Health In Tech Announces First Quarter 2025 Financial Results
Health In Tech (Nasdaq: HIT) reported strong Q1 2025 financial results, with revenue increasing 56% year-over-year to $8.0 million. Income before taxes more than tripled to $0.7 million, representing 8.5% of revenue, up from 3.7% in Q1 2024.
The company's enrolled employees grew to 24,307, up from 20,802 in the same period last year. Adjusted EBITDA reached $1.2 million, compared to $0.5 million in Q1 2024. The company maintained a strong cash position of $7.6 million as of March 31, 2025.
Notable developments include a strategic partnership with DialCare to integrate telehealth services into their self-funded health plans, and the appointment of Sanjay Shrestha to the Board of Directors. The company is also on track for Q3 rollout of their large-group AI-powered underwriting platform, which has already successfully served employers with over 1,000 employees during beta testing.
Health In Tech (Nasdaq: HIT) ha riportato risultati finanziari solidi per il primo trimestre 2025, con un fatturato in crescita del 56% su base annua, raggiungendo 8,0 milioni di dollari. L’utile ante imposte è più che triplicato, arrivando a 0,7 milioni di dollari, pari all’8,5% del fatturato, rispetto al 3,7% del primo trimestre 2024.
Il numero di dipendenti iscritti è salito a 24.307, rispetto ai 20.802 dello stesso periodo dell’anno precedente. L’EBITDA rettificato ha raggiunto 1,2 milioni di dollari, contro i 0,5 milioni del primo trimestre 2024. Al 31 marzo 2025, la società ha mantenuto una solida posizione di cassa pari a 7,6 milioni di dollari.
Tra gli sviluppi rilevanti, si segnala una partnership strategica con DialCare per integrare servizi di telemedicina nei loro piani sanitari autofinanziati e la nomina di Sanjay Shrestha nel Consiglio di Amministrazione. La società è inoltre in fase di lancio previsto per il terzo trimestre della piattaforma di sottoscrizione per grandi gruppi basata su intelligenza artificiale, già testata con successo durante la fase beta con datori di lavoro con oltre 1.000 dipendenti.
Health In Tech (Nasdaq: HIT) reportó sólidos resultados financieros en el primer trimestre de 2025, con ingresos que aumentaron un 56% interanual, alcanzando 8,0 millones de dólares. El ingreso antes de impuestos se triplicó con creces, llegando a 0,7 millones de dólares, lo que representa el 8,5% de los ingresos, frente al 3,7% en el primer trimestre de 2024.
Los empleados inscritos en la empresa aumentaron a 24.307, desde 20.802 en el mismo período del año anterior. El EBITDA ajustado alcanzó 1,2 millones de dólares, en comparación con 0,5 millones en el primer trimestre de 2024. La compañía mantuvo una sólida posición de efectivo de 7,6 millones de dólares al 31 de marzo de 2025.
Entre los desarrollos destacados se incluye una alianza estratégica con DialCare para integrar servicios de telemedicina en sus planes de salud autofinanciados, y el nombramiento de Sanjay Shrestha en el Consejo de Administración. La empresa también está en camino de lanzar en el tercer trimestre su plataforma de suscripción para grandes grupos impulsada por IA, que ya ha servido con éxito a empleadores con más de 1.000 empleados durante las pruebas beta.
Health In Tech (나스닥: HIT)는 2025년 1분기 강력한 재무 실적을 보고했으며, 매출은 전년 동기 대비 56% 증가한 800만 달러를 기록했습니다. 세전 이익은 3배 이상 증가하여 70만 달러에 달했으며, 매출의 8.5%를 차지해 2024년 1분기의 3.7%에서 상승했습니다.
등록된 직원 수는 24,307명으로 작년 동기 20,802명에서 증가했습니다. 조정 EBITDA는 120만 달러로 2024년 1분기의 50만 달러에서 증가했습니다. 2025년 3월 31일 기준 회사의 현금 보유액은 760만 달러로 견고한 상태를 유지하고 있습니다.
