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  Title	DocGo Announces Fourth Quarter and Full Year 2025 Results
  ID	30839172
  External ID	200500120
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  Published Date	March 16, 2026, 3:05 p.m.
  Summary	This is a paid press release. Contact the press release distributor directly with any inquiries. DocGo Announces Fourth Quarter and Full Year 2025 Results Business Wire Mon, March 16, 2026 at 1:05 PM
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  URL	https://finance.yahoo.com/news/docgo-announces-fourth-quarter-full-200500120.html
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  Content ID	37949216
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  Content	This is a paid press release. Contact the press release distributor directly with any inquiries. DocGo Announces Fourth Quarter and Full Year 2025 Results Business Wire Mon, March 16, 2026 at 1:05 PM PDT 15 min read DCGO Company Raises 2026 Revenue and Adjusted EBITDA Guidance due to Customer Expansions, Improved EMS Hiring Rates and Efficiency Initiatives Company Has Initiated a Formal Process to Explore Strategic Alternatives to Maximize Shareholder Value Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time NEW YORK, March 16, 2026 --( BUSINESS WIRE )--DocGo Inc. (Nasdaq: DCGO) ("DocGo" or the "Company"), a leading provider of technology-enabled mobile health and medical transportation services, today announced financial and operating results for the fourth quarter and full year ended December 31, 2025. Fourth Quarter 2025 Financial Highlights Total revenue for the fourth quarter of 2025 was $74.9 million, compared to $120.8 million in the fourth quarter of 2024. This decline was entirely due to the wind-down of migrant-related programs, which generated $7.4 million of revenue in the fourth quarter of 2025 and $60.2 million in the fourth quarter of 2024. Excluding revenue from migrant-related programs, revenue increased 11% to $67.5 million in the fourth quarter of 2025 from $60.6 million in the fourth quarter of 2024. GAAP gross margin (which includes depreciation and amortization expenses) for the fourth quarter of 2025 was 27.2%, compared to 30.8% in the fourth quarter of 2024. Adjusted gross margin 1 for the fourth quarter of 2025 was 32.5%, compared to 33.5% in the fourth quarter of 2024. Net loss for the fourth quarter of 2025 was $142.3 million, compared to a net loss of $7.6 million in the fourth quarter of 2024. Included in this quarter’s loss were several non-cash items totaling $78 million, which include impairments of $23 million in intangible assets, $50 million in goodwill and $5 million in an equity investment. Adjusted EBITDA 1 loss was $11.3 million for the fourth quarter of 2025, compared to adjusted EBITDA of $1.1 million for the fourth quarter of 2024. Medical Transportation Services revenue in the fourth quarter of 2025 was $50.2 million, compared to $49.1 million for the fourth quarter of 2024. Mobile Health Services revenue for the fourth quarter of 2025 was $24.8 million, compared to $71.8 million for the fourth quarter of 2024. This decline was entirely due to the wind-down of migrant-related programs. Excluding revenue from migrant-related programs, Mobile Health Services revenue increased 47% from the fourth quarter of 2024, aided by the inclusion of revenue from SteadyMD, which was acquired on October 20, 2025. As of December 31, 2025, the Company held total cash and cash equivalents, including restricted cash and investments, of approximately $68.3 million, compared to $95.2 million as of September 30, 2025. This period included $12.5 million in cash for the acquisition of SteadyMD and additional transaction-related cash payments of approximately $1.5 million. Story Continues Full Year 2025 Financial Highlights Total revenue for 2025 was $322.2 million, compared to $616.6 million in 2024. This decline was entirely due to the wind-down of migrant-related programs, which generated $69.6 million in 2025 and $373.5 million in 2024. GAAP gross margin (which includes depreciation and amortization expenses) for 2025 was 25.8%, compared to 32.1% in 2024. Adjusted gross margin 1 for 2025 was 32.3%, compared to 34.6% in 2024. Net loss for 2025 was $196.4 million, compared to net income of $13.4 million in 2024. Included in this year’s loss were non-cash impairments of $30.6 million in intangible assets, $58.2 million in goodwill, and a $5 million equity investment. Adjusted EBITDA 1 loss was $28.6 million for 2025, compared to adjusted EBITDA of $60.3 million in 2024. Medical Transportation Services revenue for 2025 was $200.8 million, compared to $193.5 million in 2024. Mobile Health Services revenue for 2025 was $121.4 million, compared to $423.1 million in 2024. This decline was entirely due to the wind-down of migrant-related programs. Select Corporate Highlights for the Fourth Quarter of 2025 and Recent Weeks Combined revenues from the Company’s "healthcare at any address" business – which includes our care gap closure, transitions of care, remote patient monitoring, mobile phlebotomy and virtual care services – tripled to $12.8 million in Q4 2025, compared to $4.3 million in Q4 2024. Company achieved record volumes across all major business lines, with US medical transportation increasing 11%, healthcare in the home increasing 113%, mobile phlebotomy increasing 16%, remote patient monitoring increasing 16%, and virtual care & lab orders increasing 50% when comparing fourth quarter 2025 to fourth quarter 2024. DocGo’s SteadyMD announced an immediate expansion of its clinical workforce to meet rising virtual care demand for branded GLP-1 weight loss care, and achieved their highest monthly revenue on record in February 2026. Surpassed 1.45 million patients assigned by the Company’s payer and provider partners to engage for care gap closure services, up from 1.3 million last quarter. Subsequent to quarter end, expanded our relationship with a major national insurance payer to facilitate annual preventive exams and close care gaps in Kentucky for both children and adults. The program is slated to launch this month. Company has initiated a formal process to explore strategic alternatives to maximize shareholder value. Financial Guidance Full-year 2026 revenue is expected to be $290-$310 million, which does not include any migrant-related revenue, an increase from our prior guidance of $280-$300 million. Full-year 2026 adjusted EBITDA 2 is expected to be a loss of $5-$10 million, the majority of which is expected to be realized in the first half of the year, compared to our prior guidance of a loss of $15-$25 million. Lee Bienstock, Chief Executive Officer of DocGo, commented "While 2025 was a year of transition and focus on our core business lines, the robust growth in our ‘healthcare at any address’ business – which includes care in the home, remote patient monitoring, mobile phlebotomy and virtual care services – supports our belief that DocGo’s offering is well positioned to meet the needs of the evolving healthcare landscape." Bienstock continued "We are increasing guidance based on the record volumes we’ve seen thus far in 2026, and the anticipated full-year impact of our cost efficiency initiatives. We believe that our plan and resources are sufficient to enable the Company to achieve profitability in the second half of 2026." Norm Rosenberg, Chief Financial Officer of DocGo, commented "I am encouraged by the positive trend in medical transportation gross margins on both a quarterly sequential and year-over-year basis, and we anticipate additional margin improvements in both segments in 2026. During the fourth quarter, the company incurred material costs associated with the final wind-down of migrant-related programs, which will not recur in Q1. Cash collections during the fourth quarter of 2025 were lower than our expectations, driven by delayed payments from our outstanding migrant-related receivables. We have collected more than 97% of all migrant-related receivables to date, and expect that we will collect the approximately $20 million outstanding in due course." Adjusted gross margin and adjusted EBITDA are non-GAAP financial measures. See "Non-GAAP Financial Measures" below for additional information on these non-GAAP financial measures and reconciliations to the most comparable GAAP measures. Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlooks for the comparable GAAP measure (net income). Forward-looking estimates of adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted herein. Conference Call and Webcast Details Monday, March 16 th , 2026, at 5:00 PM ET 1-800-717-1738 - Investors Dial 1-646-307-1865 - Int’l Investors Dial Conference ID: 74028 Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1752136&tp_key=c6aecb5179 The webcast can also be accessed under Events on the Investors section of the Company’s website, https://ir.docgo.com/ . About DocGo DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com . To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com . Forward-Looking Statements This earnings release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the Company’s expectations around projected revenues and adjusted EBITDA for fiscal year 2026; the performance and growth of its core business lines; the launch of new Mobile Health programs; the demand for and expansion of the Company’s services; cash flow and cash collections; the Company’s cash balances; margin improvements; and the Company’s return to profitability. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking, including, but not limited, to statements regarding the Company’s future actions, business strategies or models, plans, goals, future events, future revenues, future margins, current and future revenue guidance, future growth or performance, financing needs, business trends, results of operations, objectives and intentions with respect to future operations, services and products, and new and existing contracts or partnerships. In some cases, these statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "might," "will," "should," "could," "can," "would," "design," "potential," "seeks," "plans," "scheduled," "anticipates," "intends" or the negative of these terms or similar expressions. Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company’s control, and which may cause its actual results or outcomes, or the timing of its results or outcomes, to differ materially from those contained in its forward-looking statements, including, but not limited to the following: impacts related to the recent wind down of migrant-related services; the Company’s ability to continue as a going concern; the Company’s ability to maintain its listing on Nasdaq; the Company’s ability to pursue strategic initiatives to deliver on shareholder value; the Company’s ability to expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company’s ability to successfully implement its business strategy, including delivering value to shareholders via buybacks and funding new strategic relationships; the Company’s ability to establish, maintain and grow customer relationships; the Company’s ability to execute projects to the satisfaction of its customers; the Company’s ability to grow demand for its care gap closure programs and other services; the Company’s ability to maintain or grow its cash balances; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and other strategic partners; the Company’s ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; the Company’s ability to maintain existing contracts; the Company’s reliance on government contracts, including changes in government spending on healthcare and other social services; recent revenue growth derived from a small number of large customers; the Company’s ability to effectively manage its growth; the Company’s financial performance and future prospects; the Company’s ability to deliver on its business strategies or models, plans and goals; the Company’s ability to expand geographically; the Company’s M&A activity and success of its acquisition strategy; the Company’s ability to retain its workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor; the Company’s ability to collect on customer receivables; risks associated with the Company’s share repurchase program; overall macroeconomic and geopolitical conditions, including the interest rate environment, the inflationary environment, the potential recessionary environment, regional conflict and tensions, financial institution instability and the ongoing or any future shutdown of the U.S. federal government; the ability of the Company’s suppliers to meet its needs; the Company’s ability to obtain or maintain operating licenses; potential changes in federal, state or local government policies or priorities; expected impacts of geopolitical instability; the Company’s