LifeWallet developed a sophisticated data analytics system, that in collaboration with Palantir Technologies Inc., captures and manages data, demonstrating property and casualty insurer ("P&C Insurer") USAA's failure to adequately coordinate benefits. This system is an integral part of the evidence presented to the Court, exemplifying the breadth and depth of the systemic issues plaguing the healthcare system. "USAA's failure to comply with its duties under Section 627.736(4), Florida Statutes and the resul ...

CORAL GABLES, Fla., May 15, 2024 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ: LIFW) ("LifeWallet," or the "Company"), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, today announced financial results for the quarter ended March 31, 2024. LifeWallet will host a conference call and live webcast to review the Company's first quarter 2024 results for investors and analysts at 8:30 a.m. Eastern Time on Thursday, May 16, 2024. To access this ...

CORAL GABLES, Fla., May 15, 2024 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ: LIFW) ("LifeWallet," or the "Company"), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, today announced financial results for the quarter ended March 31, 2024. LifeWallet will host a conference call and live webcast to review the Company's first quarter 2024 results for investors and analysts at 8:30 a.m. Eastern Time on Thursday, May 16, 2024. To access this ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39445 MSP Recovery, Inc. (Exact Name of Registrant as Specified in its Charter) | Delaware | 84-4117825 | | --- | --- | | (State ...

CORAL GABLES, Fla., April 18, 2024 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. d/b/a LifeWallet (NASDAQ:LIFW) ("LifeWallet" or "the Company") announces another comprehensive settlement with 10 affiliated property and casualty insurers ("P&C Insurers") that write personal lines of P&C insurance in 15 states. In addition to settling existing claims, the settlement establishes a going-forward process to collaboratively and timely resolve future claims, as well as share important historical data that is expected to ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-39445 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR | | Trading | | | --- | --- | --- | | Title of each class | Symbol(s) | Name of each exchange on which registered | | Class A ...

