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FORA

Forian Inc.

FORA

Forian Inc. • NASDAQ
$2.10 ▼ -3.67% (-0.08)
Market Cap $65.36 M
52w High $4.03
52w Low $1.64
Dividend Yield 0%
P/E -105
Volume 64.78K
Outstanding Shares 31.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.762M ▲ $4.256M ▲ $-151.22K ▼ -1.948% ▼ $-0.005 ▼ $-75.857K ▼
Q2-2025 $7.476M ▲ $4.202M ▼ $224.793K ▲ 3.007% ▲ $0.007 ▲ $452.214K ▲
Q1-2025 $7.056M ▲ $5.319M ▲ $-1.126M ▼ -15.956% ▼ $-0.036 ▼ $-1.009M ▼
Q4-2024 $5.812M ▲ $4.84M ▲ $199.711K ▲ 3.436% ▲ $0.006 ▲ $418.346K ▲
Q3-2024 $4.686M $4.079M $-204.907K -4.372% $-0.007 $-93.129K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.225M ▼ $41.254M ▼ $10.174M ▼ $31.081M ▲
Q2-2025 $35.649M ▼ $48.463M ▼ $17.521M ▼ $30.942M ▲
Q1-2025 $35.666M ▲ $48.6M ▲ $18.552M ▲ $30.048M ▼
Q4-2024 $35.083M ▼ $47.17M ▼ $17.117M ▼ $30.053M ▲
Q3-2024 $49.358M $57.512M $30.617M $26.895M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-151.22K ▼ $-439.666K ▼ $6.998M ▲ $-7.268M ▼ $-709.195K ▼ $-439.666K ▼
Q2-2025 $224.793K ▲ $-344.531K ▼ $1.956K ▼ $7.721K ▲ $-334.854K ▼ $-344.531K ▼
Q1-2025 $-1.126M ▼ $448.18K ▼ $838.125K ▼ $-172.295K ▲ $1.114M ▼ $448.18K ▼
Q4-2024 $199.711K ▲ $1.75M ▲ $18.019M ▲ $-17.886M ▼ $1.883M ▲ $1.75M ▲
Q3-2024 $-204.907K $764.096K $31.849K $-87.375K $708.57K $764.1K

Revenue by Products

Product Q1-2022Q2-2022Q3-2022Q4-2022
Information and Software
Information and Software
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Service
Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Forian is still a very small, early-stage company in revenue terms, but its income statement has clearly improved over the last few years. Sales have been low but relatively steady, suggesting a stable, niche customer base rather than rapid expansion so far. Losses at the operating level have gradually narrowed, moving from meaningfully negative to closer to break-even. Net results have shifted from clear losses to roughly flat overall performance, with signs that the business is now hovering around the edge of profitability rather than burning through money. Overall, the story here is one of a tiny, data‑driven business that has done some good cost work and is getting closer to sustaining itself, but has not yet demonstrated strong, consistent top-line growth or durable profitability at scale.

Balance Sheet

Balance Sheet The balance sheet is modest, reflecting a small company with limited resources but not an excessive amount of financial leverage. Total assets are relatively small, with only a thin layer of cash. Cash balances appear to have come down from earlier years, which reduces the cushion the company has to absorb setbacks or to invest aggressively without outside funding. Debt is present but not overwhelming relative to assets and equity. Equity remains positive, so the company is not overextended on paper, but the overall capital base is light. In practical terms, that means Forian likely has to be careful with spending and may not have a lot of room for prolonged missteps without seeking additional capital or improving cash generation.

Cash Flow

Cash Flow Cash flow trends mirror the income statement: the business has moved from clearly negative cash generation to something closer to break-even. Operating cash flow was previously meaningfully negative, indicating that the core business was consuming cash. More recently, this has moved up toward neutral territory, which suggests better cost discipline and some stabilization of revenue and collections. Capital spending is minimal, consistent with a capital‑light software and data model. As a result, free cash flow mostly depends on how well the company manages operating expenses versus its small revenue base. While recent years show improvement, the cash profile is still fragile: a few weak quarters or heavier investment could quickly swing it back into notable cash burn.

Competitive Edge

Competitive Edge Forian operates in a very attractive but highly competitive space: healthcare data and analytics. Its main strengths are its proprietary data platforms and integrated datasets. The Forian Data Factory and CHRONOS ecosystem give it the ability to combine many different types of healthcare data—claims, electronic health records, and consumer information—into a single, privacy‑compliant view. That kind of integrated dataset is hard and time‑consuming for others to replicate, and it creates switching costs once customers build workflows and models around it. Forian also serves several distinct segments: life sciences and healthcare customers, cannabis industry operators (through its BioTrack and Cannalytics solutions), and now financial institutions via the Kyber Data Science acquisition. This diversification can be an advantage, but it also raises execution risk as the company must compete against much larger, well‑funded players in each niche. Overall, the company appears to have a real data and expertise moat in its chosen niches, but its small size, limited financial resources, and powerful competitors mean its competitive position is promising but not yet firmly entrenched at scale.

Innovation and R&D

Innovation and R&D Innovation is the core of Forian’s story. The company is built around advanced data engineering and analytics platforms, with strong emphasis on cloud infrastructure, data integration, and applied machine learning. Key innovations include: - The Forian Data Factory, which cleans, links, and normalizes large, messy healthcare datasets in a compliant way. - The CHRONOS hybrid data ecosystem, which blends multiple data sources into a longitudinal view of patients and markets. - Expansion into AI‑driven analytics, including work coming from the Kyber acquisition, aimed at both healthcare and financial customers. Forian is also pushing into real‑world evidence, commercial analytics, and health economics insights, which sit at the intersection of healthcare, data science, and regulation. This is a technically demanding area where domain expertise matters, and Forian appears to be investing accordingly. The main questions are around scale and commercialization: can the company turn its technical capabilities into a broad, recurring revenue base, and can it keep enriching its data assets and launching new products faster than competitors? Those will be key markers of the value of its ongoing R&D.

Summary

Forian is a micro‑scale healthcare data and analytics company that has built some sophisticated technology and valuable data assets but is still in the early stages of turning those into a large, durable business. On the financial side, revenues remain small, yet profitability and cash usage have improved materially, moving closer to break-even. The balance sheet is lean: not overburdened with debt, but with only a limited cash cushion and modest equity, leaving less room for prolonged setbacks. Strategically, Forian’s strengths lie in its integrated data platforms (Data Factory and CHRONOS), regulatory expertise, and the breadth of its data sources. Its expansion into financial services analytics and continued presence in specialized areas like cannabis tracking show a willingness to pursue niche opportunities where its data can be particularly valuable. Going forward, the key things to watch are: sustained revenue growth from its platforms and services, consistent profitability and cash generation, successful integration and monetization of acquisitions like Kyber, and evidence that its AI‑enabled and real‑world evidence offerings are gaining traction despite larger, well‑funded competitors in healthcare data and analytics.

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