Talkspace (TALK) grows 2025 revenue 22% and nearly doubles 2026 EBITDA outlook

Rhea-AI Filing Summary

Talkspace, Inc. reported strong fourth quarter and full-year 2025 results, highlighted by rapid growth in its payor business and improved profitability. Fourth quarter 2025 revenue rose 29% year-over-year to $63.0 million, driving net income of $4.8 million and adjusted EBITDA of $6.6 million.

For full-year 2025, revenue increased 22% to $228.9 million, with payor revenue up 37.9% and direct-to-enterprise revenue up 3.7%, while consumer revenue declined 29.5%. Net income climbed to $7.8 million and adjusted EBITDA grew 127% to $15.8 million, reflecting operating leverage as total costs and operating expenses grew slower than revenue.

The company ended 2025 with $37.4 million in cash and $55.2 million in short-term marketable securities, and no debt. Management issued 2026 guidance calling for revenue of $275–$290 million and adjusted EBITDA of $30–$35 million, implying continued double-digit growth and a near doubling of adjusted EBITDA.

Positive

• Profitable growth in 2025: Revenue rose 22% to $228.9 million while net income increased to $7.8 million and adjusted EBITDA climbed 127% to $15.8 million, demonstrating clear operating leverage.
• Strong 2026 outlook: Guidance calls for $275–$290 million in revenue and $30–$35 million in adjusted EBITDA, implying 20–27% top-line growth and roughly doubling adjusted EBITDA versus 2025.

Negative

• Consumer segment contraction: Consumer revenue fell 29.5% year-over-year in 2025 (and 30.4% in Q4), increasing reliance on payor and direct-to-enterprise channels for future growth.

Insights

Equity Analyst

Talkspace delivered strong 2025 growth, turned solidly profitable, and guided to sharply higher 2026 earnings.

Talkspace showed meaningful operating momentum in 2025. Total revenue rose 22% to $228.9 million, led by payor revenue growth of 37.9%. Net income reached $7.8 million, a sharp improvement from near break-even, while adjusted EBITDA more than doubled to $15.8 million.

Results benefited from higher completed payor sessions and cost discipline, with total costs and operating expenses growing 17.5%, below revenue growth. Consumer revenue declined 29.5%, increasing dependence on payor and direct-to-enterprise channels, but those businesses now drive the majority of revenue and margin expansion.

For 2026, management guides revenue to $275–$290 million and adjusted EBITDA to $30–$35 million, implying 20–27% revenue growth and 90–122% adjusted EBITDA growth versus 2025. Actual outcomes will depend on sustaining payor growth, executing new offerings such as its AI agent, and maintaining operating discipline as investments continue.

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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): February 19, 2026

Talkspace, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-39314		84-4636604
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

622 Third Avenue, New York, New York		10017
(Address of principal executive offices)		(Zip Code)

(212) 284-7206

(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 is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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

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

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

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

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, $0.0001 par value per share		TALK		Nasdaq Global Select Market
Warrants to purchase common stock		TALKW		Nasdaq Global Select Market

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition.

Talkspace, Inc. (the “Company”) issued a press release on February 19, 2026 announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release issued in connection with this announcement is furnished as Exhibit 99.1 attached hereto.

The information in this Item 2.02, including the information contained in Exhibit 99.1 of this Current Report on Form 8-K, is being furnished hereby and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On February 19, 2026, the Company posted supplementary slides (the “Slides”) regarding the Company’s financial results for the quarter ended December 31, 2025 on the Company’s investor relations website at https://investors.talkspace.com/investor-relations. The Slides are furnished as Exhibit 99.2. The Company may use the Slides, in whole or in part, and possibly with minor modifications, in connection with presentations to investors after such date.

The information contained in the Slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. Except as required by law, the Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its 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 disclosures.

This information in this Item 7.01, including the information contained in Exhibit 99.2 of this Current Report on Form 8-K, is being furnished hereby and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
 

Exhibit Number		Description
99.1		Press Release issued by Talkspace, Inc. dated February 19, 2026.
99.2		Supplementary Slides: Talkspace, Inc. 2025 Fourth Quarter Earnings Presentation dated February 19, 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.

