Evolent Health, Inc. announced financial results for the first quarter ended March 31, 2025, with revenue of $483.6 million, a decrease from $639.6 million in the prior year period. The net loss attributable to common shareholders was $72.2 million, and Adjusted EBITDA was $36.8 million, down from $54.0 million in Q1 2024.
Despite the year-over-year revenue decline, which was primarily driven by contractual changes including the transition of a Performance Suite customer and narrowing of scope for another, Evolent's Q1 results were at the high end of its expectations. The company also announced five new revenue agreements during the quarter.
Evolent reiterated its full-year 2025 guidance, projecting revenue between $2.06 billion and $2.11 billion and Adjusted EBITDA between $135 million and $165 million. Management noted that AI-based automation initiatives, such as AuthIntel, and Performance Suite margins are currently tracking favorably, and the company expects to deploy approximately $35 million in cash for capitalized software development in 2025.
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