competitive position and opportunities, including its ability to realize the benefits from its operating model; the Company’s ability to improve gross margins; the Company’s ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives; legislative and regulatory actions; the impact of legal proceedings and compliance risk; volatility of our stock price; the impact on the Company’s business and reputation in the event of information technology system failures, network disruptions, cyber incidents or losses or unauthorized access to, or release of, confidential information; the Company’s ability to comply with laws and regulations regarding data privacy and protection and other risk factors included in the Company’s filings with the Securities and Exchange Commission ("SEC"). Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this earnings release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements. The forward-looking statements made in this earnings release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this earnings release to reflect events or circumstances after the date of this earnings release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. DocGo Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 51,018,657 $ 89,241,695 Accounts receivable, net of allowance for credit loss of $8,299,053 and $5,873,942 as of December 31, 2025 and December 31, 2024, respectively 92,893,216 210,899,926 Prepaid expenses 4,790,215 4,005,977 Other current assets 3,697,371 338,665 Total current assets 152,399,459 304,486,263 Property and equipment, net 14,558,427 14,881,411 Intangibles, net — 25,728,813 Goodwill — 47,432,550 Restricted cash and cash equivalents 1,466,121 18,095,612 Restricted investments (amortized cost of $15,737,694 and $0 as of December 31, 2025 and December 31, 2024, respectively) 15,845,875 — Operating lease right-of-use assets 11,520,781 11,958,698 Finance lease right-of-use assets 17,420,424 15,337,299 Investments — 5,547,979 Deferred tax assets 538,864 8,422,034 Other assets 3,353,061 3,730,473 Total assets $ 217,103,012 $ 455,621,132 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 11,110,867 $ 28,356,430 Accrued liabilities 42,789,440 49,896,796 Line of credit — 30,000,000 Notes payable, current 51,740 12,515 Due to seller 336,982 28,656 Contingent consideration, current 3,040,377 4,973,152 Operating lease liability, current 4,650,953 3,844,561 Finance lease liability, current 5,509,687 4,694,467 Total current liabilities 67,490,046 121,806,577 Notes payable, non-current 183,843 5,215 Contingent consideration, non-current 4,776,215 — Operating lease liability, non-current 7,563,664 8,599,072 Finance lease liability, non-current 11,217,907 10,031,138 Total liabilities 91,231,675 140,442,002 Commitments and contingencies Stockholders’ equity: Common stock ($0.0001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 98,640,059 and 101,910,883 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) 9,864 10,191 Additional paid-in-capital 325,416,366 321,087,583 Accumulated deficit (183,801,795 ) (1,402,167 ) Accumulated other comprehensive income 2,387,404 1,221,869 Total stockholders’ equity attributable to DocGo Inc. and Subsidiaries 144,011,839 320,917,476 Noncontrolling interests (18,140,502 ) (5,738,346 ) Total stockholders’ equity 125,871,337 315,179,130 Total liabilities and stockholders’ equity $ 217,103,012 $ 455,621,132 DocGo Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2025 2024 2023 Revenues, net $ 322,196,000 $ 616,555,132 $ 624,288,642 Expenses: Cost of revenues (exclusive of depreciation and amortization, which is shown separately below) 223,438,301 402,980,557 428,906,225 Operating expenses: General and administrative 133,449,597 138,758,758 137,152,512 Depreciation and amortization 15,661,865 15,884,898 16,431,892 Legal and regulatory 23,819,898 17,146,891 13,082,569 Technology and development 13,563,070 11,589,402 10,858,724 Sales, advertising and marketing 1,420,428 1,505,900 2,801,740 Intangible asset impairment 30,648,245 — — Goodwill impairment 58,228,096 — — Total expenses 500,229,500 587,866,406 609,233,662 (Loss) income from operations (178,033,500 ) 28,688,726 15,054,980 Other (expense) income: Interest (expense) income, net (1,242,161 ) (1,929,207 ) 1,684,399 (Loss) gain on change in