Here are 1-3 brief analogies for Forian (FORA):

• Nielsen for the cannabis industry.
• A specialized IQVIA for the cannabis and pharmaceutical sectors.

• Real-World Data Services: Forian provides comprehensive and proprietary datasets collected from various sources within the cannabis and life sciences industries to inform strategic planning and market intelligence.
• Advanced Analytics Solutions: These solutions offer sophisticated analytical tools and capabilities to derive actionable insights from complex data, helping clients understand market trends, evaluate performance, and optimize strategies.
• Cloud-Based Software Platforms (SaaS): Forian offers integrated software-as-a-service platforms that enable data visualization, operational management, and regulatory compliance reporting for businesses in regulated markets.

Forian Inc. (FORA) primarily sells its data, analytics, and software solutions to other businesses (B2B) rather than directly to individuals.

While Forian's financial filings (such as their 10-K) indicate that they derive a significant portion of their revenue from a limited number of major customers (with their largest customer accounting for approximately 10.3% of total revenue in 2023), the company does not publicly disclose the specific names of these individual customer companies. Therefore, specific names of major customers cannot be provided.

Based on their public statements and offerings, Forian serves various types of organizations within the following industries:

• Cannabis Operators: This includes cultivators, processors, dispensaries, manufacturers, retailers, and multi-state operators within the regulated cannabis industry who utilize Forian's data, market intelligence, and compliance tools.
• Healthcare Companies: This broad category encompasses pharmaceutical companies, biotechnology firms, and medical device manufacturers that leverage Forian's analytics and data solutions for market understanding and strategic decision-making.
• Healthcare Providers and Life Sciences Organizations: Including hospitals, clinics, research institutions, and other entities within the broader healthcare and life sciences sectors that benefit from Forian's data insights for patient engagement, treatment optimization, and operational efficiency.

• Amazon.com, Inc. (AMZN)

Max Wygod is the CEO and Executive Chair of Forian, Inc. He co-founded Forian with Adam Dublin and also co-founded Medical Outcomes Research Analytics, LLC (MOR), which is now an operating subsidiary of Forian. Wygod has a background in investing, acquiring, and divesting public and private growth companies at the intersection of healthcare and information technology. He previously worked at WebMD and has co-invested in several ventures with Adam Dublin. His family has a notable history in managing and selling companies, with his father, Marty Wygod, leading seven public companies, including the sale of WebMD to a KKR portfolio company for $2.8 billion. In August 2025, Max Wygod led a consortium, which includes Adam Dublin, in an unsolicited proposal to take Forian private.

Mike Vesey serves as the Chief Financial Officer for Forian, a position he assumed in September 2021. He brings over 25 years of experience in financial, transactional, SEC reporting, and accounting roles in both public and private technology companies. Prior to joining Forian, Vesey was the CFO of Wayside Technology Group, Inc. for five years, where he oversaw multiple acquisitions that facilitated the company's transition to a cloud marketplace. Before Wayside, he spent nine years at Majesco Entertainment Company, advancing from Chief Accounting Officer to Chief Financial Officer.

Adam Dublin is a Co-founder and Chief Strategy Officer of Forian. He co-founded Forian (Inc. in 2020) and Medical Outcomes Research Analytics, LLC (MOR in 2019) with Max Wygod. Dublin is also the founder of Health Market Science, Inc. (1999), a supplier of healthcare provider data and solutions. His executive experience includes roles such as Vice President-Strategy & Corporate Development at IQVIA, Inc., Senior Vice President-Corporate Key Accounts at NDCHealth Corp., Senior Vice President-Strategy & Analytics at WebMD Health Corp., and Chief Strategy Officer at SDI Health LLC. He has frequently co-invested in ventures with Max Wygod.

Edward Spaniel, Jr. holds the titles of Executive Vice President, General Counsel, and Secretary at Forian. He joined Forian with previous experience at IQVIA, Inc.

Forian (FORA) faces several key risks to its business, primarily related to its financial performance, revenue predictability, and the highly competitive market in which it operates.

1. Unprofitability and Path to Profitability

   Forian is currently unprofitable and is not projected to achieve profitability within the next three years. The company's adjusted EBITDA margin for the full year 2025 is uncertain, with projections ranging from a negative $1 million to a positive $1 million. High operating expenses continue to consume a significant portion of its revenue, posing a challenge to achieving sustained profitability.