			Talkspace, Inc.
Date:	February 19, 2026	By:	/s/ Ian Harris
			Ian Harris Chief Financial Officer

Exhibit 99.1

Talkspace Announces Fourth Quarter and Full Year 2025 Results

4Q 2025 total revenue grew 29% year-over-year to $63.0 million

4Q 2025 net income of $4.8 million and adjusted EBITDA1 of $6.6 million

Full-year 2025 total revenue grew 22% year-over-year to $228.9 million

Full-year 2025 net income of $7.8 million

Full-year 2025 adjusted EBITDA1 grew 127% year-over-year to $15.8 million

NEW YORK, New York - February 19, 2026 – Talkspace, Inc. (“Talkspace” or the “Company”) (NASDAQ: TALK), today reported fourth quarter and full year 2025 financial results.

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
		Results				% Variance from Prior Year				Results				% Variance from Prior Year
(In thousands unless otherwise noted)		Unaudited								Unaudited
Number of completed Payor sessions			449.7				36	%			1,617.0				32	%
Number of unique active Payor members			124.1				30	%		N/A				N/A
Total revenue		$	62,998				29	%		$	228,871				22	%
Total costs and operating expenses		$	59,169				23	%		$	225,719				18	%
Net income		$	4,765				293	%		$	7,793				579	%
Adjusted EBITDA (1)		$	6,566				147	%		$	15,772				127	%
Cash and cash equivalents at year-end		$	37,352				—			$	37,352				—
Short-term marketable securities at year-end		$	55,234				—			$	55,234				—

(1)Adjusted EBITDA is a non-GAAP financial measure. For a definition of the measure and a reconciliation to the most directly comparable GAAP measure, see “Reconciliation of GAAP Results to Non-GAAP Results.”

Dr. Jon Cohen, CEO of Talkspace, said, “Talkspace concluded 2025 with strong momentum, driven by a record fourth quarter where we successfully prioritized network curation, product innovation, and deeper payor integrations. These strategic initiatives delivered 29% year-over-year growth with $63.0 million quarterly revenue and a 22% year-over-year increase in total annual revenue to $228.9 million. With our proprietary AI agent now in active beta and set to launch later this year, we are well-positioned to deliver sustainable growth and long-term value in 2026.”

1

Fourth Quarter 2025 Key Performance Metrics

•Revenue increased 29% over the prior-year period to $63.0 million, driven by a 41% year-over-year increase in Payor revenue, partially offset by a 30% year-over-year decline in Consumer revenue.

•Cost of revenue, excluding depreciation and amortization, increased 33% over the prior-year period to $36.1 million, driven by a higher number of completed Payor sessions.

•Total costs and operating expenses were $59.2 million, an increase of 23% year-over-year, primarily due to an increase in cost of revenue, excluding depreciation and amortization.

•Net income was $4.8 million, an increase of 293% over the prior-year period, primarily driven by an increase in revenue, partially offset by an increase in cost of revenue, excluding depreciation and amortization.

•Adjusted EBITDA was $6.6 million, an improvement from $2.7 million adjusted EBITDA in the fourth quarter of 2024, primarily driven by an increase in revenue, partially offset by an increase in cost of revenue, excluding depreciation and amortization.

Full Year 2025 Key Performance Metrics

•Revenue increased 22% over the prior-year to $228.9 million, driven by a 38% year-over-year increase in Payor revenue, partially offset by a 30% year-over-year decline in Consumer revenue.

•Cost of revenue, excluding depreciation and amortization, increased 29% over the prior-year to $130.5 million, driven by a higher number of completed Payor sessions.

•Total costs and operating expenses were $225.7 million, an increase of 18% year-over-year, primarily due to an increase in cost of revenue, excluding depreciation and amortization.

•Net income was $7.8 million, an increase of 579% over the prior-year, primarily driven by an increase in revenue, partially offset by an increase in cost of revenue, excluding depreciation and amortization.

