Q3 FY2026
Filed Nov 9, 2026DocGo Q3 2026: revenue $73.4 million vs $70.8 million a year earlier, GAAP gross margin 29.7% vs 20.0%, net loss narrows to $(18.3) million; full-year revenue guide cut to about $300 million from $305-$310 million; CEO search launched
Quarterly revenue, GAAP gross margin, net loss and adjusted EBITDA all improved year over year and adjusted EBITDA was not guided lower, but the company cut its full-year revenue outlook, year-to-date operating and operating cash flow remain negative, unrestricted cash fell to $19.1 million before the October debt funding, and the CEO's contract expires at year-end.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026GAAP | $73,431,205 | – | – |
| Total revenue, nine months 2026GAAP | $222,406,408 | – | – |
| GAAP gross margin, Q3 2026GAAP | 29.7% | 280 basis points improvement over Q2 2026 (as stated by the company) | – |
| Adjusted gross margin, Q3 2026non-GAAP | 33.3% | – | – |
| GAAP gross margin, nine months 2026GAAP | 28.2% | – | – |
| Adjusted gross margin, nine months 2026non-GAAP | 31.8% | – | – |
| GAAP gross profit, Q3 2026GAAP | $21,826,188 | – | – |
| Adjusted gross profit, Q3 2026non-GAAP | $24,462,242 | – | – |
| Adjusted gross profit, nine months 2026non-GAAP | $70,751,737 | – | – |
| GAAP gross profit, nine months 2026GAAP | $62,777,165 | – | – |
| Cost of revenues, Q3 2026 (excl. D&A)GAAP | $48,968,963 | – | – |
| Cost of revenues, nine months 2026 (excl. D&A)GAAP | $151,654,671 | – | – |
| General and administrative, Q3 2026GAAP | $28,902,176 | – | – |
| General and administrative, nine months 2026GAAP | $89,479,434 | – | – |
| Depreciation and amortization, Q3 2026GAAP | $2,636,054 | – | – |
| Legal and regulatory, Q3 2026GAAP | $5,743,918 | – | – |
| Legal and regulatory, nine months 2026GAAP | $14,803,686 | – | – |
| Technology and development, Q3 2026GAAP | $4,026,086 | – | – |
| Technology and development, nine months 2026GAAP | $11,177,424 | – | – |
| Sales, advertising and marketing, Q3 2026GAAP | $437.4B | – | – |
| Loss from operations, Q3 2026GAAP | $(17,283,397) | – | – |
| Loss from operations, nine months 2026GAAP | $(53,916,711) | – | – |
| Interest expense, net, Q3 2026GAAP | −$62.70B | – | – |
| Provision for (benefit from) income taxes, Q3 2026GAAP | −$84.13B | – | – |
| Net loss, Q3 2026GAAP | $(18,292,043) | – | – |
| Net loss, nine months 2026GAAP | $(52,984,178) | – | – |
| Net loss attributable to stockholders of DocGo Inc., Q3 2026GAAP | $(16,599,967) | – | – |
| Net loss attributable to stockholders of DocGo Inc., nine months 2026GAAP | $(47,183,375) | – | – |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(0.17) | – | – |
| Net loss per share, basic and diluted, nine months 2026GAAP | $(0.48) | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | −$3.2M | – | – |
| Adjusted EBITDA, nine months 2026non-GAAP | −$19.8M | – | – |
| Adjusted EBITDA margin, Q3 2026non-GAAP | (4.4)% | – | – |
| Adjusted EBITDA margin, nine months 2026non-GAAP | (8.9)% | – | – |
| Net cash used in operating activities, Q3 2026GAAP | $(3,620,705) | – | – |
| Net cash used in operating activities, nine months 2026GAAP | $(17,520,064) | – | – |
| Unrestricted cash and cash equivalents, September 30, 2026GAAP | $19.1M | – | – |
| Total assets, September 30, 2026GAAP | $173,900,854 | – | – |
| Total stockholders' equity, September 30, 2026GAAP | $78,976,283 | – | – |
| US medical transportation volume growth, Q3 2026 vs Q3 2025other | 13% | – | 13% |
| Mobile phlebotomy volume growth, Q3 2026 vs Q3 2025other | 15% | – | 15% |
| Cardiac and remote patient monitoring volume growth, Q3 2026 vs Q3 2025other | 8.5% | – | 8.5% |
| Virtual care and lab orders growth, Q3 2026 vs Q3 2025other | 12.5% | – | 12.5% |
