Financial Performance - Q1 2025 revenue was $2.0 million, a 25% decrease year over year from $2.68 million in Q1 2024[6] - Q1 2025 operating loss increased to $(5.9) million, a 37% increase compared to $(4.3) million in Q1 2024[6] - Q1 2025 adjusted EBITDA was $(4.3) million, reflecting a 28% decline from $(3.4) million in Q1 2024[6] - Net loss for Q1 2025 was $(6.9) million, or $(1.65) diluted net loss per common share, consistent with the same loss per share in Q1 2024[7] - Non-GAAP net loss for Q1 2025 was $(5.5) million, or $(1.40) non-GAAP diluted net loss per common share, compared to $(3.8) million or $(1.49) in Q1 2024[7] - For the three months ended March 31, 2025, Ontrak, Inc. reported a net loss of $6,891,000, compared to a net loss of $4,458,000 for the same period in 2024, representing a 55% increase in net loss year-over-year[29] - Adjusted EBITDA for the three months ended March 31, 2025, was $(4,311,000), compared to $(3,372,000) for the same period in 2024, indicating a deterioration of approximately 28%[31] - Non-GAAP net loss attributable to common stockholders for the three months ended March 31, 2025, was $(7,709,000), compared to $(6,053,000) for the same period in 2024, representing an increase of about 27%[32] Membership and Outreach - Total enrolled members in the WholeHealth+ program reached 1,578 at the end of Q1 2025, up from 1,521 at the end of Q1 2024[12] - The callable outreach pool for WholeHealth+ increased to 7,319 as of March 31, 2025, compared to 5,057 at the end of Q1 2024[12] Cash and Assets - Cash at the end of the period was $4,087,000, down from $6,400,000 at the end of the same period in 2024, a decrease of about 36%[29] - The total current assets decreased to $7,909,000 as of March 31, 2025, down from $9,560,000 as of December 31, 2024, reflecting a decline of approximately 17%[27] - The company had total stockholders' equity of $4,647,000 as of March 31, 2025, down from $9,870,000 as of December 31, 2024, a decline of approximately 53%[27] Liabilities and Financing - Total liabilities increased to $13,624,000 as of March 31, 2025, compared to $11,205,000 as of December 31, 2024, marking an increase of about 22%[27] - The company secured a $10.0 million financing commitment from Acuitas Capital LLC[6] Operational Efficiency - Ontrak, Inc. reported a net cash used in operating activities of $(2,723,000) for the three months ended March 31, 2025, compared to $(3,259,000) for the same period in 2024, indicating an improvement of about 16%[29] - The company reported stock-based compensation expense of $1,421,000 for the three months ended March 31, 2025, compared to $352,000 for the same period in 2024, reflecting a significant increase of 304%[29] - The weighted-average common shares outstanding increased to 5,517,000 for the three months ended March 31, 2025, compared to 4,059,000 for the same period in 2024, an increase of approximately 36%[32] Quality Assurance - Ontrak has been re-certified by NCQA as a Credentials Verification Organization, reaffirming its commitment to quality standards[12]
ONTRAK(OTRKP) - 2025 Q1 - Quarterly Results