DocGo Inc.DCGO
DocGo Inc. Segments Disclosure
Business Segment Information
The Company conducts business in three operating segments: Mobile Health Services, Transportation Services, and Corporate. In accordance with ASC 280, Segment Reporting, operating segments are components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision makers, the Company’s Chief Executive Officer and Chief Financial Officer, in deciding how to allocate resources and assessing performance. All of the Company’s revenues and costs of revenues are reported within the Transportation Services and Mobile Health Services segments. The Corporate segment relates to shared services and personnel that support both the Mobile Health Services and
Transportation Services segments and contains operating expenses such as information technology costs, certain insurance costs and the compensation costs of senior and executive leadership. The Company’s Chief Executive Officer and Chief Financial Officer evaluate the Company’s financial information and resources and assess the performance of these resources by revenue stream and by operating income or loss performance.
In accordance with ASU 2023-07, the Company has also included disclosure in the tables below about the significant expense categories that are regularly provided to the chief operating decision makers. The Company has also disclosed an amount for other segment items, which are amounts included in (loss) income from operations that are not regularly provided to the chief operating decision makers. Other segment items primarily consist of technology and development expenses, legal and professional fees, medical supplies, impairment expenses and other general and administrative expenses such as management fees, occupancy expense and insurance costs.
The accounting policies of the segments are the same as the accounting policies of the Company as a whole. The Company evaluates the performance of its Mobile Health Services, Transportation Services, and Corporate segments based primarily on results of operations.
Operating results for the business segments of the Company as of and for the years ended December 31, 2025, 2024 and 2023 are as follows:
| Mobile Health Services | Transportation Services | Corporate | Total | ||||||||||||||||||||
| Year Ended December 31, 2025 | |||||||||||||||||||||||
| Revenues | $ | 121,430,392 | $ | 200,765,608 | $ | — | $ | 322,196,000 | |||||||||||||||
| Significant Segment Expenses | 111,778,346 | 161,902,590 | 41,522,269 | 315,203,205 | |||||||||||||||||||
| Personnel costs | 74,288,366 | 136,751,010 | 37,470,607 | 248,509,983 | |||||||||||||||||||
| Subcontractor costs | 31,898,007 | 11,922,006 | 4,051,662 | 47,871,675 | |||||||||||||||||||
| Vehicle costs | 5,591,973 | 13,229,574 | — | 18,821,547 | |||||||||||||||||||
| Other segment items | 64,005,268 | 81,191,551 | 39,829,476 | 185,026,295 | |||||||||||||||||||
| Loss from operations | (54,353,222) | (42,328,533) | (81,351,745) | (178,033,500) | |||||||||||||||||||
| Depreciation and amortization expense | 3,618,079 | 8,131,242 | 3,912,544 | 15,661,865 | |||||||||||||||||||
| Stock compensation | 4,951,476 | 162,641 | 12,327,901 | 17,442,018 | |||||||||||||||||||
| Intangible asset impairment | 20,278,880 | 10,941,800 | (572,435) | 30,648,245 | |||||||||||||||||||
| Loss on change in fair value of contingent consideration | 2,056,112 | — | — | 2,056,112 | |||||||||||||||||||
| Goodwill impairment | 24,865,586 | 24,720,320 | 8,642,190 | 58,228,096 | |||||||||||||||||||
| Equity investment impairment | — | — | 5,000,000 | 5,000,000 | |||||||||||||||||||
| Total assets | 67,687,015 | 95,912,459 | 53,503,538 | 217,103,012 | |||||||||||||||||||
