DocGo (DCGO) Q2 2026 earnings summary

Executive summary

• Announced the largest acquisition to date: Hicuity Health, a leading acute and critical care telemedicine provider, with $65M in trailing 12-month revenue and $4.5M in adjusted EBITDA; entered definitive agreement to acquire Hicuity Health, expanding virtual care capabilities and cross-selling opportunities.

• Secured a new funding commitment from Perceptive Advisors, including a $50M term loan and assumption of $52M in Hicuity debt, maturing in December 2029.

• Achieved record volumes across key business lines, including double-digit growth in U.S. medical transportation, healthcare in the home, 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.

• 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 rose to $52M from $49.6M year-over-year, setting a new quarterly record.

• Mobile health revenue was $21.4M, down from $30.8M, but non-migrant mobile health revenue surged 78% year-over-year.

• Adjusted EBITDA loss improved sequentially to $6.3M from $10.3M last quarter, but was slightly higher than the $6.1M loss in Q2 2025; adjusted EBITDA margin for Q2 2026 was (8.6)%.

• Cash and equivalents at June 30, 2026: $48.1M; available cash $25.2M.

Outlook and guidance

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

• Full-year adjusted EBITDA loss expected at $17M–$22M, wider than previous guidance due to slower-than-expected cost reductions.

• 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.