Company Signs Definitive Agreement to Acquire Virtual Care Provider Hicuity Health, Perceptive Advisors Commits to New Term Loan Funding
Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time
NEW YORK--(BUSINESS WIRE)--August 17, 2026--
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 second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
-- Total revenue for the second quarter of 2026 was $73.4 million,
compared to $80.4 million in the second quarter of 2025. This decline was
entirely due to the wind-down of migrant-related programs, which
generated zero revenue in the second quarter of 2026 and $18.8 million in
the second quarter of 2025. Excluding revenue from migrant-related
programs, total revenue increased 19% year over year.
-- GAAP gross margin (which includes depreciation and amortization
expenses) for the second quarter of 2026 was 26.9%, compared to 26.7% in
the second quarter of 2025.
-- Adjusted gross margin1 for the second quarter of 2026 was 30.5%,
compared to 31.6% in the second quarter of 2025.
-- Net income for the second quarter of 2026 was ($18.0) million, compared
to net income of ($13.3) million in the second quarter of 2025.
-- Adjusted EBITDA1 was ($6.3) million for the second quarter of 2026,
compared to adjusted EBITDA of ($6.1) million for the second quarter of
2025.
-- Medical Transportation Services revenue in the second quarter of 2026
was $52.0 million, compared to $49.6 million for the second quarter of
2025.
-- Mobile Health Services revenue for the second quarter of 2026 was $21.4
million, compared to $30.8 million for the second 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 78% to $21.4 million in the second quarter of 2026 from
$12.0 million in the second quarter of 2025, driven by organic growth and
the inclusion of revenue from SteadyMD.
-- As of June 30, 2026, the Company held total cash and cash equivalents,
including restricted cash and investments, of approximately $48.1 million,
compared to $59.9 million as of March 31, 2026. Unrestricted cash and
cash equivalents was $25.2 million as of June 30, 2026, compared to
unrestricted cash of $35.7 million as of March 31, 2026.
Select Corporate Highlights for the Second Quarter of 2026 and Recent Weeks
-- Company achieved record volumes across all major business lines, with
US medical transportation increasing 15%, healthcare in the home
increasing 26%, mobile phlebotomy increasing 20%, cardiac and remote
patient monitoring increasing 13%, and virtual care & lab orders
increasing 58% when comparing the second quarter of 2026 to the second
quarter of 2025.
-- Company surpassed 1.7 million patients assigned by the Company's payer
and provider partners to engage for care gap closure services since
inception, up 100,000 patients from last quarter.
-- Signed a new contract with one of the largest national health plans to
offer care gap closure services to their members in Pennsylvania.
-- Launched mobile phlebotomy services in Southern Florida, expanding
relationship with a major national clinical laboratory and positioning
the company for mobile phlebotomy growth in the Southeast.
Hicuity Health Acquisition & Perceptive Financing
-- Company has entered into a definitive agreement to acquire 100% of
virtual care provider, Hicuity Health.
-- Hicuity delivers high acuity virtual clinical care -- including
Tele-ICU, Virtual Nursing, and Telemetry Monitoring services -- for
health systems, hospitals and post-acute facilities.
-- On a trailing 12-month basis, Hicuity generated approximately $65
million in revenue and $4.5 million of adjusted EBITDA.
-- DocGo is acquiring Hicuity in exchange for the assumption of the
company's existing indebtedness held by Perceptive Advisors, which is
estimated to be approximately $52 million at closing, which will now
mature in December 2029.
-- Hicuity's preferred shareholder will receive equity representing
approximately 2.0% of DocGo's currently outstanding common stock and may
receive an additional 3.5% of currently outstanding common stock if DocGo
achieves a market capitalization of $250 million within three years of
closing.
-- Perceptive Advisors has committed to provide up to an additional $50
million of debt financing to DocGo, expected to be made available in
multiple tranches, the first $12.5 million of which will be funded upon
Hicuity and DocGo entering into a services agreement pursuant to which
DocGo will provide management related services to Hicuity during the
pre-closing period.