•Adjusted EBITDA was $15.8 million, an improvement from $7.0 million adjusted EBITDA in 2024, primarily driven by an increase in revenue, partially offset by an increase in cost of revenue, excluding depreciation and amortization.

Financial Guidance

The following guidance is based on current market conditions and expectations, and the information available to the Company today. For 2026 Talkspace expects:

•Revenue to be in the range of $275 million to $290 million

•Adjusted EBITDA to be in the range of $30 million to $35 million

2

Conference Call, Presentation Slides, and Webcast Details

The Fourth Quarter 2025 earnings conference call and webcast will be held Thursday, February 19, 2026, at 8:30 a.m. E.T. The conference call will be available via audio webcast at investors.talkspace.com and can also be accessed by dialing (800) 225-9448 for U.S. participants, or +1 (203) 518-9708 for international participants, and referencing conference ID: TALKQ425. A replay will be available shortly after the call’s completion and remain available for approximately 90 days.

About Talkspace

Talkspace (NASDAQ: TALK) is a leading virtual behavioral healthcare provider committed to helping people lead healthier, happier lives through access to high-quality mental healthcare. At Talkspace, we believe that mental healthcare is core to overall health and should be available to everyone.

Talkspace pioneered the ability to text with a licensed therapist from anywhere and now offers a comprehensive suite of mental health services, including therapy for individuals, teens, and couples, as well as psychiatric treatment and medication management (18+). With Talkspace’s core therapy offerings, members are matched with one of thousands of licensed therapists within days and can engage in live video, audio, or chat sessions, and/or unlimited asynchronous text messaging sessions.

All care offered at Talkspace is delivered through an easy-to-use, fully-encrypted web and mobile platform that meets HIPAA, federal, and state regulatory requirements. Most Americans have access to Talkspace through their health insurance plans, employee assistance programs, our partnerships with leading healthcare companies, or as a free benefit through their employer, school, or government agency.

For more information, visit www.talkspace.com.

For Investors:

ICR Westwicke

TalkspaceIR@westwicke.com

For Media:

press@talkspace.com

3

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, business strategy and plans, market opportunity and expansion and objectives of our management for future operations. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strategy,” “strive,” “target,” “will,” or “would,” the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) rapid technological change in our industry; (ii) our ability to secure clients' contract renewals; (iii) our ability to maintain and expand our network of therapists, psychiatrists and other providers; (iv) a decline in the prevalence of enterprise-sponsored healthcare or the emergence of new technologies may adversely impact our DTE business; (v) if our or our vendors’ security measures fail or are breached; (vi) changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; and (vii) the other factors, risks and uncertainties described under the caption “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 12, 2025, subsequent quarterly reports on Form 10-Q and our other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise unless required to do so under applicable law. We do not give any assurance that we will achieve our expectations.

4

Talkspace, Inc.

Consolidated Income Statements

		Three Months Ended December 31,						Year Ended December 31,
		2025		2024		% Change		2025		2024		% Change
(in thousands, except percentages, share and per share data)		Unaudited		Unaudited				Unaudited
Revenue:
Payor revenue		$47,663		$33,847		40.8		$171,518		$124,339		37.9
DTE revenue		11,634		9,555		21.8		39,880		38,466		3.7
Consumer revenue		3,701		5,318		(30.4)		17,473		24,788		(29.5)
Total revenue		62,998		48,720		29.3		228,871		187,593		22.0
Costs and operating expenses:
Cost of revenue, excluding    depreciation and amortization		36,075		27,075		33.2		130,522		101,311		28.8
Research and development		2,357		2,232		5.6		9,544		10,280		(7.2)
Clinical operations, net		1,793		1,740		3.0		7,208		6,542		10.2
Sales and marketing		12,380		11,990		3.3		53,803		50,525		6.5
General and administrative		5,743		4,907		17.0		21,767		22,573		(3.6)
Depreciation and amortization		821		207		296.6		2,875		859		234.7
Total costs and operating expenses		59,169		48,151		22.9		225,719		192,090		17.5
Income (loss) from operations		3,829		569		572.9		3,152		(4,497)		*
Financial income, net		(1,286)		(616)		108.8		(5,215)		(5,739)		(9.1)
Income before income taxes		5,115		1,185		331.6		8,367		1,242		573.7
Income tax expense (benefit)		350		(29)		*		574		94		510.6
Net income		$4,765		$1,214		292.5		$7,793		$1,148		578.8
Net income per share:
Basic		$0.03		$0.01		200.0		$0.05		$0.01		400.0
Diluted		$0.03		$0.01		200.0		$0.04		$0.01		300.0
Weighted average shares used to compute net income per share:
Basic		166,001,374		169,202,561				167,089,060		168,906,900
Diluted		171,866,106		176,711,336				173,648,431		176,495,872

