Syra Health (SYRA) cuts FY2025 net loss 76% as margins expand

Rhea-AI Filing Summary

Syra Health Corp. reported FY2025 results showing a much smaller loss and stronger margins despite lower revenue. Net revenues were $7.2 million versus $8.0 million in FY2024, mainly due to reduced federal funding to state and county customers.

Population Health revenue grew 157% to $5.3 million, becoming a key growth engine. Net loss narrowed to ($896,333) from ($3,759,238), and earnings per share improved to ($0.08) from ($0.50). Gross margin increased to 34.4% from 20.7% as cost of services fell.

Total operating expenses declined to $3.4 million from $5.4 million, and adjusted EBITDA improved to ($863K) from ($3.7 million). Cash was $1.6 million with no long-term debt as of December 31, 2025, while management highlighted a strategic shift toward integrated healthcare solutions and reiterated a goal of reaching profitability by year-end 2026.

Positive

• Profitability metrics improved sharply, with FY2025 net loss reduced to ($896K) from ($3.76M), gross margin rising to 34.4% from 20.7%, and adjusted EBITDA improving to ($863K) from ($3.7M), indicating substantial operating leverage gains.

Negative

• None.

Insights

Healthcare equity analyst

Syra Health trades lower revenue for a much leaner, higher-margin business.

Syra Health delivered a sharp improvement in profitability metrics for FY2025. Net loss shrank to ($896,333) from ($3,759,238), while gross margin expanded to 34.4% from 20.7%, reflecting lower service costs and a richer mix from Population Health.

Top-line performance was softer, with net revenues at $7.2 million versus $8.0 million, tied to slowing or terminated federal funding for government customers. However, Population Health revenue grew 157% to $5.3 million, indicating traction in higher-margin offerings.

Adjusted EBITDA improved to ($863K) from ($3.7 million), and total operating expenses fell to $3.4 million from $5.4 million. Cash stood at $1.6 million with no long-term debt as of December 31, 2025. Management’s target of profitability by year-end 2026 rests on sustaining mix shift into Population Health and maintaining cost discipline.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 12, 2026

SYRA HEALTH CORP.

(Exact name of registrant as specified in its charter)

Delaware		001-41822		85-4027995
(State or other jurisdiction		(Commission		(I. R. S. Employer
of incorporation)		File Number)		Identification No.)

1119 Keystone Way N. #201

Carmel, IN 46032

(Address of principal executive offices, including zip code)

(463) 345-8950

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock, $0.001 par value		SYRA		OTCQB

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Conditions.

On March 12, 2026, Syra Health Corp. issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

The information in this report, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, the exhibit furnished herewith contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibit.

Item 9.01 Financial Statements and Exhibit

(d) Exhibits.

The following exhibits are filed with this Current Report on Form 8-K:

Exhibit Number		Description
99.1		Press Release dated March 12, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SYRA HEALTH CORP.
Date: March 12, 2026	By:	/s/ Priya Prasad
		Priya Prasad
		Chief Financial Officer

Exhibit 99.1

Syra Health Posts Strong FY2025 Results with 157% Population Health Growth and 76% Net Loss Reduction: Targets Profitability by Year-End 2026

	●	FY2025 EPS improved to ($0.08) compared to ($0.50) in FY2024
	●	YoY net loss reduced 76% to ($896K) from ($3.8M) in FY2024
	●	Population health revenue grew 157% to $5.3 million versus $2.1 million in FY2024
	●	Operating expenses declined 37% to $3.4 million compared to $5.4 million in FY2024

Carmel, Ind., March 12, 2026 / PRNewswire – Syra Health Corp. (OTCQB: SYRA) (“Syra Health” or the “Company”), an integrated healthcare solutions company powering better health outcomes through prevention-focused, accessible, and affordable solutions, announced today its financial results for the fourth quarter and full year ended December 31, 2025.