주요 발전 사항으로는 DialCare와의 전략적 파트너십을 통해 자가 보험 건강 플랜에 원격 의료 서비스를 통합한 것과 Sanjay Shrestha의 이사회 임명이 포함됩니다. 또한 회사는 1,000명 이상의 직원을 둔 고용주를 대상으로 베타 테스트를 성공적으로 마친 AI 기반 대규모 그룹 인수 플랫폼을 3분기에 출시할 예정입니다.
Health In Tech (Nasdaq : HIT) a publié de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d’affaires en hausse de 56 % en glissement annuel, atteignant 8,0 millions de dollars. Le résultat avant impôts a plus que triplé pour atteindre 0,7 million de dollars, représentant 8,5 % du chiffre d’affaires, contre 3,7 % au premier trimestre 2024.
Le nombre d’employés inscrits est passé à 24 307, contre 20 802 à la même période l’année précédente. L’EBITDA ajusté a atteint 1,2 million de dollars, contre 0,5 million au premier trimestre 2024. Au 31 mars 2025, l’entreprise disposait d’une solide trésorerie de 7,6 millions de dollars.
Parmi les développements notables, on compte un partenariat stratégique avec DialCare pour intégrer des services de télésanté dans leurs régimes de santé autofinancés, ainsi que la nomination de Sanjay Shrestha au conseil d’administration. L’entreprise prévoit également de lancer au troisième trimestre sa plateforme de souscription pour grands groupes alimentée par l’intelligence artificielle, qui a déjà été testée avec succès auprès d’employeurs de plus de 1 000 salariés lors de la phase bêta.
Health In Tech (Nasdaq: HIT) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Umsatzanstieg von 56 % im Jahresvergleich auf 8,0 Millionen US-Dollar. Das Ergebnis vor Steuern mehr als verdreifachte sich auf 0,7 Millionen US-Dollar, was 8,5 % des Umsatzes entspricht, gegenüber 3,7 % im ersten Quartal 2024.
Die Anzahl der eingeschriebenen Mitarbeiter stieg auf 24.307, gegenüber 20.802 im gleichen Zeitraum des Vorjahres. Das bereinigte EBITDA erreichte 1,2 Millionen US-Dollar, verglichen mit 0,5 Millionen im ersten Quartal 2024. Zum 31. März 2025 hielt das Unternehmen eine starke Barposition von 7,6 Millionen US-Dollar.
Zu den bemerkenswerten Entwicklungen zählen eine strategische Partnerschaft mit DialCare zur Integration von Telemedizin-Diensten in ihre selbstfinanzierten Gesundheitspläne sowie die Ernennung von Sanjay Shrestha in den Vorstand. Das Unternehmen plant zudem die Einführung seiner KI-gestützten Underwriting-Plattform für Großkunden im dritten Quartal, die bereits während der Beta-Phase erfolgreich Arbeitgeber mit über 1.000 Mitarbeitern bedient hat.
- Revenue grew 56% YoY to $8.0 million
- Income before taxes increased 257% to $0.7 million
- Adjusted EBITDA increased to $1.2 million from $0.5 million YoY
- Enrolled employees grew to 24,307 from 20,802 YoY
- Successfully beta-tested large-group AI underwriting platform
- Cash position slightly decreased from $7.8M to $7.6M quarter-over-quarter
- Accounts receivable increased from $1.6M to $2.1M quarter-over-quarter
Insights
Health In Tech's Q1 2025 results demonstrate exceptional financial momentum with
The Adjusted EBITDA of
The enrolled employee metric grew from 20,802 to 24,307 year-over-year, representing
The beta development of their large-group AI underwriting platform represents a strategic expansion beyond their traditional market, with early validation through a 1,000+ employee implementation. This move upmarket should drive higher average contract values and potentially improve retention rates typical of enterprise clients.
HIT's investments in technology infrastructure are now yielding measurable returns. The company's strategic technology investments from 2024 in IT enhancements, infrastructure, and cybersecurity have created a foundation that's enabling their current efficient scaling. This demonstrates disciplined technology governance - building fundamental capabilities before accelerating growth.
The third-party AI-powered underwriting platform for large groups represents a significant technological advancement. Moving from small group to enterprise-scale underwriting requires sophisticated algorithms capable of processing vastly more complex risk variables. The successful early implementation with a 1,000+ employee client validates both the technology's capability and market demand.
