DocGo Inc.

Previous wording

Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond our control, and which may cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those contained in our forward-looking statements, including, but not limited to the following: impacts related to the wind down of migrant-related services; our ability to continue as a going concern; our ability to maintain our listing on Nasdaq; our ability to pursue strategic initiatives to deliver on shareholder value; our ability to expand our programs with insurance partners, hospital systems, municipalities and other strategic partners; our ability to successfully implement our business strategy, including delivering value to shareholders via buybacks and funding new strategic relationships; our ability to establish, maintain and grow customer relationships; our ability to execute projects to the satisfaction of our customers; our ability to grow demand for our care gap closure programs; our ability to maintain or grow our cash balances; our reliance on and ability to maintain our contractual relationships with our healthcare provider partners and other strategic partners; our ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; our ability to maintain existing contracts; our 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; our ability to effectively manage our growth; our financial performance and future prospects; our ability to deliver on our business strategies or models, plans and goals; our ability to expand geographically; our M&A activity and success of our acquisition strategy; our ability to successfully integrate Hicuity and realize the expected synergies from the Merger; our ability to retain our workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor; our ability to collect on customer receivables; risks associated with our share repurchase program, including whether our lenders allow us to make share repurchases; 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 our suppliers to meet our needs; our ability to obtain or maintain operating licenses; potential changes in federal, state or local government policies or priorities; expected impacts of geopolitical instability; our competitive position and opportunities, including our ability to realize the benef…

Excerpt shortened here; the source contains the full paragraph.

Current wording

Forward-looking statements are inherently subject to substantial risks, uncertainties and assumptions, many of which are beyond our control, and which may cause our actual results or outcomes, or the timing of our results or outcomes, to differ materially from those contained in our forward-looking statements, including, but not limited to the following: impacts related to the wind down of migrant-related services; our ability to continue as a going concern; our ability to maintain our listing on Nasdaq; our ability to pursue strategic initiatives to deliver on shareholder value; our ability to expand our programs with insurance partners, hospital systems, municipalities and other strategic partners; our ability to successfully implement our business strategy, including delivering value to shareholders via buybacks and funding new strategic relationships; our ability to establish, maintain and grow customer relationships; our ability to execute projects to the satisfaction of our customers; our ability to grow demand for our care gap closure programs; our ability to maintain or grow our cash balances; our reliance on and ability to maintain our contractual relationships with our healthcare provider partners and other strategic partners; our ability to compete effectively in a highly competitive industry, including conditions in the healthcare transportation and mobile health services markets; our ability to maintain existing contracts; our 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; our ability to effectively manage our growth; our financial performance and future prospects; our ability to deliver on our business strategies or models, plans and goals; our ability to expand geographically; our M&A activity and success of our acquisition strategy; the potential costs of earnout payments due for prior acquisitions; our ability to successfully integrate Hicuity and realize the expected synergies from the Merger; our ability to retain our workforce and management personnel and successfully manage leadership transitions; the availability of healthcare professionals and other personnel; changes in the cost of labor and the costs of labor disputes; our ability to manage the high level of debt on our balance sheet; our ability to collect on customer receivables; risks associated with our share repurchase program, including whether our lenders allow us to make share repurchases; 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 our suppliers to meet our needs; our ability to obtain or maintain operating licenses; potential changes in federal, state or local …

Excerpt shortened here; the source contains the full paragraph.

Previous wording

For the six months ended June 30, 2026, the Company recorded a net loss of $34.7 million, compared to a net loss of $24.3 million in the six months ended June 30, 2025. See “Results of Operations” for the Company’s evaluation of these results.

Current wording

For the nine months ended September 30, 2026, the Company recorded a net loss of $53.0 million, compared to a net loss of $54.0 million in the nine months ended September 30, 2025. See “Results of Operations” for the Company’s evaluation of these results.

Previous wording

The inflation rate in the United States, as measured by the Consumer Price Index, has generally trended down since the middle of 2023. This data is reported monthly, showing year-over-year changes in prices across a basket of goods and services. The inflation rate declined to 2.7% for the full year 2025, down from 2.9% in 2024, 3.4% in 2023 and 6.5% in 2022. In June 2026, the annual inflation rate decreased to 3.8%, from 4.2% in May, which was the highest reading since April 2023. The increase in recent months has been driven by fuel prices. An increased inflation rate, such as that witnessed between 2021 and the first half of 2023, could have an impact on DocGo’s expenses in several areas, including wages, fuel and medical and other supplies. This would have the effect of compressing gross profit margins, as DocGo is generally unable to pass these higher costs on to its customers, particularly in the short term. In addition, opportunities to mitigate the impact of inflation are limited, aside from potentially buying more medical supplies than are currently needed in an effort to reduce the volume of future purchases, in instances where supply prices are anticipated to rise. As inflation has moderated, and in an attempt to stimulate economic growth, the U.S. Federal Reserve implemented three interest rate cuts in September, October and December of 2025, lowering its benchmark rate (the “federal funds rate”) to the current level of 3.50-3.75% as of the date of this Quarterly Report on Form 10-Q. Looking out through the rest of 2026, DocGo anticipates that fuel prices will moderate, particularly as the third quarter comes to a close, and that the inflation rate will remain at or near the currently more moderate level, with an annual rate similar to those witnessed in 2024-2025 and the 2010-2020 period, when the annual inflation rate ranged from 0.1% to 3.2%. However, if inflation is above the levels that DocGo anticipates, gross margins could be below plan and as a result, DocGo’s business, operating results and cash flows may be adversely affected.

