Core Insights - Syra Health Corp. announced a $450,000 contract extension with the Shelby County Health Department in Tennessee, emphasizing its commitment to improving health through technology [1][2] - The contract extension allows Syra Health's team to continue analyzing disease trends and their economic impacts, with a total potential contract value of up to $1.3 million over three years [2][3] - This extension reflects the growth of Syra Health's Population Health business unit, which is a significant contributor to the company's revenue growth strategy [3][4] Financial Overview - The one-year contract extension is part of a larger project that includes data analytics and the development of a public-facing dashboard for real-time insights [2] - The total combined contract value over three years, including the extension, is projected to reach $1.3 million [2] Strategic Focus - The contract extension aligns with Syra Health's strategy to diversify revenue streams across higher-margin business units, showcasing positive demand trends for its population health solutions [3][4] - The company aims to ensure long-term revenue growth and value creation as it expands its reach in the healthcare technology sector [4]

Core Insights - Syra Health Corp. announced positive preliminary results from a clinical study of its mental health app, Syrenity, conducted by Indiana University [1][5] - The study involved 135 participants with moderate to severe depression, showing trends of reduced symptoms among users of the Syrenity app compared to non-users [2][4] Group 1: Clinical Study Details - The randomized study was led by Dr. Lorenzo-Luaces and included 63 users of Syrenity and 72 non-users [2] - Preliminary results indicated improvements in depression symptoms, overall well-being, cognitive reappraisal, and healthier emotional expression among Syrenity users [2][3] - A follow-up study will be conducted to assess the statistical significance of these findings and to analyze user engagement [3] Group 2: Participant Demographics - Approximately two-thirds of the study participants were women, with about 30% being racial-ethnic minorities [4] - Around 36% of participants had household incomes between $50,000 to $100,000, and 30% were unemployed at the time of the study [4] Group 3: Company Overview and Future Plans - Syra Health focuses on healthcare technology, particularly in behavioral and mental health, aiming to improve access and affordability [6] - The company plans to publish the study results in a scientific journal and offers Syrenity as a business-to-business product and for direct download on app stores [5][6] - Syrenity is designed to address multiple mental health challenges through evidence-based interventions and features an AI-driven companion for user engagement [7]

Core Insights - Syra Health Corp. has secured a six-month contract worth $135,000 with a Midwest university to create virtual training modules focused on behavioral health [1][2] - The training modules will provide healthcare professionals with essential skills to tackle behavioral health issues, featuring up to 60 minutes of interactive content [2] - The total potential value of Syra Health's training agreements is $4.9 million over the next four years, with options for two one-year renewals for both the university and Indiana FSSA contracts [4] Company Overview - Syra Health is a healthcare technology company dedicated to improving health in critical areas such as mental health, population health, and the healthcare workforce [5] - The company emphasizes prevention, access, and affordability in its innovative services and technology [5] - Syra Health aims to empower healthcare professionals through evidence-based training to foster meaningful change in the healthcare sector [4]

Core Insights - Syra Health Corp. has been awarded a healthcare workforce contract by the Washington D.C. government, valued at up to $1 million, to provide healthcare services to students [1][2] - The Indiana Family and Social Services Administration's NeuroDiagnostic Institute has increased its existing contract with Syra Health by $1.2 million, raising the total contract value to $18.7 million [1][3] Contract Details - The Washington D.C. contract involves deploying registered nurses, licensed practical nurses, and certified nursing assistants to ensure the safety and well-being of students, with a focus on compliance with D.C. regulations and timely care delivery [2] - The one-year agreement with Washington D.C. includes options for multiple extensions, indicating potential for future growth [2] Company Commitment - Syra Health emphasizes its commitment to improving health outcomes through tailored services that address staffing shortages and ensure continuity of care [4] - The company has established a long-term partnership with the NeuroDiagnostic Institute, which has been ongoing since 2021, highlighting its dedication to supporting complex neuropsychiatric care [4][3] Company Overview - Syra Health is a healthcare technology company focused on critical areas such as behavioral and mental health, population health, and the healthcare workforce, aiming to enhance prevention, access, and affordability in healthcare [5]

