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]
Health In Tech Inc(HIT) - 2024 Q4 - Annual Results