Current wording

The inflation rate in the United States, as measured by the Consumer Price Index, has generally trended down since the middle of 2023. This data is reported monthly, showing year-over-year changes in prices across a basket of goods and services. The inflation rate declined to 2.7% for the full year 2025, down from 2.9% in 2024, 3.4% in 2023 and 6.5% in 2022. In September 2026, the annual inflation rate increased to 3.7%, from 3.4% in June. Inflation has trended higher since March of 2026, mostly driven by fuel prices. An increased inflation rate, such as that witnessed between 2021 and the first half of 2023, could have an impact on DocGo’s expenses in several areas, including wages, fuel and medical and other supplies. This would have the effect of compressing gross profit margins, as DocGo is generally unable to pass these higher costs on to its customers, particularly in the short term. In addition, opportunities to mitigate the impact of inflation are limited, aside from potentially buying more medical supplies than are currently needed in an effort to reduce the volume of future purchases, in instances where supply prices are anticipated to rise. As inflation has increased over the past several months, the U.S. Federal Reserve implemented a 25 basis point (0.25%) interest rate hike in September 2026, raising its benchmark rate (the “federal funds rate”) to 3.75-4.00% as of the date of this Quarterly Report on Form 10-Q. Looking out through the rest of 2026 and into 2027, DocGo anticipates that fuel prices will moderate slightly and that the inflation rate will remain at or near the currently level, with an annual rate a little higher than those witnessed in 2024-2025 and the 2010-2020 period, when the annual inflation rate ranged from 0.1% to 3.2%. However, if inflation is above the levels that DocGo anticipates, gross margins could be below plan and as a result, DocGo’s business, operating results and cash flows may be adversely affected.

Previous wording

The Company did not complete any acquisitions during the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company completed one acquisition, for $4.2 million.

Current wording

The Company did not complete any acquisitions during the nine months ended September 30, 2026. During the nine months ended September 30, 2025, the Company completed one acquisition, for $4.2 million.

Previous wording

In addition, government contract work subjects the Company to government audits, investigations and proceedings, which could lead to the Company to being barred from government work or subjected to fines if it is determined that a statute, rule, regulation, policy or contractual provision has been violated. Audits can also lead to adjustments to the amount of contract costs that the Company believes are reimbursable or to the ultimate amount the Company may be paid under the agreement. Furthermore, a shift in government policies or priorities, at either the federal, state or local level, surrounding the allocation of public spending to health care-related projects, could have a large impact on the Company’s revenues in this area. A loss of or a decline in government contract work, if not offset by revenues from new or other existing customers, could have a material adverse effect on the Company’s business, financial condition and results of operations.

Current wording

In addition, government contract work subjects the Company to government audits, investigations and proceedings, which could lead to the Company being barred from government work or subjected to fines if it is determined that a statute, rule, regulation, policy or contractual provision has been violated. Audits can also lead to adjustments to the amount of contract costs that the Company believes are reimbursable or to the ultimate amount the Company may be paid under the agreement. Furthermore, a shift in government policies or priorities, at either the federal, state or local level, surrounding the allocation of public spending to health care-related projects, could have a large impact on the Company’s revenues in this area. A loss of or a decline in government contract work, if not offset by revenues from new or other existing customers, could have a material adverse effect on the Company’s business, financial condition and results of operations.

Previous wording

Legal and regulatory expenses include legal fees, consulting fees related to healthcare compliance and legal settlements.

Current wording

Legal and regulatory expenses include legal fees, consulting fees related to healthcare compliance and legal settlements. We also periodically incur legal fees in relation to acquisition and financing activities.

Previous wording

For the three months ended June 30, 2026, total revenues were $73.4 million, a decrease of $7.0 million, or 8.7%, compared to the three months ended June 30, 2025.

Current wording

For the three months ended September 30, 2026, total revenues were $73.4 million, an increase of $2.6 million, or 3.7%, compared to the three months ended September 30, 2025.

Previous wording

For the six months ended June 30, 2026, Mobile Health Services revenues were $45.0 million, a decrease of $30.9 million, or 40.7%, compared to the six months ended June 30, 2025. The decline in revenues was due to the ongoing wind-down of migrant-related services, which had ramped up sharply in the third quarter of 2023 and peaked in the first quarter of 2024. Starting in the second quarter of 2023, the Company began providing services to the recently arrived migrant population in New York City and in upstate New York. These projects, which included both medical and non-medical services, such as shelter and security, expanded throughout the third and fourth quarters of 2023 and into the first quarter of 2024. However, some of these services were provided pursuant to a contract with an ending date during the second quarter of 2024. A portion of that contract was extended through December 31, 2024, while other services began to wind down in May 2024. The wind-down of all services under such contract was completed in the fourth quarter of 2024. The wind-down of the remaining migrant-related services under other contracts was completed in the fourth quarter of 2025, and the Company expects that the revenues from any remaining migrant-related projects will be relatively insignificant in 2026. As such, despite the Company’s expectation for revenue growth in other business lines within the Mobile Health Services segment, we expect that overall Mobile Health Services revenues will be lower in 2026 than they were in 2025, given the absence of migrant-related project revenues. Offsetting the decline in revenues from migrant-related services was the inclusion in the current year period of virtual care revenues from SteadyMD, which was acquired in October 2025.

