UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-37899 SCWORX CORP. (Exact name of registrant as specified in its charter) Delaware 47-5412331 (State or other jurisdi ...

Tampa, FL, Aug. 13, 2025 (GLOBE NEWSWIRE) -- SCWorx Corp. (Nasdaq: WORX) today announced that it has signed another new healthcare provider for its SaaS service offering and Workday data management assistance. This new hospital customer is northeast Florida’s largest and most preferred health system. The hospital is a not-for-profit healthcare provider with over 1,400 beds under management. In addition to the company’s data management service offering the hospital will utilize SCWorx expertise and applicati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-37899 SCWORX CORP. (Exact name of registrant as specified in its charter) Delaware 47-5412331 (State or other jurisd ...

Financial Performance - Revenue for the year ended December 31, 2024 was $2,989,599, a decrease of approximately 21.4% from $3,804,943 in 2023 due to the expiration and non-renewal of certain customer contracts[191]. - Cost of revenues decreased by $292,251 to $2,243,614 in 2024, primarily due to a reduction in labor costs, resulting in a gross profit decrease of approximately 41%[192]. - Operating expenses decreased by $714,329 to $2,005,411 in 2024, driven by reductions in non-cash stock compensation, salaries, and bad debt expenses[193]. - The company reported a net loss of $1,136,225 for the year ended December 31, 2024, an improvement of approximately 71.4% compared to a net loss of $3,981,144 in 2023[188]. - The company reported a net loss of approximately $1,136,000 for 2024, a decrease from a net loss of $3,981,000 in 2023[199][200]. Cash Flow and Liquidity - The company anticipates a net cash usage of approximately $70,000 per month over the next twelve months, totaling around $800,000[196]. - Net cash used in operating activities for the year ended December 31, 2024, was approximately $1,084,292, compared to $806,164 in 2023, indicating a significant increase in cash outflow[198][200]. - Net cash provided by financing activities was approximately $1,099,510 for the year ended December 31, 2024, compared to $483,138 in 2023, reflecting a substantial increase in financing[202][203]. - The cash change for the year ended December 31, 2024, was $15,218, contrasting with a cash decrease of $158,026 in 2023[198]. - The company experienced a $93,000 increase in accounts receivable in 2024, which contributed to the negative cash flow from operations[199]. Customer and Revenue Recognition - Significant customers include Customer C, which represented 20% of revenue in 2024, up from 15% in 2023, and 20% of accounts receivable in 2024, up from 12% in 2023[155]. - Revenue from SaaS and Maintenance is recognized ratably over the contract terms, starting from the commencement date of each contract[166]. - Data Normalization and Professional Services revenues are recognized as services are rendered and when contractual milestones are achieved[165]. - Deferred revenue for contract liabilities was $354,083 as of December 31, 2024, down from $378,583 in 2023[173]. - The company had no contract assets as of December 31, 2024 and 2023, indicating no unbilled revenue[172]. Operational Focus and Strategy - The company focuses on data interoperability solutions for healthcare providers, enhancing decision-making and reducing costs[143]. - SCWorx's software platform aims to improve healthcare processes, including supply chain cost reductions and accelerated billing[142]. - SCWorx's clients are geographically dispersed across the United States, with a direct sales force and strategic partnerships for service delivery[146]. - To address liquidity issues, the company entered into a securities purchase agreement on January 17, 2025, for gross proceeds of $1,500,000 to fund growth initiatives[197]. - The company intends to use additional capital raised in January 2025 to generate revenue through customer acquisition, with a goal of achieving positive operating cash flows by the end of 2025[198]. Risk Factors - The company is subject to risks related to IT system security, which could impact operations and lead to significant costs[148]. - As of December 31, 2024, the company had a working capital deficit of $1,333,171 and an accumulated deficit of $30,976,066, raising substantial doubt about its ability to continue as a going concern[194]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[206]. Other Financial Information - The company recorded an allowance for credit losses of $20,000 as of December 31, 2024, while no allowance was recorded for 2023[157]. - Other income for 2024 included a gain on forgiveness of payables of $227,402, contrasting with a loss of $2,530,482 in 2023 due to a goodwill write-down[193]. - The company reported a $346,000 issuance of common stock for the settlement of payables and legal settlements in 2024[199]. - There were no off-balance sheet arrangements as of December 31, 2024, and 2023[205].

