FORA

• Strong second quarter performance with 56% year-over-year revenue growth. • Inclusion of Kyber Data Science's full quarter financials contributed to the growth. • Growth in areas like health economics and outcomes research for life-saving therapies and the Kyber Data Science platform providing alpha-generating insights for financial services clients. • High visibility into second half performance based on contracted backlog and renewals. • Data coverage expanded by securing new supply contracts and accelerating integrations with clinical data sources. • Commitment to pursuing strategic value-enhancing acquisitions.

• Reconfirms full year 2025 revenue outlook of $28 million to $30 million, representing 39% to 49% growth year-over-year. • Adjusted EBITDA expected to be in the negative $1 million to positive $1 million. • Committed to pursuing strategic value-enhancing acquisitions to strengthen financial position and expand reach.

Forian generated second quarter revenue of $7.5 million, representing 56% year-over-year growth. The revenue was driven by growth in delivering information products, including health economics and outcomes research for life-saving therapies and the Kyber Data Science platform. The Kyber acquisition contributed approximately $1.9 million (39%) to the revenue growth, with the remaining increase from organic growth in the life sciences data business.

• Geopolitical and macroeconomic environment causing pharma companies to be cautious, affecting spending. • Uncertainty in achieving renewals and growth targets as per guidance. • Risk that actual results may differ materially from forward-looking statements due to various factors including those in the Risk Factors section of the annual report.

Q: Congrats on the good organic growth. Can you talk about what in the second half will really be the driver of the delta between whether you hit the top or the bottom line of the guidance that you've got?

A: With the Kyber acquisition, renewals in the back half of the year have a large impact on hitting the guidance range. We feel confident but need to hit those renewals.

Q: Can you talk about the acquisition environment, pipeline, valuations?

A: Valuations have come down from highs, seeing opportunities in smaller market, companies more willing to entertain strategic conversations, looking for accretive opportunities.

Q: Talk about the organic growth side, sustainability and extensibility?

A: Health economics outcomes research and Kyber Data Science in financial services are strong points, expected to be primary growth indicators going into 2026.

Q: What's the delta between positive $1 million versus negative adjusted EBITDA?

A: It's both revenue and discretionary spend on strategic initiatives. Revenue tied to renewals, cost profile impact on cost side.

Q: Talk about data engine cost side and AI impact?

A: Investigating AI, closer to R&D line, engineering using AI tools to be more efficient, Kyber offering already uses predictive AI, still small percentage of total offering