Brazil Potash Estimates Up to ~$94 Million in Potential Brazil Government Tax Savings Following SUFRAMA Registration

 

Source:  Brazil Potash Corp. 12/16/2025

• Company receives official SUFRAMA registration, enabling access to federal tax incentives
• Milestone demonstrates strong Brazil federal government support and de-risks key project assumptions

Brazil Potash Corp. ("Brazil Potash" or the "Company") (NYSE-American: GRO), a mineral exploration and development company with a critical mineral potash agriculture project, the Autazes Project, announced today that its wholly-owned Brazilian subsidiary, Potássio do Brasil Ltda., received official registration from SUFRAMA (Superintendência da Zona Franca de Manaus), the federal agency responsible for managing tax incentives regimes under the Manaus Free Trade Zone (ZFM) framework in the Western Amazonas Region. SUFRAMA registration means the Company is eligible to operate under SUFRAMA-administered tax incentive procedures, subject to applicable rules, approvals and project-specific authorizations

The Company estimates that access to SUFRAMA-administered federal tax incentive regimes could result in up to ~US$94 million in estimated tax savings over the construction phase, subject to compliance with applicable requirements and individual authorizations. This milestone validates key financial assumptions underlying the project's economic model and demonstrates continued strong support from Brazilian federal authorities.

^{Raphael Bloise, Project Director of Potássio do Brasil, receives the SUFRAMA registration certificate from Bosco Saraiva,
Superintendent of SUFRAMA, at a formal ceremony in Manaus on December 16, 2025.}

In recognition of this milestone, the Superintendent of SUFRAMA invited representatives from Brazil Potash to receive the registration certificate in person at a formal ceremony in Manaus. The meeting, which took place on December 16, 2025, was attended by Company representatives including Project Director, Raphael Bloise, and highlighted the collaborative relationship between the federal government and the Autazes Project.

"Securing SUFRAMA registration is an important milestone that supports the tax assumptions we have long anticipated for the Autazes Project," said Raphael Bloise, Project Director of Potássio do Brasil. "This registration enhances visibility and predictability in our financial model, while actual tax incentives remain subject to applicable rules, procedures and project-specific authorizations, and underscores the federal government's commitment to supporting strategic mineral development in the Amazon region."

As a registered entity within the Western Amazonas Region, Potássio do Brasil is now eligible to apply for and operate under the following federal tax incentive regimes, subject to applicable procedures and approvals:

• Import Duty (Imposto de Importação - II): Potential exemption or reduction on qualifying imports conducted under the Manaus Free Trade Zone framework, subject to SUFRAMA and Federal Revenue procedures and approvals
• Tax on Industrialized Products (Imposto sobre Produtos Industrializados - IPI): Exemption on qualifying goods imported or produced under the ZFM framework, subject to applicable rules and approvals.
  
  

These exemptions apply to capital expenditures during the construction phase of the Autazes Project and are administered by SUFRAMA, a federal agency linked to Brazil's Ministry of Development, Industry, and Trade.

About Brazil Potash

Brazil Potash (NYSE-American: GRO) (www.brazilpotash.com) is developing the Autazes Project to supply sustainable fertilizers to one of the world’s largest agricultural exporters. Brazil is critical for global food security as the country has amongst the highest amounts of fresh water, arable land, and an ideal climate for year-round crop growth, but it is vulnerable as it imported over 95% of its potash fertilizer in 2024, despite having what is anticipated to be one of the world’s largest undeveloped potash basins in its own backyard. The potash produced will be transported primarily using low-cost river barges on an inland river system in partnership with Amaggi (www.amaggi.com.br), one of Brazil’s largest farmers and logistical operators of agricultural products. With an initial planned annual potash production of up to 2.4 million tons per year, Brazil Potash’s management believes it could potentially supply approximately 20% of the current potash demand in Brazil. Management anticipates 100% of Brazil Potash’s production will be sold domestically to reduce Brazil’s reliance on potash imports while concurrently mitigating approximately 1.4 million tons per year of GHG emissions.

