Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $74.9 million, down from $120.8 million in Q4 2024, primarily due to the wind-down of migrant-related projects [17] - Adjusted EBITDA for Q4 2025 was a loss of $11.3 million compared to a profit of $1.1 million in Q4 2024 [18] - For the full year 2025, total revenue was $322.2 million, down from $616.6 million in 2024, with an adjusted EBITDA loss of $28.6 million compared to a profit of $60 million in 2024 [18][19] Business Line Data and Key Metrics Changes - Medical transportation services revenue increased to $50.2 million in Q4 2025 from $49.1 million in Q4 2024, driven by growth in both large and small U.S. markets [17][18] - Mobile Health revenue for Q4 2025 was $24.8 million, down from $71.8 million in Q4 2024, but non-migrant Mobile Health revenues increased by 47% [18][19] - SteadyMD generated over $8 million in revenue for the first time in Q4 2025, contributing $6.1 million to DocGo's results [7][8] Market Data and Key Metrics Changes - Medical transportation trips increased by 11%, healthcare in-home visits were up 113%, and telehealth and lab orders were up 50% compared to Q4 2024 [10] - The number of assigned lives in the care gap closure program increased by 12% sequentially, from 1.3 million to over 1.45 million [11] Company Strategy and Development Direction - The company is focused on integrating SteadyMD into its mobile health offerings and aims to consolidate provider networks by the end of Q2 2026 [8] - DocGo is exploring strategic alternatives to maximize shareholder value, engaging an investment bank for this process [15][28] - The company plans to reduce cash outlay in 2026 as early markets mature and become self-sustaining, with a goal of achieving profitability in the second half of 2026 [12][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for services and top-line growth, with an updated revenue guidance for 2026 of $290 million to $310 million [6][25] - The adjusted EBITDA loss is expected to improve to a range of $5 million to $10 million for 2026, down from previous guidance of $15 million to $25 million [26] - Management highlighted the importance of reducing SG&A expenses by 10%-15% through efficiency innovations [32] Other Important Information - The company incurred significant non-cash charges due to the write-down of intangible assets and goodwill, totaling $49.5 million and $22.6 million respectively in Q4 2025 [22] - Cash and cash equivalents at year-end were $68.3 million, down from $95.2 million, primarily due to the acquisition of SteadyMD and delays in collecting migrant-related accounts receivable [23][24] Q&A Session Summary Question: Can you provide details on the strategic alternatives process? - The company has engaged an investment bank to maximize shareholder value but cannot share further details at this time [28][29] Question: What are the drivers behind the increased 2026 guidance? - Increased volumes in Medical Transportation and additional upside from SteadyMD are the primary drivers for the revenue outlook increase [30][31] Question: Can you quantify free cash flow pressures in 2026? - The cash balance at year-end was lower than expected due to delays in collecting $20 million in migrant receivables, but the outlook for collectibility remains unchanged [36][39] Question: What is the status of the payer business and pipeline? - The company continues to see momentum in the payer business, with significant increases in visits and lives referred by payers [45][48] Question: How should we think about EBITDA cadence throughout the year? - Most of the adjusted EBITDA loss is expected in the first half of the year, with a turn to profitability in the second half [70][71]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $74.9 million, down from $120.8 million in Q4 2024, primarily due to the wind-down of migrant-related projects. Excluding these revenues, there was an 11% year-over-year increase in revenue for Q4 [24] - For the full year 2025, total revenue was $322.2 million compared to $616.6 million in 2024. Adjusted EBITDA for Q4 2025 was a loss of $11.3 million, compared to a gain of $1.1 million in Q4 2024 [27] - The adjusted gross margin for Q4 2025 was 32.5%, down from 33.5% in Q4 2024, with medical transportation segment margins improving to 32.8% from 30.1% [28] Business Line Data and Key Metrics Changes - Medical transportation services revenue increased to $50.2 million in Q4 2025 from $49.1 million in Q4 2024, driven by growth in both large and small U.S. markets [25] - Mobile Health revenue for Q4 2025 was $24.8 million, down from $71.8 million in Q4 2024, but non-migrant Mobile Health revenues increased by 47% [26] - SteadyMD generated over $8 million in revenue for the first time in Q4 2025, contributing $6.1 million to DocGo's results [10] Market Data and Key Metrics Changes - The number of patient interactions for SteadyMD exceeded 4 million in 2025, up from approximately 2.5 million in 2024, indicating strong growth in telehealth services [11] - The care gap closure program saw a 12% sequential gain in assigned lives, increasing from 1.3 million to over 1.45 million [16] Company Strategy and Development Direction - The company is focused on integrating SteadyMD into its mobile health offerings and aims to consolidate provider networks by the end of Q2 2026 [11] - DocGo is exploring strategic alternatives to maximize shareholder value, engaging an investment bank for this process [22] - The company plans to reduce cash outlay as early markets mature and become self-sustaining, targeting profitability in the second half of 2026 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about revenue growth driven