DocGo (NASDAQ: DCGO) posts Q1 2026 loss but lifts full-year revenue outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
DocGo Inc. reported first quarter 2026 revenue of $75.6 million, down from $96.0 million a year earlier due to the wind-down of migrant-related programs. Excluding $35.0 million of prior-year migrant revenue, underlying revenue grew 19.3% to $75.6 million from $61.0 million, driven by virtual care and other mobile health services.
GAAP gross margin was 28.1%, with adjusted gross margin of 31.6%. The company posted a net loss of $16.7 million versus a $11.1 million loss last year, and adjusted EBITDA of negative $10.2 million compared to negative $3.9 million. Cash, cash equivalents, restricted cash and investments totaled about $59.9 million as of March 31, 2026, down from $68.3 million at year-end.
Medical Transportation Services revenue edged up to $51.9 million, while Mobile Health Services revenue declined to $23.6 million but more than doubled excluding migrant work. Management raised full-year 2026 revenue guidance to $300–$315 million and reiterated an adjusted EBITDA outlook of negative $5 to $10 million, citing strong demand for virtual care and home-based services.
Positive
- None.
Negative
- None.
Insights
Core growth and higher revenue guidance offset larger losses.
DocGo shows a mixed picture. Reported Q1 2026 revenue fell to $75.6M from $96.0M as migrant-related programs went to zero. However, excluding those programs, underlying revenue rose 19.3%, highlighting growth in core mobile health and virtual care.
Profitability moved the other way. Net loss widened to $16.7M, and adjusted EBITDA declined to negative $10.2M. Margins were roughly stable at the gross level, with GAAP gross margin at 28.1% and adjusted gross margin at 31.6%, suggesting operating cost structure and non-recurring items are key pressure points.
Management raised full-year 2026 revenue guidance to $300–$315M while maintaining adjusted EBITDA guidance at negative $5–$10M. Subsequent filings may clarify how fuel costs, hiring, and strategic initiatives influence the path toward the stated goal of adjusted EBITDA profitability in the back half of 2026.
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
Q1 2026 revenue: $75.6M
Core revenue growth ex-migrant: 19.3%
Q1 2026 net loss: $16.7M
+5 more
8 metrics
Q1 2026 revenue
$75.6M
Three months ended March 31, 2026 vs $96.0M in 2025
Core revenue growth ex-migrant
19.3%
Revenue $75.6M vs $61.0M excluding migrant-related programs
Q1 2026 net loss
$16.7M
Net loss for quarter vs $11.1M loss in Q1 2025
Q1 2026 adjusted EBITDA
$(10.2)M
Adjusted EBITDA vs $(3.9)M in Q1 2025
GAAP gross margin
28.1%
Three months ended March 31, 2026
Adjusted gross margin
31.6%
Three months ended March 31, 2026
2026 revenue guidance
$300–$315M
Updated full-year 2026 guidance, raised from $290–$310M
Cash and restricted balances
$59.9M
Cash, cash equivalents, restricted cash and investments as of March 31, 2026
Key Terms
adjusted gross margin, adjusted EBITDA, non-GAAP financial measures, care gap closure, +1 more
5 terms
adjusted gross margin financial
"Adjusted gross margin1 for the first quarter of 2026 was 31.6%, compared to 32.1% in the first quarter of 2025."
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
adjusted EBITDA financial
"Adjusted EBITDA1 was ($10.2) million for the first quarter of 2026, compared to adjusted EBITDA of ($3.9) million for the first quarter of 2025."
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.
non-GAAP financial measures financial
"Adjusted gross margin and adjusted EBITDA are non-GAAP financial measures."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
care gap closure financial
"care gap closure, transitions of care, remote patient monitoring, mobile phlebotomy and virtual care services"
ACCESS Model program regulatory
"Company was one of 150 healthcare providers selected to participate in CMS’s ACCESS Model program"
Earnings Snapshot
Revenue: $75.6M · Guidance included
Q1 2026
Revenue
$75.6M
Net loss
$16.7M
Adjusted EBITDA
$(10.2)M
GAAP gross margin
28.1%
Guidance
Full-year 2026 revenue expected at $300–$315M with adjusted EBITDA between $(5)M and $(10)M.