Q4 and Full Year 2025 Financial Highlights

	●	Population Health revenue grew 157% year-over-year to $5.3 million in FY2025 from $2.1 million in FY2024, driven by demand for the Company’s higher margin yielding population health solutions, including data analytics, health education and training. Q4 2025 Population Health revenue grew 128% year-over-year to $1.3 million, compared to $550K in Q4 2024.
	●	Earnings per share improved by $0.42 in FY2025 to ($0.08) from ($0.50) in FY2024. Q4 2025 EPS improved to ($0.01) from ($0.08) in Q42024, representing meaningful progress as the Company moves closer to profitability.
	●	Total operating expenses declined 37% to $3.4 million in FY2025 when compared to $5.4 million in FY2024. Q4 2025 operating expenses decreased 13% to $727K from $836K in Q4 2024.
	●	Net loss improved 76% to ($896K) in FY2025 from ($3.8M) in FY2024. Q4 2025 net loss was reduced 73% to ($135K) versus ($504K) in Q4 2024, reflecting a significantly improved cost structure.
	●	Gross margin grew to 34.4% in FY2025 from 20.7% in FY2024, representing a 14% year-over-year increase, attributed to improved operational efficiency and a higher-quality revenue mix.

2026 Financial Outlook

● The Company expects to achieve profitability by year-end 2026, driven by continued strong demand for its comprehensive population health solutions, disciplined cost management, and new contract wins.

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Recent Operational Highlights

	●	Executed a strategic transformation from a healthcare technology provider to an integrated healthcare solutions company, delivering end-to-end capabilities for its government and commercial healthcare customers.
	●	Won a new training contract in Washington state to safeguard behavioral health workers from workplace violence, addressing a critical and growing need on the frontlines of care.
	●	Scaled our live-agent HEDIS call center operations and expanded utilization nursing staff to meet demand from insurance company customers.
	●	Launched a wellness pilot program in collaboration with a public health department in North Carolina to protect employees from secondary trauma.
	●	Submitted Syrenity for FDA approval under the FDA’s TEMPO pilot program, positioning the Company to participate in CMS’s ACCESS Model, a 10-year national initiative launching July 2026 that rewards improved patient outcomes in behavioral health.

Management Commentary

Greg Alexander, CEO of Syra Health, said, “2025 was a breakout year for Syra Health. Our team delivered on two fronts, driving 157% growth in Population Health revenue while aggressively restructuring our cost base, cutting our net loss by 76%, and improving gross margins by 14%. This combination of top-line momentum and bottom-line discipline is what gives us confidence in our path to profitability by year-end 2026. Our evolution into an integrated healthcare solutions company reflects the strength and breadth of our portfolio. We are proud of what our team has built, and we remain committed to delivering value for our shareholders and better health outcomes for the communities we serve across the U.S.”

2025 Financial Results

For FY2025 ending December 31, revenue was $7.2 million, a 9% decrease compared to $8.0 million in FY2024, primarily due to the previously announced slowing or termination of federal government funding that supports many of the Company’s customers at the state and county government level.

Adjusted EBITDA for 2025 was ($863K) compared to ($3.7 million) in 2024, indicating significant year-over-year efficiency gains and improvement in the company’s operational profitability.

Cash on hand was $1.6 million, and there was no long-term debt as of December 31, 2025.

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Syra Health Corp

Balance Sheets

		December 31, 2025				December 31, 2024
ASSETS
Current assets:
Cash		$	1,614,733			$	2,395,405
Accounts receivable, net			918,374				680,827
Other current assets			205,423				276,563
Total current assets			2,738,530				3,352,795
Property and equipment, net			6,986				27,347
Right of use asset			27,401				299,190
Total assets		$	2,772,917			$	3,679,332
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable		$	247,520			$	101,690
Accounts payable, related parties			72,000				-
Accrued expenses			194,821				230,383
Deferred revenue			16,611				16,611
Current portion of operating lease liability, related party			27,401				111,978
Notes payable			116,386				152,887
Total current liabilities			674,739				613,549
Non-current portion of operating lease liability, related party			-				187,212
Total liabilities			674,739				800,761
Stockholders’ equity:
Preferred stock, $0.001 per value, 10,000,000 shares authorized, none issued			-				-
Class A Common stock, $0.001 par value, 100,000,000 shares authorized, 11,339,169 and 8,979,204 issued and outstanding at December 31, 2025 and 2024 respectively			11,339				8,979
Class B Common stock, $0.001 par value, 5,000,000 shares authorized, 600,000 and 833,334 issued and outstanding at December 31, 2025 and 2024 respectively			600				833
Additional paid in capital			11,806,765				11,692,952
Accumulated deficit			(9,720,526	)			(8,824,193	)
Total stockholders’ equity			2,098,178				2,878,571
Total liabilities and stockholders’ equity			2,772,917			$	3,679,332

