Forian Inc. reported a significant increase in revenue for the first quarter of 2025, achieving $7.06 million, up from $4.88 million in the same period last year, marking a 45% increase. This growth is attributed primarily to the acquisition of Kyber Data Science, which contributed approximately $1.69 million in revenue since its acquisition on October 31, 2024. Despite the revenue growth, the company reported an operating loss of $1.39 million, an improvement from the $1.77 million loss recorded in the first quarter of 2024.
The company's total assets increased to $48.60 million as of March 31, 2025, compared to $47.17 million at the end of 2024. Current assets rose to $46.38 million, driven by increases in cash and accounts receivable. Cash and cash equivalents stood at $5.70 million, up from $4.59 million at the end of 2024. However, total liabilities also increased to $18.55 million, primarily due to a rise in accounts payable and deferred revenues, which reached $5.62 million.
In terms of operational metrics, Forian's customer base remains concentrated, with one customer accounting for 12.1% of revenue during the quarter. The company continues to focus on expanding its market presence, with 93% of sales coming from the United States, compared to 87% in the previous year. The company has also seen an increase in its employee headcount, reflecting its ongoing investment in sales and marketing efforts to drive growth.
Looking ahead, Forian's management expressed optimism about future performance, citing the potential for continued revenue growth from the integration of Kyber and the expansion of its product offerings. The company plans to leverage its enhanced capabilities in data management and analytics to capture a larger share of the healthcare and financial services markets. However, management also acknowledged the challenges posed by rising costs associated with information licensing and operational expenses, which may impact profitability in the near term.
About Forian Inc.
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