DocGo Inc (DCGO)

DocGo Launches Mobile Phlebotomy Services in South FloridaJune 3, 2026 7:35 AM
Business Wire Expanded relationship with a Major National Clinical Laboratory Positions the Company for Mobile Phlebotomy Growth in the Southeast DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health and medical transportation services, today announced that its PTI Health by DocGo subsidiary has launched mobile phlebotomy services in Southern Florida. In conjunction with this launch, PTI Health has expanded its relationship with a major national clinical laboratory to cover services throughout the Southeast and will work collaboratively with this lab partner to bring mobile phlebotomy service to the lab’s existing network of medical practice customers in Southern Florida. “I’m excited about launching services in South Florida, and the prospect of growing the southeast region anchored by the support of a major lab partner,” said Wayne Meadows, General Manager of PTI Health by DocGo. “We bring valued services to the home, and Florida’s strong concentration of older adults and retirees creates an ideal demographic landscape for a mobile phlebotomy business focused on convenience and accessibility. With our low capital investment model that includes a small base of operations and does not require a dedicated fleet or vehicle maintenance, we anticipate this new market will operate at the same margin profile as our steady-state markets.” This expansion will leverage PTI Health’s existing lab partner ordering platform integrations and underscores the Company’s capabilities to deliver reliable and efficient mobile lab collection and mobile phlebotomy services. PTI Health will bring timely, convenient blood collection and additional at-home testing services to patients in Florida, offering valuable care to individuals with limited access to traditional labs. “PTI Health’s mobile phlebotomy services are a key component of our ‘healthcare at any address’ portfolio, and PTI’s performance continues to exceed our expectations,” said Lee Bienstock, CEO of DocGo. “Expanding our operational relationship with an existing partner and launching into a new region demonstrates the quality of PTI’s offering and supports the growth that we anticipate PTI will continue to deliver across their multi-state footprint.” About DocGo DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com. Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the Company’s plans, strategies, outcomes, and prospects, both business and financial, including PTI Health’s continued growth and profitability, and PTI Health’s expansion into new markets. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking. In some cases, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “design,” “potential,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or the negative of these terms or similar expressions. Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company’s control, and which may cause the Company’s actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in the Company’s forward-looking statements, including, but not limited to the following: the Company’s ability to successfully implement its business strategy, including with respect to PTI Health and other acquisitions; the Company’s ability to successfully integrate PTI Health or other acquisitions or realize the benefits of such acquisitions; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and clients; the Company’s ability to compete effectively in a highly competitive industry; the Company’s ability to maintain existing contracts; the Company’s reliance on government contracts; the Company’s ability to effectively manage its growth; the Company’s financial performance and future prospects; the Company’s ability to deliver on its business strategies or models, plans and goals; the Company’s ability to expand geographically; the Company’s competitive position and opportunities, including its ability to realize the benefits from its operating model; and other risk factors included in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260603299435/en/ Investor Contact
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com Original: DocGo Launches Mobile Phlebotomy Services in South Florida

DocGo Announces Upcoming Participation at the Goldman Sachs 47th Annual Global Healthcare ConferenceMay 26, 2026 7:35 AM
Business Wire DocGo Inc. (Nasdaq: DCGO) (“DocGo”), a leading provider of technology-enabled mobile health and medical transportation services, today announced that Lee Bienstock, Chief Executive Officer, will participate in a fireside chat at the Goldman Sachs 47th Annual Global Healthcare Conference on Monday, June 8th from 3:20 – 3:55 PM Eastern Time, and hold 1x1 meetings as well. A webcast of the event will be available on the investor relations section of DocGo’s website at https://ir.docgo.com/. About DocGo DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260526632423/en/ Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com Original: DocGo Announces Upcoming Participation at the Goldman Sachs 47th Annual Global Healthcare Conference

