DocGo Inc. announced its financial and operating results for the first quarter ended March 31, 2025, reporting total revenue of $96.03 million, a 50% decrease from $192.09 million in Q1 2024. The company reported a net loss of $9.41 million attributable to stockholders, compared to net income of $11.23 million in the prior-year period, with adjusted EBITDA turning negative.
The decline was primarily due to the anticipated wind-down of migrant-related services, leading DocGo to remove all non-migrant Government Population Health revenue from its 2025 guidance. Despite this, the Hospital and Payer & Provider verticals are performing in line with expectations, with Transportation Services revenue increasing 5.4% to $50.82 million, driven by a 5.9% increase in trip volumes.
DocGo generated $9.66 million in operating cash flow in Q1 2025, primarily due to a $31.44 million decrease in accounts receivable. Cash and cash equivalents stood at $79.01 million, with total cash and restricted cash at $103.06 million. The company anticipates exiting 2025 debt-free after repaying its $30 million revolving line of credit and expects positive cash flow from operations throughout 2025, driven by continued collections of the remaining $120 million in migrant-related AR.
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