EX-99.3 5 ea025532301ex99-3_health.htm UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION OF HEALTHCARE TRIANGLE, INC., NIYAMA HEALTHCARE, INC. AND EZOVION SOLUTIONS PRIVATE LIMITED AS OF AND FOR THE PERIOD ENDED JUNE 30, 2025 AND FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024

Exhibit 99.3

 

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

 

The unaudited pro forma condensed combined financial data should be read in conjunction with the historical financial statements and the accompanying notes of Healthcare Triangle, Inc. included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 30, 2025 and Quarterly Reports on Form 10-Q filed with the SEC on May 20, 2025 and August 14, 2025, and the historical financial statements and the accompanying notes of Niyama Healthcare, Inc. and Ezovion Solutions Private Limited  included as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K/A.  

 

The unaudited pro forma information is not necessarily indicative of the combined company’s actual financial position or actual results of operations had the transaction occurred as of the dates indicated. In addition, the unaudited pro forma condensed combined financial information is not intended to project the future financial position or operating results of the combined company. There were no material transactions between Healthcare Triangle, Inc and Niyama Healthcare, Inc and Ezovion Solutions Private Limited during the periods presented in the unaudited pro forma condensed combined financial information that would need to be eliminated.

 

The unaudited pro forma condensed combined financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve and realize as a result of the Acquisition; nor does it reflect costs to integrate the operations of Healthcare Triangle, Inc and Niyama Healthcare, Inc and Ezovion Solutions Private Limited, or the costs necessary to achieve cost savings, operating synergies and revenue enhancements.

 

 

 

 

Healthcare Triangle, Inc and Subsidiaries

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

 

Year Ended December 31, 2024

 

(in thousands, except per share data)

 

   HCTI   Niyama   Ezovion   HCTI
Pro Forma
Combined		 
Assets                
Current assets                
Cash and cash equivalents  $20   $-   $11   $31 
Accounts receivable   1,110    1    49    1,160 
Other current assets   322    21    10    353 
Total current assets   1,453    22    70    1,544 
Furniture and equipment, net   12    -    2    13 
Intangible assets, net   5,700    459    23    6,182 
Due from affiliates   497    -    -    497 
Total assets  $7,661   $481   $95   $8,236 
Liabilities and stockholders’ equity (deficit)                    
Current liabilities                    
Accounts payable  $2,539   $56   $1   $2,597 
Short term borrowing   2,650    443    122    3,215 
Other current liabilities   2,886    9    24    2,920 
Total current liabilities   8,075    509    147    8,731 
Long-term liabilities                    
Contingent consideration   1,700    -    -    1,700 
Total current and long-term liabilities   9,775    509    147    10,431 
Stockholders’ equity                    
Series B Preferred Stock, par value $0.00001; 10,000,000 authorized issued convertible preferred stock 1,600,000 as of December 31, 2024   7,435    -    -    7,435 
Common stock, par value $0.00001; 100,000,000 authorized 1,409,239 shares issued and outstanding as of December 31, 2024   4    -    -    4 
Additional paid-in capital   24,018    1    2    24,022 
Accumulated deficit   (33,571)   (28)   (56)   (33,655)
Accumulated deficit   (2,114)   (27)   (53)   (2,195)
Total liabilities and stockholders’ equity  $7,661   $481   $95   $8,236 

 

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Healthcare Triangle, Inc and Subsidiaries

 

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

 

Year Ended December 31, 2024

 

(in thousands, except per share data)

 
   HCTI   Niyama   Ezovion   HCTI
Pro Forma
Combined		 
Net revenue  $11,696   $3   $258   $11,956 
Cost of revenue (exclusive of depreciation and amortization shown separately below)   8,806    30    203    9,039 
Bad debt expense   170    -    -    170 
Research and development   429    -    -    429 
Sales and marketing   2,203    -    3    2,206 
General and administrative   3,948    9    35    3,993 
Depreciation and amortization   889    -    8    897 
Total operating expenses   7,640    9    46    7,696 
Loss from operations   (4,750)   (37)   9    (4,778)
Other income   7    -    0    7 
Interest expense   (1,213)   -    -    (1,213)
Loss before income tax   (5,956)   (37)   9    (5,984)
Provision for income tax   12    -    -    12 
Deferred income tax   -    -    (3)   (3)
Net loss  $(5,968)  $(37)  $13   $(5,992)
Net loss per common share—basic and diluted                 $(4.25)
Weighted average shares outstanding used in per common share computations:                    
Basic and diluted                  1,409,239 

 

 

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