Core Insights - Syra Health Corp. has launched its mental health app, Syrenity, aimed at addressing mental health challenges such as stress, anxiety, and depression, targeting the growing digital mental health market [2][3] - The global mental health app market is projected to grow from $6 billion in 2023 to over $30 billion by 2033, driven by increased awareness and demand for accessible mental health solutions [3] - Syrenity utilizes artificial intelligence to provide a personalized user experience, featuring a 24/7 AI-powered companion named Echo, which supports users in managing their mental health [4] Company Overview - Syra Health is a healthcare technology company focused on behavioral and mental health, digital health, and population health, providing innovative services and technology products [9] - The company aims to make mental health care accessible to everyone and is committed to delivering effective and scalable mental health support [3][9] Product Features - Syrenity offers a comprehensive baseline assessment and uses sophisticated algorithms to generate risk scores for tailored interventions [5] - The app combines education with practical exercises, providing real-time reporting and AI-generated clinical summaries to guide users [6] - Syrenity is HIPAA-compliant, ensuring user confidentiality through advanced encryption and strict protocols [6] Market Strategy - Syra Health plans to expand Syrenity's reach to lower-to-middle-income countries, addressing high unmet mental health needs and diversifying revenue streams [8]

Core Insights - Syra Health Corp. is participating in the Noble Financial Capital Markets 20th Annual Equity Conference, known as NobleCon20, on December 3-4, 2024, in Boca Raton, Florida [1] - The CEO, Dr. Deepika Vuppalanchi, will present the company's healthcare solutions aimed at addressing mental health crises, chronic conditions, and child welfare challenges, emphasizing improved patient outcomes and public health advancements [2][3] - The company is experiencing strong revenue growth and is well-positioned to meet the increasing demand for its innovative healthcare solutions [4] Company Overview - Syra Health is a healthcare technology company focused on behavioral and mental health, digital health, and population health, providing innovative services and technology products [5] - The company's offerings prioritize prevention, improved access, and affordable care, catering to payers, providers, life sciences organizations, academic institutions, and government entities [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, $0.001 par value SYRA The Nasdaq Stock Market LLC FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ ...

