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eHealth (Nasdaq: EHTH) cuts costs but posts wider loss in Q2 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

eHealth reported Q2 2026 results that reflect a strategic pullback in Medicare marketing and a shift toward deeper member engagement. Total revenue was $33.6 million, down 45% from $60.8 million a year earlier, driven by lower Medicare enrollment volume and reduced variable marketing spend outside major enrollment periods. Medicare segment revenue fell to $31.8 million from $58.1 million, and tail (net adjustment) revenue declined to $7.6 million from $17.8 million. GAAP net loss widened to $23.6 million versus $17.4 million, and adjusted EBITDA was ($21.8) million compared with ($14.1) million.

Cost actions and a new Lifetime Advisory model are reshaping the profile. Total operating costs and expenses decreased 27% to $61.0 million from $83.8 million, and operating cash flow improved sharply to ($5.0) million from ($41.2) million, a $36.2 million year-over-year improvement. Management targets more than $60.0 million in annual variable spend reductions and approximately $30.0 million in annual fixed cost savings. Ancillary product cross-sell rates doubled, and key member engagement metrics improved under the Lifetime Advisory model. Liquidity includes $101.0 million of cash, cash equivalents and marketable securities, and $1.0 billion of commissions receivable, up 10% year over year.

For full-year 2026, eHealth guides to total revenue of $405–$445 million, GAAP net income of $8–$25 million, adjusted EBITDA of $55–$75 million, and operating cash flow between ($10) million and $12 million, including expected positive net adjustment revenue of $16–$20 million. Management states it remains on track to achieve meaningful year-over-year improvements in operating cash flow and is building toward a return to growth in 2027.

Positive

  • Operating cash flow improved to ($5.0) million in Q2 2026 from ($41.2) million a year earlier, a $36.2 million improvement supported by cost reduction initiatives.
  • Full-year 2026 outlook calls for $8–$25 million GAAP net income and $55–$75 million adjusted EBITDA, indicating a planned shift from current quarterly losses toward profitability.
  • Total operating costs and expenses fell 27% year-over-year to $61.0 million, and management targets more than $60.0 million in annual variable spend reductions plus approximately $30.0 million in annual fixed cost savings.

Negative

  • Q2 2026 total revenue declined 45% year-over-year to $33.6 million, reflecting lower Medicare enrollment volume and reduced variable marketing spend outside major enrollment periods.
  • GAAP net loss widened to $23.6 million in Q2 2026 from $17.4 million a year earlier, and adjusted EBITDA deteriorated to ($21.8) million from ($14.1) million.

Filing Explained

The August 4 8-K reports completed second-quarter results; for existing common holders, GAAP loss attributable to them was reported separately from the $23.6 million total GAAP net loss, after preferred dividends and a preferred-stock redemption-value change.

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.
Total Revenue Q2 2026 $33.6 million Q2 2026 total revenue, down from $60.8 million in Q2 2025 (45% decrease)
GAAP Net Loss Q2 2026 $23.6 million Q2 2026 GAAP net loss, compared with $17.4 million in Q2 2025; net loss margin was 70%
Adjusted EBITDA Q2 2026 ($21.8) million Q2 2026 adjusted EBITDA versus ($14.1) million in Q2 2025; adjusted EBITDA margin was 65% negative
Operating Cash Flow Q2 2026 ($5.0) million Q2 2026 operating cash flow, improved by $36.2 million from ($41.2) million in Q2 2025
Cash and Marketable Securities $101.0 million Cash, cash equivalents and short-term marketable securities as of June 30, 2026
Commissions Receivable $1.0 billion Commissions receivable balance as of June 30, 2026, representing 10% year-over-year growth
2026 Revenue Guidance $405–$445 million Full-year 2026 total revenue guidance range
2026 Adjusted EBITDA Guidance $55–$75 million Full-year 2026 adjusted EBITDA guidance range
Lifetime advisory model financial
"Launched lifetime advisory model with a goal of deepening member-advisory relationships"
Adjusted EBITDA financial
"Adjusted EBITDA is calculated by excluding dividends for preferred stock and change in preferred stock redemption value"
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.
net adjustment revenue financial
"Q2 2026 positive net adjustment, or tail revenue, of $7.6 million, compared to $17.8 million a year ago"
Constrained lifetime value financial
"Constrained lifetime value (LTV) of commissions per approved member for Medicare, individual and family and ancillary plans"
Medicare Advantage medical
"CC&E cost per Medicare Advantage (MA)-equivalent approved member"
Medicare Advantage is a type of health insurance plan offered by private companies that covers services traditionally provided by government-run Medicare. Think of it as a bundled package that combines hospital, doctor, and other medical care into one plan, often with added benefits. For investors, it matters because the popularity and profitability of these plans can influence healthcare companies and the broader health insurance industry.
commissions receivable financial
"Commissions receivable balance as of June 30, 2026 represents 10% growth from June 30, 2025"
Total revenue $33.6 million decreased 45% year-over-year from $60.8 million
GAAP net loss $23.6 million widened by $6.2 million year-over-year from $17.4 million
Adjusted EBITDA ($21.8) million declined by $7.6 million year-over-year from ($14.1) million
Operating cash flow ($5.0) million improved by $36.2 million year-over-year from ($41.2) million
Guidance

Full-year 2026 guidance: total revenue $405–$445 million, GAAP net income $8–$25 million, adjusted EBITDA $55–$75 million, and operating cash flow ($10)–$12 million, including expected positive net adjustment revenue of $16–$20 million.

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FAQ

What were eHealth (EHTH) Q2 2026 revenue and profit figures?
eHealth reported Q2 2026 revenue of $33.6 million and a GAAP net loss of $23.6 million. Revenue fell 45% from $60.8 million a year earlier, while adjusted EBITDA was ($21.8) million compared with ($14.1) million in Q2 2025.

How did operating cash flow change for eHealth (EHTH) in Q2 2026?
Operating cash flow improved to ($5.0) million in Q2 2026 from ($41.2) million in Q2 2025. Management highlights this $36.2 million year-over-year improvement as evidence of disciplined expense management and the early impact of its January cost reduction program.

What cost reductions is eHealth (EHTH) targeting in 2026?
eHealth aims for more than $60.0 million in annual variable spend reductions and approximately $30.0 million in annual fixed cost savings versus 2025. In Q2 2026, total operating costs and expenses already declined 27% year-over-year to $61.0 million.

What is eHealth (EHTH)'s full-year 2026 financial guidance?
For 2026, eHealth guides to total revenue of $405–$445 million, GAAP net income of $8–$25 million, adjusted EBITDA of $55–$75 million, and operating cash flow between ($10) million and $12 million, including $16–$20 million in positive net adjustment revenue.

How strong are eHealth (EHTH)'s cash and commissions receivable positions?
As of June 30, 2026, eHealth held $101.0 million in cash, cash equivalents and marketable securities. Commissions receivable totaled $1.0 billion, representing 10% year-over-year growth and reflecting conservative lifetime value assumptions and consistent positive net adjustment revenue.

What strategic changes affected eHealth (EHTH)'s Q2 2026 results?
eHealth launched a Lifetime Advisory model and reduced variable marketing outside major enrollment periods. These moves reduced Medicare enrollment volume and revenue but doubled ancillary product cross-sell rates and improved key member engagement metrics, supporting its long-term member-value strategy.
FALSE000133349300013334932026-08-042026-08-04


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 4, 2026
EHEALTH, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware001-3307156-2357876
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

9190 PRIORITY WAY WEST DR., SUITE 110
INDIANAPOLIS, IN 46240
(Address of principal executive offices)    (Zip Code)

(737) 248-2340
(Registrant’s telephone number, including area code)

Not applicable
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareEHTHThe Nasdaq Stock Market LLC

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 2.02Results of Operations and Financial Condition.

