Executive Summary

Q3 2025 (company’s fiscal Q3 2024 ended Oct 31, 2024) revenue was $4.419M, with SaaS revenue $2.933M (66% mix); net loss improved to ($2.476M) and adjusted EBITDA loss narrowed to ($0.326M) .
Management accelerated its adjusted EBITDA breakeven run-rate timing (at $15.5M implemented SaaS ARR) from 2H FY2025 to 1H FY2025, citing bookings momentum and implementation progress; Booked SaaS ACV was $14.1M with $12.0M implemented as of quarter-end .
Liquidity tightened (cash $0.754M at 10/31) but the company amended covenants Nov 13 and drew $1.0M on the revolver Nov 20; total debt stood at ~$12.3M as of 10/31 per call commentary .
Near-term catalysts: accelerated breakeven timeline, rapid adoption of new eValuator quality module (pilot-to-sales in <1 month) and Oracle Health channel traction, balanced by client churn headwinds and liquidity watchpoints .

What Went Well and What Went Wrong

What Went Well
- Accelerated profitability timeline: “accelerated our expected Adjusted EBITDA breakeven timeline” to 1H FY2025 at $15.5M implemented ARR .
- New product adoption: eValuator Quality Module launched in October; added to two clients within a month; management called that cycle “unheard of” in the space .
- Clear ROI evidence: Analysis tying eValuator pre-bill corrections to realized cash showed $31M bottom-line impact for one client; case study forthcoming .
What Went Wrong
- Revenue contraction YoY persisted: Q3 revenue $4.419M vs $6.133M in prior-year quarter, due to prior client non-renewals (partly offset by new SaaS implementations) .
- Liquidity tighter: Cash fell to $0.754M at quarter-end; company amended loan covenants and drew $1.0M post-quarter, underscoring funding needs .
- Churn backdrop: Earlier in FY, management disclosed $2.8M of SaaS ACV non-renewals (Q2), reflecting health system outsourcing/resource constraints; Booked SaaS ACV dipped to $13.6M in Q2 before recovering to $14.1M in Q3 .

Financial Results

Note: Q3 2025 refers to company’s fiscal Q3 2024 (three months ended Oct 31, 2024).

Overall P&L and Adjusted EBITDA

Metric	Q1 2025 (3 mo. ended Apr 30, 2024)	Q2 2025 (3 mo. ended Jul 31, 2024)	Q3 2025 (3 mo. ended Oct 31, 2024)
Revenue ($USD Millions)	$4.330	$4.476	$4.419
SaaS Revenue ($USD Millions)	$2.723	$3.078	$2.933
Net Loss ($USD Millions)	($2.739)	($2.803)	($2.476)
Diluted EPS (USD)	($0.05)	($0.05)	($0.61)†
Adjusted EBITDA ($USD Millions)	($0.703)	($0.302)	($0.326)

† Q3 EPS reflects 1-for-15 reverse split effective Oct 4, 2024; Q1–Q2 figures are pre-split. Management notes comparative periods in Q3 tables are adjusted for the split, but earlier press releases present pre-split share counts .

Revenue Mix by Line Item

Revenue Line ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
Software as a Service	$2.723	$3.078	$2.933
Maintenance & Support	$0.890	$0.883	$0.878
Professional Fees & Licenses	$0.717	$0.515	$0.608
Total Revenues	$4.330	$4.476	$4.419

Key KPIs and Balance Sheet

KPI / Balance ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
Booked SaaS ACV (Total)	$15.6 (as of 4/30)	$13.6 (as of 7/31)	$14.1 (as of 10/31)
Implemented Booked SaaS ACV	$11.6	$10.7	$12.0
SaaS % of Total Revenue	63%	69%	66%
Cash & Cash Equivalents	$3.979	$3.536	$0.754

Versus Estimates (S&P Global)

Wall Street consensus from S&P Global (CIQ) was unavailable for STRM for Q1–Q3 2025, so no beat/miss analysis can be provided. Values retrieved from S&P Global were unavailable due to a missing mapping.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA Breakeven Run-Rate (at $15.5M implemented SaaS ARR)	Timing	2H FY2025 (as of Q2)	1H FY2025 (as of Q3)	Raised/Accelerated
SaaS Revenue Trajectory	Near-term	Q3 revenue to decline seq.; Q4 ~ $4.5M; FY2025 sequential growth (Q2 call)	Expect sequential SaaS revenue growth in Q4 and into FY2025 (Q3 call)	Maintained trajectory; reaffirmed
Liquidity/Credit	FY2024–2025	N/A	Amended financial covenants (Nov 13) and drew $1.0M on revolver (Nov 20)	Proactive liquidity actions
Capital Strategy	FY2025	N/A	May pursue additional non-equity capital sources to accelerate growth	New disclosure

