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Healthcare Triangle Inc. (HCTI-4.34%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in total revenue to $11.7 million from $33.2 million in the previous year, marking a 65% decline. This decrease is attributed to reduced revenues across all segments, including Software Services, Managed Services and Support, and Platform Services.
Cost of revenue decreased by 67% to $8.81 million, while operating expenses totaled $7.64 million, down from $14.47 million the previous year. The company reported a net loss of $5.97 million compared to a net loss of $8.69 million in the prior year.
Healthcare Triangle's top five customers accounted for 58% of the total revenue, with the largest customer contributing 17%. The company also reported a significant reduction in accounts receivable from $3.6 million to $1.1 million.
The filing highlights a material weakness in internal controls over financial reporting, primarily due to limited resources and insufficient segregation of duties.
Healthcare Triangle's liquidity position showed cash and cash equivalents of $20,000 as of December 31, 2024, compared to $1.23 million at the end of 2023.
The company completed a transaction with SecureKloud Technologies Inc., acquiring assets valued at $7.44 million, paid in Series B Convertible Preferred Stock.
The report outlines several risk factors, including competition, dependence on third-party services, and regulatory challenges in the healthcare industry.
Healthcare Triangle's board of directors includes a majority of independent directors, with committees established for audit, compensation, and corporate governance.
The company does not anticipate paying dividends in the near future, focusing instead on reinvesting earnings to support operations and growth.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.