On August 4, 2026, eHealth, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2026 and its financial condition as of June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

On August 4, 2026, the Company posted supplemental investor material on its investor relations webpage at https://ir.ehealthinsurance.com. The Company intends to use its investor relations webpage as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. A copy of the supplemental investor materials is also furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K and Exhibits 99.1 and 99.2 attached hereto are intended to be “furnished” 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. Except as shall be expressly set forth by specific reference in such filing, the information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing with the Securities and Exchange Commission made by 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
Exhibit No.Description
99.1
Press Release of eHealth, Inc. dated August 4, 2026 (eHealth, Inc. Announces Second Quarter 2026 Results)
99.2
Financial Results Conference Call Slides of eHealth, Inc. dated August 4, 2026
104Cover 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 hereunto duly authorized.
eHealth, Inc.
Date:August 4, 2026
/s/ John J. Dolan
John J. Dolan
Chief Financial Officer
(Principal Financial Officer)





ehealthlogoclassic.jpg
eHealth, Inc. Announces Second Quarter 2026 Results

Lifetime Advisory Model increasing member engagement
On track to achieve meaningful YoY improvements in annual operating cash flow

INDIANAPOLIS — August 4, 2026 — eHealth, Inc. (Nasdaq: EHTH), a leading private online health insurance marketplace, today announced its financial results for the second quarter ended June 30, 2026.
CEO Comments
“Second quarter results were in line to slightly above our expectations and reflect the deliberate choices we made going into 2026. We entered the year with a strategy centered on three priorities: building our lifetime advisory model, materially improving our cash flow profile, and making targeted investments in long-term growth opportunities such as ICHRA. In Q2, we saw encouraging early results from our lifetime advisory model including material growth in ancillary cross-sell rates and other key member engagement metrics. As we enter the second half of 2026, eHealth remains on track to achieve our financial targets including meaningful year-over-year improvements in operating cash flow. Importantly, we are building the operating and financial foundation necessary to return the business to sustainable growth beginning in 2027.”– Derrick Duke, Chief Executive Officer
Q2 2026 Key Financial Results
Total RevenueGAAP Net Income (Loss)
Adjusted EBITDA(1)
Operating Cash Flow
$33.6M
$(23.6)M
$(21.8)M
$(5.0)M
 vs $60.8M
vs $(17.4)M
vs $(14.1)M
vs $(41.2)M
Comparisons above reflect the comparable metrics from the three months ended June 30, 2025.
Cash, Cash Equivalents &
Short-Term Marketable Securities		Commissions Receivable
$101.0M
$1.0B
Q2 2026 Key Highlights and Commentary
■Total revenue declined 45% year-over-year reflecting lower Medicare enrollment volume, consistent with our strategy to reduce variable marketing spend outside of major enrollment periods and focus benefit advisors on existing member engagement.
■Q2 2026 positive net adjustment revenue of $7.6 million compared to $17.8 million in prior year.
■Launched lifetime advisory model with a goal of deepening member-advisory relationships and driving increased engagement, retention and member lifetime values.
■Q2 2026 ancillary product cross-sell rates doubled compared to prior year and observed improvements in additional member engagement metrics, reflecting early success of new operating model.
■Total operating costs and expenses decreased 27% to $61.0 million compared to $83.8 million in prior year driven by cost reduction program implemented in January.
■On track to achieve more than $60.0 million in annual variable spend reductions and approximately $30.0 million in annual fixed cost savings compared to prior year.
■Operating cash flow improved by $36.2 million year-over-year, reflecting disciplined expense management and targeted cost reduction initiatives.
■Commissions receivable balance as of June 30, 2026 represents 10% growth from June 30, 2025.
■Advanced efforts towards building ICHRA business, including developing our pipeline, expanding strategic partnerships, strengthening broker relationships and continuing to refine our operating model.
__________
Note: See the tables at the end of this press release for a reconciliation of our GAAP financial measures to our non-GAAP financial measures for the relevant periods and footnote (1) on page 14 at the end of this press release for definitions of our non-GAAP financial measures. Additionally, see accompanying footnotes on page 14 for additional definitions.
1

2026 Guidance
Based on information available as of August 4, 2026, we are reiterating guidance for the full year ending December 31, 2026. These expectations are forward-looking statements and we assume no obligation to update these statements. Actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in eHealth’s annual and quarterly reports filed with the Securities and Exchange Commission.

The following guidance is for the full year ending December 31, 2026:

•Total revenue is expected to be in the range of $405.0 million to $445.0 million.
•GAAP net income is expected to be in the range of $8.0 million to $25.0 million.
•Adjusted EBITDA(1) is expected to be in the range of $55.0 million to $75.0 million.
•Operating cash flow is expected to be in the range of $(10.0) million to $12.0 million.

The above guidance includes the expected impact of positive net adjustment revenue which has been updated to be in the range of $16 million to $20 million to reflect the Q2 2026 positive net adjustment revenue, compared to the previous range of $8 to $20 million.
__________
Note: See accompanying footnotes on page 14.


Webcast and Conference Call Information

A webcast and conference call will be held today, Tuesday, August 4, 2026 at 5:00 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by dialing (833) 461-5787. The participant passcode is 539804356. The live and archived webcast of the call will also be available under “Events & Presentations” on the Investor Relations page of our website at https://ir.ehealthinsurance.com.


About eHealth, Inc.

For nearly 30 years, eHealth, Inc. has helped millions of Americans find the healthcare coverage that fits their needs at a price they can afford, using data, artificial intelligence and a consumer-first approach to help people quickly and effectively compare insurance options. As a leading independent licensed insurance agency and advisor, eHealth offers access to plans from more than 180 health insurers, including national and regional companies, supporting consumers during their working years and retirement. eHealth’s team of licensed insurance agents help match consumers with the insurance plans, services, and support they need to live healthier, more financially secure lives. For more, visit eHealth.com or follow us on LinkedIn, Facebook, Instagram, and X.


Forward-Looking Statements

This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. These include statements regarding our expectations regarding our business, financial condition, operations and strategy; our strategic objectives in 2026 and beyond, including our lifetime advisory model, business and growth strategy, Individual Coverage Health Reimbursement Arrangements (ICHRA) growth plan, and cost management and cash flow generation efforts, and our ability to achieve such strategic objectives; our estimates regarding approved members and estimated memberships, in the aggregate and by product category; our estimates regarding constrained lifetime values of commissions per approved member by product category; our estimates regarding commissions receivable collection; our estimates regarding costs per approved member; our expectations regarding our profitability and our strategic plans and initiatives, including our lifetime advisory model, product diversification efforts, cost management and cash flow generation, and our ability to execute our operational and strategic plans and initiatives; our 2026 annual guidance for total revenue, GAAP net income, adjusted EBITDA and operating cash flow, and our ability to achieve our financial targets; our estimates for positive net adjustment revenue and its expected impact on our 2026 annual guidance; our expectations regarding our industry and market trends, including market opportunity, consumer demand and our competitive advantage; and other statements regarding our future operations, financial condition, prospects and business strategies.
2


These forward-looking statements are inherently subject to various risks and uncertainties that could cause actual results to differ materially from the statements made. In particular, we are required by Accounting Standards Codification 606 — Revenue from Contracts with Customers to make numerous assumptions that are based on historical trends and our management’s judgment. These assumptions may change over time and have a material impact on our revenue recognition, guidance, and results of operations. Please review the assumptions stated in this press release carefully.

