Consolidation Announcement - Go Metals Corp. has announced a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidated common share for every two (2) pre-consolidated common shares [1][3] - The number of outstanding shares will be reduced to approximately 13,330,307 common shares as a result of this consolidation [1][3] Trading and Order Information - All open orders will be canceled at the close of business on February 12, 2026, and dealers are reminded to re-enter their orders considering the share consolidation [2][4] - Trading on a consolidated basis will commence on February 13, 2026 [5] Record and Payment Dates - The record date and anticipated payment date for the consolidated shares is set for February 13, 2026 [5] - The new trading symbol will be GOCO, with a new CUSIP of 38018L 30 1 and a new ISIN of CA 38018L 30 1 1 [5]

Core Insights - Go Metals Corp. has reported positive preliminary results from Phase 1 metallurgical testing at its KM98 Project in Quebec, indicating effective separation of magnetite and ilmenite concentrates using conventional methods [2][3][9] - The company has entered into an option agreement with Flow Metals Corp. for the acquisition of a 100% interest in the Monster Yukon IOCG project, allowing Go Metals to focus on its core assets while retaining exposure to the Monster Project's potential [3][11] KM98 Metallurgical Testing - Phase 1 testing at KM98 was designed to evaluate the response of mineralization to conventional physical separation methods, confirming the ability to produce distinct concentrate products [4][9] - Two representative samples were tested: one massive oxide and one semi-massive oxide, with testing conducted by IOS Géosciences [5] - The separation methodology involved conventional physical separation techniques, including Davis Tube magnetic separation and heavy liquid separation [6] Concentrate Results - Preliminary results for magnetite concentrates showed grades of 68.5% Fe and 0.24% V for the massive oxide sample, and 66.3% Fe and 0.22% V for the semi-massive oxide sample [7] - Ilmenite concentrates were also produced, with grades of approximately 37.7% Ti for the massive oxide and 38.9% Ti for the semi-massive oxide [8] Future Testing Plans - Planned Phase 2 testing will optimize separation parameters and include full head and concentrate assays, along with detailed mineralogical analysis [10] Option Agreement Details - The Option Agreement with Flow Metals includes payments and share issuances totaling 3 million common shares initially, with additional payments contingent on project milestones [15] - The transaction is classified as a related party transaction, with compliance to Multilateral Instrument 61-101 requirements [11][12] Share Consolidation - The board has approved a share consolidation on a 1-for-2 basis, reducing the number of outstanding shares from approximately 26.66 million to about 13.33 million [13][17] Company Overview - Go Metals is focused on responsible exploration for critical metals in mining-friendly jurisdictions, with a portfolio that includes KM98 (Ti/V/Fe), HSP (Ni/Cu), and Oriole (Ni/Cu) [19]

Core Insights - GoHealth Inc. (NASDAQ: GOCO) reported a challenging 3Q25, with net revenues declining to $34.2 million from $118.3 million year-over-year, reflecting a strategic pullback in Medicare Advantage volume and a shift in industry focus towards margin integrity and renewal stability [1][6] Financial Performance - Net revenues for 3Q25 were $34.2 million, representing a decline of approximately 71.0% year-over-year, attributed to an intentional reduction in Medicare Advantage activities and a mix shift in revenue sources [6] - Significant non-cash impairment charges impacted reported margins, despite management's efforts to maintain liquidity and operational efficiency [1][6] Strategic Focus - Management emphasized a retention-first approach, particularly in Special Needs Plans, while also preserving agent technology and retention operations [6] - As of the end of the quarter, the company had $32.1 million in cash, with improved strategic flexibility due to a superpriority term loan and covenant relief [6] Market Outlook - The company is focused on retention, quality, and disciplined execution during the current Annual Enrollment Period (AEP), with plans to re-accelerate growth when market conditions stabilize [1]

