DocGo Inc. released its second quarter 2025 earnings report on August 7, 2025, announcing GAAP revenue of $80.4 million. This represents a 51.2% decrease year-over-year from $164.9 million in Q2 2024, primarily due to the planned wind-down of government and migrant service contracts, though it surpassed the consensus GAAP estimate of $77.6 million.
The company reported a GAAP net loss of $13.3 million, resulting in a loss per share of $(0.11), which lagged the expected $(0.10) EPS. Adjusted EBITDA was negative at $(6.1 million), down from $17.2 million in Q2 2024, and adjusted gross margin fell to 31.6% from 33.9% in the prior year.
Despite profitability pressures, DocGo generated $33.6 million in operating cash flow and increased cash and equivalents to $128.7 million, up from $103.1 million at the end of Q1 2025, driven by continued collection of legacy receivables. The company reaffirmed its full-year 2025 revenue guidance of $300 million to $330 million and an adjusted EBITDA loss of $20 million to $30 million, targeting overall profitability by the second half of 2026.
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