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 ...

CARMEL, Ind., Oct. 9, 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 more details about the award of three new healthcare workforce contracts: one in Florida, one in Kansas, and one in Delaware. In Florida, Syra Health has been awarded a contract to supply psychologists and school counselors to the St. John's County School District in St. Augustine. This effort u ...

CARMEL, Ind., Oct. 1, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA) ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, is celebrating its first anniversary as a publicly traded company and highlighting its many successes. This milestone not only marks the Company's growth but also reflects its unwavering commitment to transforming healthcare service. As the Company highlights significant achievements over the past year, it rema ...

CARMEL, Ind., Sept. 13, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA), ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, today announced the closing of its previously announced public offering of an aggregate of 3,203,125 shares of its Class A common stock, Series A warrants to purchase up to 3,203,125 shares of Class A common stock and Series B warrants to purchase up to 3,203,125 shares of Class A common stock (all the warra ...

CARMEL, Ind., Sept. 11, 2024 /PRNewswire/ -- Syra Health Corp. (NASDAQ: SYRA), ("Syra Health" or the "Company"), a healthcare technology company powering better health by providing meaningful solutions, today announced the pricing of a public offering of an aggregate of 3,203,125 shares of its Class A common stock, Series A warrants to purchase up to 3,203,125 shares of Class A common stock and Series B warrants to purchase up to 3,203,125 shares of Class A common stock (all the warrants, collectively, the ...

Conference call will be held today, Thursday, August 8 at 9:00 am ET CARMEL, Ind., Aug. 8, 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 its financial results for the second quarter ended June 30, 2024. Q2 2024 Financial Highlights Revenue of $2.0 million in 2Q24 compared to $1.0 million in 2Q23. Gross margins in 2Q24 increased 468 basis points compared to 2Q23. ...