Their integration with DialCare's telehealth services shows a platform-centric approach to growth. Rather than building telehealth capabilities internally, HIT is leveraging its technology platform as an integration hub for specialized services. This API-first strategy accelerates time-to-market while conserving development resources.
The planned Q3 full rollout of their large-group platform will be a critical technical milestone. Enterprise-grade platforms require significantly more robust security, compliance, and scalability features. The progressive beta approach (starting November 2024) demonstrates appropriate risk management in their development lifecycle. This methodical technology roadmap execution supports their financial performance and positions them well for continued expansion.
- Revenues increased
56% over the first quarter 2024 to$8.0 million - Income before income taxes more than tripled to
$0.7 million 257% over the first quarter 2024 - Cash position remained strong at
$7.6 million
Financial Highlights for the First Quarter of 2025
- The number of enrolled employees (EEs) billed was 24,307, compared to 20,802 in the same period of 2024.
- Total revenues were
$8.0 million 56% YoY growth. - Income before income tax expense was
$0.7 million 8.5% of revenue, compared to$0.2 million 3.7% of revenue in the same period of 2024 - Adjusted EBITDA was
$1.2 million $0.5 million - Cash and cash equivalents were
$7.6 million $7.8 million - Accounts receivable was
$2.1 million $1.6 million
"We're off to a strong start in 2025," said Tim Johnson, CEO of Health In Tech. "First-quarter revenue grew
"Our momentum continues to build post-IPO, validating the strategic initiatives we've executed. Innovations in our platform, product development, and market expansion are driving meaningful results and laying the groundwork for long-term growth. These gains reflect the strategic investments we made in 2024, particularly in product and service innovation, IT enhancements, infrastructure, cybersecurity, and internal controls. With these foundations in place, we're now scaling efficiently and reaching a wider market."
Tim continued: "Since beginning beta development of our large-group third-party AI-powered underwriting platform in November 2024, we've seen strong interest from the market. Even in its early stages, we successfully delivered solutions in Q1 to large employers, including one with over 1,000 employees. We're on track for a full rollout in Q3, marking a major milestone as we broaden our total addressable market and provide smarter, faster quoting for mid-sized and large employers."
"As we move forward, we're accelerating new program development and expanding our broker and TPA network to grow our national footprint. With a robust pipeline and sustained momentum, we expect continued strong growth in Q2 2025. We remain dedicated to delivering exceptional value, innovation, and service as we scale."
Recent Developments and Business Highlights
- Partnerships and Collaborations. On March 25, 2025, the Company announced a strategic collaboration with DialCare, a leading provider of telehealth and virtual care solutions. Through this partnership, DialCare's virtual primary care, therapy, and psychiatry services will be integrated into Health In Tech's self-funded health plan offerings. Members across the
U.S. will gain on-demand access to licensed physicians, therapists and psychiatric providers via phone or video consultations. This collaboration further enhances the Company's mission to deliver smarter, more accessible healthcare solutions for diverse populations. - Appointment of Sanjay Shrestha to Board of Directors. On April 10, 2025, the Company announced the appointment of Sanjay Shrestha to its Board of Directors. Mr. Shrestha brings extensive leadership experience in scaling platform-based businesses and driving growth across the energy and technology sectors. He currently serves as President of Plug Power, having joined the company in 2019 as Chief Strategy Officer. He has played a pivotal role in driving growth and expanding value for both customers and shareholders. As General Manager, he significantly broadened the company's product portfolio and built out the Energy business to deliver end-to-end solutions—including electrolyzers, liquefiers, and cryogenic systems—while overseeing the development of Plug's hydrogen production facilities. In addition to his operational expertise, Mr. Shrestha has a strong capital market background, having served as a top-ranked renewables research analyst at Lazard Capital Markets and First Albany Capital. His appointment adds valuable industry and financial expertise to the Board and further strengthens Health In Tech's strategic vision for long-term growth and market expansion.
Conference Call Details
Health In Tech will host a conference call to discuss the financial results for the first quarter of 2025 on April 14, 2025 at 5:00 p.m. (ET). To participate in our live conference call and webcast, please dial 1-888-346-8982 or 1-412-902-4272 (for international participants).
A live audio webcast will be available via the Investor Relations page of Health In Tech's website at https://healthintech.com/. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.
