LifeMD Reports Third Quarter 2026 Results

Rhea-AI Summary

LifeMD (LFMD) reported third-quarter 2026 revenue of $44.6 million, down approximately 7% year over year and below its guidance. The loss from continuing operations attributable to common stockholders narrowed to $5.2 million, or $0.11 per share, from $5.4 million, or $0.12 per share, a year earlier. Adjusted EBITDA, a non-GAAP earnings measure, was approximately negative $0.4 million, improving sequentially but falling from positive $2.8 million a year earlier.

LifeMD cut full-year revenue guidance to $188 million–$191 million and expects an adjusted EBITDA loss of $10.6 million–$12.6 million. Active subscribers rose 13% year over year to approximately 350,000. The company began dispensing branded GLP-1 medications through arrangements with Novo Nordisk and Eli Lilly and entered an exclusive AT&T relationship. Quarter-end cash was $21.9 million with no debt; a $12.5 million secured term loan closed afterward.

13 points · 1 major

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2 major · 19 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point$12.5 million term loan closed after quarter-end, replacing the prior credit facility and providing funding. 15% of market cap
• Moderate pointSelling and marketing expenses fell 18% year over year and 34% sequentially to $18.5 million.
• Moderate pointActive subscribers increased 13% year over year to approximately 350,000, nearly flat sequentially.
• Moderate pointLifeMD Pharmacy shipment volume grew 58.3% year over year.
• Moderate pointNovo Nordisk and Eli Lilly arrangements enabled nationwide self-pay dispensing of branded GLP-1 medications.
• Moderate pointExclusive AT&T relationship provides service access to its 100 million customers and 110,000 U.S. employees.
• Moderate pointCost per acquisition fell 32% from May to September while monthly media spending declined 45%.

6 minor points

• Minor pointContinuing-operations loss attributable to common stockholders narrowed to $5.2 million from $5.4 million year over year.
• Minor pointContinuing-operations loss per share improved to $0.11 from $0.12 year over year and $0.18 sequentially.
• Minor point. Forward-looking: it has not happened yet and may not happen.Enterprise healthcare offering is scheduled to begin marketing to businesses nationwide in fourth-quarter 2026.
• Minor pointCustomer service expenses decreased to $2,351,426 from $2,784,320 in third-quarter 2025.
• Minor pointThird-quarter continuing-operations operating cash use declined to $949,634 from $2,189,862 a year earlier.
• Minor pointThird-quarter stock compensation expense decreased to $1,684,445 from $3,198,036 a year earlier.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year revenue guidance fell to $188 million–$191 million from $205.5 million–$212.5 million.
• Major pointNew debt obligation comprises a $12.5 million non-convertible senior secured term loan with Avenue Capital. 15% of market cap
• Moderate pointThird-quarter revenue decreased approximately 7% year over year to $44.6 million and missed guidance.
• Moderate pointAdjusted EBITDA was approximately negative $0.4 million versus positive $2.8 million year over year; sequential improvement was approximately $3.1 million.
• Moderate pointGross profit fell 11% year over year to approximately $36.4 million.
• Moderate pointThird-quarter operating loss from continuing operations widened to $4,466,501 from $3,126,682 a year earlier.
• Moderate pointCash declined to $21,921,769 at September 30, 2026, from $36,786,318 at December 31, 2025.
• Moderate pointAccounts payable increased to $37,736,899 at September 30, 2026, from $14,149,154 at December 31, 2025.
• Moderate pointNine-month continuing-operations loss per share widened to $0.48 from $0.28 a year earlier.
• Moderate pointNine-month continuing-operations operating cash flow turned negative $7,430,657 from positive $4,170,573 a year earlier.