 

Brazil Potash Achieved Major 2025 Milestones, Positions for Construction Advancement in 2026

 

Source:  Brazil Potash Corp. 12/8/2025

Signed Contracts to Sell ~91% of Production, Strengthened Leadership Team, Advanced Site Preparation and Community Partnerships

2026 Focus on Construction Financing, Com

Brazil Potash Corp. ("Brazil Potash" or the "Company") (NYSE-American: GRO), a company developing and constructing Brazil's largest potash fertilizer project, today announced its 2025 achievements and outlined strategic priorities for 2026 as it advances the Autazes Potash Project toward full construction.

"2025 has been a transformative year for Brazil Potash, marked by exceptional progress across commercial, financial, operational, and community initiatives," said Matt Simpson, Chief Executive Officer of Brazil Potash. "We've secured binding commitments for over 90% of our planned production, strengthened our world-class Board and leadership team, advanced critical site preparation activities, and deepened our partnerships with local communities including the Mura indigenous people. As we enter 2026, we are laser-focused on completing engineering, securing construction financing, and advancing toward full-scale construction of this strategically important project for Brazil's agricultural independence."

2025 Key Achievements:

Commercial Milestones

• Secured final two major offtake agreements with Keytrade and Kimia Solutions, bringing total committed sales to approximately 91% through binding take-or-pay contracts ranging in tenor from 10 to 17 years
• Launched Brazilian Depositary Receipts (BDRs) on B3 Exchange, providing domestic investors direct access to participate in Brazil's fertilizer independence

Leadership & Governance Enhancement

• Appointed Mayo Schmidt as Executive Chairman, former Chairman and CEO of Nutrien
• Named Sergio Leite as President of Potássio do Brasil, bringing proven track record in raising multi-billion-dollar funding and successfully delivering large-scale projects
• Strengthened Board with addition of Christian Joerg, bringing 30+ years of global agricultural commodities expertise including extensive Middle East experience
• Expanded Advisory Board with Marcelo Lessa, former IFC/World Bank executive with extensive project financing experience

Construction & Operations Progress

• Completed vegetation management and site preparation at both the future plant site and port terminal
• Launched archaeological monitoring and heritage education programs
• Signed MOU with Fictor Energia for ~$200 million power line construction funding, removing this cost from project capex
  

Financial & Strategic Initiatives

• Raised $28 million through private placement with institutional investors
• Established $75 million equity line of credit with Alumni Capital for flexible funding
• Mandated BTIG to lead project-level equity financing to minimize shareholder dilution
• Engaged multiple development finance institutions (DFIs), export credit agencies (ECAs), and commercial banks for construction debt discussions and hosted site visits

Community & Sustainability

• Strengthened relationships with Mura indigenous communities and initiated Impact Benefit Agreement discussions
• Signed 13 MOUs for training programs to prepare local workforce for construction and operations employment
• Advanced fauna rescue and environmental management programs in full compliance with regulatory requirements
  

2026 Strategic Priorities:

The Company has identified the following key objectives for 2026:

1. Advance Engineering - Advance engineering for mine shafts (critical path) and processing plant as prerequisites for debt financing
   
   
2. Source Anchor Equity Investment - Advance process to secure strategic equity partner at project level to fund construction while minimizing dilution to existing shareholders
   
   
3. Optimize Infrastructure Funding - Pursue third-party financing arrangements for discrete project components potentially including:
   
   
   • River barge port facility
   • Steam plant operations
   • 20MW construction power infrastructure (converting to backup power for operations)
   • Trucking services from plant to port
     
     
4. Community Development - Launch comprehensive training programs in local communities to maximize employment opportunities during construction and operations phases
   
   
5. Advance Construction - Subject to funding, order certain long-lead equipment items and progress civil works at site following engineering completion and financing arrangements
   

"With binding off-take commitments from Brazilian agricultural leaders, support from local communities, and a world-class team in place, Brazil Potash is positioned to deliver a project of national strategic importance," added Simpson. "In an era of unprecedented global challenges - from conflicts affecting fertilizer supplies to climate impacts on agriculture - our project represents food security infrastructure that Brazil and the world desperately need. Every day we advance toward production is a day closer to more stable, secure food supplies for people worldwide.

