Q3 FY2026
Filed Nov 12, 2026Q3 2026 revenue fell 7% year-over-year to $44.6 million, adjusted EBITDA loss narrowed to $0.4 million, and full-year 2026 revenue and adjusted EBITDA guidance were revised down
Revenue declined 7% year-over-year and the company said it was below its own guidance. Management revised full-year 2026 revenue guidance to $188 million to $191 million from $205.5 million to $212.5 million, and adjusted EBITDA guidance to negative $12.6 million to negative $10.6 million from negative $6.0 million to breakeven. Sequential adjusted EBITDA improved by approximately $3.1 million, and subscribers grew 13% year-over-year, but these did not offset the revenue shortfall and guidance reset.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Telehealth revenue, net (Q3 2026, three months ended Sept 30, 2026)GAAP | $44,625,086 | – | -7% |
| Cost of telehealth revenue (Q3 2026)GAAP | $8,249,469 | – | – |
| Gross profit (Q3 2026)GAAP | $36,375,617 | – | -11% |
| Gross margin (Q3 2026)other | approximately 82% | – | -370 basis points (approximately, as printed) |
| Selling and marketing expenses (Q3 2026)GAAP | $18,500,609 | -34% | -18% |
| General and administrative expenses (Q3 2026)GAAP | $14,654,524 | – | +6% |
| Other operating expenses (Q3 2026)GAAP | $3,453,051 | – | – |
| Customer service expenses (Q3 2026)GAAP | $2,351,426 | – | – |
| Development costs (Q3 2026)GAAP | $1,882,508 | – | – |
| Total expenses (Q3 2026)GAAP | $40,842,118 | – | – |
| Operating loss from continuing operations (Q3 2026)GAAP | $(4,466,501) | – | – |
| Interest (expense) income, net (Q3 2026)GAAP | $(3,212) | – | – |
| Loss on debt extinguishment (Q3 2026)GAAP | - (none printed in the period) | – | – |
| Net loss from continuing operations (Q3 2026)GAAP | $(4,469,713) | – | – |
| Net loss attributable to LifeMD, Inc. (Q3 2026)GAAP | $(4,469,713) | – | – |
| GAAP net loss from continuing operations attributable to common stockholders (Q3 2026)GAAP | $5.2M | – | – |
| Net loss attributable to LifeMD, Inc. common stockholders (Q3 2026)GAAP | $(5,246,276) | – | – |
| Diluted loss per share, continuing operations attributable to common stockholders (Q3 2026)GAAP | $(0.11) | – | – |
| Basic loss per share, total (Q3 2026)GAAP | $(0.11) | – | – |
| Adjusted EBITDA (Q3 2026)non-GAAP | $(413,043) | improved approximately $3.1 million sequentially | -115% |
| Active subscribers (quarter end, Sept 30, 2026)other | 349,744 | – | +13% |
| LifeMD Pharmacy shipment volume (Q3 2026)other | growth of 58.3% year-over-year | – | +58.3% |
| Cash (Sept 30, 2026)GAAP | $21,921,769 | – | – |
| Net cash used in operating activities of continuing operations (Q3 2026)GAAP | $(949,634) | – | – |
| Net cash used in investing activities of continuing operations (Q3 2026)GAAP | $(1,493,649) | – | – |
| Preferred stock dividends (Q3 2026)GAAP | $(776,563) | – | – |
| Telehealth revenue, net (nine months ended Sept 30, 2026)GAAP | $142,048,848 | – | – |
| Gross profit (nine months ended Sept 30, 2026)GAAP | $122,442,971 | – | – |
| Selling and marketing expenses (nine months ended Sept 30, 2026)GAAP | $76,411,416 | – | – |
| General and administrative expenses (nine months ended Sept 30, 2026)GAAP | $43,468,661 | – | – |
| Total expenses (nine months ended Sept 30, 2026)GAAP | $143,126,983 | – | – |
| Operating loss from continuing operations (nine months ended Sept 30, 2026)GAAP | $(20,684,012) | – | – |
| Net loss from continuing operations (nine months ended Sept 30, 2026)GAAP | $(20,585,088) | – | – |
| Net loss attributable to LifeMD, Inc. common stockholders (nine months ended Sept 30, 2026)GAAP | $(22,914,776) | – | – |
| Diluted loss per share, continuing operations (nine months ended Sept 30, 2026)GAAP | $(0.48) | – | – |
| Adjusted EBITDA (nine months ended Sept 30, 2026)non-GAAP | $(8,559,991) | – | – |