9 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year adjusted EBITDA guidance fell to negative $12.6 million–negative $10.6 million from negative $6.0 million–breakeven.
• Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter outlook projects revenue of $46 million–$49 million and adjusted EBITDA of negative $4 million–negative $2 million.
• Minor pointGross margin fell to approximately 82% from 85% year over year, primarily reflecting branded-medication revenue presentation.
• Minor pointGeneral and administrative expenses increased 6% year over year to $14.7 million, reflecting added clinical capacity.
• Minor pointOther operating expenses increased to $3,453,051 from $2,800,013 in third-quarter 2025.
• Minor pointDevelopment costs increased to $1,882,508 from $1,844,269 in third-quarter 2025.
• Minor pointPartnership ramp-up took longer than LifeMD expected, weighing on third-quarter revenue.
• Minor pointStockholders’ deficit reached $579,655 at September 30, 2026, versus $18,331,139 equity at December 31, 2025.
• Minor pointNine-month revenue declined to $142,048,848 from $146,861,697 a year earlier.

News Explained

The revised 2026 outlook projects an adjusted EBITDA loss of $10.6 million to $12.6 million, versus breakeven to a $6 million loss.

LifeMD reported third-quarter results and revised its full-year outlook; at September 30, 2026, 48,255,837 common shares were outstanding, versus 46,656,976 at December 31, 2025, meaning an existing holder's ownership percentage is lower if that holder's share count did not change.

Management lowered 2026 revenue guidance to $188 million–$191 million from $205.5 million–$212.5 million; its adjusted EBITDA outlook changed to a loss of $10.6 million–$12.6 million from a loss of $6 million to breakeven.

After quarter-end, LifeMD closed a $12.5 million non-convertible senior secured term loan that replaces its prior revolving credit facility; management says it provides flexibility to fund working capital for branded fulfillment.

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Key Figures

Q3 revenue: $44.6 million Adjusted EBITDA: Loss of approximately $0.4 million Active subscribers: Approximately 350,000, up 13% year-over-year +5 more

Q3 revenue

$44.6 million

Third quarter 2026

Adjusted EBITDA

Loss of approximately $0.4 million

Third quarter 2026; within the company’s guidance range

Active subscribers

Approximately 350,000, up 13% year-over-year

At the end of the third quarter of 2026

Q4 revenue guidance

$46 million to $49 million

Expected for the fourth quarter of 2026

Q4 adjusted EBITDA guidance

Negative $4 million to negative $2 million

Expected for the fourth quarter of 2026

Full-year revenue guidance

$188 million to $191 million

Revised 2026 guidance; previous guidance was $205.5 million to $212.5 million

Full-year adjusted EBITDA guidance

Negative $12.6 million to negative $10.6 million

Revised 2026 guidance; previous guidance was negative $6.0 million to breakeven

Gross margin

Approximately 82%

Third quarter 2026, compared with approximately 85% a year earlier

Previous Earnings Reports

1 past event · Latest: Aug 05

Same Type 1 event

1. Aug 05

   Q2 earnings report

   24h Move

   -7.6%

   Q2 revenue declined year over year and the company cut 2026 revenue and EBITDA guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, gaap, glp-1, senior secured term loan

4 terms

adjusted ebitda financial

"Adjusted EBITDA loss of approximately $0.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap financial

"GAAP net loss from continuing operations attributable to common stockholders"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

glp-1 medical

"self-pay branded GLP-1 medications"

GLP-1 (glucagon-like peptide-1) is a natural hormone in the body that helps regulate blood sugar levels and appetite. Its significance to investors lies in its role as the basis for a class of medications that address conditions like type 2 diabetes and obesity, which are large and growing markets. Advances or investments in GLP-1-based treatments can signal opportunities in healthcare innovation and potentially impact pharmaceutical companies’ growth.

senior secured term loan financial

"closed on a $12.5 million senior secured term loan"

A senior secured term loan is a type of borrowing where a company borrows money and promises to pay it back over a fixed period, with the loan secured by the company's assets as collateral. Because it is "senior," it has priority over other debts if the company faces financial trouble, and being "secured" means lenders have a claim on specific assets. For investors, this makes the loan a safer and more predictable investment compared to unsecured or subordinate debts.

