American Well Corp

Listed Company

AMWLCIK 0001393584NYSEAcceleratedSmaller ReportingServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$249.32M

Net Income

$-95.70M

Total Assets

$323.79M

Equity

$235.58M

Shares Out

16.43M

Op. Cash Flow

$-65.95M

Business

American Well Corp is an enterprise platform and software company that digitally enables hybrid care for health providers, payers, and healthcare innovators. It offers the Amwell Converge cloud-based platform, Carepoint devices, automated care and digital behavioral health solutions, implementation, analytics and clinical staffing services delivered through Amwell Medical Group. Key business areas include platform subscriptions, Carepoint hardware and services, virtual clinical services via AMG, and professional/value-added services such as integrations and patient/provider engagement. The company serves U.S. health plans and health systems and international customers through direct enterprise sales, channel partners, EHR integrations, embedded client portals and a direct-to-consumer app.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
($2,586, $3,165 and $3,859 from related parties, respectively)	249	254	259	277	253
Costs of revenue, excluding depreciation and amortization of intangible assets	116	155	164	160	148
Research and development	73	86	106	138	107
Sales and marketing	43	76	86	82	66
General and administrative	88	121	127	146	95
Depreciation and amortization expense	34	33	31	26	16
Goodwill impairment	0	0	436	—	—
Total costs and operating expenses	355	472	951	553	432
Loss from operations	−105	−218	−692	−276	−179
Interest income and other income (expense), net	4	11	19	6	120,000
Gain on divestiture	9	0	0	—	—
Loss before expense from income taxes and loss from equity method investment	−93	−207	−673	−270	−179
Expense from income taxes	−434,000	−3	−4	−64,000	5
Loss from equity method investment	−2	−3	−3	−2	−3
Net loss	−95	−213	−679	−272	−177
Net income (loss) attributable to non-controlling interest	733,000	−4	−4	−2	−448,000
Net loss attributable to American Well Corporation	−96	−208	−675	−270	−176
Net loss per share attributable to common stockholders, basic	−5.96	−13.88	−47.5	−19.72	−0.69
Net loss per share attributable to common stockholders, diluted	−5.96	−13.88	−47.5	−19.72	−0.69
Weighted-average common shares outstanding, basic	16	15	14	14	254
Weighted-average common shares outstanding, diluted	16	15	14	14	254
Foreign currency translation	4	−190,000	1	−11	−7
Comprehensive loss	−91	−213	−678	−283	−183
Less: Comprehensive income (loss) attributable to non-controlling interest	733,000	−4	−4	−2	−448,000
Comprehensive loss attributable to American Well Corporation	−92	−208	−674	−281	−183

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	182	228	372	539	746
Accounts receivable ($955 and $616, from related parties and net of allowances of $9,463 and $7,236, respectively)	50	72	54	58	51
Inventories	1	3	7	9	8
Deferred contract acquisition costs	3	3	2	1	2
Prepaid expenses and other current assets	11	11	14	20	20
Total current assets	247	317	450	627	827
Restricted cash	795,000	795,000	795,000	795,000	795,000
Property and equipment, net	225,000	376,000	572,000	1	2
Intangibles assets, net	66	102	120	135	152
Operating lease right-of-use asset	4	7	10	14	16
Deferred contract acquisition costs, net of current portion	4	5	5	3	2
Other assets	2	2	2	2	2
Investment in minority owned joint venture (Note 2)	0	2	1	—	168,000
Total assets	324	436	590	1,218	1,446
Accounts payable	2	5	5	7	12
Accrued expenses and other current liabilities	45	49	39	54	59
Operating lease liability, current	4	4	4	3	2
Deferred revenue ($113 and $198 from related parties, respectively)	23	53	46	50	69
Total current liabilities	73	111	94	114	142
Other long-term liabilities	1	1	1	2	5
Operating lease liability, net of current portion	892,000	5	8	12	15
Deferred revenue, net of current portion ($0 and $10 from related parties, respectively)	818,000	3	6	6	7
Total liabilities	76	120	110	134	185
Commitments and contingencies (Note 15)	—	—	—	—	—
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding as of December 31, 2025 and as of December 31, 2024	—	—	—	—	—
Common stock, $0.01 par value; 1,000,000,000 Class A shares authorized, 14,782,788 and 13,922,877 shares issued and outstanding, respectively; 100,000,000 Class B shares authorized, 1,369,518 shares issued and outstanding; 200,000,000 Class C shares authorized 277,777 issued and outstanding as of December 31, 2025 and as of December 31, 2024	165,000	156,000	145,000	3	3
Additional paid-in capital	2,309	2,286	2,238	2,160	2,054
Accumulated other comprehensive income (loss)	−12	−16	−16	−17	−6
Accumulated deficit	−2,062	−1,966	−1,758	−1,082	−811
Total American Well Corporation stockholders equity	236	305	464	1,064	1,239
Non-controlling interest	12	11	16	20	22
Total stockholders equity	248	316	480	1,084	1,261
Total liabilities and stockholders equity	324	436	590	1,218	1,446

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment impairment	1	0	0	—	—
Depreciation and amortization expense	34	33	32	26	16
Provisions for credit losses	3	7	1	806,000	714,000
Inventory provisions	500,000	2	0	—	—
Amortization of deferred contract acquisition costs	3	2	2	2	2
Amortization of deferred contract fulfillment costs	1	459,000	432,000	620,000	737,000
Accretion of discounts on debt securities	0	0	−10	—	—
Interest on debt securities	0	0	10	—	—
Stock-based compensation expense	22	48	72	68	44
Deferred income taxes	−1	−243,000	−242,000	−3	−6
Accounts receivable	12	−25	3	−8	−512,000
Inventories	1	2	2	−1	2
Deferred contract acquisition costs	−2	−3	−4	−3	−2
Prepaid expenses and other current assets	871,000	3	5	−161,000	−6
Other assets	779,000	−217,000	−76,000	−235,000	117,000
Accounts payable	−3	159,000	−2	−5	6
Accrued expenses and other current liabilities	−4	10	−15	9	−380,000
Deferred revenue	−33	4	−3	−20	−9
Net cash used in operating activities	−66	−127	−148	−192	−142
Purchases of property and equipment	−21,000	−119,000	−192,000	−292,000	−559,000
Capitalized software development costs	0	−15	−15	−10	—
Investment in less than majority owned joint venture	−196,000	−3	−4	−2	−3
Net proceeds from divestiture	18	0	0	—	—
Purchases of investments	−1	0	−390	−499	—
Proceeds from sales and maturities of investments	0	0	390	500	100
Net cash provided by (used in) investing activities	17	−19	−19	−12	−60
Proceeds from exercise of common stock options	0	0	569,000	6	21
Proceeds from employee stock purchase plan	844,000	1	2	3	2
Payments for the purchase of treasury stock	−4,000	−3,000	−586,000	−360,000	−15
Net cash provided by financing activities	840,000	1	2	−4	6
Effect of exchange rates changes on cash, cash equivalents, and restricted cash	2	887,000	−1	−305,000	−84,000
Net decrease in cash, cash equivalents, and restricted cash	−46	−144	−167	−208	−196
Cash paid for income taxes	2	4	5	2	2

Filings

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