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Syra Health Corp

Statements of Operations

For the Years Ended December 31, 2025 and 2024

		December 31, 2025				December 31, 2024
Net revenues		$	7,225,973			$	7,982,082
Cost of services			4,738,211				6,329,119
Gross profit			2,487,762				1,652,963
OPERATING EXPENSES:
Salaries and benefits			1,500,688				2,718,743
Professional services			737,714				606,051
Research and development expenses			67,840				585,146
Selling, general and administrative expenses			1,065,376				1,445,170
Depreciation			20,468				62,738
Total operating expenses			3,392,086				5,417,848
Net loss from operations			(904,324	)			(3,764,885	)
OTHER INCOME (EXPENSES):
Interest income			21,261				21,247
Interest expense			(13,270	)			(15,600	)
Total other income (expense)			7,991				5,647
NET INCOME (LOSS)		$	(896,333	)		$	(3,759,238	)
Loss per common share, basic and diluted		$	(0.08	)		$	(0.50	)
Weighted average number of common shares outstanding, basic and diluted			11,852,347				7,551,576

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Syra Health Corp

Statements of Cash Flows

For the Years Ended December 31, 2025 and 2024

		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)		$	(896,333	)		$	(3,759,238	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation Expense			20,468				62,738
Common stock issued for services			2,586				71,378
Stock-based compensation, stock options			98,554				59,803
Non-cash lease expense			-				89,500
Changes in operating assets and liabilities:
Accounts receivable			(237,547	)			379,807
Accounts receivable, related party			-				50,614
Other current assets			382,258				491,883
Right-of-use asset			105,670				-
Accounts payable			145,830				(361,301	)
Accounts payable, related parties			72,000				-
Deferred revenue			-				16,611
Accrued expenses			(35,562	)			55,672
Operating lease liability			(105,670	)			(89,500	)
Net cash used in operating activities			(447,746	)			(2,932,033	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment			(107	)			(11,111	)
Net cash provided by (used in) investing activities			(107	)			(11,111	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds received on exercise of Class A common stock warrants			14,800				2,469,150
Repayment of notes payable			(347,619	)			(410,676	)
Net cash provided by financing activities			(332,819	)			2,058,474
Net change in cash			(780,672	)			(884,670	)
Cash at beginning of period			2,395,405				3,280,075
Cash at end of period		$	1,614,733			$	2,395,405
Supplemental disclosure of cash flow information:
Cash paid for interest		$	13,270			$	15,600
Cash paid for taxes			-				-
Non-cash investing and financing activities:
Conversion of Class B common stock to Class A common stock		$	2,333			$	-
Initial recognition of right-of-use asset and lease liability		$	-			$	325,491
Amendment of right-of-use asset and lease liability		$	166,119			$	-
Options issued for director fees		$	-			$	24,267
Prepaid asset financed with note payable		$	311,118			$	378,659

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Syra Health Corp

EBIDTA

		Year Ended
		December 31, 2025				December 31, 2024
Net Loss		$	(896,333	)		$	(3,759,238	)
Interest expense			13,270				15,600
Depreciation expense			20,468				62,738
Taxes			-				-
Earnings before Interest, Taxes Depreciation and Amortization		$	(862,595	)		$	(3,680,900	)

