Healthcare Triangle, Inc. (NASDAQ: HCTI) entered into a Sales Agreement with Spartan Capital Securities, LLC on November 18, 2025 to serve as its sales agent for an at‑the‑market (ATM) equity offering program that authorizes the sale of common stock up to an aggregate market value of $20 million.
The agreement permits shares to be sold on the Nasdaq Capital Market or other existing trading venues at prevailing market prices, giving HCTI flexible access to capital as it expands its CloudEz, DataEz, and Readabl.AI platforms and moves toward a recurring‑revenue model through managed and platform services.
HCTI’s financial results for the third quarter of 2025 show a net loss of $1.91 million and earnings per share of –$0.42, missing analyst expectations of –$0.22. Revenue for the quarter was $10.75 million, up 13.1% year‑over‑year, driven by growth in platform services, while the first quarter of 2025 saw revenue of $3.70 million, down 10% from the same period in 2024, and a net loss of $1.70 million. The company’s losses are largely attributable to high research and development expenses and operating costs that have outpaced revenue growth.
The $20 million ATM program represents a significant potential dilution for existing shareholders, given HCTI’s current market capitalization. Analysts and investors have noted that if the program is fully executed, the dilution could be substantial, adding to concerns about the company’s financial fragility and ongoing net losses.
Investor sentiment following the announcement has been cautious, with attention focused on the dilution risk and the company’s need for liquidity amid a challenging market environment. The offering is viewed as a necessary step to support HCTI’s strategic initiatives, but it also underscores the company’s current financial challenges.
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