Alphatec Holdings (Nasdaq: ATEC) lifts 2026 EBITDA outlook after Q2

Rhea-AI Filing Summary

Alphatec Holdings reported solid Q2 2026 growth while remaining loss‑making on a GAAP basis. Total revenue was $214 million, up 15% year‑over‑year, with surgical revenue of $196 million, up 17% on 20% case volume growth. GAAP gross margin was 72.2%, and non‑GAAP gross margin was 72.5%.

Profitability metrics improved. Adjusted EBITDA was $36 million, a 16.8% margin and 420 basis‑point expansion year‑over‑year, and the company generated positive free cash flow, ending with $119 million in cash. Alphatec reported non‑GAAP net income of $11 million for the quarter. For 2026, it reaffirmed total revenue guidance of $882 million and raised adjusted EBITDA guidance to $140 million, while continuing to target at least $20 million of free cash flow.

Positive

• Revenue growth: Q2 2026 total revenue grew 15% year-over-year to $214 million, with surgical revenue up 17% to $196 million on 20% case volume growth.
• Margin expansion: Adjusted EBITDA reached $36 million, a 16.8% margin, representing 420 bps year-over-year expansion and continued positive free cash flow.
• Improved 2026 outlook: The company reaffirmed 2026 revenue guidance of $882 million and raised adjusted EBITDA guidance to $140 million, while still expecting at least $20 million of free cash flow.

Negative

• Continuing GAAP losses: Despite growth, Alphatec reported a Q2 2026 GAAP net loss of $25,781 (in thousands) and a first-half 2026 net loss of $59,687 (in thousands).
• Stockholders’ deficit: At June 30, 2026, stockholders’ (deficit) equity was $(12,069) (in thousands), compared with stockholders’ equity of $12,426 (in thousands) at December 31, 2025.

Filing Explained

At June 30, ATEC reported $118,662 thousand of cash and a $12,069 thousand stockholders’ deficit, making its disclosed equity position negative.

The August 4 Form 8-K includes ATEC’s June 30, 2026 balance sheet: cash and equivalents were $118,662 thousand versus $160,806 thousand at December 31, 2025, while current liabilities were $237,966 thousand and long-term liabilities were $541,526 thousand.

It also reports stockholders’ deficit of $12,069 thousand at June 30, 2026, versus positive stockholders’ equity of $12,426 thousand at December 31, 2025; the disclosed equity position was therefore negative at quarter-end.

The balance-sheet figures are presented in the condensed consolidated financial statements, while the company’s non-GAAP measures are supplemental adjustments that do not replace GAAP results.

For the six months ended June 30, 2026, the filing reports a GAAP net loss of $59,687 thousand, including an $11,883 thousand loss on debt extinguishment.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue: $214 million Surgical revenue: $196 million GAAP net loss: $25,781 (in thousands) +5 more

8 metrics

Total revenue $214 million Quarter ended June 30, 2026; up 15% year-over-year

Surgical revenue $196 million Q2 2026 surgical revenue; increased 17% year-over-year

GAAP net loss $25,781 (in thousands) Net loss for the three months ended June 30, 2026

Non-GAAP net income $11 million Non-GAAP net income for Q2 2026

Adjusted EBITDA $36 million Q2 2026 adjusted EBITDA; 16.8% margin and 420 bps expansion year-over-year

Ending cash balance $119 million Cash at quarter end June 30, 2026

2026 revenue outlook $882 million Full-year 2026 total revenue guidance reaffirmed

2026 adjusted EBITDA outlook $140 million Full-year 2026 adjusted EBITDA guidance increased from $134 million

Key Terms

Adjusted EBITDA, free cash flow, Non-GAAP gross margin, loss on debt extinguishment, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA of $36 million, or 17% of revenue, expanded 420 basis points year-over-year"

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.

free cash flow financial

"Generated positive free cash flow with continued trailing twelve-month free cash flow positivity"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Non-GAAP gross margin financial

"Non-GAAP gross margin | 72.5%"

Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.