About Brazil Potash
Brazil Potash (NYSE-American: GRO) (www.brazilpotash.com) is developing the Autazes Project to supply sustainable fertilizers to one of the world’s largest agricultural exporters. Brazil is critical for global food security as the country has amongst the highest amounts of fresh water, arable land, and an ideal climate for year-round crop growth, but it is vulnerable as it imported over 95% of its potash fertilizer in 2021, despite having what is anticipated to be one of the world’s largest undeveloped potash basins in its own backyard. The potash produced will be transported primarily using low-cost river barges on an inland river system in partnership with Amaggi (www.amaggi.com.br), one of Brazil’s largest farmers and logistical operators of agricultural products. With an initial planned annual potash production of up to 2.4 million tons per year, Brazil Potash’s management believes it could potentially supply approximately 20% of the current potash demand in Brazil. Management anticipates 100% of Brazil Potash’s production will be sold domestically to reduce Brazil’s reliance on potash imports while concurrently mitigating approximately 1.4 million tons per year of GHG emissions.

 

Brazil Potash Initiates Artificial Intelligence Powered X-Ray Ore Sorting Trial as Technology Shows High Potential to Substantially Reduce Costs

 

Source:  Brazil Potash Corp. 12/3/2025

Unleashing Artificial Intelligence’s power in the mining process could dramatically reduce costs and increase revenues. 

A.I. has the power to determine ore from waste rock, saving time and money.

AI deployed at scale can achieve mining efficiencies that have been impossible with traditional equipment.

Brazil Potash Corp. ("Brazil Potash" or the "Company") (NYSE-American: GRO), a mineral exploration and development company with a critical mineral potash agriculture project, the Autazes Project, today announced the initiation of an Artificial Intelligence Optical Ore Sorting trial to evaluate underground pre-concentration technology that could significantly enhance project economics and operational efficiency.

The Company is conducting trials with advanced AI-powered X-ray Transmission (XRT) sorting technology to pre-sort mined ore either underground prior to hoisting or at surface prior to processing. This innovative approach utilizes artificial intelligence algorithms combined with optical sensing technology to identify and separate valuable potash ore from waste material. This results in the potential to significantly reduce the main mine shaft diameter and/or processing plant size resulting in lower construction and operating costs.

"Artificial Intelligence is changing industries all over the world,   now mining is joining the AI future. This AI powered X-ray optical sorting trial represents a potential game-changer for the Autazes Project economics," said Matt Simpson, CEO of Brazil Potash. "Recent successful application of AI at a commercial potash operation have demonstrated the ability to concentrate ore by approximately 50% underground before it is hoisted to surface and fed to the processing plant. If we can replicate these results at Autazes, the implications for our capital requirements and operational efficiency are profound."

AI Technology Overview and Potential Benefits

The AI optical ore sorting technology being trialed combines advanced X-ray Transmission sensing with sophisticated machine learning algorithms to identify and separate valuable potash minerals from waste rock in real-time. The system analyzes the atomic density and composition of individual rock particles as they pass through the sorting equipment, making split-second decisions to direct each particle to either the concentrate or waste stream.

The AI-powered optical ore sorting technology being evaluated offers several compelling advantages for the Autazes Project:

• Reduced Processing Plant Size: By concentrating ore underground prior to hoisting, the required capacity of the surface processing plant could potentially be reduced significantly, materially lowering construction capital requirements.
• Improved Grade to Plant: Increasing the potassium chloride content in the ore delivered to the processing plant could improved overall process efficiency resulting in lower operating costs.
• Reduced Hoisting Shaft Diameter: This AI technology could potentially enable the Company to either construct a smaller diameter main shaft, reducing both construction time and cost, or maintain current shaft specifications to accommodate substantial future production increases with minimal additional capital investment.
• Enhanced Operational Efficiency and Sustainability: Pre-concentration of ore underground reduces the volume of material required to be hoisted and processed, potentially lowering ongoing mine energy consumption and resulting operational costs.
  
  

About Brazil Potash
Brazil Potash (NYSE-American: GRO) (www.brazilpotash.com) is developing the Autazes Project to supply sustainable fertilizers to one of the world’s largest agricultural exporters. Brazil is critical for global food security as the country has amongst the highest amounts of fresh water, arable land, and an ideal climate for year-round crop growth, but it is vulnerable as it imported over 95% of its potash fertilizer in 2021, despite having what is anticipated to be one of the world’s largest undeveloped potash basins in its own backyard. The potash produced will be transported primarily using low-cost river barges on an inland river system in partnership with Amaggi (www.amaggi.com.br), one of Brazil’s largest farmers and logistical operators of agricultural products. With an initial planned annual potash production of up to 2.4 million tons per year, Brazil Potash’s management believes it could potentially supply approximately 20% of the current potash demand in Brazil. Management anticipates 100% of Brazil Potash’s production will be sold domestically to reduce Brazil’s reliance on potash imports while concurrently mitigating approximately 1.4 million tons per year of GHG emissions.