Financial Guidance
-- Full-year 2026 revenue range is narrowed to $305-$310 million, compared
to the Company's prior guidance of $300-$315 million. Guidance does not
include any contribution from the acquisition of Hicuity Health, as the
transaction has not yet closed.
-- Full-year 2026 adjusted EBITDA2 is expected to be ($17-$22) million,
compared to the Company's prior guidance of ($5-$10) million. The Company
still expects to exit the year at a profitable run rate.
"The continued evolution of our company into the premier provider of virtual, remote, and in-home healthcare at any address took a major leap forward with our pending acquisition of virtual care provider Hicuity Health," commented Lee Bienstock, Chief Executive Officer of DocGo. "Hicuity brings technology-enabled acute and critical care telemedicine capabilities, serving a diverse portfolio of health systems across the United States. Integrating the power of Hicuity's offering helps us create one of the most innovative healthcare delivery platforms in the industry -- a holistic tech-powered solution that enables us to match the right clinician with the right patient at the right time in the right setting. This solidifies our company's unique position to bridge patient care across the entire continuum - from the hospital to the home."
Norm Rosenberg, Chief Financial Officer of DocGo, added, "The pending acquisition of Hicuity represents not only a significant growth opportunity with numerous cost synergies, but will also create a combined entity with much greater financial liquidity. We are fortunate to add a healthcare lending partner of the caliber of Perceptive Advisors, which has committed to providing additional debt financing of up to $50 million, if needed." Rosenberg continued, "Our cost cutting initiatives progressed during the quarter, with more than four million dollars of estimated annual costs removed from SG&A during the period while also achieving record volumes across all key business verticals. We believe that the Company will achieve a positive adjusted EBITDA run rate as we exit the year and head into 2027."
Norton Rose Fulbright is acting as the legal counsel of DocGo for the transaction. TD Cowen is acting as exclusive financial advisor to Hicuity Health, and Stradling Yocca Carlson & Rauth is acting as Hicuity Health's legal counsel.
1. 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.
2. 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, August 17(th) , 2026, at 5:00 PM ET
1-800-717-1738 - Investors Dial
1-646-307-1865 - Int'l Investors Dial
Conference ID: 78516
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1770673&tp_key=72425f7843
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; completion of the acquisition of Hicuity Health and successful integration of the business; the performance and growth of Hicuity; the availability of debt financing from Perceptive Advisors following the acquisition of Hicuity; 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; 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
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2026 2025
-------------- ----------------
Unaudited Audited
ASSETS
Current assets:
Cash and cash equivalents $ 25,233,369 $ 51,018,657
Accounts receivable, net of
allowance for credit loss of
$8,540,616 and $8,299,053 as of
June 30, 2026 and December 31,
2025, respectively 86,219,100 92,893,216
Prepaid expenses 4,403,326 4,790,215
Other current assets 3,942,361 3,697,371
------------ ------------
Total current assets 119,798,156 152,399,459
Property and equipment, net 12,711,083 14,558,427
Intangibles, net 1,410,254 --
Restricted cash and cash equivalents 6,937,746 1,466,121
Restricted investments (amortized
cost of $15,952,661 and $15,737,694
as of June 30, 2026 and December
31, 2025, respectively) 15,900,466 15,845,875
Operating lease right-of-use assets 9,259,686 11,520,781
Finance lease right-of-use assets 16,756,910 17,420,424
Deferred tax assets 561,903 538,864
Other assets 3,480,045 3,353,061
------------ ------------
Total assets $ 186,816,249 $ 217,103,012
