Healthcare Triangle, Inc.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 14, 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-Q
Period ended 2025-09-30; filed 2025-11-13.
0001213900-25-109581
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001213900-26-056096
Item 2. 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 109 previous paragraphs and 138 current paragraphs.
77 unchanged; 23 reworded; 38 added; 9 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 23 previous and 27 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 (38)
Current report
We believe that our future growth, market adoption, success, and the long-term value creation associated Teyame following the acquisition by Healthcare Triangle, Inc (HCTI) will depend on several strategic, operational and technological factors. These factors represent significant opportunities that management must successfully address in order to realize the expected benefits of the acquisition and accelerate the combined company’s growth trajectory.
Current report
The total fair value of consideration transferred on the Acquisition Date was approximately $6,095, consisting of the following:
Current report
The deferred cash payment was discounted to present value using a market-based discount rate. The earn-out has been provisionally valued at nil based on initial probability-weighted revenue forecasts. This amount is subject to revision within the measurement period ending June 16, 2026, as management finalizes its assessment of the earn-out targets and market-based inputs.
Current report
On January 22, 2026, Healthcare Triangle, Inc. entered into a share purchase agreement to acquire Teyame 360 S.L. (“Teyame”) and Datono Mediacion S.L. (“Datono”) through its wholly owned subsidiary Teyame AI Holdings Inc. The aggregate purchase price for the Acquired Companies is up to $50,000, subject to the terms and conditions set forth in the Share Purchase Agreement. The consideration consists of a cash component and equity component, with an additional earnout component payable in the Company’s preferred stock upon achievement of specified post-closing performance targets.
Current report
The cash consideration includes: (i) $3,000 paid during 2025 pursuant to an advance agreement dated December 3, 2025, (ii) $6,000 paid during January, 2026 (iii) $3,200 paid on April 20, 2026, and (iv) $2,800 payable on the earlier of the conditions being met as outlined in the Share Purchase Agreement, or six months from the date of the Share Purchase Agreement (but in no event prior to April 29, 2026).
Current report
Successful Integration of Teyame into the Healthcare Triangle
Current report
A critical factor to the success of the acquisition will be Healthcare Triangle’s ability to effectively integrate Teyame’s operations, technology platforms, people, and the go-to-market strategy into HCTI’s broader healthcare operations. The integration process includes aligning product development roadmap, simplifying operational processes, consolidating administrative functions, and creating a combined portfolio of customer impacting solutions.
Current report
Healthcare Triangle expects the acquisition to enhance its capabilities in artificial intelligence-driven healthcare technologies, automation, data analytics, and intelligent workflow management. Successful integration will depend on maintaining operational continuity, retaining key personnel and customers, and minimizing disruptions during the transition period.
Current report
In addition, the integration of Teyame’s AI-driven capabilities with HCTI’s cloud infrastructure, data platforms, and healthcare technology services is expected to create cross-functional synergies that may improve scalability, customer engagement, and long-term recurring revenue opportunities.
Current report
Cross-selling and customer expansion opportunities
Current report
The acquisition enables Healthcare Triangle to cross-sell Teyame’s solutions into its existing customer base while simultaneously introducing HCTI’s broader portfolio of cloud, cybersecurity, managed services and data engineering to Teyame’s customers.
Current report
This combined customer relationships may increase enterprise engagements and enhance our data, analytics and automation offerings. Healthcare organizations increasingly prefer integrated technology partners capable of delivering end-to-end digital transformation solutions, and the acquisition may strengthen HCTI’s ability to provide such comprehensive offerings.
Current report
Future growth will depend on the Company’s ability to execute coordinated sales and marketing initiatives, demonstrate measurable value to customers, and maintain high customer retention and satisfaction levels.