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• Third quarter 2026 revenue of $44.6 million; adjusted EBITDA loss of approximately $0.4 million, within the Company’s guidance range of negative $1 million to positive $2 million.
• Adjusted EBITDA improved approximately $3.1 million sequentially from an adjusted EBITDA loss of $3.5 million in the second quarter of 2026, driven primarily by a 34% sequential reduction in selling and marketing expenses and reduction of overall non-clinical expenses.
• GAAP net loss from continuing operations attributable to common stockholders of $5.2 million, or $0.11 per share, compared with $8.4 million, or $0.18 per share, in the second quarter of 2026.
• Total active subscribers increased 13% year-over-year to approximately 350,000.
• LifeMD Pharmacy shipment volume grew 58.3% year-over-year.
• Exited the quarter with $21.9 million of cash and no debt; subsequent to quarter-end, closed on a $12.5 million senior secured term loan to replace the Company’s previous credit facility.
• Entered into arrangements with both Novo Nordisk and Eli Lilly, enabling LifeMD’s pharmacy to begin dispensing self-pay branded GLP-1 medications, including Wegovy, Wegovy Pill, Ozempic, Zepbound, and Foundayo, to patients nationwide.
• Entered into an exclusive relationship with AT&T to provide its 100 million wireless and fiber customers and 110,000 U.S. employees access to LifeMD’s healthcare and pharmacy services.
• Expecting fourth quarter 2026 revenue of between $46 million and $49 million, and Adjusted EBITDA of between negative $4 million to negative $2 million.
  
  

Conference call begins at 4:30 p.m. Eastern time today

NEW YORK, Nov. 12, 2026 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care and pharmacy services, today reported financial results for the third quarter ended September 30, 2026.

Management Commentary

“We ended the quarter with approximately 350,000 active subscribers, up 13% from a year ago and nearly flat from the second quarter, despite spending $9.5 million less on marketing,” said Justin Schreiber, Chairman and CEO of LifeMD. “We’re helping more people access high-quality healthcare, and we’re getting more efficient at doing it. From May to September, cost per acquisition fell 32% while monthly media spend declined 45%. Adjusted EBITDA improved approximately $3.1 million sequentially to roughly breakeven, and we expect to sustain or improve these unit economics going forward.

“Revenue of $44.6 million was below our guidance, and we are resetting our outlook for the fourth quarter and full year. We deliberately reduced marketing spend and prioritized longer patient commitments, and our partnerships took longer to ramp than we expected. Those factors weighed on revenue this quarter, but we believe our decisions put us in a stronger position to grow profitably.

“Our pharmacy has begun dispensing branded GLP-1 medications from Eli Lilly and Novo Nordisk. Our exclusive relationship with AT&T gives its 100 million wireless and fiber customers and 110,000 U.S. employees access to our healthcare and pharmacy services. We also made significant progress on our enterprise healthcare offering, which we will begin marketing to businesses across the country in the fourth quarter. Our women’s health program continued to improve, and we added experienced leadership to accelerate its growth. Our focus now is turning this work into revenue growth while maintaining the operating discipline we established this quarter.”

“Gross margin was approximately 82% in the quarter, compared with approximately 89% in the second quarter and 85% a year ago. The decline primarily reflects a change in presentation, not economics: under our new branded fulfillment arrangements, medications fulfilled by our own pharmacy are recognized on a gross revenue basis,” said Atul Kavthekar, Chief Financial Officer of LifeMD. “We reduced selling and marketing expense by $9.5 million sequentially to $18.5 million. General and administrative expense increased slightly from the second quarter to $14.7 million, reflecting clinical capacity added to support our new partnerships, partially offset by efficiencies in non-clinical functions. We ended the quarter with $21.9 million of cash and no debt. Subsequent to quarter end, we closed a $12.5 million non-convertible senior secured term loan with Avenue Capital. It replaces our prior revolving credit facility and gives us significantly greater flexibility to fund the working capital our branded fulfillment arrangements may require.”

Third Quarter 2026 Financial Highlights

All comparisons are with the third quarter of 2025 on a continuing operations basis (excluding WorkSimpli, which was divested on November 4, 2025, and is reported as discontinued operations for all periods presented). Non-GAAP financial measures referenced below are defined and reconciled to the most directly comparable GAAP measures at the end of this press release.

