Every 10-Q that P3 Health Partners Inc. (PIII) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PIII and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PIII filings page.
P3 Health Partners Inc., a Medicare Advantage–focused population health company, reported improved results for the quarter and six months ended June 30, 2026. Q2 2026 operating revenue was $386.4 million, up from $355.8 million a year earlier, driven mainly by capitated revenue of $366.4 million. Medical expense declined significantly, and the premium deficiency reserve was reduced, leading to Q2 operating income of $41.2 million versus an operating loss of $34.1 million in Q2 2025.
For the six-month period, revenue was $772.8 million and net income was $18.7 million, compared with a net loss of $87.9 million in the prior-year period. However, cumulative preferred stock dividends of $9.6 million resulted in a small net loss attributable to Class A common stockholders of $0.9 million year-to-date. Cash and restricted cash totaled $22.2 million at June 30, 2026, with a working capital deficit of $209.2 million and negative operating cash flow of $89.4 million for the six months.
The company converted approximately $252.5 million of related-party VGS promissory notes into multiple series of high-coupon cumulative preferred stock and issued additional Series D preferred stock and warrants under a securities purchase agreement, reducing gross long-term debt to $120.1 million from $336.7 million. Management disclosed an accumulated deficit of $642.5 million and stated that substantial doubt exists about the company’s ability to continue as a going concern without additional capital or improved cash generation.
P3 Health Partners Inc. reported Q1 2026 operating revenue of $386.4M, up from $373.2M a year earlier, driven mainly by capitated Medicare Advantage contracts. Medical expense fell sharply, turning operating results from a loss to operating income of $8.2M.
The company posted net income of $3.0M versus a prior-year net loss of $44.2M, and Adjusted EBITDA improved to $25.8M from a loss of $22.2M. However, it still used $27.5M of cash in operating activities, had a working capital deficit of $353.3M, stockholders’ deficit of $143.5M, and long-term debt of $379.3M at double‑digit interest rates.
Management states that substantial doubt exists about the company’s ability to continue as a going concern without additional financing or other actions. After quarter‑end, P3 exchanged about $252.5M of related‑party promissory notes into new preferred stock and raised $30.0M of additional preferred capital with attached warrants, while up to $40.0M more preferred funding remains available under the purchase agreement.
P3 Health Partners Inc. reported Q3 2025 results showing lower losses but continued pressure on liquidity and debt. Operating revenue was $345.3 million versus $362.1 million a year ago, as capitated revenue made up 98.9% of total. Operating loss narrowed to $44.2 million from $107.0 million, helped by a $23.7 million premium deficiency reserve release. Net loss was $69.5 million, with $31.6 million attributable to the controlling interest.
Interest expense rose to $20.5 million in the quarter. Cash was $37.7 million and the working capital deficit was $288.3 million as of September 30, 2025. Management disclosed that substantial doubt exists about the ability to continue as a going concern. Debt increased, including high‑coupon related‑party notes and a term loan amended to a 15% rate after September 30, 2025, with maturity extended to September 30, 2027. Net cash used in operating activities was $65.5 million for the nine months.
Shares outstanding were 3,286,465 Class A and 3,919,124 Class V as of November 3, 2025. A 1‑for‑50 reverse stock split was effected on April 11, 2025.