Phreesia posts first profit on AccessOne boost, but cuts 220 jobs amid subscription decline

Filed May 28, 2026 · Period ending April 30, 2026 · Compared to 10-Q May 28, 2025 · ~2 min read

Key Changes

• high

  Net income of $3.0M vs. prior-year loss of $3.9M marks first profitable quarter; payment solutions revenue up 40% to $41.9M driven by AccessOne acquisition, which closed Nov 2025 and now represents 45% of total assets.

  MD&A: Financial Results verify on EDGAR →
• high

  Subscription revenue fell 3% to $52.7M, reversing prior year's 16% growth; company attributes decline to one-time adjustments and lower license delivery, not underlying trends, but reversal signals potential client-addition slowdown.

  MD&A: Subscription Revenue verify on EDGAR →
• high

  Restructuring plan announced May 7, 2026 eliminates ~220 positions (half contractors) to reduce costs and align with business priorities; company expects meaningful annualized savings but flags execution risk in achieving targets.

  MD&A: Restructuring; Risk Factors verify on EDGAR →