American Well Corp SEC Filings

American Well Corporation (Amwell) files its annual report describing a hybrid digital care platform used by about 50 health plans covering over 90 million lives and roughly 80 large health systems. Since inception, it has supported more than 37.6 million virtual visits, including 4.5 million in 2025.

Amwell estimates a roughly $94 billion U.S. digital care market, with about $31 billion of platform opportunity expected to grow to $50 billion, plus a sizable virtual clinical services segment. The report details competition across telehealth, EHR, big tech and behavioral health, and outlines extensive U.S. and international healthcare, privacy and data security regulation.

Amwell highlights a January 2025 divestiture of its APC telepsychiatry business for an upfront $20.7 million plus an additional revenue-based payment, and the wind-down of its Cleveland Clinic joint venture. The company reports 562 employees as of December 31, 2025 and emphasizes ESG initiatives around people, products and operations.

Senvest Management, LLC and Richard Mashaal report a 5.0% beneficial stake in American Well Corp’s Class A Common Stock. They report beneficial ownership of 737,589 shares, based on 14,723,951 shares outstanding as of October 24, 2025, with shared voting and dispositive power over all reported shares.

The shares are held through Senvest Master Fund, LP and Senvest Technology Partners Master Fund, LP, for which Senvest Management acts as investment manager and Mashaal is the managing member. They certify the holdings are not for the purpose of changing or influencing control of American Well.

American Well Corporation reported fourth-quarter and full-year 2025 results showing sharply reduced losses and improving efficiency. Q4 2025 revenue was $55.3 million with a 51% gross margin, and net loss narrowed to $25.2 million, compared with $31.9 million in the third quarter. Adjusted EBITDA improved to $(10.3) million from $(12.7) million in the prior quarter, with total visits of 1.0 million.

For full-year 2025, revenue was $249.3 million, gross margin was 53%, and net loss declined to $95.0 million from $212.6 million in 2024. Adjusted EBITDA improved to $(39.9) million from $(134.4) million, on 4.5 million total visits, and year-end cash and short-term securities were about $182.3 million.

For 2026, Amwell guides revenue to $195–$205 million, AMG visits to 1.32–1.37 million, and adjusted EBITDA to $(24)–$(18) million, with Q1 2026 revenue of $48–$53 million and adjusted EBITDA of $(7)–$(5) million. Management also targets positive cash flow from operations in the fourth quarter of 2026.

American Well Corp received a Schedule 13G filing showing that investment entities associated with Jacob Ma-Weaver have accumulated a meaningful stake in the company. Funicular Funds, LP, Cable Car Capital, LP, and Jacob Ma‑Weaver each report beneficial ownership of 810,551 shares of Class A common stock, representing 5.5% of the class, based on 14,723,951 shares outstanding as disclosed in a prior Form 10‑Q. Each reporting person has sole voting and dispositive power over these shares and no shared power. They certify that the shares were not acquired to change or influence control of American Well, but instead are being reported on a passive basis.

American Well Corporation reported that it entered into an Amended and Restated Statement of Work with Elevance Health, Inc., effective January 1, 2026. This agreement extends their partnership under which American Well operates the white‑labelled LiveHealth Online® digital care delivery platform for Elevance Health. Elevance Health is obligated to pay American Well annual subscription fees and can separately engage the company for professional services, development, innovation, and engagement marketing work.

The new Statement of Work has a three‑year term, running from January 1, 2026 through January 1, 2029, and will automatically renew for additional one‑year periods unless either party terminates it. Either party may terminate for specified breaches or insolvency, and Elevance Health also has the right to terminate for certain security or confidentiality breaches, change‑of‑control events, or for convenience with 365 days’ advance written notice.

American Well Corp’s Chief Product & Technology Officer reported a routine tax-related stock sale. On 01/02/2026, the insider sold 6,243 shares of Class A common stock at $4.85 per share. According to the explanation, the sale was an automatic “sell to cover” transaction used to pay taxes arising from the vesting and settlement of restricted stock units on January 1, 2026, and did not represent a discretionary trade.

After this transaction, the reporting person beneficially owned 191,468 shares of American Well Corp stock, held directly.

American Well Corp officer reports small share sale for taxes. A company officer who serves as President, International reported selling 3,707 shares of American Well Class A common stock on 01/02/2026 at a price of $4.85 per share.

According to the filing, the sale was executed automatically to cover tax liabilities from restricted stock units that vested and settled on January 1, 2026, and did not represent a discretionary trade by the insider. After this transaction, the reporting person beneficially owns 119,870 shares directly and 114,250 shares indirectly through her husband.

American Well Corp’s Chief Accounting Officer reported a small insider sale of company stock. On 01/02/2026, the officer sold 384 shares of Class A common stock at a price of $4.85 per share, leaving a beneficial holding of 3,063 shares directly owned afterward. According to the disclosure, this sale was executed to cover tax liabilities from the vesting and settlement of restricted stock units on January 1, 2026, through an automatic “sell to cover” transaction rather than a discretionary trade.

American Well Corporation disclosed that it has extended its long-standing partnership with Elevance Health, Inc. for digital care services. On December 24 and 25, 2025, the company amended its Master Services Agreement and entered into a new Healthy Impact Statement of Work, effective January 1, 2026, to continue operating the white‑labelled LiveHealth Online® digital care platform. Under these agreements, Elevance Health pays annual subscription fees and can engage American Well for additional professional, development, innovation, and engagement marketing services.

Both the Master Services Agreement and the Healthy Impact Statement of Work now run for 3 years from January 1, 2026 through January 1, 2029, with automatic one‑year renewals unless terminated. Elevance Health has various termination rights, including for convenience with 365 days’ notice. American Well’s clinical partner, Online Care Group, PC, also extended related provider agreements for the same 3‑year term, ensuring continued prioritized access to a 50‑state network of clinicians who deliver digital care consultations to Elevance Health members via LiveHealth Online.