olivLaw · US equity research
Healthcare Triangle, Inc. HCTI
Services-Computer Integrated Systems Design · SIC 7373 · Vertical: Services-Computer Integrated Systems Design (SIC 7373)
Healthcare Triangle, Inc. is a healthcare information technology company offering cloud services, data analytics and managed services to healthcare providers and life sciences companies. In 2026 it expanded through acquisitions in AI-powered customer engagement, which changes the mix of its revenue.
At the close of 04 Nov 2026, Healthcare Triangle, Inc. (HCTI) stock was 4.62 USD (−11.83% on the day), with market capitalisation 69.2 m USD, beta 3.92, 52-week range 0.36–166.80 USD. Latest reported quarter (Q2 2026): revenue of 9.2 m USD (+158.4% YoY), net income of -4.4 m USD, diluted EPS -1.56 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.4
- strong (55–70)
- Bollinger (20, 2)
- -2.41 – 9.68
- in the upper half of the band · %B 0.58 · band width 332.3%
- SMA 50 / 200
- 1.91 / 3.47
- mixed trend
- MACD (12, 26, 9)
- 1.21 / 1.24
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +661.1% | −2.0% | +663.1 pp | — |
| 3 months | +327.8% | −2.2% | +329.9 pp | — |
| 6 months | +94.1% | +4.3% | +89.9 pp | — |
| Year to date | −87.8% | +10.6% | −98.4 pp | — |
| 1 year | −97.1% | +10.5% | −107.5 pp | −33.2% |
| 3 years | −100.0% | +73.7% | −173.7 pp | −27.7% |
| 5 years | −100.0% | +61.7% | −161.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 m | 2.2 m | 3.7 m | 3.6 m | 3.5 m | 3.1 m | 9.9 m | 9.2 m |
| Cost of revenue | 1.7 m | 1.9 m | 3.4 m | 3.1 m | 2.9 m | 2.7 m | 7.5 m | 7.1 m |
| Gross profit | 0 ≈ | 0 | 1.1 bn | 494.0 k | 1.1 bn ≈ | 165.0 m | — | 2.1 m |
| Research & development | 175.0 k | -80.0 k | 144.0 k | 55.0 k | 59.0 k | 279.0 k | 85.0 k | 51.0 k |
| Operating income | -1.2 m | -498.0 k | -1.4 m | -1.4 m | -2.6 m | -4.4 m | -3.6 m | -4.1 m |
| Depreciation & amortisation | 343.0 k | -145.0 k | 12.0 k | 0 ≈ | 63.0 k | 630.0 k | 810.0 k | 529.0 k |
| Interest expense | -80.0 k | — | 316.0 k | 0 ≈ | 151.0 k ≈ | 100.0 k | 89.0 k | 84.0 k ≈ |
| Pre-tax income | -1.2 m | -1.3 m | -1.7 m | -1.4 m | -1.9 m | -4.5 m | -6.2 m | -4.4 m |
| Income tax | 2.0 k | 4.0 k | — | — | — | — | — | 24.0 k |
| Net income | -1.2 m | -1.3 m | -1.7 m | -1.4 m | -1.9 m | -4.5 m | -6.2 m | -4.4 m |
| Diluted EPS | -54.78 | — | -0.17 | -35.01 | -0.42 | — | -6.81 | -1.56 |
| Operating cash flow | 715.0 k ≈ | -811.0 k | -5.6 m | -2.6 m ≈ | -1.5 m ≈ | -6.8 m | -6.9 m | -833.0 k ≈ |
| Capex | — | — | — | — | 3.0 k ≈ | 0 | 22.0 k | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 31.3 m | 35.3 m | 45.9 m | 33.2 m | 11.7 m | 13.9 m |
| Revenue YoY | unavailable | +12.5% | +30.1% | −27.6% | −64.8% | +18.8% |
| Net income | 2.4 m | -5.9 m | -14.4 m | -8.7 m | -6.0 m | -9.5 m |
| Net income YoY | unavailable | −352.8% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.08 | -0.20 | -3.88 | -2.08 | -16,909.30 | -152.30 |
| Diluted EPS YoY | unavailable | −340.5% | unavailable | unavailable | unavailable | unavailable |
| net % | 7.5% | -16.9% | -31.3% | -26.2% | -51.0% | -68.2% |
| Free cash flow | unavailable | unavailable | -5.4 m | -2.2 m | unavailable | -16.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.6 m USD
- Financial debt
- 10.7 m USD
- Net debt
- 3.1 m USD
- Equity
- 9.9 m USD
- Total assets
- 22.7 m USD
- Debt / equity
- 1.08x
- Current ratio
- 1.03x
- ROE
- unavailable
- ROA
- -76.7%
- FCF margin