Current wording

For the three months ended September 30, 2026, Mobile Health Services revenues were $20.2 million, a decrease of $0.5 million, or 2.4%, compared to the three months ended September 30, 2025. The decline in revenues was due to the ongoing wind-down of migrant-related services. These projects, which included both medical and non-medical services, such as shelter and security, were provided pursuant to a contract with an ending date during the second quarter of 2024. A portion of that contract was extended through December 31, 2024, while other services began to wind down in May 2024. The wind-down of all services under such contract was completed in the fourth quarter of 2024. The wind-down of the remaining migrant-related services under other contracts was completed in the fourth quarter of 2025, and the Company has generated relatively insignificant revenues from any remaining migrant-related projects in 2026. As such, despite the Company’s expectation for revenue growth in other business lines within the Mobile Health Services segment, we expect that overall Mobile Health Services revenues will be lower in 2026 than they were in 2025, given the absence of migrant-related project revenues. Offsetting the decline in revenues from migrant-related services was the inclusion in the current year period of virtual care revenues from SteadyMD, which was acquired in October 2025.

Previous wording

For the six months ended June 30, 2026, Transportation Services revenues were $104.0 million, an increase of $3.5 million, or 3.5%, compared to the six months ended June 30, 2025. This increase was due to a 9.2% increase in U.S. trip volumes, to 160,159 trips in the six months ended June 30, 2026, from 146,728 trips for the six months ended June 30, 2025. The average trip price increased to $417 in the six months ended June 30, 2026, from $394 in the six months ended June 30, 2025. The biggest volume gains were witnessed in New York, Texas and Tennessee. These increases in volumes and average trip price in the U.S. were partially offset by declines in the U.K. market.

Current wording

For the three months ended September 30, 2026, Transportation Services revenues were $53.2 million, an increase of $3.1 million, or 6.2%, compared to the three months ended September 30, 2025. This increase was due to a 10.4% increase in U.S. trip volumes, to 78,957 trips in the three months ended September 30, 2026, from 71,541 trips for the three months ended September 30, 2025. The average trip price increased to $426 in the three months ended September 30, 2026, from $411 in the three months ended September 30, 2025. The biggest volume gains were witnessed in New York, Tennessee, Delaware and Texas.

Previous wording

For the three months ended June 30, 2026, total cost of revenues (exclusive of depreciation and amortization) decreased by 7.3% compared to the three months ended June 30, 2025, while revenues decreased by approximately 8.7%. Cost of revenues as a percentage of revenues increased to 69.5% in the three months ended June 30, 2026 from 68.4% in the three months ended June 30, 2025.

Current wording

For the three months ended September 30, 2026, total cost of revenues (exclusive of depreciation and amortization) decreased by 7.0% compared to the three months ended September 30, 2025, while revenues increased by approximately 3.7%. Cost of revenues as a percentage of revenues decreased to 66.8% in the three months ended September 30, 2026 from 74.4% in the three months ended September 30, 2025.

Previous wording

Total cost of revenues in the three months ended June 30, 2026 decreased by $4.0 million compared to the same period in 2025. This decrease was primarily attributable to a $2.9 million decrease in total compensation, a $0.4 million decline in subcontracted labor costs and a $0.2 decline in lab fees, driven by the Mobile Health Services segment, due to the absence of migrant-related projects during the current year period. There was also a net decrease of $0.5 million, across a variety of cost of revenues categories.

Current wording

Total cost of revenues in the three months ended September 30, 2026 decreased by $3.7 million compared to the same period in 2025. This decrease was primarily attributable to a $2.9 million decrease in total compensation, a $2.6 million decline in vehicle costs, due to higher insurance expenses and reserves related to old claims in the prior year period, partially offset by a $1.7 million increase in subcontractor costs and a $0.3 million increase in rent and utilities. There was also a net decrease of $0.2 million, across a variety of cost of revenues categories.

Previous wording

For the Mobile Health Services segment, cost of revenues (exclusive of depreciation and amortization) in the three months ended June 30, 2026 amounted to $15.6 million, down 25.0% from $20.8 million in the three months ended June 30, 2025. Cost of revenues as a percentage of revenues increased to 72.9% from 67.5% in the prior year period, due to the decline in Mobile Health Services revenues from migrant-related projects and the inclusion of lower margin virtual care revenues from the Steady MD business line in the current year period only. These factors outweighed the year-over-year growth in higher margin service lines, such as mobile phlebotomy and remote patient monitoring.

Current wording

For the Mobile Health Services segment, cost of revenues (exclusive of depreciation and amortization) in the three months ended September 30, 2026 amounted to $14.2 million, down 17.0% from $17.1 million in the three months ended September 30, 2025. Cost of revenues as a percentage of revenues decreased to 70.3% from 82.6% in the prior year period, despite the decline in Mobile Health Services revenues from migrant-related projects and the inclusion of lower margin virtual care revenues from the Steady MD business line in the current year period. These factors were outweighed by the year-over-year growth in higher margin service lines, such as mobile phlebotomy and remote patient monitoring and by the inclusion of higher insurance expenses and reserves in the prior year period.

