NASDAQ · Financial Statements

Forian Inc (FORA) Financial Statements

$2.17 NASDAQ: FORA Market Cap $67.79M

Forian Inc most recently reported annual revenue of $30.0M, a net loss of $3.0M. Revenue grew at an average annual rate of 97.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Forian Inc: net profit was positive in 1 of 7 reported years; operating margin moved from -914.7% to -8.2%, a shift of +906.5 percentage points; the most recent year shows a net loss of $3.0M.

Income Statement — 7 Years (USD millions)

Metric2019202020212022202320242025
Revenue$0$1.0M$17.0M$16.0M$20.0M$20.0M$30.0M
Operating Expenses$1.0M$6.0M$44.0M$35.0M$26.0M$27.0M$33.0M
Operating Profit$-1.0M$-5.0M$-28.0M$-19.0M$-6.0M$-7.0M$-2.0M
Operating Margin0.0%-914.7%-163.6%-115.4%-27.3%-34.7%-8.2%
Other Income$0$0$1.0M$0$7.0M$3.0M$0
Interest$0$0$0$1.0M$1.0M$1.0M$0
Depreciation$0$0$2.0M$0$0$0$0
Profit Before Tax$-1.0M$-5.0M$-27.0M$-19.0M$2.0M$-4.0M$-3.0M
Tax$0$0$-80,000$-130,000$4.7M$-1.8M$-8.6M
Net Profit$-1.0M$-5.0M$-27.0M$-26.0M$11.0M$-4.0M$-3.0M
EPS$-0.04$-0.17$-0.84$-0.81$0.36$-0.12$-0.09
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$5.0M$5.0M$5.0M$5.0M$5.0M$5.0M$6.0M$7.0M$7.0M$8.0M$8.0M$7.0M
Operating Expenses$6.0M$6.0M$6.0M$7.0M$8.0M$5.0M$7.0M$8.0M$7.0M$8.0M$9.0M$10.0M
Operating Profit$-1.0M$-1.0M$-1.0M$-2.0M$-3.0M$-1.0M$-1.0M$-1.0M$0$0$-1.0M$-3.0M
Operating Margin-30.4%-15.1%-17.0%-36.3%-62.2%-17.0%-24.9%-19.8%0.6%-3.9%-10.4%-42.9%
Interest$0$0$0$0$0$0$0$0$0$0$0$0
Profit Before Tax$-1.0M$6.0M$0$-1.0M$-3.0M$0$0$-1.0M$0$0$-2.0M$-3.0M
Tax$-3.4M$1.7M$16.2M$-9.2M$-320,000$31.9M$20.6M$-660,000$34.0M$11.0M$-7.3M$-900,000
Net Profit$-1.0M$4.0M$1.0M$-1.0M$-3.0M$0$0$-1.0M$0$0$-2.0M$-3.0M
EPS$-0.03$0.12$0.04$-0.04$-0.08$-0.01$0.01$-0.04$0.01$0.00$-0.06$-0.11

Over the 7 years reported for Forian Inc, cash stood at $13.0M in the latest year, shareholders' equity was $0, current assets covered current liabilities 3.07 times.

Balance Sheet — 7 Years (USD millions)

Metric2019202020212022202320242025
Total Assets$0$13.0M$57.0M$46.0M$61.0M$47.0M$44.0M
Current Assets$0$13.0M$36.0M$27.0M$58.0M$44.0M$43.0M
Cash$0$1.0M$19.0M$3.0M$6.0M$5.0M$13.0M
Inventory$0$0$1.0M$0$0$0$0
Receivables$0$0$3.0M$4.0M$9.0M$7.0M$8.0M
Fixed Assets$0$0$2.0M$0$0$0$0
Capital Work in Progress$0$0$0$0$0$0$0
Investments$0$12.0M$12.0M$17.0M$42.0M$30.0M$19.0M
Other Assets$0$0$9.0M$9.0M$0$0$0
Total Liabilities$0$1.0M$32.0M$34.0M$33.0M$17.0M$14.0M
Current Liabilities$0$1.0M$7.0M$8.0M$7.0M$17.0M$14.0M
Borrowings$0$0$25.0M$26.0M$23.0M$7.0M$0
Other Liabilities$0$1.0M$7.0M$8.0M$10.0M$10.0M$14.0M
Equity$0$0$0$0$0$0$0
Reserves$0$11.0M$25.0M$12.0M$28.0M$30.0M$30.0M

For Forian Inc, operating cash flow was positive in 2 of 7 reported years; free cash flow in the latest year was $3.0M; free cash flow was positive in 2 of 7 years; financing activities used $1.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 7 Years (USD millions)

Metric2019202020212022202320242025
Operating Cash Flow$-1.0M$-4.0M$-17.0M$-9.0M$1.0M$0$3.0M
Investing Cash Flow$0$-11.0M$-2.0M$-7.0M$7.0M$17.0M$13.0M
Financing Cash Flow$0$0$0$0$-4.0M$0$-1.0M
Net Cash Flow$0$1.0M$18.0M$-15.0M$3.0M$-1.0M$8.0M
Free Cash Flow$-1.0M$-4.0M$-19.0M$-9.0M$1.0M$0$3.0M

Valuation & Return Ratios

MetricValue
PEG Ratio—
EV / EBITDA—
FCF Yield3.44%
Quick Ratio3.14
Interest Coverage—
Return 1Y—
Return 3Y—
Return 5Y—

Forian Inc (FORA) financials — frequently asked questions

What is Forian Inc's annual revenue?

Forian Inc (FORA) reported annual revenue of $30.0M in its most recent fiscal year.

What is Forian Inc's net profit?

Forian Inc (FORA) reported a net loss of $3.0M in its most recent fiscal year.

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