Forian(FORA) - 2025 Q4 - Annual Results

Financial Performance - Forian reported Q4 2025 revenue of $7.96 million, a 37% increase from $5.81 million in Q4 2024[3] - The net loss for Q4 2025 was $(1.82) million, compared to a net income of $0.20 million in Q4 2024, representing a 1012% decline[4] - For the full year 2025, revenue reached $30.26 million, a 50% increase from $20.15 million in 2024[5] - The net loss for the full year 2025 was $(2.87) million, an improvement of 24% compared to $(3.77) million in 2024[5] - Adjusted EBITDA for the full year 2025 was $0.84 million, a 72% increase from $0.49 million in 2024[5] - The company reported a net loss of $2,874,042 for the year ended December 31, 2025, compared to a net loss of $3,771,070 in 2024, representing a 28.5% improvement[18] - Revenue for the year ended December 31, 2025, was $30,256,919, an increase of 50.9% from $20,153,263 in 2024[29] - Adjusted EBITDA for the year ended December 31, 2025, was $840,408, compared to $489,134 in 2024, indicating a significant increase in operational performance[29] Cash and Liquidity - Cash, cash equivalents, and marketable securities totaled $31.6 million as of December 31, 2025[4] - Cash and cash equivalents at the end of 2025 were $12,903,760, up from $4,590,661 at the end of 2024, reflecting a strong liquidity position[18] - The company generated net cash provided by operating activities of $2,886,473 in 2025, a substantial increase from $282,827 in 2024[18] - The company’s cash flows from investing activities provided $12,943,231 in 2025, compared to $17,288,745 in 2024, indicating a decrease in investment activity[18] - The company’s net cash used in financing activities was $7,516,605 in 2025, a reduction from $19,023,897 in 2024, showing improved cash management[18] Operational Highlights - Forian achieved revenue guidance targets driven by key contract renewals that offset churn and data supply headwinds[9] - The company expanded its data platform and partnerships, addressing upstream data supply challenges[9] - Forian's market penetration with life sciences customers increased as pharmaceutical and biotech companies adopted its data and analytics offerings[9] Stock and Financing - The company incurred stock-based compensation expenses of $3,276,379 in 2025, down from $6,528,397 in 2024, indicating a reduction in equity compensation costs[29] - The company’s interest expense decreased to $142,351 in 2025 from $708,933 in 2024, reflecting lower financing costs[29] Acquisition Activity - A consortium led by Forian's CEO submitted a non-binding proposal to acquire all outstanding shares not owned by the consortium, with discussions ongoing[7] - The company reported a gain on bargain purchase of $0 in 2025, compared to a loss of $1,204,830 in 2024, suggesting improved acquisition performance[29]