DocGo Announces First Quarter 2026 ResultsMay 11, 2026 4:05 PM
Business Wire Company Increases 2026 Revenue Guidance Based on Strong Demand for Virtual Care Services Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health and medical transportation services, today announced financial and operating results for the first quarter ended March 31, 2026. First Quarter 2026 Financial Highlights Total revenue for the first quarter of 2026 was $75.6 million, compared to $96.0 million in the first quarter of 2025. This decline was entirely due to the wind-down of migrant-related programs, which generated zero revenue in the first quarter of 2026 and $35.0 million in the first quarter of 2025. Excluding revenue from migrant-related programs, revenue increased 19.3% to $75.6 million in the first quarter of 2026 from $61.0 million in the first quarter of 2025. GAAP gross margin (which includes depreciation and amortization expenses) for the first quarter of 2026 was 28.1%, compared to 28.2% in the first quarter of 2025. Adjusted gross margin1 for the first quarter of 2026 was 31.6%, compared to 32.1% in the first quarter of 2025. Net income for the first quarter of 2026 was ($16.7) million, compared to net income of ($11.1) million in the first quarter of 2025. Adjusted EBITDA1 was ($10.2) million for the first quarter of 2026, compared to adjusted EBITDA of ($3.9) million for the first quarter of 2025. Medical Transportation Services revenue in the first quarter of 2026 was $51.9 million, compared to $50.8 million for the first quarter of 2025. Mobile Health Services revenue for the first quarter of 2026 was $23.6 million, compared to $45.2 million for the first quarter of 2025. This decline was entirely due to the wind-down of migrant-related programs. Excluding revenue from migrant-related programs, Mobile Health Services revenue increased 131% to $23.6 million in the first quarter of 2026 from $10.2 million in the first quarter of 2025, driven by organic growth and the inclusion of revenue from SteadyMD. As of March 31, 2026, the Company held total cash and cash equivalents, including restricted cash and investments, of approximately $59.9 million, compared to $68.3 million as of December 31, 2025. Select Corporate Highlights for the First Quarter of 2026 and Recent Weeks Combined revenues from the Company’s “healthcare at any address” business – which includes our care gap closure, transitions of care, remote patient monitoring, mobile phlebotomy and virtual care services – increased on a sequential basis from $12.8 million in the fourth quarter of 2025 to approximately $17.4 million in the first quarter of 2026, an increase of 36%. Company achieved record volumes across all major business lines, with US medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac & remote patient monitoring increasing 13%, and virtual care & lab orders increasing 37% when comparing the first quarter of 2026 to the first quarter of 2025. SteadyMD entered into a new contract with a leading online pharmacy to provide virtual care services for weight loss prescriptions and a broad scope of general clinical services. Company’s Q1 health plan partnership client satisfaction survey found that 93% of survey participants were likely or very likely to recommend DocGo’s services, and a majority of survey participants said they plan on expanding services with DocGo in 2026. Company surpassed 1.6 million patients assigned by the Company’s payer and provider partners to engage for care gap closure services, up from 1.45 million last quarter. Company was one of 150 healthcare providers selected to participate in CMS’s ACCESS Model program, which is aimed at improving chronic disease management through technology-supported care. Company received two prestigious industry awards subsequent to quarter end – DocGo was recognized as one of the 2026 World's Most Ethical Companies® by Ethisphere, and was also awarded “Best Overall Healthcare Cybersecurity Company” in the 10th annual MedTech Breakthrough Awards. Financial Guidance Full-year 2026 revenue is expected to be $300-$315 million, an increase from the Company’s prior guidance of $290-$310 million, and initial guidance of $280-$300 million. Full-year 2026 adjusted EBITDA2 is expected to be ($5-$10) million, unchanged from the Company’s prior guidance. Lee Bienstock, Chief Executive Officer of DocGo, commented, “We continued to experience strong volumes across all key business verticals, and especially in our virtual care provider, SteadyMD. We now expect in excess of 50% top-line growth this year at SteadyMD compared to 2025, and even greater growth in our mobile phlebotomy business. As a result of this strength, we are increasing our consolidated 2026 revenue guidance midpoint by $7.5 million dollars.” Bienstock added, “Our strategic alternatives process is also ongoing, and we look forward to providing further updates when prudent.” Norm Rosenberg, Chief Financial Officer of DocGo, commented “While we are very pleased with the momentum in our top line, this accelerated growth has created some margin inefficiency over the immediate term. This is largely due to an increased pace of hiring, and the use of incentives with our current mobile health workforce to bridge gaps as new full-time hires enter the field. We are also experiencing a meaningful negative impact from the increase in fuel prices caused by the war in the Middle East. We view both factors as temporary and continue to expect favorable margin trends to resume as these forces abate and recent cost cutting and efficiency initiatives flow through in their entirety.” Rosenberg continued, “Subsequent to quarter end, we made progress on collections of the final remaining migrant-related receivables. We believe that we have sufficient liquidity to support our growth initiatives, and our goal remains to achieve adjusted EBITDA profitability in the back half of the year.” Michael Burdiek, current Chair of DocGo’s audit committee and incoming Chair of the Board, added "As incoming Chair of the Board, the Board of Directors and I look forward to working with management and the recently formed operational review subcommittee to identify additional operational and cost efficiencies that accelerate the Company's pathway to profitability, growth and financial flexibility." Adjusted gross margin and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for additional information on these non-GAAP financial measures and reconciliations to the most comparable GAAP measures. Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlooks for the comparable GAAP measure (net income). Forward-looking estimates of adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted herein. Conference Call and Webcast Details Monday, May 11th, 2026, at 5:00 PM ET 1-800-717-1738 - Investors Dial 1-646-307-1865 - Int’l Investors Dial Conference ID: 15300 Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1760676&tp_key=d2cf48e722 The webcast can also be accessed under Events on the Investors section of the Company’s website, https://ir.docgo.com/. About DocGo DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com. Forward-Looking Statements This earnings release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the Company’s expectations around projected revenues and adjusted EBITDA for fiscal year 2026; the performance and growth of SteadyMD and the Company’s mobile phlebotomy business and other core business lines; the launch of new Mobile Health programs; the demand for and expansion of the Company’s services; cash flow and cash collections; the Company’s cash balances; margin improvements; and the Company’s achievement of profitability. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking, including, but not limited, to statements regarding the Company’s future actions, business strategies or models, plans, goals, future events, future revenues, future margins, current and future revenue guidance, future growth or performance, financing needs, business trends, results of operations, objectives and intentions with respect to future operations, services and products, and new and existing contracts or partnerships. In some cases, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “design,” “potential,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or the negative of these terms or similar expressions. Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company’s control, and which may cause its actual results or outcomes, or the timing of its results or outcomes, to differ materially from those contained in its forward-looking statements, including, but not limited to the following: impacts related to the wind down of migrant-related services; the Company’s ability to continue as a going concern; the Company’s ability to maintain its listing on Nasdaq; the Company’s ability to pursue strategic initiatives to deliver on shareholder value; the Company’s ability to expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company’s ability to successfully implement its business strategy, including delivering value to shareholders via buybacks and funding new strategic relationships; the Company’s ability to establish, maintain and grow customer relationships; the Company’s ability to execute projects to the satisfaction of its customers; the Company’s ability to grow demand for its care gap closure programs and other services; the Company’s ability to maintain or grow its cash balances; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and other strategic partners; the Company’s ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; the Company’s ability to maintain existing contracts; the Company’s reliance on government contracts, including changes in government spending on healthcare and other social services; recent revenue growth derived from a small number of large customers; the Company’s ability to effectively manage its growth; the Company’s financial performance and future prospects; the Company’s ability to deliver on its business strategies or models, plans and goals; the Company’s ability to expand geographically; the Company’s M&A activity and success of its acquisition strategy; the Company’s ability to retain its workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor; the Company’s ability to collect on customer receivables; risks associated with the Company’s share repurchase program; overall macroeconomic and geopolitical conditions, including the interest rate environment, the inflationary environment, the potential recessionary environment, regional conflict and tensions, financial institution instability and the ongoing or any future shutdown of the U.S. federal government; the ability of the Company’s suppliers to meet its needs; the Company’s ability to obtain or maintain operating licenses; potential changes in federal, state or local government policies or priorities; expected impacts of geopolitical instability; the Company’s competitive position and opportunities, including its ability to realize the benefits from its operating model; the Company’s ability to improve gross margins; the Company’s ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives; legislative and regulatory actions; the impact of legal proceedings and compliance risk; volatility of our stock price; the impact on the Company’s business and reputation in the event of information technology system failures, network disruptions, cyber incidents or losses or unauthorized access to, or release of, confidential information; the Company’s ability to comply with laws and regulations regarding data privacy and protection and other risk factors included in the Company’s filings with the Securities and Exchange Commission (“SEC”). Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this earnings release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements. The forward-looking statements made in this earnings release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this earnings release to reflect events or circumstances after the date of this earnings release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.   DocGo Inc. and SubsidiariesUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS March 31,
2026 December 31,
