American Oncology Network (AONC) investor relations material

Executive summary

• Revenue grew 37.5% year-over-year to $1.76 billion, driven by 21.4% higher patient encounters and 13.5% higher revenue per encounter, reflecting both organic and acquisition growth.

• Net loss attributable to Class A Common Stockholders was $9.5 million, with Adjusted EBITDA up 60.7% to $29.0 million, reflecting improved core operating performance.

• Completed two business combinations in 2024, expanding into Georgia and Hawaii, and closed a $51 million equity financing in November 2024.

• Voluntarily delisted from Nasdaq in June 2024, now trading on OTCQX; AEA Growth increased its stake to 30% via a tender offer.

• Identified material weaknesses in internal controls, with remediation efforts ongoing.

Financial highlights

• Patient service revenue rose to $1.74 billion from $1.27 billion, with other revenue at $15.5 million.

• Cost of revenue increased 37.2% to $1.64 billion, mainly due to higher drug costs and labor expenses.

• General and administrative expenses grew 33.2% to $133.9 million, but at a lower rate than revenue.

• Adjusted EBITDA reached $29.0 million, up from $18.0 million, driven by higher revenue and operating leverage.

• Cash and cash equivalents at year-end were $62.8 million, with $9.8 million in short-term marketable securities.

Outlook and guidance

• Management expects continued growth through acquisitions and organic expansion, supported by recent capital raises and investments in technology.

• Cash on hand, operating cash flows, and credit facility availability are expected to fund operations and capital needs for at least the next 12 months.