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): May 11, 2026
___________________________________
(Exact name of registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||
( | ||||||||||||||
(Registrant's telephone number, including area code) | ||||||||||||||
N/A | ||||||||||||||
(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 | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
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.
On May 11, 2026, DocGo Inc. (the “Company”) issued a press release announcing the Company’s earnings results for the quarter ended March 31, 2026 (the “Press Release”). The Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”).
As previously announced, the Company will also hold a conference call and webcast at 5:00 p.m. Eastern Time on May 11, 2026 to discuss its earnings results for the quarter ended March 31, 2026 (the “Conference Call”).
During the Conference Call, the Company’s management intends to report adjusted gross margin, which is a financial measure that is not calculated or presented in accordance with generally accepted accounting principles (“GAAP”). Information regarding adjusted gross margin and reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in Exhibit 99.2 to this Report.
The information in this Report and Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any registration statement or other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference to such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. | Description | |||||||
99.1 | Press Release dated May 11, 2026. | |||||||
99.2 | Non-GAAP Financial Information. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). | |||||||
1
SIGNATURE
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 hereunto duly authorized.
DOCGO INC. | |||||
By: | /s/ Norman Rosenberg | ||||
Name: | Norman Rosenberg | ||||
Title: | Chief Financial Officer and Treasurer | ||||
Date: May 11, 2026
2
Exhibit 99.1
DocGo Announces First Quarter 2026 Results
Company Increases 2026 Revenue Guidance Based on Strong Demand for Virtual Care Services
Management to Host Conference Call and Webcast Today at 5:00 PM Eastern Time
NEW YORK, NY, May 11th, 2026 – 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 first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
•Total revenue for the first quarter of 2026 was $75.6 million, compared to $96.0 million in the first quarter of 2025. This decline was entirely due to the wind-down of migrant-related programs, which generated zero revenue in the first quarter of 2026 and $35.0 million in the first quarter of 2025. Excluding revenue from migrant-related programs, revenue increased 19.3% to $75.6 million in the first quarter of 2026 from $61.0 million in the first quarter of 2025.
•GAAP gross margin (which includes depreciation and amortization expenses) for the first quarter of 2026 was 28.1%, compared to 28.2% in the first quarter of 2025.
•Adjusted gross margin1 for the first quarter of 2026 was 31.6%, compared to 32.1% in the first quarter of 2025.
•Net income for the first quarter of 2026 was ($16.7) million, compared to net income of ($11.1) million in the first quarter of 2025.
•Adjusted EBITDA1 was ($10.2) million for the first quarter of 2026, compared to adjusted EBITDA of ($3.9) million for the first quarter of 2025.
•Medical Transportation Services revenue in the first quarter of 2026 was $51.9 million, compared to $50.8 million for the first quarter of 2025.
•Mobile Health Services revenue for the first quarter of 2026 was $23.6 million, compared to $45.2 million for the first quarter of 2025. This decline was entirely due to the wind-down of migrant-related programs. Excluding revenue from migrant-related programs, Mobile Health Services revenue increased 131% to $23.6 million in the first quarter of 2026 from $10.2 million in the first quarter of 2025, driven by organic growth and the inclusion of revenue from SteadyMD.
•As of March 31, 2026, the Company held total cash and cash equivalents, including restricted cash and investments, of approximately $59.9 million, compared to $68.3 million as of December 31, 2025.
Select Corporate Highlights for the First Quarter of 2026 and Recent Weeks
•Combined revenues from the Company’s “healthcare at any address” business – which includes our care gap closure, transitions of care, remote patient monitoring, mobile phlebotomy and virtual care services – increased on a sequential basis from $12.8 million in the fourth quarter of 2025 to approximately $17.4 million in the first quarter of 2026, an increase of 36%.
•Company achieved record volumes across all major business lines, with US medical transportation increasing 17%, healthcare in the home increasing 46%, mobile phlebotomy increasing 8%, cardiac & remote patient monitoring increasing 13%, and virtual care & lab orders increasing 37% when comparing the first quarter of 2026 to the first quarter of 2025.
