FORA

MKT CAP:$67M

Forian Inc.

Market Cap

$67M

Healthcare·Medical - Healthcare Information Services·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$2.15+$0.03 (+1.42%)

Apr 21, 2026

Company Details

Forian Inc. provides software solutions, proprietary data driven insights, and predictive analytics to optimize the operational, clinical, and financial performance of its healthcare, cannabis, and government customers. It operates through ...

CEO

Max C. Wygod

IPO Date

Mar 3, 2021

Website

forian.com

Key Metrics TTM

Revenue

$30M

+50.1% YoY

Net Income

-$3M

EPS (Diluted)

-$0.09

Free Cash Flow

$3M

Revenue / Share

$0.97

Gross Margin

52.5%

Operating Margin

-8.2%

Net Margin

-9.5%

FCF Margin

9.5%

P/S

2.2x

P/E

—

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 27, 2026

$30M+50.1%EPS -$0.09

Q4 2025

Mar 27, 2026

$8M+37.0%EPS -$0.06

Q3 2025

Nov 14, 2025

$8M+65.6%EPS -$0.00

Q2 2025

Aug 14, 2025

$7M+56.5%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$0	$0	-$1M
Q1 20	$66.7K	$66.7K	-$680.1K
Q2 20	$108.8K	$108.8K	-$792.4K
Q3 20	$159.5K	$159.5K	-$1M
Q4 20	$209.9K	$171.7K	-$2M
Q1 21	$2M	$1M	-$5M
Q4 21	$6M	$4M	-$8M
Q4 22	$8M	$6M	-$3M
Q1 24	$5M	$3M	-$2M
Q2 24	$5M	$3M	-$3M
Q3 24	$5M	$3M	-$795.8K
Q4 24	$6M	$3M	-$1M
Q1 25	$7M	$4M	-$1M
Q2 25	$7M	$4M	$46.1K
Q3 25	$8M	$4M	-$299.3K
Q4 25	$8M	$4M	-$820.8K

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	832.4x	—
Q4 20	511.7x	—
Q1 21	129.2x	—
Q4 21	35.1x	—
Q4 22	4.8x	—
Q1 24	4.4x	—
Q2 24	3.6x	—
Q3 24	3.0x	—
Q4 24	3.2x	—
Q1 25	2.8x	—
Q2 25	2.4x	—
Q3 25	2.5x	—
Q4 25	2.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	-$783.8K	-$786.3K
Q1 20	-$458.7K	-$461.1K
Q2 20	-$1M	-$1M
Q3 20	-$837.8K	-$858.0K
Q4 20	-$2M	-$2M
Q1 21	-$4M	-$4M
Q4 21	-$4M	-$5M
Q4 22	$217.7K	$202.2K
Q1 24	-$2M	-$2M
Q2 24	-$23.1K	-$23.1K
Q3 24	$764.1K	$764.1K
Q4 24	$2M	$2M
Q1 25	$448.2K	$448.2K
Q2 25	-$344.5K	-$344.5K
Q3 25	-$439.7K	-$439.7K
Q4 25	$3M	$3M

Capital Expenditures

Quarter	CapEx
Q4 19	$2.5K
Q1 20	$2.4K
Q2 20	$11.6K
Q3 20	$20.3K
Q4 20	$17.3K
Q1 21	$64.0K
Q4 21	$803.0K
Q4 22	$15.5K
Q1 24	$0
Q2 24	$0
Q3 24	$4
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	—	+118.8%
Q1 21	+2330.9%	+802.2%
Q4 21	+5186.8%	+1444.3%
Q4 22	+4855.4%	+759.9%
Q1 24	+2223.1%	+159.8%
Q2 24	+194.8%	+15.0%
Q3 24	-18.5%	-60.6%
Q4 24	-26.5%	-36.1%
Q1 25	+44.7%	+27.1%
Q2 25	+56.5%	-4.1%
Q3 25	+65.6%	+47.1%
Q4 25	+37.0%	+21.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$11.7K	—
Q1 20	$5.2K	7.8%
Q2 20	$6.5K	6.0%
Q3 20	$8.6K	5.4%
Q4 20	$8.0K	3.8%
Q1 21	$863.9K	53.3%
Q4 21	$3M	53.1%
Q4 22	$2M	21.2%
Q1 24	$2M	34.0%
Q2 24	$2M	34.8%
Q3 24	$2M	33.1%
Q4 24	$2M	28.5%
Q1 25	$1M	18.3%
Q2 25	$661.5K	8.8%
Q3 25	$717.8K	9.2%
Q4 25	$604.3K	7.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 19	$696.8K	—	—	$472.8K
Q1 20	$389.0K	$302.3K	$55.1K	—
Q2 20	$426.4K	$326.8K	$56.0K	—
Q3 20	$658.8K	$514.3K	$40.2K	—
Q4 20	$1M	$391.5K	$422.6K	—
Q1 21	$1M	$3M	$599.0K	—
Q4 21	$3M	$7M	$1M	—
Q4 22	$2M	$5M	$1M	—
Q1 24	$389.9K	$3M	$1M	—
Q2 24	$307.2K	$4M	$1M	—
Q3 24	$292.0K	$3M	$957.0K	—
Q4 24	$455.7K	$3M	$1M	—
Q1 25	$606.2K	$3M	$1M	—
Q2 25	$675.7K	$2M	$1M	—
Q3 25	$676.2K	$2M	$1M	—
Q4 25	$958.6K	$2M	$2M	—

Revenue Segments

Quarter	Information and Software	Product and Service, Other	Service
Q4 21	$5M	$194.8K	$264.1K
Q4 22	$8M	$14.6K	$377.6K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$12M	$27M
Q2 22	$12M	$12M	$24M
Q3 22	$2M	$19M	$21M
Q4 22	$3M	$17M	$20M
Q1 23	$839.7K	$39M	$40M
Q2 23	$3M	$38M	$41M
Q3 23	$5M	$44M	$49M
Q4 23	$6M	$42M	$48M
Q1 24	$1M	$46M	$47M
Q2 24	$2M	$46M	$48M
Q3 24	$3M	$47M	$49M
Q4 24	$5M	$30M	$35M
Q1 25	$6M	$30M	$36M
Q2 25	$5M	$30M	$36M
Q3 25	$5M	$24M	$28M
Q4 25	$13M	$19M	$32M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	30M	—	—
Q1 20	30M	-0.1%	—
Q2 20	30M	0.0%	—
Q3 20	30M	0.0%	—
Q4 20	30M	0.0%	-0.1%
Q1 21	24M	-19.3%	-19.3%
Q4 21	32M	+31.7%	+6.2%
Q4 22	32M	+1.7%	+8.1%
Q1 24	31M	-3.7%	+4.1%
Q2 24	31M	+0.3%	+29.4%
Q3 24	31M	-0.0%	-1.7%
Q4 24	31M	-0.3%	-3.7%
Q1 25	31M	+0.4%	+0.4%
Q2 25	31M	+0.5%	+0.6%
Q3 25	31M	-0.7%	-0.0%
Q4 25	31M	+0.1%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	—	—
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	$11.7K	18
Q1 21	$90.0K	18
Q4 21	$41.1K	140
Q4 22	$76.0K	104
Q1 24	$131.8K	37
Q2 24	$129.1K	37
Q3 24	$126.7K	37
Q4 24	$157.1K	37
Q1 25	$190.7K	37
Q2 25	$202.1K	37
Q3 25	$209.8K	37
Q4 25	$159.2K	50

Revenue / Employee