Current report
Adoption of Artificial Intelligence (AI) and enhancement of our Healthcare Technology capabilities
Current report
The acquisition of Teyame is expected to accelerate the pace of innovation and strengthen HCTI’s strategic positioning within the rapidly growing healthcare artificial intelligence market. Through the acquisition, HCTI intends to expand its scalable AI-driven capabilities and enhance its portfolio of solutions focused on clinical workflow optimization, patient engagement, operational efficiency, predictive analytics, and intelligent automation.
Current report
As healthcare organizations increasingly adopt AI-enabled technologies to improve clinical outcomes, care delivery, streamline operations, and enhance decision-making, HCTI believes the combined technology solutions will support the expansion of differentiated service offerings across hospitals, health systems, and life sciences organizations. The acquisition is also expected to enhance HCTI’s ability to integrate advanced analytics, automation, and data-driven intelligence into its broader healthcare technology ecosystem.
Current report
The Company’s future success will depend on its ability to continuously enhance product functionality, maintain technological relevance in a rapidly evolving healthcare environment, and deliver measurable clinical, operational, and financial outcomes for customers. HCTI believes these capabilities will be important drivers of customer adoption, long-term retention, recurring revenue growth, and overall market expansion.
Current report
Customer Engagement Services
Current report
The Customer Engagement Services segment includes services rendered to financial institutions in connection with the promotion and distribution of banking and credit products; services provided as an external collaborator to insurance intermediaries in the distribution of insurance products; outbound and inbound telemarketing; customer acquisition campaigns; appointment setting; customer service and satisfaction surveys; and technology-enabled digital marketing and customer-interaction services that support customers’ digital customer-acquisition and customer-care strategies.
Current report
Under these arrangements, the company typically acts as an intermediary or service provider, identifying and contacting potential customers or insureds, explaining product features, collecting and submitting applications or leads, and performing related administrative tasks and customer-care activities in accordance with the instructions, scripts and quality standards agreed with each customer. Consideration may be in the form of commissions based on
Current report
approved and issued banking or credit products or concluded or renewed insurance policies, or service fees based on time-and-effort, unit-based pricing, fixed price per completed output, or milestone-based pricing, as specified in the contract.
Current report
Commission revenue is recognized when the company’s services under the relevant transaction have been performed and the specified approval, issuance, conclusion or renewal conditions have been met under the contract. Revenue from time-based or unit-based services is recognized as the underlying services are performed and the corresponding measurable outputs are delivered in accordance with the contract. Revenue under fixed-price or milestone-based arrangements is recognized over me as the related services are performed and contractual milestones are achieved.
Current report
Corporate and Others
Current report
This segment includes Platform Services revenue, alongside unallocated corporate head office costs. 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 with contract terms unique to each customer. The Company delivers Platform Services through its proprietary platform. Where third-party technology or infrastructure is included in the arrangement, the Company evaluates whether it is acting as principal or agent based on whether it controls the service before transfer to the customer.
Current report
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 in full in the period in which the loss becomes probable and estimable.
Current report
Our contractual terms and conditions for revenue mandate that our services are documented and subject to inspection, testing at the time of delivery to customer. In addition, the Company needs to integrate seamlessly into the customers’ systems. Also, the customer has a right to cancel all, or part of the services rendered if it is not in accordance with statement of work and within the stipulated time.
Current report
Revenue increased by $6.15 million, or 166% to $9.86 million for the quarter ended March 31, 2026, as compared to $3.70 million for the quarter ended March 31, 2025. Revenue from Software Services, Managed Services and Support, Insurance Mediation, Direct Marketing and Corporate and Others revenue have increased in the current quarter.
Current report
(*) acquired as part of business combination during the period ended March 31, 2026.
Current report
Sales and Marketing expenses increased by $1.41 million, or 377% to $1.78 million for the quarter ended March 31, 2026, as compared to $0.37 million for the quarter ended March 31, 2025.
Current report
Sales and Marketing expenses for the quarters ended March 31, 2026, and 2025, were 1,779 and 373, of which advertisement expenses were $1,548 and $58 respectively.