 

Brazil Potash Appoints Sergio Leite as President of Potássio do Brasil

 

Source:  Bazil Potash Corp. 12/2/2025

• Experienced executive brings proven track record operating industrial plants and implementing projects totaling nearly US$20 billion across mining, steel, railway, and port infrastructure sectors in Brazil and abroad

• Executive brings proven track record leading teams to raise multi-billion-dollar funding necessary to successfully deliver large-scale projects

• Four decades of leadership experience with strong networks in Brazil across government, financial, and industrial sectors

Brazil Potash Corp. (“Brazil Potash” or the “Company”) (NYSE-American: GRO), a developer and builder of Brazil’s largest potash fertilizer project, today announced the appointment of Sergio Leite as President of Potássio do Brasil Ltda., the Company’s wholly-owned Brazilian subsidiary responsible for the development and construction of the Autazes Potash Project.

“Mr. Leite brings ~40 years of executive experience successfully delivering large-scale steel plants, mining and infrastructure projects for which he raised billions in capital by leading negotiations with key stakeholders. His extensive background positions him ideally to advance the Autazes Project as we accelerate our path to construction,” said Matt Simpson, Chief Executive Officer of Brazil Potash.

Proven Track Record in Project Financing and Execution

Throughout his distinguished career, Mr. Leite has demonstrated exceptional capability leading teams that raised billions of dollars to fund the construction of large-scale projects mainly in the mining sector. As Chief Executive Officer of Companhia Siderúrgica do Pecém, a joint venture between Vale S.A. and Korean steel companies POSCO and DongKuk, he led a team that negotiated a US$2.9 billion loan contract with a pool of banks including Brazil’s BNDES, Korean Export Credit Agencies and a syndicate of eight banks.

As CEO of BAFER – Bahia Ferrovias, Mr. Leite led efforts to secure substantial funds to support railway infrastructure development. His extensive experience also includes senior roles at Vale S.A., where he served as Operational Director, CEO of Vale Oman, and Institutional Relations and Sustainability Director, developing strong networks with key government ministries and regulatory authorities.

“I am honored to join Brazil Potash at this pivotal moment in the Company’s development,” said Sergio Leite. “The Autazes Project represents a transformational opportunity for Brazil’s agricultural sector and food security. I look forward to leveraging my relationships with BNDES and other important banks, government authorities, and international financial institutions to help secure the funding needed to build Brazil’s premier domestic potash operation.”

About Brazil Potash

Brazil Potash (NYSE-American: GRO) (www.brazilpotash.com) is developing the Autazes Project to supply sustainable fertilizers to one of the world’s largest agricultural exporters. Brazil is critical for global food security as the country has amongst the highest amounts of fresh water, arable land, and an ideal climate for year-round crop growth, but it is vulnerable as it imported over 95% of its potash fertilizer in 2021, despite having what is anticipated to be one of the world’s largest undeveloped potash basins in its own backyard. The potash produced will be transported primarily using low-cost river barges on an inland river system in partnership with Amaggi (www.amaggi.com.br), one of Brazil’s largest farmers and logistical operators of agricultural products. With an initial planned annual potash production of up to 2.4 million tons per year, Brazil Potash’s management believes it could potentially supply approximately 20% of the current potash demand in Brazil. Management anticipates 100% of Brazil Potash’s production will be sold domestically to reduce Brazil’s reliance on potash imports while concurrently mitigating approximately 1.4 million tons per year of GHG emissions.

 

Health In Tech and AlphaTON Capital to Unveil Blockchain Healthcare Vision at Web Summit Lisbon

 

Source:  Health in Tech, Inc. 11/11/2025

Health in Tech and AlphaTON Capital Take Stage to Discuss HITChain, Innovative Claims Processing Platform Built on TON Blockchain

Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, today announced that three leaders seeking to shape the future of healthcare technology will take the stage at Web Summit this week to talk about a critical industry need: a better way to process insurance claims.