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,020,960 $ 11,110,867
Accrued liabilities 39,952,129 42,789,440
Notes payable, current 48,036 51,740
Due to seller 779,332 336,982
Contingent consideration, current 7,900,376 3,040,377
Operating lease liability,
current 3,991,429 4,650,953
Finance lease liability, current 5,642,029 5,509,687
------------ ------------
Total current liabilities 72,334,291 67,490,046
Notes payable, non-current 159,337 183,843
Contingent consideration,
non-current 2,476,216 4,776,215
Operating lease liability,
non-current 5,837,418 7,563,664
Finance lease liability, non-current 10,227,928 11,217,907
------------ ------------
Total liabilities 91,035,190 91,231,675
------------ ------------
Commitments and contingencies (Note
19)
Stockholders' equity:
Common stock ($0.0001 par value;
500,000,000 shares authorized as
of June 30, 2026 and December
31, 2025; 98,858,369 and
98,640,059 shares issued and
outstanding as of June 30, 2026
and December 31, 2025,
respectively) 9,886 9,864
Additional paid-in-capital 331,260,586 325,416,366
Accumulated deficit (214,385,203) (183,801,795)
Accumulated other comprehensive
income 2,169,289 2,387,404
------------ ------------
Total stockholders' equity
attributable to DocGo Inc. and
Subsidiaries 119,054,558 144,011,839
------------ ------------
Noncontrolling interests (23,273,499) (18,140,502)
------------ ------------
Total stockholders' equity 95,781,059 125,871,337
------------ ------------
Total liabilities and
stockholders' equity $ 186,816,249 $ 217,103,012
============ ============
DocGo Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
2026 2025 2026 2025
----------- ----------- ----------- -----------
Revenues, net $ 73,424,719 $ 80,417,622 $148,975,203 $176,450,677
Expenses:
Cost of revenues
(exclusive of
depreciation and
amortization,
which is shown
separately
below) 51,018,120 54,998,524 102,685,708 120,183,584
Operating expenses:
General and
administrative 29,742,190 31,240,943 60,577,258 64,143,013
Depreciation and
amortization 2,691,411 3,981,008 5,338,518 7,742,399
Legal and
regulatory 4,025,638 4,351,974 9,059,768 8,562,797
Technology and
development 3,446,289 2,957,203 7,151,338 6,596,647
Sales,
advertising and
marketing 423,294 368,214 795,927 699,919
----------- ----------- ----------- -----------
Total expenses 91,346,942 97,897,866 185,608,517 207,928,359
----------- ----------- ----------- -----------
Loss from
operations (17,922,223) (17,480,244) (36,633,314) (31,477,682)
----------- ----------- ----------- -----------
Other (expense)
income:
Interest expense,
net (97,583) (443,662) (197,315) (869,946)
Loss on change in
fair value of
contingent
consideration -- -- (2,760,000) --
Insurance
proceeds -- -- 4,687,798 --
Loss on equity
method
investment -- (38,817) -- (79,515)
Loss on
remeasurement of
operating and
finance leases -- (6,607) -- (47,444)
Loss on disposal
of fixed assets (39,574) (48,354) (102,067) (33,215)
Other income
(expense) 123,211 101,046 388,175 (211,823)
----------- ----------- ----------- -----------
Total other
(expense)
income (13,946) (436,394) 2,016,591 (1,241,943)
----------- ----------- ----------- -----------
Net loss before
income tax
(provision)
benefit (17,936,169) (17,916,638) (34,616,723) (32,719,625)
(Provision for)
benefit from
income taxes (56,129) 4,626,745 (75,412) 8,350,432
----------- ----------- ----------- -----------
Net loss (17,992,298) (13,289,893) (34,692,135) (24,369,193)
Net loss
attributable to
noncontrolling
interests (2,172,021) (2,134,647) (4,108,727) (3,808,632)
----------- ----------- ----------- -----------
Net loss
attributable to
stockholders of
DocGo Inc. and
Subsidiaries (15,820,277) (11,155,246) (30,583,408) (20,560,561)
Other comprehensive
(loss) income
Unrealized loss
on investments,
net of tax (54,965) 76,733 (126,869) 76,733
Foreign currency
translation
adjustment (23,730) 927,462 (91,246) 1,423,000
----------- ----------- ----------- -----------
Total
comprehensive
loss $(15,898,972) $(10,151,051) $(30,801,523) $(19,060,828)
=========== =========== =========== ===========
Net loss per
share
attributable
to DocGo Inc.