Financial Performance - Net revenues for Q3 2025 were $34,186,000, a decrease of 71.1% compared to $118,292,000 in Q3 2024[25] - Net loss attributable to GoHealth, Inc. for Q3 2025 was $165,846,000, compared to a net income of $6,775,000 in Q3 2024[25] - The company reported a comprehensive loss of $313,830,000 for Q3 2025, compared to a comprehensive income of $15,386,000 in Q3 2024[29] - For the three months ended September 30, 2025, the net loss was $313.9 million, compared to a net income of $15.4 million for the same period in 2024[35] - The total stockholders' equity decreased to $6.9 million as of September 30, 2025, down from $345.3 million a year earlier[35] - For the nine months ended September 30, 2025, GoHealth reported a net loss of $439.693 million, compared to a net loss of $65.294 million for the same period in 2024, indicating a significant increase in losses[42] - The company experienced a net loss of $313.9 million for the three months ended September 30, 2025, compared to a net income of $15.4 million in the prior year[183] Operating Expenses - Total operating expenses for Q3 2025 were $322,103,000, an increase of 100.0% from $160,964,000 in Q3 2024[25] - The loss from operations for the three months ended September 30, 2025, was $287.9 million, compared to a loss of $42.7 million in the prior year[164] - Marketing and advertising expenses for Q3 2025 were $17,471,000, a decrease of 61.5% from $45,270,000 in Q3 2024[25] - General and administrative expenses increased by 61.5% to $27.7 million for the three months ended September 30, 2025, up from $17.1 million in 2024[171] - Consumer care and enrollment expenses fell by 62.2% to $17.2 million for the three months ended September 30, 2025, compared to $45.6 million in 2024[168] Impairment Charges - The company incurred impairment charges of $206,163,000 in Q3 2025, with no such charges reported in Q3 2024[25] - The Company recorded long-lived asset impairment charges of $206.2 million and $260.0 million for the three and nine months ended September 30, 2025, respectively[221] - The Company recognized intangible asset impairment charges of $179.0 million and $232.0 million for the three and nine months ended September 30, 2025, respectively, to write down indefinite-lived trade names and definite-lived amortizable intangible assets[66] - Operating lease impairment charges amounted to $4.5 million for the three months and $5.3 million for the nine months ended September 30, 2025, due to cost-saving initiatives[222] Cash and Liquidity - Cash and cash equivalents decreased to $32,076,000 as of September 30, 2025, down from $40,921,000 at the end of 2024[31] - The company is actively pursuing strategic alternatives, including refinancing and cost management initiatives, to address liquidity concerns[53] - GoHealth's cash management initiatives are aimed at maintaining compliance with its debt covenants amid significant financial challenges[53] - The Company plans to focus on customer retention and cash preservation, expecting reduced revenues compared to the previous year due to scaled-back Medicare Advantage activities[154] Debt and Financing - The carrying value of the Company's long-term debt as of September 30, 2025, was $581.8 million, an increase from $487.4 million as of December 31, 2024[67] - The Company has a term loan facility with a principal amount of $636.5 million as of September 30, 2025, with scheduled repayments starting in 2025[67] - The Superpriority Credit Agreement was established on August 6, 2025, with a total principal amount of $115.0 million, including $80.0 million in new-money term loans and $35.0 million in roll-up term loans[74] - The Company recognized an aggregate loss on extinguishment of debt of $1.7 million and recorded debt discounts of $25.1 million related to the Class A common stock issued as non-cash consideration[78] Revenue Sources - Medicare agency revenue for the three months ended September 30, 2025, was $26.3 million, down from $92.3 million in the same period of 2024[117] - Total Medicare revenue for the nine months ended September 30, 2025, was $331.7 million, down from $406.7 million in the same period of 2024[117] - Significant customers included United, which represented 33.1% of total net revenues for the three months ended September 30, 2025, up from 25.9% in 2024[131] Employee and Organizational Changes - Management implemented a reduction in force impacting approximately 487 employees to improve cash flows and reduce operating expenses[53] - A workforce reduction impacting approximately 487 employees was announced on November 3, 2025, as part of cost-saving measures amid market conditions[148] - The Company established a "Transformation Committee" to explore strategic alternatives, including mergers and acquisitions, to enhance financial flexibility and stockholder value[156] Shareholder Information - The weighted-average shares of Class A common stock outstanding were 14,136,000 for Q3 2025, compared to 10,077,000 for Q3 2024[25] - The Company issued 4,766,219 shares of Class A common stock, representing 19.99% of the total issued and outstanding shares, as part of the amendment to the Existing Credit Agreement on August 6, 2025[109] - The initial liquidation preference for the Series A redeemable convertible preferred stock is $1,000 per share, with an annual dividend rate of 7.0%[98] Future Outlook - The Company is currently assessing the impact of recent accounting pronouncements on its disclosures, including ASU 2023-09 and ASU 2024-03[56][57] - The Company is actively looking to terminate or sublease certain office spaces and call centers as part of its cost-saving initiatives[62] - The Company’s revised long-term forecasts reflect a pullback on Medicare Advantage activity due to tightening health plan economics[223]

