GoHealth (GOCO) investor relations material

Executive summary

• Announced a $115M super priority senior secured term loan facility, including $80M in new money and $35M roll-up of existing loans, with maturity extensions to 2029 and covenant relief through 2025.

• Three new directors joined the board, forming a transformation committee to focus on strategic opportunities, including M&A and capital structure optimization.

• Q2 2025 net revenues declined 11.2% year-over-year to $94.0M, with a net loss of $116.0M, driven by a $53M impairment charge and strategic pullback in Medicare Advantage activity.

• Shifted operational focus in Q2 from Medicare Advantage to GoHealthProtect and final expense products due to market uncertainty, with $8M recognized in other revenue.

• Preliminary results indicate an intangible asset impairment will be recorded; going concern status expected to be removed.

Financial highlights

• Q2 2025 net revenues: $94.0M (down 11.2% year-over-year); six months ended June 30, 2025: $315.0M (up 8.1%).

• Q2 2025 net loss: $116.0M (vs. $59.3M loss in Q2 2024); six months net loss: $125.8M (vs. $80.7M loss in 2024).

• Adjusted EBITDA for Q2 2025: $(11.3)M; Adjusted EBITDA margin: (12.0)%.

• Q2 2025 included a $53.0M impairment charge on indefinite-lived trade names.

• Cash and cash equivalents at June 30, 2025: $35.6M.

Capital allocation and financing

• New facility provides significant financial flexibility, removes going concern status, and enables pursuit of up to $250M in acquisitions.

• Lenders received about 4.8M Class A shares as equity consideration, resulting in some dilution but aligning incentives.

• Interest rate on new money is SOFR plus 5.5%, with tiered payback incentives; effective interest rate on term loan: 11.78%.

• Only one covenant remains: a minimum liquidity requirement, offering more flexibility than previous agreements.

• Net cash used in operating activities for six months ended June 30, 2025: $50.2M; net cash provided by financing activities: $50.7M.