• Total revenue was $44.6 million, compared with $47.7 million in the prior-year period, a decrease of approximately 7%.
• Gross profit was $36.4 million, compared with $40.7 million in the prior-year period. Gross margin was approximately 82%, compared with approximately 85% in the prior-year period, a decline of approximately 370 basis points, primarily reflecting the gross revenue presentation of branded medications fulfilled by our pharmacy.
• Selling and marketing expenses decreased 18% year-over-year, and 34% sequentially, to $18.5 million.
• General and administrative expenses increased 6% year-over-year to $14.7 million, reflecting added clinical capacity.
• GAAP net loss from continuing operations attributable to common stockholders was $5.2 million, or $0.11 per share, compared with a GAAP net loss from continuing operations attributable to common stockholders of $5.4 million, or $0.12 per share, in the prior-year period.
• Adjusted EBITDA was a loss of approximately $0.4 million, compared with adjusted EBITDA of approximately $2.8 million in the prior-year period.
• Cash totaled $21.9 million as of September 30, 2026, and the Company had no debt at quarter end.
• The number of active subscribers increased 13% year-over-year to approximately 350,000 at quarter end.
  
  

($ in 000s)	Three Months Ended September 30,						Y-o-Y
Key Performance Metrics	2026			2025			% Growth
Revenue	$	44,625		$	47,728		-7	%
Gross Profit	$	36,376		$	40,666		-11	%
Gross Margin %	82		%	85		%	-370bpts
Adjusted EBITDA	$	(413	)	$	2,787		-115	%
Active Subscribers	349,744			310,818			13	%

Financial Guidance

For the fourth quarter of 2026, the Company expects:

• Revenue in the range of $46 million to $49 million.
• Adjusted EBITDA in the range of negative $4 million to negative $2 million.
  
  

For the full year 2026, the Company expects (revised from previous guidance):

• Revenue in the range of $188 million to $191 million, compared with previous guidance of $205.5 million to $212.5 million.
• Adjusted EBITDA in the range of negative $12.6 million to negative $10.6 million, compared with previous guidance of negative $6.0 million to breakeven.
  
  

Conference Call
LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:

Toll-free dial-in number:	(877) 270-2148
International dial-in number:	+1 (412) 902-6510
Conference ID:	LifeMD, Inc. Third Quarter 2026 Results

A live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

About LifeMD, Inc.

LifeMD® is a leading virtual care company making high-quality healthcare more accessible, convenient, and affordable. Through its vertically integrated platform, LifeMD connects patients with a 50-state affiliated medical group, laboratory services, a state-of-the-art in-house pharmacy, and a U.S.-based patient care center. Together, these capabilities support care across more than 200 conditions, including primary care, men’s and women’s health, weight management, and hormone therapy. For more information, please visit LifeMD.com.

Cautionary Note Regarding Forward Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” “predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

Investor Contact
ir@lifemd.com

Media Contact
press@lifemd.com

Tables to Follow

LIFEMD, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	September 30, 2026				December 31, 2025
ASSETS
Current Assets
Cash	$	21,921,769			$	36,786,318
Receivables, net		13,249,849				2,485,882
Product deposit		218,690				320,217
Inventory, net		10,348,601				2,773,576
Other current assets		3,522,349				2,646,077
Total Current Assets		49,261,258				45,012,070
Non-current Assets
Equipment, net		1,905,154				2,444,717
Right of use assets, net		4,622,463				5,267,857
Capitalized software, net		10,329,573				10,604,946
Intangible assets, net		166,583				262,334
Total Non-current Assets		17,023,773				18,579,854
Total Assets	$	66,285,031			$	63,591,924
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Accounts payable	$	37,736,899			$	14,149,154
Accrued expenses		12,842,607				14,214,393
Current operating lease liabilities		691,719				642,422
Deferred revenue		10,433,507				10,573,442
Total Current Liabilities		61,704,732				39,579,411
Long-term Liabilities
Non-current operating lease liabilities		5,159,954				5,681,374
Total Liabilities		66,864,686				45,260,785
Commitments and Contingencies
Stockholders’ (Deficit) Equity
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding as of September 30, 2026 and December 31, 2025		140				140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 48,358,877 and 46,760,016 shares issued, 48,255,837 and 46,656,976 outstanding as of September 30, 2026 and December 31, 2025, respectively		483,589				467,600
Additional paid-in capital		255,443,609				251,455,616
Accumulated deficit		(256,343,292	)			(233,428,516	)
Treasury stock, 103,040 shares, at cost, as of September 30, 2026 and December 31, 2025		(163,701	)			(163,701	)
Total LifeMD, Inc. Stockholders’ (Deficit) Equity		(579,655	)			18,331,139
Total Liabilities and Stockholders’ (Deficit) Equity	$	66,285,031			$	63,591,924