Group 1 - The 2024 Annual Meeting of Stockholders for SCWorx Corp. is scheduled for December 23, 2024, at 9:00 AM EST [1] - The meeting will take place at the Regus Conference Room located at 35 Village Rd, Suite 100, Middleton, MA 01949 [1] - Proxy Material was mailed to shareholders on December 6, 2024, providing details about the meeting [1]

Core Viewpoint - SCWorx Corp. has regained compliance with Nasdaq's continued listing requirements after addressing previous deficiencies in its periodic reporting [1][2][3] Group 1: Compliance and Reporting - Nasdaq notified SCWorx on multiple occasions in 2024 that it was not in compliance with the periodic filing requirement under Listing Rule 5250(c)(1) [1] - Following the submission of the Company's Form 10-K and Forms 10-Q, Nasdaq confirmed that SCWorx is now compliant with the reporting requirements, and the matter is considered closed [2] - All previously notified deficiencies have been rectified, allowing SCWorx's common stock to continue trading on Nasdaq under the symbol "WORX" [3] Group 2: Company Overview - SCWorx provides data management services to healthcare providers, utilizing machine learning and artificial intelligence to create a virtualized item data warehouse [4] - The company offers a suite of software-as-a-service solutions aimed at improving cost savings, operational efficiency, and accurate benchmarking for healthcare providers [4] - Key solution modules include Virtual Item Master, data cleansing, contract management, automated rebate management, and data analytics, which collectively support healthcare providers' data governance and analytics needs [4]

Core Viewpoint - SCWorx Corp has successfully completed an equity financing round, raising a total of $200,000 through the sale of common stock and warrants to institutional investors [1][2]. Group 1: Financing Details - The company sold an aggregate of 232,558 shares of common stock along with warrants to purchase the same number of shares [1]. - The gross proceeds from this financing round amount to $200,000 [1]. Group 2: Use of Proceeds - SCWorx plans to utilize the net proceeds from the financing for working capital and general corporate purposes to support future growth [2]. Group 3: Company Overview - SCWorx has developed an advanced virtualized item data warehouse that leverages machine learning and artificial intelligence to provide software-as-a-service solutions for healthcare providers [4]. - The company's solutions aim to integrate various modules with its data platform, focusing on cost savings, operational efficiency, and accurate benchmarking and reporting [4]. - Key solution modules include Virtual Item Master, data cleansing and normalization, contract management, automated rebate management, and data analytics [4].

Revenue Performance - Revenue for the three months ended September 30, 2024 was $759,724, a decrease of 16% from $906,099 for the same period in 2023, primarily due to the expiration and non-renewal of certain customer contracts [124]. - For the nine months ended September 30, 2024, revenue was $2,313,850, down 20% from $2,894,647 in 2023, primarily due to contract expirations [129]. Cost of Revenues - Cost of revenues for the three months ended September 30, 2024 was $627,148, down from $666,808 in 2023, attributed mainly to staffing reductions [125]. - Cost of revenues for the nine months ended September 30, 2024 was $1,726,314, a decrease from $1,972,300 in 2023, also due to staffing reductions [129]. Operating Expenses - Operating expenses decreased by $571,199 to $526,074 for the three months ended September 30, 2024, compared to $1,097,273 in the same period of 2023, due to reductions in legal fees and a one-time legal settlement accrual [126]. - Operating expenses for the nine months ended September 30, 2024 decreased by $861,572 to $1,466,637, compared to $2,328,209 in 2023, driven by reductions in salaries and a one-time legal settlement [129]. Net Loss - Net loss for the three months ended September 30, 2024 was $424,963, an improvement from a net loss of $858,258 in 2023 [128]. - Net loss for the nine months ended September 30, 2024 was $940,935, compared to a net loss of $1,412,070 in 2023, reflecting improved financial performance [131]. Cash Flow - Cash used in operating activities was approximately $950,000 for the nine months ended September 30, 2024, compared to $701,000 in 2023, primarily due to net losses and changes in accounts receivable [131]. - Cash provided by financing activities was approximately $946,000 for the nine months ended September 30, 2024, an increase from $524,000 in 2023, indicating improved financing efforts [135]. Regulatory Classification - The company is classified as a smaller reporting company and is not required to provide detailed market risk disclosures [139].

