Health Catalyst, Inc.

For the period ended Dec 31, 2025. Filed Mar 12, 2026.

About this filing

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 12, 2026

HCAT$1.44-4.6%Stored close · as of Nov 10, 2026

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Contents

Health Catalyst, Inc. Consolidated Statements of Operations

Consolidated Statements of Operations

(in thousands, except per share data)

	Year Ended December 31,
	2025	2024	2023
Revenue(1):
Technology	$208,277	$194,852	$187,583
Professional services	102,859	111,732	108,355
Total revenue	311,136	306,584	295,938
Cost of revenue, excluding depreciation and amortization(1):
Technology	69,741	67,812	62,474
Professional services	89,720	97,993	101,631
Total cost of revenue, excluding depreciation and amortization	159,461	165,805	164,105
Operating expenses:
Sales and marketing	52,477	54,387	67,321
Research and development	49,770	57,950	72,627
General and administrative	49,559	56,817	76,559
Depreciation and amortization	50,500	41,431	42,223
Impairment of goodwill and intangible assets	110,223	—	—
Total operating expenses	312,529	210,585	258,730
Loss from operations	(160,854)	(69,806)	(126,897)
Interest and other (expense) income, net	(16,404)	637	9,106
Loss before income taxes	(177,258)	(69,169)	(117,791)
Income tax provision	716	333	356
Net loss	$(177,974)	$(69,502)	$(118,147)
Net loss per share, basic and diluted	$(2.55)	$(1.15)	$(2.09)
Weighted-average shares outstanding used in calculating net loss per share, basic and diluted	69,896	60,185	56,418

(1)Includes amounts attributable to related party transactions. See Note 18 for further details.

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