Non-GAAP Financial Information
This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in
Use of Forward‑Looking Statements
Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the
About Health In Tech
Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com.
Health In Tech, Inc. | ||||
Consolidated Statements of Operations | ||||
(Unaudited） | ||||
Three Months Ended March 31, | ||||
2025 | 2024 | |||
Revenues | ||||
Revenues from underwriting modeling (ICE) | ||||
Revenues from fees | 5,663,000 | 3,340,296 | ||
SMR | 5,663,000 | 2,532,922 | ||
HI Card | - | 807,374 | ||
Total revenues | 8,014,984 | 5,124,931 | ||
Cost of revenues | 2,659,585 | 989,911 | ||
Gross profit | 5,355,399 | 4,135,020 | ||
Operating expenses | ||||
Sales and marketing expenses | 1,090,255 | 1,043,208 | ||
General and administrative expenses | 3,246,765 | 1,999,194 | ||
Research and development expenses | 537,721 | 760,196 | ||
Total operating expenses | 4,874,741 | 3,802,598 | ||
Other income (expense): | ||||
Interest income | 85,366 | 24,312 | ||
Interest expenses | - | (165,000) | ||
Other income | 118,399 | - | ||
Total other income (expense), net | 203,765 | (140,688) | ||
Income before income tax expense | ||||
Provision for income taxes | (185,831) | (91,198) | ||
Net income | ||||
Net income per share | ||||
Basic | - | |||
Diluted | - | |||
Weighted average common stocks outstanding | ||||
Basic | 54,619,858 | 51,769,358 | ||
Diluted | 56,996,936 | 51,769,358 | ||
Health In Tech, Inc. | ||||
Consolidated Balance Sheets | ||||
(Unaudited） | ||||
March 31, 2025 | December 31, 2024 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | ||||
Accounts receivable, net | 2,110,601 | 1,647,103 | ||
Other receivables | 3,989,788 | 500,252 | ||
Deferred offering costs | 91,500 | - | ||
Prepaid expenses and other current assets | 1,804,912 | 787,161 | ||
Total current assets | 15,571,838 | 10,783,764 | ||
Non-current assets | ||||
Software | 4,736,093 | 3,962,461 | ||
Loans receivable, net | 831,994 | 815,995 | ||
Operating lease - right of use assets | 190,275 | 206,269 | ||
Total non-current assets | 5,758,362 | 4,984,725 | ||
Total assets | ||||
Liabilities and stockholders' equity | ||||
Current liabilities | ||||
Accounts payable and accrued expenses | ||||
Income taxes payable | 425,556 | 205,253 | ||
Operating lease liabilities - current | 69,122 | 66,881 | ||
Other current liabilities | 780,045 | - | ||
Total current liabilities | 6,753,611 | 2,130,974 | ||
Non-current liabilities | ||||
Deferred tax liabilities | 294,203 | 328,676 | ||
Operating lease liabilities - non-current | 121,595 | 139,811 | ||
Total non-current liabilities | 415,798 | 468,487 | ||
Total liabilities | 7,169,409 | 2,599,461 | ||
Stockholders' equity | ||||
Common stock, | 42,973 | 42,915 | ||
Common stock, | 11,700 | 11,700 | ||
Additional paid-in capital | 9,666,130 | 9,173,017 | ||
Retained earnings | 4,439,988 | 3,941,396 | ||
Total stockholders' equity | 14,160,791 | 13,169,028 | ||
Total liabilities and stockholders' equity | ||||
Health In Tech, Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(Unaudited） | ||||
Three Months Ended March 31, | ||||
2025 | 2024 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net income | ||||
Adjustments to reconcile net income to net cash provided by | ||||
Amortization expense | 135,983 | 134,787 | ||
Provision for potential revenue reduction | 780,045 | - | ||
Deferred tax benefits | (34,473) | (60,070) | ||
Amortization of debt discount | - | 165,000 | ||
Interest income | (15,999) | (15,999) | ||
Stock-based compensation expense | 493,171 | - | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (463,498) | 221,102 | ||
Other receivables | (3,489,536) | 237,093 | ||
Prepaid expenses and other current assets | (1,017,751) | (89,988) | ||
Operating lease right of use assets and liabilities, net | 19 | 624 | ||
Accounts payable and accrued expenses | 3,420,497 | (1,485,329) | ||
Income taxes payable | 220,303 | 112,032 | ||
Net cash provided by (used in) operating activities | 527,353 | (680,212) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Development of software | (703,475) | (133,394) | ||
Net cash used in investing activities | (703,475) | (133,394) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments of deferred offering costs | (98,089) | (243,210) | ||
Net cash used in financing activities | (98,089) | (243,210) | ||
Decrease in cash and cash equivalents | (274,211) | (1,056,816) | ||
Cash and cash equivalents, beginning of year | 7,849,248 | 2,416,350 | ||