and
Subsidiaries
- Basic $ (0.16) $ (0.11) $ (0.31) $ (0.21)
----------- ----------- ----------- -----------
Weighted-average
shares
outstanding -
Basic 98,802,810 98,931,293 98,774,609 100,255,877
----------- ----------- ----------- -----------
Net loss per
share
attributable
to DocGo Inc.
and
Subsidiaries
- Diluted $ (0.16) $ (0.11) $ (0.31) $ (0.21)
----------- ----------- ----------- -----------
Weighted-average
shares
outstanding -
Diluted 98,802,810 98,931,293 98,774,609 100,255,877
----------- ----------- ----------- -----------
DocGo Inc. and Subsidiaries
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
2026 2025 2026 2025
----------- ----------- ----------- -----------
CASH FLOWS FROM
OPERATING
ACTIVITIES:
Net loss $(17,992,298) $(13,289,893) $(34,692,135) $(24,369,193)
Adjustments to
reconcile net loss
to net cash (used
in) provided by
operating
activities:
Depreciation
of property
and
equipment 1,238,431 1,211,771 2,504,944 2,432,577
Amortization
of intangible
assets 62,041 1,452,299 83,079 2,751,441
Amortization
of finance
lease
right-of-use
assets 1,390,939 1,316,938 2,750,495 2,558,381
Loss on
disposal of
fixed assets 39,574 48,354 102,067 33,215
Deferred
income tax
expense 266,738 (4,878,785) 12,963 (8,806,213)
Accretion of
discount
related to
restricted
investments (86,378) (145,403) (164,382) (145,403)
Loss on equity
method
investments -- 38,817 -- 79,515
Bad debt
expense 1,106,983 1,244,018 2,839,894 2,492,009
Stock-based
compensation 2,655,526 4,826,133 5,880,310 9,656,445
Loss on
remeasurement
of operating
and finance
leases -- 6,607 -- 47,444
Loss on change
in fair value
of contingent
consideration -- -- 2,760,000 --
Changes in
operating assets
and
liabilities:
Accounts
receivable 6,640,909 54,756,572 3,837,143 86,194,306
Prepaid
expenses and
other current
assets 179,571 (4,886,326) 141,899 (5,273,060)
Other assets (143,358) 432,422 (126,984) 970,612
Accounts
payable 117,261 (9,938,620) 2,817,762 (18,246,793)
Accrued
liabilities (4,460,761) 1,697,323 (2,522,047) (7,451,661)
Operating
lease
liabilities
and
right-of-use
assets (256,730) 151,262 (124,367) 336,596
----------- ----------- ----------- -----------
Net cash (used in)
provided by
operating
activities (9,241,552) 34,043,489 (13,899,359) 43,260,218
----------- ----------- ----------- -----------
CASH FLOWS FROM
INVESTING
ACTIVITIES:
Purchase of property
and equipment (320,832) (1,141,257) (751,142) (2,170,883)
Purchase of
intangibles (828,161) (865,462) (1,493,333) (1,578,173)
Acquisition of a
business, net of
cash acquired -- -- -- (3,646,318)
Purchase of
restricted
investments (5,745,440) (22,221,437) (7,476,506) (22,221,437)
Proceeds from sale
and maturity of
restricted
investments 2,995,663 2,329,246 7,459,428 2,329,246
Proceeds from
disposal of
property and
equipment 22,660 82,988 44,563 177,329
----------- ----------- ----------- -----------
