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Healthcare Triangle Inc Financials

HCTI
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Healthcare Triangle Inc (HCTI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HCTI FY2025

FY2025 shows a financing-led balance-sheet reset, while an asset-light service model still consumed cash faster than operations improved.

Cash jumped to $7.6M in FY2025 from $20K in FY2024, but that was not an operating recovery. Free cash flow was -$16.5M while financing inflow was $25.9M, so the stronger cash balance came from raising capital rather than from the business funding itself.

Revenue moved up to $13.9M from $11.7M, but FY2025 still looked less like a demand problem than a unit-economics problem. Gross margin fell to 13.6% from 24.7%, so higher sales produced less gross profit to cover overhead.

The cash drain was operational, not reinvestment-driven: capital spending was only $6K in FY2025, so cash use came from running the business rather than building long-lived assets. That fits an asset-light model with short-term liability pressure; the current ratio improved to 1.0x from 0.2x, but liabilities were still essentially all current.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 15 / 100
Financial Profile 15/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Healthcare Triangle Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Healthcare Triangle Inc has an operating margin of -70.5%, meaning the company retains $-70 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -40.6% the prior year.

Growth
0

Healthcare Triangle Inc's revenue surged 18.8% year-over-year to $13.9M, reflecting rapid business expansion. This strong growth earns a score of 0/100.

Leverage
76

Healthcare Triangle Inc carries a low D/E ratio of 1.29, meaning only $1.29 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 76/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
15

Healthcare Triangle Inc's current ratio of 1.03 is below the typical benchmark, resulting in a score of 15/100. However, the company holds substantial cash reserves (60% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow
0

While Healthcare Triangle Inc generated -$16.5M in operating cash flow, capex of $6K consumed most of it, leaving -$16.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Healthcare Triangle Inc generates a -95.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Weak
3/9

Healthcare Triangle Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
1.74x

For every $1 of reported earnings, Healthcare Triangle Inc generates $1.74 in operating cash flow (-$16.5M OCF vs -$9.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-17.3x

Healthcare Triangle Inc earns $-17.3 in operating income for every $1 of interest expense (-$9.8M vs $567K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$13.9M
YoY+18.8%
5Y CAGR-15.0%

Healthcare Triangle Inc generated $13.9M in revenue in fiscal year 2025. This represents an increase of 18.8% from the prior year.

EBITDA
-$9.1M
YoY-135.2%

Healthcare Triangle Inc's EBITDA was -$9.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 135.2% from the prior year.

Net Income
-$9.5M
YoY-58.8%

Healthcare Triangle Inc reported -$9.5M in net income in fiscal year 2025. This represents a decrease of 58.8% from the prior year.

EPS (Diluted)
$-152.30

Healthcare Triangle Inc earned $-152.30 per diluted share (EPS) in fiscal year 2025. This represents an increase of 99.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$16.5M

Healthcare Triangle Inc generated -$16.5M in free cash flow in fiscal year 2025, representing cash available after capex.

Cash & Debt
$7.6M
YoY+38025.0%
5Y CAGR+40.3%

Healthcare Triangle Inc held $7.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
142,426

Healthcare Triangle Inc had 142,426 shares outstanding in fiscal year 2025. This represents a decrease of 97.8% from the prior year.

Margins & Returns

Gross Margin
13.6%
YoY-11.1pp
5Y CAGR-13.8pp

Healthcare Triangle Inc's gross margin was 13.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 11.1 percentage points from the prior year.

Operating Margin
-70.5%
YoY-29.8pp
5Y CAGR-74.2pp

Healthcare Triangle Inc's operating margin was -70.5% in fiscal year 2025, reflecting core business profitability. This is down 29.8 percentage points from the prior year.

Net Margin
-68.2%
YoY-17.2pp
5Y CAGR-75.7pp

Healthcare Triangle Inc's net profit margin was -68.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 17.2 percentage points from the prior year.

