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Healthcare Triangle, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $2.4 million from $7.8 million in the same quarter the previous year. This decrease is attributed to a loss of revenue from a major customer.
Cost of revenue for the quarter was $1.7 million, representing 70% of sales, compared to 78% in the same quarter of the previous year. This decrease is due to a reduction in revenue.
The company reported a net loss of $1.25 million for the quarter, compared to a net loss of $1.94 million in the previous year.
Research and development expenses increased to $175,000 from $54,000, reflecting new research initiatives.
Sales and marketing expenses decreased to $294,000 from $1.1 million, primarily due to a reduction in headcount and stock compensation expenses.
General and administrative expenses decreased to $1.08 million from $1.36 million, attributed to a reduction in headcount.
Interest expense for the quarter was $80,000, down from $415,000 in the previous year, due to repayment of funding acquired.
The company had cash and cash equivalents of $28,000 as of September 30, 2024, compared to $75,000 in the previous year.
Healthcare Triangle does not anticipate any significant changes in its liquidity and capital resources over the next 12 months.
The filing also details the company's focus on Managed Services and Support and Platform Services to drive long-term revenue growth.
The company continues to invest in sales, marketing, and research to promote its solutions and expand its customer base.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Healthcare Triangle Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.