Company: HCTI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026218
Chunk: 20

Company: Healthcare Triangle, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 20
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 the use and benefits of our offerings and solutions, including the technical capabilities
of our solutions and the potential cost savings and productivity gains achievable by deploying them. Additionally, many of our potential
clients are typically already in long-term contracts with their current providers and face significant costs associated with transitioning
to our offerings and solutions. As a result, potential customers typically undertake a significant evaluation process, which frequently
involves not only our software platforms and component systems infrastructure and platforms but also their existing capabilities and solutions
and can result in a lengthy sales cycle. We spend substantial time, effort, and money on our sales efforts without any assurance that
our efforts will produce any sales. In addition, purchases of our platform as a service infrastructure are frequently subject to budget
constraints, multiple approvals, and unplanned administrative, processing, and other delays. Many of our potential hospital clients have
used all or a significant portion of their revenues to comply with federal mandates to adopt electronic medical records to maintain their
Medicaid and Medicare reimbursement levels. In the event we are unable to manage our lengthy and unpredictable sales cycle, our business
may be adversely affected.

15

Our revenues have historically been concentrated
among our top customers, and the loss of any of these customers could reduce our revenues and adversely impact our operating results.

Historically, our revenue has been concentrated
among a small number of customers. In the fiscal year ended December 31, 2024, our top customer and our top five customers accounted for
17% and 58% of our revenue, respectively. As a result, the loss of one or more of these customers could materially reduce our revenue,
harm our results of operations, and limit our growth.

Top Five Customers’ Revenue for Twelve months ended December
31, 2024

    Customer 
    Amount  (in thousands)  
    % of 
Revenue 
  
    Customer 1 
    $1,945  
     17%
  
    Customer 2 
     1,911  
     16%
  
    Customer 3 
     1,233  
     11%
  
    Customer 4 
     877  
     7%
  
    Customer 5 
    $847  
     7%

Top Five Customers’ Revenue for Twelve months ended December
31, 2023

    Customer 
    Amount  (in thousands)  
    % of 
Revenue 
  
    Customer 1 
    $17,322