* Percentage not meaningful.

5

Talkspace, Inc.

Consolidated Statements of Comprehensive Income

		Three Months Ended December 31,												Year Ended December 31,
		2025				2024				% Change				2025				2024				% Change
(in thousands)		Unaudited				Unaudited								Unaudited
Net income		$	4,765			$	1,214				292.5			$	7,793			$	1,148				578.8
Other comprehensive income (loss):
Change in unrealized gain (loss) on marketable debt securities			(4	)			2			*					55				2			*
Total other comprehensive income (loss)			(4	)			2			*					55				2			*
Total comprehensive income		$	4,761			$	1,216				291.5			$	7,848			$	1,150				582.4

* Percentage not meaningful.

6

Talkspace, Inc.

Consolidated Balance Sheets

		December 31, 2025				December 31, 2024
(in thousands)		Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	37,352			$	76,692
Marketable securities			55,234				41,118
Accounts receivable, net			16,061				9,643
Other current assets			2,415				2,729
Total current assets			111,062				130,182
Fixed assets, net			15,794				6,259
Goodwill			3,318				—
Other long-term assets			4,689				2,236
Total assets		$	134,863			$	138,677
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	8,501			$	7,710
Accrued expenses and other current liabilities			6,672				8,031
Deferred revenue			2,223				3,282
Total current liabilities			17,396				19,023
Other long-term liabilities			452				2,259
Total liabilities			17,848				21,282
STOCKHOLDERS’ EQUITY:
Common stock			17				17
Additional paid-in capital			378,384				386,612
Accumulated deficit			(261,443	)			(269,236	)
Accumulated other comprehensive income			57				2
Total stockholders’ equity			117,015				117,395
Total liabilities and stockholders’ equity		$	134,863			$	138,677

7

Talkspace, Inc.

Consolidated Statements of Cash Flows

		Year Ended December 31,
		2025				2024
(in thousands)		Unaudited
Cash flows from operating activities:
Net income		$	7,793			$	1,148
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			2,875				859
Accretion of discount on marketable securities			(856	)			(417	)
Stock-based compensation			8,445				9,173
Remeasurement of warrant liabilities			(1,491	)			(152	)
(Increase) decrease in accounts receivable, net			(6,418	)			531
Decrease in other current assets			405				2,989
Increase in accounts payable			791				1,599
(Decrease) increase in deferred revenue			(1,182	)			213
Decrease in accrued expenses and other current liabilities			(1,644	)			(4,437	)
Other			(184	)			(219	)
Net cash provided by operating activities			8,534				11,287
Cash flows from investing activities:
Purchases of marketable securities			(49,344	)			(40,701	)
Proceeds from maturities of marketable securities			36,084				—
Capitalized internal-use software costs			(10,641	)			(5,443	)
Acquisition of business, net of cash acquired			(4,904	)			—
Other			(72	)			(171	)
Net cash used in investing activities			(28,877	)			(46,315	)
Cash flows from financing activities:
Proceeds from exercise of stock options			913				2,010
Payments for employee taxes withheld related to vested stock-based awards			(2,707	)			(3,195	)
Repurchase of common stock for retirement			(17,203	)			(11,003	)
Net cash used in financing activities			(18,997	)			(12,188	)
Net decrease in cash and cash equivalents			(39,340	)			(47,216	)
Cash and cash equivalents at beginning of the year			76,692				123,908
Cash and cash equivalents at end of the year		$	37,352			$	76,692