The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, our ability to retain existing members and enroll new members during the annual healthcare open enrollment period, the Medicare annual enrollment period, the Medicare Advantage open enrollment period and other special enrollment periods; changes in laws, regulations and guidelines, including in connection with healthcare reform or with respect to the marketing and sale of Medicare plans; competition, including competition from government-run health insurance exchanges and marketplaces, and other sources; the seasonality of our business and the fluctuation of our operating results; our ability to accurately estimate membership, lifetime value of commissions and commissions receivable; changes in product offerings among carriers on our ecommerce platform and changes in our estimated conversion rate of an approved member to a paying member and the resulting impact of each on our commission revenue; the concentration of our revenue with a small number of health insurance carriers; our ability to execute on our growth strategy and other business initiatives; changes in our senior management or other key employees; our ability to recruit, train, retain and ensure the productivity of licensed insurance agents, or benefit advisors, and other personnel; exposure to security risks and our ability to safeguard the security and privacy of confidential data; our relationships with health insurance carriers; the success of our carrier advertising and sponsorship program; our success in marketing and selling health insurance plans and our unit cost of acquisition; our ability to effectively manage our operations as our business evolves and execute on our business plan and other strategic initiatives; the need for health insurance carrier and regulatory approvals in connection with the marketing of Medicare-related insurance products; changes in the market for private health insurance; consumer satisfaction of our service and actions we take to improve the quality of enrollments; changes in member conversion rates; changes in commission rates; our ability to sell qualified health insurance plans to subsidy-eligible individuals and to enroll subsidy-eligible individuals through government-run health insurance exchanges and marketplaces; our ability to derive desired benefits from investments in our business, including membership growth and retention initiatives; our reliance on marketing partners; the success and cost of our marketing efforts, including branding, online advertising, direct-to-consumer mail, email, social media, telephone, SMS text, television, radio and other marketing efforts; our ability to contact our consumers or market our products through specific channels; timing of receipt and accuracy of commission reports; payment practices of health insurance carriers; risks associated with our operations in China; the restrictions in our debt obligations; the restrictions in our investment agreement with our convertible preferred stock investor; our ability to raise additional capital, including debt or equity financings, on terms acceptable to us or at all; compliance with insurance, privacy, cybersecurity and other laws and regulations; the outcome of litigation, government enforcement actions or regulatory inquiries in which we are or may from time to time be involved, including the complaint filed against us and certain defendants by the U.S. Attorney’s Office for the District of Massachusetts on May 1, 2025 alleging the violation of the Federal False Claims Act; the performance, reliability and availability of our information technology systems and our ability to maintain and improve such systems, ecommerce platform and underlying network infrastructure, including any new systems we may implement; our ability to deploy new and evolving technologies, such as artificial intelligence; public health crises, pandemics, natural disasters and other extreme events; general economic and macroeconomic conditions, including the risks of potential delays, reductions or disruptions in payments from a prolonged government shutdown, inflation, recession, political events, instability or geopolitical tensions, tariffs and trade tensions or other international disputes, financial, banking and credit market disruptions; our ability to effectively administer our self-insurance program; and other risks and uncertainties related to our business. Other factors that could cause our operating, financial and other results to differ are described in our most recent Quarterly Report on Form 10-Q or Annual Report on Form 10-K filed with the Securities and Exchange Commission and available on the Investor Relations page of our website at https://ir.ehealthinsurance.com and on the Securities and Exchange Commission’s website at www.sec.gov.

We have based these forward-looking statements on our current expectations about future events, and these statements are not guarantees of future performance. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Investor Relations Contact

Kate Sidorovich, CFA
Senior Vice President, Investor Relations & Corporate Development
investors@ehealth.com
https://ir.ehealthinsurance.com

3

EHEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)


June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$69,681 $73,725 
Short-term marketable securities31,367 3,495 
Accounts receivable1,818 7,688 
Contract assets – commissions receivable – current202,804 236,116 
Prepaid expenses and other current assets10,083 13,328 
Total current assets315,753 334,352 
Contract assets – commissions receivable – non-current804,806 886,614 
Property and equipment, net4,105 4,531 
Operating lease right-of-use assets6,915 8,429 
Restricted cash2,630 3,090 
Other assets23,823 25,452 
Total assets$1,158,032 $1,262,468 
Liabilities, convertible preferred stock and stockholders’ equity
Current liabilities:
Accounts payable$2,953 $28,323 
Accrued compensation and benefits14,878 41,009 
Accrued marketing expenses2,779 16,182 
Lease liabilities – current6,615 7,349 
Other current liabilities4,524 6,207 
Total current liabilities31,749 99,070 
Long-term debt114,608 112,954 
Deferred income taxes – non-current48,566 57,223 
Lease liabilities – non-current10,950 14,050 
Other non-current liabilities5,073 5,519 
Total liabilities210,946 288,816 
Convertible preferred stock406,283 382,057 
Stockholders’ equity:
Common stock46 44 
Additional paid-in capital752,110 761,495 
Treasury stock, at cost(199,998)(199,998)
Retained earnings (deficit)(11,586)30,116 
Accumulated other comprehensive income (loss)231 (62)
Total stockholders’ equity540,803 591,595 
Total liabilities, convertible preferred stock and stockholders’ equity$1,158,032 $1,262,468 



4

EHEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts, unaudited)

Three Months Ended
 June 30, 		Six Months Ended
 June 30,
20262025% Change20262025% Change
Revenue:
Commission$29,804$54,731(46)%$109,611$153,677(29)%
Other3,7626,051(38)%11,97320,224(41)%
Total revenue33,56660,782(45)%121,584173,901(30)%
Operating costs and expenses(a):
Marketing and advertising
11,78121,425(45)%37,17462,614(41)%
Customer care and enrollment
22,29827,910(20)%54,58265,131(16)%
Technology and content
11,30111,354— %22,63623,955(6)%
General and administrative
15,58321,582(28)%31,09538,892(20)%
Impairment, restructuring and other charges601,555(96)%6,4321,555314 %
Total operating costs and expenses61,02383,826(27)%151,919192,147(21)%
Loss from operations(27,457)(23,044)(19)%(30,335)(18,246)(66)%
Interest expense(4,054)(2,348)(73)%(8,089)(4,996)(62)%
Other income, net8321,340(38)%1,6722,916(43)%
Loss before income taxes(30,679)(24,052)(28)%(36,752)(20,326)(81)%
Benefit from income taxes(7,084)(6,654)(8,443)(4,878)
Net loss(23,595)(17,398)(36)%(28,309)(15,448)(83)%
Preferred stock dividends(6,201)(5,846)(12,334)(11,627)
Change in preferred stock redemption value(7,715)(6,539)(14,975)(12,680)
Net loss attributable to common stockholders
$(37,511)$(29,783)(26)%$(55,618)$(39,755)(40)%
Net loss per share attributable to common stockholders:
Basic and diluted
$(1.18)$(0.98)(18)%$(1.77)$(1.32)(34)%
Weighted-average number of shares used in per share:
Basic and diluted
31,78030,4045 %31,45830,2024 %
_____________________________
(a) Includes stock-based compensation expense as follows:
Marketing and advertising$380$585$648$1,082
Customer care and enrollment224332448596
Technology and content3716806991,368
General and administrative1,3552,2792,7934,619
Total stock-based compensation expense$2,330$3,876(40)%$4,588$7,665(40)%
Non-GAAP Results(1):
Adjusted EBITDA(1)
$(21,776)$(14,142)(54)%$(12,766)$(1,621)(688)%
Adjusted EBITDA margin(1)
(65)%(23)%(10)%(1)%
__________
*    Percentage calculated is not meaningful.
Note: See accompanying footnotes on page 14.

