Slides
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November 14, 2025 Q3 2025 Financial Results 1© 2025 Forian Inc. All Rights Reserved.
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Cautionary Statement Regarding Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward- looking statements often address expected future business and financial performance and financial condition, which may include GAAP and non-GAAP financial measures, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," similar expressions, and variations or negatives of these words. In particular, this presentation includes management’s outlook for 2025, which outlook is based on current estimates as of today’s date. Estimating financial performance accurately for future periods is difficult as it involves assumptions and internal estimates that may prove to be incorrect and is based on plans and circumstances that may change. There is therefore a significant risk that actual results could differ materially from the outlook we have provided in this presentation, and we have no obligation to update such outlook. Forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about future financial and operating results, company strategy and intended product offerings and market positioning. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, those risks and uncertainties associated with Forian’s ability to execute on its strategy and the additional risks and uncertainties set forth more fully under the caption “Risk Factors” in Forian’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission (“SEC”) on April 11, 2025, and elsewhere in Forian’s filings and reports with the SEC. Forward-looking statements contained in this presentation are made as of the date hereof, and we undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. 2© 2025 Forian Inc. All Rights Reserved.
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3 • Q3 Revenue increase of 66%, inclusive of impact of acquisition • Maintain positive adjusted Ebitda post Kyber integration Adjusted EBITDA is a non-U.S. GAAP measure. See Appendix for further information, including a reconciliation of Adjusted EBITDA to Net Loss. Revenue and Adjusted EBITDA © 2025 Forian Inc. All Rights Reserved. Period-over- Period-over- Period % Period % Change Change Revenue $ 7,762 $ 4,686 66% $ 22,294 $ 14,341 55% Net loss $ (151) $ (205) 26% $ (1,052) $ (3,971) 73% Net loss per share - basic and diluted $ (0.00) $ (0.01) 100% $ (0.03) $ (0.13) 77% Adjusted EBITDA (a non-GAAP financial measure defined below) $ 471 $ 186 153% $ 1,011 $ 369 174% Unaudited 2025 Unaudited 2024 ($000's) Nine Months Ended September 30, Unaudited 2025 Unaudited 2024 ($000's) Three Months Ended September 30,
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4 Revenue Trend © 2025 Forian Inc. All Rights Reserved. Q3 revenue increased $3.1m or 66% from prior year • Kyber acquisition contributed $2.0m to growth for Q3 and $5.6YTD • Approximately 23% internal growth for Q3, 17% YTD
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5 Costs and Expenses © 2025 Forian Inc. All Rights Reserved. Other costs and expenses increased $2.8 million for Qtr and $7.3 million YTD, primarily due to the impact of the Kyber acquisition and increased data licensing costs. Note: Other costs and expenses excludes non recurring expenses related to litigation & review of strategic alternatives, contract termination, litigation costs, separation expenses, stock compensation and depreciation & amortization expense
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6 Adjusted EBITDA – continuing operations © 2025 Forian Inc. All Rights Reserved. Maintained positive EBITDA contribution while continuing investing in information assets and integrating Kyber operations Adjusted EBITDA is a non-U.S. GAAP measure. See Appendix for further information, including a reconciliation of Adjusted EBITDA to Net Loss.
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7 Adjusted EBITDA Margin Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues © 2025 Forian Inc. All Rights Reserved.
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8 September 30, December 31, 2025 2024 Cash and equivalents $28,225 $35,083 Net working capital $29,194 $27,855 Convertible note and accrued interest (due 9/2025) $ - $6,698 Shares outstanding 30,997 31,011 Summary Balance Sheet Data $000’s © 2025 Forian Inc. All Rights Reserved.
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Full Year 2025 Outlook 9 The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See slide 2. Adjusted EBITDA is a non-U.S. GAAP measure. See Appendix for further information, including a reconciliation of Adjusted EBITDA to Net Loss. © 2025 Forian Inc. All Rights Reserved. Expect to finish 2025 with revenue at the high end of the previously provided range of $28-$30 million Expect 2025 Adjusted Ebitda to be at the high end of the previously provided range of ($1.0) to $1.0 million
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Q&A 10© 2025 Forian Inc. All Rights Reserved.
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Appendix 11© 2025 Forian Inc. All Rights Reserved.
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Reconciliation of U.S. GAAP to Non-GAAP Financial Measures l This presentation includes a non-GAAP measure, which we define as financial information that has not been prepared in accordance with U.S. GAAP. The non-U.S. GAAP financial measure provided herein is earnings before interest, taxes, non-cash and other items (“Adjusted EBITDA”), which should be viewed as supplemental to, and not as an alternative for, net income or loss calculated in accordance with U.S. GAAP (referred to below as “Net loss”). Adjusted EBITDA is used by our management as an additional measure of our Company’s performance for purposes of business decision-making, including developing budgets, managing expenditures and evaluating potential acquisitions or divestitures. Period-to-period comparisons of Adjusted EBITDA help our management identify additional trends in our Company’s financial results that may not be shown solely by period-to-period comparisons of net income. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees in order to evaluate our Company’s performance. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items, particularly those items that are recurring in nature. In order to compensate for those limitations, management also reviews the specific items that are excluded from Adjusted EBITDA, but included in net income, as well as trends in those items. We believe that the presentation of Adjusted EBITDA is useful to investors in their analysis of our results for reasons similar to the reasons why our management finds it useful and because it helps facilitate investor understanding of decisions made by management in light of the performance metrics used in making those decisions. In addition, we believe that providing Adjusted EBITDA, together with a reconciliation of Net loss to Adjusted EBITDA, helps investors make comparisons between our Company and other companies that may have different capital structures, different effective income tax rates and tax attributes, different capitalized asset values and/or different forms of employee compensation. However, Adjusted EBITDA is not intended as a substitute for comparisons based on Net loss. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measures and the corresponding U.S. GAAP measures provided by each company under applicable SEC rules. Non-U.S. GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP. We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure to evaluate our business and to view our non-GAAP financial measures in conjunction with the most directly comparable U.S. GAAP financial measures. 12© 2025 Forian Inc. All Rights Reserved.
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Non-U.S. GAAP Reconciliations Reported Net Income to Adjusted EBITDA 13 Adjusted EBITDA is a non-U.S. GAAP measure. See previous slide. © 2025 Forian Inc. All Rights Reserved. Revenue $ 7,762,183 $ 4,686,312 $ 22,294,439 $ 14,340,791 Net loss (151,220) (204,907) (1,052,289) (3,970,781) Depreciation and amortization 52,135 6,629 155,586 23,405 Stock based compensation expense 717,816 1,552,042 2,672,104 4,873,593 Change in fair value of warrant liability - (20) - (563) Interest and investment income (336,002) (658,339) (1,012,818) (1,951,812) Interest expense 35,984 195,415 142,351 587,684 Gain on sale of investment - (32,082) - (80,694) Gain on debt redemption - - - (137,356) Litigation related expenses - 1,394 - 1,152,670 Strategic review and transaction related expenses 170,579 (35,931) 176,724 399,913 Contract termination impacts - (542,389) (175,000) (542,389) Income tax (benefit) expense (18,647) (95,896) 104,282 14,865 Adjusted EBITDA $ 470,645 $ 185,916 $ 1,010,940 $ 368,535 FORIAN INC. RECONCILIATION OF US GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED) For the Three Months Ended September 30, 2025 2024 For the Nine Months Ended September 30, 2025 2024
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© 2025 Forian Inc. All Rights Reserved.