2025 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 35,675,081   $ 51,018,657   Accounts receivable, net of allowance for credit loss of $8,503,759 and $8,299,053 as of March 31, 2026 and December 31, 2025, respectively   93,965,449     92,893,216   Prepaid expenses   5,276,630     4,790,215   Other current assets   3,248,628     3,697,371   Total current assets   138,165,788     152,399,459   Property and equipment, net   13,637,905     14,558,427   Intangibles, net   644,134     —   Restricted cash and cash equivalents   11,140,255     1,466,121   Restricted investments (amortized cost of $13,101,884 and $15,737,694 as of March 31, 2026 and December 31, 2025, respectively)   13,119,276     15,845,875   Operating lease right-of-use assets   10,248,516     11,520,781   Finance lease right-of-use assets   18,120,270     17,420,424   Deferred tax assets   814,032     538,864   Other assets   3,336,687     3,353,061   Total assets $ 209,226,863   $ 217,103,012   LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 13,866,403   $ 11,110,867   Accrued liabilities   44,728,154     42,789,440   Notes payable, current   49,278     51,740   Due to seller   338,360     336,982   Contingent consideration, current   8,100,376     3,040,377   Operating lease liability, current   4,288,907     4,650,953   Finance lease liability, current   5,845,230     5,509,687   Total current liabilities   77,216,708     67,490,046     Notes payable, non-current   171,714     183,843   Contingent consideration, non-current   2,476,216     4,776,215   Operating lease liability, non-current   6,610,293     7,563,664   Finance lease liability, non-current   11,541,541     11,217,907   Total liabilities   98,016,472     91,231,675   Commitments and contingencies Stockholders’ equity: Common stock ($0.0001 par value; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 98,778,413 and 98,640,059 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)   9,878     9,864   Additional paid-in-capital   328,618,933     325,416,366   Accumulated deficit   (198,564,926 )   (183,801,795 ) Accumulated other comprehensive income   2,247,984     2,387,404   Total stockholders’ equity attributable to DocGo Inc. and Subsidiaries   132,311,869     144,011,839   Noncontrolling interests   (21,101,478 )   (18,140,502 ) Total stockholders’ equity   111,210,391     125,871,337   Total liabilities and stockholders’ equity $ 209,226,863   $ 217,103,012   DocGo Inc. and SubsidiariesUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS Three Months Ended
March 31,   2026     2025   Revenues, net $ 75,550,484   $ 96,033,055   Expenses: Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)   51,667,588     65,185,060   Operating expenses: General and administrative   30,835,068     32,902,070   Depreciation and amortization   2,647,107     3,761,391   Legal and regulatory   5,034,130     4,210,823   Technology and development   3,705,049     3,639,444   Sales, advertising and marketing   372,633     331,705   Total expenses   94,261,575     110,030,493   Loss from operations   (18,711,091 )   (13,997,438 ) Other income (expense): Interest expense, net   (99,732 )   (426,284 ) Loss on change in fair value of contingent consideration   (2,760,000 )   —   Insurance proceeds   4,687,798     —   Loss on equity method investment   —     (40,698 ) Loss on remeasurement of operating and finance leases   —     (40,837 ) (Loss) gain on disposal of fixed assets   (62,493 )   15,139   Other income (expense)   264,964     (312,869 ) Total other income (expense)   2,030,537     (805,549 )   Net loss before income tax (expense) benefit   (16,680,554 )   (14,802,987 ) (Provision for) benefit from income taxes   (19,283 )   3,723,687   Net loss   (16,699,837 )   (11,079,300 ) Net loss attributable to noncontrolling interests   (1,936,706 )   (1,673,985 ) Net loss attributable to stockholders of DocGo Inc. and Subsidiaries   (14,763,131 )   (9,405,315 ) Other comprehensive (loss) income Unrealized loss on investments, net of tax   (71,904 )   —   Foreign currency translation adjustment   (67,516 )   495,538   Total comprehensive loss $ (14,902,551 ) $ (8,909,777 )   Net loss per share attributable to DocGo Inc. and Subsidiaries - Basic $ (0.15 ) $ (0.09 ) Weighted-average shares outstanding - Basic   98,746,095     101,594,579   Net loss per share attributable to DocGo Inc. and Subsidiaries - Diluted $ (0.15 ) $ (0.09 ) Weighted-average shares outstanding - Diluted   98,746,095     101,594,579   DocGo Inc. and SubsidiariesUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended
March 31,   2026     2025   CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (16,699,837 ) $ (11,079,300 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Depreciation of property and equipment   1,266,513     1,220,806   Amortization of intangible assets   21,038     1,299,142   Amortization of finance lease right-of-use assets   1,359,556     1,241,443   Loss (gain) on disposal of fixed assets   62,493     (15,139 ) Deferred income tax expense   (253,775 )   (3,927,428 ) Accretion of discount related to restricted investments   (78,004 )   —   Loss on equity method investments   —     40,698   Bad debt expense   1,732,911     1,247,991   Stock-based compensation   3,224,784     4,830,312   Loss on remeasurement of operating and finance leases   —     40,837   Loss on change in fair value of contingent consideration   2,760,000     —   Changes in operating assets and liabilities: Accounts receivable   (2,803,766 )   31,437,734   Prepaid expenses and other current assets   (37,672 )   (386,734 ) Other assets   16,374     538,190   Accounts payable   2,700,501     (8,308,173 ) Accrued liabilities   1,938,714     (9,148,984 ) Operating lease liabilities and right-of-use assets   132,363     185,334   Net cash (used in) provided by operating activities   (4,657,807 )   9,216,729     CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment   (430,310 )   (1,029,626 ) Purchase of intangibles   (665,172 )   (712,711 ) Acquisition of a business, net of cash acquired   —     (3,646,318 ) Purchase of restricted investments   (1,731,066 )   —   Proceeds from sale and maturity of restricted investments   4,463,765     —   Proceeds from disposal of property and equipment   21,903     94,341   Net cash provided by (used in) investing activities   1,659,120     (5,294,314 )   CASH FLOWS FROM FINANCING ACTIVITIES: Repayments of notes payable   (14,551 )   (3,060 ) Earnout payments on contingent liabilities   —     (265,538 ) Distributions paid to noncontrolling interest   (1,024,270 )   —   Payments for taxes related to shares withheld for employee taxes   (22,203 )   (1,200,977 ) Common stock repurchased   —     (5,751,954 ) Payments on obligations under finance lease   (1,403,655 )   (1,296,887 ) Net cash used in financing activities   (2,464,679 )   (8,518,416 )   Effect of exchange rate changes on cash and cash equivalents   (206,076 )   317,738     Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents   (5,669,442 )   (4,278,263 ) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period   52,484,778     107,337,307   Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period $ 46,815,336   $ 103,059,044       Three Months Ended
March 31,   2026     2025   Supplemental disclosure of cash and non-cash transactions: Cash paid for interest $ 47,031   $ 561,707   Cash paid for interest on finance lease liabilities $ 248,568   $ 220,055   Cash paid for income taxes $ 15,791   $ 1,906,712   Right-of-use assets obtained in exchange for lease liabilities $ 2,114,291   $ 5,966,095     Supplemental non-cash investing and financing activities: Property and equipment in accounts payable $ 55,035   $ 438,738     Reconciliation of cash and restricted cash Cash $ 35,675,081   $ 79,007,535   Restricted cash   11,140,255     24,051,509   Total cash and restricted cash shown in statement of cash flows $ 46,815,336   $ 103,059,044     Non-GAAP Financial Measures The following information provides definitions and reconciliation of non-GAAP financial measures used by the Company to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (“GAAP”). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures used by the Company may differ from similarly titled measures used by other companies. Adjusted Gross Margin Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under SEC rules because they exclude certain amounts included in gross profit and gross margin calculated in accordance with GAAP. Adjusted gross profit is total revenue minus cost of revenue, excluding depreciation and amortization (which are shown separately), and adjusted gross margin is adjusted gross profit as a percentage of total revenue. The Company’s management believes that adjusted gross margin is useful in evaluating DocGo’s operating performance, as the calculation of this measure excludes the impact of non-cash depreciation and amortization charges. The Company’s management believes that by using adjusted gross margin in conjunction with GAAP gross margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods. While many companies use adjusted gross margin as a performance measure, not all companies use identical calculations for determining adjusted gross margin. As such, DocGo’s presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies. Adjusted EBITDA Adjusted EBITDA is considered a non-GAAP financial measure under SEC rules because it excludes certain amounts included in net income (loss) calculated in accordance with GAAP. Specifically, adjusted EBITDA is arrived at by taking reported GAAP net income and adding back the following items: net interest expense (income), provision for (benefit from) income taxes, depreciation and amortization, other (income) expense, non-cash equity-based compensation and certain other non-recurring expenses consisting of certain one-time legal settlements and certain one-time expenses incurred in connection with acquisitions and other corporate activities, beyond those that are typically incurred. The Company’s management believes that its adjusted EBITDA measure is useful in evaluating DocGo’s operating performance, as the calculation of this measure generally eliminates the effect of financing and income taxes and the accounting effects of capital spending and acquisitions, as well as other items of a non-recurring and/or non-cash nature. Adjusted EBITDA is not intended to be a measure of GAAP cash flow, as this measure does not consider certain cash-based expenses, such as payments for taxes or debt service. Management believes that using adjusted EBITDA in conjunction with GAAP measures such as net income assists investors in getting a more complete picture of the Company’s financial results and operations, affording them with a more complete view of what management considers to be the Company’s core operating performance as well as offering the ability to assess such performance as compared with that of prior periods and management’s public guidance. While many companies use adjusted EBITDA as a performance measure, not all companies use identical calculations for determining adjusted EBITDA. As such, DocGo’s presentation of adjusted EBITDA might not be comparable to similarly titled measures of other companies. Reconciliation of Non-GAAP Measures The table below reflects the reconciliation of GAAP gross margin and adjusted gross margin for the three months ended March 31, 2026 compared to the same period in 2025: Three Months Ended
March 31, DocGo Inc. Consolidated   2026     2025   Revenue $ 75,550,484   $ 96,033,055   Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)   (51,667,588 )   (65,185,060 ) Depreciation and amortization   (2,647,107 )   (3,761,391 ) GAAP gross profit   21,235,789     27,086,604     Depreciation and amortization   2,647,107     3,761,391   Adjusted gross profit $ 23,882,896   $ 30,847,995     GAAP gross margin   28.1 %   28.2 % Adjusted gross margin   31.6 %   32.1 %   The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three months ended March 31, 2026 compared to the same period in 2025 (in millions): Three Months Ended
March 31,   2026     2025   Net loss (GAAP) $ (16.7 ) $ (11.1 ) (+) Net interest expense   0.1     0.4   (+) Income tax expense (benefit)   -     (3.7 ) (+) Depreciation and amortization   2.6     3.8   (+) Other (income)/expense   (2.1 )   0.4   EBITDA   (16.1 )   (10.2 )   (+) Non-cash stock compensation   3.2     4.8   (+) Non-recurring expense   2.7     1.5     Adjusted EBITDA $ (10.2 ) $ (3.9 )   Total Revenue $ 75.6   $ 96.0   Pretax income margin   (22.1 )%   (15.4 )% Net margin   (22.1 )%   (11.6 )% Adjusted EBITDA margin   (13.5 )%   (4.1 )%   The table below reflects the reconciliation of operating expenses to adjusted operating expenses for the three months ended March 31, 2026 compared to the same period in 2025 and the three months ended December 31, 2025 (in millions): Three Months Ended
March 31, Three Months Ended
December 31, $ in Millions   2026     2025     2025   Operating expenses $ 42.6   $ 44.8   $ 128.9   Depreciation & amortization   (2.6 )   (3.8 )   (3.9 ) Non-cash stock compensation   (3.2 )   (4.8 )   (3.1 ) Non-recurring expense   (2.7 )   (1.5 )   (86.2 ) Adjusted operating expenses $ 34.1   $ 34.7   $ 35.7     View source version on businesswire.com: https://www.businesswire.com/news/home/20260511043735/en/ Investors: Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com Original: DocGo Announces First Quarter 2026 Results