Previous wording

For the Transportation Services segment, cost of revenues (exclusive of depreciation and amortization) in the three months ended June 30, 2026 amounted to $35.4 million, up 3.5% from $34.2 million in the three months ended June 30, 2025. Cost of revenues as a percentage of revenues decreased to 68.1% from 69.0% in the prior year quarter, due to the revenue increase, which outweighed the effect of increased compensation and higher vehicle costs. Total compensation increased by 2.6% year-over-year, reflecting increased field headcount and temporary increases in the effective hourly wage for certain shifts in some of the Company’s markets, as the Company aggressively expands its staff in order to reduce its reliance on subcontractors. Costs for subcontractors declined by 17.9% when compared to last year’s second quarter, reflecting a planned reduction in the number of ambulance trips that were completed by subcontractors in instances where the Company previously did not have sufficient personnel capacity to provide the requested services. Vehicle costs were driven higher primarily due to increased fuel costs, reflecting higher prices for gasoline throughout the quarter, which have continued into the third quarter.

Current wording

For the Transportation Services segment, cost of revenues (exclusive of depreciation and amortization) in the three months ended September 30, 2026 amounted to $34.8 million, down 2.2% from $35.6 million in the three months ended September 30, 2025. Cost of revenues as a percentage of revenues decreased to 65.4% from 71.1% in the prior year quarter, due to the revenue increase, which outweighed the effect of increased vehicle and medical supplies costs. Vehicle costs were driven higher primarily due to increased fuel costs, reflecting higher prices for gasoline throughout the quarter, which have continued into the fourth quarter.

Previous wording

For the three months ended June 30, 2026, the Company recorded $40.3 million of operating expenses compared to $42.9 million for the three months ended June 30, 2025, a decrease of 6.1%. As a percentage of revenue, operating expenses increased from 53.4% in the second quarter of 2025 to 54.9% in the second quarter of 2026, reflecting the decrease in revenues described above. The decrease of $2.6 million in operating expenses related primarily to a decline of $0.5 million in total compensation, a $0.6 million decline in subcontractor costs and a $1.3 million decline in depreciation and amortization, reflecting the writedown of intangible assets in the third and fourth quarters of 2025. There was also a net decline of $0.2 million across a variety of other operating expense categories.

Current wording

For the three months ended September 30, 2026, the Company recorded $41.7 million of operating expenses compared to $60.1 million for the three months ended September 30, 2025, a decrease of 30.6%. As a percentage of revenue, operating expenses decreased from 84.9% in the third quarter of 2025 to 56.8% in the third quarter of 2026, reflecting this decrease in operating expenses, while revenues increased, as described above. The decrease of $18.4 million in operating expenses related primarily to the recording in the prior year period of several impairments charges for various intangible assets, including a $6.5 million impairment of the carrying value of the customer relationships for the Company’s Rapid Temps entity, an $8.7 million impairment of the goodwill related to the Rapid Temps entity, and a $1.5 million impairment of the carrying value of trade credits the Company had received in lieu of cash payment from a Mobile Health customer in a prior year period. No impairments were recorded in the third quarter of 2026. Other factors included a $2.0 million decline in total compensation, a $0.8 million decline in subcontractor costs and a $1.3 million decline in depreciation and amortization, reflecting the writedown of intangible assets in the third and fourth quarters of 2025. This was partially offset by a $0.7 million increase in IT costs, a $0.4 million increase in bad debt expense and a $0.5 million increase in general office expenses, all related to the growth of new business lines. There was also a net increase of $0.8 million across a variety of other operating expense categories.

Previous wording

For the Mobile Health Services segment, operating expenses in the three months ended June 30, 2026 were $11.0 million, up 3.8% from $10.6 million in the three months ended June 30, 2025, as the investments made in the Company’s nascent care gap closure business and the inclusion of operating expenses from the SteadyMD business which was acquired in October 2025 outweighed the elimination of operating expenses related to the wound-down migrant-related projects. Operating expenses as a percentage of revenues increased to 51.4% in the second quarter of 2026, from 34.4% in the second quarter of 2025, reflecting the significant drop in Mobile Health Services revenues in relation to cessation of migrant-related projects in New York at the end of 2025.

Current wording

For the Mobile Health Services segment, operating expenses in the three months ended September 30, 2026 were $10.1 million, down 61.5% from $26.2 million in the three months ended September 30, 2025, as the investments made in the Company’s nascent care gap closure business and the inclusion of operating expenses from the SteadyMD business which was acquired in October 2025 were far outweighed by the elimination of operating expenses related to the wound-down migrant-related projects and the absence in the current year period of the impairment charges discussed above. Operating expenses as a percentage of revenues decreased to 50.0% in the third quarter of 2026, from 126.6% in the third quarter of 2025, reflecting the significant drop in Mobile Health Services revenues in relation to cessation of migrant-related projects in New York at the end of 2025.

Previous wording

For the Transportation Services segment, operating expenses in the three months ended June 30, 2026 were $16.3 million, up 1.2% from $16.1 million in the three months ended June 30, 2025. Operating expenses as a percentage of revenues decreased slightly, to 31.3% for the three months ended June 30, 2026 from 32.5% in the three months ended June 30, 2025, as the increased revenues outweighed the increased compensation for non-field personnel, to support the ongoing growth of that segment.