•SteadyMD entered into a new contract with a leading online pharmacy to provide virtual care services for weight loss prescriptions and a broad scope of general clinical services.
•Company’s Q1 health plan partnership client satisfaction survey found that 93% of survey participants were likely or very likely to recommend DocGo’s services, and a majority of survey participants said they plan on expanding services with DocGo in 2026.
•Company surpassed 1.6 million patients assigned by the Company’s payer and provider partners to engage for care gap closure services, up from 1.45 million last quarter.
•Company was one of 150 healthcare providers selected to participate in CMS’s ACCESS Model program, which is aimed at improving chronic disease management through technology-supported care.
•Company received two prestigious industry awards subsequent to quarter end – DocGo was recognized as one of the 2026 World's Most Ethical Companies® by Ethisphere, and was also awarded “Best Overall Healthcare Cybersecurity Company” in the 10th annual MedTech Breakthrough Awards.
Financial Guidance
•Full-year 2026 revenue is expected to be $300-$315 million, an increase from the Company’s prior guidance of $290-$310 million, and initial guidance of $280-$300 million.
•Full-year 2026 adjusted EBITDA2 is expected to be ($5-$10) million, unchanged from the Company’s prior guidance.
Lee Bienstock, Chief Executive Officer of DocGo, commented, “We continued to experience strong volumes across all key business verticals, and especially in our virtual care provider, SteadyMD. We now expect in excess of 50% top-line growth this year at SteadyMD compared to 2025, and even greater growth in our mobile phlebotomy business. As a result of this strength, we are increasing our consolidated 2026 revenue guidance midpoint by $7.5 million dollars.” Bienstock added, “Our strategic alternatives process is also ongoing, and we look forward to providing further updates when prudent.”
Norm Rosenberg, Chief Financial Officer of DocGo, commented “While we are very pleased with the momentum in our top line, this accelerated growth has created some margin inefficiency over the immediate term. This is largely due to an increased pace of hiring, and the use of incentives with our current mobile health workforce to bridge gaps as new full-time hires enter the field. We are also experiencing a meaningful negative impact from the increase in fuel prices caused by the war in the Middle East. We view both factors as temporary and continue to expect favorable margin trends to resume as these forces abate and recent cost cutting and efficiency initiatives flow through in their entirety.” Rosenberg continued, “Subsequent to quarter end, we made progress on collections of the final remaining migrant-related receivables. We believe that we have sufficient liquidity to support our growth initiatives, and our goal remains to achieve adjusted EBITDA profitability in the back half of the year.”
Michael Burdiek, current Chair of DocGo’s audit committee and incoming Chair of the Board, added “As incoming Chair of the Board, the Board of Directors and I look forward to working with management and the recently formed operational review subcommittee to identify additional operational and cost efficiencies that accelerate the Company's pathway to profitability, growth and financial flexibility.”
1Adjusted 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.
2Adjusted 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, May 11th, 2026, at 5:00 PM ET
1-800-717-1738 - Investors Dial
1-646-307-1865 - Int’l Investors Dial
Conference ID: 15300
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1760676&tp_key=d2cf48e722
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 year 2026; the performance and growth of SteadyMD and the Company’s mobile phlebotomy business and other core business lines; the launch of new Mobile Health programs; the demand for and expansion of the Company’s services; cash flow and cash collections; the Company’s cash balances; margin improvements; and the Company’s achievement of 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 wind down of migrant-related services; the Company’s ability to continue as a going concern; the Company’s ability to maintain its listing on Nasdaq; the Company’s ability to pursue strategic initiatives to deliver on shareholder value; 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 and other services; 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.