loss on debt extinguishment financial

"Loss on debt extinguishment | (11,883)"

Loss on debt extinguishment is a one-time accounting charge a company records when it pays off, refinances, or otherwise cancels debt for more than the outstanding amount on its books — think of it like paying a penalty to break a loan early. Investors care because it reduces reported earnings in the period it’s recorded and uses cash, but it can also signal a strategic move to cut future interest costs or a sign of financial stress.

derivative liability financial

"(Loss) gain on derivative liability | — | 16,780"

A derivative liability is an obligation a company owes because of a derivatives contract—such as an option, future, swap, or forward—that has moved against it and now has negative value. Think of it like a settled bet that turned into a bill: if market moves go the other way, the company may have to pay cash or deliver assets. Investors care because these liabilities can create sudden losses, add leverage or counterparty risk, and change a company’s true financial exposure beyond its everyday operations.

stock-based compensation financial

"Stock-based compensation included in: Cost of sales, Research and development, Sales, general and administrative"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

Earnings Snapshot

Total revenue: $214 million · Guidance included

Quarter ended June 30, 2026

Total revenue $214 million Up 15% year-over-year for Q2 2026.

Surgical revenue $196 million Up 17% year-over-year on 20% case volume growth.

Adjusted EBITDA $36 million 16.8% margin, 420 bps expansion year-over-year in Q2 2026.

Non-GAAP net income $11 million Compared with $2,591 (in thousands) non-GAAP net income in Q2 2025.

Guidance

For full-year 2026, the company expects total revenue of approximately $882 million, including $805 million of surgical revenue and $77 million of EOS revenue, adjusted EBITDA of approximately $140 million, and at least $20 million of free cash flow.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/04/2026 - 04:19 PM Accepted by SEC EDGAR 08/04/2026 - 04:19 PM Learn about SEC filing dates

FAQ

How did Alphatec Holdings (ATEC) perform in Q2 2026?

Alphatec generated $214 million in Q2 2026 revenue, up 15% year-over-year, with surgical revenue of $196 million, up 17% on 20% case growth. GAAP results showed a net loss, while non-GAAP net income was $11 million and adjusted EBITDA was $36 million.

What is Alphatec’s 2026 revenue and EBITDA outlook after Q2 2026?

For 2026, Alphatec continues to expect total revenue of about $882 million, including $805 million surgical and $77 million EOS revenue. It raised its adjusted EBITDA outlook to approximately $140 million, up from $134 million, and still targets at least $20 million of free cash flow.

What were Alphatec’s key profitability and cash metrics in Q2 2026?

Q2 2026 GAAP gross margin was 72.2% and non-GAAP gross margin was 72.5%. Adjusted EBITDA was $36 million, a 16.8% margin with 420 bps expansion year-over-year. The company generated positive free cash flow and ended the quarter with about $119 million in cash.

How did Alphatec’s non-GAAP results differ from GAAP in Q2 2026?

Alphatec recorded a GAAP net loss in Q2 2026 but reported non-GAAP net income of $11 million. Non-GAAP measures adjust for items such as stock-based compensation, amortization of acquired intangibles, litigation-related expenses, non-cash interest, loss on debt extinguishment, and derivative liability fair-value changes.

What non-GAAP financial measures does Alphatec Holdings (ATEC) use?

Alphatec uses free cash flow, non-GAAP gross profit and margin, non-GAAP operating expenses, non-GAAP net income and EPS, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. These exclude items like stock-based compensation, certain litigation and restructuring costs, purchase accounting adjustments, and non-cash financing-related charges.

What were Alphatec’s key balance sheet figures at June 30, 2026?