PART I [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited financial statements show a **$609.2 million net loss**, **$1.64 billion in liabilities**, and restated 2022 figures - The company identified **material errors** in its previously issued financial statements for the periods ended June 30, 2022, and September 30, 2022, leading to their **restatement**[5](index=5&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased slightly to **$3.28 billion**, liabilities increased to **$1.64 billion**, decreasing total equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$3,282,035** | **$3,417,945** | | Intangible assets, net | $3,253,707 | $3,363,156 | | Cash and cash equivalents | $6,659 | $3,661 | | **Total Liabilities** | **$1,638,373** | **$1,230,673** | | Guaranty obligation | $900,455 | $787,945 | | Claims financing obligation and notes payable | $513,450 | $198,489 | | **Total Equity** | **$1,643,662** | **$2,185,465** | | Accumulated deficit | ($62,094) | ($29,203) | [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2023 net loss **$224.2 million**, nine-month net loss **$609.2 million**, due to revenue drop and higher expenses Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Q3 2023 | Q3 2022 (Restated) | 9 Months 2023 | 9 Months 2022 (Restated) | | :--- | :--- | :--- | :--- | :--- | | Total Claims Recovery | $440 | $8,507 | $6,977 | $22,020 | | Claims amortization expense | $121,008 | $111,851 | $355,481 | $153,560 | | Operating Loss | ($136,694) | ($125,184) | ($417,849) | ($195,973) | | Interest expense | ($88,279) | ($46,180) | ($204,287) | ($80,947) | | Net loss | ($224,217) | ($105,556) | ($609,192) | ($225,428) | | Basic and diluted net loss per share | ($1.56) | ($0.75) | ($4.63) | ($1.86) | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operations improved to **$31.5 million**, financing decreased, resulting in **$8.4 million cash decrease** Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Nine months ended Sep 30, 2023 | Nine months ended Sep 30, 2022 (Restated) | | :--- | :--- | :--- | | Net cash used in operating activities | ($31,533) | ($70,764) | | Net cash provided by (used in) investing activities | $7,759 | ($4,563) | | Net cash provided by financing activities | $15,352 | $99,351 | | **(Decrease) increase in cash** | **($8,422)** | **$24,024** | | Cash at end of period | $6,659 | $25,688 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail **liquidity challenges**, **key transactions**, **2022 financial restatement**, and **ongoing SEC/U.S. Attorney investigations** - The company faces **significant liquidity challenges**, with an **accumulated deficit of $62.1 million** as of September 30, 2023, though management believes actions taken alleviate going concern doubt[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk) - The company is subject to an **ongoing investigation by the SEC** and a **grand jury investigation by the U.S. Attorney's Office**, with the company intending to cooperate fully[154](index=154&type=chunk)[155](index=155&type=chunk)[313](index=313&type=chunk) - On March 29, 2023, the company **acquired CCRAs from Hazel Holdings** funded by a **$250 million Purchase Money Loan**, resulting in a **net gain of $4.6 million**[107](index=107&type=chunk)[108](index=108&type=chunk)[110](index=110&type=chunk) - The company has a **significant guaranty obligation to Virage (VRM)**, amounting to **$900.5 million** as of September 30, 2023, with the payment date extended to December 31, 2024[97](index=97&type=chunk)[99](index=99&type=chunk)[104](index=104&type=chunk) - Subsequent to quarter end, the company replaced its Yorkville Purchase Agreement with a **new Standby Equity Purchase Agreement (SEPA) for up to $250 million**, including a **pre-paid advance of $15.0 million** in convertible promissory notes[44](index=44&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses healthcare payment recovery, noting decreased Q3 2023 revenue, increased net loss, **$91.5 billion PVPRC**, and liquidity challenges Key Performance Indicators (as of period end) | $ in billions | Sep 30, 2023 | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | :--- | | Paid Amount | $381.1 | $374.8 | $364.4 | | Paid Value of Potentially Recoverable Claims (PVPRC) | $91.5 | $89.6 | $86.6 | | Billed Value of Potentially Recoverable Claims (BVPRC) | $387.1 | $377.8 | $363.2 | | Penetration Status of Portfolio | 86.8% | 85.8% | 75.6% | - A U.S. Court of Appeals decision on a four-year statute of limitations could **reduce the Paid Value of Potentially Recoverable Claims (PVPRC) by approximately $8.9 billion** if applied broadly[229](index=229&type=chunk) - The company has **yet to generate substantial revenue from its primary recovery model** and remains **dependent on achieving future revenue from its claims portfolio**[192](index=192&type=chunk)[216](index=216&type=chunk)[238](index=238&type=chunk) Non-GAAP Reconciliation: Adjusted Net Loss (in thousands) | | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | **GAAP Net Loss** | **($609,192)** | **($225,428)** | | Share-based compensation | $1,875 | $20,055 | | Gain on debt extinguishment | $0 | ($63,367) | | Claims amortization expense | $355,481 | $153,560 | | Allowance for credit losses | $5,000 | $0 | | Paid-in-kind Interest | $204,287 | $80,947 | | Change in fair value of warrant and derivative liabilities | ($4,247) | $11,683 | | **Adjusted net loss** | **($46,796)** | **($22,550)** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is **not required to provide market risk disclosures** - As a smaller reporting company defined by Rule 12b-2 of the Exchange Act, the company is **not required to provide quantitative and qualitative disclosures about market risk**[304](index=304&type=chunk) [Item 4. Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were **ineffective** due to **material weaknesses**, with a remediation plan underway - The CEO and CFO concluded that the company's disclosure controls and procedures were **not effective** as of September 30, 2023, due to existing **material weaknesses**[306](index=306&type=chunk) - Identified material weaknesses include **insufficient controls for: accounting for complex transactions, human resources and payroll processes, segregation of duties over cash disbursements, personnel training, and monitoring activities**[307](index=307&type=chunk)[308](index=308&type=chunk) - A **remediation plan is in process**, including **hiring a director of internal audit**, **implementing further controls** over complex financial instruments, **engaging third-party payroll providers**, and **enhancing internal communication and oversight**[308](index=308&type=chunk)[309](index=309&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=49&type=section&id=Item%201.%20Legal%20Proceedings) The company faces **significant legal matters**, including **ongoing SEC/U.S. Attorney investigations** and **litigation with Cano Health** - The **SEC initiated an investigation** in August 2022, issuing **multiple subpoenas** related to the business combination, financial restatements, and pre-merger funding[154](index=154&type=chunk)[313](index=313&type=chunk) - On March 10, 2023, the company received a **subpoena from the U.S. Attorney's Office** for the Southern District of Florida in connection with a **grand jury investigation**[155](index=155&type=chunk)[314](index=314&type=chunk) - The **company and Cano Health have filed lawsuits against each other** in August 2023, with the company seeking declaratory relief and Cano alleging fraud and breach of contract[156](index=156&type=chunk)[315](index=315&type=chunk) [Item 1A. Risk Factors](index=49&type=section&id=Item%201A.%20Risk%20Factors) No **material changes** to principal risk factors from prior Annual Report on Form 10-K - There have been **no material changes** to the principal risks from those previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022[316](index=316&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2023, the company issued **unregistered Class A Common Stock** to Palantir, Cano Health, and Virage, some purchased by executives - Issued **274,947 unregistered shares of Class A Common Stock to Palantir Technologies, Inc.** in exchange for services[317](index=317&type=chunk) - Issued **7,960,001 unregistered shares of Class A Common Stock to Cano Health, LLC** as payment for deferred compensation related to claims assignment agreements[54](index=54&type=chunk)[320](index=320&type=chunk) - Issued **742,016 unregistered shares of Class A Common Stock to Virage** in satisfaction of obligations, subsequently **purchased from Virage by CEO John H. Ruiz and CLO Frank C. Quesada**[318](index=318&type=chunk)[319](index=319&type=chunk) [Item 3. Defaults Upon Senior Securities](index=50&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[321](index=321&type=chunk) [Item 4. Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[321](index=321&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) The company did not report any other information for this item - None[321](index=321&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) Key exhibits filed include **amendments for the reverse stock split** and **significant financing agreements** with Nomura, Virage, and Yorkville - Key exhibits filed include the **Certificate of Amendment for the reverse stock split, the Amended and Restated Promissory Note with Nomura, MTA Amendment No. 2 with Virage, and the Standby Equity Purchase Agreement with Yorkville**[323](index=323&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 84-4117825 (I.R.S. Employer Identification No.) Registrant's telephone number, including area code: (305) 614-2222 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39445 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39445 MSP Recovery, Inc. (Exact Name of Registrant as Specified in its Charter) ( State or other jurisdiction of incorporation or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-39445 MSP Recovery, Inc. (Exact name of Registrant as specified in its Charter) | Delaware | 84-4117825 | | --- | --- | | (State or ...