P3 Health Partners Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
PIII$3.38-20.5%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows (Unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Nine Months Ended September 30, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net loss | $(157,372) | $(181,230) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation and amortization | 63,168 | 64,905 | |
| Premium deficiency reserve | (36,665) | 15,771 | |
| Paid in-kind interest expense | 19,813 | 12,281 | |
| Amortization of original issue discount and debt issuance costs | 11,383 | 13 | |
| Equity-based compensation | 4,482 | 5,031 | |
| Mark-to-market adjustment of stock warrants | (2,784) | (14,626) | |
| Loss on asset sale and disposal | 340 | — | |
| Gain on write off of contingent consideration | — | (4,907) | |
| Changes in operating assets and liabilities: | |||
| Health plan receivable | 39,242 | (4,828) | |
| Clinic fees, insurance, and other receivable | 209 | 445 | |
| Prepaid expenses and other current assets | 3,015 | (7,402) | |
| Other long-term assets | (12,274) | (2) | |
| Accounts payable, accrued expenses, and other current liabilities | 7,786 | 1,780 | |
| Accrued payroll | (1,373) | 903 | |
| Health plan settlements payable | (2,085) | 6,177 | |
| Claims payable | (1,425) | 52,727 | |
| Accrued interest | (2,034) | — | |
| Operating lease liability | 1,063 | 72 | |
| Net cash used in operating activities | (65,511) | (52,890) | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (119) | — | |
| Purchase price received in advance of asset sale | — | 15,000 | |
| Proceeds from asset sale | 50 | — | |
| Net cash (used in) provided by investing activities | (69) | 15,000 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from long-term debt, net of original issue discount | 60,000 | 25,000 | |
| Proceeds from short-term debt | 1,137 | 1,871 | |
| Repayment of short-term and long-term debt | (1,023) | (1,663) | |
| Payment of debt issuance costs | (174) | (100) | |
| Proceeds from liability-classified warrants and private placement offering, net of offering costs paid | — | 40,547 | |
| Deferred offering costs paid | — | (507) | |
| Payment of tax withholdings upon settlement of restricted stock unit awards | — | (127) | |
| Proceeds from at-the-market sales, net of offering costs paid | 33 | ||
| Net cash provided by financing activities | 59,940 | 65,054 | |
| Net change in cash and restricted cash | (5,640) | 27,164 | |
| Cash and restricted cash, beginning of period | 44,102 | 40,934 | |
| Cash and restricted cash, end of period | $38,462 | $68,098 | |
| Reconciliation of cash and restricted cash: | |||
| Cash | $37,714 | $62,962 | |
| Restricted cash | 748 | 5,136 | |
| Total cash and restricted cash | $38,462 | $68,098 | |
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