DocGo (DCGO) Q2 2026 earnings summary

Executive summary

• Signed a definitive agreement to acquire Hicuity Health, a leading acute and critical care telemedicine provider, marking the largest acquisition to date and second major virtual care acquisition in nine months, with up to $50 million in new financing and assumption of $52 million in Hicuity's debt.

• Achieved record volumes across all key business lines, including double-digit growth in U.S. medical transportation, healthcare in the home, mobile phlebotomy, cardiac/remote patient monitoring, and virtual care.

• Net loss for Q2 2026 was $18.0M, up from $13.3M in Q2 2025, driven by the wind-down of large migrant-related contracts and lower Mobile Health Services revenue.

• Cost-cutting measures reduced annual SG&A by over $4M, with AI-driven initiatives projected to save $6M annually when fully implemented.

• Advanced integration of technology and care delivery, aiming to create a holistic, tech-powered healthcare platform spanning hospital to home.

Financial highlights

• Q2 2026 revenue was $73.4M, down from $80.4M in Q2 2025 due to the wind-down of migrant-related projects; excluding these, revenue grew 19% year-over-year.

• Medical transportation revenue reached $52M, the highest quarterly figure to date, up from $49.6M in Q2 2025.

• Adjusted EBITDA loss improved sequentially, dropping nearly 40% quarter-over-quarter to -$6.3M; adjusted EBITDA margin for Q2 2026 was (8.6)%.

• Adjusted gross margin was 30.5% in Q2 2026, compared to 31.6% in Q2 2025; GAAP gross margin was 26.9%.

• Cash and equivalents at June 30, 2026, were $48.1M, with unrestricted cash at $25.2M.

Outlook and guidance

• Full-year 2026 revenue guidance narrowed to $305M-$310M, representing 21%-23% growth over 2025 base revenues, excluding Hicuity and migrant-related projects.

• Full-year adjusted EBITDA loss now expected at $17M-$22M, wider than previous guidance due to slower-than-expected cost cuts and lower gross margins.

• Company expects to achieve a positive adjusted EBITDA run rate exiting 2026, setting up for a strong 2027.

• Management expects Mobile Health Services revenue to remain lower in 2026 due to the absence of migrant-related projects, despite growth in other business lines.

• Cost containment and cash preservation remain priorities, with plans to reduce cash utilization and operating costs.