vs
Side-by-side financial comparison of Forian Inc. (FORA) and Spectral AI, Inc. (MDAI). Click either name above to swap in a different company.
Forian Inc. is the larger business by last-quarter revenue ($8.0M vs $4.1M, roughly 1.9× Spectral AI, Inc.). Spectral AI, Inc. runs the higher net margin — 25.7% vs -22.9%, a 48.6% gap on every dollar of revenue. On growth, Forian Inc. posted the faster year-over-year revenue change (37.0% vs -46.3%). Over the past eight quarters, Forian Inc.'s revenue compounded faster (27.8% CAGR vs -19.6%).
Forian Inc is a specialized healthcare technology and data analytics firm offering SaaS-based real-world evidence solutions, clinical decision support tools, and operational optimization services. It serves biopharmaceutical companies, healthcare providers, and life sciences stakeholders to improve patient outcomes, accelerate research, and boost care delivery efficiency.
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
FORA vs MDAI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.0M | $4.1M |
| Net Profit | $-1.8M | $1.1M |
| Gross Margin | 49.2% | 45.2% |
| Operating Margin | -24.4% | -54.9% |
| Net Margin | -22.9% | 25.7% |
| Revenue YoY | 37.0% | -46.3% |
| Net Profit YoY | -1012.2% | 113.9% |
| EPS (diluted) | $-0.06 | $0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.0M | $4.1M | ||
| Q3 25 | $7.8M | $3.8M | ||
| Q2 25 | $7.5M | $5.1M | ||
| Q1 25 | $7.1M | $6.7M | ||
| Q4 24 | $5.8M | $7.6M | ||
| Q3 24 | $4.7M | $8.2M | ||
| Q2 24 | $4.8M | $7.5M | ||
| Q1 24 | $4.9M | $6.3M |
| Q4 25 | $-1.8M | $1.1M | ||
| Q3 25 | $-151.2K | $-3.6M | ||
| Q2 25 | $224.8K | $-8.0M | ||
| Q1 25 | $-1.1M | $2.9M | ||
| Q4 24 | $199.7K | $-7.6M | ||
| Q3 24 | $-204.9K | $-1.5M | ||
| Q2 24 | $-2.6M | $-2.9M | ||
| Q1 24 | $-1.2M | $-3.2M |
| Q4 25 | 49.2% | 45.2% | ||
| Q3 25 | 51.6% | 42.7% | ||
| Q2 25 | 56.8% | 45.2% | ||
| Q1 25 | 55.6% | 47.2% | ||
| Q4 24 | 58.3% | 44.0% | ||
| Q3 24 | 70.1% | 44.9% | ||
| Q2 24 | 62.2% | 44.3% | ||
| Q1 24 | 65.1% | 46.6% |
| Q4 25 | -24.4% | -54.9% | ||
| Q3 25 | -6.1% | -88.1% | ||
| Q2 25 | 0.6% | -41.9% | ||
| Q1 25 | -19.8% | -13.4% | ||
| Q4 24 | -24.9% | -14.6% | ||
| Q3 24 | -17.0% | -10.8% | ||
| Q2 24 | -62.2% | -32.7% | ||
| Q1 24 | -36.3% | -33.9% |
| Q4 25 | -22.9% | 25.7% | ||
| Q3 25 | -1.9% | -93.7% | ||
| Q2 25 | 3.0% | -157.3% | ||
| Q1 25 | -16.0% | 43.2% | ||
| Q4 24 | 3.4% | -99.8% | ||
| Q3 24 | -4.4% | -18.4% | ||
| Q2 24 | -53.4% | -38.3% | ||
| Q1 24 | -24.9% | -50.7% |
| Q4 25 | $-0.06 | $0.04 | ||
| Q3 25 | $0.00 | $-0.13 | ||
| Q2 25 | $0.01 | $-0.31 | ||
| Q1 25 | $-0.04 | $0.11 | ||
| Q4 24 | $0.01 | $-0.42 | ||
| Q3 24 | $-0.01 | $-0.08 | ||
| Q2 24 | $-0.08 | $-0.16 | ||
| Q1 24 | $-0.04 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.6M | $15.4M |
| Total DebtLower is stronger | — | $9.3M |
| Stockholders' EquityBook value | $29.8M | $-5.7M |
| Total Assets | $44.1M | $21.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.6M | $15.4M | ||
| Q3 25 | $28.2M | $10.5M | ||
| Q2 25 | $35.6M | $10.5M | ||
| Q1 25 | $35.7M | $14.1M | ||
| Q4 24 | $35.1M | $5.2M | ||
| Q3 24 | $49.4M | $3.7M | ||
| Q2 24 | $48.0M | $6.9M | ||
| Q1 24 | $47.4M | $10.2M |
| Q4 25 | — | $9.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $2.8M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $29.8M | $-5.7M | ||
| Q3 25 | $31.1M | $-8.2M | ||
| Q2 25 | $30.9M | $-9.2M | ||
| Q1 25 | $30.0M | $-1.6M | ||
| Q4 24 | $30.1M | $-7.3M | ||
| Q3 24 | $28.4M | $-4.8M | ||
| Q2 24 | $27.2M | $-4.7M | ||
| Q1 24 | $28.1M | $-2.5M |
| Q4 25 | $44.1M | $21.4M | ||
| Q3 25 | $41.3M | $15.3M | ||
| Q2 25 | $48.5M | $16.0M | ||
| Q1 25 | $48.6M | $20.7M | ||
| Q4 24 | $47.2M | $12.1M | ||
| Q3 24 | $57.5M | $11.6M | ||
| Q2 24 | $58.4M | $13.9M | ||
| Q1 24 | $57.5M | $15.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.2M | $-2.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2M | $-2.6M | ||
| Q3 25 | $-439.7K | $-2.5M | ||
| Q2 25 | $-344.5K | $-3.4M | ||
| Q1 25 | $448.2K | $-1.5M | ||
| Q4 24 | $1.7M | $469.0K | ||
| Q3 24 | $764.1K | $-1.6M | ||
| Q2 24 | $-23.1K | $-5.4M | ||
| Q1 24 | $-2.2M | $-2.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | -2.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | -1.53× | — | ||
| Q1 25 | — | -0.52× | ||
| Q4 24 | 8.76× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FORA
| Financial Services Revenues | $7.3M | 92% |
| Other | $669.0K | 8% |
MDAI
Segment breakdown not available.
