DocGo Announces Third Quarter 2025 Results

Company Achieves Record Volumes Across All Major Business Lines

Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time

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 quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

• Total revenue for the third quarter of 2025 was $70.8 million, compared to $138.7 million in the third quarter of 2024. This decline was entirely due to the wind-down of migrant-related programs, which generated $8.4 million in the third quarter of 2025 and $80.7 million in the third quarter of 2024. Excluding revenue from migrant-related programs, revenue increased 8% to $62.4 million in the third quarter of 2025 from $58.0 million in the third quarter of 2024.
• GAAP gross margin (which includes depreciation and amortization expenses) for the third quarter of 2025 was 20.0%, compared to 33.0% in the third quarter of 2024.
• Adjusted gross margin¹ for the third quarter of 2025 was 33.0%, compared to 36.0% in the third quarter of 2024.
• Net loss for the third quarter of 2025 was $29.7 million, compared to net income of $4.5 million in the third quarter of 2024. Included in this quarter’s loss was a total of $16.7 million of non-cash impairments of intangible assets and goodwill.
• Adjusted EBITDA¹ loss was $7.2 million for the third quarter of 2025, compared to adjusted EBITDA of $17.9 million for the third quarter of 2024.
• Transportation Services revenue in the third quarter of 2025 was $50.1 million, compared to $48.0 million for the third quarter of 2024.
• Mobile Health Services revenue for the third quarter of 2025 was $20.7 million, compared to $90.7 million for the third quarter of 2024. This decline was due to the wind-down of migrant-related programs. Excluding revenue from migrant-related programs, Mobile Health Services revenue increased 23% from the third quarter of 2024.
• As of September 30, 2025, the Company held total cash and cash equivalents, including restricted cash and investments, of approximately $95.2 million, compared to $128.7 million as of June 30, 2025. The decline was largely due to the repayment of the Company’s $30 million dollar line of credit during the period.
• During the third quarter of 2025, the Company generated $1.7 million of cash flow from operations.

Select Corporate Highlights for the Third Quarter of 2025 and Recent Weeks

• Company achieved record volumes across all major business lines, with US medical transportation increasing 2.5%, care gap closure and transitions of care increasing 320%, mobile phlebotomy increasing 11%, and remote patient monitoring increasing 6%, when comparing third quarter 2025 to third quarter 2024.
• Surpassed 1.3 million patients assigned by the Company’s payer and provider partners to engage for care gap closure services, up from 1.2 million last quarter.
• Ramped services under a multi-year contract with one of the largest academic medical systems in the New York metro area to provide dedicated ambulance services and coordinate all discharge transportation through DocGo’s proprietary digital transportation management platform.
• Launched new mobile health vaccination program for the County of San Diego.
• Entered agreement to provide medical transportation services to Albany Stratton VA Medical Center.
• Subsequent to quarter end, entered agreement to launch care gap closure program in New Mexico with national insurance provider.
• Subsequent to quarter end, entered agreement to provide longitudinal care services for a major health plan in California. Utilizing a combination of telehealth and on-site care, the Company will offer preventative care, chronic care management and transitions of care services to 10,000 plan members.
• Subsequent to quarter end, acquired virtual care platform SteadyMD, expanding telehealth services across all 50 states to help drive revenue growth and achieve operational synergies.

Financial Guidance

• Full-year 2025 revenue is expected to be $315-$320 million, including $68-$70 million of migrant-related revenue, compared to last quarter’s estimate of $300-$330 million.
• Full-year 2025 adjusted EBITDA² is expected to be a loss of $25-$28 million, compared to last quarter’s estimate of a loss of $20-$30 million.
• Full-year 2026 revenue is expected to be $280-$300 million, which includes no migrant-related revenue.
• Full-year 2026 adjusted EBITDA² is expected to be a loss of $15-$25 million, the majority of which is expected to be realized in the first half of the year.

Lee Bienstock, Chief Executive Officer of DocGo, commented, “I’m proud of what we have accomplished during this year of transition, with our core mobile health and medical transportation businesses all achieving record volumes in the third quarter. I want to emphasize that each of our service lines, with the exception of our care gap closure and primary care offerings, is adjusted EBITDA positive on a contribution basis. We continue to believe that the substantial investment we made this year into our care gap and primary care offerings, which bring the capabilities of a doctor’s office into the patient’s living room, offers significant strategic value, and we are seeing notable expansions with our major payer customers to support that view. We expect our level of investment to decline significantly in 2026 as our early markets mature and become more self-sustaining.”

Norm Rosenberg, Chief Financial Officer of DocGo, also commented, “Today, we issued 2026 guidance, which calls for a base business revenue increase of 12%-20%. I'd like to point out that this should be viewed as our baseline forecast, which represents already contracted revenues that we can support with our current capacity. It does not assume any acquisitions or new contract wins from our robust pipeline. At the top end of our revenue guidance range for 2026, we would expect to exit the year on an adjusted EBITDA positive run rate.”

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, November 10^th, 2025, at 5:00 PM ET

1-800-717-1738 - Investors Dial

1-646-307-1865 - Int’l Investors Dial

Conference ID: 87106

Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1738815&tp_key=af1d51f1f1

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 years 2025 and 2026; the performance and growth of its core business lines; ability to deliver and capitalize on the benefits of the SteadyMD acquisition and other potential M&A activity; cash flow and cash collections; the Company’s cash balances; the Company’s investments in and performance of its newer business lines; and the Company’s return to 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 recent and ongoing wind down of migrant-related services; 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; 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; recent revenue growth derived from a small number of large customers; 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.

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 months ended September 30, 2025, compared to the same period in 2024 and the three months ended June 30, 2025:

The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three months ended September 30, 2025, compared to the same period in 2024 and the three months ended June 30, 2025 (in millions):

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