HCTIHIGH SIGNALFINANCIAL10-K

HCTI executed two massive reverse stock splits (totaling 14,940-to-1) while experiencing severe financial deterioration including a swing to negative stockholders' equity of -$5.1M and operating cash flow bleeding increasing to -$16.5M.

The extreme reverse stock splits (249:1 and 60:1) combined with deteriorating stockholders' equity indicate severe financial distress and potential delisting concerns. The Series A Preferred Stock now controls 96% of voting rights, effectively giving one party complete control over the company despite other shareholders' interests.

Comparing 2026-04-15 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

While cash increased dramatically from $20K to $7.6M and total assets grew over 1,000%, this was overshadowed by liabilities growing even faster, pushing stockholders' equity deeply negative to -$5.1M from a positive $538K. Operating losses doubled to -$9.8M with cash burn accelerating to -$16.5M, suggesting the company raised emergency capital but remains in severe financial distress with unsustainable cash consumption rates.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+38025%
$20K→$7.6M

Cash position surged 38025% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
-1428.5%
-$1.1M→-$16.5M

Operating cash flow fell 1428.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Assets
Balance Sheet
+1059.4%
$2.0M→$22.7M

Asset base grew 1059.4% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
-1050.6%
$538K→-$5.1M

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

Current Assets
Balance Sheet
+805.7%
$1.5M→$13.2M

Current assets grew 805.7% — improving short-term liquidity or inventory/receivables build.

Interest Expense
P&L
+167.5%
$212K→$567K

Interest expense surged 167.5% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
-106%
-$4.8M→-$9.8M

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

Accounts Receivable
Balance Sheet
+86.5%
$1.1M→$2.1M

Receivables surged 86.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+80.8%
$7.1M→$12.8M

Current liabilities surged 80.8% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
-58.8%
-$6.0M→-$9.5M

Net income declined 58.8% — review whether driven by operations, interest costs, or non-recurring items.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-03-31
ADDED
For purposes of this computation only, all executive officers and directors have been deemed affiliates.
As of April 15, 2026, 1,967,588 shares of the registrant s common stock, $0.00001 par value per share, were issued and outstanding.
All references to the number of common shares and price per Common Stock have been adjusted to reflect the following: - one-for-two hundred forty-nine reverse stock split effective August 1, 2025; and - one-for-sixty reverse stock split effective February 10, 2026.
If SecureKloud, a related party, ceases to provide us with services our business could suffer.
Series A Preferred Stock with super voting rights allow the holder to own approximately 96% of the cumulative voting rights and therefore puts them in a position to be able to exert a controlling influence over our business affairs and matters submitted to stockholders for approval.
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REMOVED
Shares of common stock beneficially owned by each executive officer and director have been excluded in that such persons may be deemed to be affiliates.
As of March 31, 2025, 45,211,422 shares of the registrant s common stock, $0.00001 par value per share, were issued and outstanding.
Unless expressly indicated or the context suggests otherwise, references to Healthcare Triangle, company, we, us and our refer to Healthcare Triangle Inc.
Neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward looking statements.
All references to the number of common shares and price per Common Stock have been adjusted to reflect the one-for-ten reverse stock split effectuated in May 2023.
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