Forian (FORA) Q3 2025 earnings summary

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.