5

EHEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)

Three Months Ended
 June 30, 		Six Months Ended
 June 30,
2026202520262025
Operating activities:
Net loss$(23,595)$(17,398)$(28,309)$(15,448)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization490 466 980 937 
Amortization of internally developed software2,801 3,005 5,569 6,468 
Stock-based compensation expense2,330 3,876 4,588 7,665 
Deferred income taxes(7,133)(6,724)(8,657)(5,195)
Impairment charges303 413 303 413 
Other non-cash items567 (331)913 (637)
Changes in operating assets and liabilities:
Accounts receivable(281)1,531 5,870 14,952 
Contract assets – commissions receivable29,071 6,438 115,508 83,486 
Prepaid expenses and other assets920 464 1,079 (514)
Accounts payable(2,243)(1,593)(25,370)(17,627)
Accrued compensation and benefits(6,266)(27,921)(26,131)(26,834)
Accrued marketing expenses(1,950)(5,024)(13,403)(12,565)
Deferred revenue278 660 (2,537)328 
Accrued expenses and other liabilities(247)934 407 488 
Net cash provided by (used in) operating activities(4,955)(41,204)30,810 35,917 
Investing activities:
Capitalized internal-use software and website development costs(2,195)(4,258)(4,345)(7,376)
Purchases of property and equipment and other assets(488)(1,585)(643)(1,893)
Purchases of marketable securities(13,001)(34,516)(48,555)(61,878)
Proceeds from redemption and maturities of marketable securities17,609 30,240 21,109 66,500 
Net cash provided by (used in) investing activities1,925 (10,119)(32,434)(4,647)
Financing activities:
Net proceeds from exercise of common stock options and employee stock purchases102 189 102 189 
Repurchase of shares to satisfy employee tax withholding obligations(48)(1,127)(208)(1,826)
Payments of preferred stock dividends(3,083)(2,906)(3,083)(2,906)
Net cash used in financing activities
(3,029)(3,844)(3,189)(4,543)
Effect of exchange rate changes on cash, cash equivalents and restricted cash168 (5)309 (4)
Net increase (decrease) in cash, cash equivalents and restricted cash(5,891)(55,172)(4,504)26,723 
Cash, cash equivalents and restricted cash at beginning of period78,202 124,182 76,815 42,287 
Cash, cash equivalents and restricted cash at end of period$72,311 $69,010 $72,311 $69,010 
6
EHEALTH, INC.
SEGMENT INFORMATION
(in thousands, unaudited)

We evaluate our business performance and manage our operations as two distinct reporting segments: Medicare and Employer and Individual (“E&I”). The Medicare segment consists primarily of commissions earned as the broker of record from our sale of Medicare-related health insurance plans, including Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans, and to a lesser extent, ancillary products sold to our Medicare-eligible beneficiaries, including but not limited to, dental and vision insurance and hospital indemnity plans. Our commissions may also include certain bonus payments, which are generally based on attaining predetermined target sales levels or other objectives, as determined by the health insurance carriers. The Medicare segment also consists of amounts earned in connection with our advertising programs, including other services such as marketing as well as amounts earned from our non-broker of record fee-based arrangements and our performance of various post-enrollment services for members. The E&I segment consists primarily of commissions earned from our sale of individual and family plans, including both qualified and non-qualified plans, employer plans, including small business health insurance plans and Individual Coverage Health Reimbursement Arrangements (“ICHRAs”), and ancillary products sold to our non-Medicare-eligible consumers, including but not limited to, dental, vision and short-term insurance. To a lesser extent, the E&I segment also includes amounts earned from our online sponsorship program that allows carriers to purchase advertising space in specific markets on our website as well as our technology licensing activities.

We report segment information based on how our chief executive officer, who is our chief operating decision maker (“CODM”), regularly reviews our operating results, allocates resources and makes decisions regarding our business operations in the annual budget and forecasting process along with evaluation of actual performance. Our CODM considers budget-to-actual variances on a monthly basis for our segment performance measures when making decisions about allocating capital and personnel to our segments. These performance measures include total segment revenue and segment gross profit (loss).

Segment gross profit (loss) is calculated as total revenue for the applicable segment less variable marketing and advertising expenses, segment customer care and enrollment expenses (“CC&E”) and cost of revenue for the applicable segment. Variable marketing and advertising expenses represent costs incurred in member acquisition from our direct marketing and marketing partner channels and exclude fixed overhead costs, such as personnel related costs, consulting expenses and other operating costs allocated to the marketing and advertising department. Segment CC&E expenses include expenses we incur in assisting applicants during the enrollment process and exclude operating costs allocated to the CC&E department.

The results of our reportable segments are summarized for the periods presented below:

Three Months Ended
 June 30, 		Six Months Ended
 June 30,
20262025% Change20262025% Change
Medicare:
Total revenue
$31,799 $58,059 (45)%$113,070 $161,728 (30)%
Variable marketing and advertising
(5,793)(13,800)58 %(24,522)(47,553)48 %
Medicare CC&E(19,832)(25,078)21 %(49,444)(59,547)17 %
Cost of revenue
(210)(36)*(104)264 (139)%
Medicare segment gross profit$5,964 $19,145 (69)%$39,000 $54,892 (29)%


Three Months Ended
 June 30, 		Six Months Ended
 June 30,
20262025% Change20262025% Change
Employer and Individual:
Total revenue
$1,767 $2,723 (35)%$8,514 $12,173 (30)%
Variable marketing and advertising
(613)(717)15 %(1,456)(1,907)24 %
E&I CC&E(1,939)(2,201)12 %(4,081)(4,381)7 %
Cost of revenue
(55)(62)11 %(121)(154)21 %
E&I segment gross profit (loss)$(840)$(257)(227)%$2,856 $5,731 (50)%
__________
*    Percentage calculated is not meaningful.
7
EHEALTH, INC.
SEGMENT INFORMATION
(in thousands, unaudited)


Three Months Ended
 June 30, 		Six Months Ended
 June 30,
20262025% Change20262025% Change
Consolidated:
Total revenue
$33,566 $60,782 (45)%$121,584 $173,901 (30)%
Variable marketing and advertising
(6,406)(14,517)56 %(25,978)(49,460)47 %
Segment CC&E
(21,771)(27,279)20 %(53,525)(63,928)16 %
Cost of revenue
(265)(98)(170)%(225)110 (305)%
Total segment gross profit$5,124 $18,888 (73)%$41,856 $60,623 (31)%


A reconciliation of our total segment gross profit to the Condensed Consolidated Statements of Operations for the periods presented is as follows:

Three Months Ended
 June 30, 		Six Months Ended
 June 30,
20262025
% Change
20262025
% Change
Total segment gross profit$5,124 $18,888 (73)%$41,856 $60,623 (31)%
Other marketing and advertising(a)
(5,110)(6,810)25 %(10,971)(13,264)17 %
Other CC&E(b)
(527)(631)16 %(1,057)(1,203)12 %
Technology and content(11,301)(11,354)— %(22,636)(23,955)6 %
General and administrative(15,583)(21,582)28 %(31,095)(38,892)20 %
Impairment, restructuring and other charges(60)(1,555)96 %(6,432)(1,555)(314)%
Interest expense(4,054)(2,348)(73)%(8,089)(4,996)(62)%
Other income, net832 1,340 (38)%1,672 2,916 (43)%
Loss before income taxes$(30,679)$(24,052)(28)%$(36,752)$(20,326)(81)%
__________
(a)Other marketing and advertising costs consist of fixed marketing and advertising, previously capitalized labor, depreciation and share-based compensation costs.
(b)Other CC&E costs consist of previously capitalized labor, depreciation and share-based compensation costs.