Tim Johnson, Founder & CEO of Health In Tech, Brittany Kaiser, CEO of AlphaTON Capital, and Dr. Dustin Plantholt, Chief AI & Marketing Officer at Health In Tech, are presenting "Blockchain Rx" on Wednesday, November 12 at 11:35 AM on Stage 14. The session dives into how blockchain technology could bring faster payments, transparent data, and real trust to healthcare.

The conversation is timely. The two companies signed a non-binding Letter of Intent on September 30, 2025 to build HITChain together, a blockchain-enabled insurance claims processing platform on The Open Network (TON).

"Healthcare too often runs on outdated, paper-heavy systems. Blockchain lets information move faster, with accuracy and transparency built in," said Dr. Plantholt. "When everyone—from providers to patients—can trust the data, the entire experience improves."

 The problem HITChain seeks to tackle is one everyone in healthcare knows too well. Claims can get delayed. Processes often stay opaque. Data lives in silos. It's been that way for decades, and it affects millions of people.

"We're not working to build this because blockchain is trendy," said Johnson. "We're building it because claims take too long, people don't trust the process, and patients suffer for it. That's the problem we're seeking to fix."

The TON blockchain provides the speed, security, and scalability healthcare demands. The platform is designed to handle the complexity of modern healthcare while making the entire process radically more transparent and efficient.

Web Summit attendees can join the discussion and see how this technology might reshape healthcare administration from the ground up.

Event Details:

What: Blockchain Rx Panel Discussion

When: Wednesday, November 12, 2025, at 11:35 AM

Where: Stage 14, Web Summit, Lisbon, Portugal

Speakers: Tim Johnson, Brittany Kaiser, Dr. Dustin Plantholt

Use of Forward ‑Looking Statements

Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity.

About Health In Tech

Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs.

 

 

Health In Tech Announces Third Quarter 2025 Financial Results

 

  

Source:  Health in Tech, Inc. 11/10/2025

Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, today announced its financial results for the third quarter ended September 30, 2025.

Financial Highlights for the Third Quarter and Nine-Month of 2025:

• Billed Enrolled Employees. The number of billed enrolled employees (EEs) was 25,248, an increase of 7,654 EEs YoY.
• Distribution. The number of Brokers, Third-party Administrator ("TPAs") and Agencies expanded to 849 partners as of September 30, 2025, up 57% YoY.
• Revenues. Total revenues were $8.5 million, up 90% YoY; The first-nine months revenues of $25.8 million, 132% of full year 2024.
• Pre-tax income. Pre-tax income was $0.6 million, up 48% YoY; The first-nine months pre-tax income of $2.1 million, 238% of full year 2024.
• Adjusted EBITDA. Adjusted EBITDA was $1.0 million, up 49% YoY; The first-nine months adjusted EBITDA of $3.8 million, 167% of full year 2024.
• Cash. Cash balance was $8.0 million as of September 30, 2025.
• Accounts receivable, net. Accounts receivable balance was $0.9 million as of September 30, 2025, reduced $0.1 million YoY.

Tim Johnson, CEO of Health In Tech, said:
"Our third quarter highlights the accelerating strength of our distribution ecosystem and the solid foundation we've built this year. Revenue reached $8.5 million, up 90% year over year, bringing nine-month revenue to $25.8 million—already 132% of full-year 2024 revenue. This growth reflects the continued expansion of our broker, TPA, and agency network, which is now translating directly into sustained revenue momentum as our technology gains adoption across new distribution channels."

He continued:
"In September, we launched large-employer underwriting within eDIYBS, allowing brokers to generate quotes for groups of 150 or more employees in as little as two weeks—versus the industry timeline of often three months. This capability is a significant milestone, extending the speed and scalability of our small-business underwriting into the mid- and large-employer market. It marks a major step forward in how health plans are designed, quoted, and delivered at scale."

Mr. Johnson added:
"We also remain focused on solving one of the most costly inefficiencies in U.S. healthcare—claims administration, which costs the industry more than $300 billion annually. Our non-binding LOI with AlphaTON Capital marks a strategic step toward exploring blockchain-enabled solutions that can modernize this process. Together with AlphaTON and Brittany Kaiser's leadership in blockchain ethics and policy, we're developing HITChain—a decentralized, verifiable claims infrastructure designed to compress processing timelines, eliminate duplication, lower costs, and create a transparent system of record for all stakeholders.

