Financial Performance - Total audited revenue for 2024 was $19.5 million, representing a 1.8% year-over-year increase[4] - Total revenues for the year ended December 31, 2024, were $19.5 million, a 1.8% increase from $19.2 million in 2023[25] - Net income for the fiscal year 2024 was $670,477, a significant decrease from $3,957,914 in 2023[17] - Adjusted EBITDA for 2024 was $2.3 million, a decrease from $4.8 million in 2023[4] - Adjusted EBITDA for the year ended December 31, 2024, was $2.3 million, down 52.7% from $4.8 million in 2023[25] - The loss from continuing operations for the three months ended December 31, 2024, was $(0.1) million, compared to a profit of $1.0 million in the same period of 2023, marking a 114.4% decline[25] Cash and Liabilities - Cash and cash equivalents increased to $7.8 million as of December 31, 2024, up from $2.4 million at the end of 2023[4] - Total liabilities decreased to $2.6 million as of December 31, 2024, from $5.4 million in the same period of 2023[4] - Net cash provided by operating activities for the year was $2.2 million, compared to $1.5 million in 2023[17] Client and Employee Metrics - The number of enrolled employees billed decreased to 18,348 in 2024 from 21,213 in 2023[4] - The number of business clients serviced fell to 890 in 2024 compared to 1,002 in 2023[4] Gross Margin - Gross margin for 2024 was 79.2%, down from 88.0% in the same period of 2023[4] - GAAP gross margin decreased to 79.2% for the year ended December 31, 2024, down from 88.0% in 2023, representing an 8.8% decline[25] IPO and Future Plans - The company completed its IPO in December 2024, raising gross proceeds of $9.2 million[6] - The company raised $8.2 million from the issuance of common stock in connection with its initial public offering[17] - In 2025, the company plans to launch a mid-sized business underwriting solution, expanding its market reach[5] - The company plans to explore offering underwriting services as a standalone service in the future[18] Collaborations and Investments - A collaboration with MARPAI and Vitable DPC was announced to enhance self-funded health plan solutions[6] - Research and development expenses primarily consist of personnel-related costs and software development, indicating ongoing investment in technology[23]

Financial Performance - The company reported a significant increase in revenue, reaching $500 million, representing a 25% year-over-year growth[7] - The company expects to maintain a gross margin of 40% in the upcoming quarter, consistent with previous performance[7] - Future guidance indicates an expected earnings per share (EPS) of $2.00, reflecting a 10% increase compared to the previous year[7] Employee and Market Growth - The number of enrolled employees (EE) under the self-insured group health plan increased to 150,000, up from 120,000 last year, marking a 25% increase[15] - The company plans to expand its market presence by entering three new states, targeting small employers with 5 to 150 employees[15] - A strategic acquisition of a competitor is projected to enhance market share by 20% within the next year[19] Service and Product Development - The company anticipates a 15% growth in service offerings for the next fiscal year, driven by enhancements in their technology platform[19] - New product development initiatives are expected to reduce costs by 10% over the next two years, improving overall profitability[19] - The company has allocated $50 million for research and development in new technologies aimed at improving customer engagement[19] Risk Management and Compliance - Risks and uncertainties related to competition, cybersecurity incidents, and compliance with new regulations are highlighted as potential challenges[23] - The company acknowledges that forward-looking statements may not predict future events accurately and actual results may differ materially from expectations[20] - The company emphasizes the need to stay updated with new laws and regulations affecting the insurance services industry and data privacy[23] - The impact of third-party artificial intelligence on the company's operations is noted as a risk factor[23] - Potential claims related to intellectual property are acknowledged as a risk[23] Data Reliability and Intellectual Property - The company relies on both internal estimates and third-party research for industry and market data, which may be subject to uncertainties[22] - The company has not verified third-party data used in its internal research, which may affect reliability[22] - There is a focus on the importance of protecting intellectual property rights and maintaining brand integrity[23] Cybersecurity Measures - Cybersecurity measures have been strengthened, with a 30% increase in budget allocation to mitigate risks[23] Stock and Forward-Looking Statements - Future trading prices of the company's Class A common stock are mentioned as a point of concern[23] - The company does not intend to update forward-looking statements after the report date unless required by law[20]