Current report
General and Administrative expenses increased by $2.02 million, or 169% to $3.22 million for the quarter ended March 31, 2026, as compared to $1.20 million for the quarter ended March 31, 2025.
Current report
Depreciation and Amortization expenses increased by $0.80 million, or 6650% to $0.81 million for the quarter ended March 31, 2026, as compared to $0.01 million for the quarter ended March 31, 2025.
Current report
Interest expenses decreased by $0.33 million, or 79% to $0.09 million for the quarter ended March 31, 2026, as compared to $0.41 million for the quarter ended March 31, 2025.
Current report
Other income decreased by $0.10 million, or 93% to $0.01 million for the quarter ended March 31, 2026, as compared to 0.11 million for the quarter ended March 31, 2025.
Current report
Changes in fair value
Current report
Changes in fair value increased by $2.44 million to $2.44 million for the quarter ended March 31, 2026, as compared to $0 for the quarter ended March 31, 2025.
Current report
Forex loss
Current report
(*) Acquired as part of business combination during the period ended March 31, 2026.
Removed paragraphs (9)
Previous report
We believe that our future growth, success, and performance are dependent on many factors, including those mentioned below. While these factors present significant opportunities for us, they also represent the challenges that we must successfully address in order to grow our business and improve our results of operations.
Previous report
The total consideration for the acquisition, which is referred to herein as the “Purchase Price”, is $5,700 which includes: (1) $1,500 in cash, of which $1,200 is due on the Closing Date and $300 to be paid at the later of the satisfaction of certain withholding requirements or within 120 days of the Closing Date; during the period ended September 30, 2025, the Company made payments amounting to $1,045 out of the $1,500 obligation. The remaining balance of $455 is recognized as payable as at September 30, 2025. (2) 1,388,041 shares of restricted common stock of the Company equal to $3,000 divided by $2.16, issued on the Closing Date; and (3) up to $1,200 in earn-out payments contingent on first-year financial performance targets to be agreed upon mutually.
Previous report
Revenue increased by $1.07 million, or 45% to $3.48 million for the quarter ended September 30, 2025, as compared to $2.41 million for the quarter ended September 30, 2024. The Software Services are typically short-term engagements to provide software consulting and development services, which do not require continual third-party maintenance. Managed Services and Support such as cloud hosting, and cloud disaster recovery requires continuous monitoring.
Previous report
Sales and Marketing expenses increased by $0.72 million, or 248% to $1.02 million for the quarter ended September 30, 2025, as compared to $0.29 million for the quarter ended September 30, 2024.
Previous report
General and Administrative expenses increased by $1.00 million, or 94% to $2.08 million for the quarter ended September 30, 2025, as compared to $1.07 million for the quarter ended September 30, 2024.
Previous report
Interest expenses decreased by $0.04 million, or 60% to $0.03 million for the quarter ended September 30, 2025, as compared to $0.08 million for the quarter ended September 30, 2024.
Previous report
Other income increased by $0.73 million, or 100% to $0.73 million for the quarter ended September 30, 2025, as compared to nil for the quarter ended September 30, 2024.
Previous report
In addition, on January 1, 2025, the Company entered into a Rental Sublease Agreement with Securekloud Technologies Inc. (“SKI”), The initial term of the agreement between SKI and the principal lessor is twenty-four months, which is extendable based on mutual consent. As per the terms of the Rental Sublease Agreement, the cost incurred by SKI on behalf of the Company are settled at cost.
Previous report
Related party transactions:
Reworded paragraphs (23)
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 prospectus. 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” contained in the Company’s final prospectus for its initial public offering filed with the Securities and Exchange Commission (“SEC”).