Current wording

For the Transportation Services segment, operating expenses in the three months ended September 30, 2026 were $16.8 million, up 7.7% from $15.6 million in the three months ended September 30, 2025. Operating expenses as a percentage of revenues increased slightly, to 31.6% for the three months ended September 30, 2026 from 31.1% in the three months ended September 30, 2025, despite the increased revenues, due to increased compensation for non-field personnel, to support the ongoing growth of that segment, as well as higher insurance costs and professional fees.

Previous wording

For the Corporate segment, which represents primarily shared services that are not contained within the entities included in either the Mobile Health Services or Transportation Services segments, operating expenses in the three months ended June 30, 2026 were $13.0 million, down 19.8% from $16.2 million in the three months ended June 30, 2025, due to reduced corporate headcount, lower subcontractor costs and a 34% decline in professional fees, all relating to the Company’s ongoing cost-cutting efforts. Corporate expenses amounted to approximately 17.7% of total consolidated revenues in the second quarter of 2026, compared to 20.1% in the second quarter of 2025, despite the decline in total consolidated revenues, reflecting the impact of these cost-cutting efforts.

Current wording

For the Corporate segment, which represents primarily shared services that are not contained within the entities included in either the Mobile Health Services or Transportation Services segments, operating expenses in the three months ended September 30, 2026 were $14.8 million, down 19.1% from $18.3 million in the three months ended September 30, 2025, due to reduced corporate headcount, lower subcontractor costs and a 36% decline in professional fees, all relating to the Company’s ongoing cost-cutting efforts. Corporate expenses amounted to approximately 20.2% of total consolidated revenues in the third quarter of 2026, compared to 25.8% in the third quarter of 2025, reflecting the impact of these cost-cutting efforts.

Previous wording

During the three months ended June 30, 2026, the Company recorded a $0.1 million interest expense, net compared to a $0.5 million interest expense, net in the three months ended June 30, 2025. Interest expenses and related fees on borrowings under the Prior Revolving Facility outweighed interest earned on balances in the Company’s interest-bearing accounts in both of the three month periods ended June 30, 2026 and 2025.

Current wording

During the three months ended September 30, 2026, the Company recorded $0.1 million in interest expense, net compared to a $0.2 million interest expense, net in the three months ended September 30, 2025. Interest expenses and related fees on outweighed interest earned on balances in the Company’s interest-bearing accounts in both of the three month periods ended September 30, 2026 and 2025.

Previous wording

During the three months ended June 30, 2026, the Company recorded a $39,574 loss on disposal of fixed assets compared to a $48,354 loss on disposal of fixed assets in three months ended June 30, 2025.

Current wording

During the three months ended September 30, 2026, the Company recorded a $67,851 loss on disposal of fixed assets compared to a $10,453 loss on disposal of fixed assets in three months ended September 30, 2025.

Previous wording

The Company recorded other income of $0.1 million for three months ended June 30, 2026 and 2025.

Current wording

The Company recorded other income of $0.1 million, for the three months ended September 30, 2026 and 2025.

Previous wording

During the three months ended June 30, 2026, the Company recorded an income tax provision of $0.1 million, compared to an income tax benefit of $4.6 million in the three months ended June 30, 2025.

Current wording

During the three months ended September 30, 2026, the Company recorded an income tax provision of $0.1 million, compared to an income tax benefit of $13.5 million in the three months ended September 30, 2025.

Previous wording

For the three months ended June 30, 2026, the Company had net loss attributable to noncontrolling interests of approximately $2.2 million, compared to net loss attributable to noncontrolling interests of approximately $2.1 million for the three months ended June 30, 2025.

Current wording

For the three months ended September 30, 2026, the Company had net loss attributable to noncontrolling interests of approximately $1.7 million, compared to net loss attributable to noncontrolling interests of approximately $1.9 million for the three months ended September 30, 2025.

Previous wording

For the six months ended June 30, 2026, total revenues were $149.0 million, a decrease of $27.5 million, or 15.6%, compared to the six months ended June 30, 2025.

Current wording

For the nine months ended September 30, 2026, total revenues were $222.4 million, a decrease of $24.9 million, or 10.1%, compared to the nine months ended September 30, 2025.

Previous wording

For the three months ended June 30, 2026, Mobile Health Services revenues were $21.4 million, a decrease of $9.4 million, or 30.5%, compared to the three months ended June 30, 2025. The decline in revenues was due to the ongoing wind-down of migrant-related services, which had ramped up sharply in the third quarter of 2023 and peaked in the first quarter of 2024. Starting in the second quarter of 2023, the Company began providing services to the recently arrived migrant population in New York City and in upstate New York. These projects, which included both medical and non-medical services, such as shelter and security, expanded throughout the third and fourth quarters of 2023 and into the first quarter of 2024. However, some of these services were provided pursuant to a contract with an ending date during the second quarter of 2024. A portion of that contract was extended through December 31, 2024, while other services began to wind down in May 2024. The wind-down of all services under such contract was completed in the fourth quarter of 2024. The wind-down of the remaining migrant-related services under other contracts was completed in the fourth quarter of 2025, and the Company expects that the revenues from any remaining migrant-related projects will be relatively insignificant in 2026. As such, despite the Company’s expectation for revenue growth in other business lines within the Mobile Health Services segment, we expect that overall Mobile Health Services revenues will be lower in 2026 than they were in 2025, given the absence of migrant-related project revenues. Offsetting the decline in revenues from migrant-related services was the inclusion in the current year period of virtual care revenues from SteadyMD, which was acquired in October 2025.