Revenue Performance - Revenue for the three months ended June 30, 2024, was $742,027, a decrease of 25.2% from $991,099 for the same period in 2023, primarily due to the expiration and non-renewal of certain customer contracts [100]. - Revenue for the six months ended June 30, 2024, was $1,554,126, a decrease of 21.7% from $1,988,548 for the same period in 2023, primarily due to contract expirations [105]. Cost of Revenues - Cost of revenues for the three months ended June 30, 2024, was $495,701, down 19.5% from $616,030 in the same period of 2023, attributed to staffing reductions [101]. - Cost of revenues for the six months ended June 30, 2024, was $1,099,166, down 15.8% from $1,305,492 in the same period of 2023, also due to staffing reductions [105]. Operating Expenses - Operating expenses increased by $29,941 to $553,473 for the three months ended June 30, 2024, compared to $523,532 in the same period of 2023, mainly due to increased legal and professional fees [102]. - Operating expenses decreased by $290,373 to $940,563 for the six months ended June 30, 2024, compared to $1,230,936 in the same period of 2023, primarily due to reductions in salaries and stock-based compensation [106]. Net Loss - The net loss for the three months ended June 30, 2024, was $337,313, compared to a net loss of $153,922 for the same period in 2023, reflecting a deterioration of 118.5% [103]. Cash Flow - Cash used in operating activities was approximately $587,000 for the six months ended June 30, 2024, mainly related to the net loss and increases in accounts receivable [107]. - Cash provided by financing activities was $513,081 for the six months ended June 30, 2024, consisting of proceeds from loans payable [111]. Going Concern - Management has raised substantial doubt about the company's ability to continue as a going concern due to insufficient capital resources and ongoing operating losses [112].

Financial Performance - Revenue for the three months ended March 31, 2024, was $812,099, a decrease of 18.6% from $997,449 in the same period of 2023[96] - Cost of revenues decreased to $603,465 for the three months ended March 31, 2024, down 12.5% from $689,462 in 2023[99] - Operating expenses significantly decreased by $320,314 to $387,090 for the three months ended March 31, 2024, compared to $707,404 in 2023[99] - Net loss for the three months ended March 31, 2024, was $178,659, improving from a net loss of $399,890 in the same period of 2023, representing a reduction of 55.4%[100] Cash Flow - Cash used in operating activities was approximately $59,000 for the three months ended March 31, 2024, compared to cash provided of approximately $19,000 in the same period of 2023[100] - Cash provided by financing activities was $7,647 for the three months ended March 31, 2024, contrasting with cash used of $19,090 in the same period of 2023[104] Going Concern - The company has raised substantial doubt about its ability to continue as a going concern due to insufficient capital resources to meet operating expenses and working capital requirements[105] Operational Challenges - The company experienced disruptions in operations and customer acquisition due to the COVID-19 pandemic, impacting growth prospects[94] Business Model - SCWorx's software solutions are delivered through a SaaS model, typically under three-to-five-year contracts, enhancing data interoperability for healthcare providers[93] Investment Activities - The company has not engaged in any investing activities during the three months ended March 31, 2024, and 2023[103]