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Core Insights - GoHealth (GOCO) reported a quarterly loss of $0.19 per share, significantly better than the Zacks Consensus Estimate of a loss of $2.06, and an improvement from a loss of $3.73 per share a year ago, resulting in an earnings surprise of +90.78% [1] - The company generated revenues of $34.19 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 67.05%, and a decline from year-ago revenues of $118.29 million [2] - GoHealth shares have decreased by approximately 74.3% year-to-date, contrasting with the S&P 500's gain of 16.5% [3] Earnings Outlook - The future performance of GoHealth's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4] - The current consensus EPS estimate for the upcoming quarter is $1.92 on revenues of $380.13 million, while for the current fiscal year, the estimate is -$4.65 on revenues of $798.89 million [7] Industry Context - The Insurance - Life Insurance industry, to which GoHealth belongs, is currently ranked in the top 20% of over 250 Zacks industries, indicating a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - GoHealth reported a cash balance of approximately $32 million at the end of Q3 2025, with access to an additional $40 million from a new super-priority term loan facility [44][47]. - The company emphasized cash management and maintaining liquidity to support operations and strategic opportunities [45][48]. Business Line Data and Key Metrics Changes - The company shifted focus from Medicare Advantage (MA) to GoHealth Protect, prioritizing retention and stable member profiles over volume growth due to tightening health plan economics [5][9]. - GoHealth Protect has been instrumental in retaining business, with a strategy to enhance consumer peace of mind through complementary product offerings [19][20]. Market Data and Key Metrics Changes - The Medicare Advantage market is experiencing strong demand, but health plans are prioritizing retention and stable member profiles rather than broad expansion [5][9]. - The total available non-special needs plan products are declining for 2026, while special needs plan options are increasing, indicating a shift in industry priorities [9]. Company Strategy and Development Direction - The company is focusing on quality over quantity, retention over short-term submissions, and cash preservation to maintain strategic flexibility [7][8]. - GoHealth aims to lead consolidation in a fragmented broker landscape, leveraging its strong balance sheet and governance structure to create long-term value [10][11]. Management's Comments on Operating Environment and Future Outlook - Management believes that the current actions taken by health plans are justified and prudent, reflecting a focus on retention and quality [6][9]. - The company expects the Medicare Advantage market to stabilize over the next 12-24 months, allowing for potential revenue growth with improved margins and cash profiles [12][17]. Other Important Information - GoHealth has retained its highest-quality agents and adjusted compensation structures to reinforce retention strategies [8][53]. - The company has invested in AI and automation to improve agent effectiveness and consumer experience [8][58]. Q&A Session Summary Question: What is the growth trajectory for Medicare Advantage over the next 12 to 24 months? - Management indicated that growth will depend on health plans stabilizing their cost structures and focusing on retention, with expectations for a return to growth as the market rationalizes [15][17]. Question: Can you discuss the key drivers of growth for GoHealth Protect? - The growth of GoHealth Protect is driven by enhancing consumer peace of mind and serving both existing and new customers effectively [19][20]. Question: Why did the company decide to pull back on Medicare Advantage? - The decision was based on feedback from health plans prioritizing retention and stability over new enrollments, as well as the need to focus on existing members [25][26]. Question: What are the implications of the company's current strategy if the market conditions change? - If the assessment proves correct, the company retains its capabilities and cash position, but if wrong, it may need to ramp up operations quickly [28][30]. Question: Why should the industry consolidate, and how is GoHealth positioned to lead? - The company believes that consolidation can reduce duplicative costs and enhance efficiency, positioning GoHealth as a leader due to its strong consumer base and technology investments [31][32].

