Nutex Health Inc.

For the period ended Dec 31, 2025. Filed Mar 5, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 5, 2026

NUTX$186.25-4.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
(In thousands)	2025	2024	2023
Cash flows from operating activities:
Net income (loss)	$180,357	$94,806	$(43,424)
Adjustment to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	20,530	18,972	17,592
Impairment of assets	—	3,887	29,082
Impairment of goodwill	—	3,197	1,139
Derecognition of goodwill	—	453	—
Loss on warrant liability	—	1,609	—
Stock-based compensation expense	117,003	16,555	2,836
Changes to deferred taxes	17,076	(13,133)	(5,707)
Debt accretion expense	902	1,042	1,210
Loss on lease termination	—	—	58
Changes in operating assets and liabilities:
(Increase)/Decrease in Accounts receivable	(86,943)	(173,957)	(970)
(Increase)/Decrease in Accounts receivable - related party	(2,376)	550	(3,614)
(Increase)/Decrease in Inventories	(16)	540	143
(Increase)/Decrease in Prepaid expenses and other current assets	(14,610)	(7,021)	(817)
(Increase)/Decrease in Operating right-of-use assets	917	1,147	1,632
Increase/(Decrease) in Accounts payable	35,555	(8,682)	(4,715)
Increase/(Decrease) in Accounts payable - related party	2,298	(2,037)	2,467
Increase/(Decrease) in Operating lease liabilities	(508)	(1,528)	(1,501)
Increase/(Decrease) in Accrued arbitration expenses	2,002	47,742	—
Increase/(Decrease) in Accrued income tax expense	(25,666)	26,533	—
Increase/(Decrease) in Accrued expenses and other current liabilities	1,604	12,478	5,846
Net cash provided by operating activities	248,125	23,153	1,257
Cash flows from investing activities:
Acquisitions of property and equipment	(2,526)	(2,304)	(9,497)
Purchase of restricted short-term investment	—	(2,941)	—
Cash related to sale of business	—	(361)	—
Proceeds from restricted short-term investment	1,596	—	—
Payments for acquisitions of businesses, net of cash acquired	—	—	(704)
Cash related to asset acquisition	(4,312)	—	—
Cash related to deconsolidation of Real Estate Entities	—	—	(1,039)
Net cash used in investing activities	(5,242)	(5,606)	(11,240)
Cash flows from financing activities:
Proceeds from lines of credit	5,043	2,262	2,341
Proceeds from notes payable	—	7,015	16,953
Proceeds from convertible notes	—	—	4,910
Repayments of lines of credit	(7,857)	(2,079)	(1,593)
Repayments of notes payable	(11,382)	(9,969)	(16,479)
Repayments of finance leases	(5,244)	(4,628)	(3,485)
Proceeds from common stock issuance, net issuance costs	—	9,202	—
Proceeds from exercise of warrants	—	2,373	—
Cash related to stock repurchases and retirements	(5,000)	—	—
Members' contributions	767	3,353	298
Members' distributions	(74,276)	(6,438)	(5,215)
Net cash provided by (used in) financing activities	(97,949)	1,091	(2,270)
Net change in cash and cash equivalents	144,934	18,638	(12,253)
Cash and cash equivalents - beginning of the period	40,640	22,002	34,255
Restricted cash - beginning of period	—	—	—
Cash and cash equivalents and restricted cash - beginning of period	40,640	22,002	34,255
Cash and cash equivalents - end of period	185,574	40,640	22,002
Restricted cash - end of period	297	—	—
Cash and cash equivalents and restricted cash - end of period	185,871	$40,640	$22,002

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