Victory Square Technologies (VST) *Exited*

Potential 10x in revenue over the next year.

Not investment advice: First, read my full disclaimer here.

Note: Amounts are in CAD.

Give credit where credit is due: I first heard about Hydreight via an article on MicroCapClub by Byron Street Research.

Update: Position exited with reasoning included in the update below.

Introducing, Victory Square Technologies (VST.CN), a VC-like holding company that has caught lightning in a bottle with a company they helped incubate, Hydreight Technologies (NURS.V). While I normally run from a holdco discount story, there are unique characteristics in this security that make owning VST more attractive than buying Hydreight outright.

Valuation

What are the valuable aspects of VST?

• 52% stake in Hydreight (based on my dilution math)

• A little appreciated profit share on a component of the Hydreight business (I think this is what investors are primarily missing)

• Lottery ticket upside from other public / private investments valued at $50M (listen to this webinar to get a sense of these)

2/28/26 - Update

I’ve fully exited my position in VST and Hydreight. There are too many red flags I could not get comfortable with. Here are several of the reasons that made me move on.