Healthcare Triangle, Inc.
For the period ended Dec 31, 2025. Filed Apr 15, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Apr 15, 2026
HCTI$3.70+3.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-03-31.
0001213900-25-026218
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-04-15.
0001213900-26-044078
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 116 previous paragraphs and 117 current paragraphs.
69 unchanged; 25 reworded; 23 added; 21 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Our proprietary platforms, including CloudEz, DataEz, Readabl.AI, Ziloy, and Ezovion, are available for deployment through our solution delivery model as well as through Software-as-a-Service (SaaS) offerings, and continue to be enhanced and upgraded on a regular basis to address evolving client needs and technological advancements.
Current report
While these platforms are commercially available, we are still in the early stages of scaling our SaaS offerings and do not yet have sufficient information regarding competitive dynamics or customer adoption to determine the extent to which subscription-based revenue will materially impact our overall revenue growth.
Current report
Corporate and Others
Current report
This segment includes Corporate Head Office of the Company as well as the standard contracts for its Platform Services, however the statement of work contained in such contracts is unique for each customer. A typical Platform Services contract would provide for some or all of the following types of services being provided to the customer: Data Analytics, Backup and Recovery, through our Platform. The revenue from Platform services is a distinct performance obligation and recognized based on SSP. During the periods presented the Company generated revenue from Platform services on a fixed-price solutions delivery model. Revenues related to fixed-price contracts are recognized as the service is performed using the cost-to-cost method, under which the total value of revenues is recognized based on the percentage that each contract’s total labor cost to date bears to the total expected labor costs. The cost-to-cost method requires estimation of future costs, which is updated as the project progresses to reflect the latest available information; such estimates and changes in estimates involve the use of judgment. The cumulative impact of any revision in estimates is reflected in the financial reporting period in which the change in estimate becomes known and any anticipated losses on contracts are recognized immediately, where appropriate.
Current report
An impairment charge is recognized when the carrying value of an asset exceeds its estimated recoverable amount.
Current report
Gross margin
Current report
During the year ended December 31, 2025, the gross margin generated by the Company remained 13.6%, as compared to 24.7% during the year ended December 31, 2024. This is mainly due to the acquisition and onboarding of the SecureKloud contracts, which had been negotiated at lower margins prior to the acquisition. Going forward, all new contracts are being negotiated at higher margins, and as a result we expect future gross margins to increase materially over the next few quarters.
Current report
Sales and marketing increased by $0.9 million, or 40% to $3 million for the year ended December 31, 2025, as compared to $2.2 million for the year ended December 31, 2024.
Current report
General and administrative increased by $3.4 million, or 86% to $7.3 million for the year ended December 31, 2025, as compared to $4 million for the year ended December 31, 2024.
Current report
Bad debt expense decreased by $0.2 million, or 90% to $0.02 million for the year ended December 31, 2025, as compared to $0.2 million for the year ended December 31, 2024.
Current report
Research and development increased by $0.1 million, or 25% to $0.5 million for the year ended December 31, 2025, as compared to $0.4 million for the year ended December 31, 2024.
Current report
Interest expense decreased by 53% to $0.6 million for the year ended December 31, 2025, as compared to $1.2 million for the year ended December 31, 2024.
Current report
Other income increased by 12,143% to $0.9 million for the year ended December 31, 2025, as compared to $0.01 million for the year ended December 31, 2024.
Current report
Changes in fair value
Current report
Changes in fair value remained $0.04 million for the year ended December 31, 2025, showing an increase of 100%, as compared to $0 for the year ended December 31, 2024.
Current report
Forex loss
Current report
Forex loss increased by 100% to $0.02 million for the year ended December 31, 2025, as compared to $0 for the year ended December 31, 2024.
Current report
This strategic focus supports stronger client relationships and customer retention by leveraging our Managed Services and Support and Other offerings as ongoing value-added solutions. In addition, our emphasis on subscription-based, platform-driven delivery models is expected to help expand our customer base and improve customer retention, which can be more challenging in our traditional Software Services segment.
