DocGo (DCGO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $75.6 million, down from $96 million in Q1 2025 due to the wind-down of migrant-related projects, but core business lines grew 19.3% year-over-year excluding those programs.

• Net loss widened to $16.7 million from $11.1 million in Q1 2025, with adjusted EBITDA loss of $10.2 million versus $3.9 million a year ago.

• Revenue guidance for 2026 was raised to $300–$315 million, reflecting robust demand for virtual care, medical transportation, and mobile health services.

• Record volumes achieved in U.S. medical transportation (+17%) and healthcare in the home (+46%), with strong sequential growth in core business lines.

• Strategic alternatives process and operational review underway to drive profitability and efficiency.

Financial highlights

• Q1 2026 revenue: $75.6 million, down from $96 million in Q1 2025, mainly due to the end of migrant-related projects.

• Net loss for Q1 2026 was $16.7 million; adjusted EBITDA loss was $10.2 million.

• Adjusted gross margin: 31.6% in Q1 2026 vs. 32.1% in Q1 2025; underlying business margin improved to 31.9% from 30.4%.

• Cash and equivalents at March 31, 2026: $59.9 million, down from $68.3 million at year-end, impacted by delayed receivables.

• Adjusted EBITDA margin was negative 13.5% in Q1 2026, compared to negative 4.1% in Q1 2025.

Outlook and guidance

• 2026 revenue guidance increased to $300–$315 million, up from prior $290–$310 million.

• Full-year adjusted EBITDA loss expected to remain at $5–$10 million, with margin improvement expected in H2 2026 as cost-cutting measures take effect.

• No migrant-related revenues included in guidance; projected 19%–25% growth over 2025 base revenues.

• SteadyMD expected to deliver over 50% top-line growth in 2026; mobile phlebotomy business to grow even faster.

• Goal remains to achieve adjusted EBITDA profitability in the second half of 2026.