DocGo Announces Upcoming Participation at the 21st Annual Needham Technology, Media, & Consumer ConferenceMay 6, 2026 7:35 AM
Business Wire DocGo Inc. (Nasdaq: DCGO) (“DocGo”), a leading provider of technology-enabled medical transportation and mobile health services, announced today that Lee Bienstock, Chief Executive Officer, will deliver a company presentation at the 21st Annual Needham Technology, Media, & Consumer Conference on Thursday, May 14, at 11:45 – 12:25 PM Eastern Time, and will be participating in 1x1 meetings at this event. A webcast of the presentation will be available on the investor relations section of DocGo’s website at https://ir.docgo.com/. About DocGo DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506135222/en/ Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com Original: DocGo Announces Upcoming Participation at the 21st Annual Needham Technology, Media, & Consumer Conference

CDGO...............................p/m

DocGo to Announce First Quarter 2026 Results on Monday, May 11, 2026April 27, 2026 7:35 AM
Business Wire
Management to host conference call and webcast at 5:00 p.m. ET on that day


DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled medical transportation and mobile health services, announced today that the Company will release its financial results for the first quarter ended March 31, 2026 after the markets close on Monday, May 11, 2026. Management will also host a conference call to discuss these results at 5:00 p.m. ET on that day.


Conference call and webcast details:


Monday, May 11, 2026

5:00 p.m. ET

1-800-717-1738 (U.S.)

1-646-307-1865 (international)

Conference ID: 15300


To access the Call me™ feature, which avoids the need to wait for an operator, click https://emportal.ink/4vxSVtq


A webcast of the conference call can be accessed under Events on the Investors section of the Company’s website at https://ir.docgo.com/.


About DocGo


DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260427124711/en/
DocGo Investors:

Mike Cole

DocGo

949-444-1341

mike.cole@docgo.com 

ir@docgo.com


Original: DocGo to Announce First Quarter 2026 Results on Monday, May 11, 2026

Ethisphere Names DocGo as One of the 2026 World's Most Ethical Companies®March 18, 2026 7:35 AM
Business Wire
20th annual recognition honors organizations committed to business integrity through robust ethics, compliance, and governance programs


DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled medical transportation and mobile health services, announced today that it has been recognized as one of the 2026 World’s Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.


This is DocGo’s first time receiving this honor, and the Company is one of only four honorees in the healthcare providers and services category. In 2026, 138 honorees were recognized, spanning 17 countries and 40 industries. This year’s class includes 19 first-time honorees, and six organizations recognized 20 times.


“When I became CEO of DocGo, I established a vision that placed trust at the core of everything we do—from the care our clinicians provide to the way we safeguard the sensitive information our partners and patients share with us,” said Lee Bienstock, Chief Executive Officer of DocGo. “Being recognized as one of Ethisphere’s 2026 World’s Most Ethical Companies® is a meaningful validation of the standards our team has implemented and holds itself to every day. As we continue to bring technology-enabled healthcare to people where and when they need it, we will keep focusing on strong governance, accountability, and a culture that puts integrity first.”


“This recognition reflects the deliberate work we’ve done to strengthen governance, risk, and compliance as DocGo has grown,” said Stephen Sugrue, Chief Compliance Officer of DocGo. “Our program is designed to be practical and transparent—grounded in clear standards, meaningful training, and multiple ways for team members to speak up, including confidential reporting channels. In healthcare, expectations and regulations evolve quickly, and we will keep learning, auditing, and trying to improve so that doing the right thing remains the easiest thing for every employee to do.”


“Congratulations to DocGo for achieving recognition as one of the World’s Most Ethical Companies®. As we mark the 20th class of honorees, this group continues to raise the bar for business integrity by embedding ethics into everyday decision-making and long-term strategy. Companies with strong ethics, compliance, and governance programs are built for better long-term performance,” said Erica Salmon Byrne, Ethisphere’s Chief Strategy Officer and Executive Chair.


Methodology & Scoring

The World’s Most Ethical Companies assessment is grounded in Ethisphere’s proprietary Ethics Quotient®, which requires companies to provide 240+ documented proof points on practices that support robust ethics and compliance, including: corporate governance; program structure & resourcing; written standards; training, awareness, & communication; risk assessment & auditing; investigations, enforcement, discipline & incentives; measurement of ethical culture; third-party risk management, and environmental & social impact.


That data undergoes further qualitative analysis by our panel of experts who spend thousands of hours vetting and evaluating each year’s group of applicants.


This process serves as an operating framework to capture and codify best-in-class ethics and compliance practices from organizations across industries and from around the world.


Honorees

To view the full list of this year’s honorees, please visit the World’s Most Ethical Companies website: https://worldsmostethicalcompanies.com/honorees.


About DocGo

DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for facilities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote physician, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.


About Ethisphere

Ethisphere is the global leader in defining and advancing the standards of ethical business practices that strengthen corporate brands, build trust in the marketplace, and deliver business success. Companies turn ethics, compliance, and culture into a business advantage by leveraging Ethisphere’s data-driven program & culture assessments featuring the latest guidance and the practices of hundreds of global organizations across the 8 pillars of an ethical culture, and 240+ ethics, compliance, social, and governance data points delivered through a proprietary software platform. Ethisphere also honors superior integrity programs through World’s Most Ethical Companies® recognition, brings together a community of industry experts with the Business Ethics Leadership Alliance (BELA), and advances ethical business practices through the Global Ethics Summit, Ethisphere Magazine, and the Ethicast podcast. For more information, visit https://ethisphere.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260318182680/en/
Mike Cole

DocGo

949-444-1341

mike.cole@docgo.com

ir@docgo.com
Julia Petre

Julia.petre@ethisphere.com


Original: Ethisphere Names DocGo as One of the 2026 World's Most Ethical Companies®

DCGO............................................https://stockcharts.com/sc3/ui/?s=DCGO&p=w&b=5&g=0&id=p86431144783

DocGo Announces Fourth Quarter and Full Year 2025 ResultsMarch 16, 2026 4:05 PM
Business Wire
Company Raises 2026 Revenue and Adjusted EBITDA Guidance due to Customer Expansions, Improved EMS Hiring Rates and Efficiency Initiatives


Company Has Initiated a Formal Process to Explore Strategic Alternatives to Maximize Shareholder Value


Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time


DocGo Inc. (Nasdaq: DCGO) (“DocGo” or the “Company”), a leading provider of technology-enabled mobile health and medical transportation services, today announced financial and operating results for the fourth quarter and full year ended December 31, 2025.


Fourth Quarter 2025 Financial Highlights



Total revenue for the fourth quarter of 2025 was $74.9 million, compared to $120.8 million in the fourth quarter of 2024. This decline was entirely due to the wind-down of migrant-related programs, which generated $7.4 million of revenue in the fourth quarter of 2025 and $60.2 million in the fourth quarter of 2024. Excluding revenue from migrant-related programs, revenue increased 11% to $67.5 million in the fourth quarter of 2025 from $60.6 million in the fourth quarter of 2024.



GAAP gross margin (which includes depreciation and amortization expenses) for the fourth quarter of 2025 was 27.2%, compared to 30.8% in the fourth quarter of 2024.



Adjusted gross margin1 for the fourth quarter of 2025 was 32.5%, compared to 33.5% in the fourth quarter of 2024.



Net loss for the fourth quarter of 2025 was $142.3 million, compared to a net loss of $7.6 million in the fourth quarter of 2024. Included in this quarter’s loss were several non-cash items totaling $78 million, which include impairments of $23 million in intangible assets, $50 million in goodwill and $5 million in an equity investment.



Adjusted EBITDA1 loss was $11.3 million for the fourth quarter of 2025, compared to adjusted EBITDA of $1.1 million for the fourth quarter of 2024.



Medical Transportation Services revenue in the fourth quarter of 2025 was $50.2 million, compared to $49.1 million for the fourth quarter of 2024.



Mobile Health Services revenue for the fourth quarter of 2025 was $24.8 million, compared to $71.8 million for the fourth quarter of 2024. This decline was entirely due to the wind-down of migrant-related programs. Excluding revenue from migrant-related programs, Mobile Health Services revenue increased 47% from the fourth quarter of 2024, aided by the inclusion of revenue from SteadyMD, which was acquired on October 20, 2025.



As of December 31, 2025, the Company held total cash and cash equivalents, including restricted cash and investments, of approximately $68.3 million, compared to $95.2 million as of September 30, 2025. This period included $12.5 million in cash for the acquisition of SteadyMD and additional transaction-related cash payments of approximately $1.5 million.



Full Year 2025 Financial Highlights



Total revenue for 2025 was $322.2 million, compared to $616.6 million in 2024. This decline was entirely due to the wind-down of migrant-related programs, which generated $69.6 million in 2025 and $373.5 million in 2024.



GAAP gross margin (which includes depreciation and amortization expenses) for 2025 was 25.8%, compared to 32.1% in 2024.



Adjusted gross margin1 for 2025 was 32.3%, compared to 34.6% in 2024.



Net loss for 2025 was $196.4 million, compared to net income of $13.4 million in 2024. Included in this year’s loss were non-cash impairments of $30.6 million in intangible assets, $58.2 million in goodwill, and a $5 million equity investment.



Adjusted EBITDA1 loss was $28.6 million for 2025, compared to adjusted EBITDA of $60.3 million in 2024.



Medical Transportation Services revenue for 2025 was $200.8 million, compared to $193.5 million in 2024.



Mobile Health Services revenue for 2025 was $121.4 million, compared to $423.1 million in 2024. This decline was entirely due to the wind-down of migrant-related programs.



Select Corporate Highlights for the Fourth Quarter of 2025 and Recent Weeks



Combined revenues from the Company’s “healthcare at any address” business – which includes our care gap closure, transitions of care, remote patient monitoring, mobile phlebotomy and virtual care services – tripled to $12.8 million in Q4 2025, compared to $4.3 million in Q4 2024.



