Company Achieves Record Volumes Across All Major Business Lines
Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time
NEW YORK--(BUSINESS WIRE)--November 10, 2025--
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 quarter ended September 30, 2025.
Third Quarter 2025 Financial Highlights
-- Total revenue for the third quarter of 2025 was $70.8 million, compared
to $138.7 million in the third quarter of 2024. This decline was entirely
due to the wind-down of migrant-related programs, which generated $8.4
million in the third quarter of 2025 and $80.7 million in the third
quarter of 2024. Excluding revenue from migrant-related programs, revenue
increased 8% to $62.4 million in the third quarter of 2025 from $58.0
million in the third quarter of 2024.
-- GAAP gross margin (which includes depreciation and amortization
expenses) for the third quarter of 2025 was 20.0%, compared to 33.0% in
the third quarter of 2024.
-- Adjusted gross margin1 for the third quarter of 2025 was 33.0%,
compared to 36.0% in the third quarter of 2024.
-- Net loss for the third quarter of 2025 was $29.7 million, compared to
net income of $4.5 million in the third quarter of 2024. Included in this
quarter's loss was a total of $16.7 million of non-cash impairments of
intangible assets and goodwill.
-- Adjusted EBITDA1 loss was $7.2 million for the third quarter of 2025,
compared to adjusted EBITDA of $17.9 million for the third quarter of
2024.
-- Transportation Services revenue in the third quarter of 2025 was $50.1
million, compared to $48.0 million for the third quarter of 2024.
-- Mobile Health Services revenue for the third quarter of 2025 was $20.7
million, compared to $90.7 million for the third quarter of 2024. This
decline was due to the wind-down of migrant-related programs. Excluding
revenue from migrant-related programs, Mobile Health Services revenue
increased 23% from the third quarter of 2024.
-- As of September 30, 2025, the Company held total cash and cash
equivalents, including restricted cash and investments, of approximately
$95.2 million, compared to $128.7 million as of June 30, 2025. The
decline was largely due to the repayment of the Company's $30 million
dollar line of credit during the period.
-- During the third quarter of 2025, the Company generated $1.7 million of
cash flow from operations.
Select Corporate Highlights for the Third Quarter of 2025 and Recent Weeks
-- Company achieved record volumes across all major business lines, with
US medical transportation increasing 2.5%, care gap closure and
transitions of care increasing 320%, mobile phlebotomy increasing 11%,
and remote patient monitoring increasing 6%, when comparing third quarter
2025 to third quarter 2024.
-- Surpassed 1.3 million patients assigned by the Company's payer and
provider partners to engage for care gap closure services, up from 1.2
million last quarter.
-- Ramped services under a multi-year contract with one of the largest
academic medical systems in the New York metro area to provide dedicated
ambulance services and coordinate all discharge transportation through
DocGo's proprietary digital transportation management platform.
-- Launched new mobile health vaccination program for the County of San
Diego.
-- Entered agreement to provide medical transportation services to Albany
Stratton VA Medical Center.
-- Subsequent to quarter end, entered agreement to launch care gap closure
program in New Mexico with national insurance provider.
-- Subsequent to quarter end, entered agreement to provide longitudinal
care services for a major health plan in California. Utilizing a
combination of telehealth and on-site care, the Company will offer
preventative care, chronic care management and transitions of care
services to 10,000 plan members.
-- Subsequent to quarter end, acquired virtual care platform SteadyMD,
expanding telehealth services across all 50 states to help drive revenue
growth and achieve operational synergies.
Financial Guidance
-- Full-year 2025 revenue is expected to be $315-$320 million, including
$68-$70 million of migrant-related revenue, compared to last quarter's
estimate of $300-$330 million.
-- Full-year 2025 adjusted EBITDA2 is expected to be a loss of $25-$28
million, compared to last quarter's estimate of a loss of $20-$30
million.
-- Full-year 2026 revenue is expected to be $280-$300 million, which
includes no migrant-related revenue.
-- Full-year 2026 adjusted EBITDA2 is expected to be a loss of $15-$25
million, the majority of which is expected to be realized in the first
half of the year.
