Company: HCTI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026218
Chunk: 157

Company: Healthcare Triangle, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 157
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 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  
     52%
  
    Customer 2 
     3,114  
     9%
  
    Customer 3 
     2,286  
     7%
  
    Customer 4 
     2,011  
     6%
  
    Customer 5 
    $1,751  
     5%

Risks Related to Our Intellectual Property and Our Platforms and
Services

Protection of certain intellectual property
may be difficult and costly, and our inability to protect our intellectual property could reduce the value of our products and services.

Our trademarks, trade secrets, copyrights