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Jun 30, 2025
Docgo Q2 2025 Earnings Report
DocGo announced its second quarter 2025 financial and operating results, reiterating its full-year 2025 revenue and adjusted EBITDA guidance, and increasing its total cash balance.
Key Takeaways
DocGo reported a significant decline in total revenue for Q2 2025, primarily due to the planned wind-down of migrant-related programs. Despite this, the company increased its cash balance and made progress in expanding its payer and provider business, signing new contracts across all business verticals. The net loss widened compared to the previous year, and adjusted EBITDA turned negative.
Total revenue for Q2 2025 was $80.4 million, a substantial decrease from $164.9 million in Q2 2024, mainly due to the wind-down of migrant-related programs.
The company reported a net loss of $13.3 million for Q2 2025, compared to a net income of $5.9 million in Q2 2024.
Adjusted EBITDA was a loss of $6.1 million in Q2 2025, a significant drop from a positive $17.2 million in Q2 2024.
Cash and cash equivalents increased to $128.7 million as of June 30, 2025, up from $103.1 million as of March 31, 2025, driven by collection of migrant-related receivables.
Revenue by Segment
Forward Guidance
DocGo reiterated its full-year 2025 revenue and adjusted EBITDA guidance, expecting revenue between $300 million and $330 million and an adjusted EBITDA loss of $20 million to $30 million.
Positive Outlook
- Full-year 2025 revenue guidance of $300-$330 million remains unchanged, indicating stability despite Q2 decline.
- Company anticipates entering more than a half dozen new states in the payer and provider vertical by the end of 2026.
- Launched services for a major new medical transportation customer in the New York market, expected to drive highest-ever revenues and trip volumes in this vertical during H2 2025.
- Significant progress in reducing SG&A, with estimated $10 million in annual savings from corporate overhead cuts.
- Anticipates achieving profitability in the second half of 2026 through continued cost management and growth.
Challenges Ahead
- Full-year 2025 adjusted EBITDA is still expected to be a loss of $20-$30 million, unchanged from last quarter.
- The decline in Q2 revenue was significant due to the planned wind-down of migrant-related programs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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