		Quarter ended
		December 31, 2025				December 31, 2024
Net Loss		$	(134,570	)		$	(504,397	)
Interest expense			5,369				5,528
Depreciation expense			2,297				7,278
Taxes			-				-
Earnings before Interest, Taxes Depreciation and Amortization		$	(126,904	)		$	(491,591	)

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Non-GAAP Financial Measures

In addition to financial results reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we have provided the following non-GAAP financial measure in this release and the accompanying tables: adjusted EBITDA. We use this non-GAAP financial measures internally to facilitate period-to-period comparisons and analysis of our operating performance and liquidity, and believe it is useful to investors as a supplement to GAAP measures in analyzing, trending, and benchmarking the performance and value of our business. However, this measure is not intended to be a substitute for those reported in accordance with GAAP. These measures may be different from non-GAAP financial measures used by other companies, even when similar terms are used to identify such measures. For reconciliations of historical non-GAAP financial measures to the most comparable financial measures under GAAP, see the table below.

About Syra Health

Syra Health is an integrated healthcare solutions company serving government and commercial healthcare organizations with innovative solutions that improve health outcomes. We specialize in healthcare prevention, expanding access, and delivering affordable solutions. Our healthcare analytics capabilities provide proactive, actionable insights and data-driven intelligence, and our HIPAA-compliant and fully accessible digital health solutions enable measurable health outcomes in highly regulated healthcare environments. Through training and education, we help healthcare organizations reduce costs and deliver consistent, high-quality care.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include but are not limited to, statements relating to the expected use of proceeds, the Company’s operations and business strategy, and the Company’s expected financial results. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on management’s current expectations and are subject to substantial risks, uncertainty, and changes in circumstances. Investors should read the risk factors set forth in our Form 10-K for the year ended December 31, 2025, and other periodic reports filed with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by federal securities laws, the Company specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact

Christine Drury

IR/PR

Syra Health

463-345-5180

christined@syrahealth.com

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FAQ

How did Syra Health (SYRA) perform financially in FY2025?

Syra Health reported FY2025 net revenues of $7.2 million versus $8.0 million in 2024. Net loss narrowed significantly to ($896,333) from ($3,759,238), while earnings per share improved to ($0.08) from ($0.50), reflecting stronger efficiency.

What drove Syra Health’s margin and loss improvements in 2025?

Margin and loss improvements were driven by lower service costs and tighter spending. Gross margin rose to 34.4% from 20.7%, total operating expenses fell to $3.4 million from $5.4 million, and adjusted EBITDA improved to ($863K) from ($3.7M).

How fast did Syra Health’s Population Health revenue grow in FY2025?

Population Health revenue grew 157% in FY2025 to $5.3 million from $2.1 million in 2024. In Q4 2025 alone, Population Health revenue increased 128% year-over-year to $1.3 million, underscoring strong demand for these higher-margin solutions.

What was Syra Health’s cash and debt position at year-end 2025?

As of December 31, 2025, Syra Health held $1.6 million in cash and reported no long-term debt. Current liabilities totaled about $675K, and stockholders’ equity was approximately $2.1 million, providing a modest but debt-light balance sheet.

How did earnings per share change for Syra Health in FY2025?

Earnings per share improved meaningfully, moving to ($0.08) in FY2025 from ($0.50) in FY2024. This reflects the company’s reduced net loss and cost-control efforts, even as overall revenue declined modestly due to lower government-related funding.

What strategic shift did Syra Health highlight in its 2025 results?

Syra Health emphasized a shift from a pure technology provider to an integrated healthcare solutions company. This includes expanded Population Health offerings, analytics, training, and programs like workplace violence prevention and wellness pilots aimed at improving behavioral health outcomes.

What outlook did Syra Health give regarding future profitability?

Management stated confidence in a path to profitability by year-end 2026. This outlook is based on continued growth in higher-margin Population Health revenue, sustained operating expense reductions, and the company’s broader transformation into an integrated healthcare solutions platform.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 230.3 KB

Other Documents

• EX-101 XBRL SCHEMA FILE 2.9 KB
• EX-101 XBRL LABEL FILE 33.4 KB
• EX-101 XBRL PRESENTATION FILE 21.8 KB