Financial Performance - Q3 2024 - Net revenues for Q3 2024 were $118.292 million, compared to $132.037 million in Q3 2023[28] - Net loss for Q3 2024 was $15.366 million, compared to a net income of $(56.204) million in Q3 2023[28] - Adjusted EBITDA for Q3 2024 was $(12.106) million, compared to $(11.475) million in Q3 2023[28] - Adjusted EBITDA margin for Q3 2024 was (10.2)%, compared to (8.7)% in Q3 2023[28] Financial Performance - YTD 2024 - Net revenues for the nine months ended September 30, 2024, were $409.762 million, compared to $457.974 million for the same period in 2023[28] - Net loss for the nine months ended September 30, 2024, was $(65.294) million, compared to $(148.976) million for the same period in 2023[28] - Adjusted EBITDA for the nine months ended September 30, 2024, was $2.480 million, compared to $18.091 million for the same period in 2023[28] - Adjusted EBITDA margin for the nine months ended September 30, 2024, was 0.6%, compared to 4.0% for the same period in 2023[28] Financial Performance - TTM - TTM net revenues as of Q3 2024 were $686.459 million, compared to $527.350 million as of Q3 2023[32] - TTM net loss as of Q3 2024 was $(67.588) million, compared to $(299.713) million as of Q3 2023[32] - TTM Adjusted EBITDA as of Q3 2024 was $59.480 million, compared to $(76.690) million as of Q3 2023[32] - TTM Adjusted EBITDA margin as of Q3 2024 was 8.7%, compared to (14.5)% as of Q3 2023[32]

Financial Performance - Net revenues for Q3 2025 decreased to $34.186 million, a decline of 71.1% compared to $118.292 million in Q3 2024[19]. - Total operating expenses surged to $322.103 million, representing a 100.1% increase from $160.964 million in the same period last year[19]. - The company reported a net loss of $313.918 million for Q3 2025, compared to a net income of $15.366 million in Q3 2024, marking a significant decline of 2,142.9%[19]. - For the nine months ended September 30, 2025, net revenues were $349.206 million, down 14.8% from $409.762 million in the same period of 2024[20]. - Operating expenses for the nine months increased to $729.840 million, a rise of 46.8% from $497.076 million in the prior year[20]. - The net loss attributable to GoHealth, Inc. for the nine months was $224.531 million, compared to a loss of $28.437 million in the same period last year, reflecting a 689.6% increase in losses[20]. - EBITDA for Q3 2025 was $(262.620) million, a decrease from $60.860 million in Q3 2024[21]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $(16.325) million, compared to $2.479 million in the same period of 2024[21]. - The company incurred indefinite and long-lived asset impairment charges of $206.163 million in Q3 2025, which was not present in Q3 2024[21]. - The net income (loss) margin for Q3 2025 was (918.3)%, compared to 13.0% in Q3 2024, indicating a drastic decline in profitability[21]. - Total net revenues for the three months ended September 30, 2025, were $34,186 thousand, a decrease from $118,292 thousand in the same period of 2024, representing a decline of 71.1%[24]. - Medicare revenue for the nine months ended September 30, 2025, was $331,687 thousand, down from $406,653 thousand in 2024, reflecting a decrease of 18.4%[24]. - The company reported a net loss of $439,693 thousand for the nine months ended September 30, 2025, compared to a net loss of $65,294 thousand in 2024[26]. Operational Strategy - GoHealth intentionally reduced Medicare Advantage volume to prioritize retention, member quality, and unit economics in response to market shifts[6]. - The company maintained liquidity and reduced fixed costs while automating core operations, positioning itself for long-term value creation[4]. - GoHealth's leadership in Special Needs Plans (SNP) remains strong, with health plans continuing