Current wording

For the nine months ended September 30, 2026, Mobile Health Services revenues were $65.2 million, a decrease of $31.5 million, or 32.6%, compared to the nine months ended September 30, 2025. The decline in revenues was due to the ongoing wind-down of migrant-related services, which peaked in the first quarter of 2024 and began winding down in the second quarter of 2024. These projects, which included both medical and non-medical services, such as shelter and security, were provided pursuant to a contract with an ending date during the second quarter of 2024. A portion of that contract was extended through December 31, 2024, while other services began to wind down in May 2024. The wind-down of all services under such contract was completed in the fourth quarter of 2024. The wind-down of the remaining migrant-related services under other contracts was completed in the fourth quarter of 2025, and the Company has generated relatively insignificant revenues from migrant-related projects in 2026. As such, despite the Company’s expectation for revenue growth in other business lines within the Mobile Health Services segment, we expect that overall Mobile Health Services revenues will be lower in 2026 than they were in 2025, given the absence of migrant-related project revenues. Offsetting the decline in revenues from migrant-related services was the inclusion in the current year period of virtual care revenues from SteadyMD, which was acquired in October 2025 and continued growth in the areas of care gap closure, remote patient monitoring and mobile phlebotomy services.

Previous wording

For the three months ended June 30, 2026, Transportation Services revenues were $52.0 million, an increase of $2.4 million, or 4.8%, compared to the three months ended June 30, 2025. This increase was due to a 10.8% increase in U.S. trip volumes, to 80,447 trips in the three months ended June 30, 2026, from 72,598 trips for the three months ended June 30, 2025. The average trip price increased to $426 in the three months ended June 30, 2026, from $410 in the three months ended June 30, 2025. The biggest volume gains were witnessed in New York, Texas and Tennessee. These increases in volumes and average trip price in the U.S. were partially offset by declines in the U.K. market.

Current wording

For the nine months ended September 30, 2026, Transportation Services revenues were $157.2 million, an increase of $6.6 million, or 4.4%, compared to the nine months ended September 30, 2025. This increase was due to a 8.9% increase in U.S. trip volumes, to 237,674 trips in the nine months ended September 30, 2026, from 218,269 trips for the nine months ended September 30, 2025. The average trip price increased to $420 in the nine months ended September 30, 2026, from $400 in the nine months ended September 30, 2025. The biggest volume gains were witnessed in New York, Texas and Tennessee. These increases in volumes and average trip price in the U.S. were partially offset by declines in the U.K. market.

Previous wording

For the six months ended June 30, 2026, total cost of revenues (exclusive of depreciation and amortization) decreased by 14.6% compared to the six months ended June 30, 2025, while revenues decrease by approximately 15.6%. Cost of revenues as a percentage of revenues increased to 68.9% in the six months ended June 30, 2026 from 68.1% in the six months ended June 30, 2025.

Current wording

For the nine months ended September 30, 2026, total cost of revenues (exclusive of depreciation and amortization) decreased by 12.3% compared to the nine months ended September 30, 2025, while revenues decrease by approximately 10.1%. Cost of revenues as a percentage of revenues decreased to 68.2% in the nine months ended September 30, 2026 from 69.9% in the nine months ended September 30, 2025.

Previous wording

Total cost of revenues in the six months ended June 30, 2026 decreased by $17.5 million compared to the same period in 2025. This decrease was primarily attributable to a $9.6 million decrease in total compensation and a $7.1 million decline in subcontracted labor costs, driven by the Mobile Health Services segment, due to the absence of migrant-related projects during the current year period. There was also a net decline of $0.8 million across several cost of revenues categories.

Current wording

Total cost of revenues in the nine months ended September 30, 2026 decreased by $21.2 million compared to the same period in 2025. This decrease was primarily attributable to a $12.5 million decrease in total compensation, a $5.5 million decline in subcontracted labor costs and a $2.8 million decline in vehicle costs, driven by the Mobile Health Services segment, due to the absence of migrant-related projects during the current year period. There was also a net decline of $0.4 million across several cost of revenues categories.

Previous wording

For the Mobile Health Services segment, cost of revenues (exclusive of depreciation and amortization) in the six months ended June 30, 2026 amounted to $32.0 million, down 38.6% from $52.1 million in the six months ended June 30, 2025. Cost of revenues as a percentage of revenues increased to 71.1% from 68.6% in the prior year period, as the decline in Mobile Health Services revenues from migrant-related projects outweighed the growth in higher margin service lines, such as mobile phlebotomy and remote patient monitoring.

Current wording

For the Mobile Health Services segment, cost of revenues (exclusive of depreciation and amortization) in the nine months ended September 30, 2026 amounted to $46.1 million, down 33.4% from $69.2 million in the nine months ended September 30, 2025. Cost of revenues as a percentage of revenues decreased to 70.7% from 71.6% in the prior year period, despite the decline in Mobile Health Services revenues from migrant-related projects, due to growth in higher margin service lines, such as mobile phlebotomy and remote patient monitoring.