- -119.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 31.3 m | 35.3 m | 45.9 m | 33.2 m | 11.7 m | 13.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Cost of revenue | 22.8 m | 24.7 m | 34.6 m | 26.4 m | 8.8 m | 12.0 m | SEC (XBRL)· 15 Apr 2026verified |
| Gross profit | 8.6 m ≈ | 10.5 m ≈ | 11.3 m ≈ | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 15 Apr 2026verified |
| Research & development | 1.7 m | 5.3 m | 8.1 m | 799.0 k | 429.0 k | 536.0 k | SEC (XBRL)· 15 Apr 2026verified |
| SG&A | — | 0 | 0 | — | — | — | SEC (XBRL)· 28 Mar 2023verified |
| Operating income | 1.2 m | -5.4 m | -16.3 m | -7.7 m | -4.8 m | -9.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 803.2 k | 1.4 m | 2.9 m | 1.6 m | 889.0 k | 705.0 k | SEC (XBRL)· 15 Apr 2026verified |
| EBITDA | 2.0 m ≈ | -3.9 m ≈ | -13.4 m ≈ | -6.1 m ≈ | -3.9 m ≈ | -9.1 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Interest expense | 78.6 k | 567.0 k | 212.0 k | 968.0 k | — | 567.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Pre-tax income | 2.6 m | -5.9 m | -13.9 m | -8.7 m | -6.0 m | -9.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Income tax | 257.4 k | 24.0 k | 506.0 k | 35.0 k | 12.0 k | — | SEC (XBRL)· 31 Mar 2025verified |
| Net income | 2.4 m | -5.9 m | -14.4 m | -8.7 m | -6.0 m | -9.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | 0.08 | -0.20 | -3.88 | -2.08 | -16,909.30 | -152.30 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | 27.9 m | 29.4 m | 3.7 m | 4.2 m | 353 | 61.9 k | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.4 m | 1.8 m | 1.3 m | 1.2 m | 20.0 k | 7.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Receivables | 6.4 m | 9.7 m | 5.9 m | 3.6 m | 1.1 m | 2.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Current assets | 8.0 m | 11.8 m | 8.0 m | 5.7 m | 1.5 m | 13.2 m | SEC (XBRL)· 13 Aug 2026verified |
| Property, plant & equipment, net | 15.8 k | 74.0 k | 80.0 k | 44.0 k | 12.0 k | 5.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | — | 1.3 m | 1.3 m | — | — | 2.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | 2.6 m | 10.5 m | 4.1 m | 857.0 k | — | 2.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 11.1 m | 24.6 m | 13.3 m | 6.9 m | 2.0 m | 22.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 4.3 m | 1.9 m | 1.5 m | 2.0 m | 2.5 m | 744.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Short-term debt | — | 2.2 m | 2.7 m | 3.8 m | 2.7 m | 10.7 m | SEC (XBRL)· 15 Apr 2026verified |
| Long-term debt | — | — | — | 888.0 k | — | — | SEC (XBRL)· 20 May 2024verified |
| Current liabilities | 6.8 m | 6.3 m | 6.6 m | 8.2 m | 7.1 m | 12.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 6.8 m | 8.5 m | 7.2 m | 8.2 m | 7.1 m | 12.8 m | SEC (XBRL)· 14 May 2026verified |
| Equity | 4.3 m | 16.1 m | 12.4 m | -1.4 m | -5.1 m | 9.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Shares outstanding at year end | — | — | — | 4.3 m | — | — | SEC (XBRL)· 04 Jan 2024verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -734.7 k | -7.1 m | -5.4 m | -2.2 m | -1.1 m | -16.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | — | — | 40.0 k | 12.0 k | — | 6.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | — | — | -5.4 m ≈ | -2.2 m ≈ | — | -16.5 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -477.5 k | -7.6 m | -1.1 m | -12.0 k | — | -1.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 1.6 m | 15.1 m | 6.1 m | 2.1 m | -133.0 k | 25.9 m | SEC (XBRL)· 15 Apr 2026verified |