By combining insurance domain expertise with blockchain innovation, we're seeking to position Health In Tech at the frontier of decentralized healthcare infrastructure—a market opportunity of substantial scale and long-term impact."

"We delivered another quarter of strong financial performance," said Julia Qian, CFO of Health In Tech. "Revenue grew 90% year over year and profit increased 48%, reflecting both operational strength and disciplined execution. We continue to balance growth with strategic investments in technology and enhanced platform capabilities—initiatives that reinforce our leadership position and support sustainable long-term performance."

Recent Business Developments and Highlights

• eDIYBS Upgrade: Expanded HIT's Enhanced Do-It-Yourself Benefit System to serve 150+ employee groups. This upgrade significantly increases HIT's addressable market and accelerates large-group underwriting from months to about 2 weeks, extending the speed and scalability of our small-business underwriting into the mid- and large-employer market. It marks a major step forward in how health plans are designed, quoted, and delivered at scale.
  
  
• AlphaTON Capital: Signed a non-binding strategic LOI to co-develop HITChain, a blockchain-powered claims platform built on The Open Network (TON). The partnership positions HIT at the forefront of decentralized claims infrastructure, targeting efficiency gains in the $300B+ U.S. claims market.
  
  
• 2026 Davos Summit: Announced to host HIT's first Independent InsurTech Summit during the World Economic Forum week in Davos. The event will convene global leaders across insurance, healthcare, and technology. Two panels have been announced this quarter: "AI and Institutional Resistance - CEOs Driving Change in Legacy Sectors," featuring TIME CEO Jessica Sibley and HIT CEO Tim Johnson; and "First Ladies: Backing Women Who Build" featuring Cherie Blair CBE, KC, Founder of the Cherie Blair Foundation for Women. Additional panels will be announced in the coming months, highlighting HIT's expanding influence in shaping global industry dialogue.
  
  
• SIIA 2025 Conference: Showcased upgraded eDIYBS to thousands of industry leaders. The event expanded broker engagement and reinforced HIT's reputation as a leader in AI-powered self-funding solutions, demonstrating real-time quoting capabilities and platform flexibility.

Conference Call Details

Health In Tech will host a conference call to discuss the financial results for the Third quarter of 2025 on Nov 10, 2025, at 5:00 p.m. (ET). To participate in our live conference call and webcast, please dial 1-888-346-8982 or 1-412-902-4272 (for international participants).

A live audio webcast will be available via the Investor Relations page of Health In Tech's website at https://healthintech.com/. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days.

Non-GAAP Financial Information

This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of historical non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release.

Use of Forward ‑ Looking Statements

Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity.

About Health In Tech 

Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com.

Health In Tech, Inc.
Consolidated Statements of Operations
（ Unaudited ）
		Three Months Ended September 30,			Nine Months Ended  September 30,
		2025		2024		2025		2024
Revenues
Revenues from underwriting     modeling (ICE)		$1,389,604		$1,528,451		$5,832,164		$4,952,191
Revenues from fees		7,100,489		2,930,470		19,986,762		9,634,151
SMR		7,100,489		2,250,549		19,986,762		7,379,016
HI Card		-		679,921		-		2,255,135
Total revenues		8,490,093		4,458,921		25,818,926		14,586,342
Cost of revenues		3,346,277		979,628		9,009,841		2,944,266
Gross profit		5,143,816		3,479,293		16,809,085		11,642,076
Operating expenses
Sales and marketing expenses		962,567		508,467		3,279,560		2,526,197
General and administrative expenses		3,451,907		1,813,520		10,474,125		5,629,393
Research and development  expenses		235,819		718,424		1,356,149		2,180,246
Total operating expenses		4,650,293		3,040,411		15,109,834		10,335,836
Other income (expense):
Interest income		111,699		38,460		305,263		94,111
Interest expenses		-		(165,000)		-		(495,000)
Other income		-		157,156		118,399		157,156
Other expense		(5,000)		(62,759)		(5,000)		(62,759)
Total other income (expense), net		106,699		(32,143)		418,662		(306,492)
Income before income tax expense		$600,222		$406,739		$2,117,913		$999,748
Provision for income taxes		(148,046)		(30,653)		(536,514)		(185,119)
Net income		$452,176		$376,086		$1,581,399		$814,629
Net income per share
Basic		$0.01		$0.01		$0.03		$0.02
Diluted		$0.01		$0.01		$0.03		$0.02
Weighted average common stocks outstanding
Basic		56,432,407		51,769,358		55,484,860		51,769,358
Diluted		58,774,334		51,769,358		57,477,873		51,769,358