8

EHEALTH, INC.
COMMISSION REVENUE
(in thousands, unaudited)
Our commission revenue results from approval of an application from health insurance carriers, which we define as our customers under Accounting Standards Codification 606 — Revenue from Contracts with Customers (“ASC 606”). Our commission revenue is primarily comprised of commissions from health insurance carriers which is computed using the estimated constrained lifetime values of commission payments that we expect to receive. Our commissions may include certain bonus payments, which are generally based on our attaining predetermined target sales levels or other objectives, as determined by the health insurance carriers.
The following table presents commission revenue by product for the periods indicated:

Three Months Ended
 June 30, 		% ChangeSix Months Ended
 June 30, 		% Change
2026202520262025
Medicare
Medicare Advantage$27,862 $38,264 (27)%$87,352 $113,250 (23)%
Medicare Supplement2,381 13,286 (82)%8,530 21,890 (61)%
Medicare Part D(a)
(3,930)(1,048)(275)%404 1,395 (71)%
Total Medicare26,313 50,502 (48)%96,286 136,535 (29)%
Individual and Family
Non-Qualified Health Plans(a)
(899)(434)107 %(78)484 (116)%
Qualified Health Plans(a)
(598)(402)49 %(126)1,363 (109)%
Total Individual and Family
(1,497)(836)79 %(204)1,847 (111)%
Ancillary2,377 2,249 6 %7,241 8,081 (10)%
Small Business2,242 2,297 (2)%5,736 5,731 — %
Commission Bonus and Other369 519 (29)%552 1,483 (63)%
Total Commission Revenue$29,804 $54,731 (46)%$109,611 $153,677 (29)%
__________
(a)Revenue was negative due to net commission revenue from members approved in prior periods. Such amounts were $(4.0) million, $(1.2) million, and $(0.7) million for Medicare Part D, non-qualified and qualified health plans, respectively, for the three months ended June 30, 2026; $(1.2) million and $(0.7) million for non-qualified and qualified health plans, respectively, for the six months ended June 30, 2026; and $(1.3) million, $(0.8) million, and $(0.7) million for Medicare Part D, non-qualified and qualified health plans, respectively, for the three months ended June 30, 2025.

The following table presents a summary of commission revenue by segment for the periods indicated:

Three Months Ended
 June 30, 		Six Months Ended
 June 30,
2026202520262025
Medicare
Commission revenue from members approved during the period
$19,141 $33,148 $85,579 $114,902 
Net commission revenue from members approved in prior periods(a)
9,087 19,089 15,877 27,054 
Total Medicare segment commission revenue
28,228 52,237 101,456 141,956 
Employer and Individual
Commission revenue from members approved during the period
1,343 1,920 3,910 5,778 
Commission revenue from renewals of small business members during the period
1,713 1,892 4,484 4,742 
Net commission revenue from members approved in prior periods(a)
(1,480)(1,318)(239)1,201 
Total Employer and Individual segment commission revenue
1,576 2,494 8,155 11,721 
Total commission revenue
$29,804 $54,731 $109,611 $153,677 
_____________
(a)For all existing cohorts approved in prior periods, we reassess assumptions for our constrained LTV of commissions on a quarterly basis and compare to the current constrained LTV recognized on these cohorts. To the extent there is an indication of a change to expected cash collections for these cohorts, net commission revenue from members approved in prior periods, also referred to as net adjustment revenue, is recorded to adjust revenue previously recognized for the affected cohorts. Net adjustment revenue includes both increases and reductions to revenue; however, adjustments increasing revenue are only recognized when it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.
9

EHEALTH, INC.
SUMMARY OF SELECTED METRICS
(unaudited)

Selected Metrics — Second Quarter of 2026

Three Months Ended
 June 30, 		% Change
20262025
Approved Members(2)
Medicare
Medicare Advantage16,78030,568(45)%
Medicare Supplement9581,730(45)%
Medicare Part D2811,378(80)%
Total Medicare18,01933,676(46)%
Individual and Family1,4872,062(28)%
Ancillary10,73712,360(13)%
Small Business98683818 %
Total Approved Members31,22948,936(36)%
Constrained Lifetime Value of Commissions per Approved Member(3)
Medicare(a)
Medicare Advantage$921$934(1)%
Medicare Supplement1,6611,43516 %
Medicare Part D26017152 %
Individual and Family
Non-Qualified Health Plans302328(8)%
Qualified Health Plans275315(13)%
Ancillary
Short-term12711114 %
Dental1261251 %
Vision8184(4)%
Small Business34426331 %
(a)Constraints for Medicare Advantage, Medicare Supplement and Medicare Part D were 5.5%, 4% and 7%, respectively, for the three months ended June 30, 2026 and 2025.
Expense Metrics per Approved Member(4)
Medicare Plans
CC&E cost per Medicare Advantage (“MA”)-equivalent approved member
$941$66442 %
Variable marketing cost per MA-equivalent approved member325423(23)%
Total acquisition cost per MA-equivalent approved member$1,266$1,08716 %
Individual and Family Plans (“IFP”)
CC&E cost per IFP-equivalent approved member
$490$42216 %
Variable marketing cost per IFP-equivalent approved member8499(15)%
Total acquisition cost per IFP-equivalent approved member$574$52110 %
__________
Note: See accompanying footnotes on page 14.


10

EHEALTH, INC.
SUMMARY OF SELECTED METRICS
(unaudited)

Selected Metrics — Six Months Ended June 30, 2026

Six Months Ended
 June 30, 		% Change
20262025
Approved Members(2)
Medicare
Medicare Advantage80,202 113,239 (29)%
Medicare Supplement3,470 4,295 (19)%
Medicare Part D1,095 4,020 (73)%
Total Medicare84,767 121,554 (30)%
Individual and Family5,072 7,879 (36)%
Ancillary27,638 29,285 (6)%
Small Business2,274 2,028 12 %
Total Approved Members119,751 160,746 (26)%

As of June 30, % Change
20262025
Estimated Membership(5)
Medicare(6)
Medicare Advantage559,352 596,397 (6)%
Medicare Supplement86,477 91,845 (6)%
Medicare Part D133,246 176,223 (24)%
Total Medicare779,075 864,465 (10)%
Individual and Family(6)
49,813 66,374 (25)%
Ancillary(6)
177,763 174,632 2 %
Small Business(7)
33,176 40,132 (17)%
Total Estimated Membership1,039,827 1,145,603 (9)%
__________
Note: See accompanying footnotes on page 14.
11

EHEALTH, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)

Reconciliation of GAAP Operating Costs and Expenses to Non-GAAP Operating Costs and Expenses(1) (in thousands):
Three Months Ended
 June 30, 		Six Months Ended
 June 30,
2026202520262025
GAAP marketing and advertising expense
$11,781 $21,425 $37,174 $62,614 
Stock-based compensation expense
(380)(585)(648)(1,082)
Non-GAAP marketing and advertising expense(1)
$11,401 $20,840 $36,526 $61,532 
GAAP customer care and enrollment expense
$22,298 $27,910 $54,582 $65,131 
Stock-based compensation expense(224)(332)(448)(596)
Non-GAAP customer care and enrollment expense(1)
$22,074 $27,578 $54,134 $64,535 
GAAP technology and content expense
$11,301 $11,354 $22,636 $23,955 
Stock-based compensation expense(371)(680)(699)(1,368)
Non-GAAP technology and content expense(1)
$10,930 $10,674 $21,937 $22,587 
GAAP general and administrative expense
$15,583 $21,582 $31,095 $38,892 
Stock-based compensation expense(1,355)(2,279)(2,793)(4,619)
Non-GAAP general and administrative expense(1)
$14,228 $19,303 $28,302 $34,273 
GAAP total operating costs and expenses
$61,023 $83,826 $151,919 $192,147 
Stock-based compensation expense(2,330)(3,876)(4,588)(7,665)
Impairment, restructuring and other charges(60)(1,555)(6,432)(1,555)
Non-GAAP total operating costs and expenses(1)
$58,633 $78,395 $140,899 $182,927 

