SRX Global Inc.

What they do

The continuing business makes and sells premium and super-premium pet food, treats, toppers, dental products, chews and supplements for dogs and cats under the Halo brand, including Halo Holistic and Halo Elevate. Products are sold mainly through e-commerce platforms such as Amazon, Chewy, Petflow, Thrive Market and Vitacost, plus specialty pet stores and select grocery chains, with international distribution now limited after the sale of Halo Asia. The direct-to-consumer channel at halopets.com was exited in June 2024. The legacy SRx specialty pharmacy, clinical services and distribution operations are reported as discontinued operations following bankruptcy and wind-down.

Revenue drivers

• E-commerce (Halo) — The majority of continuing net sales are generated through partner websites including Amazon, Chewy, Petflow, Thrive Market and Vitacost, largely from repeat purchases; company-wide continuing net sales were about $6.5 million in fiscal 2025.
• Brick & Mortar (Halo) — Sales through specialty pet stores and select grocery chains; the company exited Petco and Pet Supplies Plus stores as of December 2023 while continuing online sales via those platforms.
• International (Halo) — A smaller portion of total net sales; after the sale of Halo Asia, activities outside North America are no longer a significant growth focus and no single foreign market is material.
• EMJX / investment activities — EMJX, an AI-enabled digital-asset treasury platform acquired June 16, 2026, is being integrated into investment decision-making; no revenue contribution is disclosed in the excerpts.

Recent performance

For the fiscal third quarter ended June 30, 2026, net sales rose 27% year over year to $3.4 million. Operating loss improved 63% year over year to $3.2 million, and net loss from continuing operations improved 40% year over year and 35% quarter over quarter to $4.1 million. Adjusted EBITDA loss improved 35% year over year to $1.6 million. The quarter ended with $36.7 million of cash, cash equivalents and restricted cash, $65.2 million in current assets, $2.4 million in total liabilities and no debt outstanding. NAV was reported at $62.9 million, or $3.22 per common share.

Strategy

Management describes a post-restructuring reset focused on stabilizing the remaining Consumer Products segment, optimizing cost structure and re-establishing a focused growth path. The company says it will evaluate strategic alternatives including partnerships, product expansion and targeted investments. It completed the EMJX acquisition on June 16, 2026 and is integrating EMJX's AI-driven insights into investment decisions. Stated capital allocation priorities are Halo growth and margin expansion, phased deployment of a Gen 2 digital-asset treasury strategy, selective minority investments in technology/fintech, biotechnology, consumer and critical infrastructure/materials, and risk management. A 10 million share repurchase program was approved, and a one-time $0.05 per share cash dividend (about $1.3 million) was declared to shareholders of record on July 22, 2026.

Risks

• History of significant losses — The company has historically reported net losses, including $45.0 million in 2025, which could pressure its financial condition and cash flows.
• Legacy SRx wind-down — The former specialty pharmacy, clinical services and distribution operations are discontinued and no longer generate meaningful revenue, with no future cash flows expected from them.
• Covenant default and creditor protection — The company was not in compliance with financial covenants on its Canadian Western Bank facility as of June 30, 2025, making the debt callable, and subsequently sought creditor protection under the CCAA in Canada.
• Dependence on key personnel — The company states its success depends on the efforts of its board and key personnel, and it cannot assure that these individuals will be effective, successful or remain with the company.

Outlook

Management characterizes the outlook as the early stages of a reset, with near-term priorities of strengthening the continuing operations' financial position, optimizing cost structure and re-establishing a focused growth path. It says the streamlined business provides a clearer path to operational stability and disciplined execution, and that it will continue evaluating strategic alternatives such as partnerships, product expansion and targeted investments. The company also flagged improved Halo operations, including 98% fill rates in June 2026 and record Prime Day performance.