| Healthcare in the home visit volume, Q3 2026 vs Q3 2025other | declined 26% | – | declined 26% |
| Patients assigned for care gap closure services since inceptionother | 1.8M | up 100,000 patients from last quarter | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Mobile Health ServicesQ3 2025 revenue was $20,687,128. GAAP gross margin 27.9% (Q3 2025: 12.6%); adjusted gross margin 29.7% (Q3 2025: 36.2%). The release says the company deliberately dialed back healthcare in the home patient outreach and clinical operations to prioritize profitability, and that visit volume declined 26% year over year as a result. | $20,176,507 | – | – |
| Transportation Services (called Medical Transportation Services in the highlights)Q3 2025 revenue was $50,122,507. GAAP gross margin 30.7% (Q3 2025: 25.0%); adjusted gross margin 34.7% (Q3 2025: 31.7%). The CFO said medical transportation gross margin was 34.7%, and 36.7% excluding the upstate New York market, which the company plans to exit before year-end. The company says that exit would add about 140 basis points to consolidated gross margin. | $53,254,698 | – | – |
FY2026 outlook
- Revenueapproximately $300 million
- NoteAdjusted EBITDA expected to be ($17-$22) million, unchanged from last quarter (non-GAAP)
- NotePrior revenue guidance was $305-$310 million; the company states the revision is due to the ongoing elimination and restructuring of unprofitable business lines
- NoteGuidance does not include any contribution from the pending Hicuity Health acquisition, which the company expects to close in late November or early December
- NoteThe company did not provide a GAAP net income outlook because it says reconciling items cannot be predicted with the required precision
Capital returns
- No common stock repurchases in Q3 2026 or the nine months 2026 (no amount printed). Common stock repurchased was $(10,828,906) in the nine months 2025.
- Distributions paid to noncontrolling interest: $(1,143,100) in Q3 2026 vs $(175,831) in Q3 2025; $(2,167,370) in the nine months 2026 vs $(175,831) in the nine months 2025.
- Earnout payments on contingent liabilities: $(300,000) in Q3 2026 and nine months 2026 vs $(1,687,134) in Q3 2025 and $(1,952,672) in the nine months 2025.
What drove it
- The company attributes the 280 basis point gross margin improvement over Q2 to its profitability initiatives, as stated in the headline. The CFO said this was achieved despite elevated fuel costs.
- The company says the full-year revenue revision reflects the ongoing elimination and restructuring of unprofitable business lines.
- The company says it is pursuing AI-driven cost optimizations and says it expects continued gross margin and adjusted EBITDA improvement with a slight decline from the existing revenue base.
- The company says it deliberately reduced healthcare in the home patient outreach and clinical operations to prioritize profitability, which it says caused the 26% decline in visit volume.
- The company reports record volumes across several business lines: US medical transportation up 13%, mobile phlebotomy up 15%, cardiac and remote patient monitoring up 8.5%, and virtual care and lab orders up 12.5%, each versus Q3 2025.
- The company reports it surpassed 1.8 million patients assigned for care gap closure services since inception, up 100,000 from last quarter, and launched a new program with a large national health plan in Pennsylvania.
Concerns
- Full-year 2026 revenue guidance was lowered to approximately $300 million from $305-$310 million.
- Net loss was $(18,292,043) in Q3 2026 and $(52,984,178) in the nine months 2026. Adjusted EBITDA was $(19.8) million for the nine months 2026.