fair value of contingent consideration (2,056,112 ) 9,392,133 1,437,525 Finite-lived intangible asset impairment — (8,306,591 ) — Loss on equity method investments (552,763 ) (316,044 ) (343,336 ) Equity investment impairment (5,000,000 ) — — Loss on remeasurement of operating and finance leases (42,367 ) (32,363 ) (866 ) (Loss) gain on disposal of assets (39,668 ) 23,682 (852,544 ) Other (expense) income (532,418 ) 228,666 (686,865 ) Total other (expense) income (9,465,489 ) (939,724 ) 1,238,313 Net (loss) income before income tax expense (187,498,989 ) 27,749,002 16,293,293 Provision for income taxes (8,868,166 ) (14,388,422 ) (6,244,965 ) Net (loss) income (196,367,155 ) 13,360,580 10,048,328 Net (loss) income attributable to noncontrolling interests (13,967,527 ) (6,631,563 ) 3,189,873 Net (loss) income attributable to stockholders of DocGo Inc. and Subsidiaries (182,399,628 ) 19,992,143 6,858,455 Other comprehensive income (loss) Unrealized gain on investments, net of tax 85,635 — — Foreign currency translation adjustment 1,079,900 (263,036 ) 743,699 Total comprehensive (loss) income $ (181,234,093 ) $ 19,729,107 $ 7,602,154 Net (loss) income per share attributable to DocGo Inc. and Subsidiaries - Basic $ (1.84 ) $ 0.20 $ 0.07 Weighted-average shares outstanding - Basic 99,068,651 102,395,141 103,511,299 Net (loss) income per share attributable to DocGo Inc. and Subsidiaries - Diluted $ (1.84 ) $ 0.18 $ 0.06 Weighted-average shares outstanding - Diluted 99,068,651 109,422,840 105,617,817 DocGo Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net (loss) income $ (196,367,155 ) $ 13,360,580 $ 10,048,328 Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: Depreciation of property and equipment 4,863,255 5,606,818 4,829,780 Amortization of intangible assets 5,582,601 5,660,818 5,249,358 Amortization of finance lease right-of-use assets 5,216,009 4,617,262 6,352,754 Loss (gain) on disposal of assets 39,668 (23,682 ) 852,544 Deferred income tax 7,745,066 3,466,505 (1,981,519 ) Accretion of discount related to restricted investments (309,842 ) — — Loss on equity method investments 552,763 316,044 343,336 Bad debt expense 12,047,791 5,235,560 3,601,520 Stock-based compensation 17,442,018 13,634,086 20,969,174 Loss on remeasurement of operating and finance leases 42,367 32,363 866 Loss on liquidation of business — — 70,284 Intangible asset impairment 30,648,245 8,306,591 — Goodwill impairment 58,228,096 — — Equity investment impairment 5,000,000 — — Loss (gain) on change in fair value of contingent consideration 2,056,112 (9,392,133 ) (1,437,525 ) Changes in operating assets and liabilities: Accounts receivable 112,497,747 41,272,218 (160,524,934 ) Prepaid expenses and other current assets (3,399,532 ) 13,007,231 (10,843,890 ) Other assets 409,156 (1,384,824 ) 1,059,605 Accounts payable (17,640,819 ) 8,307,533 (2,051,695 ) Accrued liabilities (10,402,113 ) (41,940,373 ) 58,968,844 Operating lease liabilities and right-of-use assets 200,221 32,834 — Net cash provided by (used in) operating activities 34,451,654 70,115,431 (64,493,170 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (4,544,118 ) (3,612,507 ) (7,313,269 ) Purchase of intangibles (2,890,716 ) (2,002,103 ) (2,541,661 ) Acquisition of businesses, net of cash acquired (16,394,978 ) — (20,203,464 ) Purchase of restricted investments (28,613,676 ) — — Purchase of equity method investments (4,784 ) (310,450 ) (298,932 ) Purchase of equity securities — (5,000,000 ) — Proceeds from sale and maturity of restricted investments 13,163,278 — — Proceeds from disposal of property and equipment 202,167 274,427 747,088 Net cash used in investing activities (39,082,827 ) (10,650,633 ) (29,610,238 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from revolving credit line — 45,000,000 25,000,000 Repayments of revolving credit line (30,000,000 ) (40,000,000 ) — Proceeds from notes payable 258,700 — — Repayments of notes payable (41,247 ) (51,987 ) (25,926 ) Due to seller (877,713 ) (3,118,595 ) (13,590,382 ) Acquisition of noncontrolling interest — (1,848,000 ) — Earnout payments on contingent liabilities (1,952,672 ) (3,608,553 ) (5,266,681 ) Distributions paid to noncontrolling interest (175,831 ) (1,294,422 ) — Proceeds from exercise of stock options — 26,330 1,581,183 Payments for