LIFEMD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Telehealth revenue, net	$	44,625,086			$	47,727,942			$	142,048,848			$	146,861,697
Cost of telehealth revenue		8,249,469				7,061,651				19,605,877				21,627,901
Gross profit		36,375,617				40,666,291				122,442,971				125,233,796
Expenses
Selling and marketing expenses		18,500,609				22,563,994				76,411,416				66,988,030
General and administrative expenses		14,654,524				13,800,377				43,468,661				42,995,255
Other operating expenses		3,453,051				2,800,013				9,673,184				8,072,564
Customer service expenses		2,351,426				2,784,320				8,103,717				9,086,549
Development costs		1,882,508				1,844,269				5,470,005				5,526,379
Total expenses		40,842,118				43,792,973				143,126,983				132,668,777
Operating loss from continuing operations		(4,466,501	)			(3,126,682	)			(20,684,012	)			(7,434,981	)
Interest (expense) income, net		(3,212	)			(260,621	)			98,924				(1,385,046	)
Loss on debt extinguishment		-				(1,155,851	)			-				(1,155,851	)
Loss from continuing operations before income taxes		(4,469,713	)			(4,543,154	)			(20,585,088	)			(9,975,878	)
Income tax provision		-				(31,823	)			-				(31,823	)
Net loss from continuing operations		(4,469,713	)			(4,574,977	)			(20,585,088	)			(10,007,701	)
Net income from discontinued operations		-				935,013				-				4,821,519
Net loss		(4,469,713	)			(3,639,964	)			(20,585,088	)			(5,186,182	)
Net income attributable to noncontrolling interests of discontinued operations		-				249,462				-				1,286,382
Net loss attributable to LifeMD, Inc.		(4,469,713	)			(3,889,426	)			(20,585,088	)			(6,472,564	)
Preferred stock dividends		(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Net loss attributable to LifeMD, Inc. common stockholders	$	(5,246,276	)		$	(4,665,989	)		$	(22,914,776	)		$	(8,802,252	)
Basic (loss) earnings per share attributable to LifeMD, Inc. common stockholders
Continuing operations	$	(0.11	)		$	(0.12	)		$	(0.48	)		$	(0.28	)
Discontinued operations		-				0.01				-				0.08
Basic loss per share	$	(0.11	)		$	(0.10	)		$	(0.48	)		$	(0.20	)
Diluted (loss) earnings per share attributable to LifeMD, Inc. common stockholders
Continuing operations	$	(0.11	)		$	(0.12	)		$	(0.48	)		$	(0.28	)
Discontinued operations		-				0.01				-				0.08
Diluted loss per share	$	(0.11	)		$	(0.10	)		$	(0.48	)		$	(0.20	)
Weighted average number of common shares outstanding:
Basic		48,182,152				46,162,625				47,772,180				44,575,553
Diluted		48,182,152				46,162,625				47,772,180				44,575,553

