FONAR reported a stable Q4 2024 top line with modest sequential growth and a solid cash position that supports optionality in a fragmented U.S. MRI market. Revenue for the quarter ended June 30, 2024 was $25.94 million, up 0.88% QoQ and 0.65% YoY, while gross profit totaled $10.60 million, yielding a gross margin of 40.84%. Operating income was $1.33 million with an EBITDA of $4.01 million, and net income reached $0.83 million (EPS $0.12). Despite a stable revenue base, gross profit declined year over year by 13.4%, signaling cost mix or input pressure within the quarter, even as SG&A and other operating costs remained within manageable ranges. The company generated $4.60 million of operating cash flow and $4.17 million of free cash flow during the quarter, contributing to a cash balance of $56.34 million and a net cash position of approximately negative $14.67 million (net debt). The liquidity and capital position are solid, supporting ongoing investments in the Upright MRI ecosystem and related services, though the business faces ongoing sensitivity to reimbursement dynamics and market competition in a relatively niche segment of medical imaging.