| Net cash (used in) provided by operating activities of continuing operations (nine months ended Sept 30, 2026)GAAP | $(7,430,657) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Telehealth revenue, net (only revenue line reported)The filing reports a single revenue line. Management said revenue was below guidance because the company deliberately reduced marketing spend, prioritized longer patient commitments, and its partnerships took longer to ramp than expected. Gross margin decline was attributed by the CFO to a change in presentation under branded fulfillment arrangements, with medications fulfilled by LifeMD Pharmacy recognized on a gross revenue basis. | $44,625,086 (three months ended Sept 30, 2026) | – | -7% |
Q4 2026 and full year 2026 (the filing states the full-year guidance was revised from previous guidance) outlook
- RevenueQ4 2026: $46 million to $49 million; FY 2026: $188 million to $191 million (previous FY 2026 guidance printed in the release: $205.5 million to $212.5 million)
- NoteQ4 2026 Adjusted EBITDA: negative $4 million to negative $2 million
- NoteFY 2026 Adjusted EBITDA: negative $12.6 million to negative $10.6 million (previous FY 2026 guidance printed in the release: negative $6.0 million to breakeven)
Capital returns
- No share repurchases or common stock dividends are printed in the filing.
- Preferred stock dividends of $(776,563) were paid in Q3 2026 and $(2,329,688) in the nine months ended Sept 30, 2026, the same amounts as the prior-year periods.
- No sale of common stock under ATM is printed for Q3 2026 or the nine months ended Sept 30, 2026. The prior-year Q3 2025 column shows sale of common stock under ATM, net of $8,721,717.
What drove it
- Management said Q3 2026 revenue was below guidance because the company deliberately reduced marketing spend and prioritized longer patient commitments, and because its partnerships took longer to ramp than expected.
- Selling and marketing expenses fell 34% sequentially to $18,500,609 and 18% year-over-year, which management attributed to reduced marketing spend. Management also cited a 45% reduction in monthly media spend from May to September and a 32% fall in cost per acquisition over the same period.
- Adjusted EBITDA improved by approximately $3.1 million sequentially to a loss of $(413,043). The release attributes the improvement primarily to the 34% sequential reduction in selling and marketing expenses and a reduction in overall non-clinical expenses.
- The CFO said the gross margin decline from approximately 85% to approximately 82% year-over-year primarily reflects a change in presentation under new branded fulfillment arrangements, with medications fulfilled by LifeMD Pharmacy recognized on a gross revenue basis, and not economics.
- G&A rose 6% year-over-year to $14,654,524. The CFO said this reflects clinical capacity added to support new partnerships, partially offset by efficiencies in non-clinical functions.
- Active subscribers rose 13% year-over-year to 349,744, and LifeMD Pharmacy shipment volume grew 58.3% year-over-year, according to the release.
- The company entered into arrangements with Novo Nordisk and Eli Lilly that allow its pharmacy to dispense self-pay branded GLP-1 medications, and an exclusive relationship with AT&T covering its 100 million wireless and fiber customers and 110,000 U.S. employees.
Concerns
- Revenue of $44,625,086 fell 7% year-over-year and management said it was below the company's own guidance.
- Full-year 2026 revenue guidance was revised to $188 million to $191 million from $205.5 million to $212.5 million, and full-year adjusted EBITDA guidance to negative $12.6 million to negative $10.6 million from negative $6.0 million to breakeven.
- Q4 2026 guidance calls for adjusted EBITDA of negative $4 million to negative $2 million, a loss, after the Q3 2026 adjusted EBITDA loss of $(413,043).
