnership with Toronto Metropolitan University was announced to support clinical education of medical learners on a digital health platform.
These programmes matter to the investment case because they represent revenue channel diversification. The US payer business drives the margin story. The pharmacy network, municipal partnerships, and institutional collaborations provide patient acquisition infrastructure that does not depend on consumer marketing spend.
Yazan al Homsi’s career prior to founding Founders Round Capital included over a decade at PricewaterhouseCoopers in the Middle East, conducting financial due diligence and valuation analysis across industries. His CFA designation and transaction analysis background inform an investment approach that prioritises unit economics over growth narratives, and the Rocket Doctor AI case confirms that orientation.
The $18 US platform fee per visit, $5 customer acquisition cost, and 8.2x lifetime value to acquisition cost ratio were the metrics that justified the early investment position. Those numbers remain intact as the company scales. What the 2025 annual results add is proof that the model generates revenue at the scale required to matter, and that the gross margin structure holds under real operating conditions rather than projected ones.
The company’s 2026 roadmap targets multi-state payer expansion beyond the current three states, white-label partnerships allowing US healthcare organisations to deploy the platform under their own branding, and continued growth of the physician network beyond its current 300-plus clinicians. The independent discounted cash flow analysis supporting the $279 million enterprise valuation assumes revenue growth from $8.8 million in 2026 to $241 million by 2035.
For investors following Vancouver’s small-cap AI investment landscape, Rocket Doctor AI’s 2025 results represent the first full year of verifiable commercial performance from a company that was pre-revenue as recently as mid-2024. The next 12 months will test whether payer network access converts to the visit volume the valuation requires.
Rocket Doctor AI Inc. trades as CSE: AIDR, OTC: AIRDF, and Frankfurt: 939. Yazan al Homsi is an investor in Rocket Doctor AI and principal of Founders Round Capital (Vancouver) and Catalyst Wire (Dubai).
Photo: Courtesy Rocket Doctor: Online Doctors in Canada