Current report
The Company incurred losses from operations of $9,789 and $4,751, negative operating cash flows of $16,523 and $1,081, and accumulated deficits of $42,999 and $33,571 for the years ended December 31, 2025 and 2024, respectively. Management evaluated these conditions and concluded that they have been sufficiently mitigated by the Company’s net assets of $9,944 (including cash and cash equivalents of $7,625) at December 31, 2025, and the gross proceeds of $9,825 raised through equity issuance subsequent to the year-end. Accordingly, management has concluded that the Company has sufficient resources to fund operations and meet its obligations as they become due for a period of at least twelve months from the date these consolidated financial statements are issued. Refer to Note 9 for further details.
Current report
The Company has historically financed its operations primarily through equity issuances, debt financings, and other capital raising transactions. Management is actively pursuing additional sources of liquidity and is focused on improving operating performance through revenue growth, expense management, and working capital optimization. The Company may also seek strategic alternatives or other financing arrangements to support its capital requirements.
Current report
There can be no assurance, however, that the Company will be able to obtain additional capital on acceptable terms, or at all, or that it will achieve sustainable positive cash flows from operations. Failure to obtain additional funding or achieve improved operating performance could have a material adverse effect on the Company’s business, financial condition, and results of operations.
Current report
As of December 31, 2025, our principal sources of liquidity consisted of cash and cash equivalents of $7.6 million. We have financed our operations primarily through financing activity and operating cash flows. We believe our existing cash and cash equivalents generated from operations will be sufficient to meet our routine working capital over the next 12 months. Our future capital requirements will depend on many factors including our growth rate, subscription renewal activity, our ability to fund such capital requirements and in turn attract investors to invest in our business, the expansion of sales and marketing activities and the ongoing investments in platform development.
Current report
Net cash generated from financing activities was $25.9 million and net cash used in financing activities was ($0.1) respectively for the years ended December 31, 2025, and 2024.
Removed paragraphs (21)
Previous report
Platform Services
Previous report
Platform Services from CloudEz, DataEz and Readabl.AI are offered as a solution delivery model till 2021. We have launched our platforms as Software as a Service (SaaS) on a subscription model.
Previous report
The revenue from solutions delivery model contains a series of separately identifiable and distinct services that represent performance obligations that are satisfied over time. During the periods presented the company generated Platform revenue on solution delivery model only, which is non-recurring revenue.
Previous report
Our SaaS agreements will be generally non-cancellable during the term, although customers typically will have the right to terminate their agreements for cause in the event of material breach.
Previous report
SaaS revenues will be recognized ratably over the respective non-cancellable subscription term because of the continuous transfer of control to the customer. Our subscription arrangements will be considered service contracts, and the customer will not have the right to take possession of the software Segment wise revenue breakup.
Previous report
Paycheck protection program
Previous report
On February 9, 2021, we received a PPP loan pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) amounting to $1.06 million. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks as long as the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower terminates employees or reduces salaries during the eight-week period. The unforgiven portion of the PPP loan is payable over five years at an interest rate of 1%, with a deferral of payments for the first six months. The Company has utilized the proceeds for purposes in line with the terms of the PPP.
Previous report
Twelve Months Ended December 31, 2024, and 2023
Previous report
Top Five Customers’ Accounts receivable for Twelve months ended December 31, 2024
Previous report
Top Five Customers’ Revenue for Twelve months ended December 31, 2023
Previous report
Bad debt expense increased by $0.17 million, or 100 % to $0.17 million for the twelve months ended December 31, 2024 as compared to $0 million for the twelve months ended December 31,2023.
Previous report
Research and development decreased by $0.37 million, or 46 % to $0.43 million for the twelve months ended December 31, 2024 as compared to $0.8 million for the twelve months ended December 31,2023
Previous report
Sales and marketing decreased by $2.47 million, or 53 % to $2.20 million for the twelve months ended December 31, 2024 as compared to $4.67 million for the twelve months ended December 31,2023.
