“The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people,” said Dr.
Amwell Second Quarter 2026 Highlights:
- Recorded Total Revenue of
$52.0 million at the top end of the previously provided financial guidance range for Q2- Achieved subscription revenue of
$25.7 million Recorded Amwell Medical Group (“AMG”) visit revenue of$24.4 million
- Achieved subscription revenue of
- Reported gross margin of 53%
- Net loss was
($9.6) million , compared to($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory - Adjusted EBITDA of
($1.2) million compared to($3.1) million in the first quarter of 2026 - Total visits on the platform were 0.8 million.
Financial Outlook
The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:
- Revenue in the range of
$200 million to$205 million increased from$195 million to$205 million - AMG visits between 1.32 million and 1.37 million
- Adjusted EBITDA in the range between
($9) million to($7) million increased from($16) million to($12) million .
The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:
- Q3 revenue in the range of
$46 million to$48 million - Q3 adjusted EBITDA expected to in the range of
($5) million to($3) million .
The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.
Amwell will host a conference call to discuss its financial results today at
Other than with respect to GAAP Revenue, the Company only provides guidance on a non-GAAP basis. The Company does not provide a reconciliation of forward-looking Adjusted EBITDA (non-GAAP) to GAAP net income (loss), due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. Because other deductions used to calculate projected net income (loss) vary dramatically based on actual events, the Company is not able to forecast on a GAAP basis with reasonable certainty all deductions needed in order to provide a GAAP calculation of projected net income (loss) at this time. The amount of these deductions may be material and, therefore, could result in projected GAAP net income (loss) being materially less than projected Adjusted EBITDA (non-GAAP).
About Amwell
Amwell offers payers and health systems a single, comprehensive, technology-enabled care platform. We use technology to provide patients with better access to more convenient, affordable and effective care. The Amwell platform includes software and services that power many clinical programs from Amwell and our growing number of partners. Our platform allows patients to experience unified, personalized and simple access to diversified clinical programs across the care continuum. As more people seek care online and more clinical programs become available, we offer integrated, future-ready, consistent solutions. The Amwell platform is proven, operating at a large scale, enabling care for millions of patients and their sponsors while delivering dependable outcomes. For almost two decades, Amwell has proudly served some of the largest and most sophisticated healthcare organizations in the
©2026American
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties and are based on our beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” or “would,” or the negative of these words or other similar terms or expressions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our beliefs and assumptions only as of the date of this release. These statements, and related risks, uncertainties, factors and assumptions, include, but are not limited to: our ability to successfully transition our clients to our current platform without significant attrition; our ability to renew and upsell our client base; the election by the
Contacts
Media: Press@amwell.com
Investors:
amwell@icrhealthcare.com
CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) | ||||||||
2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 195,946 | $ | 182,328 | ||||
| Restricted cash | 795 | — | ||||||
| Accounts receivable ( | 52,608 | 49,693 | ||||||
| Inventories | 964 | 1,187 | ||||||
| Deferred contract acquisition costs | 2,658 | 2,660 | ||||||
| Prepaid expenses and other current assets | 11,720 | 10,813 | ||||||
| Total current assets | 264,691 | 246,681 | ||||||
| Restricted cash | — | 795 | ||||||
| Property and equipment, net | 165 | 225 | ||||||
| Intangible assets, net | 56,947 | 66,073 | ||||||
| Operating lease right-of-use asset | — | 3,930 | ||||||