At June 30, 2026, Alphatec reported total assets of 791,026 (in thousands), cash and cash equivalents of 118,662 (in thousands), total current liabilities of 237,966 (in thousands), total long-term liabilities of 541,526 (in thousands), and stockholders’ (deficit) equity of (12,069) (in thousands).

false000135065300013506532026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 04, 2026

Alphatec Holdings, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			000-52024	20-2463898
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1950 Camino Vida Roble
Carlsbad, California				92008
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 760 431-9286

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $.0001 per share		ATEC		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition,” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

On August 4, 2026, the Company issued a press release announcing its financial results for its period ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report, including the exhibit, shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release of Alphatec Holdings, Inc., dated August 4, 2026
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Alphatec Holdings, Inc.
Date:	August 4, 2026	By:	/s/ J. Todd Koning
			J. Todd Koning Executive Vice President and Chief Financial Officer

Exhibit 99.1

ATEC Reports Second Quarter Financial Results

Total revenue of $214 million, up 15% year-over-year

Surgical revenue of $196 million increased 17%, driven by 20% case volume growth

Company reaffirms 2026 revenue outlook

CARLSBAD, Calif., August 4, 2026 – Alphatec Holdings, Inc. (Nasdaq: ATEC), a spine-focused provider of innovative solutions dedicated to revolutionizing the approach to spine surgery, today announced financial results for the quarter ended June 30, 2026, and business highlights.

Second Quarter 2026 Financial Results

	Quarter Ended June 30, 2026
Total revenue	$214 million
GAAP gross margin	72.2%
Non-GAAP gross margin	72.5%
GAAP operating expenses	$156 million
Non-GAAP operating expenses	$135 million
GAAP net income / (loss)	($26) million
Non-GAAP net income / (loss)	$11 million
Non-GAAP adjusted EBITDA	$36 million
Non-GAAP adjusted EBITDA margin	16.8%
Ending cash balance	$119 million

Second Quarter Highlights

•Surgical revenue of $196 million increased 17%, or $28 million year-over-year

•Net new surgeon users increased 24%, supporting continued durable growth

•Adjusted EBITDA of $36 million, or 17% of revenue, expanded 420 basis points year-over-year

•Generated positive free cash flow with continued trailing twelve-month free cash flow positivity

“ATEC’s procedural approach continues to create true distinction in the spine market,” said Pat Miles, Chairman and Chief Executive Officer. “During the quarter, we saw 20 percent case volume growth, continued to expand our surgeon user base, and generated strong profitability. Surgeons understand that better technology, workflows, and data can transform the surgical experience and drive improved patient outcomes. With ATEC’s dedication to clinical innovation, data-driven decision-making, and sales execution, our opportunity to earn surgeon trust remains substantial, allowing us to create long-term value for years to come.”

Financial Outlook for the Full Year 2026

The Company is reaffirming its full-year revenue outlook and increasing adjusted EBITDA guidance following a second quarter characterized by strong case volume growth, continued surgeon adoption, expanding profitability, and positive free cash flow generation.

For fiscal year 2026, the Company continues to expect total revenue of approximately $882 million, including approximately $805 million of surgical revenue and approximately $77 million of EOS revenue. This outlook represents approximately 15% total revenue growth and approximately 17% surgical revenue growth for the year.

The Company now expects adjusted EBITDA of approximately $140 million, an increase from its prior expectation of approximately $134 million, reflecting continued progress in operating leverage and margin expansion. The Company also continues to expect at least $20 million of free cash flow for fiscal year 2026.

Financial Results Webcast

The Company will host a live webcast today at 1:30 p.m. PT / 4:30 p.m. ET. To access the live webcast, please use this link or visit the Investor Relations Events & Presentations section of ATEC’s corporate website.

A replay of the webcast will remain available through the Investor Relations section of ATEC’s corporate website for twelve months.

Analyst Webcast Participation

To participate in the question-and-answer session, analysts must register in advance using this link. Upon registration, access details, including a unique code, will be provided via email.