| Share repurchases | — | — | 141.0 k | — | — | — | SEC (XBRL)· 18 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 28 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 69.2 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet0
- Growth24
- Valuation18
- Quality50
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.50 – 2.09 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/Sales0.50 – 2.09 (Mid 0.87)10 companies used · median multiple 1.1x · quartiles 0.9x – 1.8xCACI, CREX, DAIC, FUSE, GDDY, LDOS, OTEX, PSN, RBBN, SAIC
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 28/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 4,824.1% | 100 (on a fixed band) | 12% |
| EBIT margin · Quality | -57.4% | 37 (vs peers) | 10% |
| FCF margin · Quality | -62.4% | 0 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -32.9% | 0 (on a fixed band) | 19% |
| Revenue growth (YoY) · Growth | 18.8% | 73 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 7% |
| EV/Sales · Valuation | 3.3x | 31 (vs peers) | 19% |
| FCF yield · Valuation | -23.2% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth24/100 · 2/2 factors with a value
- Quality50/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation18/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HEALTHCARE TRIANGLE, INC. (HCTI). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 13.9 m USD in 2025; YoY growth 18.8%; net margin -66.3%; ROE -57.4%.
The estimated value range is 0.50–2.09 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.87 USD, the price of 4.62 USD leaves a potential of -81.1% (value / price − 1) and a margin of safety of -430.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 28/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 4,824.1%
- Revenue growth (YoY): 18.8%
What contradicts it
- FCF margin: -62.4%
- Revenue CAGR 3Y: -32.9%
- Current ratio: 0.6x
- FCF yield: -23.2%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Integrated Systems Design (SIC 7373) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LDOSLeidos Holdings, Inc. | 16.4 bn | 12.1 | 28.2% | 8.0% | +3.1% | −30% / +26% |
| GDDYGoDaddy Inc. | 14.3 bn | 16.2 | — | 18.6% | +8.3% | −7% / +18% |
| CACICACI International Inc | 14.0 bn | 25.9 | 12.5% | 5.5% | +10.9% | +2% / +97% |
| JKHYJack Henry & Associates, Inc. | 12.6 bn | 25.7 | 24.0% | 19.8% | +7.1% | +3% / +13% |
| IONQIonQ, Inc. | 11.3 bn | — | -60.8% | -553.3% | +201.9% | −40% / +142% |
| OTEXOpen Text Corp | 6.4 bn | 10.3 | 16.2% | 12.3% | +1.5% | −21% / −34% |
| SAICScience Applications International Corporation | 6.3 bn | 17.6 | 25.7% | 5.1% | −2.9% | +75% / +28% |
| WAYWaystar Holding Corp. | 5.7 bn | 42.9 | 3.7% | 10.7% | +16.5% | −20% / unavailable |
| PSNParsons Corporation | 5.5 bn | 38.2 | 5.7% | 2.3% | −5.7% | −38% / −16% |
| AGYSAgilysys, Inc. | 3.5 bn | 78.5 | 13.6% | 12.9% | +15.9% | −0% / +42% |
| NTCTNetscout Systems Inc | 2.8 bn | 23.3 | 7.5% | 13.7% | +4.5% | +42% / +90% |
| AURAurora Innovation, Inc. | 2.6 bn | — | -45.7% | -13,328.6% | unavailable | −3% / +86% |
| PONYPony AI Inc. | 2.1 bn | — | -10.3% | -148.9% | +20.0% | −65% / unavailable |
| OSPNOneSpan Inc. | 872.9 m | 13.2 | 26.8% | 27.5% | +0.0% | +94% / +136% |
| TLSTelos Corporation | 378.2 m | — | -14.9% | -8.1% | +52.2% | −12% / +23% |
| SLPSimulations Plus, Inc. | 374.2 m | 46.7 | 6.2% | 9.9% | +13.1% | unavailable / unavailable |