Health In Tech, Inc.
Consolidated Balance Sheets
(Unaudited)
		September 30, 2025		December 31, 2024
Assets
Current assets
Cash		$8,023,613		$7,849,248
Accounts receivable, net		868,628		1,647,103
Other receivables		3,871,106		500,252
Deferred offering costs		166,012		-
Prepaid expenses and other current assets		2,117,854		787,161
Total current assets		15,047,213		10,783,764
Non-current assets
Software		6,182,691		3,962,461
Loans receivable, net		863,996		815,995
Operating lease - right of use assets		157,122		206,269
Long-term prepaid expenses		504,822		-
Total non-current assets		7,708,631		4,984,725
Total assets		$22,755,844		$15,768,489
Liabilities and stockholders' equity
Current liabilities
Accounts payable and accrued expenses		$4,295,384		$1,858,840
Income taxes payable		-		205,253
Operating lease liabilities - current		73,769		66,881
Other current liabilities		869,088		-
Total current liabilities		5,238,241		2,130,974
Non-current liabilities
Deferred tax liabilities		274,809		328,676
Operating lease liabilities - non-current		83,831		139,811
Total non-current liabilities		358,640		468,487
Total liabilities		5,596,881		2,599,461
Stockholders' equity
Common stock, $0.001 par value; Class A Common         stock 150,000,000 shares authorized, 44,785,771        and 42,914,870 shares issued and outstanding as of      September 30, 2025 and December 31, 2024,        respectively		44,785		42,915
Common stock, $0.001 par value; Class B Common      stock 50,000,000 shares authorized, 11,700,000      shares issued and outstanding as of September 30,         2025 and December 31, 2024, respectively		11,700		11,700
Additional paid-in capital		11,579,683		9,173,017
Retained earnings		5,522,795		3,941,396
Total stockholders' equity		17,158,963		13,169,028
Total liabilities and stockholders' equity		$22,755,844		$15,768,489

Health In Tech, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income		$452,176		$376,086		$1,581,399		$814,629
Adjustments to reconcile net income to net cash provided by operating activities:
Write-off of accounts receivable		(4,089)		-		1,901		-
Amortization expense		217,981		135,584		489,947		405,158
Provision for refund liability		1,413,345		-		2,369,088		-
Deferred tax expenses (benefits)		12,680		(27,676)		(53,867)		(86,992)
Amortization of debt discount		-		165,000		-		495,000
Interest income		(16,003)		(15,999)		(48,001)		(47,997)
Stock-based compensation expense		292,552		-		1,493,686		-
Changes in operating assets and     liabilities:
Accounts receivable, net		416,592		524,838		776,574		1,302,733
Other receivables		(16,272)		546,645		(3,370,854)		1,166,017
Prepaid expenses and other current  assets		(486,424)		(118,116)		(690,665)		(209,841)
Long-term prepaid expenses		151,000		-		(206,666)		-
Operating lease right of use assets           and liabilities, net		18		624		55		1,871
Accounts payable and accrued  expenses		(224,639)		491,031		2,045,258		(1,064,527)
Income taxes payable		(34,944)		43,030		(205,253)		(68,675)
Other current liabilities		(1,500,000)		-		(1,500,000)		-
Net cash provided by operating activities		673,973		2,121,047		2,682,602		2,707,376
CASH FLOWS FROM INVESTING ACTIVITIES:
Development of software		(744,841)		(67,278)		(2,358,213)		(294,634)
Net cash used in investing activities		(744,841)		(67,278)		(2,358,213)		(294,634)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of deferred offering costs		(43,685)		(324,744)		(150,024)		(936,864)
Repayments of notes payable		-		(2,145,000)		-		(2,145,000)
Net cash used in  financing activities		(43,685)		(2,469,744)		(150,024)		(3,081,864)
Increase (decrease) in cash		(114,553)		(415,975)		174,365		(669,122)
Cash, beginning of the period		8,138,166		2,163,203		7,849,248		2,416,350
Cash, end of the period		8,023,613		1,747,228		8,023,613		1,747,228
Supplemental disclosures of cash flow information:
Cash paid for interest		$-		$-		$-		$-
Cash paid for income taxes		$198,000		$15,300		$823,323		$340,787
Summary of noncash investing and financing activities:
Accrued deferred offering costs included in accounts payable and accrued expenses		$55,827		$137,325		$55,827		$137,325
Accrued development of software included in accounts payable and accrued expenses		$401,964		$126,977		$401,964		$126,977
Issuance of Class A common stock for future  service		$146,816		$-		$1,184,800		$-