Non-GAAP Financial Information

To supplement the Company’s financial statements presented in accordance with generally accepted accounting principles in the United States of America (GAAP), the Company reports certain non-GAAP financial measures listed below under “Non-GAAP Financial Measures.” The Company believes that these non-GAAP financial measures provide investors with an additional tool for evaluating the Company's core performance, which management uses in its own evaluation of continuing operating performance, and provides a baseline for assessing the Company’s future earnings potential. The Company’s non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial measures differently, particularly related to non-recurring, unusual items. Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. We have not reconciled our non-GAAP financial measures for the full year 2026 because certain items that impact these figures are either uncertain or outside our control and cannot be reasonably predicted. Accordingly, a reconciliation of forward-looking, non-GAAP financial measures is not available. Included below are definitions of the non-GAAP financial measures the Company uses.

Non-GAAP Financial Measures

Free cash flow: Calculated by subtracting capital expenditures from cash flow provided by or used in operating activities. Management uses free cash flow to measure progress on its capital efficiency and cash flow initiatives.

Non-GAAP Gross Profit and Non-GAAP Gross Margin: Non-GAAP gross profit represents GAAP gross profit with adjustments to exclude the impact of certain items recorded to cost of goods sold. Such potential adjustments are described within the section below under "Non-GAAP Adjustments" and included in the non-GAAP reconciliation attached below. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of GAAP net sales.

Non-GAAP Operating Expenses: Non-GAAP operating expenses represent GAAP operating expenses, such as sales, general, and administrative expense, and research and development expense, with adjustments to exclude the impact of certain items recorded in GAAP operating expenses. Such potential adjustments are described within the section below under "Non-GAAP Adjustments" and included in the non-GAAP reconciliation.

Non-GAAP Net Income (Loss) and Non-GAAP EPS: Non-GAAP net income (loss) represents GAAP net loss with adjustments to exclude the impact of certain items recorded in GAAP net loss. Such potential adjustments are described within the sections below under "Non-GAAP Adjustments" and included in the non-GAAP reconciliation. Non-GAAP EPS represents non-GAAP net income (loss) divided by weighted-average shares outstanding.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin: EBITDA represents earnings before non-operating income/expense, taxes, depreciation and amortization. Adjusted EBITDA consists of EBITDA with adjustments to exclude certain items described within the section below under "Non-GAAP Adjustments" and included in the non-GAAP reconciliation. Adjusted EBITDA margin represents adjusted EBITDA as a percentage of GAAP net sales.

Non-GAAP Adjustments

The Company's non-GAAP financial measures reflect the exclusion of the following items:

Amortization of acquired intangible assets: Represents amortization expense associated with intangible assets including, but not limited to customer relationships, intellectual property, and trade names acquired in business combinations and asset acquisitions. This adjustment does not include amortization from other intangibles.

Litigation-related expenses: We are involved in various litigation matters that from time to time result in settlements. Litigation matters can vary in their characteristics, frequency and significance to our operating results and core business operations. We review litigation matters from both a qualitative and quantitative perspective to determine whether such matters are a normal and recurring part of our business. We include in our GAAP financial statements litigation fees and settlement expenses that we determine to be normal, recurring and routine to our business. When we determine that certain litigation matters are not normal and recurring to our core business operations, we believe excluding these expenses will provide our management and investors with useful incremental information. Litigation fees and settlement expenses excluded from our non-GAAP financial measures in the periods presented relate primarily to patent litigation and other litigation matters that relate directly to the business transformation that we started in 2018 and are discussed more fully in our periodic reports filed with the Securities and Exchange Commission.

Purchase accounting adjustments on acquisitions: Includes non-cash expenses incurred as a result of fair value step-ups associated with tangible assets acquired in business combinations or asset acquisitions.

Restructuring expenses: From time to time, in order to realign the Company’s operations or to realize synergies from acquisitions, the Company may eliminate roles or restructure its operations and footprint. In such cases, the Company may incur one-time severance and personnel costs associated with workforce reductions, or costs associated with exiting and/or relocating facilities. We exclude these costs as we do not consider such amounts to be part of the ongoing operations.

