DocGo — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for Q3 2026 was $73.4 million, up from $70.8 million in Q3 2025.
• GAAP gross margin improved to 29.7% in Q3 2026 from 20.0% in Q3 2025.
• Adjusted gross margin was 33.3% in Q3 2026, compared to 33.0% in Q3 2025.
• Net loss for Q3 2026 was $18.1 million, an improvement from $29.7 million in Q3 2025.
• Adjusted EBITDA for Q3 2026 was ($3.2) million, improving from ($7.2) million in Q3 2025.
• Medical Transportation Services revenue reached $53.3 million in Q3 2026, up from $50.1 million in Q3 2025.
• Mobile Health Services revenue was $20.2 million in Q3 2026, down from $20.7 million in Q3 2025.
• Unrestricted cash and cash equivalents were $19.1 million as of September 30, 2026, down from $25.2 million as of June 30, 2026.
• Total assets were $173.9 million as of September 30, 2026, compared to $217.1 million as of December 31, 2025.
• Total liabilities were $94.9 million as of September 30, 2026, compared to $91.2 million as of December 31, 2025.
• Stockholders' equity attributable to DocGo Inc. was $105.1 million as of September 30, 2026, down from $144.0 million as of December 31, 2025.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $17.5 million, compared to $44.9 million provided in the same period in 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue is expected to be approximately $300 million, revised down from prior guidance of $305-$310 million due to the elimination and restructuring of unprofitable business lines.
• Full-year 2026 adjusted EBITDA is expected to be ($17-$22) million, unchanged from the previous quarter.
• Guidance excludes any contribution from the pending acquisition of Hicuity Health.
• Management expects continued improvements in gross margin and adjusted EBITDA, coupled with a slight decline in the existing revenue base as unprofitable lines are eliminated.
• The company aims to exit the year at a profitable run rate.

Business Segments and Product Lines:

• US medical transportation volume increased 13% year-over-year in Q3 2026.
• Mobile phlebotomy volume increased 15% year-over-year in Q3 2026.
• Cardiac and remote patient monitoring volume increased 8.5% year-over-year in Q3 2026.
• Virtual care and lab orders volume increased 12.5% year-over-year in Q3 2026.
• Healthcare in the home patient outreach and clinical operations visit volume declined 26% year-over-year as the company prioritized profitability.
• The company surpassed 1.8 million patients assigned by payer and provider partners for care gap closure services since inception.
• Launched a new care gap closure program with a national health plan for members in Pennsylvania.
• The Hicuity Health acquisition is on track to close in late November or early December 2026.
• Medical transportation gross margins were 34.7% in Q3 2026; excluding the upstate New York market (planned for exit), margins would have been 36.7%.

Market and Competitive Landscape:

• The company operates in a highly competitive healthcare transportation and mobile health services market.
• Management is rationalizing business lines and markets to concentrate resources on profitable growth opportunities.
• The company is focusing on operational efficiencies and disciplined execution to drive profitability.

Risks and Challenges:

• Risks include the wind down of migrant-related services and the ability to manage high debt levels.
• Challenges include the completion and integration of the Hicuity Health acquisition and the ability to retain workforce and management during leadership transitions.
• Risks involve the ability to maintain Nasdaq listing, continue as a going concern, and maintain existing contracts with insurance partners and hospital systems.
• Potential impacts from changes in government spending on healthcare and social services, as well as reliance on government contracts.
• Risks related to labor costs, labor disputes, and the availability of healthcare professionals.
• Risks include information technology system failures, cyber incidents, and data privacy compliance.
• The company faces risks related to the availability of debt financing from Perceptive Advisors following the Hicuity acquisition.

Management Commentary and Tone:

• CEO Lee Bienstock stated the company remains committed to exiting the year at a profitable run rate, citing AI-driven cost optimizations and the elimination of unprofitable business lines.
• CFO Norm Rosenberg expressed encouragement regarding the 280-basis point gross margin improvement over Q2 despite elevated fuel costs.
• Chairman Michael Burdiek thanked Lee Bienstock for his service and emphasized the Board's priority on accelerating the path to enhanced profitability and value creation.
• Management indicated that roughly $240 million of the projected $300 million 2026 revenue is adjusted EBITDA positive on a contribution basis.
• Lee Bienstock confirmed he will continue as CEO and Director through at least March 31, 2027, to ensure continuity during the CEO search.

Other Key Points:

• The Board of Directors has initiated a comprehensive CEO search led by Heidrick & Struggles as Lee Bienstock's employment contract expires on December 31, 2026.
• The company is planning to exit the upstate New York market before the end of 2026.
• Unrestricted cash balance excludes debt funding from Perceptive Advisors which occurred on October 1st, 2026.
• The company has over 3,000 employees.
• DocGo operates a 50-state virtual care network and integrated Ambulnz medical transport services.