Net cash used in
investing
activities (3,876,110) (21,815,922) (2,216,990) (27,110,236)
----------- ----------- ----------- -----------
CASH FLOWS FROM
FINANCING
ACTIVITIES:
Repayments of notes
payable (13,659) (3,198) (28,210) (6,258)
Due to seller (75,835) (750,919) (75,835) (750,919)
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 (13,865) (139,575) (36,068) (1,340,552)
Common stock
repurchased -- (5,076,952) -- (10,828,906)
Payments on
obligations under
finance lease (1,559,799) (1,411,786) (2,963,454) (2,708,673)
----------- ----------- ----------- -----------
Net cash used in
financing
activities (1,663,158) (7,382,430) (4,127,837) (15,900,846)
----------- ----------- ----------- -----------
Effect of exchange
rate changes on
cash and cash
equivalents 136,599 650,391 (69,477) 968,129
Net (decrease)
increase in cash,
cash equivalents,
restricted cash and
restricted cash
equivalents (14,644,221) 5,495,528 (20,313,663) 1,217,265
Cash, cash
equivalents,
restricted cash and
restricted cash
equivalents at
beginning of
period 46,815,336 103,059,044 52,484,778 107,337,307
----------- ----------- ----------- -----------
Cash, cash
equivalents,
restricted cash and
restricted cash
equivalents at end
of period $ 32,171,115 $108,554,572 $ 32,171,115 $108,554,572
=========== =========== =========== ===========
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------- ------------------------------
2026 2025 2026 2025
----------- ----------- ----------- -----------
Supplemental
disclosure of cash
and non-cash
transactions:
Cash paid for
interest $ 49,081 $ 444,062 $ 96,112 $ 1,005,769
----------- ----------- ----------- -----------
Cash paid for
interest on
finance lease
liabilities $ 249,258 $ 250,694 $ 497,826 $ 470,749
----------- ----------- ----------- -----------
Cash paid for
income taxes $ 154,400 $ 4,187,558 $ 170,191 $ 6,094,270
----------- ----------- ----------- -----------
Right-of-use
assets obtained
in exchange for
lease
liabilities $ 945,640 $ 1,732,734 $ 3,059,931 $ 7,698,829
----------- ----------- ----------- -----------
Supplemental
non-cash investing
and financing
activities:
Property and
equipment in
accounts
payable $ 37,296 $ (425,613) $ 92,331 $ 13,125
Reconciliation of
cash and restricted
cash
Cash $ 25,233,369 $104,164,128 $ 25,233,369 $104,164,128
Restricted cash 6,937,746 4,390,444 6,937,746 4,390,444
----------- ----------- ----------- -----------
Total cash and
restricted cash
shown in
statement of
cash flows $ 32,171,115 $108,554,572 $ 32,171,115 $108,554,572
=========== =========== =========== ===========
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 six months ended June 30, 2026 compared to the same periods in 2025:
DocGo Inc. and Subsidiaries
Gross Margin Recon
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------- ------------------------------------
DocGo Inc.