Stock-based compensation: Stock-based compensation is charged to cost of revenue and operating expenses. We exclude stock-based compensation from certain of our non-GAAP financial measures because we believe that excluding these non-cash expenses provides meaningful supplemental information regarding operational performance. Because of the variety of equity awards used by companies, the varying methodologies for determining stock-based compensation expense, the subjective assumptions involved in those determinations, and the volatility in valuations that can be driven by market conditions outside the Company’s control, the Company believes excluding stock-based compensation expense enhances the ability of management and investors to understand and assess the underlying performance of its business over time.

Transaction-related expenses: Represent one-time costs incurred in connection with business combinations, asset acquisitions, or debt financing and modification activities. These expenses may include, but are not limited to, legal and advisory fees, due diligence costs, contract termination charges, and other third-party expenses directly related to the planning or execution of these transactions. We exclude these costs because they can vary significantly from period to period and are not indicative of the underlying trends in our core business.

Foreign currency exchange impact: Gains and losses related to foreign currency transactions, which are recorded as other income (expense), net. Management excludes these items when evaluating the Company's operating results as they are primarily non-cash and non-operating in nature.

Loss on debt extinguishment: Represents charges recognized in connection with the early repayment, refinancing, or settlement of debt, including write-offs of unamortized debt discounts, premiums, or deferred financing costs, and any associated prepayment penalties. We exclude these items from non-GAAP results because they are non-recurring in nature, not indicative of ongoing operating performance, and can vary significantly from period to period based on financing activity.

Loss (gain) on derivative liability: Represents non-cash fair value adjustments associated with embedded derivative features related to our convertible debt. These mark-to-market changes are driven by fluctuations in our stock price and other valuation inputs, and do not reflect current operating performance. We exclude these amounts from non-GAAP results because they are non-cash, volatile, and unrelated to the Company’s core business operations.

Non-cash interest expense: Consists primarily of interest expense related to the amortization of debt discounts, deferred financing costs, and other non-cash components associated with our convertible notes and other long-term debt instruments. We exclude this item from non-GAAP net income because it is non-cash in nature and does not reflect our core operating performance or current period cash expenditures.

Long-term income tax rate adjustment: The Company employs a structural long-term projected non-GAAP income tax rate of 26% for greater consistency across reporting periods. This long-term projected non-GAAP tax rate reflects historical and expected tax positions and excludes any benefit from deferred tax assets or valuation allowance changes. The long-term rate considers various factors, including the Company’s anticipated tax structure, its tax positions in different jurisdictions, and current impacts from key U.S. legislation where the Company operates. We will reevaluate this tax rate, as necessary, for events such as major changes in the U.S. tax environment, substantial changes in the Company’s geographic earnings mix due to acquisition activity, or other shifts in the Company’s strategy or business operations.

Other non-recurring expenses: These represent items that are unusual or infrequent in nature and that we believe are not indicative of our ongoing operating performance. Examples may include discrete costs associated with tax strategy implementation or one-time expenses related to customer restructuring or reorganization events. We evaluate such items based on their nature and significance and disclose material adjustments in our non-GAAP reconciliations.

About Alphatec Holdings, Inc.