LIFEMD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(4,469,713	)		$	(3,639,964	)		$	(20,585,088	)		$	(5,186,182	)
Less: Net income from discontinued operations		-				935,013				-				4,821,519
Net loss from continuing operations		(4,469,713	)			(4,574,977	)			(20,585,088	)			(10,007,701	)
Adjustments to reconcile net loss from continuing operations to net cash (used in) provided by operating activities:
Amortization of debt discount		-				33,481				-				234,369
Amortization of capitalized software		1,727,834				1,597,030				5,116,366				4,712,732
Amortization of intangibles		31,917				31,917				95,751				62,084
Loss on debt extinguishment		-				1,155,851				-				1,155,851
Depreciation of fixed assets		301,049				253,031				883,294				583,915
Noncash operating lease expense		217,495				217,495				645,394				743,207
Stock compensation expense		1,684,445				3,198,036				3,923,462				7,841,178
Changes in Assets and Liabilities
Receivables		(9,507,862	)			(10,338	)			(10,763,967	)			2,618,396
Product deposit		25,069				(119,518	)			101,527				(329,755	)
Inventory		(7,392,457	)			(181,027	)			(7,575,025	)			(635,024	)
Other current assets		(1,035,546	)			(1,382,528	)			(876,272	)			(558,239	)
Operating lease liabilities		(165,451	)			(23,535	)			(472,123	)			(171,841	)
Deferred revenue		(357,714	)			(2,322,589	)			(139,935	)			(4,864,738	)
Accounts payable		19,579,987				(4,591,851	)			23,587,745				3,896,078
Accrued expenses		(1,588,687	)			4,529,660				(1,371,786	)			(1,109,939	)
Net cash (used in) provided by operating activities of continuing operations		(949,634	)			(2,189,862	)			(7,430,657	)			4,170,573
Net cash provided by operating activities of discontinued operations		-				2,042,726				-				7,390,125
Net cash (used in) provided by operating activities		(949,634	)			(147,136	)			(7,430,657	)			11,560,698
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for capitalized software costs		(1,322,921	)			(1,937,544	)			(4,840,993	)			(5,884,672	)
Purchase of equipment		(170,728	)			(785,748	)			(343,731	)			(1,679,963	)
Net cash used in investing activities of continuing operations		(1,493,649	)			(2,723,292	)			(5,184,724	)			(7,564,635	)
Net cash used in investing activities of discontinued operations		-				(871,188	)			-				(2,596,766	)
Net cash used in investing activities		(1,493,649	)			(3,594,480	)			(5,184,724	)			(10,161,401	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of debt instruments		-				(16,667,433	)			-				(18,719,721	)
Sale of common stock under ATM, net		-				8,721,717				-				8,721,717
Preferred stock dividends		(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Cash proceeds from exercise of warrants		-				464,950				-				464,950
Cash proceeds from exercise of options		-				5,950				80,520				5,950
Net cash used in financing activities of continuing operations		(776,563	)			(8,251,379	)			(2,249,168	)			(11,856,792	)
Net cash used in financing activities of discontinued operations		-				(449,539	)			-				(761,658	)
Net cash used in financing activities		(776,563	)			(8,700,918	)			(2,249,168	)			(12,618,450	)
Net decrease in cash		(3,219,846	)			(12,442,534	)			(14,864,549	)			(11,219,153	)
Cash at beginning of period		25,141,615				36,228,305				36,786,318				35,004,924
Cash at end of period		21,921,769				23,785,771				21,921,769				23,785,771
Less: Cash of discontinued operations at end of period		-				2,838,484				-				2,838,484
Cash of continuing operations at end of period	$	21,921,769			$	20,947,287			$	21,921,769			$	20,947,287
Cash paid for interest and taxes
Cash paid during the period for interest	$	-			$	241,464			$	-			$	1,461,032
Cash paid during the period for taxes	$	-			$	14,617			$	361,230			$	482,471
Non-cash investing and financing activities
Cashless exercise of options	$	-			$	253			$	-			$	1,315
Cashless exercise of warrants	$	3,204			$	-			$	3,204			$	3,901
Stock issued for debt conversion	$	-			$	-			$	-			$	1,000,000
Stock issued for asset acquisition	$	-			$	-			$	-			$	303,000

