Syra Health Corp. Reports 6% Revenue Growth and Reduced Net Loss in Q1 2025

Syra Health Corp. reported its financial results for the first quarter of 2025, revealing a net revenue of $1.86 million, an increase of 6% from $1.75 million in the same period of 2024. The company achieved a gross profit of $589,156, significantly higher than the $299,779 reported a year earlier. This improvement in profitability was primarily driven by a reduction in the cost of services, which decreased from $1.45 million in Q1 2024 to $1.27 million in Q1 2025. Despite these gains, Syra Health recorded a net loss of $472,265, a notable reduction from the $1.45 million loss in the prior year.

The company’s balance sheet as of March 31, 2025, showed total assets of $3.72 million, a slight increase from $3.68 million at the end of 2024. Current liabilities surged to $1.27 million, up from $613,549, largely due to an increase in deferred revenue, which rose to $599,213 from $16,611. This increase in deferred revenue indicates a growing demand for Syra's services, particularly in the Population Health segment, which generated $1.20 million in revenue compared to $333,006 in the previous year. The Healthcare Workforce segment, however, saw a decline in revenue from $1.42 million to $655,217.

Operationally, Syra Health has made significant strides, including an increase in its employee headcount, which now stands at 11,339,169 shares of Class A common stock issued, up from 8,979,204 shares at the end of 2024. The company has also focused on enhancing its service offerings, particularly in the Population Health area, which has seen a marked increase in adoption rates. The company’s strategic focus on expanding its service capabilities and geographic reach is evident, as it continues to serve various state and federal health authorities, with a significant portion of its revenue derived from contracts with the Indiana Family and Social Services Administration.

Looking ahead, Syra Health Corp. remains optimistic about its growth trajectory, citing plans to further develop its healthcare services and expand its market presence. The company acknowledges the need for additional capital to support its operations and growth initiatives, which may include potential acquisitions or new product launches. However, management has cautioned that actual results may differ from these forward-looking statements due to various risks and uncertainties inherent in the healthcare industry.