| Deferred contract acquisition costs, net of current portion | 3,811 | 4,459 | ||||||
| Other assets | 1,566 | 1,624 | ||||||
| Total assets | $ | 327,180 | $ | 323,787 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,696 | $ | 1,649 | ||||
| Accrued expenses and other current liabilities | 60,338 | 45,308 | ||||||
| Operating lease liability, current | 2,978 | 3,632 | ||||||
| Deferred revenue ( | 26,248 | 22,625 | ||||||
| Total current liabilities | 91,260 | 73,214 | ||||||
| Other long-term liabilities | 1,059 | 1,075 | ||||||
| Operating lease liability, net of current portion | — | 892 | ||||||
| Deferred revenue, net of current portion | 552 | 818 | ||||||
| Total liabilities | 92,871 | 75,999 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 170 | 165 | ||||||
| Additional paid-in capital | 2,313,775 | 2,309,145 | ||||||
| Accumulated other comprehensive income (loss) | (10,287 | ) | (12,099 | ) | ||||
| Accumulated deficit | (2,082,441 | ) | (2,061,628 | ) | ||||
| Total | 221,217 | 235,583 | ||||||
| Non-controlling interest | 13,092 | 12,205 | ||||||
| Total stockholders’ equity | 234,309 | 247,788 | ||||||
| Total liabilities and stockholders’ equity | $ | 327,180 | $ | 323,787 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | ||||||||||||||||
| ( | $ | 52,048 | $ | 70,898 | $ | 106,931 | $ | 137,731 | ||||||||
| Costs and operating expenses: | ||||||||||||||||
| Costs of revenue, excluding depreciation and amortization of intangible assets | 24,486 | 31,143 | 51,405 | 62,717 | ||||||||||||
| Research and development | 10,352 | 18,237 | 22,731 | 40,339 | ||||||||||||
| Sales and marketing | 5,844 | 12,518 | 13,589 | 25,094 | ||||||||||||
| General and administrative | 13,901 | 21,155 | 31,602 | 44,347 | ||||||||||||
| Depreciation and amortization expense | 7,021 | 8,224 | 14,584 | 16,024 | ||||||||||||
| Total costs and operating expenses | 61,604 | 91,277 | 133,911 | 188,521 | ||||||||||||
| Loss from operations | (9,556 | ) | (20,379 | ) | (26,980 | ) | (50,790 | ) | ||||||||
| Interest income and other (expense) income, net | (617 | ) | 845 | (304 | ) | 3,533 | ||||||||||
| Net gain on divestiture | — | — | 7,027 | 10,713 | ||||||||||||
| Loss before expense from income taxes and loss from equity method investment | (10,173 | ) | (19,534 | ) | (20,257 | ) | (36,544 | ) | ||||||||
| Income tax benefit | 548 | 725 | 331 | 157 | ||||||||||||
| Loss from equity method investment | — | (722 | ) | — | (1,500 | ) | ||||||||||
| Net loss | (9,625 | ) | (19,531 | ) | (19,926 | ) | (37,887 | ) | ||||||||
| Net income attributable to non-controlling interest | 302 | 165 | 887 | 513 | ||||||||||||
| Net loss attributable to | $ | (9,927 | ) | $ | (19,696 | ) | $ | (20,813 | ) | $ | (38,400 | ) | ||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.59 | ) | $ | (1.24 | ) | $ | (1.25 | ) | $ | (2.43 | ) | ||||
| Weighted-average common shares outstanding, basic and diluted | 16,761,044 | 15,892,970 | 16,675,831 | 15,783,281 | ||||||||||||
| Net loss | $ | (9,625 | ) | $ | (19,531 | ) | $ | (19,926 | ) | $ | (37,887 | ) | ||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||
| Foreign currency translation | 1,784 | 2,669 | 1,812 | 2,326 | ||||||||||||
| Comprehensive loss | (7,841 | ) | (16,862 | ) | (18,114 | ) | (35,561 | ) | ||||||||
| Less: Comprehensive income attributable to non-controlling interest | 302 | 165 | 887 | 513 | ||||||||||||
| Comprehensive loss attributable to | $ | (8,143 | ) | $ | (17,027 | ) | $ | (19,001 | ) | $ | (36,074 | ) | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands, except share and per share amounts) | ||||||||
| Six Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (19,926 | ) | $ | (37,887 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Impairment on right of use asset | 3,424 | — | ||||||
| Depreciation and amortization expense | 14,606 | 16,025 | ||||||
| Provisions for credit losses | 2,741 | 379 | ||||||
| Amortization of deferred contract acquisition costs | 1,337 | 1,297 | ||||||
| Amortization of deferred contract fulfillment costs | 131 | 470 | ||||||
| Inventory provisions | (300 | ) | 250 | |||||
| Net gain on divestiture | (7,027 | ) | (10,713 | ) | ||||
| Stock-based compensation expense | 4,337 | 13,349 | ||||||
| Loss on equity method investment | — | 1,500 | ||||||
