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).
External financing restored liquidity, but core operations still burned cash faster than a modest revenue rebound could support.
FY2025 looked more liquid than FY2024, with cash rising from$20K to$7.6M and the current ratio climbing above 1.0x. But that improvement was not internally funded: financing inflows were$25.9M while operating cash burn worsened to-$16.5M , so the balance sheet was repaired by capital raising rather than by the business turning cash generative.
Revenue recovered to
This is not a reinvestment-heavy cash burn story: free cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.
Healthcare Triangle Inc scores -3.06, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.9M) relative to total liabilities ($12.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Healthcare Triangle Inc passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
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.
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
Earnings & Revenue
Healthcare Triangle Inc generated $13.9M in revenue in fiscal year 2025. This represents an increase of 18.8% from the prior year.
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.
Healthcare Triangle Inc reported -$9.5M in net income in fiscal year 2025. This represents a decrease of 58.8% from the prior year.
Healthcare Triangle Inc earned $-152.30 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Healthcare Triangle Inc generated -$16.5M in free cash flow in fiscal year 2025, representing cash available after capex.
Healthcare Triangle Inc held $7.6M in cash against $0 in long-term debt as of fiscal year 2025.
Healthcare Triangle Inc had 142,426 shares outstanding in fiscal year 2025.
Margins & Returns
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.
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.
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.
Healthcare Triangle Inc's ROE was -95.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Healthcare Triangle Inc invested $536K in research and development in fiscal year 2025. This represents an increase of 24.9% from the prior year.
Healthcare Triangle Inc invested $6K in capex in fiscal year 2025, funding long-term assets and infrastructure.
HCTI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.9M+213.9% | $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 |
| Cost of Revenue | $7.5M+177.3% | $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 |
| Gross Profit | $2.4M+433.0% | $449K-27.3% | $618K+25.1% | $494K+50.2% | $329K+28.5% | $256K-64.5% | $722K-19.6% | $898K |
| R&D Expenses | $85K-69.4% | $278K+371.2% | $59K+7.3% | $55K-61.8% | $144K+280.0% | -$80K-145.7% | $175K-15.5% | $207K |
| SG&A Expenses | $3.2M+12.0% | $2.9M+37.7% | $2.1M+76.4% | $1.2M-1.3% | $1.2M+52.0% | $788K-26.8% | $1.1M+19.1% | $904K |
| Operating Income | -$3.6M+18.4% | -$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 |
| Interest Expense | $89K-70.7% | $304K+1050.0% | -$32K-52.4% | -$21K-106.6% | $316K+137.0% | -$853K-966.3% | -$80K+38.9% | -$131K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | $4K+100.0% | $2K+100.0% | $1K |
| Net Income | -$6.2M-37.7% | -$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 |
| EPS (Diluted) | $-6.81 | N/A | $-0.42 | $-0.58 | $-0.17 | N/A | $-54.78+22.5% | $-70.72 |
HCTI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $80.2M+252.6% | $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 |
| Current Assets | $18.9M+11.3% | $17.0M+113.8% | $7.9M-10.4% | $8.9M-9.9% | $9.8M+577.7% | $1.5M-18.6% | $1.8M-23.5% | $2.3M |
| Cash & Equivalents | $4.3M-43.4% | $7.6M+368.1% | $1.6M-49.5% | $3.2M-52.7% | $6.8M+34030.0% | $20K-28.6% | $28K-3.4% | $29K |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $8.4M+304.2% | $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 |
| Goodwill | $2.9M0.0% | $2.9M | N/A | $2.9M | N/A | N/A | N/A | N/A |
| Total Liabilities | $27.5M+114.7% | $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 |
| Current Liabilities | $21.0M+64.1% | $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 |
| Long-Term Debt | $629K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $52.7M+429.9% | $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 |
| Retained Earnings | -$49.3M-14.7% | -$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 |
HCTI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.9M-0.4% | -$6.8M-356.5% | -$1.5M+43.2% | -$2.6M+52.6% | -$5.6M-585.2% | -$811K-213.4% | $715K+176.5% | -$935K |
| Capital Expenditures | $22K | $0-100.0% | $3K | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$6.9M-0.8% | -$6.8M-355.6% | -$1.5M | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$6.0M-1203.5% | -$462K+32.7% | -$686K | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $9.5M-28.7% | $13.3M+2176.0% | $584K+262.2% | -$360K-102.9% | $12.4M+1439.6% | $803K+212.2% | -$716K-208.0% | $663K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.3%+10.0pp | 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% |
| Operating Margin | -36.8%+104.7pp | -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% |
| Net Margin | -62.9%+80.5pp | -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% |
| Return on Equity | -11.8%+33.5pp | -45.3%-23.4pp | -21.8%-8.4pp | -13.4%+6.4pp | -19.8% | N/A | N/A | N/A |
| Return on Assets | -7.7%+12.1pp | -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% |
| Current Ratio | 0.90-0.4 | 1.33-0.7 | 2.03-0.8 | 2.81-0.3 | 3.07+2.9 | 0.21-0.1 | 0.29-0.1 | 0.38 |
| Debt-to-Equity | 0.01-1.3 | 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 |
| FCF Margin | -69.9%+147.8pp | -217.6%-174.7pp | -43.0% | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Healthcare Triangle Inc's annual revenue?
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.
How fast is Healthcare Triangle Inc's revenue growing?
Healthcare Triangle Inc (HCTI) revenue grew by 18.8% year-over-year, from $11.7M to $13.9M in fiscal year 2025.
Is Healthcare Triangle Inc profitable?
No, Healthcare Triangle Inc (HCTI) reported a net income of -$9.5M in fiscal year 2025, with a net profit margin of -68.2%.
What is Healthcare Triangle Inc's EBITDA?
Healthcare Triangle Inc (HCTI) had EBITDA of -$9.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Healthcare Triangle Inc's gross margin?
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.
What is Healthcare Triangle Inc's operating margin?
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.
What is Healthcare Triangle Inc's net profit margin?
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.
What is Healthcare Triangle Inc's return on equity (ROE)?
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.
What is Healthcare Triangle Inc's free cash flow?
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.
What is Healthcare Triangle Inc's operating cash flow?
Healthcare Triangle Inc (HCTI) generated -$16.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Healthcare Triangle Inc's total assets?
Healthcare Triangle Inc (HCTI) had $22.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Healthcare Triangle Inc's capital expenditures?
Healthcare Triangle Inc (HCTI) invested $6K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Healthcare Triangle Inc spend on research and development?
Healthcare Triangle Inc (HCTI) invested $536K in research and development during fiscal year 2025.
What is Healthcare Triangle Inc's current ratio?
Healthcare Triangle Inc (HCTI) had a current ratio of 1.33 as of fiscal year 2025, which is considered adequate.
What is Healthcare Triangle Inc's debt-to-equity ratio?
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.
What is Healthcare Triangle Inc's return on assets (ROA)?
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.
What is Healthcare Triangle Inc's cash runway?
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.
What is Healthcare Triangle Inc's Altman Z-Score?
Healthcare Triangle Inc (HCTI) has an Altman Z-Score of -3.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Healthcare Triangle Inc's Piotroski F-Score?
Healthcare Triangle Inc (HCTI) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.
Are Healthcare Triangle Inc's earnings high quality?
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.
Can Healthcare Triangle Inc cover its interest payments?
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.
How financially healthy is Healthcare Triangle Inc?
Healthcare Triangle Inc (HCTI) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.