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Health In Tech Inc. (HIT-1.18%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported total revenues of $19,490,906 for the year, a slight increase from $19,151,502 in the previous year. This growth was primarily driven by an increase in revenues from fees, which rose by 17.5% to $12,841,635.
Revenues from underwriting modeling decreased by 19.2% to $6,649,271, primarily due to an increased offering of A-rated insurance policies, which resulted in lower underwriting fees.
Cost of revenues increased to $4,051,439, representing 20.8% of total revenues, compared to 12.0% in the previous year. This was mainly due to higher costs for channel partner and captive management fees.
Operating expenses totaled $14,449,563, with general and administrative expenses accounting for the largest portion at $8,477,407. Research and development expenses increased by 40.4% to $2,813,899.
The company reported a net income of $670,477, down from $3,957,914 in the previous year. The decrease in net income was attributed to higher operating expenses and a decline in income from discontinued operations.
Cash provided by operating activities was $2,176,209, while cash used in investing activities amounted to $836,755, primarily for software development. Financing activities provided $4,093,444, driven by proceeds from the initial public offering.
As of December 31, 2024, Health In Tech reported total assets of $15,768,489, with cash and cash equivalents amounting to $7,849,248.
The company completed its initial public offering on December 24, 2024, issuing 2,300,000 shares of Class A common stock, resulting in net proceeds of $5,936,836 after deducting offering costs.
Health In Tech continues to focus on expanding its network of brokers, TPAs, and other third-party agents, as well as developing new technology and products to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Health In Tech Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.