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 condensed consolidated financial statements and the related notes thereto, and the consolidated financial statements and the related notes thereto all included elsewhere in this Quarterly Report on Form 10-Q. 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 “Note Regarding Forward-Looking Statements” and “Risk Factors” contained in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”)
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 Technologies Inc, transferred its Life Sciences business to us. As of September 30, 2025, we had a total of 59 full time employees and 32 sub-contractors, including 42 certified cloud engineers, 21 Epic Certified EHR experts, 12 MEDITECH Certified EHR experts and 3 Admin 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 the field of technology, investment banking and public markets.
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 Technologies Inc, transferred its Life Sciences business to us. As of March 31, 2026, we had a total of 41 full time employees and 32 sub-contractors, including 36 certified cloud engineers, 25 Epic Certified EHR experts, 9 MEDITECH Certified EHR experts and 3 Admin 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 the field of technology, investment banking and public markets.
Previous wording
During the period ended September 30, 2025, the Company effected a 1-for 249 reverse split of its issued and outstanding common stock on August 01, 2025. The reverse split reduced the number of issued and outstanding shares of common stock in proportion to the split ratio, without changing the total authorized shares or the par value per share.
Current wording
During the period ended March 31, 2026, the Company effected a 1-for-60 reverse split of its issued and outstanding common stock on February 10, 2026. The reverse split reduced the number of issued and outstanding shares of common stock in proportion to the split ratio, without changing the total authorized shares or the par value per share.
Previous wording
During the quarter ended September 30, 2025, the Company generated revenues of approximately $3.49 million compared to revenue of $2.40 million for the quarter ended September 30, 2024 which represents an increase of $1.09 million or 45% compared to the previous year comparative quarter. Similarly, the Company generated revenues of approximately $10.8 million during the nine months ended September 30, 2025, compared to a revenue of $9.5 million for the nine months ended September 30, 2024, which represents an increase of $1.3 million or 13.7%.
Current wording
During the quarter ended March 31, 2026 and 2025, the Company generated revenues of approximately $9.85 million compared to revenue of $3.70 million respectively which represents an increase of $6.15 million or 166% compared to the previous year comparative quarter.
Previous wording
In the current period, the gross margin generated by the Company has been reduced to 18% and 13% in the 3 months and 9 months ended September 30, 2025, as compared to 30% and 27% in the 3 months and 9 months ended September 30, 2024, respectively. This is 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 profit margins to increase materially over the next few quarters.
Current wording
In the current period, the gross margin generated by the Company has increased to 24% in the quarter ended March 31, 2026, as compared to 9% in the quarter ended March 31, 2025, respectively. Going forward, we expect the gross margin to continue to increase, as new contracts are being negotiated at higher margins and as a result, we expect future profit margins to increase materially over the next few quarters.
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 unaudited condensed 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
Our top 5 customers accounted for 56% of the revenue in quarter ended September 30, 2025, and 61% during quarter ended September 30, 2024, respectively.
Current wording
Our top 5 customers accounted for 49% of the revenue in quarter ended March 31, 2026, and 56% during quarter ended March 31, 2025, respectively.
Previous wording
Top Five Customers Revenue for three months ended September 30, 2025 and 2024.
Current wording
Top Five Customers Revenue for quarter ended March 31, 2026 and 2025.
Previous wording
Total revenue from Customer 1 increased by $0.2 million, or 38% to $0.68 million for the quarter ended September 30, 2025, as compared to $0.50 million for the quarter ended September 30, 2024. Software Services revenue decreased by $0.28 million or 100% to nil for the quarter ended September 30, 2025, as compared to $0.28 million for the quarter ended September 30, 2024. Managed Services and Support revenue increased by $0.47 million, or 218% to $0.68 million for the quarter ended September 30, 2025, as compared to $0.21 million for the quarter ended September 30, 2024.