Adjusted EBITDA Reconciliation
(Unaudited)
		For Three Months Ended September 30,				For Nine Months Ended September 30,
		2025		2024		2025		2024
Net income		$452,176		$376,086		$1,581,399		$814,629
Interest (income) expenses		(111,699)		126,540		(305,263)		400,889
Depreciation and amortization		217,981		135,584		489,947		405,158
Income tax expense		148,046		30,653		536,514		185,119
Stock-based compensation expense		292,552		-		1,493,686		-
Total net adjustments		546,880		292,777		2,214,884		991,166
Adjusted EBITDA		$999,056		$668,863		$3,796,283		$1,805,795

Components of Operating Results

Revenues

While we generate our revenue primarily from small employers and insurance carriers, we grow our business primarily from offering solutions that streamline sales processes, enhance service delivery, and reduce the sales cycle duration for TPAs, MGUs, and Brokers. We offer our services through our three subsidiaries. Program services provided by SMR and MGU activities provided by ICE (including eDIYBS) are interdependent, as they cannot function effectively without being combined. Services provided by HI Card are an optional add-on to our other services, and cannot be offered on a standalone basis. Brokers that utilize the program services on behalf of the small employer provided by SMR and MGU activities provided by ICE, are not obligated to utilize our HI Card service. Currently ICE does not offer underwriting services as a standalone service. In the future, we may consider offering it as a standalone service.

Cost of revenues

Cost of revenues primarily consists of infrastructure costs to operate our platform such as hosting fees and fees paid to various third-party partners for access to their technology, services and amortization expenses of our capitalized internal-use software related to our platform. We mainly outsource captive management services and data services from the third-party companies. Our internal proprietary system seeks to consistently improve underwriting and services results through machine learning and data feeds. The captive management activities include introducing new carriers, conducting due diligence on carriers, conducting feasibility studies to determine the viability to be a stop-loss carrier on the platform, negotiating terms and contracts, coordinating audit requests, managing relationship with unrelated carriers and their regulators and auditor firms to ensure that our risk associated with our service offerings is minimized.

Sales and marketing expenses

Sales and marketing expenses primarily consist of personnel-related costs including salaries, stock-based compensation expense, benefits and commissions cost for our sales and marketing personnel. Sales and marketing expenses also include the costs for advertising, promotional and other marketing activities, as well as certain fees paid to various third-party for sales and customer acquisition.

General and administrative expenses

General and administrative expenses primarily consist of personnel-related costs and related expenses for our executives, finance, legal, human resources, technical support, and administrative personnel as well as the costs associated with professional fees for external legal, accounting and other consulting services, insurance premiums.

Research and development expenses

Research and development expenses primarily consist of personnel-related costs, including salaries, stock-based compensation expense and benefits for our research and development personnel. Additional expenses include costs related to the software development, quality assurance, and testing of new technology, and enhancement of our existing platform technology.

Adjusted EBITDA

Adjusted EBITDA represents our net income before net interest expense, taxes, and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense. Adjusted EBITDA is not a measure calculated in accordance with United States Generally Accepted Accounting Principles, or GAAP. We exclude certain non-recurring or non-cash items when calculating Adjusted EBITDA, and we believe this approach provides a more meaningful measure by offering a clearer view of our underlying operational performance.

Financial Results Summary
(Unaudited ）
($ in millions)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2025			2024		% Change			2025			2024		% Change
Total revenues	$	8.5		$	4.5		90.4 %		$	25.8		$	14.6		77.0 %
GAAP gross margin		60.6 %			78.0 %		-17.4 %		$	65.1 %		$	79.8 %		-14.7 %
Income before income tax expense	$	0.6		$	0.4		47.6 %		$	2.1		$	1.0		111.8 %
Adjusted EBITDA	$	1.0		$	0.7		49.4 %		$	3.8		$	1.8		110.2 %