Return on Equity
-95.3%
5Y CAGR-149.7pp

Healthcare Triangle Inc's ROE was -95.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
$536K
YoY+24.9%
5Y CAGR-21.0%

Healthcare Triangle Inc invested $536K in research and development in fiscal year 2025. This represents an increase of 24.9% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$6K

Healthcare Triangle Inc invested $6K in capex in fiscal year 2025, funding long-term assets and infrastructure.

HCTI Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $3.1M-10.0% $3.5M-1.9% $3.6M-3.9% $3.7M+69.1% $2.2M-9.2% $2.4M-19.1% $3.0M-27.4% $4.1M
Cost of Revenue $2.7M-6.3% $2.9M-6.3% $3.1M-9.2% $3.4M+74.5% $1.9M+14.4% $1.7M-18.9% $2.1M-32.6% $3.1M
Gross Profit $449K-27.3% $618K+25.1% $494K+50.2% $329K+28.5% $256K-64.5% $722K-19.6% $898K-11.4% $1.0M
R&D Expenses $278K+371.2% $59K+7.3% $55K-61.8% $144K+280.0% -$80K-145.7% $175K-15.5% $207K+63.0% $127K
SG&A Expenses $2.9M+37.7% $2.1M+76.4% $1.2M-1.3% $1.2M+52.0% $788K-26.8% $1.1M+19.1% $904K-23.5% $1.2M
Operating Income -$4.4M-71.4% -$2.6M-90.7% -$1.4M+2.8% -$1.4M-183.6% -$493K+57.8% -$1.2M+15.3% -$1.4M+19.6% -$1.7M
Interest Expense $304K+1050.0% -$32K-52.4% -$21K-106.6% $316K+137.0% -$853K-966.3% -$80K+38.9% -$131K+12.1% -$149K
Income Tax N/A N/A N/A N/A $4K+100.0% $2K+100.0% $1K-80.0% $5K
Net Income -$4.5M-136.2% -$1.9M-39.3% -$1.4M+19.5% -$1.7M-26.1% -$1.3M-7.9% -$1.2M+17.3% -$1.5M+18.9% -$1.9M
EPS (Diluted) N/A $-0.42 $-0.58 $-0.17 N/A $-54.78+22.5% $-70.72-16738.1% $-0.42

HCTI Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $22.7M+64.3% $13.8M-5.0% $14.6M+23.6% $11.8M+501.0% $2.0M-58.9% $4.8M-20.8% $6.0M-12.4% $6.9M
Current Assets $13.2M+65.6% $7.9M-10.4% $8.9M-9.9% $9.8M+577.7% $1.5M-18.6% $1.8M-23.5% $2.3M-26.4% $3.2M
Cash & Equivalents $7.6M+368.1% $1.6M-49.5% $3.2M-52.7% $6.8M+34030.0% $20K-28.6% $28K-3.4% $29K-90.4% $301K
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $2.1M-15.2% $2.4M+31.1% $1.9M-2.4% $1.9M+71.8% $1.1M-31.1% $1.6M-19.7% $2.0M-4.3% $2.1M
Goodwill $2.9M N/A $2.9M N/A N/A N/A N/A N/A
Total Liabilities $12.8M+150.2% $5.1M+17.3% $4.4M+35.9% $3.2M-54.7% $7.1M+7.5% $6.6M-1.2% $6.7M-9.7% $7.4M
Current Liabilities $12.8M+227.0% $3.9M+23.8% $3.2M-1.5% $3.2M-54.7% $7.1M+16.3% $6.1M-1.3% $6.2M+2.9% $6.0M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A $888K
Total Equity $9.9M+14.0% $8.7M-14.5% $10.2M+19.0% $8.6M+267.7% -$5.1M-181.3% -$1.8M-181.4% -$646K-26.4% -$511K
Retained Earnings -$43.0M-11.6% -$38.5M-5.1% -$36.6M-3.9% -$35.3M-5.1% -$33.6M-13.7% -$29.5M-4.4% -$28.3M-5.6% -$26.8M

