Claritev (CTEV) investor relations material

Executive summary

• Q1 2026 revenue grew 5.8% year-over-year to $244.7 million, driven by claims intelligence solutions, core offerings, and new wins in provider and government verticals.

• Adjusted EBITDA increased 3.4% to $146.9 million, with a margin of 60.0%, reflecting higher transformation and legal costs offset by revenue growth.

• Net loss for Q1 2026 was $73.6 million, slightly higher than the $71.3 million loss in Q1 2025.

• ACV bookings reached $44.1 million, with 73% from cross-sell/upsell and 27% from new clients, and a strong pipeline supporting full-year targets.

• AI-driven operational improvements and new contracts, including the World Trade Center Health Program and a top-five health system, are supporting growth and efficiency.

Financial highlights

• Q1 2026 revenue: $244.7 million (+5.8% YoY); Adjusted EBITDA: $146.9 million (60.0% margin); Adjusted EPS: $0.95 (vs. $1.21 YoY); net loss: $73.6 million.

• Unlevered free cash flow was $36.8 million, up from $13.1 million year-over-year; free cash flow was negative at $(92.5) million.

• Net cash used in operating activities was $45.8 million, up from $30.1 million in Q1 2025.

• Cash and equivalents at quarter-end: $21.3 million unrestricted, $16.8 million restricted.

• Net loss per share was $(4.41), compared to $(4.38) in Q1 2025.

Outlook and guidance

• FY 2026 revenue guidance: $985 million to $1 billion; Adjusted EBITDA: $605 million to $615 million; capital expenditures: $160 million to $170 million.

• Free cash flow guidance unchanged at $0 million to $10 million; effective tax rate projected at 24% to 28%.

• Management expects sufficient liquidity for the next twelve months, supported by cash flow and credit facility access.

• Expect Q2 revenue to be flat sequentially, with growth accelerating to 3%-5% in the second half as new ACV ramps.