Health In Tech, Inc. (HIT) reported significant financial growth in its latest quarterly filing, with total revenues reaching $8.0 million for the three months ended March 31, 2025, a 56.4% increase from $5.1 million in the same period last year. The company's net income also rose to $498,592, compared to $100,536 in the prior year, reflecting a substantial improvement in profitability. This growth was primarily driven by increased demand for HIT's self-funded health plan solutions and the successful integration of new product offerings, including an AI-assisted underwriting platform.
The company's revenue composition showed a notable shift, with revenues from underwriting modeling increasing by 31.8% to $2.4 million, while revenues from service fees surged by 69.5% to $5.7 million. The increase in service fees was attributed to a growing number of enrolled employees, which rose by 17% to 24,307, indicating strong market demand. The company also reported a significant increase in accounts receivable, which rose to $2.1 million, reflecting the growth in revenues.
Operationally, HIT has expanded its client base, now serving 459 brokers, 12 third-party administrators (TPAs), and 221 additional agencies across 41 states. The company has also made strategic moves, including a partnership with DialCare to integrate telehealth services into its offerings, enhancing its value proposition to clients. Additionally, the appointment of Sanjay Shrestha to the Board of Directors is expected to bolster HIT's strategic vision and growth trajectory.
Despite the positive financial performance, HIT's total liabilities increased significantly to $7.2 million, up from $2.6 million at the end of 2024, primarily due to a rise in accounts payable and accrued expenses related to the purchase of Deferred Administrative Surplus. The company's total stockholders' equity also grew to $14.2 million, reflecting the net income and stock-based compensation. Looking ahead, HIT remains focused on expanding its network of brokers and TPAs, enhancing its technology, and introducing new products to sustain its growth momentum.
About Health In Tech, Inc.
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