Lee Bienstock, Chief Executive Officer of DocGo, commented, "I'm proud of what we have accomplished during this year of transition, with our core mobile health and medical transportation businesses all achieving record volumes in the third quarter. I want to emphasize that each of our service lines, with the exception of our care gap closure and primary care offerings, is adjusted EBITDA positive on a contribution basis. We continue to believe that the substantial investment we made this year into our care gap and primary care offerings, which bring the capabilities of a doctor's office into the patient's living room, offers significant strategic value, and we are seeing notable expansions with our major payer customers to support that view. We expect our level of investment to decline significantly in 2026 as our early markets mature and become more self-sustaining."
Norm Rosenberg, Chief Financial Officer of DocGo, also commented, "Today, we issued 2026 guidance, which calls for a base business revenue increase of 12%-20%. I'd like to point out that this should be viewed as our baseline forecast, which represents already contracted revenues that we can support with our current capacity. It does not assume any acquisitions or new contract wins from our robust pipeline. At the top end of our revenue guidance range for 2026, we would expect to exit the year on an adjusted EBITDA positive run rate."
1. 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.
2. 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, November 10(th) , 2025, at 5:00 PM ET
1-800-717-1738 - Investors Dial
1-646-307-1865 - Int'l Investors Dial
Conference ID: 87106
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1738815&tp_key=af1d51f1f1
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 years 2025 and 2026; the performance and growth of its core business lines; ability to deliver and capitalize on the benefits of the SteadyMD acquisition and other potential M&A activity; cash flow and cash collections; the Company's cash balances; the Company's investments in and performance of its newer business lines; 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 and ongoing wind down of migrant-related services; 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; 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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2025 2024
------------- ---------------
Unaudited Audited
ASSETS
Current assets:
Cash and cash equivalents $ 73,355,638 $ 89,241,695
Accounts receivable, net of
allowance for credit loss of
$5,698,547 and $5,873,942 as of
September 30, 2025 and December
31, 2024, respectively 107,015,563 210,899,926
Prepaid expenses 4,732,665 4,005,977
Other current assets 5,122,147 338,665
----------- -----------
Total current assets 190,226,013 304,486,263
Property and equipment, net 14,298,994 14,881,411
Intangibles, net 17,939,190 25,728,813
Goodwill 41,089,450 47,432,550
Restricted cash and cash equivalents 4,251,534 18,095,612
Restricted investments 17,574,573 --
Operating lease right-of-use assets 12,087,775 11,958,698
Finance lease right-of-use assets 17,066,242 15,337,299
Investments 5,446,213 5,547,979
Deferred tax assets 30,709,856 8,422,034
Other assets 3,093,039 3,730,473
----------- -----------
Total assets $353,782,879 $455,621,132
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,052,772 $ 28,356,430
Accrued liabilities 50,937,332 49,896,796
Line of credit -- 30,000,000
Notes payable, current 54,159 12,515
Due to seller 354,037 28,656
Contingent consideration 4,312,874 4,973,152
Operating lease liability,
current 4,597,694 3,844,561
Finance lease liability, current 5,275,265 4,694,467
----------- -----------
Total current liabilities 73,584,133 121,806,577
Notes payable, non-current 195,728 5,215
Operating lease liability,
non-current 8,257,467 8,599,072
Finance lease liability, non-current 11,083,664 10,031,138
----------- -----------
Total liabilities 93,120,992 140,442,002
----------- -----------
Commitments and contingencies
Stockholders' equity:
Common stock ($0.0001 par value;