taxes related to shares withheld for employee taxes (1,813,909 ) (1,168,877 ) (2,308,954 ) Common stock repurchased (10,828,906 ) (13,756,271 ) — Payments on obligations under finance lease (5,385,581 ) (4,334,463 ) (4,270,553 ) Net cash (used in) provided by financing activities (50,817,159 ) (24,154,838 ) 1,118,687 Effect of exchange rate changes on cash and cash equivalents 595,803 (190,639 ) 1,093,633 Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents (54,852,529 ) 35,119,321 (91,891,088 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 107,337,307 72,217,986 164,109,074 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 52,484,778 $ 107,337,307 $ 72,217,986 Year Ended December 31, 2025 2024 2023 Supplemental disclosure of cash and non-cash transactions: Cash paid for interest $ 1,712,256 $ 2,142,288 $ 250,100 Cash paid for interest on finance lease liabilities $ 958,553 $ 769,041 $ 600,239 Cash paid for income taxes, net of refunds $ 6,482,618 $ 5,880,864 $ 10,276,110 Right-of-use assets obtained in exchange for lease liabilities $ 11,718,452 $ 13,973,620 $ 7,621,538 Remeasurement of finance lease right-of-use asset due to lease modification $ — $ 300,000 $ — Supplemental non-cash investing and financing activities: Property and equipment in accounts payable $ 52,866 $ 221,639 $ 271,292 Acquisition of remaining FMC NA through due to seller and issuance of stock $ — $ — $ 7,000,000 Acquisition of CRMS through issuance of stock $ — $ — $ 1,000,000 CRMS True-up Payment through issuance of stock $ — $ 1,814,345 $ — Receivables exchanged for trade credits $ — $ — $ 1,500,000 Pre-acquisition receivables written off through due to seller $ — $ 4,675,758 $ — Reconciliation of cash and restricted cash Cash $ 51,018,657 $ 89,241,695 $ 59,286,147 Restricted cash 1,466,121 18,095,612 12,931,839 Total cash and restricted cash shown in statement of cash flows $ 52,484,778 $ 107,337,307 $ 72,217,986 DocGo Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three Months Ended December 31, 2025 2024 Revenues, net $ 74,935,688 $ 120,833,073 Expenses: Cost of revenues (exclusive of depreciation and amortization, which is shown separately below) 50,571,192 80,334,624 Operating expenses: General and administrative 39,214,798 35,041,780 Depreciation and amortization 3,948,234 3,322,925 Legal and regulatory 9,530,093 5,524,453 Technology and development 3,772,943 3,685,650 Sales, advertising and marketing 340,337 396,828 Intangible asset impairment 22,627,902 — Goodwill impairment 49,509,698 — Total expenses 179,515,197 128,306,260 Loss from operations (104,579,509 ) (7,473,187 ) Other (expense) income: Interest expense, net (152,354 ) (541,464 ) (Loss) gain on change in fair value of contingent consideration (1,003,718 ) 9,762,845 Finite-lived intangible asset impairment — (8,306,591 ) Loss on equity method investments (446,213 ) (86,121 ) Equity investment impairment (5,000,000 ) — (Loss) gain on remeasurement of operating and finance leases — (311 ) Gain (loss) on disposal of assets 4,000 (13,035 ) Other (expense) income (432,779 ) 82,608 Total other (expense) income (7,031,064 ) 897,931 Net loss before income tax expense (111,610,573 ) (6,575,256 ) (Provision for) benefit from income taxes (30,730,027 ) (1,071,670 ) Net loss (142,340,600 ) (7,646,926 ) Net loss attributable to noncontrolling interests (8,269,919 ) (4,384,116 ) Net loss attributable to stockholders of DocGo Inc. and Subsidiaries (134,070,681 ) (3,262,810 ) Other comprehensive loss Unrealized (loss) gain on investments, net of tax (22,832 ) — Foreign currency translation adjustment (23,249 ) (1,091,649 ) Total comprehensive loss $ (134,116,762 ) $ (4,354,459 ) Net loss per share attributable to DocGo Inc. and Subsidiaries - Basic $ (1.37 ) $ (0.03 ) Weighted-average shares outstanding - Basic 97,992,839 101,863,456 Net loss per share attributable to DocGo Inc. and Subsidiaries - Diluted $ (1.37 ) $ (0.03 ) Weighted-average shares outstanding - Diluted 97,992,839 101,863,456 DocGo Inc. and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended December 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (142,340,600 ) $ (7,646,926 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation of property and equipment 1,180,710 1,323,878 Amortization of intangible assets 1,382,612 