- Unrestricted cash fell to $19.1 million at September 30, 2026 from $25.2 million at June 30, 2026, before the October 1 debt funding.
- Net cash used in operating activities was $(17,520,064) in the nine months 2026.
- Visit volume in healthcare in the home declined 26% year over year, which the company attributes to a deliberate decision.
- Forward-looking statements list the company's ability to continue as a going concern, its ability to manage high debt on its balance sheet, and its ability to maintain its Nasdaq listing as risk factors.
- The CEO's employment contract expires December 31, 2026, and the board has begun a CEO search. The CEO will remain through at least March 31, 2027.
- Contingent consideration, current, rose to $10,876,592 from $3,040,377 at December 31, 2025.
- Loss on change in fair value of contingent consideration was $(3,560,000) in the nine months 2026 (printed as a loss line).
What to watch
- Closing of the Hicuity Health acquisition in late November or early December 2026, which the company says is not in guidance, and the terms and size of the Perceptive Advisors debt funding completed October 1, 2026.
- Whether gross margin improvement continues toward the company's stated goal of exiting 2026 at a profitable run rate, and whether each continued business line reaches positive adjusted EBITDA as the CEO described.
- Timing and effect of the planned upstate New York medical transportation market exit.
- Unrestricted cash balance and operating cash flow in coming quarters, given the Q3 2026 decline in cash and the company's going concern risk factor.
- Progress of the CEO search led by Heidrick & Struggles and the transition timeline.
- Recovery in healthcare in the home visit volume as the company says it expects to ramp up patient outreach and shift its clinician mix.
Balance sheet and cash flow
- Net cash used in operating activities was $(3,620,705) in Q3 2026 and $(17,520,064) in the nine months 2026. No free cash flow figure is printed in the release.
- Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents was $(7,850,079) in Q3 2026 and $(28,163,742) in the nine months 2026.
- Cash and cash equivalents were $19,107,209 at September 30, 2026 vs $51,018,657 at December 31, 2025. Restricted cash and cash equivalents were $5,213,827 vs $1,466,121 at December 31, 2025.
- The release says unrestricted cash does not include debt funding from Perceptive Advisors, which occurred on October 1, 2026. The amount of that funding is not stated in the release.
- Total liabilities were $94,924,571 vs $91,231,675 at December 31, 2025. Total stockholders' equity was $78,976,283 vs $125,871,337 at December 31, 2025. Accumulated deficit was $(230,985,170) vs $(183,801,795).
- Contingent consideration, current, was $10,876,592 vs $3,040,377 at December 31, 2025. Non-current contingent consideration was nil at September 30, 2026 vs $4,776,215 at December 31, 2025.
- Total assets were $173,900,854 at September 30, 2026 vs $217,103,012 at December 31, 2025. Accounts receivable, net, was $82,983,365 vs $92,893,216 at December 31, 2025.
- Insurance proceeds of $4,687,798 were recorded in the nine months 2026 (no comparable line printed for the nine months 2025).
Analysis
DocGo reported third quarter 2026 total revenue of $73,431,205 against $70,809,635 a year earlier, and a GAAP gross margin of 29.7% against 20.0%. Adjusted gross margin was 33.3% against 33.0%. The company attributes the 280 basis point sequential gross margin gain to its profitability initiatives, and the CFO said this came despite elevated fuel costs. Net loss narrowed to $(18,292,043) from $(29,657,362), and adjusted EBITDA improved to $(3.2) million from $(7.2) million. Prior-year Q3 results included $5,269,129 of non-recurring items in cost of revenue, which the company removes in its adjusted measures, and Q3 2025 also carried goodwill and intangible impairments. These comparisons are therefore not like for like on a GAAP basis.