- GAAP net loss from continuing operations attributable to common stockholders was $5.2 million, or $0.11 per share, in Q3 2026. For the nine months, the diluted loss per share from continuing operations was $(0.48), against $(0.28) in the prior-year nine months.
- Accounts payable rose to $37,736,899 from $14,149,154 at Dec 31, 2025, and total liabilities exceeded total assets, leaving a total LifeMD, Inc. stockholders' deficit of $(579,655).
- Cash fell to $21,921,769 from $36,786,318 at Dec 31, 2025. The company said it closed a $12.5 million term loan after quarter end to fund working capital that branded fulfillment arrangements may require.
- The filing discloses litigation costs of $64,328 in Q3 2026, which relate to a class action complaint (Johnston v. LifeMD, Inc., et al.) and an executive separation agreement, as described in the reconciliation footnote.
What to watch
- Whether revenue reaches the Q4 2026 range of $46 million to $49 million, against Q3 2026 revenue of $44,625,086.
- Whether adjusted EBITDA reaches the Q4 2026 range of negative $4 million to negative $2 million, and whether full-year adjusted EBITDA stays within negative $12.6 million to negative $10.6 million.
- The ramp of the AT&T, Novo Nordisk and Eli Lilly arrangements, which management said took longer than expected to ramp in Q3 2026.
- The launch of the enterprise healthcare offering, which the company said it will begin marketing to businesses in Q4 2026.
- Working capital trends: accounts payable, receivables and inventory all rose sharply versus Dec 31, 2025, and the company said the new term loan was intended to fund working capital needs.
- Gross margin presentation under the new branded fulfillment arrangements, which the CFO described as a change in presentation and not economics.
- Subscriber growth and unit economics, including cost per acquisition and media spend trends, which management said it expects to sustain or improve.
Balance sheet and cash flow
- Cash was $21,921,769 at Sept 30, 2026, compared with $36,786,318 at Dec 31, 2025. The company stated it ended the quarter with $21.9 million of cash and no debt.
- Subsequent to quarter end, the company closed a $12.5 million non-convertible senior secured term loan with Avenue Capital, which replaces the prior revolving credit facility, according to the release.
- Receivables, net: $13,249,849 at Sept 30, 2026 versus $2,485,882 at Dec 31, 2025. Inventory, net: $10,348,601 versus $2,773,576.
- Accounts payable: $37,736,899 at Sept 30, 2026 versus $14,149,154 at Dec 31, 2025.
- Total current liabilities: $61,704,732 at Sept 30, 2026 versus $39,579,411 at Dec 31, 2025. Total current assets: $49,261,258 versus $45,012,070.
- Total liabilities: $66,864,686 at Sept 30, 2026 versus $45,260,785 at Dec 31, 2025. Total assets: $66,285,031 versus $63,591,924.
- Total LifeMD, Inc. stockholders' (deficit) equity: $(579,655) at Sept 30, 2026 versus $18,331,139 at Dec 31, 2025. Accumulated deficit: $(256,343,292) versus $(233,428,516).
- Net cash used in operating activities (total, including discontinued operations, which are nil in the 2026 periods): $(949,634) in Q3 2026 and $(7,430,657) in the nine months ended Sept 30, 2026.
- Cash paid for capitalized software costs: $(1,322,921) in Q3 2026 and $(4,840,993) in the nine months ended Sept 30, 2026. Purchase of equipment: $(170,728) and $(343,731).
Analysis
LifeMD reported Q3 2026 revenue of $44,625,086, down 7% from $47,727,942 in Q3 2025, and gross profit of $36,375,617, down 11%. Management described revenue as below its own guidance and attributed this to a deliberate reduction in marketing spend, a preference for longer patient commitments, and slower-than-expected ramp of its partnerships. Subscribers grew 13% year-over-year to 349,744, and LifeMD Pharmacy shipment volume grew 58.3% year-over-year. The filing shows the business shifting its mix: the company said that under new branded fulfillment arrangements, medications fulfilled by its own pharmacy are recognized on a gross revenue basis, which the CFO said accounts for the drop in gross margin to approximately 82% from approximately 85% a year earlier and approximately 89% in Q2 2026.
