Joint Corp (NASDAQ: JYNT) lifts Q1 profit, extends $20M credit line
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Joint Corp. reported stronger first-quarter 2026 results while amending its credit facility and advancing its refranchising strategy. Revenue from continuing operations rose 13% to $14.8 million, and consolidated net income increased 34% to $1.3 million, or $0.09 per diluted share. Net income from continuing operations was $1.1 million, a turnaround from a loss of $0.5 million a year earlier, and consolidated Adjusted EBITDA grew 22% to $3.5 million.
System-wide sales were $126.1 million, down 4.9%, with comp sales down 4.2%. Free cash flow improved to $(1.7) million from $(4.0) million, and unrestricted cash totaled $20.7 million with a fully undrawn $20 million credit line. The company repurchased 137,000 shares for $1.1 million.
The company signed an agreement to sell 45 company-owned or managed clinics and a letter of intent to sell five more, leaving only three clinics company-owned or managed after completion. It reiterated 2026 guidance for system-wide sales of $519–$552 million, consolidated Adjusted EBITDA of $12.5–$13.5 million, and 30–35 new franchised clinic openings.
Positive
- Profitable turnaround in continuing operations: Net income from continuing operations improved to $1.1 million from a $0.5 million loss, with consolidated net income up 34% to $1.3 million and diluted EPS rising to $0.09 from $0.06.
- Stronger earnings power and cash flow trend: Consolidated Adjusted EBITDA increased 22% to $3.5 million, and free cash flow improved to $(1.7) million from $(4.0) million, indicating better underlying profitability and cash usage.
- Acceleration of asset-light refranchising strategy: Agreements to sell 45 company-owned or managed clinics and a letter of intent for five more will leave only three clinics company-owned or managed, effectively positioning the company as a pure-play franchisor.
- Solid liquidity and extended credit support: Unrestricted cash of $20.7 million plus a fully undrawn $20 million JPMorgan Chase revolving credit facility extended to August 31, 2029 provide financial flexibility.
- 2026 outlook reaffirmed: Management reiterated 2026 guidance, including system-wide sales of $519–$552 million, consolidated Adjusted EBITDA of $12.5–$13.5 million, and 30–35 new franchised clinic openings.
Negative
- Clinic-level sales softness and negative comps: System-wide sales declined 4.9% year over year to $126.1 million, while comp sales fell 4.2%, and total clinic count decreased to 943 from 960 at December 31, 2025.
- Free cash flow and cash balance remain pressured: Despite improvement, free cash flow was still negative at $(1.7) million, unrestricted cash declined to $20.7 million from $23.6 million, and operating cash flow remained negative at $(1.5) million.
Insights
Q1 shows a profitable shift toward a capital-light franchisor despite softer clinic sales.
The Joint Corp. delivered 13% revenue growth from continuing operations to $14.8 million and lifted consolidated net income 34% to $1.3 million. Adjusted EBITDA rose 22% to $3.5 million, helped by lower franchise and regional development costs and tight expense control.
Top-line metrics at the clinic level weakened, with system-wide sales of $126.1 million down 4.9% and comp sales down 4.2%. Management is refranchising company-owned clinics, selling 45 locations for $2.3 million and planning five more, which will leave only three clinics company-owned or managed.
Liquidity remains solid with $20.7 million in unrestricted cash and an undrawn $20 million JPMorgan Chase credit line extended to August 31, 2029. Free cash flow improved to $(1.7) million, and 2026 guidance for system-wide sales, Adjusted EBITDA and 30–35 new franchised openings was reaffirmed, signaling confidence in the franchisor-centric model.
8-K Event Classification
5 items: 1.01, 2.02, 2.03, 7.01, 9.01
5 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revenue from continuing operations: $14.8 million
Consolidated net income: $1.3 million
Diluted EPS: $0.09 per share
+6 more
9 metrics
Revenue from continuing operations
$14.8 million
Q1 2026, up 13% vs Q1 2025
Consolidated net income
$1.3 million
Q1 2026, up 34% vs $1.0 million in Q1 2025
Diluted EPS
$0.09 per share
Q1 2026, vs $0.06 in Q1 2025
Consolidated Adjusted EBITDA
$3.5 million
Q1 2026, 22% increase from $2.9 million
System-wide sales
$126.1 million
Q1 2026, down 4.9% year over year
Comp sales
-4.2%
Q1 2026 vs Q1 2025
Free cash flow
$(1.7) million
Q1 2026, improved from $(4.0) million in Q1 2025
Unrestricted cash and LOC
$20.7 million cash, $20 million LOC
As of March 31, 2026; credit line undrawn
2026 Adjusted EBITDA guidance
$12.5–$13.5 million
Full-year 2026 consolidated Adjusted EBITDA outlook reaffirmed
Key Terms
Adjusted EBITDA, system-wide sales, comp sales, free cash flow, +2 more
6 terms
Adjusted EBITDA financial
"Increased Adjusted EBITDA from consolidated operations 22% to $3.5 million from $2.9 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
system-wide sales financial
"Reported system-wide sales1 of $126.1 million, a decline of 4.9%."
Total revenue generated by every outlet in a company’s network, including both company-owned and franchised locations, measured over a given period. Investors watch system-wide sales as a broad indicator of brand demand and growth—like checking the overall temperature of a chain rather than one store—because rising totals suggest the business model and customer base are expanding even if ownership mixes vary.
comp sales financial
"Reported comp sales2 of (4.2)%."
Comp sales, short for comparable or same-store sales, measure revenue growth at locations or business units that have been open for a consistent period (usually a year or more), excluding the effects of new openings, closures or acquisitions. Investors use comp sales like checking the temperature of the core business—it shows whether existing operations are attracting more customers or sales per customer, separating true performance from growth driven by adding new outlets.
free cash flow financial
"free cash flow (a non-GAAP metric) improved to $(1.7) million compared to $(4.0) million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
refranchising financial
"advancing our refranchising efforts, optimizing our clinic portfolio, and tightening our operating structure"
Refranchising is when a company sells or transfers its company-operated locations to independent franchisees who run the business and pay fees or royalties to the company. For investors this is important because it typically brings immediate cash from the sales, reduces the company’s day-to-day operating costs and capital spending, and shifts future profit from direct store sales to steadier fee income—while also reducing control and the potential upside from operating the business directly.
