GoHealth (GOCO) Q1 2026 earnings summary

Executive summary

• Net revenues for Q1 2026 were $11.9 million, a 94.6% decrease year-over-year, primarily due to a strategic pullback in Medicare Advantage activities and industry-wide carrier changes.

• The company reported a net loss of $66.1 million for Q1 2026, compared to a net loss of $9.8 million in Q1 2025.

• Strategic focus shifted to GoHealth Protect, diversifying offerings beyond Medicare and emphasizing consumer retention and cost control.

• Ongoing discussions with lenders regarding capital structure and liquidity may result in restructuring or change of control.

Financial highlights

• Net revenues declined to $11.9 million from $221.0 million year-over-year.

• Adjusted EBITDA was $(22.2) million, down from $42.1 million in Q1 2025.

• Operating expenses decreased significantly across all categories, reflecting cost-saving initiatives.

• Cash and cash equivalents at March 31, 2026 were $39.9 million.

• Interest expense increased to $30.8 million, up 93% year-over-year, due to higher rates and borrowings.

Outlook and guidance

• Management expects continued pressure on revenues due to industry shifts and carrier actions prioritizing profitability over growth.

• Strategic alternatives, including restructuring, are being considered to address liquidity and capital structure.

• Substantial doubt exists about the company's ability to continue as a going concern within the next twelve months.