Syra Health Corp Reports Revenue Growth, Increased Operating Losses in Q3 2024

Syra Health Corp reported significant financial developments in its Q3 2024 10-Q filing, highlighting both revenue growth and increased operating losses compared to the previous fiscal period.

For the third quarter of 2024, net revenues reached $2.25 million, a substantial increase from $1.58 million in Q3 2023. For the nine months ended September 30, 2024, net revenues totaled $5.98 million, up from $3.75 million in the same period last year. The growth in revenue was primarily driven by the Healthcare Workforce segment, which generated $4.41 million in the nine months ended September 30, 2024, compared to $2.99 million in the prior year. The Population Health and Digital Health segments also contributed, with revenues of $1.24 million and $0.28 million, respectively, compared to $0.61 million and $0.13 million in the previous year.

Despite the revenue growth, the company reported increased operating expenses, which totaled $1.10 million for Q3 2024, up from $0.90 million in Q3 2023. For the nine-month period, operating expenses surged to $4.46 million from $2.73 million. This rise in expenses contributed to an operating loss of $0.43 million for Q3 2024, compared to a loss of $0.34 million in Q3 2023. The cumulative operating loss for the nine months ended September 30, 2024, was $3.26 million, significantly higher than the $1.90 million loss reported for the same period in 2023.

The net loss for Q3 2024 was $0.42 million, compared to a net loss of $0.35 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $3.25 million, up from $1.94 million in the prior year. The net loss per common share for Q3 2024 was $(0.06), an improvement from $(0.08) in Q3 2023, while the nine-month loss per share was $(0.48), compared to $(0.44) in the previous year.

As of September 30, 2024, Syra Health had total assets of $4.43 million, down from $4.92 million at the end of 2023. Total liabilities increased to $1.09 million from $0.91 million, resulting in total stockholders’ equity of $3.33 million, a decrease from $4.01 million at the end of the previous fiscal year. The company reported an accumulated deficit of $8.32 million since inception.

Strategically, Syra Health completed a public offering on September 11, 2024, raising net proceeds of $1.62 million, following its IPO in October 2023, which generated approximately $5.33 million. The company also incurred significant expenses related to recruitment and human resource services, totaling $421,013 for the nine months ended September 30, 2024, compared to $140,677 in the same period of 2023.