Letter of Intent regulatory
"March 2026: The Company signed a Letter of Intent for the sale of five company-owned or managed clinics"
A letter of intent is a document that shows an agreement in principle between parties to work towards a future deal or transaction. It outlines their intentions and key terms, acting like a roadmap before a formal contract is signed. For investors, it signals serious interest and helps clarify expectations early in the process.
Earnings Snapshot
Revenue: $14.8 million · Guidance included
Q1 2026
Revenue
$14.8 million
+13% year over year
Consolidated net income
$1.3 million
+34% year over year
Diluted EPS
$0.09
vs $0.06 in Q1 2025
Consolidated Adjusted EBITDA
$3.5 million
+22% year over year
System-wide sales
$126.1 million
-4.9% year over year
Comp sales
-4.2%
year over year decline
Guidance
For 2026, The Joint Corp. expects system-wide sales of $519–$552 million, consolidated Adjusted EBITDA of $12.5–$13.5 million, and 30–35 new franchised clinic openings.
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 1, 2026
The Joint Corp.
(Exact Name of Registrant as Specified in Charter)
| (State or other jurisdiction | (Commission File Number) | (IRS Employer | ||||||
| of incorporation) | Identification No.) | |||||||
(Address of principal executive offices) (Zip Code)
(480 ) 245-5960
(Registrant’s telephone number, including area code)
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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 §CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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 1.01. Entry Into a Material Definitive Agreement.
The information set forth below under Item 2.03 is hereby incorporated by reference into this Item 1.01.
Item 2.02. Results of Operations and Financial Condition.
On May 7, 2026, we issued a press release announcing our financial results for the quarter ended March 31, 2026. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information furnished in this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On May 1, 2026, we entered into a waiver and fourth amendment to our existing credit agreement (the “2026 Amendment”) with JPMorgan Chase Bank, N.A., individually and as Administrative Agent, Issuing Bank, and Lender (“JPMorgan Chase” or the “Lender”). Among other things, the 2026 Amendment waives the existing default of our credit facilities due to a violation of our fixed charge coverage ratio covenant, modifies the fixed charge coverage ratio covenant to allow for stock repurchases, which constitute restricted payments, and extends the revolving credit maturity date to August 31, 2029. The 2026 Amendment contains customary representations and warranties and conditions precedent.
The foregoing description of the 2026 Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the 2026 Amendment, which is attached as Exhibit 10.1 and incorporated herein by reference.
Item 7.01. Regulation FD Disclosure.
We are posting an earnings presentation to our website at https://ir.thejoint.com/. A copy of the earnings presentation is being furnished herewith as Exhibit 99.2. We will use the earnings presentation during our earnings conference call on May 7, 2026 and also may use the earnings presentation from time to time in conversations with analysts, investors, and others.
The information furnished in this Item 7.01 and Exhibit 99.2 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
The information contained in Exhibit 99.2 is summary information that is intended to be considered in the context of our filings with the Securities and Exchange Commission (the “SEC”). We undertake no duty or obligation to publicly update or revise the information contained in this Current Report on Form 8-K,
although we may do so from time to time as our management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases, or through other public disclosure.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibits | |||||||
| 10.1 | Waiver and Fourth Amendment to Credit Agreement, dated as of May 1, 2026, by and between the Registrant and JPMorgan Chase Bank, N.A. | |||||||
| 99.1 | Press Release, dated May 7, 2026, Earnings Release | |||||||
| 99.2 | The Joint Corp. Earnings Presentation, dated May 7, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE JOINT CORP. | |||||||||||
| Date: | May 7, 2026 | By: | /s/ Sanjiv Razdan | ||||||||
| Sanjiv Razdan | |||||||||||
| President and Chief Executive Officer | |||||||||||
Exhibit 99.1
The Joint Corp. Reports First Quarter 2026 Financial Results
- First Quarter Revenues Grew 13%, Net Income Rose 34% and
Adjusted EBITDA Increased 22% Year over Year -
- Repurchased $1.1 Million of Shares -
SCOTTSDALE, Ariz., May 7, 2026 – The Joint Corp. (NASDAQ: JYNT) (the, “Company”) the nation's largest franchisor of chiropractic care through The Joint Chiropractic® network, today reported financial results for the first quarter ended March 31, 2026. The following figures represent continuing operations unless otherwise stated.
First Quarter 2026 Financial Highlights
•Grew revenues to $14.8 million, a 13% increase compared to the first quarter of 2025.
•Reported system-wide sales1 of $126.1 million, a decline of 4.9%.
•Reported comp sales2 of (4.2)%.
•Net income from consolidated operations improved 34% to $1.3 million from $1.0 million in the first quarter of 2025. Reported net income from continuing operations of $1.1 million compared to a net loss from continuing operations of $506,000 in the first quarter of 2025.
•Increased Adjusted EBITDA from consolidated operations 22% to $3.5 million from $2.9 million in the first quarter of 2025. Adjusted EBITDA from continuing operations was $2.2 million, compared to $46,000 in the first quarter of 2025.
•Cash flow from operating activities improved to $(1.5) million compared to $(3.7) million in the first quarter of 2025, and free cash flow (a non-GAAP metric) improved to $(1.7) million compared to $(4.0) million in the first quarter of 2025.
•Repurchased 137,000 shares for total consideration of $1.1 million, at an average of $8.35 per share.
First Quarter 2026 and Recent Operating Highlights
•Total clinic count was 943 at March 31, 2026, compared to 960 at December 31, 2025.
◦Opened three clinics and closed 20 clinics for a total of 868 franchised clinics and 75 company-owned or managed clinics at March 31, 2026, compared to 885 franchised clinics and 75 company-owned or managed clinics at December 31, 2025.
