Forian Inc. (NASDAQ: FORA) announced its third‑quarter 2025 earnings on November 14, 2025, reporting revenue of $7.76 million—an increase of 66% year‑over‑year. The jump is largely attributable to the integration of Kyber Data Science, which added a new portfolio of health‑economics and outcomes‑research contracts and expanded the company’s reach into financial‑services analytics.
Net loss for the quarter narrowed to $151,000 from $205,000 in Q3 2024, while adjusted EBITDA rose to $471,000 from $186,000 a year earlier. The improvement reflects stronger operating leverage as revenue scales and disciplined cost management during the Kyber integration, allowing the company to convert a larger portion of its top line into operating profit.
Forian reaffirmed its full‑year 2025 revenue guidance of $28 million to $30 million, a range unchanged from the prior guidance, and reiterated an adjusted EBITDA outlook of –$1 million to +$1 million. The steady revenue target signals confidence in continued demand for its data‑factory platform, while the wide EBITDA band underscores ongoing investment in product development and the need to balance growth with profitability.
CEO Max Wygod said, “Revenue for the third quarter was $7.76 million, a 66% year‑over‑year increase, driven by the Kyber acquisition and expansion in health‑economics projects.” CFO Michael Vesey added, “Adjusted EBITDA of $471 k versus $186 k last year demonstrates improved operating leverage and progress toward profitability.”
The market reaction was muted, reflecting concerns about the company’s continued net loss and the broad adjusted EBITDA guidance. Management’s emphasis on disciplined investment and the strategic value of Kyber signals a focus on long‑term growth, but investors remain cautious about achieving consistent profitability in the near term.
In summary, Forian’s Q3 2025 results show strong revenue growth and a narrowing loss, driven by the Kyber acquisition and expanding demand for integrated health‑care data. The company’s guidance indicates confidence in revenue momentum, while the wide EBITDA outlook highlights the trade‑off between growth investments and profitability.
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