HCTIHIGH SIGNALRISK10-K

Healthcare Triangle underwent extreme dilutive capital restructuring with multiple reverse stock splits reducing share count from 45.2M to 2.0M shares while losses widened substantially.

The company executed two separate reverse stock splits within seven months (1-for-249 and 1-for-60), representing a combined 1-for-14,940 consolidation that signals severe financial distress and potential delisting concerns. The Series A Preferred Stock now controls 96% of voting rights, effectively transferring corporate control away from common shareholders and creating a highly concentrated ownership structure that limits minority shareholder influence.

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

Revenue grew modestly to $13.9M while losses widened meaningfully to -$9.5M, indicating deteriorating profitability despite top-line growth. Current liabilities increased substantially to $12.8M while accounts receivable nearly doubled to $2.1M, suggesting potential working capital pressures. The dramatic reverse stock split activity combined with widening losses and rising current liabilities points to a company under significant financial stress requiring emergency capital restructuring measures.

FINANCIAL STATEMENT CHANGES
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.

Capital Expenditure
Cash Flow
-53.8%
$13K→$6K

Capex reduced 53.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Liabilities
Balance Sheet
-25.6%
$9.5M→$7.1M

Liabilities reduced 25.6% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
+24.9%
$429K→$536K

R&D investment increased 24.9% — signals commitment to future product development, though near-term margin impact.

Revenue
P&L
+18.8%
$11.7M→$13.9M

Revenue growing 18.8% — solid top-line momentum, watch margins for quality of growth.

Gross Profit
P&L
+15.4%
$1.1B→$1.2B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

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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