•Repurchased the rights to three regional developer territories, two of which were finalized in April.
•Introduced new sales initiative tests across B2B and direct-to-patient channels.
1 System-wide sales include revenues at all clinics, whether operated or managed by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base.
2 Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.
1
Update on Refranchising Efforts
The net effect of the below refranchising efforts effectively positions the Company as a pure-play franchisor, as only three of its 943 clinics will be company-owned or managed following completion of the transactions.
•April 2026: The Company signed an Asset Purchase Agreement for the sale of 45 company-owned or managed clinics located in Southern California to Elite Chiro Group for $2.3 million. As of April 27, 2026, Elite Chiro Group assumed business operations of 32 of these clinics under Management Service Agreements that will remain in effect until lease assignments are completed to permit the ownership transfer, and assumed ownership of the remaining 13 company-owned or managed clinics.
•March 2026: The Company signed a Letter of Intent for the sale of five company-owned or managed clinics in Northern California.
“During the first quarter of 2026, we continued to build a more efficient and profitable platform, advancing our refranchising efforts, optimizing our clinic portfolio, and tightening our operating structure across the system,” said President and Chief Executive Officer of The Joint Corp., Sanjiv Razdan. “In April, we entered into an agreement for the sale of 45 of our company‑owned or managed clinics, effectively completing our Joint 2.0 refranchising initiative, with fewer than 1% of our remaining clinic portfolio being company‑owned or managed. At the same time, we remain active with our capital allocation priorities with continued share repurchases, as well as the recent completion of three regional developer buybacks that further optimize our portfolio economics.”
“We also continued to build momentum across the business with new initiatives that strengthen patient engagement and support top‑line growth, along with disciplined cost management. Together, these efforts drove a 34% year-over-year increase in consolidated net income, a 22% increase in Adjusted EBITDA and a $2.3 million improvement in free cash flow, underscoring the strength and potential of our evolving operating model. Looking ahead, we remain focused on consistent execution as we deliver sustainable, long‑term value against growing consumer demand for longevity, health span, and non‑invasive whole‑body care.”
Financial Results for First Quarter Ended March 31, 2026 Compared to March 31, 2025
Revenue totaled $14.8 million in the first quarter of 2026, compared to $13.1 million in the first quarter of 2025, reflecting the early benefits of refranchising and portfolio optimization initiatives. Cost of revenue was $2.7 million, down 8% compared to the prior-year period, primarily due to lower regional developer royalties.
Selling and marketing expenses were $3.7 million, an increase of 6% compared to the first quarter of 2025, driven primarily by more clinics classified in continuing operations compared to the prior-year period. Depreciation and amortization expenses increased $35,000 over the same period, while general and administrative expenses increased 2% to $7.1 million. Included in general and administrative expenses is approximately $300,000 that relates to expenses that will not be incurred upon the completion of our refranchising strategy.
Income tax expense was $11,000, compared to $13,000 in the first quarter of 2025. Consolidated net income increased to $1.3 million, compared to $1.0 million in the first quarter of 2025. Net income from continuing operations was $1.1 million, compared to a net loss of $506,000 in the first quarter of 2025. Consolidated EPS was $0.09 per diluted share, compared to $0.06 per diluted share in the first quarter of 2025.
Adjusted EBITDA from consolidated operations increased 22% to $3.5 million and Adjusted EBITDA from continuing operations improved to $2.2 million, compared to $46,000 in the first quarter of 2025.
2
Balance Sheet and Cash Flow
Unrestricted cash was $20.7 million at March 31, 2026, compared to $23.6 million at December 31, 2025. The Company maintains a currently undrawn line of credit with JP Morgan Chase, which per a recent extension of the maturity date grants immediate access to $20 million through August 2029.
During the first quarter of 2026, the company repurchased approximately 137,000 shares for total consideration of $1.1 million, at an average price per share of $8.35. As of March 31, 2026, the Company has $4.5 million remaining under the $12 million stock repurchase program authorized in November 2025.
2026 Guidance
The Company reiterated 2026 guidance as originally provided on March 12, 2026, as follows:
•System-wide sales are expected to be between $519 million and $552 million.
•System-wide comp sales for clinics open 13 months or more are expected to be in the range of (3)% to 3%.
•Consolidated Adjusted EBITDA is expected to be in the range of $12.5 million and $13.5 million.
•New franchised clinic openings, excluding the impact of refranchised clinics, are expected to be in the range of 30 to 35. The Company is working with franchise owners to optimize the performance of the existing franchised clinic base. This may include closing underperforming clinics this year, which will result in the overall clinic count at 2026 year end being lower than 2025 year end.
Conference Call
The Joint Corp. management will host a conference call at 5:00 p.m. ET on Thursday, May 7, 2026, after the market close. Stockholders and interested participants may listen to a live broadcast of the conference call by dialing (833) 630-0823 or (412) 317-1831 and ask to be joined into the ‘The Joint’ call approximately 15 minutes prior to the start time.
The live webcast of the call with an accompanying slide presentation can be accessed in the IR events section of The Joint’s website at https://ir.thejoint.com/events and will be available for approximately one year. An audio archive can be accessed for one week by dialing (855) 669-9658 or (412) 317-0088 and entering conference ID 6402682.
About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The Company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. Headquartered in Scottsdale and with over 940 locations nationwide and more than 14 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. The brand is consistently named to Franchise Times’ annual “Top 400” and “Fast & Serious” list of 40 smartest growing brands. Entrepreneur named The Joint “No. 1 in Chiropractic Services,” and it is regularly ranked on the publication’s “Franchise 500,” the “Fastest-Growing Franchises,” and the “Best of the Best” lists, as well as its “Top Franchise for Veterans” and “Top Brands for Multi-Unit Owners” lists. SUCCESS named the Company as one of the “Top 50 Franchises” in 2024. The Joint Chiropractic is an innovative force, where healthcare meets retail. For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.