| Deferred income taxes | (8 | ) | (10 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (5,677 | ) | 10,767 | |||||
| Inventories | 523 | 674 | ||||||
| Deferred contract acquisition costs | (709 | ) | (1,058 | ) | ||||
| Prepaid expenses and other current assets | (1,024 | ) | (1,112 | ) | ||||
| Other assets | 15 | 220 | ||||||
| Accounts payable | 45 | (1,350 | ) | |||||
| Accrued expenses and other current liabilities | 13,809 | (9,239 | ) | |||||
| Deferred revenue | 3,437 | (13,394 | ) | |||||
| Net cash provided by (used in) operating activities | 9,734 | (29,832 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (13 | ) | (9 | ) | ||||
| Capitalized software development costs | (5,630 | ) | — | |||||
| Purchases of investments | — | (1,000 | ) | |||||
| Proceeds from divestiture, net of cash divested | 7,027 | 20,400 | ||||||
| Net cash provided by investing activities | 1,384 | 19,391 | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from employee stock purchase plan | 303 | 544 | ||||||
| Payments for the purchase of treasury stock | — | (2 | ) | |||||
| Net cash provided by financing activities | 303 | 542 | ||||||
| Effect of exchange rates changes on cash, cash equivalents, and restricted cash | 2,197 | 655 | ||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 13,618 | (9,244 | ) | |||||
| Cash, cash equivalents, and restricted cash at beginning of period | 183,123 | 229,111 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 196,741 | $ | 219,867 | ||||
| Cash, cash equivalents, and restricted cash at end of period: | ||||||||
| Cash and cash equivalents | 195,946 | 219,072 | ||||||
| Restricted cash | 795 | 795 | ||||||
| Total cash, cash equivalents, and restricted cash at end of period | $ | 196,741 | $ | 219,867 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Cash paid for income taxes | $ | 645 | $ | 2,252 | ||||
Non-GAAP Financial Measures:
To supplement our financial information presented in accordance with generally accepted accounting principles in
We calculate adjusted EBITDA as net loss adjusted to exclude (i) interest income and other income, net, (ii) tax benefit and expense, (iii) depreciation and amortization, (iv) gain on divestiture, (v) stock-based compensation expense and (vi) severance and strategic transformation costs.
We believe adjusted EBITDA is commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term adjusted EBITDA may vary from that of others in our industry. Adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss, loss per share or any other performance measures derived in accordance with
Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under
In evaluating adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. Adjusted EBITDA should not be considered as an alternative to loss before benefit from income taxes, net loss, earnings per share, or any other performance measures derived in accordance with
The following table presents a reconciliation of adjusted EBITDA from the most comparable GAAP measure, net loss, for the three and six months ended
| Three Months Ended | Six Months Ended | Three Months Ended | ||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net loss | $ | (9,625 | ) | $ | (19,531 | ) | $ | (19,926 | ) | $ | (37,887 | ) | $ | (10,301 | ) | |||||
| Add: | ||||||||||||||||||||
| Depreciation and amortization | 7,021 | 8,224 | 14,584 | 16,024 | 7,563 | |||||||||||||||
| Interest income and other (expense) income, net | 617 | (845 | ) | 304 | (3,533 | ) | (313 | ) | ||||||||||||
| Net gain on divestiture(2) | — | - | (7,027 | ) | (10,713 | ) | (7,027 | ) | ||||||||||||
| Income tax benefit | (548 | ) | (725 | ) | (331 | ) | (157 | ) | 217 | |||||||||||
| Stock-based compensation | 2,028 | 5,662 | 4,332 | 13,348 | 2,304 | |||||||||||||||
| Severance and strategic transformation costs(1) | (643 | ) | 2,541 | 3,834 | 6,006 | 4,477 | ||||||||||||||
| Adjusted EBITDA | $ | (1,150 | ) | $ | (4,674 | ) | $ | (4,230 | ) | $ | (16,912 | ) | $ | (3,080 | ) | |||||
| (1) | Severance and strategic transformation costs include expenses associated with the termination of employees and expenses (including abandonment of our corporate headquarters) that focus on transforming the strategy of the Company’s sales and growth organization as well as our overall cost structure. |
| (2) | Gain on divestiture is related to the gain recognized on the sale of our APC business. |