Current wording
Total revenue from Customer 1 increased by $1.38 million, or 184% to $2.14 million for the quarter ended March 31, 2026, as compared to $0.75 million for the quarter ended March 31, 2025. Software Services revenue decreased by $0.72 million or 100% to nil for the quarter ended March 31, 2026, as compared to $0.72 million for the quarter ended March 31, 2025. Customer engagement services revenue increased by $2.14 million, or 100% to $2.14 million for the quarter ended March 31, 2026, as compared to nil for the quarter ended March 31, 2025. Managed Services and Support revenue decreased by $0.03 million, or 100% to nil for the quarter ended March 31, 2026, as compared to $0.03 million for the quarter ended March 31, 2025.
Previous wording
Cost of revenue, excluding depreciation and amortization increased by $1.18 million, or 70%, to $2.87 million for the quarter ended September 30, 2025, as compared to $1,69 million for the quarter ended September 30, 2024.
Current wording
Cost of revenue, excluding depreciation and amortization, increased by $4.09 million, or 121%, to $7.46 million for the quarter ended March 31, 2026, as compared to $3.38 million for the quarter ended March 31, 2025.
Previous wording
Research and Development expenses decreased by $0.11 million, or 66% to $0.05 million for the quarter ended September 30, 2025, as compared to $0.17 million for the quarter ended September 30, 2024.
Current wording
Research and Development expenses decreased by $0.06 million, or 41% to $0.09 million for the quarter ended March 31, 2026, as compared to $0.14 million for the quarter ended March 31, 2025.
Previous wording
Depreciation and Amortization expenses decreased by $0.28 million, or 82% to $0.06 million for the quarter ended September 30, 2025, as compared to $0.34 million for the quarter ended September 30, 2024.
Current wording
Forex loss increased by $0.06 million to $0.06 million for the quarter ended March 31, 2026, as compared to $0 for the year quarter ended March 31, 2025.
Previous wording
Revenue from Software services increased by $1.20 million, or 155% to $1.97 million for the quarter ended September 30, 2025, as compared to $0.77 million for the quarter ended September 30, 2024. Revenue from Managed services and support decreased by $0.19 million, or 12% to $1.37 million for the quarter ended September 30, 2025, as compared to $1.57 million for the quarter ended September 30, 2024. Revenue from Corporate and others increased by $0.06 million, or 99% to $0.13 million for the quarter ended September 30, 2025, as compared to $0.07 million for the quarter ended September 30, 2024.
Current wording
Revenue from Software services decreased by $0.02 million, or 1% to $1.63 million for the quarter ended March 31, 2026, as compared to $1.65 million for the quarter ended March 31, 2025. Revenue from Managed services and support decreased by $0.70 million, or 35% to $1.28 million for the quarter ended March 31, 2026, as compared to $1.98 million for the quarter ended March 31, 2025. Revenue from Customer engagement services increased by $6.87 million, or 100% to $6.87 million for the quarter ended March 31, 2026, as compared to nil for the quarter ended March 31, 2025.
Previous wording
Cost of revenue from Software services increased by $1.13 million, or 214% to $1.66 million for the quarter ended September 30, 2025, as compared to $0.53 million for the quarter ended September 30, 2024. Cost of revenue from Managed Services and Support decreased by $0.02 million, or 2% to $1.09 million for the quarter ended September 30, 2025, as compared to $1.11 million for the quarter ended September 30, 2024. Cost of revenue from corporate and others increased by $0.07 million, or 160% to $0.11 million for the quarter ended September 30, 2025, as compared to $0.04 million for the quarter ended September 30, 2024.
Current wording
Cost of revenue from Software services decreased by $0.16 million, or 10% to $1.38 million for the quarter ended March 31, 2026, as compared to $1.54 million for the quarter ended March 31, 2025. Cost of revenue from Managed Services and Support decreased by $0.81 million, or 44% to $1.02 million for the quarter ended March 31, 2026, as compared to $1.82 million for the quarter ended March 31, 2025. Cost of revenue from Customer engagement services increased by $4.80 million, or 100% to $4.85 million for the quarter ended March 31, 2026, as compared to nil for the quarter ended March 31, 2025. Cost of revenue from corporate and others increased by $0.20 million, or 2,256% to $0.21 million for the quarter ended March 31, 2026, as compared to $0.09 million for the quarter ended March 31, 2025.