| SMRTSmartrent, Inc. | 310.4 m | — | -8.4% | -13.0% | −12.9% | −6% / −48% |
| ASURAsure Software, Inc. | 293.6 m | — | -1.9% | — | +24.3% | +22% / +22% |
| VEEAVeea Inc. | 281.2 m | — | — | -2,491.9% | +56.6% | −55% / −98% |
| RBBNRibbon Communications Inc. | 275.9 m | 22.5 | 5.0% | 2.3% | +1.3% | −46% / −28% |
| KDKKodiak AI, Inc. | 220.7 m | — | — | -4,259.6% | −74.6% | −82% / unavailable |
| UISUnisys Corp | 171.4 m | — | — | -21.7% | −2.9% | −12% / −51% |
| AIOSAIOS Tech Inc. | 138.9 m | — | -208.9% | -4,359.1% | −98.5% | −87% / −86% |
| MRLNMerlin, Inc. | 91.5 m | — | — | — | unavailable | −92% / unavailable |
| CSPICSP Inc | 75.4 m | — | -1.5% | -1.2% | +6.4% | −35% / −40% |
1- and 3-year price returns: for HCTI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Healthcare Triangle, Inc. is a healthcare information technology company offering cloud services, data analytics and managed services to healthcare providers and life sciences companies 1. In 2026 it expanded through acquisitions in AI-powered customer engagement, which changes the mix of its revenue 2.
SWOT
Strengths
- The company has declared partnerships with major cloud providers and EHR vendors, plus certifications and domain experts 1.
- Proprietary platforms and compliance with HIPAA and GxP requirements are presented as differentiators against competitors 1.
- The Ezovion and Teyame and Datono acquisitions have broadened the product portfolio and revenue segments 12.
Weaknesses
- The company is small, with a limited headcount and scale compared with large competitors 12.
- The company relies on an affiliate, SecureKloud, for essential services such as software development and operational support 1.
- The company is still in the early stages of scaling its SaaS offerings and lacks sufficient data on customer adoption 1.
Opportunities
Risks
- Competition from better-resourced rivalshigh
Larger competitors could offer similar products at more attractive prices, which could reduce the company's customers and margins 1.
- Dependence on third-party hostinghigh
If a hosting provider ended services or had problems, the company's platforms could be interrupted 1.
- Dependence on affiliate SecureKloudmedium
If the affiliate stopped providing essential services, operations could be affected and replacement could be costlier 1.
- Cybersecurity riskshigh
Sensitive medical data could become a target of attacks, with legal, reputational and financial consequences 1.
- Acquisition integrationmedium
Integrating Teyame and Datono and finalising provisional acquisition values could lead to significant adjustments and execution pressure 2.
Investment thesis
What would need to be true (bull case)
- If cloud and healthcare analytics markets grow in line with the cited estimates, the company could benefit from higher demand for its platforms 1.
- The AI customer engagement segment could shift the revenue mix toward more recurring sources if integration succeeds 2.
- Partnerships with major cloud providers and EHR vendors could help win large institutional clients 1.
What would break the thesis
- The company is small, with modest revenue compared with large rivals, which could limit its ability to invest 1.
- Dependence on third parties for hosting and on an affiliate for essential services could introduce operational risks that are hard to control 1.
- SaaS adoption remains uncertain, and the company says it lacks enough data to assess the impact on growth 1.
