Forian (FORA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 57% year-over-year to $7.5M, driven by the Kyber acquisition and organic growth in core data and analytics offerings.

• Net income for Q2 2025 was $225K, reversing a net loss of $2.6M in Q2 2024.

• Adjusted EBITDA for Q2 2025 was $591K, up from $78K in the prior year, reflecting improved operational efficiency.

• Expanded data capabilities and product innovation, with strategic agreements and integration of diverse clinical data sources.

• Completed Kyber Data Science acquisition in October 2024, significantly impacting revenue and margin improvements.

Financial highlights

• Q2 2025 revenue: $7.5M (up from $4.8M in Q2 2024); six-month revenue: $14.5M (up from $9.7M year-over-year).

• Net income for Q2 was $224K–$225K, compared to a loss of $2.5M–$2.6M year-over-year.

• Adjusted EBITDA for Q2 was $591K, up from $78K in the prior year; margin improved to 7.9%.

• Operating income for Q2 2025 was $46K–$50K, compared to a loss of $3.0M in Q2 2024.

• Kyber acquisition contributed $1.86M–$1.9M to Q2 revenue growth.

Outlook and guidance

• Full-year 2025 revenue expected between $28M and $30M, representing 39%–49% year-over-year growth.

• Adjusted EBITDA guidance for 2025 is ($1.0M) to $1.0M.

• Confidence in guidance is tied to successful renewals, contracted backlog, and continued operational efficiency.

• Management expects to fund operations and acquisitions through cash flow, cash, securities, debt, and/or equity.

• The company is monitoring vendor changes and plans to license data from additional vendors to mitigate supply risks.