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what it is
Forian sells software and data tools that help healthcare and life science customers track, measure, and predict performance.
how it gets paid
Last year Forian made $20M in revenue. BioTrack compliance software was the main engine at $8.0M, or 40% of sales.
what just happened
Q3 2025 revenue was about $7.8M (up ~66% vs. prior year); net loss per share rounded to about $0.00 vs. ($0.01) in the prior-year quarter—not a $22M quarter.
At a glance
C++ balance sheet — some cracks in the foundation
0.2x trailing p/e — the market's not buying it — or you found a deal
4.2% return on capital — nothing to write home about
-$0.12 fy2024 eps est
$20M fy2024 rev est
xvary composite: 41/100 — below average
What they do
Forian sells software and data tools that help healthcare and life science customers track, measure, and predict performance.
Forian wins where paperwork is expensive. BioTrack handles seed-to-sale tracing, which is tracking products from cultivation to sale, so once your system is in place, leaving is painful. The company has 48 employees and still produced $20M in annual revenue, which says this is a lean niche operator, not a giant sales machine.
How they make money
$20M
annual revenue
BioTrack compliance software
$8.0M
+6.0%
Cannalytics analytics SaaS
$5.0M
+8.0%
Services
$6.0M
+2.0%
Other
$1.0M
4.0%
The products that matter
cannabis regulatory compliance
BioTrack
inside the $16M software segment
It sits inside the $16M Software & Services segment. If you think the backlog converts cleanly, products like this need to stay sticky enough that customers renew, expand, and keep the revenue line from stalling.
software base
healthcare data analytics
Khyber Platform
tied to the $34M backlog
This is part of the backlog story. On a $20M revenue base, converting even part of $34M of signed work is the difference between stabilization and another year of explaining why the promise still has not hit the income statement.
backlog driver
healthcare claims analytics
Helix Intelligence
also within software & services
It competes inside the same $16M software segment, but management has not given you enough segment detail to prove this product creates a margin edge rather than just filling out the catalog. Thin disclosure is part of the thesis here, not a footnote.
thin disclosure
Key numbers
$20M
annual revenue
This is the whole top line. You are looking at a small company, not a scale story.
$64M
market cap
A $64M stock can rerate fast when one quarter goes wrong or right.
−34.7%
operating margin
The KPI previously showed +34.7% while the copy described losing money—this is a negative operating margin (about −34.7%), i.e., the business loses roughly that share of each revenue dollar before interest and taxes.
4.2%
return on capital
Every $100 invested in the business is generating $4.20 in operating return.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for FORA right now.
source: institutional data · return history unavailable
What just happened
results filed
Q3 2025 revenue was about $7.8M, up ~66% vs. prior year; net loss per share rounded to about $0.00 (vs. ($0.01) prior year).
Forian’s Nov. 14, 2025 release shows ~$7.8M revenue for the quarter—not ~$22M—and ~66% vs. prior year growth, not ~187%. The ($0.03) EPS line and positive $0.03 KPI were errors; the reported rounded GAAP print is about $0.00 per share for Q3 2025.
~$7.8M
Q3 2025 revenue
~$0.00
GAAP EPS (rounded)
~66%
rev vs. prior year
top line
The ~$7.8M quarter matters because it is the right order of magnitude for Forian today—single-digit millions per quarter—and the ~66% vs. prior year growth rate matches the company’s Q3 2025 release.
source: company earnings report, 2026
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What could go wrong
the main risk is not just weak earnings. it is the collision of legal scrutiny, reporting instability, and slow backlog conversion. on a $64M market cap and a $20M revenue base, those problems can feed each other fast.
med
securities-law investigation
Kaskela Law LLC announced investigations in August and October 2025 tied to potential violations by officers and directors.
The direct cost is not the whole issue. For a company worth about $64M, management distraction and credibility damage can pressure the stock well before any legal outcome arrives.
med
financial reporting instability
Forian changed its independent auditor twice within roughly two months in mid-2025. Customers, investors, and counterparties notice that kind of churn.
If buyers hesitate or disclosures stay messy, a $34M backlog can keep looking impressive while the $20M revenue base barely moves. The number stops being proof and starts being a debate.
med
backlog that converts too slowly
A $34M backlog against a $20M revenue base sounds powerful. It only matters if revenue starts to reflect it over the next few reports.
If that conversion drags, investors are left with the weaker side of the contrast: flat sales, negative EPS, and a valuation that keeps shrinking because trust takes longer to rebuild than contracts do to sign.
med
losses that force financing risk back onto the table
Analysts still expect FY2024 EPS of -$0.12, and the company does not pay a dividend because preserving cash matters more than returning it.
If losses persist while backlog conversion drags, the company may need outside capital before it proves the business can fund itself. On a $2.12 stock, that is not a detail you wave away.
These risks all hit the same pressure point: FORA needs to turn $34M of backlog into cleaner, more credible revenue before legal and reporting issues overwhelm the operating story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
backlog
does $34M start showing up in reported revenue
That backlog is about 1.7x the current $20M revenue base. If it stays large without revenue following, it stops looking like an asset and starts looking like a timing problem.
earnings
the next report needs more than another small revenue beat
Use the next filing to see whether revenue growth (Q3 2025 was ~$7.8M, up ~66% vs. prior year) comes with cleaner margins—not another round of “big percentage on a tiny base” without operating leverage.
legal
any escalation in the investigation
This is a $64M company. A governance overhang does not need to get dramatic to pressure valuation, financing options, or customer trust.
reporting quality
whether disclosures get cleaner and calmer
After two auditor changes in a short stretch, cleaner reporting is not a nice-to-have. It is part of the investment case from here.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for FORA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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