Syra Health (SYRA) - 2024 Q4 - Annual Results

Revenue Performance - Full-year revenue for 2024 reached $8.0 million, a 45$5.5 million in 2023[3] - Population Health revenue grew to $1.7 million in 2024, more than doubling from$715,000 in 2023, driven by demand for epidemiology and data analytics services[3] - Q4 2024 revenue was $2.0 million, a 14$1.8 million in Q4 2023, with Population Health revenue increasing 285% year-over-year[14] Profitability and Loss - Net income for 2024 was $(3,759,238), compared to$(2,938,343) in 2023, indicating a decline in profitability[25] - Adjusted EBITDA for 2024 was $(3,680,900), a decrease from$(2,835,886) in 2023, reflecting worsening operational performance[28] - Q4 2024 net loss reduced to $504,000 from$995,000 in Q4 2023, highlighting significant operational efficiency gains[18] Operating Expenses and Efficiency - Operating expenses in Q4 2024 decreased by 39% year-over-year to $957,000, driven by cost management efforts[17] - The gross profit margin for 2024 was 20.7$2.4 million, with no long-term debt[3] - Net cash used in operating activities for 2024 was $(2,932,033), compared to$(2,759,068) in 2023, showing increased cash outflow[25] - Cash at the end of the period for 2024 was $2,395,405, down from$3,280,075 at the end of 2023[25] - The company reported a net change in cash of $(884,670) for 2024, contrasting with an increase of$3,276,731 in 2023[25] - Proceeds received on the exercise of Class A common stock warrants in 2024 amounted to $2,469,150, a decrease from$5,332,283 in 2023[25] - Cash paid for interest in 2024 was $15,600, down from$36,226 in 2023, suggesting reduced interest obligations[25] Future Outlook and Strategy - The company expects low double-digit percentage revenue growth for 2025, primarily from higher margin Population Health and Behavioral and Mental Health units[3] - Management plans to introduce new product enhancements, including telehealth, to drive future growth[6] - The company is focused on advancing healthcare solutions in critical areas such as mental health and population health[29] - Forward-looking statements indicate potential changes in operations and financial results, subject to risks and uncertainties[30] Contracts and Agreements - The company secured a one-year Healthcare Workforce contract valued at up to $1 million and a two-year contract with the State of Minnesota[7] Asset Utilization - Total depreciation expense increased to$62,738 in 2024 from $48,771 in 2023, indicating higher asset usage[28]