GMR Solutions (GMRS) Registration filing summary

Company overview and business model

• Operates as the largest provider of emergency medical services (EMS) and one of the largest integrated alternate-site, out-of-hospital care providers in the U.S., with a presence in approximately 1,400 counties covering over 60% of the U.S. population.

• Delivers both emergent and non-emergent care, including air and ground ambulance services, disaster response, and event medical services, supported by a fleet of 7,400 ground vehicles and 515 aircraft.

• Maintains a diversified payor base, with over 650 commercial payors and 600 operating locations, and leverages proprietary technology platforms such as Transport.Net and Nurse Navigation to optimize care delivery and resource utilization.

• Employs approximately 34,000 staff, including over 24,000 clinicians, and responds to about 15,000 patient encounters daily, totaling 5.5 million annually.

• Focuses on innovation, integration of air and ground services, and partnerships with health systems, government agencies, and payors.

Financial performance and metrics

• For the year ended December 31, 2025: revenue was $5.74 billion, net income $206.2 million, and Adjusted EBITDA $1.19 billion, representing a (4)% decrease in revenue, 911% increase in net income, and 8% increase in Adjusted EBITDA compared to 2024.

• Net transport revenue per ambulance transport increased to $1,332 in 2025 from $1,191 in 2024.

• As of December 31, 2025, had $609.3 million in cash and cash equivalents, $5.05 billion in long-term indebtedness (excluding finance leases), and $695.1 million in available borrowing capacity under the A&R ABL Facility.

• Payor mix for 2025: 59% commercial, 32% government (24% Medicare, 8% Medicaid), 2% self-pay.

• Divested non-core businesses in late 2024, which contributed $566 million in revenue and $37.5 million in net income in 2024.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used primarily to redeem outstanding Series B Preferred Stock not subject to the Preferred Exchange, with any remaining proceeds for general corporate purposes.

• Concurrent private placement of warrants to KKR, Ares, and HPS, with proceeds used to repay certain outstanding indebtedness.

• Ongoing capital expenditures include aircraft and vehicle purchases, with $356.2 million in future aircraft purchase commitments as of December 31, 2025.