Company achieved record volumes across all major business lines, with US medical transportation increasing 11%, healthcare in the home increasing 113%, mobile phlebotomy increasing 16%, remote patient monitoring increasing 16%, and virtual care & lab orders increasing 50% when comparing fourth quarter 2025 to fourth quarter 2024.



DocGo’s SteadyMD announced an immediate expansion of its clinical workforce to meet rising virtual care demand for branded GLP-1 weight loss care, and achieved their highest monthly revenue on record in February 2026.



Surpassed 1.45 million patients assigned by the Company’s payer and provider partners to engage for care gap closure services, up from 1.3 million last quarter.



Subsequent to quarter end, expanded our relationship with a major national insurance payer to facilitate annual preventive exams and close care gaps in Kentucky for both children and adults. The program is slated to launch this month.



Company has initiated a formal process to explore strategic alternatives to maximize shareholder value.



Financial Guidance



Full-year 2026 revenue is expected to be $290-$310 million, which does not include any migrant-related revenue, an increase from our prior guidance of $280-$300 million.



Full-year 2026 adjusted EBITDA2 is expected to be a loss of $5-$10 million, the majority of which is expected to be realized in the first half of the year, compared to our prior guidance of a loss of $15-$25 million.



Lee Bienstock, Chief Executive Officer of DocGo, commented “While 2025 was a year of transition and focus on our core business lines, the robust growth in our ‘healthcare at any address’ business – which includes care in the home, remote patient monitoring, mobile phlebotomy and virtual care services – supports our belief that DocGo’s offering is well positioned to meet the needs of the evolving healthcare landscape.” Bienstock continued “We are increasing guidance based on the record volumes we’ve seen thus far in 2026, and the anticipated full-year impact of our cost efficiency initiatives. We believe that our plan and resources are sufficient to enable the Company to achieve profitability in the second half of 2026.“


Norm Rosenberg, Chief Financial Officer of DocGo, commented “I am encouraged by the positive trend in medical transportation gross margins on both a quarterly sequential and year-over-year basis, and we anticipate additional margin improvements in both segments in 2026. During the fourth quarter, the company incurred material costs associated with the final wind-down of migrant-related programs, which will not recur in Q1. Cash collections during the fourth quarter of 2025 were lower than our expectations, driven by delayed payments from our outstanding migrant-related receivables. We have collected more than 97% of all migrant-related receivables to date, and expect that we will collect the approximately $20 million outstanding in due course.”



Adjusted gross margin and adjusted EBITDA are non-GAAP financial measures. See “Non-GAAP Financial Measures” below for additional information on these non-GAAP financial measures and reconciliations to the most comparable GAAP measures.



Adjusted EBITDA is a non-GAAP financial measure. We have not reconciled adjusted EBITDA outlook to the most comparable GAAP outlook because it is not possible to do so without unreasonable efforts due to the uncertainty and potential variability of reconciling items, which are dependent on future events and often outside of management’s control and which could be significant. Because such items cannot be reasonably predicted with the level of precision required, we are unable to provide outlooks for the comparable GAAP measure (net income). Forward-looking estimates of adjusted EBITDA are made in a manner consistent with the relevant definitions and assumptions noted herein.



Conference Call and Webcast Details


Monday, March 16th, 2026, at 5:00 PM ET


1-800-717-1738 - Investors Dial


1-646-307-1865 - Int’l Investors Dial


Conference ID: 74028


Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1752136&tp_key=c6aecb5179


The webcast can also be accessed under Events on the Investors section of the Company’s website, https://ir.docgo.com/.


About DocGo


DocGo is leading the proactive healthcare revolution with an innovative care delivery platform that includes mobile health services, remote patient monitoring, ambulance services and a 50-state virtual care network. DocGo is helping to reshape the traditional four-wall healthcare system by providing high quality, highly accessible care to patients where and when they need it. DocGo’s proprietary technology and relationships with a dedicated field staff of certified health professionals elevate the quality of patient care and drive business efficiencies for municipalities, hospital networks and health insurance providers. With Mobile Health, DocGo empowers the full promise and potential of telehealth by facilitating healthcare treatment, in tandem with a remote advanced practice provider, in the comfort of a patient’s home or workplace. Together with DocGo’s integrated Ambulnz medical transport services, DocGo is bridging the gap between physical and virtual care. For more information, please visit www.docgo.com. To get an inside look on how the proactive healthcare revolution is helping transform healthcare by reducing costs, increasing efficiency and improving outcomes, visit www.proactivecarenow.com.


Forward-Looking Statements


This earnings release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the plans, strategies, outcomes, and prospects, both business and financial, of the Company, including the Company’s expectations around projected revenues and adjusted EBITDA for fiscal year 2026; the performance and growth of its core business lines; the launch of new Mobile Health programs; the demand for and expansion of the Company’s services; cash flow and cash collections; the Company’s cash balances; margin improvements; and the Company’s return to profitability. These statements are based on the beliefs and assumptions of the Company’s management. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, the Company cannot assure you that it will achieve or realize these plans, intentions, outcomes, results or expectations. Accordingly, you should not place undue reliance on such statements. All statements other than statements of historical fact are forward-looking, including, but not limited, to statements regarding the Company’s future actions, business strategies or models, plans, goals, future events, future revenues, future margins, current and future revenue guidance, future growth or performance, financing needs, business trends, results of operations, objectives and intentions with respect to future operations, services and products, and new and existing contracts or partnerships. In some cases, these statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “might,” “will,” “should,” “could,” “can,” “would,” “design,” “potential,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or the negative of these terms or similar expressions.


Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond the Company’s control, and which may cause its actual results or outcomes, or the timing of its results or outcomes, to differ materially from those contained in its forward-looking statements, including, but not limited to the following: impacts related to the recent wind down of migrant-related services; the Company’s ability to continue as a going concern; the Company’s ability to maintain its listing on Nasdaq; the Company’s ability to pursue strategic initiatives to deliver on shareholder value; the Company’s ability to expand its programs with insurance partners, hospital systems, municipalities and other strategic partners; the Company’s ability to successfully implement its business strategy, including delivering value to shareholders via buybacks and funding new strategic relationships; the Company’s ability to establish, maintain and grow customer relationships; the Company’s ability to execute projects to the satisfaction of its customers; the Company’s ability to grow demand for its care gap closure programs and other services; the Company’s ability to maintain or grow its cash balances; the Company’s reliance on and ability to maintain its contractual relationships with its healthcare provider partners and other strategic partners; the Company’s ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; the Company’s ability to maintain existing contracts; the Company’s reliance on government contracts, including changes in government spending on healthcare and other social services; recent revenue growth derived from a small number of large customers; the Company’s ability to effectively manage its growth; the Company’s financial performance and future prospects; the Company’s ability to deliver on its business strategies or models, plans and goals; the Company’s ability to expand geographically; the Company’s M&A activity and success of its acquisition strategy; the Company’s ability to retain its workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor; the Company’s ability to collect on customer receivables; risks associated with the Company’s share repurchase program; overall macroeconomic and geopolitical conditions, including the interest rate environment, the inflationary environment, the potential recessionary environment, regional conflict and tensions, financial institution instability and the ongoing or any future shutdown of the U.S. federal government; the ability of the Company’s suppliers to meet its needs; the Company’s ability to obtain or maintain operating licenses; potential changes in federal, state or local government policies or priorities; expected impacts of geopolitical instability; the Company’s competitive position and opportunities, including its ability to realize the benefits from its operating model; the Company’s ability to improve gross margins; the Company’s ability to implement and deliver on cost-containment measures and ongoing cost rationalization initiatives; legislative and regulatory actions; the impact of legal proceedings and compliance risk; volatility of our stock price; the impact on the Company’s business and reputation in the event of information technology system failures, network disruptions, cyber incidents or losses or unauthorized access to, or release of, confidential information; the Company’s ability to comply with laws and regulations regarding data privacy and protection and other risk factors included in the Company’s filings with the Securities and Exchange Commission (“SEC”).


Moreover, the Company operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this earnings release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements.


The forward-looking statements made in this earnings release are based on events or circumstances as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statements made in this earnings release to reflect events or circumstances after the date of this earnings release or to reflect new information or the occurrence of unanticipated events, except as and to the extent required by law. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.




