Forian Inc. reported significant financial growth in its latest 10-K filing for the fiscal year ending December 31, 2025. The company generated revenues of $30.3 million, marking a 50% increase from $20.2 million in 2024. This growth was primarily driven by the acquisition of Kyber Data Science LLC, which contributed approximately $6.2 million to the revenue, alongside organic growth in its information products. Despite the revenue increase, Forian recorded a net loss of $2.9 million, a slight improvement from the $3.8 million loss reported in the previous year.
The company's cost of revenues also rose significantly, reaching $14.2 million compared to $7.3 million in 2024. This increase was attributed to higher information licensing and processing expenses, as well as costs associated with the Kyber acquisition. Consequently, the gross profit margin decreased to 53% from 64% in the prior year. Research and development expenses rose to $2.9 million, reflecting the company's commitment to enhancing its product offerings, while sales and marketing expenses increased to $6 million, driven by higher compensation for sales personnel.
In terms of operational metrics, Forian's customer base expanded, with a notable increase in user engagement across its data analytics products. The company reported that 95% of its revenue came from the United States, with the remaining 5% from international markets, including Australia and Great Britain. As of December 31, 2025, Forian had 50 full-time employees, a slight increase from the previous year, indicating a focus on scaling its workforce to support growth initiatives.
Strategically, Forian completed the acquisition of Kyber in October 2024, which has allowed it to broaden its market reach into the financial services sector. Additionally, the company underwent a redomiciliation from Delaware to Maryland, effective January 9, 2026, which was approved by shareholders in January 2026. This move is expected to streamline operations and enhance corporate governance. Looking ahead, Forian aims to continue expanding its customer base and product offerings while addressing the challenges posed by rising operational costs and market competition. The company remains focused on leveraging its data-driven insights to optimize performance for clients in the healthcare and financial services industries.
About Forian Inc.
Forian Inc. provides data management, analytics, and information solutions to the healthcare, life sciences, and financial services industries. Leveraging large-scale, de-identified patient and market data, it offers subscription-based products to optimize clinical, operational, and commercial performance. Its proprietary data factory and analytics tools enable insights into patient journeys, treatment efficacy, and market dynamics, supporting evidence-based decision-making and advancing real-world evidence in a highly regulated, data-driven environment.
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