HCTI Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow -$6.8M-356.5% -$1.5M+43.2% -$2.6M+52.6% -$5.6M-585.2% -$811K-213.4% $715K+176.5% -$935K-1770.0% -$50K
Capital Expenditures $0-100.0% $3K N/A N/A N/A N/A N/A N/A
Free Cash Flow -$6.8M-355.6% -$1.5M N/A N/A N/A N/A N/A N/A
Investing Cash Flow -$462K+32.7% -$686K N/A N/A N/A N/A N/A N/A
Financing Cash Flow $13.3M+2176.0% $584K+262.2% -$360K-102.9% $12.4M+1439.6% $803K+212.2% -$716K-208.0% $663K+175.1% -$883K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

HCTI Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 14.3%-3.4pp 17.7%+3.8pp 13.9%+5.0pp 8.9%-2.8pp 11.7%-18.2pp 29.9%-0.2pp 30.1%+5.4pp 24.7%
Operating Margin -141.4%-67.2pp -74.3%-36.1pp -38.2%-0.5pp -37.7%-15.2pp -22.5%+25.8pp -48.4%-2.2pp -46.2%-4.5pp -41.7%
Net Margin -143.4%-88.8pp -54.6%-16.2pp -38.5%+7.5pp -45.9%+15.7pp -61.6%-9.8pp -51.8%-1.2pp -50.6%-5.3pp -45.3%
Return on Equity -45.3%-23.4pp -21.8%-8.4pp -13.4%+6.4pp -19.8% N/A N/A N/A N/A
Return on Assets -19.8%-6.0pp -13.8%-4.4pp -9.4%+5.0pp -14.4%+54.3pp -68.7%-42.5pp -26.2%-1.1pp -25.1%+2.0pp -27.1%
Current Ratio 1.03-1.0 2.03-0.8 2.81-0.3 3.07+2.9 0.21-0.1 0.29-0.1 0.38-0.2 0.53
Debt-to-Equity 1.29+0.7 0.59+0.2 0.43+0.1 0.37+1.8 -1.38+2.2 -3.62+6.7 -10.32-8.6 -1.74
FCF Margin -217.6%-174.7pp -43.0% N/A N/A N/A N/A N/A N/A

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Frequently Asked Questions

Healthcare Triangle Inc (HCTI) reported $13.9M in total revenue for fiscal year 2025. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Healthcare Triangle Inc (HCTI) revenue grew by 18.8% year-over-year, from $11.7M to $13.9M in fiscal year 2025.

No, Healthcare Triangle Inc (HCTI) reported a net income of -$9.5M in fiscal year 2025, with a net profit margin of -68.2%.

Healthcare Triangle Inc (HCTI) reported diluted earnings per share of $-152.30 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Healthcare Triangle Inc (HCTI) had EBITDA of -$9.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Healthcare Triangle Inc (HCTI) had a gross margin of 13.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Healthcare Triangle Inc (HCTI) had an operating margin of -70.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Healthcare Triangle Inc (HCTI) had a net profit margin of -68.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Healthcare Triangle Inc (HCTI) has a return on equity of -95.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Healthcare Triangle Inc (HCTI) generated -$16.5M in free cash flow during fiscal year 2025. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Healthcare Triangle Inc (HCTI) generated -$16.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Healthcare Triangle Inc (HCTI) had $22.7M in total assets as of fiscal year 2025, including both current and long-term assets.

Healthcare Triangle Inc (HCTI) invested $6K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Healthcare Triangle Inc (HCTI) invested $536K in research and development during fiscal year 2025.

Healthcare Triangle Inc (HCTI) had 142,426 shares outstanding as of fiscal year 2025.

Healthcare Triangle Inc (HCTI) had a current ratio of 1.03 as of fiscal year 2025, which is considered adequate.

Healthcare Triangle Inc (HCTI) had a debt-to-equity ratio of 1.29 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Healthcare Triangle Inc (HCTI) had a return on assets of -41.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Healthcare Triangle Inc (HCTI) had $7.6M in cash against an annual operating cash burn of $16.5M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Healthcare Triangle Inc (HCTI) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Healthcare Triangle Inc (HCTI) has an earnings quality ratio of 1.74x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Healthcare Triangle Inc (HCTI) has an interest coverage ratio of -17.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Healthcare Triangle Inc (HCTI) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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