DocGo Inc. and Subsidiaries








CONSOLIDATED BALANCE SHEETS








December 31,




2025







2024







ASSETS








 


Current assets:





Cash and cash equivalents

$






51,018,657






 







$






89,241,695






 







Accounts receivable, net of allowance for credit loss of $8,299,053 and $5,873,942 as of December 31, 2025 and December 31, 2024, respectively

 






92,893,216






 







 






210,899,926






 







Prepaid expenses

 






4,790,215






 







 






4,005,977






 







Other current assets

 






3,697,371






 







 






338,665






 







Total current assets

 






152,399,459






 







 






304,486,263






 







Property and equipment, net

 






14,558,427






 







 






14,881,411






 







Intangibles, net

 






—






 







 






25,728,813






 







Goodwill

 






—






 







 






47,432,550






 







Restricted cash and cash equivalents

 






1,466,121






 







 






18,095,612






 







Restricted investments (amortized cost of $15,737,694 and $0 as of December 31, 2025 and December 31, 2024, respectively)

 






15,845,875






 







 






—






 







Operating lease right-of-use assets

 






11,520,781






 







 






11,958,698






 







Finance lease right-of-use assets

 






17,420,424






 







 






15,337,299






 







Investments

 






—






 







 






5,547,979






 







Deferred tax assets

 






538,864






 







 






8,422,034






 







Other assets

 






3,353,061






 







 






3,730,473






 







Total assets

$






217,103,012






 







$






455,621,132






 







LIABILITIES AND STOCKHOLDERS’ EQUITY





Current liabilities:





Accounts payable

$






11,110,867






 







$






28,356,430






 







Accrued liabilities

 






42,789,440






 







 






49,896,796






 







Line of credit

 






—






 







 






30,000,000






 







Notes payable, current

 






51,740






 







 






12,515






 







Due to seller

 






336,982






 







 






28,656






 







Contingent consideration, current

 






3,040,377






 







 






4,973,152






 







Operating lease liability, current

 






4,650,953






 







 






3,844,561






 







Finance lease liability, current

 






5,509,687






 







 






4,694,467






 







Total current liabilities

 






67,490,046






 







 






121,806,577






 










 


Notes payable, non-current

 






183,843






 







 






5,215






 







Contingent consideration, non-current

 






4,776,215






 







 






—






 







Operating lease liability, non-current

 






7,563,664






 







 






8,599,072






 







Finance lease liability, non-current

 






11,217,907






 







 






10,031,138






 







Total liabilities

 






91,231,675






 







 






140,442,002






 










 


Commitments and contingencies





Stockholders’ equity:





Common stock ($0.0001 par value; 500,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 98,640,059 and 101,910,883 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)

 






9,864






 







 






10,191






 







Additional paid-in-capital

 






325,416,366






 







 






321,087,583






 







Accumulated deficit

 






(183,801,795






)







 






(1,402,167






)







Accumulated other comprehensive income

 






2,387,404






 







 






1,221,869






 







Total stockholders’ equity attributable to DocGo Inc. and Subsidiaries

 






144,011,839






 







 






320,917,476






 







Noncontrolling interests

 






(18,140,502






)







 






(5,738,346






)







Total stockholders’ equity

 






125,871,337






 







 






315,179,130






 







Total liabilities and stockholders’ equity

$






217,103,012






 







$






455,621,132






 









DocGo Inc. and Subsidiaries








CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME








Year Ended
December 31,




2025







2024







2023












 


Revenues, net

$






322,196,000






 







$






616,555,132






 







$






624,288,642






 







Expenses:







Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)

 






223,438,301






 







 






402,980,557






 







 






428,906,225






 







Operating expenses:







General and administrative

 






133,449,597






 







 






138,758,758






 







 






137,152,512






 







Depreciation and amortization

 






15,661,865






 







 






15,884,898






 







 






16,431,892






 







Legal and regulatory

 






23,819,898






 







 






17,146,891






 







 






13,082,569






 







Technology and development

 






13,563,070






 







 






11,589,402






 







 






10,858,724






 







Sales, advertising and marketing

 






1,420,428






 







 






1,505,900






 







 






2,801,740






 







Intangible asset impairment

 






30,648,245






 







 






—






 







 






—






 







Goodwill impairment

 






58,228,096






 







 






—






 







 






—






 







Total expenses

 






500,229,500






 







 






587,866,406






 







 






609,233,662






 







(Loss) income from operations

 






(178,033,500






)







 






28,688,726






 







 






15,054,980






 







Other (expense) income:







Interest (expense) income, net

 






(1,242,161






)







 






(1,929,207






)







 






1,684,399






 







(Loss) gain on change in fair value of contingent consideration

 






(2,056,112






)







 






9,392,133






 







 






1,437,525






 







Finite-lived intangible asset impairment

 






—






 







 






(8,306,591






)







 






—






 







Loss on equity method investments

 






(552,763






)







 






(316,044






)







 






(343,336






)







Equity investment impairment

 






(5,000,000






)







 






—






 







 






—






 







Loss on remeasurement of operating and finance leases

 






(42,367






)







 






(32,363






)







 






(866






)







(Loss) gain on disposal of assets

 






(39,668






)







 






23,682






 







 






(852,544






)







Other (expense) income

 






(532,418






)







 






228,666






 







 






(686,865






)







Total other (expense) income

 






(9,465,489






)







 






(939,724






)







 






1,238,313






 












 


Net (loss) income before income tax expense

 






(187,498,989






)







 






27,749,002






 







 






16,293,293






 







Provision for income taxes

 






(8,868,166






)







 






(14,388,422






)







 






(6,244,965






)







Net (loss) income

 






(196,367,155






)







 






13,360,580






 







 






10,048,328






 







Net (loss) income attributable to noncontrolling interests

 






(13,967,527






)







 






(6,631,563






)







 






3,189,873






 







Net (loss) income attributable to stockholders of DocGo Inc. and Subsidiaries

 






(182,399,628






)







 






19,992,143






 







 






6,858,455






 







Other comprehensive income (loss)







Unrealized gain on investments, net of tax

 






85,635






 







 






—






 







 






—






 







Foreign currency translation adjustment

 






1,079,900






 







 






(263,036






)







 






743,699






 







Total comprehensive (loss) income

$






(181,234,093






)







$






19,729,107






 







$






7,602,154






 












 


Net (loss) income per share attributable to DocGo Inc. and Subsidiaries - Basic

$






(1.84






)







$






0.20






 







$






0.07






 







Weighted-average shares outstanding - Basic

 






99,068,651






 







 






102,395,141






 







 






103,511,299






 












 


Net (loss) income per share attributable to DocGo Inc. and Subsidiaries - Diluted

$






(1.84






)







$






0.18






 







$






0.06






 







Weighted-average shares outstanding - Diluted

 






99,068,651






 







 






109,422,840






 







 






105,617,817






 









DocGo Inc. and Subsidiaries








CONSOLIDATED STATEMENTS OF CASH FLOWS








Year Ended
December 31,




2025







2024







2023







CASH FLOWS FROM OPERATING ACTIVITIES:







Net (loss) income

$






(196,367,155






)







$






13,360,580






 







$






10,048,328






 







Adjustments to reconcile net (loss) income to net cash provided by
(used in) operating activities:







Depreciation of property and equipment

 






4,863,255






 







 






5,606,818






 







 






4,829,780






 







Amortization of intangible assets

 






5,582,601






 







 






5,660,818






 







 






5,249,358






 







Amortization of finance lease right-of-use assets

 






5,216,009






 







 






4,617,262






 







 






6,352,754






 







Loss (gain) on disposal of assets

 






39,668






 







 






(23,682






)







 






852,544






 







Deferred income tax

 






7,745,066






 







 






3,466,505






 







 






(1,981,519






)







Accretion of discount related to restricted investments

 






(309,842






)







 






—






 







 






—






 







Loss on equity method investments

 






552,763






 







 






316,044






 







 






343,336






 







Bad debt expense

 






12,047,791






 







 






5,235,560






 







 






3,601,520






 







Stock-based compensation

 






17,442,018






 







 






13,634,086






 







 






20,969,174






 







Loss on remeasurement of operating and finance leases

 






42,367






 







 






32,363






 







 






866






 







Loss on liquidation of business

 






—






 







 






—






 







 






70,284






 







Intangible asset impairment

 






30,648,245






 







 






8,306,591






 







 






—






 







Goodwill impairment

 






58,228,096






 







 






—






 







 






—






 







Equity investment impairment

 






5,000,000






 







 






—






 







 






—






 







Loss (gain) on change in fair value of contingent consideration

 






2,056,112






 







 






(9,392,133






)







 






(1,437,525






)







Changes in operating assets and liabilities:







Accounts receivable

 






112,497,747






 







 






41,272,218






 







 






(160,524,934






)







Prepaid expenses and other current assets

 






(3,399,532






)







 






13,007,231






 







 






(10,843,890






)







Other assets

 






409,156






 







 






(1,384,824






)







 






1,059,605






 







Accounts payable

 






(17,640,819






)







 






8,307,533






 







 






(2,051,695






)