Previous wording

For the Transportation Services segment, cost of revenues (exclusive of depreciation and amortization) in the six months ended June 30, 2026 amounted to $70.7 million, up 3.8% from $68.1 million in the six months ended June 30, 2025. Cost of revenues as a percentage of revenues increased to 68.0% from 67.8% in the prior year quarter, despite the revenue increase, due to increased compensation and higher vehicle costs. Total compensation increased by 5.3% year-over-year, reflecting increased field headcount and temporary increases in the effective hourly wage for certain shifts in some of the Company’s markets, as the Company aggressively expands its staff in order to reduce its reliance on subcontractors. Costs for subcontractors declined by 21.1% when compared to last year’s first half, reflecting a planned reduction in the number of ambulance trips that were completed by subcontractors in instances where the Company previously did not have sufficient personnel capacity to provide the requested services. Vehicle costs were driven higher primarily due to increased fuel costs, reflecting higher prices for gasoline starting in March, which continued throughout the second quarter.

Current wording

For the Transportation Services segment, cost of revenues (exclusive of depreciation and amortization) in the nine months ended September 30, 2026 amounted to $105.6 million, up 1.8% from $103.7 million in the nine months ended September 30, 2025. Cost of revenues as a percentage of revenues decreased to 67.2% from 68.9% in the prior year quarter, due to the revenue increase, despite to increased compensation and higher vehicle and medical supply costs. Total compensation increased by 1.3% year-over-year, reflecting increased field headcount and temporary increases in the effective hourly wage for certain shifts in some of the Company’s markets, as the Company aggressively expands its staff in order to reduce its reliance on subcontractors. Costs for subcontractors declined by 11% when compared to the first nine months of 2025, reflecting a planned reduction in the number of ambulance trips that were completed by subcontractors in instances where the Company previously did not have sufficient personnel capacity to provide the requested services. Vehicle costs were driven higher primarily due to increased fuel costs, reflecting higher prices for gasoline starting in March, which have now continued into the fourth quarter.

Previous wording

For the six months ended June 30, 2026, the Company recorded $82.9 million of operating expenses compared to $87.8 million for the six months ended June 30, 2025, a decrease of 5.6%. As a percentage of revenue, operating expenses increased from 49.7% in the second quarter of 2025 to 55.6% in the second quarter of 2026, reflecting the decrease in revenues described above. The decrease of $4.9 million in operating expenses related primarily to a decline of $2.0 million in total compensation, a reduction of $1.5 million in subcontractor costs and a $2.4 million decline in depreciation and amortization charges, reflecting write-downs of intangible assets in the second half of 2025, partially offset by $1.0 million increases in legal, regulatory, and technology and development expenses.

Current wording

For the nine months ended September 30, 2026, the Company recorded $124.6 million of operating expenses compared to $147.9 million for the nine months ended September 30, 2025, a decrease of 15.8%. As a percentage of revenue, operating expenses decreased from 59.8% in the first nine months of 2025 to 56.0% in the first nine months of 2026, despite the decrease in revenues described above, due to ongoing cost-containment projects. The decrease of $23.4 million in operating expenses related primarily to the recording in the prior year period of several impairments charges for various intangible assets, including a $6.5 million impairment of the carrying value of the customer relationships for the Company’s Rapid Temps entity, an $8.7 million impairment of the goodwill related to the Rapid Temps entity, and a $1.5 million impairment of the carrying value of trade credits the Company had received in lieu of cash payment from a Mobile Health customer in a prior year period. No impairments were recorded in the third quarter of 2026. In addition to these factors were a decline of $4.0 million in total compensation, a reduction of $2.4 million in subcontractor costs and a $3.7 million decline in depreciation and amortization charges, reflecting write-downs of intangible assets in the second half of 2025, partially offset by a $1.4 million increases technology expenses, a $1.0 million increase in professional fees, a $0.7 million increase in bad debt expense, and a $0.3 million increase in rent and utilities.

Previous wording

For the Mobile Health Services segment, operating expenses in both the six months ended June 30, 2026 and 2025 were $22.1 million, as the elimination of operating expenses related to the wound-down migrant-related projects were offset by investments made in the Company’s nascent care gap closure business and the inclusion of operating expenses from the SteadyMD business which was acquired in October 2025. Operating expenses as a percentage of revenues increased to 49.1% in the second quarter of 2026, from 29.1% in the second quarter of 2025, reflecting the significant drop in Mobile Health Services revenues in relation to cessation of migrant-related projects in New York at the end of 2025.

Current wording

For the Mobile Health Services segment, operating expenses in the nine months ended September 30, 2026 were $32.1 million, down 33.5% from $48.3 million in the nine months ended September 30, 2025, due to the impairment charges described above, which related solely to the prior year period. Beyond this factor, the elimination of operating expenses related to the wound-down migrant-related projects were offset by investments made in the Company’s nascent care gap closure business and the inclusion of operating expenses from the SteadyMD business which was acquired in October 2025. Operating expenses as a percentage of revenues decreased to 49.2% in the nine months ended September 30, 2026, from 49.9% in the nine months ended September 30, 2025.

Previous wording

For the Transportation Services segment, operating expenses in the six months ended June 30, 2026 were $33.0 million, up 3.8% from $31.8 million in the six months ended June 30, 2025. Operating expenses as a percentage of revenues increased slightly, to 31.7% for the six months ended June 30, 2026 from 31.6% in the six months ended June 30, 2025, as the increased revenues outweighed the effect of increased compensation for non-field personnel, to support the ongoing growth of that segment.

