American Well (AMWL) investor relations material

Executive summary

• Q3 revenue was $49.0M, above guidance; adjusted EBITDA loss was $3.6M, and operating loss narrowed to $11.7M from $29.3M. Positive operating cash flow and adjusted EBITDA are targeted for Q4.

• FY 2026 revenue and adjusted EBITDA outlooks were raised; AMG visit guidance remained 1.32M–1.37M.

• Strategy centers on one branded platform to activate members, integrate care programs and measure outcomes; more than 90 million covered lives are served.

Financial highlights

• Q3 revenue was $49.0M, down 12.9% YoY and $1M above the high end of guidance; gross profit was $26M.

• Q3 operating expenses, including D&A, were $37.6M, down 36.1% YoY; total operating costs and expenses declined 29% to $60.6M.

• Adjusted EBITDA loss was $3.6M vs. $12.7M in Q3 2025; operating loss was $11.7M vs. $29.3M.

• 9M revenue was $155.9M vs. $194.0M; adjusted EBITDA loss was $7.8M vs. $29.6M.

• 9M net loss was $30.9M vs. $69.8M; cash used in operating activities was $1.9M vs. $48.6M.

Outlook and guidance

• FY 2026 revenue guidance increased to $204M–$206M; adjusted EBITDA loss guidance improved to $6.9M–$7.9M.

• Q4 revenue guidance is $48M–$50M; adjusted EBITDA guidance is break-even to +$1M, with positive operating cash flow targeted.

• FY AMG visits are expected at the high end of 1.32M–1.37M.

• 2027 growth depends partly on government contract timing; opportunities may start during 2027 rather than January 1, with guidance planned for the next earnings call.

• Existing cash and cash equivalents are expected to cover working capital and capital expenditure needs for at least 12 months, though some future operating losses are expected.