DocGo Inc. and Subsidiaries UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Unaudited | Audited | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 35,675,081 | $ | 51,018,657 | |||||||
| Accounts receivable, net of allowance for credit loss of $8,503,759 and $8,299,053 as of March 31, 2026 and December 31, 2025, respectively | 93,965,449 | 92,893,216 | |||||||||
| Prepaid expenses | 5,276,630 | 4,790,215 | |||||||||
| Other current assets | 3,248,628 | 3,697,371 | |||||||||
| Total current assets | 138,165,788 | 152,399,459 | |||||||||
| Property and equipment, net | 13,637,905 | 14,558,427 | |||||||||
| Intangibles, net | 644,134 | — | |||||||||
| Restricted cash and cash equivalents | 11,140,255 | 1,466,121 | |||||||||
| Restricted investments (amortized cost of $13,101,884 and $15,737,694 as of March 31, 2026 and December 31, 2025, respectively) | 13,119,276 | 15,845,875 | |||||||||
| Operating lease right-of-use assets | 10,248,516 | 11,520,781 | |||||||||
| Finance lease right-of-use assets | 18,120,270 | 17,420,424 | |||||||||
| Deferred tax assets | 814,032 | 538,864 | |||||||||
| Other assets | 3,336,687 | 3,353,061 | |||||||||
| Total assets | $ | 209,226,863 | $ | 217,103,012 | |||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 13,866,403 | $ | 11,110,867 | |||||||
| Accrued liabilities | 44,728,154 | 42,789,440 | |||||||||
| Notes payable, current | 49,278 | 51,740 | |||||||||
| Due to seller | 338,360 | 336,982 | |||||||||
| Contingent consideration, current | 8,100,376 | 3,040,377 | |||||||||
| Operating lease liability, current | 4,288,907 | 4,650,953 | |||||||||
| Finance lease liability, current | 5,845,230 | 5,509,687 | |||||||||
| Total current liabilities | 77,216,708 | 67,490,046 | |||||||||
| Notes payable, non-current | 171,714 | 183,843 | |||||||||
| Contingent consideration, non-current | 2,476,216 | 4,776,215 | |||||||||
| Operating lease liability, non-current | 6,610,293 | 7,563,664 | |||||||||
| Finance lease liability, non-current | 11,541,541 | 11,217,907 | |||||||||
| Total liabilities | 98,016,472 | 91,231,675 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Common stock ($0.0001 par value; 500,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 98,778,413 and 98,640,059 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) | 9,878 | 9,864 | |||||||||
| Additional paid-in-capital | 328,618,933 | 325,416,366 | |||||||||
| Accumulated deficit | (198,564,926) | (183,801,795) | |||||||||
| Accumulated other comprehensive income | 2,247,984 | 2,387,404 | |||||||||
| Total stockholders’ equity attributable to DocGo Inc. and Subsidiaries | 132,311,869 | 144,011,839 | |||||||||
| Noncontrolling interests | (21,101,478) | (18,140,502) | |||||||||
| Total stockholders’ equity | 111,210,391 | 125,871,337 | |||||||||
| Total liabilities and stockholders’ equity | $ | 209,226,863 | $ | 217,103,012 | |||||||
DocGo Inc. and Subsidiaries UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenues, net | $ | 75,550,484 | $ | 96,033,055 | |||||||
| Expenses: | |||||||||||
| Cost of revenues (exclusive of depreciation and amortization, which is shown separately below) | 51,667,588 | 65,185,060 | |||||||||
| Operating expenses: | |||||||||||
| General and administrative | 30,835,068 | 32,902,070 | |||||||||
| Depreciation and amortization | 2,647,107 | 3,761,391 | |||||||||
| Legal and regulatory | 5,034,130 | 4,210,823 | |||||||||
| Technology and development | 3,705,049 | 3,639,444 | |||||||||
| Sales, advertising and marketing | 372,633 | 331,705 | |||||||||
| Total expenses | 94,261,575 | 110,030,493 | |||||||||
| Loss from operations | (18,711,091) | (13,997,438) | |||||||||
| Other income (expense): | |||||||||||
| Interest expense, net | (99,732) | (426,284) | |||||||||
| Loss on change in fair value of contingent consideration | (2,760,000) | — | |||||||||
| Insurance proceeds | 4,687,798 | — | |||||||||
| Loss on equity method investment | — | (40,698) | |||||||||
| Loss on remeasurement of operating and finance leases | — | (40,837) | |||||||||
