PIII: revenue $386.4M, net income $7.4M. PIII swings to operating income on medical-cost relief, but preferred dividends erase common-shareholder gain

Filed August 10, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 14, 2025 · ~2 min read

Key Changes

• high

  Operating income swung from a $34.1M loss to $41.2M income in Q2 2026, driven by $87M reduction in medical expense (12% YoY) and $56M noncash prior-period claims relief. Revenue rose 8.6% to $386.4M despite 10% membership decline.

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

  Converted $252.5M debt to cumulative preferred stock (13.5%-19.5% dividend rates) and raised $51.3M in new Series D preferred. Q2 net income of $7.4M became a $2.1M loss to common shareholders after $9.6M preferred dividends; liquidation preference now exceeds $308M.

  Notes: Debt Restructuring & Preferred Stock view on EDGAR →
• high

  Cash fell to $21.3M (from $38.6M YoY) while operating cash outflow worsened to $89.4M for six months. Going-concern disclosure persists despite improved equity position from debt conversion.

  Notes: Going Concern verify on EDGAR →