Current wording

For the Transportation Services segment, operating expenses in the nine months ended September 30, 2026 were $49.9 million, up 5.0% from $47.5 million in the nine months ended September 30, 2025. Operating expenses as a percentage of revenues increased slightly, to 31.7% for the nine months ended September 30, 2026 from 31.5% in the nine months ended September 30, 2025, as the increased revenues were outweighed by the effect of increased compensation for non-field personnel, to support the ongoing growth of that segment.

Previous wording

For the Corporate segment, which represents primarily shared services that are not contained within the entities included in either the Mobile Health Services or Transportation Services segments, operating expenses in the six months ended June 30, 2026 were $27.8 million, down 18.0% from $33.9 million in the six months ended June 30, 2025, due to reduced corporate headcount, lower subcontractor costs and decreased professional fees, relating to the Company’s ongoing cost-cutting efforts. Corporate expenses amounted to approximately 18.7% of total consolidated revenues in the second quarter of 2026, compared to 19.2% in the second quarter of 2025, despite the decline in total consolidated revenues, reflecting the impact of these cost-cutting efforts.

Current wording

For the Corporate segment, which represents primarily shared services that are not contained within the entities included in either the Mobile Health Services or Transportation Services segments, operating expenses in the nine months ended September 30, 2026 were $42.6 million, down 18.2% from $52.1 million in the nine months ended September 30, 2025, due to reduced corporate headcount, lower subcontractor costs and decreased professional fees, relating to the Company’s ongoing cost-cutting efforts. Corporate expenses amounted to approximately 19.2% of total consolidated revenues in the nine months ended September 30, 2026, compared to 21.1% in the nine months ended September 30, 2025, despite the decline in total consolidated revenues, reflecting the impact of these cost-cutting efforts.

Previous wording

During the six months ended June 30, 2026, the Company recorded a $0.2 million interest expense, net compared to a $0.9 million interest expense, net in the six months ended June 30, 2025. Interest expenses and related fees on borrowings under the Prior Revolving Facility outweighed interest earned on balances in the Company’s interest-bearing accounts in both of the six month periods ended June 30, 2026 and 2025.

Current wording

During the nine months ended September 30, 2026, the Company recorded a $0.3 million interest expense, net compared to a $1.1 million interest expense, net in the nine months ended September 30, 2025. The decline in interest expenses was driven by the payoff of the outstanding balances under the Prior Revolving Facility during the third quarter of 2025.

Previous wording

During the six months ended June 30, 2026, the Company recorded a $2.8 million loss on the change in fair value of contingent consideration, reflecting an improved revenue outlook for the SteadyMD business, which was acquired in October 2025. The Company did not record a change in fair value of contingent consideration during the six months ended June 30, 2025.

Current wording

During the nine months ended September 30, 2026, the Company recorded a $3.6 million loss on the change in fair value of contingent consideration, reflecting an improved revenue outlook for the SteadyMD business, which was acquired in October 2025. During the nine months ended September 30, 2025, the Company recorded a loss for the change in fair value of contingent consideration of $1.1 million, which related to an improved outlook for the Cardiac RMS business.

Previous wording

During the six months ended June 30, 2026, the Company recorded $4.7 million in other income from insurance proceeds. The Company did not record any insurance proceeds during the six months ended June 30, 2025. The Company was reimbursed in the 2026 period for legal fees that were covered by the Company’s insurance policy.

Current wording

During the nine months ended September 30, 2026, the Company recorded $4.7 million in other income from insurance proceeds. The Company did not record any insurance proceeds during the nine months ended September 30, 2025. The Company was reimbursed in the 2026 period for legal fees that were covered by the Company’s insurance policy.

Previous wording

The Company did not record a gain or loss on equity method investment for the three months ended June 30, 2026. During the three months ended June 30, 2025, the Company recorded a loss on equity method investments of $38,817, representing its share of the losses incurred by an entity in which the Company has a minority interest.

Current wording

The Company did not record a gain or loss on equity method investment for the nine months ended September 30, 2026.

Previous wording

The Company did not record a gain or loss on equity method investment for the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company recorded a loss on equity method investments of $0.1 million, representing its share of the losses incurred by an entity in which the Company has a minority interest.

Current wording

During the nine months ended September 30, 2025, the Company recorded a loss on equity method investments of $0.1 million, representing its share of the losses incurred by an entity in which the Company had a minority interest.

Previous wording

During the six months ended June 30, 2026, the Company recorded a $0.1 million loss on disposal of fixed assets compared to a $33,215 loss on disposal of fixed assets in six months ended June 30, 2025.

Current wording

During the nine months ended September 30, 2026, the Company recorded a $169,918 loss on disposal of fixed assets compared to a $43,668 loss on disposal of fixed assets in nine months ended September 30, 2025.

Previous wording

During the six months ended June 30, 2026, the Company recorded other income of $0.4 million, compared to other expense of $0.2 million in the six months ended June 30, 2025.

Current wording

During the nine months ended September 30, 2026, the Company recorded other income of $0.5 million, compared to other expense of $0.1 million in the nine months ended September 30, 2025.