| (Loss) gain on disposal of fixed assets | (62,493) | 15,139 | |||||||||
| Other income (expense) | 264,964 | (312,869) | |||||||||
| Total other income (expense) | 2,030,537 | (805,549) | |||||||||
| Net loss before income tax (expense) benefit | (16,680,554) | (14,802,987) | |||||||||
| (Provision for) benefit from income taxes | (19,283) | 3,723,687 | |||||||||
| Net loss | (16,699,837) | (11,079,300) | |||||||||
| Net loss attributable to noncontrolling interests | (1,936,706) | (1,673,985) | |||||||||
| Net loss attributable to stockholders of DocGo Inc. and Subsidiaries | (14,763,131) | (9,405,315) | |||||||||
| Other comprehensive (loss) income | |||||||||||
| Unrealized loss on investments, net of tax | (71,904) | — | |||||||||
| Foreign currency translation adjustment | (67,516) | 495,538 | |||||||||
| Total comprehensive loss | $ | (14,902,551) | $ | (8,909,777) | |||||||
| Net loss per share attributable to DocGo Inc. and Subsidiaries - Basic | $ | (0.15) | $ | (0.09) | |||||||
| Weighted-average shares outstanding - Basic | 98,746,095 | 101,594,579 | |||||||||
| Net loss per share attributable to DocGo Inc. and Subsidiaries - Diluted | $ | (0.15) | $ | (0.09) | |||||||
| Weighted-average shares outstanding - Diluted | 98,746,095 | 101,594,579 | |||||||||
DocGo Inc. and Subsidiaries UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net loss | $ | (16,699,837) | $ | (11,079,300) | |||||||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||
| Depreciation of property and equipment | 1,266,513 | 1,220,806 | |||||||||
| Amortization of intangible assets | 21,038 | 1,299,142 | |||||||||
| Amortization of finance lease right-of-use assets | 1,359,556 | 1,241,443 | |||||||||
| Loss (gain) on disposal of fixed assets | 62,493 | (15,139) | |||||||||
| Deferred income tax expense | (253,775) | (3,927,428) | |||||||||
| Accretion of discount related to restricted investments | (78,004) | — | |||||||||
| Loss on equity method investments | — | 40,698 | |||||||||
| Bad debt expense | 1,732,911 | 1,247,991 | |||||||||
| Stock-based compensation | 3,224,784 | 4,830,312 | |||||||||
| Loss on remeasurement of operating and finance leases | — | 40,837 | |||||||||
| Loss on change in fair value of contingent consideration | 2,760,000 | — | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (2,803,766) | 31,437,734 | |||||||||
| Prepaid expenses and other current assets | (37,672) | (386,734) | |||||||||
| Other assets | 16,374 | 538,190 | |||||||||
| Accounts payable | 2,700,501 | (8,308,173) | |||||||||
| Accrued liabilities | 1,938,714 | (9,148,984) | |||||||||
| Operating lease liabilities and right-of-use assets | 132,363 | 185,334 | |||||||||
| Net cash (used in) provided by operating activities | (4,657,807) | 9,216,729 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchase of property and equipment | (430,310) | (1,029,626) | |||||||||
| Purchase of intangibles | (665,172) | (712,711) | |||||||||
| Acquisition of a business, net of cash acquired | — | (3,646,318) | |||||||||
| Purchase of restricted investments | (1,731,066) | — | |||||||||
| Proceeds from sale and maturity of restricted investments | 4,463,765 | — | |||||||||
| Proceeds from disposal of property and equipment | 21,903 | 94,341 | |||||||||
| Net cash provided by (used in) investing activities | 1,659,120 | (5,294,314) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Repayments of notes payable | (14,551) | (3,060) | |||||||||
| Earnout payments on contingent liabilities | — | (265,538) | |||||||||
| Distributions paid to noncontrolling interest | (1,024,270) | — | |||||||||
| Payments for taxes related to shares withheld for employee taxes | (22,203) | (1,200,977) | |||||||||
| Common stock repurchased | — | (5,751,954) | |||||||||
| Payments on obligations under finance lease | (1,403,655) | (1,296,887) | |||||||||
| Net cash used in financing activities | (2,464,679) | (8,518,416) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | (206,076) | 317,738 | |||||||||
| Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | (5,669,442) | (4,278,263) | |||||||||
| Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 52,484,778 | 107,337,307 | |||||||||
| Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | $ | 46,815,336 | $ | 103,059,044 | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Supplemental disclosure of cash and non-cash transactions: | |||||||||||
| Cash paid for interest | $ | 47,031 | $ | 561,707 | |||||||
| Cash paid for interest on finance lease liabilities | $ | 248,568 | $ | 220,055 | |||||||
| Cash paid for income taxes | $ | 15,791 | $ | 1,906,712 | |||||||
| Right-of-use assets obtained in exchange for lease liabilities | $ | 2,114,291 | $ | 5,966,095 | |||||||
| Supplemental non-cash investing and financing activities: | |||||||||||
| Property and equipment in accounts payable | $ | 55,035 | $ | 438,738 | |||||||
| Reconciliation of cash and restricted cash | |||||||||||
| Cash | $ | 35,675,081 | $ | 79,007,535 | |||||||
| Restricted cash | 11,140,255 | 24,051,509 | |||||||||
| Total cash and restricted cash shown in statement of cash flows | $ | 46,815,336 | $ | 103,059,044 | |||||||
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 March 31, 2026 compared to the same period in 2025:
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 75,550,484 | $ | 96,033,055 | ||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | (51,667,588) | (65,185,060) | ||||||
| Depreciation and amortization | (2,647,107) | (3,761,391) | ||||||
| GAAP gross profit | 21,235,789 | 27,086,604 | ||||||
| Depreciation and amortization | 2,647,107 | 3,761,391 | ||||||
| Adjusted gross profit | $ | 23,882,896 | $ | 30,847,995 | ||||
| GAAP gross margin | 28.1 | % | 28.2 | % | ||||
| Adjusted gross margin | 31.6 | % | 32.1 | % | ||||
The table below reflects the reconciliation of net income (loss) to adjusted EBITDA for the three months ended March 31, 2026 compared to the same period in 2025 (in millions):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net loss (GAAP) | $(16.7) | $(11.1) | |||||||||
| (+) Net interest expense | 0.1 | 0.4 | |||||||||
| (+) Income tax expense (benefit) | — | (3.7) | |||||||||
| (+) Depreciation and amortization | 2.6 | 3.8 | |||||||||
| (+) Other (income)/expense | (2.1) | 0.4 | |||||||||
| EBITDA | (16.1) | (10.2) | |||||||||
| (+) Non-cash stock compensation | 3.2 | 4.8 | |||||||||
| (+) Non-recurring expense | 2.7 | 1.5 | |||||||||
| Adjusted EBITDA | $(10.2) | $(3.9) | |||||||||
| Total Revenue | $75.6 | $96.0 | |||||||||
| Pretax income margin | (22.1)% | (15.4)% | |||||||||
| Net margin | (22.1)% | (11.6)% | |||||||||
| Adjusted EBITDA margin | (13.5)% | (4.1)% | |||||||||
The table below reflects the reconciliation of operating expenses to adjusted operating expenses for the three months ended March 31, 2026 compared to the same period in 2025 and the three months ended December 31, 2025 (in millions):
Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
| Operating expenses | $42.6 | $44.8 | $128.9 | ||||||||||||||
| Depreciation & amortization | (2.6) | (3.8) | (3.9) | ||||||||||||||
| Non-cash stock compensation | (3.2) | (4.8) | (3.1) | ||||||||||||||
| Non-recurring expense | (2.7) | (1.5) | (86.2) | ||||||||||||||
| Adjusted operating expenses | $34.1 | $34.7 | $35.7 | ||||||||||||||
Contacts
Investors:
Mike Cole
DocGo
949-444-1341
mike.cole@docgo.com
ir@docgo.com
Exhibit 99.2
Non-GAAP Financial Information
The following information provides the definition of adjusted gross margin as presented by DocGo Inc. (the “Company”), which is a financial measure that is not calculated or presented in accordance with generally accepted accounting principles (“GAAP”), and reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP. The Company has provided adjusted gross margin as supplemental information and in addition to the financial measure presented by the Company that is calculated and presented in accordance with GAAP. This non-GAAP financial measure should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measure presented by the Company.
