NeueHealth (NEUE) Q2 2025 earnings summary

Executive summary

• Achieved sixth consecutive quarter of adjusted EBITDA profitability, with $19 million in Q2 2025 and $32.5 million for the first half, reflecting strong execution of a consumer-centric care model and value-based care services.

• Served approximately 694,000 consumers in Q2 2025, a 45% year-over-year increase, with growth across ACA, Medicare, and Medicaid segments.

• Advanced care model and expanded partnerships, including technology platform enhancements and new clinic openings.

Financial highlights

• Q2 2025 consolidated revenue was $209.1 million, down from $226.0 million in Q2 2024; six-month revenue was $424.9 million, down from $471.1 million year-over-year.

• Net loss for Q2 2025 was $1.5 million, improved from $57.7 million loss in Q2 2024; six-month net loss was $12.4 million, improved from $61.9 million loss year-over-year.

• Adjusted EBITDA reached $19.0 million in Q2 2025, up from $4.0 million in Q2 2024; six-month Adjusted EBITDA was $32.5 million, up from $7.6 million year-over-year.

• Operating income for Q2 2025 was $14.3 million, compared to a $37.5 million loss in Q2 2024.

• Cash and cash equivalents as of June 30, 2025, were $212.9 million, with $131.6 million in non-regulated cash and $24.3 million restricted.

Outlook and guidance

• Focused on expanding payer and provider partnerships, advancing data and analytics, and driving positive operating cash flow.

• Cautions that existing cash and investments may not be sufficient for the next twelve months, raising substantial doubt about ability to continue as a going concern.

• Anticipates closing go-private transaction led by NEA affiliate in mid to late 2025, pending regulatory approvals.