HCTI

MKT CAP:$3M

Healthcare Triangle, Inc.

Market Cap

$3M

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

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$2.42-$34.18 (-93.39%)

Apr 21, 2026

Company Details

Healthcare Triangle, Inc., a healthcare information technology company, focuses on developing solutions in the sectors of cloud services, data science, and professional and managed services. It provides a suite of software, solutions, platf...

CEO

Lakshmanan Kannappan

IPO Date

Oct 13, 2021

Website

www.healthcaretriangle.com

Key Metrics TTM

Revenue

$13M

-21.9% YoY

Net Income

-$6M

EPS (Diluted)

-$17,632.60

Free Cash Flow

-$12M

Revenue / Share

$36,660.06

Gross Margin

13.1%

Operating Margin

-47.9%

Net Margin

-48.9%

FCF Margin

-91.1%

P/S

0.2x

P/E

—

Earnings Reports

Q3 2025

Nov 13, 2025

$3M+44.6%EPS -$5,394.86

Q2 2025

Aug 14, 2025

$4M+19.2%EPS -$3,872.07

Q1 2025

May 20, 2025

$4M-9.9%EPS -$4,811.78

FY 2024

Mar 31, 2025

$12M-64.8%EPS -$16,895.00

Q4 2024

Mar 31, 2025

$2M-69.0%EPS -$3,553.89

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$9M	$1M	-$3M
Q1 22	$11M	$2M	-$2M
Q2 22	$12M	$2M	-$1M
Q3 22	$12M	$3M	-$2M
Q4 22	$11M	$1M	-$6M
Q1 23	$10M	$719.0K	-$3M
Q2 23	$9M	$1M	-$2M
Q3 23	$8M	$995.0K	-$2M
Q4 23	$7M	$2M	-$479.0K
Q1 24	$4M	$478.0K	-$2M
Q2 24	$3M	$364.0K	-$1M
Q3 24	$2M	$722.0K	-$1M
Q4 24	$2M	$256.0K	-$852.0K
Q1 25	$4M	$329.0K	-$1M
Q2 25	$4M	$494.0K	-$1M
Q3 25	$3M	$618.0K	-$3M

Valuation

Quarter	P/S	P/E
Q4 21	110.3x	—
Q1 22	69.7x	—
Q2 22	61.3x	—
Q3 22	21.0x	—
Q4 22	10.9x	—
Q1 23	21.9x	—
Q2 23	13.9x	—
Q3 23	27.6x	—
Q4 23	23.6x	—
Q1 24	21.1x	—
Q2 24	7.3x	—
Q3 24	10.0x	—
Q4 24	23.9x	—
Q1 25	8.3x	—
Q2 25	0.7x	—
Q3 25	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$3M	-$3M
Q1 22	$336.0K	$316.0K
Q2 22	$266.0K	$264.0K
Q3 22	-$974.0K	-$978.0K
Q4 22	-$5M	-$5M
Q1 23	-$2M	-$2M
Q2 23	-$1M	-$1M
Q3 23	$0	-$5.0K
Q4 23	$675.0K	$670.0K
Q1 24	-$50.0K	-$50.0K
Q2 24	-$935.0K	-$935.0K
Q3 24	$715.0K	$715.0K
Q4 24	-$811.0K	-$811.0K
Q1 25	-$6M	-$6M
Q2 25	-$3M	-$3M
Q3 25	-$1M	-$3M

