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Get filing alertsRisk Profile Improvements
- Sec Investigation (unchanged) — DOJ investigation into broker arrangements remains ongoing with no status change disclosed.
- Delisting (removed) — Detailed delisting risk disclosure removed after company regained compliance through reverse stock split in April 2025.
P3 Health swings to $3M profit despite 10% membership drop; going concern persists
Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read
Key Changes
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high
Q1 2026 net income of $3.0M vs. $44.2M loss in Q1 2025, driven by $56.5M medical margin improvement from favorable reserve development and claims true-up, plus $11M tax benefit from state position releases.
MD&A: Financial Results verify on EDGAR → -
high
Going concern warning unchanged despite profitability; unrestricted cash fell 36% to $25.5M while interest expense doubled to $16.8M from high-cost debt (19.5% notes). Company raised $30M in April 2026 via Series D preferred with 19.5% dividend.
MD&A: Liquidity verify on EDGAR → -
high
At-risk membership declined 10% to 106,400 and affiliate physician network contracted 18% to 2,300 PCPs as company exited underperforming contracts, trading volume for margin in strategic rationalization.
MD&A: Membership verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 1, 2026 12:41 PM