8

Non-GAAP Financial Measures

In addition to our financial results determined in accordance with GAAP, we believe adjusted EBITDA, a non-GAAP measure, is useful in evaluating our operating performance, and our management uses it as a key performance measure to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes and in evaluating acquisition opportunities. We also use adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. We believe that the use of adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing the health of our business and our operating performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

Some of the limitations of adjusted EBITDA include (i) adjusted EBITDA does not necessarily reflect capital commitments to be paid in the future and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and adjusted EBITDA does not reflect these requirements. In evaluating adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments described herein. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. Our adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted EBITDA in the same manner as we calculate the measure, limiting its usefulness as a comparative measure. Adjusted EBITDA should not be considered as an alternative to income (loss) before income taxes, net income (loss), income (loss) per share, or any other performance measures derived in accordance with U.S. GAAP. When evaluating our performance, you should consider adjusted EBITDA alongside other financial performance measures, including our net income and other GAAP results.

A reconciliation is provided below for adjusted EBITDA to net income, the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review our financial statements prepared in accordance with GAAP and the reconciliation of our non-GAAP financial measure to its most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business. We do not provide a forward-looking reconciliation of adjusted EBITDA guidance as the amount and significance of the reconciling items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These reconciling items could be meaningful.

9

Adjusted EBITDA

We calculate adjusted EBITDA as net income adjusted to exclude (i) depreciation and amortization, (ii) stock-based compensation expense, (iii) financial income, net, (iv) income tax expense (benefit), and (v) certain non-recurring expenses, where applicable.

Talkspace, Inc.

Reconciliation of GAAP Results to Non-GAAP Results

(Unaudited)

		Three Months Ended December 31,								Year Ended December 31,
		2025				2024				2025				2024
(in thousands)
Net income		$	4,765			$	1,214			$	7,793			$	1,148
Add:
Depreciation and amortization			821				207				2,875				859
Stock-based compensation			1,916				1,883				8,445				9,173
Financial income, net			(1,286	)			(616	)			(5,215	)			(5,739	)
Income tax expense (benefit)			350				(29	)			574				94
Non-recurring expenses (1)			—				—				1,300				1,427
Adjusted EBITDA		$	6,566			$	2,659			$	15,772			$	6,962

(1)For the year-ended December 31, 2025, non-recurring expenses primarily consisted of acquisition related expenses and severance costs related to the departure of a key executive of the Company. For the year-ended December 31, 2024, non-recurring expenses primarily consisted of severance costs related to the departure of key executives of the Company and other related costs.

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2025 Fourth Quarter Earnings Presentation February 19, 2026 Exhibit 99.2

Disclaimer This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking, including statements regarding our financial condition, anticipated financial performance, achieving profitability, business strategy and plans, market opportunity and expansion and objectives of our management for future operations. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “strategy,” “strive”, “target,” “will,” or “would,” the negative of these words or other similar terms or expressions. The absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many important factors could cause actual future events to differ materially from the forward-looking statements in this presentation, including but not limited to: (i) rapid technological change in our industry; (ii) our ability to secure clients' contract renewals; (iii) our ability to maintain and expand our network of therapists, psychiatrists and other providers; (iv) a decline in the prevalence of enterprise-sponsored healthcare or the emergence of new technologies may adversely impact our DTE (“Direct-to-Enterprise”) business; (v) if our or our vendors’ security measures fail or are breached; (vi) changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; and (vii) and the other factors, risks and uncertainties described in under the caption “Risk Factors” in our Annual Report on Form 10-K for the annual period ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 12, 2025, subsequent quarterly reports on Form 10-Q and in our other documents filed from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. We do not give any assurance that we will achieve our expectations. Certain information and data contained in this presentation relate to or are based on studies, publications, surveys and other data obtained from third-party sources and the Company’s own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources, and you are urged not to give undue weight to such third-party information. While the Company believes its internal research is reliable, such research has not been verified by any independent source. This presentation may contain the measure Adjusted EBITDA, Adjusted EBITDA margin, and non-GAAP costs and expenses (including non-GAAP cost of revenue, research and development, sales and marketing, and general and administrative) which are non-GAAP financial measure. For additional information about the measure and a reconciliation to the most closely comparable GAAP measure see the Talkspace Investors Relations website at investors.talkspace.com. 2 2025 FOURTH QUARTER EARNINGS PRESENTATION