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
AI/Tech initiatives	AI models creating/enhancing eValuator rules; My eValuator UX refresh; plan to expand AI features	Continued AI for rule development; quality of life features; focus on denial identification; ROI proof with $31M cash impact	Positive momentum; deepening use cases
eValuator Quality Module	Risk scoring engine “near-term upsell” in Q2	Officially debuted Oct 8; added at two clients within a month; broader upsell expected	Launch → early traction
RevID & Oracle Partnership	Multiple Oracle go-lives; channel integral to bookings; referenceable clients	New 400-bed Texas Oracle EHR client; more backlog; Oracle actively introducing prospects	Strengthening channel
Bookings/ACV & Pipeline	Q2 bookings $0.8M ACV; $2.8M non-renewals; expected 2H bookings >2× 1H	Q3 bookings $0.7M ACV; increased pipeline from client-led webinars and quality module; accelerating to 1H FY2025 breakeven	Stabilizing, improving mix
Client Churn/Outsourcing	Q2 churn due to outsourcing/resource drain; retention playbook initiatives	Emphasis on client success, best-practice manuals, in-house audit support to bolster retention/expansion	Addressing churn drivers
Liquidity/Capital	Raised $4.5M in Q1; total debt ~$12.5M; no revolver balance Q2	Covenant amendment; $1.0M revolver draw; considering non-equity capital	Tighter liquidity; proactive actions

Management Commentary

“During the quarter we expanded existing relationships through our new eValuator quality module, completed implementation for key accounts, including our first enterprise clients and added new logo wins. The resulting momentum has led us to accelerate our expected Adjusted EBITDA breakeven timeline.” — Ben Stilwill, CEO .
“Booked SaaS ACV… totaled $14.1 million, with $12 million already implemented… we’ve accelerated our expectations for the achievement of an adjusted EBITDA positive run rate to the first half of fiscal 2025.” — Ben Stilwill .
“We successfully renegotiated key terms of our senior term loan… we believe additional capital resources may enable us to accelerate our growth plans… if we were able to find additional nonequity capital sources, we may pursue them.” — Ben Stilwill .
“We were thrilled to debut our new quality module… added a module to 2 additional clients [within a month]… this rapid adoption is representative of the value provided through prospective quality measurement.” — Ben Stilwill .
“Adjusted EBITDA for the third quarter… was a loss of $0.3 million… We expect sequential growth of SaaS revenue in the fourth quarter of fiscal 2024 and into fiscal 2025.” — B.J. Reeves, CFO .

Q&A Highlights

ROI and Value Messaging: Management emphasized moving from CMS proxy rates to actual cash impact, prioritizing higher reimbursement payers to “drive the ROI even higher,” with pipeline generation catalyzed by client-led webinars .
Confidence in Accelerated Breakeven: Stabilization of the client base, improved implementations, and strong interest in the quality module underpinned confidence to pull forward breakeven to 1H FY2025 .
Demand Capture Strategy: Tighter, analytical go-to-market, addition of sales talent, and campaigns (displacement, Oracle channel, Epic EHR, cross-sell/upsell) intended to sustain bookings pace .

Estimates Context

S&P Global (CIQ) consensus estimates for revenue and EPS for Q1–Q3 2025 were unavailable for STRM due to missing mapping; as a result, we cannot provide a quantitative beat/miss analysis this quarter. We will update once the CIQ mapping is available.

Key Takeaways for Investors

Breakeven pulled forward to 1H FY2025 at $15.5M implemented SaaS ARR; Booked SaaS ACV recovered sequentially to $14.1M with $12.0M implemented, de-risking the path to positive adjusted EBITDA .
Product flywheel strengthening: eValuator Quality Module is seeing unusually fast adoption; Oracle Health channel continues to produce wins like the 400‑bed Texas system, supporting bookings and time-to-cash improvements .
Liquidity remains a watch item: quarter-end cash fell to $0.754M; covenant amendment and revolver draw add runway, with openness to non-equity capital for growth—a supportive step but signals tight near-term liquidity .
Revenue base stabilizing: Q3 revenue modestly down QoQ as guided in Q2, but management expects sequential growth in Q4 and into FY2025, aided by implementations and upsell/cross-sell .
Retention toolkit expanding to counter churn: best-practice playbooks, in-house audit resources, and ROI proof (e.g., $31M realized cash impact) should help reduce future non-renewals and expand wallet share .
Trading lens: Stock could be sensitive to evidence of sustained bookings (especially quality module upsells), Oracle channel proof points, and additional liquidity events; any slippage on ARR implementation or churn would pressure the accelerated breakeven narrative .

Sources

Q3 2025 8-K and press release (third quarter fiscal 2024): revenues, mix, net loss, adjusted EBITDA, ACV, liquidity, reverse split footnote .
Q3 2025 earnings call transcript: product traction, pipeline, guidance, capital plans .
Q2 2025 press release and call: revenue/ACV trends, churn, guidance pacing .
Q1 2025 8-K and call: revenue/mix, ACV as-of dates, product/AI roadmap .
Other relevant press releases: eValuator Quality Module debut; Oracle Health Texas win .

STREAMLINE HEALTH SOLUTIONS INC. (STRM)·Q3 2025 Earnings Summary