The segment mix shows the trade-off the company describes. Transportation Services revenue rose to $53,254,698 from $50,122,507, with adjusted gross margin of 34.7% against 31.7%. Mobile Health Services revenue fell to $20,176,507 from $20,687,128, with adjusted gross margin of 29.7% against 36.2%. The company says it deliberately dialed back healthcare in the home patient outreach and clinical operations to prioritize profitability, and that home visit volume fell 26% year over year. The company also reports volume growth in several lines, including medical transportation (13%), mobile phlebotomy (15%), and virtual care and lab orders (12.5%).
Nine-month figures show the scale of the challenge. Revenue was $222,406,408 against $247,260,312, adjusted EBITDA was $(19.8) million against $(17.3) million, and net cash used in operations was $(17,520,064) against cash provided of $44,918,954. Unrestricted cash fell to $19,107,209 at September 30, 2026 from $25.2 million at June 30, 2026. The release notes that the Perceptive Advisors debt funding on October 1, 2026 is not included in that balance, and it does not state the amount. Total stockholders' equity fell to $78,976,283 from $125,871,337 at December 31, 2025, and the accumulated deficit grew to $(230,985,170).
Full-year 2026 revenue guidance was reduced to approximately $300 million from $305-$310 million, which the company ties to the elimination and restructuring of unprofitable business lines. Adjusted EBITDA guidance of ($17-$22) million was held. The company says guidance excludes the pending Hicuity Health acquisition. Management expects continued gross margin and adjusted EBITDA improvement with a slight decline in the revenue base. The filing also discloses a CEO transition: the employment contract expires December 31, 2026, the board has started a search, and Lee Bienstock will remain as CEO through at least March 31, 2027.
Taken together, the quarter shows better margins and narrower losses, paid for with a smaller revenue base and continued cash consumption. Investors will need the Hicuity closing terms, the size of the October debt funding, and evidence that the business lines the company keeps reach positive adjusted EBITDA before the company's stated exit run rate can be assessed.
Management, verbatim
We remain firmly committed to our goal of exiting the year at a profitable run rate and continue to make meaningful progress toward that objective. Central to this process are continued AI-driven cost optimizations and the elimination or restructuring of business lines that do not meet our profitability threshold. Out of our approximately $300 million in projected 2026 revenue, roughly $240 million is adjusted EBITDA positive on a contribution basis.
Lee Bienstock, Chief Executive Officer
I am encouraged by the 280-basis point improvement in gross margin over the second quarter, especially when considering the elevated fuel costs we are experiencing.
Norm Rosenberg, Chief Financial Officer
Our priority continues to be accelerating our path to enhanced profitability and value creation. Our CEO search, led by Heidrick & Struggles, will seek a leader who can continue delivering on that objective in the next phase of our corporate transformation.
Michael Burdiek, Chairman of the Board of Directors
Not in the filing
stated, not guessed- No previous-release outlook was provided, so vs_prior_guidance is empty. The prior revenue guidance of $305-$310 million is quoted in the filing and appears in the guidance other field, but no prior adjusted EBITDA outlook comparison was supplied.
- Year-over-year percentage change for total revenue, segment revenue, gross margin and adjusted EBITDA is not printed in the release.
- Q2 2026 GAAP and adjusted gross margin, Q2 2026 gross profit and Q2 2026 segment revenue are not printed; only Q2 2026 total revenue, net loss, adjusted EBITDA and adjusted EBITDA margin appear in the reconciliation table.
- Non-GAAP EPS is not reported in the release.
- Free cash flow is not printed.
- Total debt, the amount of the Perceptive Advisors debt funding, and the Hicuity Health purchase price are not stated.
- Prior-year balance sheet comparison for total assets and equity is not printed for September 30, 2025; the December 31, 2025 comparatives are shown but are not the same period as the prior year.
- Share price reaction and analyst consensus estimates are not in the documents.
- The release does not state the number of visits, the upstate New York revenue, or the amount of revenue from business lines being eliminated.
- No restated prior-period figures or reasons for the nine-month 2025 impairment reversal are given beyond the printed lines.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.