DocGo (DCGO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $74.9 million, exceeding expectations and surpassing guidance, despite an adjusted EBITDA loss of $11.6 million due to non-recurring migrant program wind-down costs.

• Full-year 2025 revenue was $322.2 million, down from $616.6 million in 2024, reflecting the end of migrant-related projects, but core business lines showed year-over-year growth.

• Net loss for 2025 was $196.4 million, driven by significant non-cash impairments in goodwill, intangibles, and equity investments.

• SteadyMD, acquired in October, contributed $6.1 million to Q4 revenue and supported strong growth in mobile health, with gross margins improving from 30% to 37%.

• Strategic alternatives are being explored to maximize shareholder value, with an investment bank engaged for the process.

Financial highlights

• Q4 2025 adjusted EBITDA loss was $11.3 million, compared to a $1.1 million gain in Q4 2024; full-year adjusted EBITDA loss was $28.6 million versus a $60 million gain in 2024.

• Adjusted gross margin for Q4 2025 was 32.5%, with medical transportation at 32.8% (up from 30.1% in Q4 2024) and mobile health at 31.8% (down from 35.9%).

• Year-end cash and equivalents were $51.0 million, down from $89.2 million at year-end 2024, mainly due to the SteadyMD acquisition and delayed migrant receivables.

• Non-cash write-downs included $49.5 million in goodwill, $22.6 million in intangible assets, and a $5 million equity investment impairment.

• GAAP gross margin for 2025 was 25.8%, down from 32.1% in 2024; adjusted gross margin was 32.3%, down from 34.6%.

Outlook and guidance

• 2026 revenue guidance raised to $290 million-$310 million, excluding any migrant-related revenue.

• Adjusted EBITDA loss for 2026 now expected at $5 million-$10 million, improved from prior guidance of $15 million-$25 million loss.

• Profitability on an adjusted EBITDA basis anticipated in the second half of 2026, supported by cost efficiency initiatives and core business growth.

• No migrant-related revenues included in 2026 guidance.