Earnings Releases·Nov 12, 2026, 4:03 PM ET

Enhanced Group Inc. — Third Quarter 2026 Earnings Summary

Q3 revenue was $3.3 million (vs. $17.7 million in Q2 2026 and $0 prior year), while net loss narrowed to $13.5 million from $61.9 million in Q2 2026 and $5.9 million prior year; Adjusted EBITDA loss improved to $8.8 million from $42.7 million in Q2 2026.
The Company signed a definitive all-stock agreement to acquire ~77% of DEAG for an enterprise value of ~$139 million (5.3x FY2027E Adjusted EBITDA), with closing expected in Q1 2027, alongside a $15 million equity PIPE and a one-for-ten reverse stock split.
Full-year 2027 guidance projects the combined group will generate ~$670 million in revenue and $26 million in Adjusted EBITDA, with telehealth revenues expected to reach "well into the double-digit millions" and the 2027 Games targeting a break-even or better outcome.
Cash and cash equivalents declined to $12.1 million as of September 30, 2026, from $19.6 million in June 2026, while the Company anticipates a $20 million sponsorship inflow at year-end 2026, including a $10 million cash payment from Zoop.