Syra Health (SYRA) Q4 2024 earnings summary

Executive summary

• Achieved $8 million in 2024 revenue, up 45% year-over-year, driven by strong growth in Population Health and Healthcare Workforce segments.

• Non-healthcare workforce revenues grew 66% year-over-year, now 26% of total revenue, reflecting successful diversification.

• Strategic focus on high-margin offerings, cost optimization, and innovation, including the Syrenity mental health app and AI-driven solutions.

• Entered new contracts and extensions, expanding presence in government and health education sectors.

• Q4 2024 net loss nearly halved to $504,000 from $995,000 in Q4 2023, reflecting major efficiency gains.

Financial highlights

• 2024 revenue: $8 million (45% growth year-over-year); Q4 revenue: $2 million (14% growth year-over-year).

• Gross profit for 2024: $1.7 million (17% increase); gross margin declined to 20.7% from 25.6% due to revenue mix and low-margin contracts.

• Net loss for 2024: $3.8 million vs. $2.9 million in 2023; Q4 net loss nearly halved to $504,000.

• Adjusted EBITDA for 2024: -$3.7 million; Q4 adjusted EBITDA improved to -$492,000.

• Cash on hand at year-end: $2.4 million; no long-term debt.

Outlook and guidance

• 2025 guidance: low double-digit percentage revenue growth expected, led by higher-margin Population Health and Behavioral and Mental Health units.

• Continued focus on profitability, margin improvement, and sustainable long-term growth.

• Guidance excludes potential revenue from two federal contracts announced in early 2024.