Forian Inc. Reports Steady Q3 Revenue, Strategic Progress with Kyber Acquisition
TL;DR
Forian Inc. reported steady revenue with a 12% decrease from the prior year, offering potential investment opportunities.
The financial results for the third quarter of 2024 showed a decrease in revenue and net income from continuing operations compared to the prior year.
Forian's commitment to driving long-term value reflects its vision to capitalize on emerging opportunities, ultimately delivering success for stakeholders.
Forian Inc. acquired Kyber Data Science, adding machine learning-empowered analytics offerings, expanding its market reach and solution portfolio.
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Forian Inc. (Nasdaq: FORA), a provider of data science and analytics solutions, reported third quarter 2024 financial results on November 13. While revenue remained relatively flat at $4.7 million compared to $5.3 million in Q3 2023, the company emphasized its strategic progress, including the recent acquisition of Kyber Data Science.
"While this quarter's revenue remained steady, our team's commitment to driving long-term value has resulted in progress in our strategic vision," stated Max Wygod, Chairman and CEO of Forian. "The addition of Kyber Data Science enhances the momentum we are building to position us well to capitalize on emerging opportunities and deliver sustained success for our stakeholders."
Key financial highlights for Q3 2024 included:
- Revenue of $4.7 million, down 12% year-over-year
- Net loss from continuing operations of $0.2 million, compared to net income of $5.5 million in Q3 2023
- Adjusted EBITDA of $0.2 million, compared to $1.1 million in Q3 2023
- Cash, cash equivalents and marketable securities of $49.4 million as of September 30, 2024
The company completed its acquisition of Kyber Data Science on October 31, 2024, adding machine learning-powered analytics offerings and expanding Forian's market reach. This strategic move aims to strengthen Forian's position in providing data management and analytics solutions across multiple industries.
While revenue and profitability declined compared to the prior year, Forian's focus on strategic initiatives and its strong cash position indicate the company is positioning itself for future growth opportunities. The Kyber acquisition expands Forian's capabilities in machine learning and analytics, potentially opening new revenue streams.
For investors and industry observers, Forian's results and strategic moves highlight the ongoing importance of data science and analytics capabilities across multiple sectors. As businesses increasingly rely on data-driven insights, companies like Forian that can provide comprehensive solutions may be well-positioned to capture market share and drive long-term value.
Curated from NewMediaWire