500,000,000 shares authorized
as of September 30, 2025 and
December 31, 2024; 97,810,755
and 101,910,883 shares issued
and outstanding as of September
30, 2025 and December 31, 2024,
respectively) 9,781 10,191
Additional paid-in-capital 317,820,318 321,087,583
Accumulated deficit (49,731,114) (1,402,167)
Accumulated other comprehensive
income 2,433,485 1,221,869
----------- -----------
Total stockholders' equity
attributable to DocGo Inc. and
Subsidiaries 270,532,470 320,917,476
----------- -----------
Noncontrolling interests (9,870,583) (5,738,346)
----------- -----------
Total stockholders' equity 260,661,887 315,179,130
----------- -----------
Total liabilities and
stockholders' equity $353,782,879 $455,621,132
=========== ===========
DocGo Inc. and Subsidiaries UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ------------------------------
2025 2024 2025 2024
----------- ----------- ----------- -----------
Revenues, net $ 70,809,635 $138,684,814 $247,260,312 $495,722,059
Expenses:
Cost of revenues
(exclusive of
depreciation and
amortization,
which is shown
separately
below) 52,683,525 88,764,282 172,867,109 322,645,933
Operating expenses:
General and
administrative 30,091,786 28,784,850 94,234,799 103,716,978
Depreciation and
amortization 3,971,232 4,177,534 11,713,631 12,561,973
Legal and
regulatory 5,727,008 3,295,139 14,289,805 11,622,438
Technology and
development 3,193,480 3,145,834 9,790,127 7,903,752
Sales,
advertising and
marketing 380,172 379,778 1,080,091 1,109,072
Finite-lived
intangible asset
impairment 8,020,343 -- 8,020,343 --
Goodwill
impairment 8,718,398 -- 8,718,398 --
----------- ----------- ----------- -----------
Total
expenses 112,785,944 128,547,417 320,714,303 459,560,146
----------- ----------- ----------- -----------
(Loss) income
from operations (41,976,309) 10,137,397 (73,453,991) 36,161,913
----------- ----------- ----------- -----------
Other expense:
Interest expense,
net (219,861) (505,085) (1,089,807) (1,387,743)
Loss on change in
fair value of
contingent
consideration (1,052,394) (44,520) (1,052,394) (370,712)
Loss on equity
method
investments (27,035) (82,742) (106,550) (229,923)
Gain (loss) on
remeasurement of
operating and
finance leases 5,077 (6,163) (42,367) (32,052)
(Loss) gain on
disposal of
fixed assets (10,453) (28,681) (43,668) 36,717
Other income
(expense) 112,184 (435,825) (99,639) 146,058
----------- ----------- ----------- -----------
Total other
expense (1,192,482) (1,103,016) (2,434,425) (1,837,655)
----------- ----------- ----------- -----------
Net (loss) income
before income
tax benefit
(expense) (43,168,791) 9,034,381 (75,888,416) 34,324,258
Benefit from
(provision for)
income taxes 13,511,429 (4,488,828) 21,861,861 (13,316,752)
----------- ----------- ----------- -----------
Net (loss) income (29,657,362) 4,545,553 (54,026,555) 21,007,506
Net loss attributable
to noncontrolling
interests (1,888,976) (952,348) (5,697,608) (2,247,447)
----------- ----------- ----------- -----------
Net (loss) income
attributable to
stockholders of
DocGo Inc. and
Subsidiaries (27,768,386) 5,497,901 (48,328,947) 23,254,953
Other comprehensive
(loss) income
Unrealized gain
on investments,
net of tax 31,734 -- 108,467 --
Foreign currency
translation
adjustment (319,851) 934,774 1,103,149 828,613
----------- ----------- ----------- -----------
Total comprehensive
(loss) income $(28,056,503) $ 6,432,675 $(47,117,331) $ 24,083,566
=========== =========== =========== ===========
Net (loss) income per
share attributable
to DocGo Inc. and
Subsidiaries -
Basic $ (0.28) $ 0.05 $ (0.49) $ 0.23
----------- ----------- ----------- -----------
Weighted-average
shares outstanding -
Basic 97,808,976 102,067,579 99,431,280 102,573,664
----------- ----------- ----------- -----------
Net (loss) income per
share attributable
to DocGo Inc. and
Subsidiaries -
Diluted $ (0.28) $ 0.05 $ (0.49) $ 0.22
----------- ----------- ----------- -----------
Weighted-average
shares outstanding -
Diluted 97,808,976 106,290,929 99,431,280 106,797,014
----------- ----------- ----------- -----------