$6454% $3934% 2025 Revenue and Adjusted EBITDA 3 Revenue1 Composition USD, Millions Adjusted EBITDA2 USD, Millions Revenue is presented on an as-reported basis. Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. PAYOR DTE CONSUMER 2025 FOURTH QUARTER EARNINGS PRESENTATION

$6454% $3934% 4Q 2025 Revenue and Adjusted Gross Profit 4 Revenue1 Composition USD, Millions Adjusted Gross Profit and % Margin2 USD, Millions Revenue is presented on an as-reported basis. Adjusted Gross Profit is defined as Revenue less Cost of revenue, excluding depreciation and amortization. Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations. PAYOR DTE CONSUMER 2025 FOURTH QUARTER EARNINGS PRESENTATION

Operating Expenses1 $6454% $3934% Adjusted EBITDA2 4Q 2025 Operating Expense and Adjusted EBITDA 5 (1) Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations. (2) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. USD, Millions USD, Millions NORMALIZED OPEX SBC + NON-RECURRING NORMALIZED OPEX AS % OF REVENUE 2025 FOURTH QUARTER EARNINGS PRESENTATION

6 Accelerating Behavioral Health Growth & Expanding Services Launched national Tricare coverage leading to a successful and cost-effective engagement of military communities Expanded Payor coverage with new Blues plans and competitive national EAP win Broadened comprehensive care platform with acquisition of Wisdo Health, a clinically-proven, AI-powered social health platform Invested in psychiatry offering: grew medication management business, supported by a more than doubling of the psych provider network Delivering Scalability, Sustainability, and Profitability Revenue Growth +22% YoY for Total Company and +38% YoY in Payor Continued proven operating leverage, with OPEX as a percentage of revenue declining to 42% vs 48% a year ago Delivered $15.8M Adjusted EBITDA: +127% YoY3 ~$17m of stock repurchased under the share buyback plan Strong balance sheet: $0 debt and ~$93M in cash, cash equivalents (incl. Short-term Marketable Securities) for growth investments Enhancing Partnerships & Growing Brand Awareness Deepened Amazon relationship by integrating with Amazon Pharmacy Launched Chapters, a women’s health platform across core life stages including fertility and menopause New marketing partners such as Tia, Hinge, and Genomind Further awareness with teens and parents via Bark app partnership Men’s health Train for Life campaign outperformed ‘25 and continues to drive awareness to 36% (1) M BH members, Compared to control period in 2024. (2) Qualtrics survey data. (3) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation to the most directly comparable GAAP measure, see the appendix to this presentation. 2025 FOURTH QUARTER EARNINGS PRESENTATION Innovating through Meaningful Investments in Technology Improved the member funnel with 49% YoY increase in the number of patients completing a third session in the first month of care Deeper integration into two payor directories with embedded scheduling and direct provider links Launched care coordinator booking platform beta, with adoption expected in early 2026 Launched Talkcast with 76K episodes, driving 20%+ higher likelihood to complete a 2nd session In beta for TalkAI, demonstrating strong performance in adoption and outcomes 2025 Business Highlights

Payor Members1 $6454% $3934% Payor Sessions1 4Q 2025 Payor Performance Highlights 7 Includes sessions from Managed Behavioral Health (“MBH”) and Employee Assistance Programs (“EAP”). Thousands Thousands 2025 FOURTH QUARTER EARNINGS PRESENTATION