Consolidated 2026 2025 2026 2025
----------- ----------- ------------ ------------
Revenue $ 73,424,719 $ 80,417,622 $ 148,975,203 $ 176,450,677
Cost of revenue
(exclusive of
depreciation
and
amortization,
which are
shown
separately
below) (51,018,120) (54,998,524) (102,685,708) (120,183,584)
Depreciation
and
amortization (2,691,411) (3,981,008) (5,338,518) (7,742,399)
----------- ----------- ------------ ------------
GAAP gross
profit 19,715,188 21,438,090 40,950,977 48,524,694
----------- ----------- ------------ ------------
Depreciation
and
amortization 2,691,411 3,981,008 5,338,518 7,742,399
----------- ----------- ------------ ------------
Adjusted gross
profit $ 22,406,599 $ 25,419,098 $ 46,289,495 $ 56,267,093
=========== =========== ============ ============
GAAP gross
margin 26.9% 26.7% 27.5% 27.5%
Adjusted gross
margin 30.5% 31.6% 31.1% 31.9%
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------- ------------------------------------
Mobile Health
Services 2026 2025 2026 2025
----------- ----------- ------------ ------------
Revenue $ 21,417,771 $ 30,780,993 $ 45,043,018 $ 75,990,537
Cost of revenue
(exclusive of
depreciation
and
amortization,
which are
shown
separately
below) (15,640,004) (20,778,628) (31,951,117) (52,045,936)
Depreciation
and
amortization (377,690) (982,108) (761,870) (1,938,480)
----------- ----------- ------------ ------------
GAAP gross
profit 5,400,077 9,020,257 12,330,031 22,006,121
----------- ----------- ------------ ------------
Depreciation
and
amortization 377,690 982,108 761,870 1,938,480
----------- ----------- ------------ ------------
Adjusted gross
profit $ 5,777,767 $ 10,002,365 $ 13,091,901 $ 23,944,601
=========== =========== ============ ============
GAAP gross
margin 25.2% 29.3% 27.4% 29.0%
Adjusted gross
margin 27.0% 32.5% 29.1% 31.5%
Three Months Ended Six Months Ended
June 30, June 30,
---------------------------------- ------------------------------------
Transportation
Services 2026 2025 2026 2025
----------- ----------- ------------ ------------
Revenue $ 52,006,948 $ 49,636,629 $ 103,932,185 $ 100,460,140
Cost of revenue
(exclusive of
depreciation
and
amortization,
which are
shown
separately
below) (35,378,116) (34,219,896) (70,734,591) (68,137,648)
Depreciation
and
amortization (2,173,767) (2,003,258) (4,322,417) (3,952,084)
----------- ----------- ------------ ------------
GAAP gross
profit 14,455,065 13,413,475 28,875,177 28,370,408
----------- ----------- ------------ ------------
Depreciation
and
amortization 2,173,767 2,003,258 4,322,417 3,952,084
----------- ----------- ------------ ------------
Adjusted gross
profit $ 16,628,832 $ 15,416,733 $ 33,197,594 $ 32,322,492
=========== =========== ============ ============
GAAP gross
margin 27.8% 27.0% 27.8% 28.2%
Adjusted gross
margin 32.0% 31.1% 31.9% 32.2%
The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three and six months ended June 30, 2026 compared to the same periods in 2025 and three months ended March 31, 2026 (in millions):
DocGo Inc. and Subsidiaries
Net Income to Adjusted EBITDA
Three Months
Three Months Ended Six Months Ended Ended March
June 30, June 30, 31,
-------------------- ------------------ ------------
2026 2025 2026 2025 2026
--------- --------- -------- -------- ------------
Net (loss)
income
(GAAP) $(18.0) $(13.3) $(34.7) $(24.4) $(16.7)
(+) Net
interest
expense 0.1 0.4 0.2 0.9 0.1
(+) Income tax
(benefit)
expense 0.1 (4.6) 0.1 (8.4) -
(+)
Depreciation
and
amortization 2.7 4.0 5.3 7.7 2.6
(+) Other
expense
(income) (0.1) 0.0 (2.2) 0.4 (2.1)
--------- --------- -------- -------- ------------
EBITDA (15.2) (13.5) (31.3) (23.8) (16.1)
--------- --------- -------- -------- ------------
(+) Non-cash
stock
compensation 2.7 4.8 5.9 9.7 3.2
(+)
Non-recurring
expense 6.2 2.6 8.9 4.1 2.7
Adjusted
EBITDA $(6.3) $(6.1) $(16.5) $(10.0) $(10.2)
========= ========= ======== ======== ============
Total revenue $73.4 $80.4 $149.0 $176.5 $75.6
Pretax income
margin (24.4)% (22.3)% (23.2)% (18.6)% (22.1)%
Net margin (24.5)% (16.5)% (23.3)% (13.8)% (22.1)%
Adjusted
EBITDA
margin (8.6)% (7.6)% (11.1)% (5.7)% (13.5)%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260817817897/en/
CONTACT: Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com