Financial Performance - Revenue for Q3 2025 reached $8.5 million, representing a 90% increase year over year, while nine-month revenue totaled $25.8 million, which is 132% of the full-year 2024 revenue[5] - Adjusted EBITDA for Q3 2025 was $1.0 million, up 49% year over year, with nine-month adjusted EBITDA reaching $3.8 million, or 167% of full-year 2024[5] - Pre-tax income for Q3 2025 was $0.6 million, up 48% year over year, with nine-month pre-tax income of $2.1 million, representing 238% of full-year 2024[5] - Total revenues for the three months ended September 30, 2025, were $8.5 million, representing a 90.4% increase compared to $4.5 million in the same period of 2024[28] - Adjusted EBITDA for the nine months ended September 30, 2025, was $3.8 million, reflecting a 110.2% increase from $1.8 million in the same period of 2024[28] - Net income for the three months ended September 30, 2025, was $452,176, compared to $376,086 for the same period in 2024, an increase of 20.2%[20] Operational Metrics - The number of billed enrolled employees increased to 25,248, reflecting a year-over-year growth of 7,654 employees[5] - The distribution network expanded to 849 partners, which is a 57% increase year over year[5] Cash and Assets - Cash balance as of September 30, 2025, was $8.0 million, with accounts receivable netting $0.9 million, reduced by $0.1 million year over year[5] - Cash at the end of the period on September 30, 2025, was $8,023,613, compared to $1,747,228 at the end of the same period in 2024[20] - Total current assets increased to $15,047,213 as of September 30, 2025, from $10,783,764 as of December 31, 2024[18] - Total liabilities rose to $5,596,881 as of September 30, 2025, compared to $2,599,461 as of December 31, 2024[18] - Stockholders' equity increased to $17,158,963 as of September 30, 2025, from $13,169,028 as of December 31, 2024[18] - The company reported a net cash provided by operating activities of $673,973 for the three months ended September 30, 2025, compared to $2,121,047 for the same period in 2024[20] Strategic Initiatives - Health In Tech launched large-employer underwriting within eDIYBS, reducing quote generation time for groups of 150 or more employees from three months to approximately two weeks[4] - A non-binding strategic LOI was signed with AlphaTON Capital to co-develop HITChain, a blockchain-powered claims platform targeting efficiency in the $300 billion U.S. claims market[6] - Health In Tech will host its first Independent InsurTech Summit during the 2026 Davos Summit, aiming to convene global leaders across insurance, healthcare, and technology[9] - The company showcased its upgraded eDIYBS at the SIIA 2025 Conference, enhancing broker engagement and reinforcing its reputation in AI-powered self-funding solutions[9] Research and Development - Research and development expenses primarily consist of personnel-related costs and software development, indicating a focus on enhancing technology and platform capabilities[26] Margins - GAAP gross margin decreased to 60.6% for the three months ended September 30, 2025, down from 78.0% in the same period of 2024, a decline of 17.4%[28]
Health In Tech Inc(HIT) - 2025 Q3 - Quarterly Results