3
Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Washington, and West Virginia, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.
Commonly Discussed Performance Metrics
This release includes a presentation of commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.
Non-GAAP Financial Information
This release also includes a presentation of non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, as management believes they provide a more transparent view of the company’s underlying operating performance and operating trends. Free cash flow is presented as a supplemental measure of liquidity. Reconciliation of historical net income/(loss) to EBITDA, Adjusted EBITDA and free cash flow is presented in the tables below. The company defines EBITDA as net income/(loss) before net interest, tax expense, depreciation, and amortization expenses. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses (which includes contract termination costs associated with reacquired regional developer rights), net (gain)/loss on disposition or impairment, stock-based compensation expenses, costs related to restatement filings, restructuring costs, and litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business). The company defines free cash flow as net cash provided by (used in) operating activities less capital expenditures. EBITDA, Adjusted EBITDA and free cash flow do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States (“GAAP”). While EBITDA and Adjusted EBITDA are used as measures of financial performance and free cash flow is used as a measure of liquidity, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA, Adjusted EBITDA and free cash flow should be reviewed in conjunction with the company’s financial statements filed with the Securities and Exchange Commission (the “SEC”). Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located at the end of this release. This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA to the most directly comparable GAAP measure because the company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss).
Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objective," "intends,"
4
"may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. Specific forward-looking statements made in this press release include, among others, our belief that the net effect of the refranchising efforts related to the Asset Purchase Agreement and the Letter of Intent effectively positions the Company as a pure-play franchisor, as only three of its 943 clinics will be company-owned or managed following completion of the transactions; our belief that during the first quarter of 2026, we continued to build a more efficient and profitable platform, advancing our refranchising efforts, optimizing our clinic portfolio, and tightening our operating structure across the system; our belief that we remain active with our capital allocation priorities with continued share repurchases during the first quarter, as well as the recent completion of three regional developer buybacks that further optimize our portfolio economics; our belief that we continued to build momentum across the business with new initiatives that strengthen patient engagement and support top‑line growth, along with disciplined cost management and that, together, these efforts drove a 34% year-over-year increase in consolidated net income, a 22% increase in Adjusted EBITDA and a $2.3 million improvement in free cash flow, underscoring the strength and potential of our evolving operating model; our intention to remain focused on consistent execution as we deliver sustainable, long‑term value against growing consumer demand for longevity, health span, and non‑invasive whole‑body care; and our reiterated 2026 guidance for system-wide sales, system-wide comp sales, consolidated Adjusted EBITDA, and new franchised clinic openings. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage and an increase in operating expenses due to measures we may need to take to address such shortage; inflation, leading to increased labor costs and interest rates, as well as changes to import tariffs and increased gas prices, may lead to reduced discretionary spending, all of which may negatively impact our business; our failure to profitably operate company-owned or managed clinics; our failure to refranchise as planned; short-selling strategies and negative opinions posted on the internet, which could drive down the market price of our common stock and result in class action lawsuits; our failure to remediate future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence; and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 13, 2026 and subsequent filings with the SEC. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
Investor Contact:
Richard Land, Alliance Advisors IR, thejointinvestor@allianceadvisors.com (212)-838-3777
– Financial Tables Follow –
5
THE JOINT CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
| March 31, 2026 | December 31, 2025 | ||||||||||
| ASSETS | (unaudited) | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 20,684,014 | $ | 23,601,810 | |||||||
| Restricted cash | 742,730 | 700,058 | |||||||||
| Accounts receivable, net | 2,343,804 | 2,849,864 | |||||||||
| Deferred franchise and regional development costs, current portion | 903,009 | 945,933 | |||||||||
| Prepaid expenses and other current assets | 3,143,125 | 1,744,556 | |||||||||
| Discontinued operations current assets ($1.0 million and $1.0 million attributable to VIEs, respectively) | 21,774,582 | 22,246,318 | |||||||||
| Total current assets | 49,591,264 | 52,088,539 | |||||||||
| Property and equipment, net | 3,042,920 | 3,159,226 | |||||||||
| Operating lease right-of-use asset | 1,513,179 | 1,572,173 | |||||||||
| Deferred franchise and regional development costs, net of current portion | 3,478,066 | 3,827,129 | |||||||||
| Deposits and other assets | 296,042 | 319,460 | |||||||||
| Total assets | $ | 57,921,471 | $ | 60,966,527 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 961,341 | $ | 1,588,665 | |||||||
| Accrued expenses | 1,613,826 | 1,501,838 | |||||||||
| Co-op funds liability | 742,730 | 700,058 | |||||||||
| Payroll liabilities | 2,095,574 | 4,055,752 | |||||||||
| Operating lease liability, current portion | 280,253 | 194,179 | |||||||||
| Deferred franchise fee revenue, current portion | 2,487,723 | 2,519,018 | |||||||||
| Upfront regional developer fees, current portion | 240,468 | 277,394 | |||||||||
| Other current liabilities | 550,232 | 611,231 | |||||||||