Previous report
General and administrative decreased by $1.78 million, or 31 % to $3.95 million for the twelve months ended December 31, 2024 as compared to $5.73 million for the twelve months ended December 31,2023
Previous report
Impairment expense
Previous report
Impairment expense decreased by $1.71 million, or 100 % to $0 million for the twelve months ended December 31, 2024 as compared to $1.71 million for the twelve months ended December 31,2023
Previous report
Interest expense increased by $0.24 million, or 25 % to $1.21 million for the twelve months ended December 31, 2024 as compared to $0.97 million for the twelve months ended December 31,2023
Previous report
Other income decreased by $0.005 million, or 42 % to $0.007 million for the twelve months ended December 31, 2024, as compared to $0.012 million for the twelve months ended December 31, 2023.
Previous report
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company is yet to achieve profitable operations, has negative cash flows from operating activities, and is dependent upon equity or other financings to fund ongoing operations, all of which raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Previous report
As of December 31, 2024, our principal sources of liquidity consisted of cash and cash equivalents of $0.002 million. We believe that the fund raise of $15.20 million in February, 2025 will be sufficient to meet our working capital requirements over the next 12 months. If sources of liquidity are not available or if we cannot generate sufficient cash flow from operations during the next twelve months, we may be required to obtain additional sources of funds through additional operational improvements, capital market transactions, asset sales or financing from third parties, a combination thereof or otherwise. We cannot provide assurance that these additional sources of funds will be available or, if available, would have reasonable terms.
Previous report
Cash flows from financing activities was $0.135 million for the twelve months ended December 31, 2024, and $2 million for the twelve months ended December 31, 2023.
Reworded paragraphs (25)
Previous wording
The following discussion summarizes the significant factors affecting the operating results, financial condition, liquidity, and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements and the related notes thereto, and the consolidated financial statements and the related notes thereto all included elsewhere in this report. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity, and capital resources, and all other non-historical statements in this discussion are forward-looking statements and are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report, and in the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors”.
Current wording
The following discussion summarizes the significant factors affecting the operating results, financial condition, liquidity, and cash flows of our Company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes thereto, and the consolidated financial statements and the related notes thereto all included elsewhere in this report. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity, and capital resources, and all other non-historical statements in this discussion are forward-looking statements and are based on the beliefs of our management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below and elsewhere in this report, and in the sections entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors”.
Previous wording
The Company was formed on October 29, 2019, as a Nevada corporation and then converted into a Delaware corporation on April 24, 2020, to provide IT and data services to the Healthcare and Life Sciences (“HCLS”) industry. The business commenced on January 1, 2020, after SecureKloud transferred its Life Sciences business to us. As of December 31, 2024, we had a total of 36 full-time employees, 24 sub-contractors. Many of the senior management team and the members of our board of directors hold advanced degrees and some are leading experts in software development, regulatory science, and market access. During the twelve months ended December 31, 2024, we generated revenues of approximately $11.7 million compared to revenue of $33.2 million for the twelve months ended December 31, 2023, which represents a decrease of $21.6 million or 65% compared to the previous year.
Current wording
The Company was formed on October 29, 2019, as a Nevada corporation and then converted into a Delaware corporation on April 24, 2020, to provide IT and data services to the Healthcare and Life Sciences (“HCLS”) industry. The business commenced on January 1, 2020, after SecureKloud transferred its Life Sciences business to us. As of December 31, 2025, we had a total of 43 full-time employees, 15 part-time employees, and 26 sub-contractors. Many of the senior management team and the members of our board of directors hold advanced degrees and some are leading experts in software development, regulatory science, and market access. During the year ended December 31, 2025, we generated revenues of approximately $13.9 million compared to $11.7 million for the year ended December 31, 2024, which represents an increase of $2.2 million or 19% compared to the previous year.
Previous wording
The majority of our revenue is generated by our full-time employees/consultants who provide software services and Managed Services and Support to our clients in the Healthcare and Life Sciences industry. Our software services include strategic advisory, implementation and development services and Managed Services and Support include post implementation support and cloud hosting. Our CloudEz and DataEz platforms became commercially available to deploy under solution delivery model in 2019 and Readabl.AI platform from last quarter of 2020. While these platforms are commercially available, we continue to upgrade them on a regular basis.
