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Syra Health Corp. (SYRA-1.40%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported net revenues of $7,982,082 for 2024, an increase from $5,515,144 in 2023. This growth was primarily driven by an increase in healthcare workforce services and population health revenues.
Cost of services increased to $6,329,119 in 2024 from $4,103,244 in 2023, attributed to higher labor costs and consulting expenses.
Operating expenses rose to $5,417,848 from $4,299,499, largely due to increased salaries and benefits, professional services, and research and development expenses.
The company incurred a net loss of $3,759,238 in 2024, compared to a net loss of $2,938,343 in 2023, primarily due to increased operating expenses.
Syra Health Corp. reported cash and cash equivalents of $2,395,405 as of December 31, 2024, down from $3,280,075 at the end of 2023.
The company disclosed a material weakness in internal controls over financial reporting, which has since been remediated.
Syra Health Corp. continues to focus on expanding its healthcare services, including behavioral and mental health, digital health, and population health management.
The company anticipates challenges in maintaining liquidity and may need to seek additional financing to support operations and growth initiatives.
Syra Health Corp.'s stock is listed on the Nasdaq Capital Market under the symbol 'SYRA'.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Syra Health Corp. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.