| Discontinued operations current liabilities ($6.2 million and $6.1 million attributable to VIEs, respectively) | 21,198,560 | 21,368,446 | |||||||||
| Total current liabilities | 30,170,707 | 32,816,581 | |||||||||
| Operating lease liability, net of current portion | 1,762,036 | 1,815,527 | |||||||||
| Deferred franchise fee revenue, net of current portion | 10,207,587 | 10,899,271 | |||||||||
| Upfront regional developer fees, net of current portion | 286,768 | 355,556 | |||||||||
| Total liabilities | 42,427,098 | 45,886,935 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Series A preferred stock, $0.001 par value; 50,000 shares authorized, zero issued and outstanding, respectively | — | — | |||||||||
| Common stock, $0.001 par value; 20,000,000 shares authorized, 15,739,642 shares issued and 14,267,643 shares outstanding and 15,471,715 shares issued and 14,142,626 shares outstanding, respectively | 15,739 | 15,471 | |||||||||
| Additional paid-in capital | 52,343,367 | 52,026,407 | |||||||||
| Treasury stock 1,471,999 shares and 1,329,089 shares, at cost, respectively | (13,393,663) | (12,192,081) | |||||||||
| Accumulated deficit | (23,496,070) | (24,795,205) | |||||||||
| Total The Joint Corp. stockholders' equity | 15,469,373 | 15,054,592 | |||||||||
| Non-controlling Interest | 25,000 | 25,000 | |||||||||
| Total equity | 15,494,373 | 15,079,592 | |||||||||
| Total liabilities and stockholders' equity | $ | 57,921,471 | $ | 60,966,527 | |||||||
6
THE JOINT CORP.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||
| Royalty fees | $ | 8,032,289 | $ | 8,070,985 | ||||||||||
| Franchise fees | 1,145,068 | 828,519 | ||||||||||||
| Advertising fund revenue | 3,647,083 | 2,307,502 | ||||||||||||
| Software fees | 1,534,901 | 1,461,967 | ||||||||||||
| Other revenues | 460,892 | 408,617 | ||||||||||||
| Total revenues | 14,820,233 | 13,077,590 | ||||||||||||
| Cost of revenues: | ||||||||||||||
| Franchise and regional development cost of revenues | 2,269,758 | 2,551,235 | ||||||||||||
| IT cost of revenues | 452,897 | 420,891 | ||||||||||||
| Total cost of revenues | 2,722,655 | 2,972,126 | ||||||||||||
| Selling and marketing expenses | 3,716,904 | 3,505,150 | ||||||||||||
| Depreciation and amortization | 396,693 | 361,930 | ||||||||||||
| General and administrative expenses | 7,084,986 | 6,914,945 | ||||||||||||
Total selling, general and administrative expenses | 11,198,583 | 10,782,025 | ||||||||||||
| Net loss on disposition or impairment | 25,327 | 1,973 | ||||||||||||
| Income (loss) from continuing operations | 873,668 | (678,534) | ||||||||||||
| Other income (loss), net | 240,235 | 185,917 | ||||||||||||
| Income (loss) from continuing operations before income tax expense | 1,113,903 | (492,617) | ||||||||||||
| Income tax expense (benefit) | 11,112 | 13,404 | ||||||||||||
| Net income (loss) from continuing operations | 1,102,791 | (506,021) | ||||||||||||
| Discontinued operations: | ||||||||||||||
| Income (loss) from discontinued operations before income tax expense | 378,713 | 1,577,229 | ||||||||||||
| Income tax (benefit) expense from discontinued operations | 182,369 | 103,412 | ||||||||||||
| Net income (loss) from discontinued operations | 196,344 | 1,473,817 | ||||||||||||
| Net income (loss) | $ | 1,299,135 | $ | 967,796 | ||||||||||
| Net income (loss) from continuing operations per common share: | ||||||||||||||
| Basic | $ | 0.08 | $ | (0.03) | ||||||||||
| Diluted | $ | 0.08 | $ | (0.03) | ||||||||||
| Net income (loss) from discontinued operations per common share: | ||||||||||||||
| Basic | $ | 0.01 | $ | 0.10 | ||||||||||
| Diluted | $ | 0.01 | $ | 0.10 | ||||||||||
| Net income (loss) per common share: | ||||||||||||||
| Basic | $ | 0.09 | $ | 0.06 | ||||||||||
| Diluted | $ | 0.09 | $ | 0.06 | ||||||||||
| Basic weighted average shares | 14,181,109 | 15,186,420 | ||||||||||||
| Diluted weighted average shares | 14,185,152 | 15,263,152 | ||||||||||||
7
THE JOINT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income | $ | 1,299,135 | $ | 967,796 | ||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 404,449 | 388,316 | ||||||||||||
| Net loss on disposition or impairment | 403,090 | 1,135,330 | ||||||||||||
| Net franchise fees recognized upon termination of franchise agreements | (306,594) | (100,118) | ||||||||||||
| Provision for credit losses | 85,216 | — | ||||||||||||
| Stock-based compensation expense | 280,000 | 293,941 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
| Accounts receivable | 460,366 | 1,462,554 | ||||||||||||
| Prepaid expenses and other current assets | (982,100) | (2,017,426) | ||||||||||||
| Deferred franchise costs | 194,015 | 173,864 | ||||||||||||
| Deposits and other assets | 23,278 | 15,914 | ||||||||||||
| Accounts payable | (678,729) | (481,554) | ||||||||||||
| Accrued expenses | 527,224 | (2,989,008) | ||||||||||||
| Payroll liabilities | (2,122,582) | (1,075,561) | ||||||||||||
| Operating leases | (805,391) | (1,278,637) | ||||||||||||
| Deferred revenue | (133,506) | (245,129) | ||||||||||||
| Upfront regional developer fees | (105,714) | (73,230) | ||||||||||||
| Other liabilities | (18,327) | 122,294 | ||||||||||||
| Net cash used in operating activities | (1,476,170) | (3,700,654) | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Proceeds from sale of clinics | — | 40,100 | ||||||||||||
| Purchase of property and equipment | (234,600) | (331,505) | ||||||||||||
| Net cash used in investing activities | (234,600) | (291,405) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Payments of finance lease obligation | — | (4,354) | ||||||||||||
| Purchases of treasury stock under employee stock plans | (56,528) | (8,440) | ||||||||||||
| Purchases of common stock under share repurchase programs | (1,145,054) | — | ||||||||||||
| Proceeds from exercise of stock options | 37,228 | 905,976 | ||||||||||||
| Net cash (used in) provided by financing activities | (1,164,354) | 893,182 | ||||||||||||
| Decrease in cash, cash equivalents and restricted cash | (2,875,124) | (3,098,877) | ||||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 24,301,868 | 25,996,436 | ||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 21,426,744 | $ | 22,897,559 | ||||||||||
| Reconciliation of cash, cash equivalents and restricted cash: | March 31, 2026 | March 31, 2025 | ||||||||||||
| Cash and cash equivalents | $ | 20,684,014 | $ | 21,918,175 | ||||||||||
| Restricted cash | 742,730 | 979,384 | ||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 21,426,744 | $ | 22,897,559 | ||||||||||
8
THE JOINT CORP.
