Exhibit 99.4
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
The unaudited pro forma condensed combined financial data should be read in conjunction with the historical financial statements and the accompanying notes of Healthcare Triangle, Inc., and the standalone financial statements of Teyame 360 SL and Datono Mediacion SL respectively, filed herewith.
The unaudited pro forma information is not necessarily indicative of the combined company’s actual financial position or actual results of operations had the transaction occurred as of the dates indicated. In addition, the unaudited pro forma condensed combined financial information is not intended to project the future financial position or operating results of the combined company. There were no material transactions between Healthcare Triangle, Inc, Teyame 360 SL and Datono Mediacion SL, during the periods presented in the unaudited pro forma condensed combined financial information that would need to be eliminated.
The unaudited pro forma condensed combined financial information does not reflect any cost savings, operating synergies, fair value impacts upon acquisition, or revenue enhancements that the combined company may achieve and realize as a result of the acquisition; nor does it reflect costs to integrate the operations of Healthcare Triangle, Inc Teyame 360 SL and Datono Mediacion SL, or the costs necessary to achieve cost savings, operating synergies and revenue enhancements.
Healthcare Triangle, Inc and Subsidiaries
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS
As At December 31, 2025
(in thousands, except per share data)
| HCTI | Teyame | Datono | HCTI Pro Forma Combined | |||||||||||||
| (Unaudited) | (Audited) | (Audited) | (Unaudited) | |||||||||||||
| Assets | ||||||||||||||||
| Current assets | ||||||||||||||||
| Cash and cash equivalents | $ | 7,625 | $ | 2 | $ | 0 | $ | 7,627 | ||||||||
| Accounts receivable | 2,070 | 4,740 | 773 | 7,583 | ||||||||||||
| Other current assets | 3,456 | 694 | 27 | 4,177 | ||||||||||||
| Total current assets | 13,151 | 5,436 | 800 | 19,387 | ||||||||||||
| Furniture and equipment, net | 5 | 1,494 | - | 1,499 | ||||||||||||
| Goodwill, net | 2,946 | - | - | 2,946 | ||||||||||||
| Intangible assets, net | 2,808 | 2,222 | 750 | 5,780 | ||||||||||||
| Other non-current assets | - | 207 | 207 | |||||||||||||
| Due from affiliates | 3,826 | - | - | 3,826 | ||||||||||||
| Total assets | $ | 22,736 | $ | 9,359 | $ | 1,550 | $ | 33,645 | ||||||||
| Liabilities and stockholders’ equity (deficit) | ||||||||||||||||
| Current liabilities | ||||||||||||||||
| Accounts payable | $ | 744 | $ | 2,939 | $ | 741 | $ | 4,424 | ||||||||
| Short term borrowing | 10,737 | 3,444 | 2,201 | 16,382 | ||||||||||||
| Other current liabilities | 1,311 | 798 | 409 | 2,518 | ||||||||||||
| Total current liabilities | 12,792 | 7,181 | 3,351 | 23,324 | ||||||||||||
| Long-term liabilities | ||||||||||||||||
| Long-term liabilities | - | 559 | - | 559 | ||||||||||||
| Contingent consideration | - | - | - | - | ||||||||||||
| Total current and long-term liabilities | 12,792 | 7,740 | 3,351 | 23,883 | ||||||||||||
| Stockholders’ equity | ||||||||||||||||
| Series B Preferred Stock, par value $0.00001; 10,000,000 authorized issued convertible preferred stock 1,600,000 as of December 31, 2025 | 7,435 | - | - | 7,435 | ||||||||||||
| Common stock, par value $0.00001; 100,000,000 authorized 142,426 shares issued and outstanding as of December 31, 2025 | 11 | - | - | 11 | ||||||||||||
| Non-controlling interest | (37 | ) | - | - | (37 | ) | ||||||||||
| Additional paid-in capital | 45,534 | 2,839 | (2,834 | ) | 45,539 | |||||||||||
| Retained earnings | (42,999 | ) | (1,220 | ) | 1,033 | (43,186 | ) | |||||||||
| Total stockholders’ equity (deficit) | 9,944 | 1,619 | (1,801 | ) | 9,762 | |||||||||||
| Total liabilities and stockholders’ equity | $ | 22,736 | $ | 9,359 | $ | 1,550 | $ | 33,645 | ||||||||
Healthcare Triangle, Inc and Subsidiaries
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
Year Ended December 31, 2025
(in thousands, except per share data)
HCTI | Teyame | Datono | HCTI Pro Forma Combined | |||||||||||||
| (Unaudited) | (Audited) | (Audited) | (Unaudited) | |||||||||||||
| Net revenue | $ | 13,891 | $ | 17,161 | $ | 13,763 | $ | 44,815 | ||||||||
| Cost of revenue (exclusive of depreciation and amortization shown separately below) | 12,001 | 9,263 | 11,647 | 32,911 | ||||||||||||
| Bad debt expense | 17 | - | - | 17 | ||||||||||||
| Research and development | 536 | - | - | 536 | ||||||||||||
| Sales and marketing | 3,084 | 2,556 | 1,176 | 6,816 | ||||||||||||
| General and administrative | 7,337 | 2,794 | 71 | 10,202 | ||||||||||||
| Depreciation and amortization | 705 | 882 | 170 | 1,757 | ||||||||||||
| Total operating expenses | 11,679 | 6,232 | 1,417 | 19,328 | ||||||||||||
| Gain/(loss) from operations | (9,789 | ) | 1,666 | 699 | (7,424 | ) | ||||||||||
| Other income | 857 | 13 | 28 | 898 | ||||||||||||
| Changes in fair value | 41 | - | - | 41 | ||||||||||||
| Forex gain/(loss) | (18 | ) | - | - | (18 | ) | ||||||||||
| Interest expense | (567 | ) | (214 | ) | (114 | ) | (895 | ) | ||||||||
| Income/(Loss) before income taxes | (9,476 | ) | 1,465 | 613 | (7,398 | ) | ||||||||||
| Income tax expense | - | (362 | ) | (147 | ) | (509 | ) | |||||||||
| Net income / (loss) | (9,476 | ) | 1,103 | 466 | (7,907 | ) | ||||||||||
| Other comprehensive income/(loss) | ||||||||||||||||
| Foreign currency translation gain | 11 | - | - | 11 | ||||||||||||
| Comprehensive loss | $ | (9,465 | ) | $ | 1,103 | $ | 466 | $ | (7,896 | ) | ||||||
| Comprehensive loss attributable to: | ||||||||||||||||
| Stockholders | (9,428 | ) | 1,103 | 466 | (7,859 | ) | ||||||||||
| Non-controlling interest | (37 | ) | - | - | (37 | ) | ||||||||||
| Net loss per common share—basic and diluted | ||||||||||||||||
| Stockholders | (152.3 | ) | - | - | (127 | ) | ||||||||||
| Non-controlling interest | (0.6 | ) | - | - | (0.6 | ) | ||||||||||
| Weighted average shares outstanding used in per common share computations: | ||||||||||||||||
| Basic and diluted | 61,873 | - | - | 61,873 | ||||||||||||