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American Well (AMWL) investor relations material
American Well Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue was $56.3M, down 8% year-over-year but exceeded guidance, driven by SaaS platform adoption and AI-powered solutions.
Net loss for Q3 2025 was $31.9M, a 26% improvement from Q3 2024, reflecting ongoing investments and strategic transformation.
Strategic focus on a differentiated, AI-driven platform, operational efficiency, and divestiture of non-core assets, including the APC telepsychiatry business.
Significant operating expense reductions achieved through headcount reductions and cost controls.
Investments in interoperability, data analytics, and EHR integration position the platform as a scalable, secure solution for healthcare clients.
Financial highlights
Subscription revenue grew 18% year-over-year to $30.9M, now 55% of total revenue.
Visit revenue declined due to the APC divestiture, with Amwell Medical Group visit revenue at $21.2M and total visits at 1.1M.
GAAP gross margin expanded to 52.4% from 37% a year ago, driven by higher software/services mix and cost savings.
Adjusted EBITDA loss improved to $12.7M from $31M loss a year ago.
Ended Q3 with $200.9M in cash and marketable securities, no debt, and Q3 cash burn of $18M.
Outlook and guidance
Full-year 2025 revenue expected between $245M–$248M; adjusted EBITDA between $(45)M and $(42)M.
Q4 2025 revenue projected at $51M–$54M, adjusted EBITDA between $(15)M and $(12)M.
AMG visits guidance steady at 1.3M–1.35M for the year.
R&D, sales/marketing, and G&A expenses expected to decline significantly year-over-year.
Positive cash flow from operations targeted by end of 2026.
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