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 alternate-site, out-of-hospital care providers in the U.S., with a fully integrated air and ground platform covering 1,400 counties and serving over 60% of the U.S. population.

• Handles approximately 5.5 million patient encounters annually, with 84% emergent and 16% non-emergent care, and maintains a fleet of 7,400 ground vehicles and 513 aircraft.

• Business model is primarily fee-for-service, with about 90% of revenue from this stream, and diversified across 650+ commercial payors and 600+ operating locations.

• Offers innovative solutions such as Nurse Navigation and Transport.Net, enhancing care navigation and operational efficiency.

• Maintains longstanding relationships with health systems, payors, and government agencies, and is the sole EMS partner for FEMA’s National Ambulance Contract.

Financial performance and metrics

• 2025 revenue: $5.74 billion, net income: $206.2 million, Adjusted EBITDA: $1.19 billion, representing a (4)% decrease in revenue, 911% increase in net income, and 8% increase in Adjusted EBITDA year-over-year.

• 2025 net transport revenue: $5.56 billion; complementary revenue: $180 million.

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

• Substantial indebtedness: $5.05 billion as of December 31, 2025, with $4.9 billion in long-term debt and $695.1 million in available borrowing capacity.

• 2025 net cash from operations: $641 million; cash and cash equivalents: $609 million at year-end.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to redeem outstanding Series B Preferred Stock not subject to the Preferred Exchange, with remaining proceeds, plus those from a concurrent private placement and cash on hand, used to repay borrowings under the 2032 First Lien Term Loan and for general corporate purposes.

• Additional capital allocation includes ongoing investment in fleet, technology, and select acquisitions to support growth and operational efficiency.