CLOVER HEALTH INVESTMENTS, CORP. /DE

Listed Company

CLOVCIK 0001801170NasdaqLarge AcceleratedHospital & Medical Service PlansDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.92B

Net Income

$-85.55M

Total Assets

$541.01M

Equity

$308.70M

Shares Out

89.21M

Op. Cash Flow

$-66.93M

Business

CLOVER HEALTH INVESTMENTS, CORP. /DE operates a physician-enablement healthcare company focused on improving chronic disease detection, management, and treatment through technology for Medicare beneficiaries. It offers a cloud-based software platform, Clover Assistant (externally licensed as Counterpart Assistant), clinical programs such as Clover Home Care, in-home primary care, care coordination, and a SaaS/tech-enabled services offering via subsidiary Counterpart Health. The company organizes its business around Medicare Advantage PPO and HMO insurance plans and technology-driven clinical programs. It distributes services through wide provider networks, broker and field marketing channels, co-branding arrangements, digital marketing, and direct outreach in multiple U.S. states and counties.

Summary from filing dated 2025-03-03

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
Premiums earned, net (Net of ceded premiums of $375, $399, and $444 for the year ended December 31, 2025, 2024, and 2023, respectively.)	1,892	1,345	1,236	1,085	799
Other income	33	26	25	12	5
Total revenues	1,924	1,371	1,261	1,097	1,472
Net medical claims incurred	1,568	1,006	1,005	993	1,551
Salaries and benefits	225	232	257	279	260
General and administrative expenses	214	176	183	204	185
Impairment of goodwill and other intangible assets	0	0	16	0	0
Premium deficiency reserve benefit	0	0	−7	−94	111
Depreciation and amortization	2	1	3	1	1
Restructuring costs	0	300,000	10	0	0
Total operating expenses	2,010	1,417	1,466	1,383	2,109
Loss from continuing operations	−86	−46	−205	−287	−637
Change in fair value of warrants	20,000	50,000	86,000	−900,000	−66
Interest expense	0	0	7,000	1	—
Loss on investment	0	467,000	5	−9	0
Net loss from continuing operations	−86	−46	−210	−255	—
Net income (loss) from discontinued operations	0	3	−3	−85	—
Net loss	−86	−43	−213	−340	—
Basic weighted average number of class A and class B common shares and common share equivalents outstanding (in shares)	512	490	482	476	413
Diluted weighted average number of class A and class B common shares and common share equivalents outstanding (in shares)	512	490	482	476	413
Basic loss per share (in dollars per share)	−0.17	−0.09	−0.44	−0.53	—
Diluted loss per share (in dollars per share)	−0.17	−0.09	−0.44	−0.53	—
Basic earnings (loss) per share (in dollars per share)	0	0.01	−0.01	−0.18	—
Diluted earnings (loss) per share (in dollars per share)	0	0.01	−0.01	−0.18	—
Net unrealized gain on available-for-sale investments	2	786,000	7	−7	−2
Comprehensive loss	−83	−42	−206	−347	−590

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	78	195	116	—	—
Short-term investments	17	0	12	41	294
Investment securities, available-for-sale (Amortized cost: 2025: $23,231; 2024: $27,153)	23	27	101	189	21
Investment securities, held-to-maturity (Fair value: 2025: $1,779; 2024: $15)	2	15,000	7	15,000	305,000
Accrued retrospective premiums	64	41	22	20	35
Healthcare receivables	95	52	64	71	48
Prepaid expenses	18	13	14	18	15
Other assets, current	11	16	19	4	3
Total current assets	308	343	428	625	753
Investment securities, available-for-sale (Amortized cost: 2025: $186,464; 2024: $203,147)	187	202	120	137	176
Investment securities, held-to-maturity (Fair value: 2025: $12,495; 2024: $13,913)	13	14	793,000	742,000	335,000
Property and equipment, net	6	5	5	6	2
Other intangible assets	3	3	3	20	4
Other assets, non-current	24	13	14	16	10
Total assets	541	581	571	809	951
Unpaid claims	153	156	137	142	139
Accounts payable and accrued expenses	36	35	37	32	28
Accrued salaries and benefits	16	19	21	24	15
Other liabilities, current	3	3	6	486,000	73,000
Total current liabilities	209	214	261	432	372
Other liabilities, non-current	23	26	23	16	14
Total liabilities	232	240	284	452	411
Commitments and Contingencies (Note 13)	—	—	—	—	—
Additional paid-in capital	2,683	2,576	2,461	2,319	2,154
Accumulated other comprehensive income (loss)	528,000	−2	−2	−9	−2
Accumulated deficit	−2,288	−2,203	−2,160	−1,946	1,616
Less: Treasury stock, at cost; 33,412,273 and 18,752,947 shares held at December 31, 2025 and December 31, 2024, respectively	−86	−31	−13	−7	−147,000
Total stockholders' equity	309	341	286	357	540
Total liabilities and stockholders' equity	541	581	571	809	951

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
Stock-based compensation	104	114	141	164	164
Change in fair value of warrants and amortization of warrants	20,000	50,000	86,000	−900,000	−66
Accretion, net of amortization	−2	−3	−4	−2	200,000
Change in accrued interest earned	271,000	−571,000	0	0	—
Net realized gains on investment securities	−979,000	−480,000	−20,000	267,000	53,000
Accrued retrospective premiums	−23	−19	−2	15	−94,000
Prepaid expenses	−5	1	4	−3	−7
Other assets	−6	3	9	−8	−4
Healthcare receivables	−43	13	6	−23	−9
Unpaid claims	−3	19	−294,000	1	37
Accounts payable and accrued expenses	2	−3	5	8	5
Accrued salaries and benefits	−3	−2	−3	9	11
Other liabilities	−3	606,000	6	−203,000	979,000
Net cash (used in) provided by operating activities from continuing operations	−67	82	−35	−305	—
Net cash used in operating activities from discontinued operations	0	−48	−110	101	—
Net cash (used in) provided by operating activities	−67	35	−145	−204	−282
Purchases of short-term investments, available-for-sale, and held-to-maturity securities	−205	−201	−176	−369	−876
Proceeds from sales of short-term investments and available-for-sale securities	185	84	60	13	127
Proceeds from maturities of short-term investments and available-for-sale securities	26	120	256	472	315
Purchases of property and equipment	−2	−2	−584,000	−4	−723,000
Net cash provided by investing activities	4	565,000	140	95	−435
Issuance of common stock, net of early exercise liability	718,000	709,000	34,000	1	6
Issuance of common stock under employee stock purchase plan, net of stock issuance costs	1	193,000	1	0	284
Cash paid for shares withheld related to stock-based compensation	−37	−16	−6	—	—
Repurchases of common stock	−18	−2	0	0	−147,000
Net cash used in financing activities	−53	−17	−5	−5	925
Net (decrease) increase in cash and cash equivalents	−116	18	−10	−114	208

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