to allocate resources to this category[6]. - The company secured a superpriority term loan facility and received covenant relief to enhance strategic flexibility for potential integration opportunities[6]. - GoHealth's third-quarter performance reflects disciplined execution in a market focused on margin integrity and renewal stability[4]. - The company emphasized a retention-first strategy, confirming members' current plans to protect the quality and durability of its member base[6]. - GoHealth's balance sheet is stable, and its variable cost structure provides flexibility for future opportunities[4]. - The company continues to evaluate strategic alternatives and shifts in its business strategy, including the integration of e-TeleQuote Insurance, Inc.[10]. Submission and Cost Metrics - The number of submissions for the three months ended September 30, 2025, was 72,183, a significant drop of 56.6% compared to 166,195 in 2024[28]. - Sales per submission decreased to $461 in the three months ended September 30, 2025, down 34.3% from $702 in the same period of 2024[28]. - Direct operating cost per submission increased to $756 for the three months ended September 30, 2025, up 14.0% from $663 in 2024[28]. Balance Sheet and Equity - Total assets as of September 30, 2025, were $1,030,486 thousand, a decrease from $1,488,423 thousand as of December 31, 2024[25]. - Total current liabilities decreased to $175,682 thousand as of September 30, 2025, from $338,052 thousand at the end of 2024, a reduction of 48.0%[25]. - Cash and cash equivalents at the end of the period were $32,076 thousand, down from $40,921 thousand at the beginning of the period[26]. - The company had a total stockholders' equity deficit of $6,908 thousand as of September 30, 2025, compared to an equity of $405,438 thousand at the end of 2024[25].

Core Insights - GoHealth, Inc. has intentionally reduced its Medicare Advantage volume to adapt to a changing market that prioritizes retention and member stability over raw enrollment growth [2][3][6] - The company's third-quarter performance reflects a disciplined approach, maintaining liquidity and reducing fixed costs while focusing on platform efficiency and strategic flexibility [3][6] Financial Performance - For the three months ended September 30, 2025, GoHealth reported net revenues of $34.186 million, a decrease of 71.1% from $118.292 million in the same period of 2024 [16] - Operating expenses for the same period totaled $322.103 million, a significant increase of 100.1% compared to $160.964 million in 2024, leading to a loss from operations of $287.917 million [16][18] - The net loss attributable to GoHealth, Inc. for the three months ended September 30, 2025, was $165.846 million, compared to a net income of $6.775 million in the same period of 2024 [18] Strategic Focus - The company is emphasizing a retention-first strategy, reinforcing objective guidance to members and protecting the quality of its member base [6][3] - GoHealth aims to maintain its leadership in Special Needs Plans (SNP) and has preserved strategic capabilities to scale when market conditions stabilize [6][2] Market Environment - The Medicare Advantage environment has shifted towards margin integrity and long-term member value, prompting GoHealth to align its operating model accordingly [2][3] - Health plans are increasingly prioritizing renewal stability and member quality, which has influenced GoHealth's decision to reduce its Medicare Advantage volume [2][6] Operational Metrics - The number of submissions for the three months ended September 30, 2025, was 72,183, a decrease of 56.6% from 166,195 in the same period of 2024 [27] - Sales per submission decreased to $461 in the third quarter of 2025, down 34.3% from $702 in the same quarter of 2024 [27]