Accrued liabilities

 






(10,402,113






)







 






(41,940,373






)







 






58,968,844






 







Operating lease liabilities and right-of-use assets

 






200,221






 







 






32,834






 







 






—






 







Net cash provided by (used in) operating activities

 






34,451,654






 







 






70,115,431






 







 






(64,493,170






)












 


CASH FLOWS FROM INVESTING ACTIVITIES:







Purchase of property and equipment

 






(4,544,118






)







 






(3,612,507






)







 






(7,313,269






)







Purchase of intangibles

 






(2,890,716






)







 






(2,002,103






)







 






(2,541,661






)







Acquisition of businesses, net of cash acquired

 






(16,394,978






)







 






—






 







 






(20,203,464






)







Purchase of restricted investments

 






(28,613,676






)







 






—






 







 






—






 







Purchase of equity method investments

 






(4,784






)







 






(310,450






)







 






(298,932






)







Purchase of equity securities

 






—






 







 






(5,000,000






)







 






—






 







Proceeds from sale and maturity of restricted investments

 






13,163,278






 







 






—






 







 






—






 







Proceeds from disposal of property and equipment

 






202,167






 







 






274,427






 







 






747,088






 







Net cash used in investing activities

 






(39,082,827






)







 






(10,650,633






)







 






(29,610,238






)












 


CASH FLOWS FROM FINANCING ACTIVITIES:







Proceeds from revolving credit line

 






—






 







 






45,000,000






 







 






25,000,000






 







Repayments of revolving credit line

 






(30,000,000






)







 






(40,000,000






)







 






—






 







Proceeds from notes payable

 






258,700






 







 






—






 







 






—






 







Repayments of notes payable

 






(41,247






)







 






(51,987






)







 






(25,926






)







Due to seller

 






(877,713






)







 






(3,118,595






)







 






(13,590,382






)







Acquisition of noncontrolling interest

 






—






 







 






(1,848,000






)







 






—






 







Earnout payments on contingent liabilities

 






(1,952,672






)







 






(3,608,553






)







 






(5,266,681






)







Distributions paid to noncontrolling interest

 






(175,831






)







 






(1,294,422






)







 






—






 







Proceeds from exercise of stock options

 






—






 







 






26,330






 







 






1,581,183






 







Payments for taxes related to shares withheld for employee taxes

 






(1,813,909






)







 






(1,168,877






)







 






(2,308,954






)







Common stock repurchased

 






(10,828,906






)







 






(13,756,271






)







 






—






 







Payments on obligations under finance lease

 






(5,385,581






)







 






(4,334,463






)







 






(4,270,553






)







Net cash (used in) provided by financing activities

 






(50,817,159






)







 






(24,154,838






)







 






1,118,687






 







Effect of exchange rate changes on cash and cash equivalents

 






595,803






 







 






(190,639






)







 






1,093,633






 







Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents

 






(54,852,529






)







 






35,119,321






 







 






(91,891,088






)







Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

 






107,337,307






 







 






72,217,986






 







 






164,109,074






 







Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$






52,484,778






 







$






107,337,307






 







$






72,217,986






 












 







 



Year Ended
December 31,




2025







2024







2023







Supplemental disclosure of cash and non-cash transactions:







Cash paid for interest

$






1,712,256






 







$






2,142,288






 







$






250,100






 







Cash paid for interest on finance lease liabilities

$






958,553






 







$






769,041






 







$






600,239






 







Cash paid for income taxes, net of refunds

$






6,482,618






 







$






5,880,864






 







$






10,276,110






 







Right-of-use assets obtained in exchange for lease liabilities

$






11,718,452






 







$






13,973,620






 







$






7,621,538






 







Remeasurement of finance lease right-of-use asset due to lease modification

$






—






 







$






300,000






 







$






—






 












 


Supplemental non-cash investing and financing activities:







Property and equipment in accounts payable

$






52,866






 







$






221,639






 







$






271,292






 







Acquisition of remaining FMC NA through due to seller and issuance of stock

$






—






 







$






—






 







$






7,000,000






 







Acquisition of CRMS through issuance of stock

$






—






 







$






—






 







$






1,000,000






 







CRMS True-up Payment through issuance of stock

$






—






 







$






1,814,345






 







$






—






 







Receivables exchanged for trade credits

$






—






 







$






—






 







$






1,500,000






 







Pre-acquisition receivables written off through due to seller

$






—






 







$






4,675,758






 







$






—






 












 


Reconciliation of cash and restricted cash







Cash

$






51,018,657






 







$






89,241,695






 







$






59,286,147






 







Restricted cash

 






1,466,121






 







 






18,095,612






 







 






12,931,839






 







Total cash and restricted cash shown in statement of cash flows

$






52,484,778






 







$






107,337,307






 







$






72,217,986






 









DocGo Inc. and Subsidiaries








CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS








Three Months Ended
December 31,




2025







2024










 


Revenues, net

$






74,935,688






 







$






120,833,073






 







Expenses:





Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)

 






50,571,192






 







 






80,334,624






 







Operating expenses:





General and administrative

 






39,214,798






 







 






35,041,780






 







Depreciation and amortization

 






3,948,234






 







 






3,322,925






 







Legal and regulatory

 






9,530,093






 







 






5,524,453






 







Technology and development

 






3,772,943






 







 






3,685,650






 







Sales, advertising and marketing

 






340,337






 







 






396,828






 







Intangible asset impairment

 






22,627,902






 







 






—






 







Goodwill impairment

 






49,509,698






 







 






—






 







Total expenses

 






179,515,197






 







 






128,306,260






 







Loss from operations

 






(104,579,509






)







 






(7,473,187






)










 


Other (expense) income:





Interest expense, net

 






(152,354






)







 






(541,464






)







(Loss) gain on change in fair value of contingent consideration

 






(1,003,718






)







 






9,762,845






 







Finite-lived intangible asset impairment

 






—






 







 






(8,306,591






)







Loss on equity method investments

 






(446,213






)







 






(86,121






)







Equity investment impairment

 






(5,000,000






)







 






—






 







(Loss) gain on remeasurement of operating and finance leases

 






—






 







 






(311






)







Gain (loss) on disposal of assets

 






4,000






 







 






(13,035






)







Other (expense) income

 






(432,779






)







 






82,608






 







Total other (expense) income

 






(7,031,064






)







 






897,931






 










 


Net loss before income tax expense

 






(111,610,573






)







 






(6,575,256






)







(Provision for) benefit from income taxes

 






(30,730,027






)







 






(1,071,670






)







Net loss

 






(142,340,600






)







 






(7,646,926






)







Net loss attributable to noncontrolling interests

 






(8,269,919






)







 






(4,384,116






)







Net loss attributable to stockholders of DocGo Inc. and Subsidiaries

 






(134,070,681






)







 






(3,262,810






)







Other comprehensive loss





Unrealized (loss) gain on investments, net of tax

 






(22,832






)







 






—






 







Foreign currency translation adjustment

 






(23,249






)







 






(1,091,649






)







Total comprehensive loss

$






(134,116,762






)







$






(4,354,459






)










 


Net loss per share attributable to DocGo Inc. and Subsidiaries - Basic

$






(1.37






)







$






(0.03






)







Weighted-average shares outstanding - Basic

 






97,992,839






 







 






101,863,456






 










 


Net loss per share attributable to DocGo Inc. and Subsidiaries - Diluted

$






(1.37






)







$






(0.03






)







Weighted-average shares outstanding - Diluted

 






97,992,839






 







 






101,863,456






 









DocGo Inc. and Subsidiaries








CONSOLIDATED STATEMENTS OF CASH FLOWS








Three Months Ended
December 31,




2025







2024







CASH FLOWS FROM OPERATING ACTIVITIES:





Net loss

$






(142,340,600






)







$






(7,646,926






)







Adjustments to reconcile net loss to net cash (used in)
provided by operating activities:





Depreciation of property and equipment

 






1,180,710






 







 






1,323,878






 







Amortization of intangible assets

 






1,382,612






 







 






776,481






 







Amortization of finance lease right-of-use assets

 






1,384,912






 







 






1,222,566






 







(Gain) loss on disposal of assets

 






(4,000






)







 






13,035






 







Deferred income tax

 






30,061,721






 







 






8,709,292






 







Accretion of discount related to restricted investments

 






(94,953






)







 






—






 







Loss on equity method investments

 






446,213






 







 






86,121






 







Bad debt expense

 






8,341,116






 







 






1,378,086






 







Stock-based compensation

 






3,135,898






 







 






3,878,631






 







Loss on remeasurement of operating and finance leases

 






—






 







 






311






 







Intangible asset impairment

 






22,627,902






 







 






8,306,591






 







Goodwill impairment

 