2026 Financial Guidance 8 Guidance based on current market conditions and expectations and what we know today. Adjusted EBITDA is a non-GAAP financial measure. We do not provide a forward-looking reconciliation of our guidance for adjusted EBITDA as the amount and significance of items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These special items could be meaningful. Revenue Adjusted EBITDA2 $275M to $290M +20% to +27% YoY $30M to $35M +90% to +122% YoY 2025 FOURTH QUARTER EARNINGS PRESENTATION

Appendix 9

Non-GAAP Financial Measures In addition to our financial results determined in accordance with GAAP, we believe adjusted EBITDA, a non-GAAP measure, is useful in evaluating our operating performance, and our management uses it as a key performance measure to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes and in evaluating acquisition opportunities. We also use adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. We believe that the use of adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing the health of our business and our operating performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of adjusted EBITDA include (i) adjusted EBITDA does not necessarily reflect capital commitments to be paid in the future and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and adjusted EBITDA does not reflect these requirements. In evaluating adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments described herein. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. Our adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted EBITDA in the same manner as we calculate the measure, limiting its usefulness as a comparative measure. Adjusted EBITDA should not be considered as an alternative to income (loss) before income taxes, net income (loss), income (loss) per share, or any other performance measures derived in accordance with U.S. GAAP. When evaluating our performance, you should consider adjusted EBITDA alongside other financial performance measures, including our net income (loss) and other GAAP results. A reconciliation is provided below for adjusted EBITDA to net income (loss), the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review our financial statements prepared in accordance with GAAP and the reconciliation of our non-GAAP financial measure to its most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate our business. We do not provide a forward-looking reconciliation of adjusted EBITDA guidance as the amount and significance of the reconciling items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These reconciling items could be meaningful. 10 2025 FOURTH QUARTER EARNINGS PRESENTATION

Reconciliation of Net Income (Loss) to Adjusted EBITDA Adjusted EBITDA We calculate adjusted EBITDA as net income (loss) adjusted to exclude (i) depreciation and amortization, (ii) stock-based compensation expense, (iii) financial income, net, (iv) income tax expense (benefit), and (v) certain non-recurring expenses, where applicable. 11 2025 FOURTH QUARTER EARNINGS PRESENTATION

FAQ

How did Talkspace (TALK) perform financially in Q4 2025?

Talkspace delivered strong Q4 2025 results with revenue of $63.0 million, up 29% year-over-year. Net income reached $4.8 million and adjusted EBITDA was $6.6 million, reflecting improved scale in the payor business and disciplined cost management.

What were Talkspace (TALK) full-year 2025 revenue and profit numbers?

For 2025, Talkspace generated $228.9 million in revenue, a 22% increase from 2024. Net income rose to $7.8 million, while adjusted EBITDA grew 127% year-over-year to $15.8 million, showing significant progress toward sustainable profitability and operating efficiency.

How did Talkspace’s different revenue segments perform in 2025?

In 2025, payor revenue grew 37.9% to $171.5 million and DTE revenue increased 3.7% to $39.9 million. Consumer revenue declined 29.5% to $17.5 million, shifting the company’s mix further toward enterprise and payor-driven channels.

What 2026 financial guidance did Talkspace (TALK) provide?

Talkspace expects 2026 revenue between $275 million and $290 million, representing 20–27% growth over 2025. The company also guides adjusted EBITDA to $30–$35 million, implying an increase of roughly 90–122% versus its 2025 adjusted EBITDA of $15.8 million.

What is Talkspace’s cash and debt position at year-end 2025?

At December 31, 2025, Talkspace held $37.4 million in cash and cash equivalents and $55.2 million in short-term marketable securities. The company reported total liabilities of $17.8 million and indicated it had no debt, supporting ongoing growth investments.

How is Talkspace (TALK) using adjusted EBITDA as a performance metric?

Talkspace uses adjusted EBITDA to evaluate operating performance by excluding depreciation, amortization, stock-based compensation, financial income, taxes, and certain non-recurring expenses. Management views it as helpful for assessing underlying operations, though it is a non-GAAP measure and should be considered alongside GAAP results.

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