776,481 Amortization of finance lease right-of-use assets 1,384,912 1,222,566 (Gain) loss on disposal of assets (4,000 ) 13,035 Deferred income tax 30,061,721 8,709,292 Accretion of discount related to restricted investments (94,953 ) — Loss on equity method investments 446,213 86,121 Bad debt expense 8,341,116 1,378,086 Stock-based compensation 3,135,898 3,878,631 Loss on remeasurement of operating and finance leases — 311 Intangible asset impairment 22,627,902 8,306,591 Goodwill impairment 49,509,698 — Equity investment impairment 5,000,000 — Loss (gain) on change in fair value of contingent consideration 1,003,718 (9,762,845 ) Changes in operating assets and liabilities: Accounts receivable 11,775,279 21,434,711 Prepaid expenses and other current assets 2,003,275 674,104 Other assets (616,919 ) (297,911 ) Accounts payable 2,680,565 (6,953,524 ) Accrued liabilities (7,730,838 ) (10,444,857 ) Operating lease liabilities and right-of-use assets (213,609 ) 20,871 Net cash (used in) provided by operating activities (10,467,300 ) 12,718,615 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (1,497,058 ) (724,803 ) Purchase of intangibles (631,147 ) 226,130 Acquisition of businesses, net of cash acquired (12,748,660 ) — Purchase of restricted investments (3,874,540 ) — Purchase of equity securities — (5,000,000 ) Proceeds from sale and maturity of restricted investments 5,675,359 — Proceeds from disposal of property and equipment 4,000 95,892 Net cash used in investing activities (13,072,046 ) (5,402,781 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of notes payable (14,086 ) (29,980 ) Due to seller (19,851 ) (109,619 ) Earnout payments on contingent liabilities — (2,008,524 ) Distributions paid to noncontrolling interest — (1,044,422 ) Proceeds from exercise of stock options — 25,646 Payments for taxes related to shares withheld for employee taxes (410,810 ) (794,566 ) Common stock repurchased — (2,678,073 ) Payments on obligations under finance lease (1,419,963 ) (1,216,409 ) Net cash used in financing activities (1,864,710 ) (7,855,947 ) Effect of exchange rate changes on cash and cash equivalents 281,662 (701,078 ) Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (25,122,394 ) (1,241,191 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 77,607,172 108,578,498 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 52,484,778 $ 107,337,307 Three Months Ended December 31, 2025 2024 Supplemental disclosure of cash and non-cash transactions: Cash paid for interest $ 50,187 $ 635,262 Cash paid for interest on finance lease liabilities $ 258,511 $ 208,115 Cash paid for income taxes, net of refunds $ (165,888 ) $ (661,869 ) Right-of-use assets obtained in exchange for lease liabilities $ 2,457,190 $ 2,993,279 Supplemental non-cash investing and financing activities: Property and equipment in accounts payable $ 35,140 $ 168,500 Reconciliation of cash and restricted cash Cash $ 51,018,657 $ 89,241,695 Restricted cash 1,466,121 18,095,612 Total cash and restricted cash shown in statement of cash flows $ 52,484,778 $ 107,337,307 Non-GAAP Financial Measures The following information provides definitions and reconciliation of non-GAAP financial measures used by the Company to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles ("GAAP"). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures used by the Company may differ from similarly titled measures used by other companies. Adjusted Gross Margin Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under SEC rules because they exclude certain amounts included in gross profit and gross margin calculated in accordance with GAAP. Adjusted gross profit is total revenue minus cost of revenue, excluding depreciation and amortization (which are shown separately), and adjusted gross margin is adjusted gross profit as a percentage of total revenue. The Company’s management believes that adjusted gross margin is useful in evaluating DocGo’s operating performance, as the calculation of this measure excludes the impact of non-cash depreciation and amortization charges. The Company’s management believes that by using adjusted gross margin in conjunction with GAAP gross margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods. While many companies use adjusted gross margin as a performance