Adjusted Gross Margin
Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under Securities and Exchange Commission 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 the Company’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, the Company’s presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies.
Reconciliation
The table below reflects the reconciliation of adjusted gross margin to GAAP gross margin, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended March 31, 2026 compared to the same period in 2025 on a consolidated basis, as well as for the Company’s Mobile Health Services and Transportation Services segments:
| Three Months Ended March 31, | ||||||||
| DocGo Inc. Consolidated | 2026 | 2025 | ||||||
| Revenue | $ | 75,550,484 | $ | 96,033,055 | ||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | (51,667,588) | (65,185,060) | ||||||
| Depreciation and amortization | (2,647,107) | (3,761,391) | ||||||
| GAAP gross profit | 21,235,789 | 27,086,604 | ||||||
| Depreciation and amortization | 2,647,107 | 3,761,391 | ||||||
| Adjusted gross profit | $ | 23,882,896 | $ | 30,847,995 | ||||
| GAAP gross margin | 28.1 | % | 28.2 | % | ||||
| Adjusted gross margin | 31.6 | % | 32.1 | % | ||||
| Mobile Health Services | ||||||||
| Revenue | $ | 23,625,247 | $ | 45,209,544 | ||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | (16,311,113) | (31,267,309) | ||||||
| Depreciation and amortization | (384,180) | (956,372) | ||||||
| GAAP gross profit | 6,929,954 | 12,985,863 | ||||||
| Depreciation and amortization | 384,180 | 956,372 | ||||||
| Adjusted gross profit | $ | 7,314,134 | $ | 13,942,235 | ||||
| GAAP gross margin | 29.3 | % | 28.7 | % | ||||
| Adjusted gross margin | 31.0 | % | 30.8 | % | ||||
| Transportation Services | ||||||||
| Revenue | $ | 51,925,237 | $ | 50,823,511 | ||||
| Cost of revenue (exclusive of depreciation and amortization, which are shown separately below) | (35,356,474) | (33,917,751) | ||||||
| Depreciation and amortization | (2,148,650) | (1,948,827) | ||||||
| GAAP gross profit | 14,420,113 | 14,956,933 | ||||||
| Depreciation and amortization | 2,148,650 | 1,948,827 | ||||||
| Adjusted gross profit | $ | 16,568,763 | $ | 16,905,760 | ||||
| GAAP gross margin | 27.8 | % | 29.4 | % | ||||
| Adjusted gross margin | 31.9 | % | 33.3 | % | ||||
FAQ
How did DocGo (DCGO) perform financially in Q1 2026?
DocGo reported Q1 2026 revenue of $75.6 million, down from $96.0 million a year earlier, mainly due to ending migrant-related programs. Net loss was $16.7 million, compared with a $11.1 million loss in Q1 2025, reflecting higher operating and non-recurring costs.
What margins did DocGo (DCGO) report for Q1 2026?
DocGo reported Q1 2026 GAAP gross margin of 28.1% and adjusted gross margin of 31.6%. Adjusted EBITDA margin was (13.5)%. These figures show relatively stable gross profitability year over year, with weaker performance at the EBITDA level due to operating and non-recurring expenses.
What 2026 guidance did DocGo (DCGO) provide in this report?
DocGo now expects full-year 2026 revenue of $300–$315 million, raised from prior guidance of $290–$310 million and initial guidance of $280–$300 million. The company maintained its adjusted EBITDA outlook at between $(5) million and $(10) million for 2026.
How are DocGo (DCGO)’s business segments performing?
In Q1 2026, Medical Transportation Services revenue was $51.9 million, slightly above $50.8 million a year earlier. Mobile Health Services revenue was $23.6 million versus $45.2 million, but excluding migrant-related programs, this segment grew 131% to $23.6 million from $10.2 million.
What is DocGo (DCGO)’s liquidity position as of March 31, 2026?
As of March 31, 2026, DocGo held about $35.7 million in cash and cash equivalents and $11.1 million in restricted cash, plus $13.1 million in restricted investments. Together, cash, restricted cash, and restricted investments totaled approximately $59.9 million, down from $68.3 million at year-end 2025.