DocGo Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ------------------------------
2025 2024 2025 2024
----------- ----------- ----------- -----------
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net (loss) income $(29,657,362) $ 4,545,553 $(54,026,555) $ 21,007,506
Adjustments to
reconcile net (loss)
income to net cash
provided by operating
activities:
Depreciation of
property and
equipment 1,249,968 1,374,975 3,682,545 4,282,940
Amortization of
intangible
assets 1,448,548 1,605,483 4,199,989 4,884,337
Amortization of
finance lease
right-of-use
assets 1,272,716 1,197,076 3,831,097 3,394,696
Loss (gain) on
disposal of
fixed assets 10,453 28,681 43,668 (36,717)
Deferred income
tax (13,510,442) (3,218,516) (22,316,655) (5,242,787)
Accretion of
discount
related to
restricted
investments (69,486) -- (214,889) --
Loss on equity
method
investments 27,035 82,742 106,550 229,923
Bad debt
expense 1,214,666 1,086,816 3,706,675 3,857,474
Stock-based
compensation 4,649,675 3,155,186 14,306,120 9,755,455
(Gain) loss on
remeasurement
of operating
and finance
leases (5,077) 6,163 42,367 32,052
Finite-lived
intangible
asset
impairment 8,020,343 -- 8,020,343 --
Goodwill
impairment 8,718,398 -- 8,718,398 --
Loss on change
in fair value
of contingent
consideration 1,052,394 44,520 1,052,394 370,712
Changes in
operating assets
and liabilities:
Accounts
receivable 14,528,162 21,387,772 100,722,468 19,837,507
Prepaid
expenses and
other current
assets (129,747) (9,989) (5,402,807) 12,333,127
Other assets 55,463 (1,133,858) 1,026,075 (1,086,913)
Accounts
payable (2,074,591) 4,453,292 (20,321,384) 15,261,057
Accrued
liabilities 4,780,386 (3,498,801) (2,671,275) (31,495,516)
Operating lease
liabilities
and
right-of-use
assets 77,234 42,285 413,830 11,963
----------- ----------- ----------- -----------
Net cash provided by
operating activities 1,658,736 31,149,380 44,918,954 57,396,816
----------- ----------- ----------- -----------
CASH FLOWS FROM
INVESTING ACTIVITIES:
Purchase of property
and equipment (876,177) (902,161) (3,047,060) (2,887,704)
Acquisition of
intangibles (681,396) (660,276) (2,259,569) (2,228,233)
Acquisition of a
business, net of cash
acquired -- -- (3,646,318) --
Purchase of restricted
investments (2,517,699) -- (24,739,136) --
Purchase of equity
method investments (4,784) (161,963) (4,784) (310,450)
Proceeds from sale and
maturity of restricted
investments 5,158,673 -- 7,487,919 --
Proceeds from disposal
of property and
equipment 20,838 95,822 198,167 178,535
----------- ----------- ----------- -----------
Net cash provided by
(used in) investing
activities 1,099,455 (1,628,578) (26,010,781) (5,247,852)
----------- ----------- ----------- -----------
CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from revolving
credit line -- -- -- 45,000,000
Repayments of revolving
credit line (30,000,000) -- (30,000,000) (40,000,000)
Proceeds from notes
payable 258,700 -- 258,700 --
Repayments of notes
payable (20,903) (5,120) (27,161) (22,007)
Due to seller (106,943) (3,005,113) (857,862) (3,008,976)
Acquisition of
noncontrolling
interest -- (1,848,000) -- (1,848,000)
Earnout payments on
contingent
liabilities (1,687,134) -- (1,952,672) (1,600,029)
Distributions paid to
noncontrolling
interest (175,831) -- (175,831) (250,000)
Proceeds from exercise
of stock options -- -- -- 684
Payments for taxes
related to shares
withheld for employee
taxes (62,547) (107,979) (1,403,099) (374,311)
Common stock
repurchased -- (1,296,187) (10,828,906) (11,078,198)
Payments on obligations
under finance lease (1,256,945) (1,088,265) (3,965,618) (3,118,054)
----------- ----------- ----------- -----------
Net cash used in
financing activities (33,051,603) (7,350,664) (48,952,449) (16,298,891)
----------- ----------- ----------- -----------
Effect of exchange rate
changes on cash and
cash equivalents (653,988) 584,966 314,141 510,439
Net (decrease) increase
in cash, cash
equivalents,
restricted cash and
restricted cash
equivalents (30,947,400) 22,755,104 (29,730,135) 36,360,512
Cash, cash equivalents,
restricted cash and
restricted cash
equivalents at
