Financial Performance - First-quarter revenue increased by 56% year-over-year to $8.0 million, driven by strong market demand[5] - Income before income taxes reached $0.7 million, representing 8.5% of revenue, a 257% increase compared to the same period in 2024[5] - Adjusted EBITDA for the quarter was $1.2 million, up from $0.5 million in the same period last year[5] - Total revenues for Q1 2025 were $8.0 million, representing a 56.4% increase from $5.1 million in Q1 2024[26] - Income before income tax expense increased to $0.7 million in Q1 2025, up 257.0% from $0.2 million in Q1 2024[26] - Adjusted EBITDA for Q1 2025 was $1.2 million, a 163% increase compared to $0.5 million in Q1 2024[26] - Net cash provided by operating activities was $527,353 in Q1 2025, a significant improvement from a net cash used of $(680,212) in Q1 2024[19] Customer Growth - The number of enrolled employees billed rose to 24,307 from 20,802 in the first quarter of 2024, indicating growth in customer base[5] - The company expects continued strong growth in Q2 2025, driven by new program development and expansion of its broker and TPA network[6] Assets and Cash Position - Cash and cash equivalents stood at $7.6 million as of March 31, 2025, slightly down from $7.8 million at the end of 2024[5] - Total assets increased to $21.3 million as of March 31, 2025, compared to $15.8 million at the end of 2024[17] - Cash and cash equivalents at the end of Q1 2025 were $7,575,037, down from $1,359,534 at the end of Q1 2024[19] Strategic Initiatives - The company is on track for a full rollout of its AI-powered underwriting platform in Q3 2025, expanding its total addressable market[4] - Health In Tech announced a strategic collaboration with DialCare to integrate telehealth services into its health plan offerings, enhancing healthcare accessibility[9] - The appointment of Sanjay Shrestha to the Board of Directors adds valuable industry and financial expertise to support long-term growth[9] Expenses - GAAP gross margin decreased to 66.8% in Q1 2025 from 80.7% in Q1 2024, a decline of 13.9%[26] - Development of software incurred costs of $(703,475) in Q1 2025, compared to $(133,394) in Q1 2024[19] - Sales and marketing expenses primarily consist of personnel-related costs, including salaries and commissions for sales and marketing personnel[22] - General and administrative expenses include costs for executives, finance, legal, and consulting services[23] - Research and development expenses focus on software development and enhancement of existing platform technology[24]
Health In Tech Inc(HIT) - 2025 Q1 - Quarterly Results