Cash and cash equivalents, end of year | 7,575,037 | 1,359,534 | ||
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | $- | $- | ||
Cash paid for income taxes | $- | |||
Summary of noncash investing and financing activities: | ||||
Accrued deferred offering costs included in accounts | ||||
Accrued development of software included in accounts | ||||
Components of Operating Results
Revenues
While our revenue this quarter primarily comes from underwriting activities and program fees associated with customized healthcare plans for small businesses, our growth is driven by delivering solutions that streamline sales processes, enhance service delivery, and shorten the sales cycle for TPAs, MGUs, and brokers. We offer our services through our three subsidiaries. Program services provided by SMR and MGU activities provided by ICE (including eDIYBS) are interdependent, as they cannot function effectively without being combined. Services provided by HI Card is an optional add-on to our other services, and it cannot be offered on a standalone basis. Brokers that utilize the program services on behalf of the small employer provided by SMR and MGU activities provided by ICE, are not obligated to utilize our HI Card service. Currently ICE does not offer underwriting services as a standalone service. In the future, we may consider offering it as a standalone service.
Cost of revenues
Cost of revenues primarily consists of infrastructure costs to operate our platform such as hosting fees and fees paid to various third-party partners for access to their technology, services and amortization expenses of our capitalized internal-use software related to our platform. We mainly outsource captive management services and data services from the third-party companies. Our internal proprietary system seeks to consistently improve underwriting and services results through machine learning and data feeds. The captive management activities include introducing new carriers, conducting due diligence on carriers, conducting feasibility studies to determine the viability to be a stop-loss carrier on the platform, negotiating terms and contracts, coordinating audit requests, managing relationship with unrelated carriers and their regulators and auditor firms to ensure that our risk associated with our service offerings is minimized.
Sales and marketing expenses
Sales and marketing expenses primarily consist of personnel-related costs including salaries, benefits and commissions cost for our sales and marketing personnel. Sales and marketing expenses also include the costs for advertising, promotional and other marketing activities, as well as certain fees paid to various third-party for sales and customer acquisition.
General and administrative expenses
General and administrative expenses primarily consist of personnel-related costs and related expenses for our executives, finance, legal, human resources, technical support, and administrative personnel as well as the costs associated with professional fees for external legal, accounting and other consulting services, insurance premiums.
Research and development expenses
Research and development expenses primarily consist of personnel-related costs, including salaries and benefits for our research and development personnel. Additional expenses include costs related to the software development, quality assurance, and testing of new technology, and enhancement of our existing platform technology.
Adjusted EBITDA
Adjusted EBITDA represents our earnings from continuing operations before net interest expense, taxes, and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and public company readiness costs not deemed capitalizable. Adjusted EBITDA is not a measure calculated in accordance with United States Generally Accepted Accounting Principles, or GAAP. We exclude certain non-recurring or non-cash items when calculating Adjusted EBITDA, and we believe this approach provides a more meaningful measure by offering a clearer view of our underlying operational performance.
Financial Results Summary | |||||||
(Unaudited） | |||||||
($ in millions) | |||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | % Change | |||||
Total revenues | $ | 8.0 | $ | 5.1 | 56.4 % | ||
GAAP gross margin | 66.8 % | 80.7 % | -13.9 % | ||||
Income before income tax expense | $ | 0.7 | $ | 0.2 | 257.0 % | ||
Adjusted EBITDA | $ | 1.2 | $ | 0.5 | 163 % | ||
Investor Contact
Investor Relations:
ir@healthintech.com
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SOURCE Health In Tech
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