Financial Performance - Revenue for Q3 2024 was 4.7million,adecreaseof125.3 million in Q3 2023[3] - Net loss from continuing operations for the quarter was 0.2million,or0.01 per share, compared to net income of 4.3million,or0.14 per share, in the prior year[3] - Adjusted EBITDA for the quarter was 0.2million,down831.1 million in the prior year[3] - Forian Inc. reported revenue of 4,686,312forthethreemonthsendedSeptember30,2024,adecreasefrom5,348,469 in the same period of 2023, representing a decline of approximately 12.4%[13] - The total costs and expenses for the three months ended September 30, 2024, were 5,482,141,comparedto6,155,737 in the prior year, reflecting a decrease of about 10.9%[13] - The operating loss from continuing operations for the three months ended September 30, 2024, was (795,829),slightlyimprovedfrom(807,268) in the same period of 2023[13] - For the nine months ended September 30, 2024, the net loss income was (3,970,781),comparedtoanetincomeof9,717,744 in the same period of 2023[14] - Forian Inc. recorded a total other income of 495,026forthethreemonthsendedSeptember30,2024,significantlylowerthan6,354,102 in the same period of 2023[13] - Adjusted EBITDA for the three months ended September 30, 2024, was 185,916,comparedto1,072,147 for the same period in 2023, indicating a significant decline[31] - Net loss from continuing operations for the three months ended September 30, 2024, was (204,907),comparedtoanetincomeof5,453,643 for the same period in 2023[31] Cash and Assets - Cash, cash equivalents, and marketable securities totaled 49.4millionasofSeptember30,2024[3]−Thecashandcashequivalentsattheendoftheperiodwere2,707,688, down from 5,377,079attheendofSeptember30,2023,indicatingadecreaseofapproximately49.757.5 million from 58.9millionyear−over−year[12]LiabilitiesandEquity−Totalcurrentliabilitieswere30.1 million as of September 30, 2024, compared to 6.8millionintheprioryear[9]−Totalstockholders′equityincreasedto26.9 million from 26.2millionyear−over−year[11]AcquisitionsandStrategicMoves−ForianacquiredKyberDataScienceonOctober31,2024,enhancingitsanalyticsofferingsandexpandingmarketreach[4]−Thecompanyplanstoleverageitsacquisitiontocapitalizeonemergingopportunitiesinthefinancialservicesindustry[4]−Thecompanyredeemed3.515 million in October and November 2024[4] Expenses and Adjustments - The company incurred research and development expenses of 291,962forthethreemonthsendedSeptember30,2024,comparedto264,781 in the same period of 2023, marking an increase of approximately 10.3%[13] - Stock-based compensation expense for the three months ended September 30, 2024, was 1,552,042,slightlyupfrom1,551,997 in the same period of 2023[31] - Interest expense related to convertible notes was 195,415forthethreemonthsendedSeptember30,2024,comparedto211,333 in the same period of 2023[31] - The company incurred severance expenses of 250,000relatedtotheresignationoftheCEOduringtheninemonthsendedSeptember30,2023[23]−Thecompanyrecordedanadjustmentof542,389 for the impact of contract termination during the quarter ended September 30, 2024[26] - Interest and investment income for the three months ended September 30, 2024, was (658,339),comparedto(646,832) in the same period of 2023[31] Non-GAAP Measures - Forian Inc. provided a non-GAAP measure of Adjusted EBITDA, which is intended to supplement the net loss calculated in accordance with U.S. GAAP[15] - The company excluded depreciation and amortization expenses from Adjusted EBITDA, which were $6,629 for the three months ended September 30, 2024[31] - The company believes that the presentation of Adjusted EBITDA helps investors understand management's decisions based on performance metrics[17]
