Syra Health Corp. reported a significant increase in revenue for the fiscal year ending December 31, 2024, generating approximately $8.0 million, up from $5.5 million in 2023, marking a 45% increase. The growth was primarily driven by a $1.6 million rise in healthcare workforce services and a $944,305 increase in population health management revenues. However, the company also reported a net loss of $3.76 million for 2024, compared to a loss of $2.94 million in the previous year, reflecting increased operational costs associated with expanded services and personnel.
The company's operational metrics indicate a strategic focus on enhancing its service offerings. Syra Health launched its flagship product, Syrenity, a mental health application, in the third quarter of 2024, aimed at providing preventative care and interventions. The company also expanded its workforce, employing 57 full-time and 37 part-time employees as of March 2025. Despite the increase in revenue, the company faces challenges, including a projected decline in revenue from its healthcare workforce services due to the completion of a significant contract with the Indiana Family and Social Services Administration (FSSA).
In terms of financial health, Syra Health's cash reserves decreased to $2.4 million by the end of 2024, down from $3.3 million in 2023. The company reported an accumulated deficit of $8.8 million, raising concerns about its ability to sustain operations without additional funding. The independent auditors expressed substantial doubt about the company's ability to continue as a going concern, emphasizing the need for further capital to support ongoing operations and growth initiatives.
Looking ahead, Syra Health plans to continue expanding its service lines and geographic reach, with a focus on acquiring companies that complement its existing offerings. The company aims to enhance its sales force productivity and cross-sell its solutions to existing customers. However, the management acknowledged that achieving profitability remains uncertain, and the company may need to seek additional funding to support its growth strategy and operational needs in the coming year.
About Syra Health Corp
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