2. Dependence on Contract Renewals and Mixed Spending Environment

   A significant portion of Forian's anticipated revenue, particularly in the latter half of 2025, is contingent upon the successful renewal of contracts, especially annual licenses acquired through the Kyber acquisition. Furthermore, the company navigates a "mixed spending environment" within its healthcare and financial services markets, where pharmaceutical companies exhibit caution due to geopolitical and macroeconomic uncertainties. This reliance on renewals and the cautious market sentiment introduce an execution risk regarding the company's ability to maintain and grow its revenue.

3. Highly Competitive and Crowded Market

   Forian operates within a highly competitive healthcare Software as a Service (SaaS) sector, facing competition from numerous active players, including larger entities like Epic and Cerner, which are expanding their analytics offerings. Despite the strategic advantage gained from the Kyber acquisition, providing access to claims data, Forian's market share remains relatively small in this crowded landscape.

The potential entry of larger, diversified data and technology companies into the cannabis analytics market, particularly spurred by progress towards federal cannabis legalization or decriminalization in the United States. These companies could leverage superior financial resources, existing technological infrastructure, and broader market reach to offer more comprehensive or lower-cost solutions, directly competing with and potentially marginalizing specialized providers like Forian.

Expected Drivers of Future Revenue Growth for Forian (FORA)

Over the next two to three years, Forian (FORA) is anticipated to drive revenue growth through several key strategies:

1. Integration and Expansion of Kyber Data Science: The acquisition of Kyber Data Science in late October 2024 has already proven to be a significant revenue contributor, accounting for approximately $1.9 million or 39% of Forian's Q2 2025 revenue. Forian plans to further enhance Kyber's healthcare-focused software-as-a-service (SaaS) analytics by integrating it with the Forian Data Factory and extending its advanced analytical capabilities into new total addressable markets (TAMs). This acquisition is also expected to bolster recurring, one-year contracts.
2. Organic Growth in Life Sciences Data Business: Forian continues to experience organic growth within its core life sciences data business, driven by new pharmaceutical projects and renewals of existing analytical contracts. The company's proprietary "data factory" platform plays a crucial role in processing extensive and diverse data assets to provide real-world evidence and analytics to clients.
3. Expansion of Data Capabilities and Advanced Analytics: Forian is actively investing in expanding its data capabilities and integrating advanced analytics. This includes efforts to deliver enhanced information products, particularly in the areas of health economics and outcomes research for life-saving therapies.
4. Strategic Acquisitions: The company has expressed a continued commitment to pursuing strategic, value-enhancing acquisitions. These acquisitions are aimed at strengthening Forian's financial position, improving its capital markets profile, expanding its reach with pharmaceutical clients, and accelerating the commercialization of innovative offerings.
5. Strong Contract Renewals and New Business Development: Management has indicated a high degree of confidence in future performance, attributing it to a robust pipeline of contract renewals and new business opportunities. The focus on securing new contracts and executing renewals for their data and software solutions is expected to be a consistent driver of revenue.

Share Repurchases

• Forian repurchased an aggregate of 1,604,676 shares of common stock in a privately negotiated transaction for approximately $3.45 million on October 3, 2023.

Share Issuance

• Forian's stockholders approved an amendment to increase the number of shares available under its 2020 Equity Incentive Plan by 4 million shares, totaling 10.4 million shares for issuance, on June 11, 2025. This aims to attract and retain talent through equity compensation.
• Approximately 32 million shares of Forian common stock were outstanding on a fully diluted basis when the company began trading on The Nasdaq Stock Market LLC on March 3, 2021, following the combination of Helix Technologies, Inc. and Medical Outcomes Research Analytics, LLC.

Inbound Investments

• Forian received initial funding in 2020, which included investments from Periphas Capital Healthcare Fund and Novo Holdings A/S.
• In December 2022, the company completed a business combination with a special purpose acquisition company (SPAC), providing additional capital to accelerate product development and global growth.
• An unsolicited, preliminary, non-binding proposal was received on August 2, 2025, from a consortium led by Max Wygod, to acquire the remaining 37% stake in Forian Inc. for $26.4 million.

Outbound Investments

• Forian acquired Kyber Data Science in November 2024 to enhance its data analytics capabilities.
• In 2021, Forian acquired Medical Marijuana Business Daily (MJBizDaily), which expanded its reach and influence within the cannabis industry.