What to watch
- Revenue trend of the AI customer engagement segment after the Teyame and Datono acquisitionQ3 2026
- Finalisation of the provisional fair value assessment of the Ezovion acquisition, including the earnout2026
- Number of new SaaS customers and the level of recurring revenuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company develops proprietary platforms such as CloudEz and DataEz for cloud and data management in healthcare and life sciences, alongside readabl.ai, Ziloy and Ezovion 1. Revenue comes mainly from software services and managed services delivered by its own staff, and the platforms are also sold as SaaS subscriptions 1. In 2025 revenue was approximately 13.9 million USD, up 19% from the prior year 1.
The company works with healthcare providers, insurers, pharmaceutical, biotech and medical device firms, and states partnerships with AWS, Google Cloud, Microsoft Azure and EHR vendors MEDITECH and Epic Systems 1. It had 43 full-time employees at the end of 2025 1, and 40 full-time employees and 27 sub-contractors at June 30, 2026 2.
In 2026 the company agreed to acquire Teyame and Datono, which bring an AI-based customer engagement segment that, according to the quarterly report, now generates a major part of revenue 2. The aggregate purchase price for the two companies is up to 50 million USD, with cash, equity and an earnout in preferred stock 2.
Segments
Software Services
This segment covers strategy, implementation and development work, mostly billed on time and materials, and was an important source of revenue during customer deployment periods 1.
Managed Services and Support
This segment covers post-implementation support and cloud hosting, recognised ratably over the contract term, with higher gross margins than software services 1.
AI-powered Customer Engagement
This segment comes from the Teyame and Datono acquisitions, effective January 1, 2026, and according to the quarterly report it has become the main revenue source 2.
Market context
The company defines its target markets as healthcare delivery organisations and life sciences organisations, which it describes as large and expanding 1. Estimates it cites include the US healthcare cloud transformation services market reaching 35.8 billion USD by 2034 1, and the US healthcare IT services market estimated at 388.99 billion USD by 2030 1. These figures come from third parties and are presented as background, not as company revenue.
The market is fragmented and EHR interoperability remains weak, which creates demand for integration and data analytics platforms 1. The real addressable market for a company of its size cannot be determined from the available texts.
Trends
- Cloud and healthcare data analyticstailwind
Rising volumes of medical data and pressure for advanced analytics are cited as reasons for adopting cloud and analytics platforms 1.
- Interoperability driven by regulationtailwind
Rules such as the 21st Century Cures Act favour data exchange among providers, payers and technology companies, which could raise demand for the company's solutions 1.
- AI adoption in healthcaremixed
The company cites fast growth estimates for AI in healthcare, but says actual SaaS adoption is not yet known 1.
- Long procurement cyclesheadwind
Large customers have lengthy procurement processes, which can slow the addition of new customers and the pace of revenue 1.
Competitive position
The company names several principal and secondary competitors, some with much greater financial, technical and marketing resources, stronger brands and broader intellectual property portfolios 1. Competition also includes cloud management and database vendors, and players that could move data to the cloud 1.
The company argues its strengths are technology capability, domain expertise and on-demand support for cloud, data and security architectures in healthcare 1. If larger rivals offered similar features at more attractive prices, its competitive position could be affected 1.
- Major cloud providers (AWS, Google Cloud, Microsoft Azure)
Named as hosting partners and infrastructure providers, and as parties that could offer comparable services 1.
- Cloud management and database system vendors
Named by the company as possible competitors in cloud and data platforms 1.
- Technology companies launching healthcare-specific products
The company warns that other technology or healthcare firms could target its hospital and life sciences market 1.
- Smaller firms with new products
Smaller companies may quickly launch services the company does not offer and gain market acceptance 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report23 Oct 2026Shareholder vote · Financial statements and exhibits
- Proxy statement13 Oct 2026
- Current report02 Oct 2026Delisting notice · Financial statements and exhibits
- Current report25 Sept 2026Material agreement · Financial statements and exhibits
- Current report08 Sept 2026Material agreement · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report29 Jul 2026Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report20 Jul 2026Shareholder vote
- Proxy statement26 Jun 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Healthcare Triangle, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Healthcare Triangle, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.