Capital Expenditures

Quarter	CapEx
Q4 21	$28.4K
Q1 22	$20.0K
Q2 22	$2.0K
Q3 22	$4.0K
Q4 22	$14.0K
Q1 23	$2.0K
Q2 23	$0
Q3 23	$5.0K
Q4 23	$5.0K
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+2.2%	+60.3%
Q1 22	+39.0%	+50.3%
Q2 22	+15.3%	+35.9%
Q3 22	+47.9%	+44.1%
Q4 22	+22.9%	+40.4%
Q1 23	-11.0%	+0.1%
Q2 23	-26.4%	-22.3%
Q3 23	-34.9%	-34.5%
Q4 23	-37.5%	-57.2%
Q1 24	-58.2%	-55.4%
Q2 24	-65.0%	-56.9%
Q3 24	-69.0%	-61.5%
Q4 24	-69.0%	-59.6%
Q1 25	-9.9%	-12.3%
Q2 25	+19.2%	+12.7%
Q3 25	+44.6%	+69.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$55.0K	2.3%
Q4 24	-$19.0K	-0.9%
Q1 25	$36.0K	1.0%
Q2 25	$0	0.0%
Q3 25	$415.0K	11.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 21	$1M	—	—	$3M
Q1 22	$1M	—	—	$3M
Q2 22	$646.0K	—	—	$3M
Q3 22	$1M	—	—	$3M
Q4 22	$5M	—	—	$3M
Q1 23	$539.0K	—	—	$3M
Q2 23	$102.0K	—	—	$3M
Q3 23	$54.0K	—	—	$2M
Q4 23	$104.0K	—	—	$2M
Q1 24	$127.0K	—	—	$2M
Q2 24	$207.0K	—	—	$2M
Q3 24	$175.0K	$1M	$294.0K	—
Q4 24	—	$793.0K	$395.0K	—
Q1 25	$144.0K	$1M	$373.0K	—
Q2 25	$55.0K	$1M	$616.0K	—
Q3 25	$59.0K	$2M	$1M	—

Revenue Segments

Quarter	Managed Services And Support	Platform Services	Software Services
Q4 21	$5M	$207.8K	$4M
Q1 22	$4M	$1M	$5M
Q2 22	$4M	$1M	$7M
Q3 22	$4M	$2M	$6M
Q1 23	$3M	$338.0K	$6M
Q2 23	$3M	$476.0K	$5M
Q3 23	$2M	$405.0K	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$2M	$0	$2M
Q1 22	$2M	$0	$2M
Q2 22	$1M	$0	$1M
Q3 22	$4M	$0	$4M
Q4 22	$1M	$0	$1M
Q1 23	$267.0K	$0	$267.0K
Q2 23	$132.0K	$0	$132.0K
Q3 23	$75.0K	$0	$75.0K
Q4 23	$1M	$0	$1M
Q1 24	$301.0K	$0	$301.0K
Q2 24	$29.0K	$0	$29.0K
Q3 24	$28.0K	$0	$28.0K
Q4 24	$20.0K	$0	$20.0K
Q1 25	$7M	$0	$7M
Q2 25	$3M	$0	$3M
Q3 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	236	+0.4%	-97.9%
Q1 22	237	+0.4%	-98.0%
Q2 22	237	0.0%	+0.9%
Q3 22	241	+1.7%	+2.6%
Q4 22	279	+15.8%	+18.2%
Q1 23	280	+0.4%	+18.1%
Q2 23	283	+1.1%	+19.4%
Q3 23	283	0.0%	+17.4%
Q4 23	288	+1.8%	+3.2%
Q1 24	298	+3.5%	+6.4%
Q2 24	355	+19.1%	+25.4%
Q3 24	379	+6.8%	+33.9%
Q4 24	379	0.0%	+31.6%
Q1 25	353	-6.9%	+18.5%
Q2 25	353	0.0%	-0.6%
Q3 25	353	0.0%	-6.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$119.3K	77
Q1 22	$143.6K	77
Q2 22	$150.5K	77
Q3 22	$155.2K	77
Q4 22	$221.4K	51
Q1 23	$192.9K	51
Q2 23	$167.2K	51
Q3 23	$152.5K	51
Q4 23	$213.9K	33
Q1 24	$124.5K	33
Q2 24	$90.4K	33
Q3 24	$73.1K	33
Q4 24	$60.8K	36
Q1 25	$102.9K	36
Q2 25	$98.8K	36
Q3 25	$96.9K	36

Revenue / Employee