About the Use of Non-GAAP Financial Measures
To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA as a non-GAAP financial measure to clarify and enhance an understanding of past performance. We believe that the presentation of this financial measure enhances an investor’s understanding of our financial performance. We further believe that this financial measure is a useful financial metric to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

Adjusted EBITDA is defined as net loss attributable to LifeMD, Inc. common stockholders before interest, taxes, depreciation, amortization, extraordinary litigation costs, severance and restructuring costs, acquisition expenses, insurance acceptance readiness expenses, preferred stock dividends, stock-based compensation expense, net income from discontinued operations and net income attributable to noncontrolling interests of discontinued operations. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to LifeMD, Inc. common stockholders, its most directly comparable GAAP financial measure.

We believe the above financial measure is commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term adjusted EBITDA may vary from that of others in our industry. Adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.

Reconciliation of Net Loss Attributable to LifeMD, Inc. Common Stockholders to Adjusted EBITDA
(in whole numbers, unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026				2025				2026				2025
Net loss attributable to LifeMD, Inc. common stockholders	$	(5,246,276	)		$	(4,665,989	)		$	(22,914,776	)		$	(8,802,252	)
Interest (income) expense, net	3,212				227,140				(98,924		)		1,150,677
Depreciation and amortization expense	2,060,800				1,881,978				6,095,411				5,358,731
Amortization of debt discount	-				33,481				-				234,369
Loss on debt extinguishment	-				1,155,851				-				1,155,851
Financing transactions expense	-				97,699				-				97,699
Litigation costs (a)	64,328				959,803				1,112,269				1,699,462
Severance and restructuring costs	243,885				-				992,879				102,417
Acquisitions expenses	-				(231,571		)		-				1,783,206
Insurance acceptance readiness	-				8,190				-				183,330
Taxes	-				31,823				-				31,823
Preferred stock dividends	776,563				776,563				2,329,688				2,329,688
Stock compensation expense	1,684,445				3,198,036				3,923,462				7,841,178
Net income from discontinued operations	-				(935,013		)		-				(4,821,519		)
Net income attributable to noncontrolling interests of discontinued operations	-				249,462				-				1,286,382
Adjusted EBITDA	$	(413,043	)		$	2,787,452			$	(8,559,991	)		$	9,631,041
(a) For the three and nine months ended September 30, 2026 and 2025, the Company included costs related to: (1) a class action complaint  captioned Johnston v. LifeMD, Inc., et al., against the Company and certain executive officers alleging: (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by all defendants for making false and misleading statements; and (ii) violations of Section 20(a) of the Securities Exchange Act of 1934, as amended, by the individual officer defendants for violating their duty to disseminate accurate and truthful information, and (2) a heavily negotiated executive separation agreement. For the three and nine months ended September 30, 2025, the Company also included costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case).

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were LifeMD’s third-quarter 2026 earnings results?

LifeMD reported $44.6 million revenue and a continuing-operations loss attributable to common stockholders of $5.2 million, or $0.11 per share. Revenue decreased approximately 7% year over year. Adjusted EBITDA was approximately negative $0.4 million, within the guidance range of negative $1 million to positive $2 million.

What is LifeMD’s revised 2026 financial guidance?

LifeMD expects full-year 2026 revenue of $188 million to $191 million and adjusted EBITDA of negative $12.6 million to negative $10.6 million. Previous guidance was revenue of $205.5 million to $212.5 million and adjusted EBITDA of negative $6.0 million to breakeven.

Why did LifeMD miss third-quarter 2026 revenue guidance?

LifeMD attributed the revenue shortfall to reduced marketing spending, prioritization of longer patient commitments and slower-than-expected partnership ramp-up. Selling and marketing expenses declined $9.5 million sequentially to $18.5 million.

Why did LifeMD’s third-quarter 2026 gross margin decline?

LifeMD attributed the decline primarily to gross revenue presentation of branded medications fulfilled by its pharmacy, rather than a change in economics. Gross margin was approximately 82%, compared with approximately 89% in the second quarter and 85% a year earlier.