Amwell reported its financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. For Q4 2025, Amwell recorded total revenue of USD 55.3 million, exceeding previously provided financial guidance. Subscription revenue reached USD 28.8 million, while Amwell Medical Group $(AMG)$ visit revenue was USD 23.7 million. Gross margin for the quarter was 51%. The company reported a net loss of USD 25.2 million and adjusted EBITDA of negative USD 10.3 million. Total visits for the quarter were 1.0 million. For the full year 2025, Amwell recorded total revenue of USD 249.3 million, including subscription revenue of USD 132.4 million. In 2025, Amwell focused on its Technology Enabled Care platform, aiming to address unmet needs across Government, Payer, and Health System clients. The company highlighted its ability to support both proprietary and third-party AI-powered clinical programs, alongside achieving strong market validation through contract renewals and new client acquisitions. Amwell indicated that it had transformed its cost base and elevated revenue quality during the period. Looking ahead, Amwell provided guidance for the first quarter (Q1) of 2026, projecting revenue in the range of USD 48 million to USD 53 million and adjusted EBITDA in the range of negative USD 7 million to negative USD 5 million. The company also communicated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.
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