Previous wording
On January 1, 2025, the Company entered into a Master Service Agreement with Securekloud Technologies Inc. (“SKI”) and Securekloud Technologies Limited (“SKL). The initial term of the agreement is twenty-four months, which is extendable based on mutual consent. As per the Master Services Agreement, SKI and SKL provide technical resources according to the statement of work from the Company.
Current wording
On January 1, 2025, the Company entered into a Master Service Agreement with SecureKloud Technologies Inc. (“SKI”) and SecureKloud Technologies Limited (“SKL). The initial term of the agreement is twenty-four months, which is extendable based on mutual consent. As per the Master Services Agreement, SKI and SKL provide technical resources according to the statement of work from the Company. Pricing is determined using a cost-plus model, with a markup of 18% on cost, to ensure that the transactions comply with the arm’s length principle in accordance with the applicable transfer pricing regulations.
Previous wording
The balance outstanding from the affiliates as of September 30, 2025 is $3,502 as compared to $497 as of December 31, 2024. The balance as at September 30, 2025 is unsecured, non-interest bearing and is expected to be settled within six months from the balance sheet date, as outlined below
Current wording
The balance outstanding from SecureKloud Technologies Limited as of March 31, 2026, and December 31, 2025, is $3,826. The balance is unsecured, non-interest bearing and is expected to be settled in the ordinary course of business, as outlined below:
Previous wording
Following are the transactions with the above related parties during the period:
Current wording
Following are the transactions with related parties during the periods presented:
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 upto 2 times more current assets than liabilities to covers its debts. The Company’s current ratio, as at September 30, 2025 is 1.13 compared to 0.22 as at December 31, 2024.
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 Company’s current ratio, as at March 31, 2026 is 0.90 compared to 1.33 as at December 31, 2025.
Previous wording
The Company’s current debt equity ratio, as at September 30, 2025 financial statement is 0.14, compared to (0.10) as at December 31, 2024.
Current wording
The Company’s current debt equity ratio, as at March 31, 2026 financial statement is 0.21, compared to 1.08 as at December 31, 2025.
Previous wording
As of September 30, 2025, our principal sources of liquidity consisted of cash and cash equivalents of $1.63 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 working capital over the next 12 months. Our future capital requirements will depend on many factors including our growth rate, subscription renewal activity, the expansion of sales and marketing activities and the ongoing investments in platform development.
Current wording
As of March 31, 2026, our principal sources of liquidity consisted of cash and cash equivalents of $4.31 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 and financing activities will be sufficient to meet our working capital over the next 12 months. Our future capital requirements will depend on many factors including our growth rate, subscription renewal activity, the expansion of sales and marketing activities and the ongoing investments in platform development.
Previous wording
Net cash used in operating activities during the nine months ended September 30, 2025, was $(9.69) million compared to $(0.03) million for the nine months ended September 30, 2024.
Current wording
Net cash used in operating activities during the three months ended March 31, 2026, was $(6.86) million compared to $(5.56) million for the three months ended March 31, 2025.
Previous wording
Net cash used in investing activities was $(1.29) million for the nine months ended September 30, 2025 mainly representing partial payment of the acquisition cost (see note 3.3), compared to nil for the nine months ended September 30, 2024.
Current wording
Net cash used in investing activities was $(6.02) million for the three months ended March 31, 2026, compared to nil for the three months ended March 31, 2025.
Previous wording
Cash inflow from financing activities was $12.58 million for the nine months ended September 30, 2025, compared to a net outflow of $(1.17) million for the nine months ended September 30, 2024.
Current wording
Cash inflow from financing activities was $9.48 million for the three months ended March 31, 2026, compared to a net inflow of $12.36 million for the three months ended March 31, 2025.