HCATHIGH SIGNALFINANCIAL10-K

HCAT experienced a dramatic deterioration in operating cash flow alongside substantial reductions in cash position and total debt levels.

The company's operating cash flow collapsed from $14.6M to just $731K, representing a near-complete erosion of cash generation capabilities. This severe operational decline occurred alongside major balance sheet deleveraging, suggesting either significant business restructuring or fundamental operational challenges that investors should closely monitor.

Comparing 2026-03-12 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

HCAT's financial profile underwent substantial changes, with operating cash flow falling precipitously while the company significantly reduced its debt burden from $382.4M to $153.3M. Cash and equivalents declined materially to $50.8M from $249.6M, though this appears partially related to debt reduction efforts. The overall picture suggests either a major restructuring initiative or serious operational headwinds affecting the company's core cash generation ability.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-95%
$14.6M→$731K

Operating cash flow fell 95% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-79.6%
$249.6M→$50.8M

Cash declined 79.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Liabilities
Balance Sheet
-72.5%
$325.9M→$89.6M

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

Current Assets
Balance Sheet
-63.6%
$465.6M→$169.3M

Current assets declined 63.6% — monitor working capital adequacy and short-term liquidity.

Total Debt
Balance Sheet
-59.9%
$382.4M→$153.3M

Debt reduced 59.9% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-48%
$493.7M→$256.9M

Liabilities reduced 48% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
-41.5%
$858.9M→$502.6M

Total assets contracted 41.5% — asset sales, write-downs, or balance sheet optimization underway.

Capital Expenditure
Cash Flow
-40.1%
$1.6M→$968K

Capex reduced 40.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
-32.7%
$365.2M→$245.8M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

R&D Expense
P&L
-14.1%
$58.0M→$49.8M

R&D spending cut 14.1% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-02-26
ADDED
As of March 5, 2026, the Registrant had 73,586,183 shares of common stock outstanding.
Such Form 10-K/A is to be filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Summary of Risk Factors We operate in a highly competitive industry, and if we are not able to compete effectively, our business and results of operations will be harmed.
Macroeconomic challenges (including high inflationary and/or high interest rate environments, uncertainty with tariffs, cuts in Medicaid and research funding, or market volatility and measures taken in response thereto), the tight labor market, any natural disasters or new public health crises, and regional or global conflicts (including the conflicts in the Middle East) could harm our business, results of operations, and financial condition.
Our increasing reliance on AI and machine learning technologies may expose us to significant risks, including development and deployment challenges, regulatory uncertainties, and potential third-party claims, which could adversely affect our reputation, business, results of operations, and financial condition.
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REMOVED
As of February 18, 2025, the Registrant had 70,210,651 shares of common stock outstanding.
Macroeconomic challenges (including high inflationary and/or high interest rate environments, new tariffs, or market volatility and measures taken in response thereto), the tight labor market, and any natural disasters or new public health crises could harm our business, results of operations, and financial condition.
We rely on Internet infrastructure, bandwidth providers, data center providers, other third parties, and our own systems for providing our Solution to our users, and any failure or interruption in the services provided by these third parties or our own systems could expose us to litigation, potentially require us to issue credits to our clients, and negatively impact our relationships with users or clients, adversely affecting our brand and our business.
Team member engagement is foundational to everything we do and is the #1 priority of our CEO and broader leadership team.
We have demonstrated an elite, consistent level of team member engagement over time as demonstrated by a 94th to 99th percentile ranking, as measured by Gallup.
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