| Long-lived assets | 5,265,507 | 35,225,491 | 3,008,634 | 43,499,632 | |||||||||||||||||||
| Capital expenditures | 8,237,279 | 10,630,035 | 5,745,661 | 24,612,975 | |||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||
| Revenues | $ | 423,126,040 | $ | 193,429,092 | $ | — | $ | 616,555,132 | |||||||||||||||
| Significant Segment Expenses | 248,887,401 | 157,386,875 | 38,938,940 | 445,213,216 | |||||||||||||||||||
| Personnel costs | 115,480,700 | 120,548,486 | 34,009,595 | 270,038,781 | |||||||||||||||||||
| Subcontractor costs | 125,495,305 | 19,463,199 | 4,929,345 | 149,887,849 | |||||||||||||||||||
| Vehicle costs | 7,911,396 | 17,375,190 | — | 25,286,586 | |||||||||||||||||||
| Other segment items | 80,212,789 | 38,087,398 | 24,353,003 | 142,653,190 | |||||||||||||||||||
| Income (loss) from operations | 94,025,850 | (2,045,181) | (63,291,943) | 28,688,726 | |||||||||||||||||||
| Depreciation and amortization expense | 4,770,367 | 8,305,049 | 2,809,482 | 15,884,898 | |||||||||||||||||||
| Stock compensation | 6,033,516 | 274,207 | 7,326,363 | 13,634,086 | |||||||||||||||||||
| Finite-lived intangible asset impairment | 8,306,591 | — | — | 8,306,591 | |||||||||||||||||||
| Gain on change in fair value of contingent consideration | (9,392,133) | — | — | (9,392,133) | |||||||||||||||||||
| Total assets | 208,739,901 | 134,169,086 | 112,712,145 | 455,621,132 | |||||||||||||||||||
| Long-lived assets | 36,515,356 | 68,846,225 | 9,977,190 | 115,338,771 | |||||||||||||||||||
| Capital expenditures | 2,815,218 | 9,324,171 | 2,179,585 | 14,318,974 | |||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||
| Revenues | $ | 442,793,537 | $ | 181,495,105 | $ | — | $ | 624,288,642 | |||||||||||||||
| Significant Segment Expenses | 283,980,203 | 146,950,131 | 44,139,528 | 475,069,862 | |||||||||||||||||||
| Personnel costs | 122,233,677 | 116,689,011 | 40,156,572 | 279,079,260 | |||||||||||||||||||
| Subcontractor costs | 155,134,128 | 15,380,523 | 3,982,956 | 174,497,607 | |||||||||||||||||||
| Vehicle costs | 6,612,398 | 14,880,597 | — | 21,492,995 | |||||||||||||||||||
| Other segment items | 78,450,514 | 31,003,597 | 24,709,689 | 134,163,800 | |||||||||||||||||||
| Income (loss) from operations | 80,362,820 | 3,541,377 | (68,849,217) | 15,054,980 | |||||||||||||||||||
| Depreciation and amortization expense | 4,226,657 | 9,393,895 | 2,811,340 | 16,431,892 | |||||||||||||||||||
| Stock compensation | 1,698,350 | 1,434,505 | 17,836,319 | 20,969,174 | |||||||||||||||||||
| Gain on change in fair value of contingent consideration | (1,437,525) | — | — | (1,437,525) | |||||||||||||||||||
| Total assets | 280,646,925 | 132,178,214 | 77,626,818 | 490,451,957 | |||||||||||||||||||
| Long-lived assets | 32,841,680 | 78,848,587 | 11,952,528 | 123,642,795 | |||||||||||||||||||
| Capital expenditures | 30,163,882 | 20,254,373 | 597,283 | 51,015,538 | |||||||||||||||||||
Long-lived assets include property and equipment, goodwill, intangible assets, operating lease right-of-use assets and finance lease right-of-use assets.
Geographic Information
The following table summarizes Long-lived assets by geographic location as of December 31, 2025, 2024 and 2023:
| December 31, | ||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||
| Primary Geographical Markets | ||||||||||||||
| U.S. | $ | 35,052,182 | $ | 96,380,597 | $ | 103,779,506 | ||||||||
| U.K. | 8,447,450 | 18,958,174 | 19,863,289 | |||||||||||
| Total long-lived assets | $ | 43,499,632 | $ | 115,338,771 | $ | 123,642,795 | ||||||||
Revenues by geographic location are included in Note 2.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Mar 15, 2022 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.