Syra Health has posted two consecutive profitable quarters with solid revenue growth and margin expansion, suggesting a potential inflection point. Monitor the Q3 report for sustainability of profitability, as management flagged quarterly variability from milestone-based contracts. Near-term catalysts include potential CMS ACCESS Model approval and recurring contract extensions with government clients.
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Executive Summary
Syra Health reports Q2 2026 results, its second consecutive profitable quarter, with revenue up 23% YoY to $2.4M and net income of $250,242 vs. a loss of $(63,596) a year ago. Gross margin expanded to 44.5%, the highest in company history, driven by a favorable revenue mix shift toward higher-margin population health and workforce solutions. The company maintained its full-year profitability outlook but warned of quarterly variability from milestone-based contracts.
Key Financial Metrics
Key Facts
- Q2 2026 revenue: $2,394,423, up 23% from $1,946,199 in Q2 2025.
- Net income improved to $250,242 from a net loss of $(63,596) in Q2 2025.
- GAAP EPS improved to $0.02 (basic and diluted) from $(0.01) in Q2 2025.
- Gross margin expanded ~584 bps to 44.5% from 38.7% in Q2 2025.
- Positive EBITDA of $253,200 vs. $(53,760) in Q2 2025.
- Population health revenue grew 8% YoY to $1,716,310; healthcare workforce revenue surged 87% YoY to $678,113.
- Cash and cash equivalents were $2.1M as of June 30, 2026, with no long-term debt.
- Six-month net cash from operations was $643,183 vs. $85,754 in the prior-year period.
- Company maintained full-year 2026 profitability target, noting quarterly variability from contract milestones.
Financial Impact
Q2 2026 revenue of $2.4M, net income of $250,242, gross margin 44.5%, positive EBITDA of $253,200.
Risk Factors
- Quarterly revenue variability from milestone-based contracts could create lumpy results.
- Cash burn rate: cash dropped from $2.9M at Q1 end to $2.1M at Q2 end, with ARR increase of ~$552K.
- Thin trading liquidity on OTCQB; small-cap risk profile and limited analyst coverage.
- Forward-looking profitability guidance is not quantified and subject to execution risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-036995 |
| Document: form8-k.htm | 0001493152-26-036995 |
| Document: 0001493152-26-036995-index-headers.html | 0001493152-26-036995 |
| Document: 0001493152-26-036995-index.html | 0001493152-26-036995 |
| Document: 0001493152-26-036995.txt | 0001493152-26-036995 |
| 8-K Data (Synthetic) | 0001493152-26-036995 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | EFFECT | $0.8500 $0.8300 | ▼ −2.35% | ▼ −1.20% | $0.8800 (+3.53%) |
Sep 14, 2026 6w ago | S-1 | $0.9400 $0.9600 | ▲ +2.13% | ▲ +1.31% | $0.8800 (−6.38%) |
Aug 11, 2026 11w ago | 8-K | $0.6650 $0.7800 | ▲ +17.29% | ▲ +17.70% | $0.8800 (+32.33%) |
Jun 1, 2026 21w ago | DEFA14A | $0.5100 $0.4900 | ▼ −3.92% | ▼ −0.96% | $0.8800 (+72.55%) |
May 7, 2026 24w ago | 8-K | $0.5000 $0.4390 | ▼ −12.20% | ▼ −13.70% | $0.8800 (+76.00%) |
Apr 24, 2026 26w ago | 10-K/A | $0.4180 $0.4100 | ▼ −1.91% | ▼ −2.31% | $0.8800 (+110.53%) |
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