PrideHealth — Q3 2026 Investor Update
Dear Friends of Pride Health,
Q3 was our first $100k quarter: revenue of $101,801, up 50% on Q2, closing on a record September ($41.0k). We doubled acquisition spend, grew new users 41% and lifted AOV 20% — while gross margin expanded.
We doubled Meta spend ($8.3k → $17.0k), ROAS fell from 8.2x to 6.0x and CAC rose from $22 to $33 — in exchange for 41% more new users both in PrEP and newly launched segments such as Gender-Affirming Care, HIV and ED. Gross margin rose 5–7% on our increased volume.
🚀 Q3 2026 Performance (vs Q2)
| Metric | Q3 | Q2 | Change |
| Revenue & ROAS | |||
| Revenue | $101,801 | $67,875 | +50% |
| Orders | 1,049 | 836 | +25% |
| Marketing spend | $16,963 | $8,260 | +105% |
| Blended ROAS Revenue ÷ ad spend. Launch of new services in GAC, HIV & ED |
6.0x | 8.2x | −2.2x |
| CAC | $32.68 | $22.38 | +46% |
| Adoption | |||
| Unique users through intake | 2,995 | 1,143 | +162% |
| Blended cost per lead | $5.66 | $7.23 | −22% |
| New users acquired | 519 | 369 | +41% |
| Lead → order conversion Same quarter. September lead surge in PrEP, still converting |
18% | 25% | −7pts |
| Retention | |||
| Unique users served | 855 | 631 | +36% |
| Returning users | 336 | 262 | +28% |
| Prior-quarter users who reordered Stable through the surge |
34% | 34% | Stable |
| Repeat revenue share New-surge user mix |
54.8% | 63.0% | −8pts |
| Lifetime Value | |||
| AOV | $97.05 | $81.19 | +20% |
| Lifetime revenue per repeat user Repeat users are 40% of base |
$310 | $286 | +8% |
| LTV : CAC For every $1 spent on acquisition, we get x back. CAC up 46% on doubled spend for new launches |
5.4x | 7.6x | −2.2x |
Monthly progression: July $28.9k → August $31.8k → September $41.0k. Three consecutive months of growth, ending on a record.
Exit run-rate: ~$407k annualised — on $300k of capital raised, ever. Every dollar our investors have committed now generates $1.36 of annualised revenue.
🛡️ Public-Health Impact — Our reach expands PrEP penetration rate by 55%!
- 1,359 people have received PrEP through PrideHealth, of which 481 (35%) had never used PrEP before.
- In Southeast Asia, PrEP adoption rates are around ~10%, which means our impact on Tele-PrEP helps lift coverage in this community from 10% to 15.5% — a 55% relative increase in PrEP & HIV prevention. Every HIV prevention case saves US$120k in lifetime treatment burden (per user) in the markets we reach.
🌍 Regional Traction
Q3 revenue by market:
- 🇸🇬 Singapore — 54.7% ($55.6k, +70% QoQ)
- 🇭🇰 Hong Kong — 15.6% ($15.8k, +41%)
- 🇹🇭 Thailand — 15.5% ($15.8k, +52%)
- 🇲🇾 Malaysia — 7.0% ($7.1k, +38%)
- 🇰🇷 South Korea — 3.1% ($3.2k, +28%)
- 🌏 Rest of region & expat demand — 4.1%
Every core market grew this quarter. Singapore deepened as our anchor with a 70% jump, Thailand rebounded 52%.
💡 Product & Service Mix (Q3)
- Sexual Health — 84% (PrEP 66% · ED 9% · Doxy-PEP 5% · Test kits 3%)
- Mental Health — 9%
- HIV Care — 4%
- Gender-Affirming Care — 3%
PrEP remains the key wedge that allows us to expand to other sexual health-adjacent services.
📈 Cumulative Milestones
- 7,400+ unique users screened through our intake platform (13,100+ submissions)
- 1,874 paying users | 3,581 orders delivered | $332k lifetime revenue
- 172 active subscriptions | valued at $68k ARR
🏥 Partnerships
- Partnering with the Institute of HIV Research Thailand (IHRI) to issue free PrEP & HIV test kits to local Thais via Pride Health
- Advancing discussions with a leading international hospital group in Bangkok to expand our service offering in LGBTQ wellness & longevity
- New KL clinical supply partnership in motion to serve our Malaysian user base locally
- Partnership discussion on PrEP access with Grindr
⏭️ Q4 Priorities
- Continue to expand and increase PrEP & Doxy-PEP awareness and access.
- Expand sexual health-adjacent services like ED and test kits.
- Fine-tune our GTM on GAC and HIV.
- Hold gross margin at 47%+ while continuing to invest into demand.
🏳️🌈 Grindr Buys Freddie: The Category is Validated
On 30 September, Grindr announced the acquisition of PurposeMed — the company behind Freddie, North America's largest PrEP telehealth service — for US$250M (US$190M cash + US$60M stock). Why we think this is one of the most important signals our category has had:
- A dating community platform decided healthcare is core, not adjacent.
- Community-vertical healthcare now has a validated strategic buyer class.
- Freddie's model is our model. Freddie grew on public-health partnerships and discounted-drug programs in Canada and the US. We partner with community clinics providing the same services.
We have since gotten in touch with Grindr to explore how we can partner up to expand access to PrEP via Pride Health's platform.
👼 Fundraising
We are looking for mission-oriented angels to help raise US$200,000 (at US$4.5M post-money) by Q4 to triple our ARR run-rate to $1.5 million by 2027.
🙏 Support Needed
- Introductions to wellness & longevity clinics, and compounding pharmacies specialising in peptides, sexual wellness, and hormone therapy
- Introductions to endocrinologists, infectious disease, and immunology specialists with a focus in longevity and preventive wellness
Thank you for backing care without judgment. We said the compounding had begun. This quarter, it showed.
Warmly,
Bruce Li
Founder & CEO, PrideHealth