Reconciliation of GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA(1) (in thousands) and Adjusted EBITDA Margin(1):
Three Months Ended
 June 30, 		Six Months Ended
 June 30,
2026202520262025
GAAP net loss attributable to common stockholders
$(37,511)$(29,783)$(55,618)$(39,755)
Preferred stock dividends6,2015,84612,33411,627
Change in preferred stock redemption value7,7156,53914,97512,680
GAAP net loss(23,595)(17,398)(28,309)(15,448)
Stock-based compensation expense2,3303,8764,5887,665
Depreciation and amortization3,2913,4716,5497,405
Impairment, restructuring and other charges601,5556,4321,555
Interest expense4,0542,3488,0894,996
Other income, net
(832)(1,340)(1,672)(2,916)
Benefit from income taxes(7,084)(6,654)(8,443)(4,878)
Adjusted EBITDA(1)
$(21,776)$(14,142)$(12,766)$(1,621)
Net loss margin(70)%(29)%(23)%(9)%
Adjusted EBITDA margin(1)
(65)%(23)%(10)%(1)%
__________
Note: See accompanying footnotes on page 14.
12

EHEALTH, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(unaudited)



Reconciliation of Guidance GAAP Net Loss Attributable to Common Stockholders to Adjusted EBITDA(1) (in millions):
Full Year 2026 Guidance
LowHigh
GAAP net loss attributable to common stockholders$(49.0)$(32.0)
Impact from preferred stock57.0 57.0 
GAAP net income8.0 25.0 
Stock-based compensation expense13.0 12.0 
Depreciation and amortization13.0 12.0 
Impairment, restructuring and other charges6.0 6.0 
Interest expense14.0 13.0 
Other income, net(3.0)(3.0)
Provision for income taxes4.0 10.0 
Adjusted EBITDA(1)
$55.0 $75.0 

__________
Note: See accompanying footnotes on page 14.
13
EHEALTH, INC.
Footnotes to Preceding Financial Statements and Metrics
(dollars in thousands, unaudited)

(1)Non-GAAP Financial Information

This press release includes financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). To supplement eHealth’s condensed consolidated financial statements presented in accordance with GAAP, eHealth presents investors with non-GAAP financial measures, including non-GAAP total operating costs and expenses, certain non-GAAP operating expenses, adjusted EBITDA and adjusted EBITDA margin.

•Non-GAAP total operating costs and expenses is calculated by excluding the effect of expensing stock-based compensation related to stock options, restricted stock awards, performance-based and market-based awards and employee stock purchase plan and impairment, restructuring and other charges from GAAP total operating costs and expenses.

•Non-GAAP marketing and advertising, non-GAAP customer care and enrollment, non-GAAP technology and content and non-GAAP general and administrative expenses are each calculated by excluding the effect of expensing stock-based compensation related to stock options, restricted stock awards, performance-based and market-based awards and employee stock purchase plan from the respective GAAP operating costs and expenses.

•Adjusted EBITDA is calculated by excluding dividends for preferred stock and change in preferred stock redemption value (together the “impact from preferred stock”), provision for (benefit from) income taxes, depreciation and amortization, stock-based compensation expense, impairment, restructuring and other charges, interest expense, other income (expense), net, and other non-recurring charges from GAAP net income (loss) attributable to common stockholders. Other non-recurring charges to GAAP net income (loss) attributable to common stockholders may include transaction expenses in connection with capital raising transactions (whether debt, equity or equity-linked) and acquisitions, whether or not consummated, purchase price adjustments and the cumulative effect of a change in accounting principles.

•Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.

eHealth believes that the presentation of these non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to eHealth’s financial condition and results of operations. Management believes that the use of these non-GAAP financial measures provides consistency and comparability with eHealth’s past financial reports. Management also believes that the items described above provide an additional measure of eHealth’s operating results and facilitates comparisons of eHealth’s core operating performance against prior periods and business model objectives. This information is provided to investors in order to facilitate additional analyses of past, present and future operating performance and as a supplemental means to evaluate eHealth’s ongoing operations. eHealth believes that these non-GAAP financial measures are useful to investors in their assessment of eHealth’s operating performance.

Non-GAAP total operating costs and expenses, certain non-GAAP operating expenses, adjusted EBITDA and adjusted EBITDA margin are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures used in this press release have limitations in that they do not reflect all of the revenue and costs associated with the operations of eHealth’s business and do not reflect income tax as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of eHealth’s results as reported under GAAP. eHealth expects to continue to incur the stock-based compensation costs and depreciation and amortization described above, and exclusion of these costs, and their related income tax benefits, from non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. eHealth compensates for these limitations by prominently disclosing GAAP total operating costs and expenses, certain GAAP operating expenses, GAAP net income (loss), GAAP net income (loss) attributable to common stockholders, GAAP net income (loss) margin and providing investors with reconciliations from eHealth’s GAAP operating results to the non-GAAP financial measures for the relevant periods.

The tables above provide more details on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures described above and the related reconciliations between these financial measures.
(2)Approved members represent the number of individuals on submitted applications, or submissions, for which we are the broker of record, that were approved by the applicable insurance carrier for the identified product during the current period. The applications may be submitted in either the current period or prior periods. Approved members may not ultimately become paying members.
(3)Constrained lifetime value (“LTV”) of commissions per approved member for Medicare, individual and family and ancillary plans represents commissions estimated to be collected over the estimated life of an approved member’s plan after applying constraints in accordance with our revenue recognition policy. Constrained LTV of commissions per approved member for small business represents the estimated commissions we expect to collect from the plan over the following twelve months. The estimate is driven by multiple factors, including but not limited to, contracted commission rates, carrier mix, estimated average plan duration, the regulatory environment, cancellations of insurance plans offered by health insurance carriers with which we have a relationship, and applied constraints. The constraints are applied to help ensure that commissions estimated to be collected over the estimated life of an approved member’s plan are recognized as revenue only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with future commissions receivable from the plan is subsequently resolved. These factors may result in varying values from period to period.
(4)Expense Metrics per Approved Member: Marketing initiatives are an important component of our strategy to increase revenue and are primarily designed to encourage consumers to complete an application for health insurance. We calculate and evaluate the customer care and enrollment (“CC&E”) expense per approved member and the variable marketing cost per approved member. We incur CC&E
14
EHEALTH, INC.
Footnotes to Preceding Financial Statements and Metrics
(dollars in thousands, unaudited)