49,509,698






 







 






—






 







Equity investment impairment

 






5,000,000






 







 






—






 







Loss (gain) on change in fair value of contingent consideration

 






1,003,718






 







 






(9,762,845






)







Changes in operating assets and liabilities:





Accounts receivable

 






11,775,279






 







 






21,434,711






 







Prepaid expenses and other current assets

 






2,003,275






 







 






674,104






 







Other assets

 






(616,919






)







 






(297,911






)







Accounts payable

 






2,680,565






 







 






(6,953,524






)







Accrued liabilities

 






(7,730,838






)







 






(10,444,857






)







Operating lease liabilities and right-of-use assets

 






(213,609






)







 






20,871






 







Net cash (used in) provided by operating activities

 






(10,467,300






)







 






12,718,615






 










 


CASH FLOWS FROM INVESTING ACTIVITIES:





Purchase of property and equipment

 






(1,497,058






)







 






(724,803






)







Purchase of intangibles

 






(631,147






)







 






226,130






 







Acquisition of businesses, net of cash acquired

 






(12,748,660






)







 






—






 







Purchase of restricted investments

 






(3,874,540






)







 






—






 







Purchase of equity securities

 






—






 







 






(5,000,000






)







Proceeds from sale and maturity of restricted investments

 






5,675,359






 







 






—






 







Proceeds from disposal of property and equipment

 






4,000






 







 






95,892






 







Net cash used in investing activities

 






(13,072,046






)







 






(5,402,781






)










 


CASH FLOWS FROM FINANCING ACTIVITIES:





Repayments of notes payable

 






(14,086






)







 






(29,980






)







Due to seller

 






(19,851






)







 






(109,619






)







Earnout payments on contingent liabilities

 






—






 







 






(2,008,524






)







Distributions paid to noncontrolling interest

 






—






 







 






(1,044,422






)







Proceeds from exercise of stock options

 






—






 







 






25,646






 







Payments for taxes related to shares withheld for employee taxes

 






(410,810






)







 






(794,566






)







Common stock repurchased

 






—






 







 






(2,678,073






)







Payments on obligations under finance lease

 






(1,419,963






)







 






(1,216,409






)







Net cash used in financing activities

 






(1,864,710






)







 






(7,855,947






)







Effect of exchange rate changes on cash and cash equivalents

 






281,662






 







 






(701,078






)







Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents

 






(25,122,394






)







 






(1,241,191






)







Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period

 






77,607,172






 







 






108,578,498






 







Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period

$






52,484,778






 







$






107,337,307






 










 





 



Three Months Ended
December 31,




2025







2024







Supplemental disclosure of cash and non-cash transactions:





Cash paid for interest

$






50,187






 







$






635,262






 







Cash paid for interest on finance lease liabilities

$






258,511






 







$






208,115






 







Cash paid for income taxes, net of refunds

$






(165,888






)







$






(661,869






)







Right-of-use assets obtained in exchange for lease liabilities

$






2,457,190






 







$






2,993,279






 










 


Supplemental non-cash investing and financing activities:





Property and equipment in accounts payable

$






35,140






 







$






168,500






 










 


Reconciliation of cash and restricted cash





Cash

$






51,018,657






 







$






89,241,695






 







Restricted cash

 






1,466,121






 







 






18,095,612






 







Total cash and restricted cash shown in statement of cash flows

$






52,484,778






 







$






107,337,307






 







Non-GAAP Financial Measures


The following information provides definitions and reconciliation of non-GAAP financial measures used by the Company to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (“GAAP”). The Company has provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The non-GAAP financial measures used by the Company may differ from similarly titled measures used by other companies.


Adjusted Gross Margin


Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under SEC rules because they exclude certain amounts included in gross profit and gross margin calculated in accordance with GAAP. Adjusted gross profit is total revenue minus cost of revenue, excluding depreciation and amortization (which are shown separately), and adjusted gross margin is adjusted gross profit as a percentage of total revenue.


The Company’s management believes that adjusted gross margin is useful in evaluating DocGo’s operating performance, as the calculation of this measure excludes the impact of non-cash depreciation and amortization charges. The Company’s management believes that by using adjusted gross margin in conjunction with GAAP gross margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods. While many companies use adjusted gross margin as a performance measure, not all companies use identical calculations for determining adjusted gross margin. As such, DocGo’s presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies.


Adjusted EBITDA


Adjusted EBITDA is considered a non-GAAP financial measure under SEC rules because it excludes certain amounts included in net income (loss) calculated in accordance with GAAP. Specifically, adjusted EBITDA is arrived at by taking reported GAAP net income and adding back the following items: net interest expense (income), provision for (benefit from) income taxes, depreciation and amortization, other (income) expense, non-cash equity-based compensation and certain other non-recurring expenses consisting of certain one-time legal settlements and certain one-time expenses incurred in connection with acquisitions and other corporate activities, beyond those that are typically incurred.


The Company’s management believes that its adjusted EBITDA measure is useful in evaluating DocGo’s operating performance, as the calculation of this measure generally eliminates the effect of financing and income taxes and the accounting effects of capital spending and acquisitions, as well as other items of a non-recurring and/or non-cash nature. Adjusted EBITDA is not intended to be a measure of GAAP cash flow, as this measure does not consider certain cash-based expenses, such as payments for taxes or debt service.


Management believes that using adjusted EBITDA in conjunction with GAAP measures such as net income assists investors in getting a more complete picture of the Company’s financial results and operations, affording them with a more complete view of what management considers to be the Company’s core operating performance as well as offering the ability to assess such performance as compared with that of prior periods and management’s public guidance. While many companies use adjusted EBITDA as a performance measure, not all companies use identical calculations for determining adjusted EBITDA. As such, DocGo’s presentation of adjusted EBITDA might not be comparable to similarly titled measures of other companies.


Reconciliation of Non-GAAP Measures


The table below reflects the reconciliation of GAAP gross margin and adjusted gross margin for the three and twelve months ended December 31, 2025 compared to the same periods in 2024:




DocGo Inc. and Subsidiaries








Gross Margin Recon














 



Three Months Ended
December 31,

Year Ended
December 31,


DocGo Inc. Consolidated

2025







2024







2025







2024







Revenue

$






74,935,688






 







$






120,833,073






 







$






322,196,000






 







$






616,555,132






 







Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)

 






(50,571,192






)







 






(80,334,624






)







 






(223,438,301






)







 






(402,980,557






)







Depreciation and amortization

 






(3,948,234






)







 






(3,322,925






)







 






(15,661,865






)







 






(15,884,898






)







GAAP gross profit

 






20,416,262






 







 






37,175,524






 







 






83,095,834






 







 






197,689,677






 














 


Depreciation and amortization

 






3,948,234






 







 






3,322,925






 







 






15,661,865






 







 






15,884,898






 







Non-recurring items included in cost of revenue above

 






—






 







 






—






 







 






5,269,129






 







 






—






 







Adjusted gross profit

$






24,364,496






 







$






40,498,449






 







$






104,026,828






 







$






213,574,575






 














 


GAAP gross margin

 






27.2






%







 






30.8






%







 






25.8






%







 






32.1






%







Adjusted gross margin

 






32.5






%







 






33.5






%







 






32.3






%







 






34.6






%







The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three months and twelve months ended December 31, 2025 compared to the same periods in 2024 (in millions):



DocGo Inc. and Subsidiaries
Net Loss to Adjusted EBITDA











 



Three Months Ended
December 31,

Year Ended
December 31,




2025







2024







2025







2024







Net (loss) income (GAAP)

$(142.3)







$(7.6)







$(196.4)







$13.4







(+) Net interest expense

0.2







0.5







1.2







1.9







(+) Income tax expense (benefit)

30.7







1.1







8.9







14.4







(+) Depreciation and amortization

3.9







3.3







15.7







15.9







(+) Other expense (income)

6.9







(1.4)







8.2







(1.0)







EBITDA

(100.6)







(4.1)







(162.4)







44.6














 


(+) Non-cash stock compensation

3.1







3.8







17.4







13.6







(+) Non-recurring expense

86.2







1.4







116.4







2.1














 


Adjusted EBITDA

$(11.3)







$1.1







$(28.6)







$60.3














 


Total Revenue

$74.9







$120.8







$322.2







$616.6







Pretax income margin

(149.0)%







(5.4)%







(58.2)%







4.5%







Net margin

(190.0)%







(6.3)%







(61.0)%







2.2%







Adjusted EBITDA margin

(15.1)%







0.9%







(8.9)%







9.8%







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316860170/en/
Investors:

Mike Cole

DocGo

949-444-1341

mike.cole@docgo.com

ir@docgo.com


Original: DocGo Announces Fourth Quarter and Full Year 2025 Results