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Forian (FORA) investor relations material
Forian Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Q3 2025 revenue increased 66% year-over-year to $7.8 million, driven by the Kyber Data Science acquisition and organic growth in life sciences and information products.
Net loss narrowed to $151,000 ($0.00 per share), an improvement from $205,000 in Q3 2024.
Adjusted EBITDA rose to $471,000, up from $186,000 in Q3 2024, reflecting higher revenues and improved operating leverage.
Integration of Kyber enhanced analytical capabilities and expanded reach into financial markets.
Maintained disciplined investment in data and product innovation while progressing toward profitability.
Financial highlights
Q3 2025 revenue: $7,762,183, up from $4,686,312 in Q3 2024; nine-month revenue: $22.3 million, up from $14.3 million.
Net loss for Q3 2025: $151,220, improved from $204,907 in Q3 2024.
Adjusted EBITDA for Q3 2025: $470,645, up from $185,916 in Q3 2024; $1.0 million for the nine months ended September 30, 2025.
Operating loss reduced to $469,885 from $795,829 year-over-year.
Cash, cash equivalents, and marketable securities totaled $28.2 million as of September 30, 2025, with $29.2 million in working capital.
Outlook and guidance
Full-year 2025 revenue expected at the high end of the $28–$30 million range, representing 39%–49% growth over 2024.
Adjusted EBITDA for 2025 projected between -$1 million and +$1 million, with expectations to finish at the high end of guidance.
Management expects to fund operations and potential acquisitions through operating cash flow, available cash, marketable securities, and potential financing.
Progress of Financial Services diversification
Rationale for convertible notes redemption
Update on 2024 Form 10-K restatement
Kyber's forecasting accuracy vs. consensus estimates
Path to positive adjusted EBITDA for 2025
Investment strategy for data assets and new offerings
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Forian Inc provides data analytics, software solutions, and services for the healthcare and cannabis industries. Its platforms deliver real-world data insights for pharmaceutical companies, healthcare providers, and cannabis operators. The company is headquartered in Newtown, Pennsylvania, and its shares are listed on the NASDAQ.
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