Syra Health Corp. reported its financial results for the second quarter of 2025, revealing net revenues of $1.95 million for the three months ended June 30, 2025, a slight decrease from $1.97 million in the same period of 2024. For the first half of 2025, the company generated $3.80 million in revenue, up from $3.72 million year-over-year. The gross profit for the second quarter was $752,895, significantly higher than the $350,007 reported in the prior year, indicating improved cost management and operational efficiency. However, the company still recorded a net loss of $63,596 for the quarter, compared to a net loss of $1.39 million in the same period last year.
The financial performance reflects a notable reduction in operating expenses, which totaled $816,053 for the second quarter of 2025, down from $1.74 million in the previous year. This decrease was primarily driven by lower salaries and benefits, which fell to $326,354 from $847,064, and reduced research and development expenses, which dropped to $29,712 from $277,894. The company’s total liabilities increased to $1.06 million as of June 30, 2025, compared to $800,761 at the end of 2024, largely due to an increase in accounts payable and deferred revenue.
In terms of strategic developments, Syra Health has focused on expanding its service offerings, particularly in population health, which saw revenues rise to $1.58 million in the second quarter, compared to $533,025 in the same period last year. This growth in population health services reflects the company's strategic pivot towards more diversified healthcare solutions. The company continues to rely heavily on contracts with the Indiana Family and Social Services Administration, which accounted for approximately 35% of total revenues in the first half of 2025.
Operationally, Syra Health reported a significant increase in customer engagement, with a notable rise in the number of contracts and service agreements. The company’s employee headcount has also seen fluctuations, with a focus on optimizing staffing levels to align with operational needs. As of June 30, 2025, the company had cash and cash equivalents of $2.31 million, down from $2.40 million at the end of 2024, indicating a need for careful cash management as it navigates its growth phase.
Looking ahead, Syra Health Corp. acknowledges the challenges it faces in achieving sustainable revenue growth and the necessity of raising additional capital to support its operations. The company has indicated that it may need to pursue further financing options to ensure it can continue its development and operational activities. Management remains optimistic about the potential for growth in its healthcare services, particularly as it continues to expand its market presence and enhance its service offerings.
About Syra Health Corp
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