[Financial & Operational Highlights](index=1&type=section&id=Financial%20Highlights%20%E2%80%93%202024%20Fiscal%20Third%20Quarter) Syra Health reported **$2.3 million revenue** in Q3 2024, a **42% year-over-year growth**, with net loss reduced by **69% quarter-over-quarter** Q3 2024 vs. Q3 2023 Financial Highlights | Metric | Q3 2024 | Change vs. Q3 2023 | | :--- | :--- | :--- | | Net Revenue | $2.3 million | ~42% Growth | | Population Health Revenue | - | 36% Growth | | Healthcare Workforce Revenue | - | 54% Growth | | Gross Profit Margin | 30% | Down from 35% | | Cash Balance | $2.7 million | - | Q3 2024 vs. Q2 2024 Financial Highlights | Metric | Q3 2024 | Change vs. Q2 2024 | | :--- | :--- | :--- | | Total Revenue | - | 14.4% Increase | | Gross Profit Margin | 29.7% | +1190 bps (from 17.8%) | | Net Loss | $(417,535) | 69% Reduction | | Net Loss Per Share | $(0.06) | Improvement from $(0.21) | | Total Operating Expenses | - | 37% Decrease | - The company aims to achieve profitability in **2025** through targeted revenue growth and cost-efficiency measures[1](index=1&type=chunk) [Recent Operational Highlights](index=1&type=section&id=Recent%20Operational%20Highlights) Syra Health implemented cost-saving initiatives, reducing operating expenses by **37% quarter-over-quarter**, launched 'Syrenity,' and secured new healthcare workforce contracts, supported by a **$2.1 million capital raise** - Successfully implemented cost-saving initiatives, achieving a **37% overall reduction in operating expenses** in Q3 2024 compared to Q2 2024, including a **37% decrease in SG&A** and a **30% decrease in salaries and benefits**[3](index=3&type=chunk) - Launched 'Syrenity,' a mental health app using AI, to diversify revenue streams by targeting employers, academic institutions, health plans, and consumers[4](index=4&type=chunk) - Advanced several government projects, including the implementation of a four-year, **$5.8 million healthcare professional training contract** in Indiana, with revenue expected to begin in Q4 2024[5](index=5&type=chunk) - Secured new healthcare workforce contracts in Delaware, Florida, and Kansas[5](index=5&type=chunk) - Completed a capital raise generating gross proceeds of **$2.1 million** to bolster financial flexibility and support growth, including AI solutions development[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management aims for **2025 profitability** through expanding high-margin client relationships, diversifying revenue with 'Syrenity,' and leveraging strong growth and cost optimization - Management is laser-focused on expanding its portfolio of high-revenue clients in high-margin business units[7](index=7&type=chunk) - The new mental health product, Syrenity, is expected to attract new customers and further diversify revenue streams[7](index=7&type=chunk) - The company is determined to achieve profitability in **2025**, citing strong revenue growth, a robust sales pipeline, and effective cost optimization strategies[8](index=8&type=chunk) [Q3 2024 Financial Results (Detailed Analysis)](index=3&type=section&id=Q3%202024%20Financial%20Results) Q3 2024 revenue grew **42% year-over-year to $2.3 million**, with gross margin increasing **1190 basis points sequentially to 29.7%**, and operating expenses decreasing **37% quarter-over-quarter** Q3 2024 vs. Q3 2023 Performance | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Revenue | $2.3 million | $1.6 million | | Gross Profit Margin | 30% | 35% | | Total Operating Expenses | $1.1 million | $0.9 million | | Net Loss | $(417,535) | $(354,376) | Q3 2024 vs. Q2 2024 Performance | Metric | Q3 2024 | Q2 2024 | | :--- | :--- | :--- | | Revenue | $2.3 million | Up 14.4% | | Gross Profit Margin | 29.7% | 17.8% | | Total Operating Expenses | $1.1 million | $1.74 million | | Net Loss | $(417,535) | $(1.4 million) | - The quarter-over-quarter increase in gross margin was primarily driven by cost-saving initiatives, adopting a lean approach, and reducing redundancies[12](index=12&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The condensed financial statements detail Syra Health's financial position, operations, and cash flows as of September 30, 2024, reflecting **$4.4 million in total assets** and a net loss [Condensed Balance Sheets](index=5&type=section&id=CONDENSED%20BALANCE%20SHEETS) As of September 30, 2024, Syra Health reported total assets of **$4.43 million**, total liabilities of **$1.09 million**, and total stockholders' equity of **$3.33 million** Balance Sheet Summary (Unaudited) | Account | Sept 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $2,697,459 | $3,280,075 | | Total Current Assets | $4,064,894 | $4,781,110 | | **Total Assets** | **$4,425,010** | **$4,923,283** | | **Liabilities & Equity** | | | | Total Current Liabilities | $877,805 | $910,072 | | **Total Liabilities** | **$1,094,357** | **$910,072** | | **Total Stockholders' Equity** | **$3,330,653** | **$4,013,211** | [Condensed Statements of Operations](index=6&type=section&id=CONDENSED%20STATEMENTS%20OF%20OPERATIONS) For Q3 2024, Syra Health reported **$2.25 million in net revenue**, a gross profit of **$668,298**, and a net loss of **$(417,535)** Statement of Operations - Three Months Ended Sept 30 (Unaudited) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Net Revenues | $2,253,336 | $1,581,344 | | Gross Profit | $668,298 | $554,541 | | Total Operating Expenses | $1,097,208 | $897,557 | | Operating Loss | $(428,910) | $(343,016) | | **Net Loss** | **$(417,535)** | **$(354,376)** | | Net Loss Per Share | $(0.06) | $(0.08) | Statement of Operations - Nine Months Ended Sept 30 (Unaudited) | Account | 2024 | 2023 | | :--- | :--- | :--- | | Net Revenues | $5,975,357 | $3,748,943 | | Gross Profit | $1,197,592 | $829,856 | | Operating Loss | $(3,263,217) | $(1,901,445) | | **Net Loss** | **$(3,254,841)** | **$(1,943,068)** | | Net Loss Per Share | $(0.48) | $(0.44) | [Condensed Statements of Cash Flows](index=7&type=section&id=CONDENSED%20STATEMENTS%20OF%20CASH%20FLOWS) For the nine months ended September 30, 2024, net cash used in operating activities was **$2.72 million**, with **$2.15 million** provided by financing, leading to a **$582,616 decrease in cash balance** Cash Flow Summary - Nine Months Ended Sept 30 (Unaudited) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Used in Operating | $(2,717,313) | $(1,002,026) | | Net Cash Used in Investing | $(11,111) | $(15,251) | | Net Cash Provided by Financing | $2,145,808 | $1,031,943 | | **Net Change in Cash** | **$(582,616)** | **$14,666** | | Cash at End of Period | $2,697,459 | $18,010 |

Achieved Net Revenue of $2.3 million, ~42% Growth Over the Prior Year QuarterGross Margins Increased Following Shift in Operational StrategyNet Loss Narrowed to $417,535 ($0.06 per share), a Significant Improvement from the $1.39 million ($0.21 per share) Net Loss in Q2 of 2024Aiming to Attain Profitability in 2025 through Targeted Revenue Growth and Cost-Efficiency MeasuresConference call will be held today, Tuesday, October 29th at 9:00 AM ETCARMEL, Ind., Oct. 29, 2024 /PRNewswire/ -- Syra Health Corp. (N ...

Conference call will be held on Tuesday, October 29 at 9:00 AM ETCARMEL, Ind., Oct. 22, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA), ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, announced today that it will report financial results for the three months ended September 30, 2024, on Tuesday, October 29, 2024, before the market opens. The Company has scheduled a conference call that same day, October 29, at 9:00 a.m. ET, t ...