Current wording
The majority of our revenue is generated by our full-time employees and consultants who provide software services and Managed Services and Support to our clients in the Healthcare and Life Sciences industry. Our software services include strategic advisory, implementation, and development services, while our Managed Services and Support offerings include post-implementation support and cloud hosting.
Previous wording
The key factor to our success in generating substantial recurring subscription revenues in future will be our ability to successfully market and persuade new customers to adopt our SaaS offerings. We are in the early stages of marketing our SaaS offerings such as DataEz, CloudEz and Readabl.AI, and do not yet have enough information about our competition or customer acceptance to determine whether or not recurring subscription revenue from these offerings will have a material impact on our revenue growth.
Current wording
The key factor to our success in generating substantial recurring subscription revenues in future will be our ability to effectively market and encourage new customers to adopt our Software-as-a-Service (SaaS) offerings. We are in the early stages of marketing our SaaS offerings such as DataEz, CloudEz and Readabl.AI, Ziloy and Ezovion, and do not yet have enough information about our competition or customer acceptance to determine whether or not recurring subscription revenue from these offerings will have a material impact on our overall revenue growth.
Previous wording
Our depreciation and amortization expense consists primarily of depreciation of fixed assets, amortization of Customer relationship and capitalized software development costs, and amortization of intangible assets. We expect our depreciation and amortization expense to increase as we expand our business organically and through acquisitions.
Current wording
Our depreciation and amortization expense consists primarily of depreciation of fixed assets, amortization of Customer relationship and software costs, and amortization of IP technology and intangible assets. We expect our depreciation and amortization expense to increase as we expand our business organically and through acquisitions.
Previous wording
The following tables set forth selected consolidated statements of operations data and such data as a percentage of total revenues for each of the periods indicated:
Current wording
The following tables set forth selected Consolidated Statements of Operations and Comprehensive Loss data and such data as a percentage of total revenues for each of the periods indicated:
Previous wording
Revenue decreased by $21.51 million, or 65% to $11.7 million for the twelve months ended December 31, 2024, as compared to $33.2 million for the twelve months ended December 31, 2023. Revenue from Software Services, Managed Services and Support and Platform Services revenue have decreased in the current year.
Current wording
Revenue increased by $2.2 million, or 19% to $13.9 million for the year ended December 31, 2025 as compared to $11.7 million for the year ended December 31, 2024. Revenue from Software Services, Managed Services and Support and Corporate and Others revenue have increased in the current year.
Previous wording
Our top 5 customers accounted for 58% of revenue during the twelve months ended December 31, 2024, and 79% during the twelve months ended December 31, 2023, respectively.
Current wording
Our top 5 customers accounted for 58% of revenue during the year ended December 31, 2025, and 58% during the year ended December 31, 2024, respectively.
Previous wording
The following table has the breakdown of our revenues for the twelve months ended December 31, 2024, and 2023 for each of our top 5 customers.
Current wording
The following table shows the breakdown of our revenues for the year ended December 31, 2025, and 2024 for each of our top 5 customers.
Previous wording
Revenue from Customer 1 decreased by $1.2 million, or 38% to $1.9 million for the twelve months ended December 31, 2024, as compared to $3.1 million for the twelve months ended December 31, 2023. Software Services revenue increased by $0.09 million or 100% to $0.09 million for the twelve months ended December 31, 2024, as compared to $0 million for the twelve months ended December 31, 2023. Managed Services and Support revenue decreased by $1.3 million, or 41% to $1.8 million for the twelve months ended December 31, 2024, as compared to $3.1 million for the twelve months ended December 31, 2023.
Current wording
Revenue from Customer 1 increased by $0.8 million, or 40% to $2.7 million for the year ended December 31, 2025, as compared to $1.9 million for the year ended December 31, 2024. Software services decreased by $0.1 million, or 100 % to $0 for the year ended December 31, 2025, as compared to $0.1 million for the year ended December 31, 2024. Managed Services and Support revenue increased by $0.9 million, or 47% to $2.7 million for the year ended December 31, 2025, as compared to $1.8 million for the year ended December 31, 2024.
