Evolent Health, Inc. has reported its financial results for the three months ended June 30, 2025. The company recorded a decline in revenue to $444.3 million, down from $647.1 million in the same period the previous year. The cost of revenue also decreased to $343.9 million from $540.3 million year-over-year. Selling, general, and administrative expenses increased to $75.2 million from $69.2 million. The company's net loss attributable to common shareholders widened significantly, reaching $51.1 million compared to a net loss of $6.4 million in the second quarter of 2024. As a result, the net loss margin expanded from (1.0)% to (11.5)%. The loss per share attributable to common shareholders was $0.44, compared to a loss of $0.06 per share in the same period last year. Evolent Health's adjusted EBITDA for the quarter was $37.5 million, a decrease from $51.9 million in the prior year, with the adjusted EBITDA margin slightly improving to 8.5% from 8.0%. The company mentioned a strategic update, highlighting that a national partner will add additional musculoskeletal services to a plan in the northeast, though no specific financial impact from this addition was detailed. Evolent Health did not provide specific guidance for future periods, citing the complexity of reconciling non-GAAP Adjusted EBITDA to net income due to various adjustments and changes in business operations. Total cash and cash equivalents for the company were reported at $151.0 million as of June 30, 2025.