Cost discipline is the most visible change versus the prior quarter. Selling and marketing expenses fell 34% sequentially to $18,500,609, and 18% year-over-year. Adjusted EBITDA improved by approximately $3.1 million sequentially to a loss of $(413,043), compared with a loss of $3.5 million in Q2 2026, and the release attributes this mainly to lower selling and marketing spend and lower non-clinical costs. Against Q3 2025 adjusted EBITDA of $2,787,452, the Q3 2026 figure is lower. G&A rose 6% year-over-year to $14,654,524, which the CFO linked to clinical capacity added for new partnerships. GAAP net loss from continuing operations attributable to common stockholders was $5.2 million, or $0.11 per share, compared with $8.4 million, or $0.18 per share, in Q2 2026 and $5.4 million, or $0.12 per share, a year earlier.
The guidance reset is the central fact of the release. Full-year 2026 revenue guidance is now $188 million to $191 million, against the previous $205.5 million to $212.5 million printed in the release, and full-year adjusted EBITDA guidance is negative $12.6 million to negative $10.6 million, against the previous negative $6.0 million to breakeven. Q4 2026 guidance is revenue of $46 million to $49 million and adjusted EBITDA of negative $4 million to negative $2 million. The filing describes the full-year figures as revised from previous guidance.
The balance sheet and cash flow changed materially since December 31, 2025. Cash fell to $21,921,769 from $36,786,318, and the company reported no debt at quarter end. Accounts payable rose to $37,736,899 from $14,149,154, receivables to $13,249,849 from $2,485,882, and inventory to $10,348,601 from $2,773,576. Total liabilities rose to $66,864,686 and total LifeMD, Inc. stockholders' equity moved to a deficit of $(579,655) from $18,331,139. Operating cash outflow from continuing operations was $(949,634) in Q3 2026 and $(7,430,657) for the nine months. After quarter end, the company closed a $12.5 million non-convertible senior secured term loan with Avenue Capital that replaces its prior revolving credit facility. Figures a reader should weigh are the revenue reset, the working capital build, the stockholders' deficit, and the gap between the Q3 adjusted EBITDA loss and the Q4 guidance range.
Management, verbatim
Revenue of $44.6 million was below our guidance, and we are resetting our outlook for the fourth quarter and full year. We deliberately reduced marketing spend and prioritized longer patient commitments, and our partnerships took longer to ramp than we expected.
Justin Schreiber, Chairman and CEO, LifeMD
The decline primarily reflects a change in presentation, not economics: under our new branded fulfillment arrangements, medications fulfilled by our own pharmacy are recognized on a gross revenue basis
Atul Kavthekar, Chief Financial Officer, LifeMD
It replaces our prior revolving credit facility and gives us significantly greater flexibility to fund the working capital our branded fulfillment arrangements may require.
Atul Kavthekar, Chief Financial Officer, LifeMD
Not in the filing
stated, not guessed- Previous outlook section from the prior earnings release was not provided, so vs_prior_guidance is empty. The current release prints previous full-year guidance values, which are shown in the guidance field but not compared as a separate outlook.
- Q2 2026 revenue, cost of telehealth revenue, gross profit, selling and marketing, and G&A values were not printed in the filing, so prior-quarter figures for these lines are null.
- Q3 2025 and Q3 2026 year-over-year percentage changes for cost of telehealth revenue, G&A, other operating expenses, customer service, development costs, total expenses, operating loss, net loss, and cash flow lines were not printed, so they are null.
- Year-over-year and sequential percentage changes for the nine-month period were not printed, so they are null.
- Gross margin, operating expenses and tax rate guidance were not provided for Q4 2026 or full year 2026.
- Segment revenue beyond the single telehealth revenue line, and any revenue split by product, geography or business, were not printed.
- Share price reaction, consensus estimates and analyst expectations are not in the documents.
- Free cash flow, capital expenditure totals and debt balances beyond the statement that the company had no debt at quarter end were not printed as totals.
- Dec 31, 2025 balances are printed in the balance sheet and are shown in the balance sheet section, but no prior-year (Sept 30, 2025) balance sheet comparison is in the filing.
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.