Previous wording
Cost of revenue (exclusive of depreciation /amortization) decreased by $17.62 million, or 67 % to $8.81 million for the twelve months ended December 31, 2024 as compared to $26.43 million for the twelve months ended December 31,2023
Current wording
Cost of revenue (exclusive of depreciation /amortization) increased by $3.2 million, or 36 % to $12 million for the year ended December 31, 2025, as compared to $8.8 million for the year ended December 31, 2024.
Previous wording
Depreciation and amortization decreased by $0.68 million, or 43 % to $0.89 million for the twelve months ended December 31, 2024 as compared to $1.57 million for the twelve months ended December 31,2023
Current wording
Depreciation and amortization decreased by $0.2 million, or 21% to $0.7 million for the year ended December 31, 2025, as compared to $0.9 million for the year ended December 31, 2024.
Previous wording
Provision for income taxes decreased by $0.02 million, or 65 % to $0.01 million for the twelve months ended December 31, 2024, as compared to $0.03 million for the twelve months ended December 31, 2023, this represents state taxes.
Current wording
Provision for income taxes decreased by 100% to $0 for the year ended December 31, 2025, as compared to $0.01 million for the year ended December 31, 2024.
Previous wording
Revenue, Cost of Revenue and Operating Profit by Operating Segment
Current wording
Revenue, Cost of Revenue and Operating Profit by Operating Segments
Previous wording
We manage our business under three operating segments, which are Software Services, Managed Services and Support and Platform Services.
Current wording
We manage our business under three operating segments, which are Software Services, Managed Services and Support and Corporate & Others.
Previous wording
Revenue from Software Services decreased by $16.4 million, or 78% to $4.7 million for the twelve months ended December 31, 2024, as compared to $21.1 million for the twelve months ended December 31, 2023. Revenue from Managed Services and Support decreased by $3.7 million, or 36% to $6.7 million for the twelve months ended December 31, 2024, as compared to $10.5 million for the twelve months ended December 31, 2023. Revenue from Platform Services decreased by $1.3 million, or 82% to $0.3 million for the twelve months ended December 31, 2024, as compared to $1.6 million for the twelve months ended December 31, 2023.
Current wording
Revenue from Software Services increased by $3.6 million, or 76% to $8.3 million for the year ended December 31, 2025, as compared to $4.7 million for the year ended December 31, 2024. Revenue from Managed Services and Support decreased by $1.4 million, or 20% to $5.4 million for the year ended December 31, 2025, as compared to $6.7 million for the year ended December 31, 2024. Revenue from Corporate & Others decreased by $0.01 million, or 3% to $0.3 million for the year ended December 31, 2025, as compared to $0.3 million for the year ended December 31, 2024.
Previous wording
Factors affecting revenues of Software Services, Managed Services and Support and Platform Services
Current wording
Factors affecting revenues of Software Services, Managed Services and Support and Corporate & Others
Previous wording
Our strategy is to achieve meaningful long-term revenue growth through sales of Managed Services and Support and Platform Services to existing and new clients within our target market. In order to increase our cross-selling opportunity between our operating segments and realize long time revenue growth, our focus has shifted more towards Managed Services and Support and Platform Services which is of recurring nature when compared to Software Services segment which is of non-recurring nature. This also helps in retaining existing customers by leveraging our Managed Services and Support and Platform Services as a growth agent. This renewed focus on driving demand for subscription and platform-based model will help us in expanding our customer base and enhance customer retention which is a challenge for our existing Software Services segment. Software Services contracts are driven by Time and Material and on-site employees delivering services at customers location.
Current wording
Our strategy is to achieve meaningful long-term revenue growth through sales of Managed Services and Support, and Corporate & Others, to existing and new clients within our target market. To increase cross-selling opportunities between our operating segments and support long-term revenue growth, our focus has shifted toward Managed Services and Support and Corporate & Others, which typically generate recurring revenue, compared to the Software Services segment, which is generally non-recurring in nature.
Previous wording
Our CloudEz, DataEz and Readabl.ai platforms are getting more traction, and this will lead to increase in revenue from platform services. We have made additional investments in Sales & Marketing and Research & Development to grow Managed Services & Support and Platform Services revenue. We expect this trend to continue and have a net positive impact on overall results of operations.