measure, not all companies use identical calculations for determining adjusted gross margin. As such, DocGo’s presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies. Adjusted EBITDA Adjusted EBITDA is considered a non-GAAP financial measure under SEC rules because it excludes certain amounts included in net income (loss) calculated in accordance with GAAP. Specifically, adjusted EBITDA is arrived at by taking reported GAAP net income and adding back the following items: net interest expense (income), provision for (benefit from) income taxes, depreciation and amortization, other (income) expense, non-cash equity-based compensation and certain other non-recurring expenses consisting of certain one-time legal settlements and certain one-time expenses incurred in connection with acquisitions and other corporate activities, beyond those that are typically incurred. The Company’s management believes that its adjusted EBITDA measure is useful in evaluating DocGo’s operating performance, as the calculation of this measure generally eliminates the effect of financing and income taxes and the accounting effects of capital spending and acquisitions, as well as other items of a non-recurring and/or non-cash nature. Adjusted EBITDA is not intended to be a measure of GAAP cash flow, as this measure does not consider certain cash-based expenses, such as payments for taxes or debt service. Management believes that using adjusted EBITDA in conjunction with GAAP measures such as net income assists investors in getting a more complete picture of the Company’s financial results and operations, affording them with a more complete view of what management considers to be the Company’s core operating performance as well as offering the ability to assess such performance as compared with that of prior periods and management’s public guidance. While many companies use adjusted EBITDA as a performance measure, not all companies use identical calculations for determining adjusted EBITDA. As such, DocGo’s presentation of adjusted EBITDA might not be comparable to similarly titled measures of other companies. Reconciliation of Non-GAAP Measures The table below reflects the reconciliation of GAAP gross margin and adjusted gross margin for the three and twelve months ended December 31, 2025 compared to the same periods in 2024: DocGo Inc. and Subsidiaries Gross Margin Recon Three Months Ended December 31, Year Ended December 31, DocGo Inc. Consolidated 2025 2024 2025 2024 Revenue $ 74,935,688 $ 120,833,073 $ 322,196,000 $ 616,555,132 Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) (50,571,192 ) (80,334,624 ) (223,438,301 ) (402,980,557 ) Depreciation and amortization (3,948,234 ) (3,322,925 ) (15,661,865 ) (15,884,898 ) GAAP gross profit 20,416,262 37,175,524 83,095,834 197,689,677 Depreciation and amortization 3,948,234 3,322,925 15,661,865 15,884,898 Non-recurring items included in cost of revenue above — — 5,269,129 — Adjusted gross profit $ 24,364,496 $ 40,498,449 $ 104,026,828 $ 213,574,575 GAAP gross margin 27.2 % 30.8 % 25.8 % 32.1 % Adjusted gross margin 32.5 % 33.5 % 32.3 % 34.6 % The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three months and twelve months ended December 31, 2025 compared to the same periods in 2024 (in millions): DocGo Inc. and Subsidiaries Net Loss to Adjusted EBITDA Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net (loss) income (GAAP) $(142.3) $(7.6) $(196.4) $13.4 (+) Net interest expense 0.2 0.5 1.2 1.9 (+) Income tax expense (benefit) 30.7 1.1 8.9 14.4 (+) Depreciation and amortization 3.9 3.3 15.7 15.9 (+) Other expense (income) 6.9 (1.4) 8.2 (1.0) EBITDA (100.6) (4.1) (162.4) 44.6 (+) Non-cash stock compensation 3.1 3.8 17.4 13.6 (+) Non-recurring expense 86.2 1.4 116.4 2.1 Adjusted EBITDA $(11.3) $1.1 $(28.6) $60.3 Total Revenue $74.9 $120.8 $322.2 $616.6 Pretax income margin (149.0)% (5.4)% (58.2)% 4.5% Net margin (190.0)% (6.3)% (61.0)% 2.2% Adjusted EBITDA margin (15.1)% 0.9% (8.9)% 9.8% View source version on businesswire.com: https://www.businesswire.com/news/home/20260316860170/en/ Contacts Investors: Mike Cole DocGo 949-444-1341 mike.cole@docgo.com ir@docgo.com View Comments Terms and Privacy Policy CA Privacy Notice Your Privacy Choices More Info
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