ATEC, through its wholly owned subsidiaries, Alphatec Spine, Inc., EOS imaging S.A.S., and SafeOp Surgical, Inc., is a medical device company dedicated to revolutionizing the approach to spine surgery through clinical distinction. ATEC’s Organic Innovation MachineTM is focused on developing new approaches that integrate seamlessly with the Company’s expanding InformatiXTM platform to better inform surgery and more safely and reproducibly achieve the goals of spine surgery. ATEC’s vision is to be the Standard Bearer in Spine. For more information, visit us at www.atecspine.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Company cautions investors that there can be no assurance that actual results will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward-looking statements include, but are not limited to: references to the Company’s revenue, balance sheet, growth, adjusted EBITDA, profitability, free cash flow, and financial outlook and commitments; planned product launches, timelines, introductions, regulatory submissions or clearances; and the Company's ability to compel surgeon adoption and drive procedural growth; and the expected reduction in interest expense and related cost savings over the life of the new credit facility, including assumptions regarding borrowing costs, interest rates, and the utilization of the facility. Important factors that could cause actual operating results to differ significantly from those expressed or implied by such forward-looking statements include, but are not limited to: the uncertainty of success in developing new products or products currently in the pipeline; the uncertainties in the Company’s ability to execute upon its strategic operating plan; the uncertainties regarding the ability to successfully license or acquire new products, and the commercial success of such products; failure to achieve acceptance of the Company’s products by the surgeon community; failure to obtain FDA or other regulatory clearance or approval or unexpected or prolonged delays in the process; continuation of favorable third-party reimbursement; unanticipated expenses or liabilities or other adverse events affecting cash flow or the Company’s ability to achieve profitability; uncertainty of additional funding and the form of such funding; product liability exposure; an unsuccessful outcome in any litigation; patent infringement claims; claims related to the Company’s intellectual property; and the Company’s ability to meet its financial obligations; changes in interest rates or credit market conditions that could affect the anticipated borrowing cost savings; and the Company’s ability to satisfy the terms and covenants of the new credit facility. A further list and description of these and other factors, risks and uncertainties can be found in the Company's most recent annual report, and any subsequent quarterly and current reports, filed with the U.S. Securities and Exchange Commission. ATEC disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.

Investor/Media Contact:

Robert Judd

Investor Relations

(760) 494-6790

investorrelations@atecspine.com

Company Contact:

J. Todd Koning

Chief Financial Officer

investorrelations@atecspine.com

ALPHATEC HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

		Three Months Ended								Six Months Ended
		June 30								June 30
		2026				2025				2026				2025
		(unaudited)								(unaudited)
Revenue from products and services		$	213,513			$	185,544			$	405,621			$	354,724
Cost of sales			59,415				56,443				115,047				109,627
Gross profit			154,098				129,101				290,574				245,097
Operating expenses:
Research and development			18,174				18,276				35,734				35,308
Sales, general and administrative			134,001				118,507				271,058				245,524
Litigation-related expenses			(86	)			1,593				439				13,807
Amortization of acquired intangible assets			3,917				3,803				7,832				7,456
Restructuring expenses			—				7				—				378
Total operating expenses			156,006				142,186				315,063				302,473
Operating loss			(1,908	)			(13,085	)			(24,489	)			(57,376	)
Other expense, net:
Cash interest expense, net			(4,374	)			(5,289	)			(9,327	)			(10,645	)
Noncash interest expense, net			(6,590	)			(7,020	)			(13,358	)			(9,505	)
Loss on debt extinguishment			(11,883	)		—					(11,883	)			(17,576	)
(Loss) gain on derivative liability			—				(16,780	)			—				620
Other (expense) income, net			(870	)			993				(424	)			1,330
Total other expense, net			(23,717	)			(28,096	)			(34,992	)			(35,776	)
Net loss before taxes			(25,625	)			(41,181	)			(59,481	)			(93,152	)
Income tax provision (benefit)			156				(37	)			206				(101	)
Net loss		$	(25,781	)		$	(41,144	)		$	(59,687	)		$	(93,051	)
Net loss per share, basic and diluted		$	(0.16	)		$	(0.27	)		$	(0.38	)		$	(0.63	)
Weighted average shares outstanding, basic and diluted			156,575				149,907				155,328				148,337
Stock-based compensation included in:
Cost of sales		$	559			$	553			$	1,529			$	3,596
Research and development			3,605				4,159				7,606				7,803
Sales, general and administrative			13,983				10,912				32,671				26,543
		$	18,147			$	15,624			$	41,806			$	37,942

ALPHATEC HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

		June 30, 2026				December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	118,662			$	160,806
Accounts receivable, net			110,126				97,304
Inventories			194,888				169,444
Prepaid expenses and other current assets			25,339				23,322
Total current assets			449,015				450,876
Property and equipment, net			139,237				135,324
Right-of-use assets			29,186				31,225
Goodwill			74,167				75,208
Intangible assets, net			88,296				93,454
Other assets			11,125				5,121
Total assets		$	791,026			$	791,208
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
Accounts payable		$	62,105			$	40,893
Accrued expenses and other current liabilities			93,145				97,019
Contract liabilities			11,104				10,439
Short-term debt			65,012				64,526
Current portion of operating lease liabilities			6,600				6,298
Total current liabilities			237,966				219,175
Total long-term liabilities			541,526				536,004
Redeemable preferred stock			23,603				23,603
Stockholders' (deficit) equity			(12,069	)			12,426
Total liabilities and stockholders' (deficit) equity		$	791,026			$	791,208

