Wed, Jun 12, 8:29 PM (402 days ago)
Streamline Health Solutions, Inc. reported its Q1 FY2024 financial performance. Revenues declined by 19% YoY to $4.33M, primarily due to a significant client non-renewal impacting SaaS revenue, which decreased by $452K. Maintenance and support revenue fell by $267K, and professional fees and licenses dropped by $283K. Operating expenses decreased by 21%, driven by lower costs across SaaS, maintenance, and professional fees. Net loss was $2.74M, slightly better than $2.90M in Q1 FY2023. Adjusted EBITDA improved to -$703K from -$1.34M. Cash and equivalents increased to $3.98M from $3.19M, supported by $4.4M from a private debt placement. The company executed a strategic restructuring expected to save $5.8M annually. Management remains cautious about industry challenges impacting implementation timelines.