Current wording
Our platforms, including CloudEz, DataEz, Readabl.AI, Ziloy, and Ezovion, are gaining increased market traction, which we expect will contribute to growth in revenue from platform services. To support this growth, we have made additional investments in Sales and Marketing as well as Research and Development to expand our Managed Services and Support and Corporate&Other offerings. We expect this trend to continue and to have a positive impact on our overall results of operations.
Previous wording
Cost of Revenue from Software Services decreased by $13.6 million, or 77% to $3.9 million for the twelve months ended December 31, 2024, as compared to $17.5 million for the twelve months ended December 31, 2023. Cost of Revenue from Managed Services and Support decreased by $3.1 million, or 40% to $4.7 million for the twelve months ended December 31, 2024, as compared to $7.8 million for the twelve months ended December 31, 2023. Cost of Revenue from Platform Services decreased by $0.9 million, or 83% to $0.2 million for the twelve months ended December 31, 2024, as compared to $1.1 million for the twelve months ended December 31, 2023.
Current wording
Cost of Revenue from Software Services increased by $2.9 million, or 74% to $6.9 million for the year ended December 31, 2025, as compared to $4 million for the year ended December 31, 2024. Cost of Revenue from Managed Services and Support decreased by $0.4 million, or 9% to $4.2 million for the year ended December 31, 2025, as compared to $4.7 million for the year ended December 31, 2024. Cost of Revenue from Corporate & others increased by $0.7 million, or 408% to $0.9 million for the year ended December 31, 2025, as compared to $0.2 million for the year ended December 31, 2024.
Previous wording
As of December 31, 2024, our principal sources of liquidity for working capital purposes were cash, cash equivalents and short-term investments totaling $0.002 million.
Current wording
As of December 31, 2025, our principal sources of liquidity for working capital purposes were cash, cash equivalents and short-term investments totaling $7.6 million.
Previous wording
The current ratio measures a company’s ability to pay off its current liabilities (payable within one year) with its total current assets such as cash, accounts receivable, and inventories. The higher the ratio, the better the company’s liquidity position. A good current ratio is between 1.2 to 2, which means that a business has 2 times more current assets than liabilities to covers its debts. The Company’s current ratio, as of December 31, 2024, is 0.33 compared to 0.74 as of December 31, 2023.
Current wording
The current ratio measures a company’s ability to pay off its current liabilities (payable within one year) with its total current assets such as cash, accounts receivable, and inventories. The higher the ratio, the better the Company’s liquidity position. A good current ratio is between 1.2 to 2, which means that a business has 2 times more current assets than liabilities to cover its debts. The Company’s current ratio, as of December 31, 2025, is 1.03 compared to 0.33 as of December 31, 2024.
Previous wording
The Company’s current debt equity ratio, as on December 31, 2024, is (0.50), compared to (3.2) as on December 31, 2023. A debt-to-equity ratio below 1 means that a company has lower exposure to debts than equity.
Current wording
The Company’s debt equity ratio, as of December 31, 2025, is 1.08, compared to (0.50) as on December 31, 2024. A debt-to-equity ratio below 1 means that a company has lower exposure to debts than equity.
Previous wording
Net cash used in operating activities was $1.08 million for the twelve months ended December 31, 2024, and net cash used in operations was $2.1 million for the twelve months ended December 31, 2023.
Current wording
Net cash used in operating activities was ($16.5) million and ($1.1) million respectively for the years ended December 31, 2025, and 2024.
Previous wording
Net cash used in investing activities was $0 million for the twelve months ended December 31, 2024, and $0.013 million for the twelve months ended December 31, 2023.
Current wording
Net cash used in investing activities was ($1.8) million and $0 respectively for the years ended December 31, 2025, and 2024.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We are in the early stages of marketing CloudEz, DataEz and Readabl.AI as our SaaS offerings on a subscription basis, which we expect will provide us with recurring revenues. We do not yet have enough information about our competition or customer acceptance of our SaaS offerings to determine whether or not recurring subscription revenue will have a material impact on our revenue growth.