Healthcare Triangle, Inc. reported its financial results for the first quarter of 2025, revealing a revenue of $3.7 million, a decrease of 10% from $4.1 million in the same period last year. The company attributed this decline to reduced revenues across its software services, managed services, and platform services segments. The cost of revenue increased by 9% to $3.4 million, leading to a net loss of $1.7 million, compared to a loss of $1.9 million in the prior year. The loss per share for the quarter was $0.17, an improvement from $0.42 in the previous year.
In terms of operational metrics, Healthcare Triangle's customer base remains concentrated, with the top five customers accounting for 57% of total revenue in Q1 2025, down from 70% in Q1 2024. The company has also seen a significant increase in its employee headcount, with 44 full-time employees and 41 subcontractors as of March 31, 2025. This reflects the company's ongoing investment in scaling its operations and enhancing its service offerings.
Strategically, Healthcare Triangle has made notable advancements, including the issuance of 36.2 million units of common stock and warrants in a private placement that raised approximately $15.2 million in gross proceeds. This capital will support the company's growth initiatives, including the expansion of its software-as-a-service (SaaS) offerings, such as DataEz and CloudEz. The company is also focused on increasing its market share in the healthcare IT sector, leveraging its expertise in cloud services and data management.
Looking ahead, Healthcare Triangle's management expressed optimism about future growth, emphasizing the importance of customer retention and the adoption of its SaaS solutions. The company plans to continue investing in sales and marketing to promote its offerings and expand its geographic reach. However, it acknowledged the challenges posed by long procurement cycles typical of large organizations, which may impact the pace of new customer acquisitions.
Overall, while Healthcare Triangle faced a decline in revenue and increased costs in the first quarter of 2025, its strategic initiatives and capital-raising efforts position it for potential growth in the evolving healthcare technology landscape. The company remains committed to enhancing its service offerings and improving operational efficiencies to drive long-term success.
About Healthcare Triangle, Inc.
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