beginning of period 108,554,572 85,823,394 107,337,307 72,217,986
----------- ----------- ----------- -----------
Cash, cash equivalents,
restricted cash and
restricted cash
equivalents at end of
period $ 77,607,172 $108,578,498 $ 77,607,172 $108,578,498
=========== =========== =========== ===========
Three Months Ended Nine Months Ended
September 30, September 30,
---------------------------- ------------------------------
2025 2024 2025 2024
----------- ----------- ----------- -----------
Supplemental disclosure
of cash and non-cash
transactions:
Cash paid for interest $ 656,300 $ 594,734 $ 1,662,069 $ 1,507,026
----------- ----------- ----------- -----------
Cash paid for interest
on finance lease
liabilities $ 229,293 $ 194,099 $ 700,042 $ 560,926
----------- ----------- ----------- -----------
Cash paid for income
taxes $ 554,236 $ 5,171,459 $ 6,648,506 $ 6,542,733
----------- ----------- ----------- -----------
Right-of-use assets
obtained in exchange
for lease liabilities $ 1,562,433 $ 5,240,876 $ 9,261,262 $ 10,980,341
----------- ----------- ----------- -----------
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 $ 17,726 $ 53,139 $ 17,726 $ 53,139
----------- ----------- ----------- -----------
CRMS true-up payment
through issuance of
stock $ -- $ 1,814,345 $ -- $ 1,814,345
----------- ----------- ----------- -----------
Pre-acquisition
receivables written
off through due to
seller $ -- $ 1,315,691 $ -- $ 4,675,758
----------- ----------- ----------- -----------
Reconciliation of cash
and restricted cash
Cash $ 73,355,638 $ 89,458,388 $ 73,355,638 $ 89,458,388
Restricted cash 4,251,534 19,120,110 4,251,534 19,120,110
----------- ----------- ----------- -----------
Total cash and
restricted cash shown
in statement of cash
flows $ 77,607,172 $108,578,498 $ 77,607,172 $108,578,498
=========== =========== =========== ===========
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 months ended September 30, 2025, compared to the same period in 2024 and the three months ended June 30, 2025:
Three Months Ended Three Months
September 30, Ended June 30,
---------------------------------- -----------------
2025 2024 2025
----------- ----------- ----------- ---
Revenue $ 70,809,635 $138,684,814 $ 80,417,622
Cost of revenue
(exclusive of
depreciation
and
amortization,
which are
shown
separately
below) (52,683,525) (88,764,282) (54,998,524)
Depreciation
and
amortization (3,971,232) (4,177,534) (3,981,008)
----------- ----------- -----------
GAAP gross
profit 14,154,878 45,742,998 21,438,090
----------- ----------- ----------- ---
Depreciation
and
amortization 3,971,232 4,177,534 3,981,008
----------- ----------- ----------- ---
Non-recurring
items included
in cost of
revenue above 5,269,129 -- --
----------- ----------- ----------- ---
Adjusted gross
profit $ 23,395,239 $ 49,920,532 $ 25,419,098
=========== =========== =========== ===
GAAP gross
margin 20.0% 33.0% 26.7%
Adjusted gross
margin 33.0% 36.0% 31.6%
The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three months ended September 30, 2025, compared to the same period in 2024 and the three months ended June 30, 2025 (in millions):
Three Months Ended Three Months Ended June
September 30, 30,
-------------------------- -------------------------
2025 2024 2025
------ ----- ---- ----------- ------
Net (loss)
income (GAAP) $ (29.7) $ 4.5 $ (13.3)
(+) Net
interest
expense 0.2 0.5 0.4
(+) Income tax
(benefit)
expense (13.5) 4.5 (4.6)
(+)
Depreciation
and
amortization 4.0 4.2 4.0
(+) Other
expense 1.0 0.6 -
------ ----- ---- ----------- ------
EBITDA (38.0) 14.3 (13.5)
------ ----- ---- ----------- -----
(+) Non-cash
stock
compensation 4.7 3.2 4.8
(+)
Non-recurring
expense 26.1 0.4 2.6
Adjusted EBITDA $ (7.2) $ 17.9 $ (6.1)
====== ===== ==== =========== =====
Total revenue $ 70.8 $138.7 $ 80.4
Pretax income
margin (61.0)% 6.5% (22.3)%
Net margin (41.9)% 3.2% (16.5)%
Adjusted EBITDA
margin (10.2)% 12.9% (7.6)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20251110397776/en/
CONTACT: Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com
(END) Dow Jones Newswires
November 10, 2025 16:05 ET (21:05 GMT)