CONSOLIDATED RECONCILIATION FROM GAAP TO NON-GAAP
(unaudited)
| Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| from Continuing Operations | from Discontinued Operations | Net Operations | from Continuing Operations | from Discontinued Operations | Net Operations | ||||||||||||||||||||||||||||||
| Non-GAAP Financial Data: | |||||||||||||||||||||||||||||||||||
| Net income (loss) | $ | 1,102,791 | $ | 196,344 | $ | 1,299,135 | $ | (506,021) | $ | 1,473,817 | $ | 967,796 | |||||||||||||||||||||||
| Net interest (income) expense | (241,750) | — | (241,750) | (185,917) | 239 | (185,678) | |||||||||||||||||||||||||||||
| Depreciation and amortization expense | 396,693 | 7,757 | 404,450 | 361,930 | 26,385 | 388,315 | |||||||||||||||||||||||||||||
| Income tax expense | 11,112 | 182,369 | 193,481 | 13,404 | 103,412 | 116,816 | |||||||||||||||||||||||||||||
| EBITDA | 1,268,846 | 386,470 | 1,655,316 | (316,604) | 1,603,853 | 1,287,249 | |||||||||||||||||||||||||||||
| Stock compensation expense | 280,000 | — | 280,000 | 293,941 | — | 293,941 | |||||||||||||||||||||||||||||
| Net loss on disposition or impairment | 25,327 | 377,764 | 403,091 | 1,973 | 1,133,358 | 1,135,331 | |||||||||||||||||||||||||||||
| Restructuring costs | 626,886 | 81,206 | 708,092 | 67,084 | 71,384 | 138,468 | |||||||||||||||||||||||||||||
| Litigation expenses | 25,000 | 409,770 | 434,770 | — | — | — | |||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,226,059 | $ | 1,255,210 | $ | 3,481,269 | $ | 46,394 | $ | 2,808,595 | $ | 2,854,989 | |||||||||||||||||||||||
THE JOINT CORP.
RECONCILIATION OF CASH FLOWS USED IN OPERATING ACTIVITIES TO FREE CASH FLOW(1)
(unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Cash flows used in operating activities | $ | (1,476,170) | $ | (3,700,654) | ||||||||||
| Purchase of property, plant and equipment | (234,600) | (331,505) | ||||||||||||
| Free cash flow | $ | (1,710,770) | $ | (4,032,159) | ||||||||||
| (1) Free cash flow represents cash flows provided by (used in) operating activities less capital expenditures. | ||||||||||||||
9
1NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Q1 2026 Financial Results As of March 31, 2026, reported on May 7, 2026
2NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objective," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. Specific forward-looking statements made in this presentation include, among others, our belief that the net effect of the refranchising efforts related to the Asset Purchase Agreement and the Letter of Intent effectively positions the Company as a pure-play franchisor, as only three of its 943 clinics will be company-owned or managed following completion of the transactions; our belief that during the first quarter of 2026, we continued to build a more efficient and profitable platform, advancing our refranchising efforts, optimizing our clinic portfolio, and tightening our operating structure across the system; our belief that we remain active with our capital allocation priorities with continued share repurchases during the first quarter, as well as the recent completion of three regional developer buybacks that further optimize our portfolio economics; our belief that we continued to build momentum across the business with new initiatives that strengthen patient engagement and support top-line growth, along with disciplined cost management and that, together, these efforts drove a 34% year-over- year increase in consolidated net income, a 22% increase in Adjusted EBITDA and a $2.3 million improvement in free cash flow, underscoring the strength and potential of our evolving operating model; our intention to remain focused on consistent execution as we deliver sustainable, long-term value against growing consumer demand for longevity, health span, and non-invasive whole-body care; and our reiterated 2026 guidance for system-wide sales, system-wide comp sales, consolidated Adjusted EBITDA, and new franchised clinic openings. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage and an increase in operating expenses due to measures we may need to take to address such shortage; inflation, leading to increased labor costs and interest rates, as well as changes to import tariffs and increased gas prices, may lead to reduced discretionary spending, all of which may negatively impact our business; our failure to profitably operate company-owned or managed clinics; our failure to refranchise as planned; short-selling strategies and negative opinions posted on the internet, which could drive down the market price of our common stock and result in class action lawsuits; our failure to remediate future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence; and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 13, 2026 and subsequent filings with the SEC. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data. Accounting Adjustments Related to the Consolidation of the Operations of the PCs In those states which require a licensed Doctor of Chiropractic to own the entity that offers chiropractic services, the Company enters into a management agreement with a professional corporation (PC) licensed in that state to provide chiropractic services. To increase transparency into operating results and to align with accounting rules, the Company will now consolidate the full operations of the PC. This will result in increases to our revenue and G&A expenses by an identical amount and would have no impact on our bottom line except in instances when the PC has sold treatment packages and wellness plans. Revenue from these packages and plans will now be deferred and will be recognized when patients use their visits. The Company has previously consolidated its clinic operations in Non-PC states such as Arizona and New Mexico, and the deferred revenue around packages and plans in those states was already reflected in its financial statements. Therefore, these adjustments are isolated to the managed clinics in PC states. These adjustments will have no impact on cash flow. The Joint Business Structure The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Washington, and West Virginia, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices. Safe Harbor Statements
3NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Sanjiv Razdan CEO, President and Director
4NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Joint 2.0 the first phase of our transformation journey is largely complete, driving renewed growth and stronger profitability ✓ Significantly strengthened management team ✓ Effectively completed refranchising initiative ✓ Continued focus on cost discipline across operations ✓ Positioning company for higher profitability and cash flow conversion ✓ Optimizing capital allocation
5NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | +13% Revenue From Continuing Operations Adjusted EBITDA From Continuing Operations +$2.2M Net Income From Continuing Operations +$1.6M +$2.3M Free Cash Flow Cash flow from operating activities improved by $2.2M Q1 2026 Year-over-Year Improvements
6NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Refranchising Company-Owned Clinics • Signed Asset Purchase Agreement for the sale of 45 corporate- owned or managed clinics in April 2026, for $2.3M • Letter of Intent for sale of five additional corporate-owned or managed clinics in Q1 2026 • Only three company-owned clinics will remain following the completion of these agreements • Recently completed buybacks of three RD territories
7NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Joint 3.0 the next phase of our journey ✓ Leveraging positive consumer trends around: • Longevity; health span; mindfulness; sleep quality; non-invasive whole-body care ✓ Prioritizing growth through new channels • Expansion into underpenetrated U.S. markets • B2B • Potential entry into first international markets ✓ Strong opportunity to further define and activate our brand around moving better and feeling better
8NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Driving Top-Line Momentum Messaging continues to be on chiropractic care for pain relief, and helping patients get back to what they love to do • National Marketing: began high-impact media program in November 2025 which is helping drive monthly sequential improvement in active member growth • Ongoing SEO and AI visibility optimization • New Sales Initiatives • Minimum term commitment on plans changed from 2 to 3 months • New flexible plans • B2B partnership program • Began nationwide rollout of Care Credit Program • Rolled out enhanced pricing structure in approximately 300 clinics with the rest of the portfolio planned to begin in early Q3
9NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Patient Engagement • Q1 comp sales reflect macro-economic headwinds • Expect comp sales trends will improve throughout the balance of 2026 • Four consecutive months of sequential improvement in active member count per clinic • Focused on driving stronger lead generation, better in-clinic conversion, improved retention and optimized pricing • Patient retention rate has improved over same period in 2025
10NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Scott Bowman Chief Financial Officer
11NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | • $126.1M Q1 2026 system-wide sales1 (4.9)% vs Q1 2025 • (4.2)% Q1 2026 comp sales2 vs Q1 2025 • $3.5M Q1 2026 consolidated Adjusted EBITDA +22% vs Q1 2025 Operating Metrics 1 System-wide sales include revenues at all clinics, whether operated or managed by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. 2 Comp sales include only the sales from clinics that have been open at least 13 full months and exclude any clinics that have permanently closed.
12NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Three Months Ended March 31, 2026 $ in Millions 1 3 months ended 03/31/26 3 months ended 03/31/25 Difference Revenue $14.8 $13.1 +$1.7 Cost of revenues $2.7 $3.0 ($0.3) Selling and marketing $3.7 $3.5 +$0.2 Depreciation and amortization $0.4 $0.4 - G&A $7.1 $6.9 +$0.2 Net income / (loss) from continuing operations 2 $1.1 $(0.5) +$1.6 Net income from discontinued operations 2 $0.2 $1.5 ($1.3) Consolidated net income $1.3 $1.0 +$0.3 Adjusted EBITDA from continuing operations 3 $2.2 $0.0 +$2.2 Adjusted EBITDA from discontinued operations 3 $1.3 $2.8 ($1.5) Consolidated Adjusted EBITDA 3 $3.5 $2.9 +$0.6 1 Due to rounding, numbers may not add up precisely to the totals. | 2 The results of the corporate clinic segment are reported in discontinued operations and the franchised clinics in continuing operations | 3 Reconciliation of Adjusted EBITDA to GAAP earnings is included in the Appendix.
13NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | 12 26 82 175 242 265 309 352 394 453 515 610 712 800 842 885 868 4 47 61 47 48 60 64 96 126 135 125 75 75 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 TOTAL CLINICS OPEN at quarter-end Franchised Company-owned or managed Clinic Portfolio 1 Includes 22 corporate-owned or managed clinics sold in Q4 2025 pursuant to a signed asset purchase agreement. 370 399 442 513 312 246 579 706 838 935 967 9601 9431
14NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Strong Balance Sheet & Focused Capital Allocation $ in Millions 03/31/26 12/31/25 Unrestricted cash $20.7 $23.6 Restricted cash $0.7 $0.7 Availability on $20 Million JP Morgan Chase LOC $20.0 $20.0 Stock repurchase plan • Repurchased 137,000 shares for $1.1M during Q1 2026, at an average price of $8.35 per share • $4.5M remaining on share repurchase plan Recent RD buybacks expected to drive approximately $450K in reduced RD royalties on annualized basis, partially offset by internal costs needed to manage these territories.
15NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Reiterating 2026 Guidance Metrics 2026 Guidance 2025 Low High Actual System-wide Sales 1 ($ in Millions) $519 $552 $532.4 Comp Sales 2 (%) (3)% 3% (0.4)% Consolidated Adjusted EBITDA ($ in Millions) $12.5 $13.5 $13.0 New Franchised Clinic Openings (#) 30 35 29 1 System-wide sales include revenues at all clinics, whether operated or managed by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance, because these revenues are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. | 2 Comp sales include only the sales from clinics that have been open at least 13 full months and exclude any clinics that have permanently closed.
16NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | On Track To Deliver Higher Profitability ~10% - 12% of System Sales ~83% - 85% of Revenue Asset Capex ~3% of Revenue Free Ca ~60% - 70% FCF Conversion* ~40% - 42% of Revenue Royalties & Fees Gross Margin G&A Expense Capital Spending Free Cash Flow * Free Cash Flow Conversion = FCF/Adj. EBITDA Post-Refranchising Initial / Short-Term Targets (est. mid-2026) Target IRR - Growth Projects 9% ~13% - 15% 2025 3% Mid-2026 expected run rate Net Income 2024 (5)% ~25% Enhanced Near-Term Profitability 12% ~19% - 21% Adj. EBITDA Margin 2025 Mid-2026 expected run rate 2024
17NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Capital Allocation Priorities Investing In Growth Initiatives Buy Back RD Territories Share Repurchases
18NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Sanjiv Razdan CEO, President and Director
19NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Continued Progress on Reigniting Growth ✓ Y-o-Y Revenue and Adjusted EBITDA growth beginning to reflect transition to pure-play franchisor model ✓ Joint 2.0 transformation nearing completion and shifting focus to Joint 3.0 initiatives ✓ Capital allocation reflects conviction in long-term value of The Joint and commitment to deliver returns for stockholders ✓ We are well-aligned with growing trends in longevity, health span, and non-invasive whole-body care and uniquely positioned to meet this demand at scale
20NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Performance Metrics and Non-GAAP Measures This presentation includes a presentation of commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed. This presentation also includes a presentation of non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, as management believes they provide a more transparent view of the company’s underlying operating performance and operating trends. Free cash flow is presented as a supplemental measure of liquidity. Reconciliation of historical net income/(loss) to EBITDA, Adjusted EBITDA and free cash flow is presented in the tables below. The company defines EBITDA as net income/(loss) before net interest, tax expense, depreciation, and amortization expenses. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses (which includes contract termination costs associated with reacquired regional developer rights), net (gain)/loss on disposition or impairment, stock-based compensation expenses, costs related to restatement filings, restructuring costs, and litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business). The company defines free cash flow as net cash provided by (used in) operating activities less capital expenditures. EBITDA, Adjusted EBITDA and free cash flow do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States (“GAAP”). While EBITDA and Adjusted EBITDA are used as measures of financial performance and free cash flow is used as a measure of liquidity, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA, Adjusted EBITDA and free cash flow should be reviewed in conjunction with the company’s financial statements filed with the Securities and Exchange Commission (the “SEC”). Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located at the end of this presentation. This presentation includes forward- looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this presentation. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA to the most directly comparable GAAP measure because the company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss).
21NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Quarterly GAAP – Non-GAAP Reconciliation Three Months Ended March 31, 2026 2025 from Continuing Operations from Discontinued Operations Net Operations from Continuing Operations from Discontinued Operations Net Operations Non-GAAP Financial Data: Net income (loss) $ 1,102,791 $ 196,344 $ 1,299,135 $ (506,021) $ 1,473,817 $ 967,796 Net interest (income) expense (241,750) — (241,750) (185,917) 239 (185,678) Depreciation and amortization expense 396,693 7,757 404,450 361,930 26,385 388,315 Income tax expense 11,112 182,369 193,481 13,404 103,412 116,816 EBITDA 1,268,846 386,470 1,655,316 (316,604) 1,603,853 1,287,249 Stock compensation expense 280,000 — 280,000 293,941 — 293,941 Net loss on disposition or impairment 25,327 377,764 403,091 1,973 1,133,358 1,135,331 Restructuring costs 626,886 81,206 708,092 67,084 71,384 138,468 Litigation expenses 25,000 409,770 434,770 — — — Adjusted EBITDA $ 2,226,059 $ 1,255,210 $ 3,481,269 $ 46,394 $ 2,808,595 $ 2,854,989 Three Months Ended March 31, 2026 2025 Cash flows used in operating activities $ (1,476,170) $ (3,700,654) Purchase of property, plant and equipment (234,600) (331,505) Free cash flow (1) $ (1,710,770) $ (4,032,159) (1) Free cash flow represents cash flows provided by (used in) operating activities less capital expenditures
22NASDAQ: JYNT | © 2026 The Joint Corp. All Rights Reserved. | Scott Bowman, CFO scott.bowman@thejoint.com The Joint Corp. 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245-5960 Sanjiv Razdan, President & CEO sanjiv.razdan@thejoint.com The Joint Corp. 16767 N. Perimeter Dr., Suite 110, Scottsdale, AZ 85260 | (480) 245-5960 Richard Land, Investor Relations thejointinvestors@allianceadvisors.com Alliance Advisors Investor Relations 800 Third Ave, 17th Floor | New York, NY 10022| (212) 838-3777 https://www.facebook.com/thejointchiro @thejointchiro https://twitter.com/thejointchiro @thejointchiro https://www.youtube.com/thejointcorp @thejointcorp
FAQ
How did The Joint Corp. (JYNT) perform financially in Q1 2026?
The Joint Corp. delivered stronger results in Q1 2026. Revenue from continuing operations rose 13% to $14.8 million, consolidated net income increased 34% to $1.3 million, and diluted EPS was $0.09 versus $0.06 a year earlier, reflecting improved profitability.
What happened to The Joint Corp. (JYNT) system-wide sales and comp sales in Q1 2026?
Clinic-level trends were softer in Q1 2026. System-wide sales were $126.1 million, down 4.9% year over year, and comp sales declined 4.2%. These metrics cover all clinics in the network and indicate pressure on underlying clinic revenue.
How is The Joint Corp. (JYNT) changing its clinic ownership model?
The company is advancing a refranchising strategy. It signed an Asset Purchase Agreement to sell 45 company-owned or managed clinics and a Letter of Intent to sell 5 more, leaving only three clinics company-owned or managed once the transactions are completed.
What is The Joint Corp. (JYNT) 2026 guidance after Q1 results?
The Joint Corp. reaffirmed 2026 guidance. It expects system-wide sales between $519 million and $552 million, consolidated Adjusted EBITDA of $12.5–$13.5 million, and 30–35 new franchised clinic openings, excluding refranchised locations.
What is The Joint Corp. (JYNT) liquidity and credit position as of March 31, 2026?
Liquidity remained solid at quarter-end. The company held $20.7 million in unrestricted cash and maintained a fully undrawn $20 million revolving credit facility with JPMorgan Chase, with the maturity date extended to August 31, 2029.
How did The Joint Corp. (JYNT) non-GAAP metrics trend in Q1 2026?
Non-GAAP performance improved meaningfully. Consolidated Adjusted EBITDA rose 22% to $3.5 million, Adjusted EBITDA from continuing operations reached $2.2 million, and free cash flow improved to $(1.7) million from $(4.0) million a year earlier.