by new customer expansions and improved hiring rates, raising 2026 revenue guidance to $290 million-$310 million [9] - The adjusted EBITDA loss is expected to improve to $5 million-$10 million in 2026, down from previous projections of $15 million-$25 million [39] - Management highlighted the importance of technology and automation in driving efficiency and reducing costs while maintaining high service levels [92] Other Important Information - The company incurred significant non-cash charges due to write-downs of intangible assets and goodwill, totaling $49.5 million and $22.6 million respectively in Q4 [34] - Cash and cash equivalents at year-end were $68.3 million, down from $95.2 million, primarily due to the acquisition of SteadyMD and delays in collecting migrant-related receivables [35][36] Q&A Session Summary Question: Can you provide details on the strategic alternatives process? - Management confirmed engagement with an investment bank to maximize shareholder value but could not disclose further details at this time [43] Question: What are the components driving the increased 2026 guidance? - The increase in guidance is primarily driven by improved volumes in the Medical Transportation segment and additional upside from SteadyMD [44][46] Question: Can you quantify free cash flow pressures in 2026? - Management indicated that cash balance was lower than expected due to delays in collecting $20 million in migrant receivables, but they expect to collect all of it [54][56] Question: What is the outlook for the payer business and potential new contracts? - Management noted ongoing momentum in the payer business and the potential for additional contracts, but current guidance is based on existing contracts and staffing [63][66] Question: How should we think about EBITDA cadence throughout 2026? - Most of the adjusted EBITDA loss is expected in the first half of the year, with a turnaround to profitability anticipated in the second half [90]

Financial Data and Key Metrics Changes - The company reported $74.9 million in revenue for Q4 2025, down from $120.8 million in Q4 2024, primarily due to the wind-down of migrant-related projects [15] - For the full year 2025, total revenue was $322.2 million compared to $616.6 million in 2024 [15] - Adjusted EBITDA loss for Q4 2025 was $11.3 million, compared to a profit of $1.1 million in Q4 2024 [16] - The adjusted gross margin for Q4 2025 was 32.5%, down from 33.5% in Q4 2024 [17] Business Line Data and Key Metrics Changes - Medical transportation services revenue increased to $50.2 million in Q4 2025 from $49.1 million in Q4 2024 [15] - Mobile Health revenue for Q4 2025 was $24.8 million, down from $71.8 million in Q4 2024, but non-migrant Mobile Health revenues increased by 47% [16] - SteadyMD generated $6.1 million in revenue for DocGo in Q4 2025, with full-year gross margins improving from approximately 30% to 37% [6][17] Market Data and Key Metrics Changes - The company saw strong growth in markets like New York, Texas, and Tennessee, contributing to revenue increases in medical transportation [16] - The number of assigned lives in the care gap closure program increased by 12% sequentially, from 1.3 million to over 1.45 million [10] Company Strategy and Development Direction - The company is focused on integrating SteadyMD into its mobile health offerings and aims to consolidate provider networks by the end of Q2 2026 [7] - The company plans to reduce cash outlay in 2026 as early markets mature and become self-sustaining, with a goal of achieving profitability in the second half of 2026 [11] - An efficiency innovation portfolio has been launched, expected to deliver $5-$6 million in savings in 2026 and $20-$24 million in 2027 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for services and top-line growth across volume metrics, despite challenges in achieving profitability [14] - The company anticipates a full-year adjusted EBITDA loss in the range of $5 million to $10 million for 2026, an improvement from previous guidance [24] - Management highlighted the importance of technology and automation in driving efficiency and reducing costs while maintaining high service levels [70] Other Important Information - The company has initiated a process to explore strategic alternatives aimed at maximizing shareholder value [13] - Cash and cash equivalents at year-end were $68.3 million, down from $95.2 million, primarily due to the acquisition of SteadyMD and delays in collecting migrant-related accounts receivable [21][22] Q&A Session Summary Question: Can you provide details on the strategic alternatives process? - The company has engaged an investment bank to run a formal process aimed at maximizing shareholder value, but cannot share further details at this time [26] Question: What are the components driving the increased 2026 guidance? - The increase in revenue guidance is primarily driven by improved volumes in the Medical Transportation segment and additional upside from SteadyMD [28] Question: Can you quantify the free cash flow pressures in 2026? - The company expects cash balance to be lower due to working capital requirements and ongoing operating losses, but anticipates collecting outstanding receivables [33][36] Question: What is the outlook for the payer business and pipeline? - The company continues to see momentum in the payer business, with an increase in covered lives and ongoing discussions with potential new payers [41][46] Question: How should we think about EBITDA cadence throughout the year? - Most of the adjusted EBITDA loss is expected in the first half of the year, with a transition to profitability in the second half as efficiency measures take effect [68]