ALPHATEC HOLDINGS, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
(unaudited)
Gross profit, GAAP		$	154,098			$	129,101			$	290,574			$	245,097
Add: amortization of acquired intangible assets			65				64				131				114
Add: stock-based compensation			559				553				1,529				3,596
Non-GAAP gross profit		$	154,722			$	129,718			$	292,234			$	248,807
Gross margin, GAAP			72.2	%			69.6	%			71.6	%			69.1	%
Add: amortization of acquired intangible assets			0.0	%			0.0	%			0.0	%			0.0	%
Add: stock-based compensation			0.3	%			0.3	%			0.4	%			1.0	%
Non-GAAP gross margin			72.5	%			69.9	%			72.0	%			70.1	%
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
(unaudited)
Operating expenses, GAAP		$	156,006			$	142,186			$	315,063			$	302,473
Adjustments:
Stock-based compensation			(17,588	)			(15,071	)			(40,277	)			(34,346	)
Litigation-related expenses			86				(1,593	)			(439	)			(13,807	)
Amortization of acquired intangible assets			(3,917	)			(3,803	)			(7,832	)			(7,456	)
Restructuring expenses		—					(7	)			-				(378	)
Non-GAAP operating expenses		$	134,587			$	121,712			$	266,515			$	246,486

ALPHATEC HOLDINGS, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
(unaudited)
Net loss, GAAP		$	(25,781	)		$	(41,144	)		$	(59,687	)		$	(93,051	)
Cash interest expense, net			4,374				5,289				9,327				10,645
Noncash interest expense, net			6,590				7,020				13,358				9,505
Loss on debt extinguishment			11,883			—					11,883				17,576
(Loss) gain on derivative liability		—					16,780								(620	)
Other (expense) income, net			870				(993	)			424				(1,330	)
Income tax provision (benefit)			156				(37	)			206				(101	)
Depreciation expense			15,160				15,012				29,789				30,766
Amortization expense			4,637				4,316				9,143				8,469
EBITDA			17,889				6,243				14,443				(18,141	)
Add back significant items:
Stock-based compensation			18,147				15,624				41,806				37,942
Litigation-related expenses			(86	)			1,593				439				13,807
Restructuring expenses			—				7				-				378
Adjusted EBITDA		$	35,950			$	23,467			$	56,688			$	33,986
Adjusted EBITDA margin			16.8	%			12.6	%			14.0	%			9.6	%
Adjusted EBITDA margin expansion			420		bps						440		bps
		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
(unaudited)
Net loss, GAAP		$	(25,781	)		$	(41,144	)		$	(59,687	)		$	(93,051	)
Stock-based compensation			18,147				15,624				41,806				37,942
Litigation-related expenses			(86	)			1,593				439				13,807
Amortization of acquired intangible assets			3,982				3,867				7,963				7,570
Restructuring expenses		—					7			—					378
Loss on debt extinguishment			11,883			—					11,883				17,576
(Loss) gain on derivative liability		—					16,780			—					(620	)
Non-cash interest expense			6,590				7,020				13,358				9,505
Foreign currency exchange impact			873				(308	)			444				(619	)
Long-term income tax rate adjustment			(4,255	)			(848	)			(4,473	)			2,080
Non-GAAP net income (loss)		$	11,353			$	2,591			$	11,733			$	(5,432	)
Non-GAAP net income (loss) per share		$	0.07			$	0.02			$	0.08			$	(0.04	)
Weighted average shares outstanding, basic and diluted			156,575				149,907				155,328				148,337

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