HCATHIGH SIGNALFINANCIAL10-K

HCAT experienced severe financial deterioration with net losses increasing 156% to $178M while cash reserves plummeted 80% from $250M to $51M.

The dramatic cash burn combined with deteriorating operating performance signals potential liquidity concerns and possible need for additional financing. The company's operational cash flow collapsed 95% to just $731K, indicating the business is struggling to generate positive cash flows from core operations despite reducing debt and liabilities.

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

HCAT shows severe financial stress with losses more than doubling while cash reserves fell dramatically from $250M to $51M, creating potential liquidity concerns. The company reduced debt by 60% and total liabilities by 48%, suggesting possible asset sales or restructuring activities, but operating cash flow collapsed 95% to just $731K. The overall picture signals a company burning through cash rapidly while struggling to achieve operational profitability, raising questions about sustainability without additional financing.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-156.1%
-$69.5M→-$178.0M

Net income declined 156.1% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-130.4%
-$69.8M→-$160.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

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.

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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