FORAHIGH SIGNALREGULATORY10-K

FORA completed a corporate conversion from Delaware to Maryland incorporation while resolving prior-period revenue recognition restatements and showing strong operational improvement.

The corporate conversion to Maryland suggests strategic repositioning, possibly for regulatory or tax advantages, which represents a significant structural change requiring investor attention. The removal of restatement language indicates the company has resolved its ASC 606 revenue recognition issues that affected 2023 and early 2024 financials, reducing accounting uncertainty going forward.

Comparing 2026-03-27 vs 2025-04-11View on EDGAR →
FINANCIAL ANALYSIS

FORA demonstrated substantially stronger operational performance with revenue growing meaningfully and operating losses improving significantly from -$7.0M to -$3.8M. The company dramatically reduced share buyback activity from $3.5M to $293K, suggesting cash conservation focus, while total liabilities decreased 16.2% indicating improved balance sheet positioning. Overall, the financial picture shows a company moving toward profitability with strengthened fundamentals and resolved accounting issues.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-91.5%
$3.5M→$293K

Buyback activity reduced 91.5% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
+50.1%
$20.2M→$30.3M

Strong top-line growth of 50.1% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+46.1%
-$7.0M→-$3.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Accounts Receivable
Balance Sheet
+42.1%
$4.0M→$5.6M

Receivables surged 42.1% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Net Income
P&L
+23.8%
-$3.8M→-$2.9M

Net income grew 23.8% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
-16.2%
$17.1M→$14.4M

Liabilities reduced 16.2% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-13.6%
$16.6M→$14.4M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-04-11
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
As of March 25, 2026, there were 31,208,751 shares outstanding of the registrant s common stock, including shares of unvested restricted stock.
Business Overview Forian is a leading provider of data science-driven information and analytics solutions to the life sciences, healthcare and financial services industries.
Our subscription and services-based solutions serve the life sciences, pharmaceutical services, healthcare payer and provider, and financial services industries.
On January 8, 2026, at a special meeting of stockholders (the Special Meeting ) of Forian, Inc.
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REMOVED
As of April 9 , 2025 , there were 31,193,563 shares outstanding of the registrant s common stock, including shares of unvested restricted stock.
EXPLANANTORY NOTE Restatement of Previously Issued Consolidated Financial Statements On March 30, 2025, the Audit Committee (the Audit Committee ) of the Board of Directors (the Board ) of Forian Inc.
( Forian or the Company ), based on the recommendation of, and after discussion with, the Company s management and independent registered public accounting firm, determined that the Company s previously issued unaudited and audited consolidated financial statements as of and for each of the quarterly and year to date periods in 2023 and the quarterly period ended September 30, 2024 (the Non-Reliance Periods ) should no longer be relied upon.
During the course of the audit of the Company s 2024 financial statements, management of the Company, after discussion with its independent registered public accounting firm, determined that under ASC 606 , Revenue from Contracts with Customers ( ASC 606 ), aggregate annual minimum payments for certain contracts should be recognized on a straight line basis over the life of the contract, as opposed to individually in the year in which the minimum fee applies under the terms of the contract.
As a result, the Company restated its previously reported financial statements for the each of the periods ended March 31, 2023, June 30, 2023, September 31, 2023 and December 31, 2023.
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