expenses in assisting applicants during the enrollment process. Variable marketing costs represent costs incurred in member acquisition from our direct marketing and marketing partner channels. Variable marketing costs exclude fixed overhead costs, such as personnel related costs, consulting expenses and other operating costs allocated to the marketing and advertising department.
The numerator used to calculate each member acquisition metric discussed above is the portion of the respective operating expenses for CC&E and marketing and advertising that is directly related to member acquisition for our sale of Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans (collectively, the “Medicare Plans”) and for all individual and family major medical plans and short-term health insurance plans (collectively, “IFP Plans”), respectively, for which we are the broker of record. The denominator used to calculate each metric is based on a derived metric that represents the relative value of the new members acquired. For Medicare Plans, we call this derived metric Medicare Advantage (“MA”)-equivalent approved members, and for IFP Plans, we call this derived metric IFP-equivalent approved members. MA-equivalent approved members is a derived metric with a Medicare Part D approved member being weighted at 25% of a Medicare Advantage member and a Medicare Supplement member based on their relative LTVs at the time of our adoption of ASC 606. We calculate the number of MA-equivalent approved members by adding the total number of approved Medicare Advantage and Medicare Supplement members and 25% of the total number of approved Medicare Part D members during the periods presented. IFP-equivalent approved members is a derived metric with a short-term approved member being weighted at 33% of a major medical individual and family health insurance plan member based on their relative LTVs at the time of our adoption of ASC 606. We calculate the number of IFP-equivalent approved members by adding the total number of approved qualified and non-qualified health plan members and 33% of the total number of short-term approved members during the period presented.
(5)Estimated membership represents the estimated number of members active as of the date indicated based on the number of members for whom we have received or applied a commission payment during the period of estimation as well as the number of approved members during the period of estimation from whom we expect to receive commission payments. There is generally up to a few months lag between newly approved plans and the receipt of commission payments from the health insurance carrier and is most pronounced in the fourth and first quarters of our fiscal year due to the annual and open enrollment periods. A member who purchases and is active on multiple standalone insurance plans will be counted as a member more than once.
Health insurance carriers bill and collect insurance premiums paid by our members. The majority of our members who terminate their policies do so by discontinuing their premium payments to the carrier or notifying the carrier directly and do not inform us of the cancellation. Therefore, we depend on carriers and others for membership data. Many carriers do not directly report member cancellations to us and thus we must infer cancellations from commission reports that carriers provide by analyzing whether member premium payments to the carrier have ceased for a period of time. Given the number of months required to observe non-payment of commissions in order to confirm cancellations, especially as some of our members pay their premiums less frequently than monthly, we estimate the number of members who are active on insurance policies as of a specified date.
After we have estimated membership as of a specified date, we may receive information from health insurance carriers that would have impacted the estimate if we had received the information prior to the date of estimation. We may receive commission payments or other information that indicates that a member who was not included in our estimates for a prior period was in fact an active member at that time, or that a member who was included in our estimates was in fact not an active member of ours. For instance, we reconcile information carriers provide to us and may determine that we were not historically paid commissions owed to us, which would cause us to have underestimated membership. Conversely, carriers may require us to return commission payments paid in a prior period due to policy cancellations for members we previously estimated as being active. We do not update our estimated membership numbers reported in previous periods. Instead, we reflect updated information regarding our historical membership in the membership estimate for the current period. If we experience a significant variance in historical membership as compared to our initial estimates, while we keep the prior period data consistent with previously reported amounts, we may provide the updated information in other communications or disclosures. As a result of the delay in our receipt of information from insurance carriers, actual trends in our membership are most discernible over periods longer than from one quarter to the next, making it difficult for us to determine with any certainty the impact of current conditions on our membership retention. Various circumstances could cause the assumptions and estimates that we make in connection with estimating our membership to be inaccurate, which would cause our membership estimates to be inaccurate.
(6)To estimate the number of members on Medicare-related, individual and family, and ancillary health insurance plans, we take the respective sum of (i) the number of members for whom we have received or applied a commission payment for a month that may be up to three months prior to the date of estimation (after reducing that number using historical experience for assumed member cancellations over the period being estimated); and (ii) the number of approved members over that period (after reducing that number using historical experience for an assumed number of members who do not accept their approved policy and for estimated member cancellations). To the extent we determine through confirmations from a health insurance carrier that a commission payment is delayed or is inaccurate as of the date of estimation, we adjust the estimated membership to also reflect the number of members for whom we expect to receive or to refund a commission payment. Further, to the extent we have received substantially all of the commission payments related to a given month during the period being estimated, we will take the number of members for whom we have received or applied a commission payment during the month of estimation. For ancillary health insurance plans, the one-to-three-month period varies by insurance product and is largely dependent upon the timeliness of commission payment and related reporting from the related carriers.
(7)To estimate the number of members on small business health insurance plans, we use the number of initial members at the time the group was approved, and we update this number for changes in membership if such changes are reported to us by the group or carrier. However, groups generally notify the carrier directly of policy cancellations and increases or decreases in group size without informing us. Health insurance carriers often do not communicate policy cancellation information or group size changes to us. We often are made aware of policy cancellations and group size changes at the time of annual renewal and update our membership statistics accordingly in the period they are reported.
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©2026 eHealthInsurance Services, Inc. 1 Q2 2026 Financial Results

 

©2026 eHealthInsurance Services, Inc. 2 Safe Harbor Statement Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this presentation include, but are not limited to, the following: our expectations regarding our business, industry and market trends, including market opportunity, consumer demand and our competitive advantage and long-term vision; our estimates regarding commissions receivable collection; our expectations regarding our technological and digital capabilities, including artificial intelligence (AI) capabilities; our business and growth strategy; our strategic priorities for 2026 and beyond, including our lifetime advisory model, member engagement, ancillary product sales and AI enhancement strategies, cost management and cash flow generation, and the current and anticipated impact of such strategic priorities; our financial strategies and our ability to achieve our financial targets, including our 2026 annual guidance for total revenue, GAAP net income, adjusted EBITDA and operating cash flow; our estimates for and the expected impact of positive net adjustment revenue on our 2026 annual guidance; and other statements regarding our future operations, financial condition, prospects and business strategies. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in our filings with the Securities and Exchange Commission, including our latest Form 10-Q and Form 10-K. The forward-looking statements in this presentation are based on information available to us as of today, and we disclaim any obligation to update any forward-looking statements, except as required by law. Non-GAAP Information This presentation includes both GAAP and non-GAAP financial measures. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Definitions and reconciliations of the non-GAAP financial measures included in this presentation to the most directly comparable GAAP financial measures is available in the Appendix to this presentation. Management uses both GAAP and non- GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

 

©2026 eHealthInsurance Services, Inc. 3 Q2 2026 Earnings Highlights  Q2 2026 total revenue of $33.6 million decreased 45% YoY reflecting lower Medicare enrollment volume consistent with our strategy of reducing variable marketing spend outside of major enrollment periods and focusing advisors on existing member engagement.  Q2 2026 positive net adjustment, or tail revenue, of $7.6 million, compared to $17.8 million a year ago.  Launched Lifetime Advisory model with a goal of deepening member-advisor relationships and driving increased engagement, retention & lifetime values.  Ancillary product cross-sell rates doubled in Q2 2026 from prior year. Observed improvement in additional member engagement metrics reflecting early success of the new operating model.  Total operating costs & expenses are decreasing materially, reflecting early impact of the cost reduction program implemented in January.  Q2 2026 total operating costs and expenses declined 27% YoY; combined technology & content and general & administrative expenses declined 18% YoY.  On track to achieve more than $60.0 million in annual variable spend reductions and approximately $30.0 million in annual fixed cost savings compared to prior year.  Q2 2026 GAAP net loss of $23.6 million compared to GAAP net loss of $17.4 million a year ago.  Q2 2026 adjusted EBITDA(1) of ($21.8) million compared to ($14.1) million a year ago.  Q2 2026 operating cash flow of ($5.0) million, compared to ($41.2) million a year ago. On track to achieve 2026 annual guidance which includes meaningful improvement in 2026 annual operating cash flow YoY.  Cash, cash equivalents and marketable securities of $101.0 million. Commissions receivable balance of $1.0 billion as of June 30, 2026 or 10% YoY growth. Q2 2026 results reflect our strategic priorities: scaling the Lifetime Advisory model, significantly improving our operating cash flow profile, advancing our AI strategy, and making targeted investments in long-term growth opportunities. (1) Refer to the appendix for definitions of certain metrics and our non-GAAP financial measures along with reconciliations to the most comparable GAAP measures.

 

©2026 eHealthInsurance Services, Inc. ($14.1) ($21.8) Q2-FY25 Q2-FY26 Adjusted EBITDA(1) ($, MM) ($41.2) ($5.0) Q2-FY25 Q2-FY26 Operating Cash Flow ($, MM) ($17.4) ($23.6) Q2-FY25 Q2-FY26 GAAP Net Loss ($, MM) $60.8 $33.6 Q2-FY25 Q2-FY26 Total Revenue ($, MM) 4 Q2 2026 Revenue & Profitability (1) Refer to the appendix for definitions of certain metrics and our non-GAAP financial measures along with reconciliations to the most comparable GAAP measures. (2) Totals may not sum due to rounding. (45%) Q2 2026 results reflect company’s deliberate choice to focus on member engagement in the second & third quarters. Q2 2026 total revenue declined 45% YoY driven primarily by lower enrollment volume and lower tail revenue. Operating cash flow improved substantially. GAAP net loss widened by $6.2 million YoY and adjusted EBITDA(1) declined by $7.6 million(2) YoY, driven primarily by $10.2 million less tail revenue. $17.8 $7.6 Q2-FY25 Q2-FY26 Tail Revenue ($, MM) (57%)

 

©2026 eHealthInsurance Services, Inc. $58.1 $31.8 Q2-FY25 Q2-FY26 Medicare Segment Revenue ($, MM) 5 Q2 2026 Medicare Segment Performance (1) Refer to the appendix for definitions of certain metrics and our non-GAAP financial measures along with reconciliations to the most comparable GAAP measures. (2) Totals may not sum due to rounding. Q2 2026 Medicare segment revenue declined 45% YoY. Q2 2026 Medicare segment gross profit(1) declined $13.2 million(2) with $10.0 million attributable to lower tail revenue. These declines were within expectations. Consistent with our new strategy, we are concentrating our marketing spend in the first and especially fourth quarters where we see the greatest return on our investment. Q2 2026 Medicare variable marketing & advertising expense declined 58% YoY. $19.1 $6.0 Q2-FY25 Q2-FY26 Medicare Segment Gross Profit(1) ($, MM) 41,138 23,008 Q2-FY25 Q2-FY26 Medicare Submissions(1) (44%) $13.8 $5.8 Q2-FY25 Q2-FY26 (58%) Medicare Variable Marketing & Advertising Expense ($, MM) (45%) (69%)

 

©2026 eHealthInsurance Services, Inc. 6 Lifetime Advisory Model is Delivering Early Results Observed important early proof points of the effectiveness of the lifetime advisory model. In Q2 2026, key beneficiary engagement metrics increased materially YoY. Ancillary cross-sell rate doubled YoY. Q2-FY25 Q2-FY26 Ancillary Cross-Sell Rate 2x Growth Significant Improvements in Key Member Engagement Metrics  Higher initial email capture rates  Higher email open rates and response rates  Increase in the number of members that want to speak to their dedicated benefit advisor

 

7 Lifetime Advisory Model Enables Deeper Beneficiary Relationships Launched in April of ‘26. Leading with deep member-advisor relationships, driving increased engagement, ancillary product sales & lifetime value. ©2026 eHealthInsurance Services, Inc. Member Needs  Consumers want a seamless experience and genuine connection with their broker  eHealth offers a personalized experience, so members feel remembered and supported vs. starting every conversation from scratch Advisor Actions  Conduct active outreach to beneficiaries year-round  Ensure member needs are met as plan benefits evolve; fill coverage gaps with ancillary plans  Comp plan rewards retention & cross-sell Expected Impact Marketing Strategy  Driven by branded channels and personalized advisor-led emails & SMS  Emphasis on ongoing beneficiary-advisor relationship  Increased contribution from referrals  Greater member retention  Increased ancillary product sales  Growing contribution from enrollments driven by member referrals

 

©2026 eHealthInsurance Services, Inc. Cumulative Tail Revenue Recognized ($MM) Reflects appropriate conservatism of LTV models $5 $86 $125 $146 $153 $201 $224 $268 $284 2018 2019 2020 2021 2022 2023 2024 2025 2026 Commissions Receivable Increased YoY $917 $1,008 Jun 30, 2025 Jun 30, 2026 Ending Commissions Receivable($, MM) 10% Our commissions receivable balance is more than $1.0 billion. This is supported by conservative LTV assumptions and consistent positive net adjustment revenue. (YTD) 8

 

©2026 eHealthInsurance Services, Inc. 9 FY26 Guidance (1) Refer to the appendix for definitions of certain metrics and our non-GAAP financial measures along with reconciliations to the most comparable GAAP measures. 2026 Full Year Guidance Guidance Range (in millions) Total Revenue $405 – $445 GAAP Net Income $8 – $25 Adjusted EBITDA(1) $55 – $75 Operating Cash Flow ($10) – $12  2026 guidance includes the expected impact of positive net adjustment revenue which has been updated to be in the range of $16 million to $20 million to reflect Q2 2026 positive net adjustment revenue, compared to the previous range of $8 to $20 million.

 

©2026 eHealthInsurance Services, Inc. 10 Key Takeaways We intentionally changed the operating model launching Lifetime Advisory, which drove lower volume and revenue in the near term 2026 impact that is expected to be especially pronounced in Q2 and Q3 Underlying economics remain healthy Operating expenses are coming down materially Cash flow is improving materially We believe we are on track to achieve our 2026 financial guidance and return to growth in 2027

 

©2026 eHealthInsurance Services, Inc. Appendix 11

 

©2026 eHealthInsurance Services, Inc. 12 Definitions Segment gross profit (loss) is calculated as total revenue for the applicable segment less variable marketing and advertising expenses, segment customer care and enrollment expenses and cost of revenue for the applicable segment. Variable marketing and advertising expenses represent costs incurred in member acquisition from our direct marketing and marketing partner channels and exclude fixed overhead costs, such as personnel related costs, consulting expenses and other operating costs allocated to the marketing and advertising department. Segment CC&E expenses include expenses we incur in assisting applicants during the enrollment process and exclude operating costs allocated to the CC&E department. Submissions describe applications that are submitted by individuals online through our eHealth platform or completed with the assistance of our benefit advisors where the individual provides authorization to the benefit advisor to submit the application to the insurance carrier partner. The individual may have additional actions to take before the application will be reviewed by the insurance carrier and not all submissions ultimately become approved members. Non-GAAP financial measures within this presentation are defined as follows: • Adjusted EBITDA is calculated by excluding dividends for preferred stock and change in preferred stock redemption value (together the “impact from preferred stock”), provision for (benefit from) income taxes, depreciation and amortization, stock- based compensation expense, impairment, restructuring and other charges, interest expense, other income (expense), net, and other non-recurring charges from GAAP net income (loss) attributable to common stockholders. Other non-recurring charges to GAAP net income (loss) attributable to common stockholders may include transaction expenses in connection with capital raising transactions (whether debt, equity or equity-linked) and acquisitions, whether or not consummated, purchase price adjustments and the cumulative effect of a change in accounting principles.

 

©2026 eHealthInsurance Services, Inc. 13 (1) Refer to the appendix for definitions of our non-GAAP financial measures. Reconciliation of GAAP to Non-GAAP Financial Measures

 

©2026 eHealthInsurance Services, Inc. 14 Reconciliation of GAAP to Non-GAAP Financial Measures (1) Refer to the appendix for definitions of our non-GAAP financial measures.

 

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