P3 Health Partners Inc.

Listed Company

PIIIWCIK 0001832511NasdaqNon-AcceleratedSmaller ReportingServices-Health ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$1.46B

Net Income

$-147.95M

Total Assets

$656.64M

Equity

$-155.20M

Shares Out

—

Op. Cash Flow

$-91.24M

Business

P3 Health Partners Inc. is a patient-centered, physician-led population health management company that delivers value-based care to Medicare populations. It provides comprehensive care management services including delegated/integrated care, capitated care arrangements, care teams, P3-operated clinics and wellness centers, and risk-bearing services. The company operates through an affiliate physician model alongside employed primary care physicians and P3-operated sites and supports payor relationships with a proprietary technology platform (P3 Technology/Health Hub) and delegated services such as utilization management and claims processing. It serves Medicare Advantage and traditional Medicare markets via contracts with health plans and community-based physician networks across multiple U.S. states, including targeted expansion in Arizona, California, Nevada and Oregon.

Summary from filing dated 2025-03-28

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 2021-11-30
TOTAL OPERATING REVENUE	1,459	1,500	1,266	1,049	579
Medical expense	1,519	1,559	1,235	1,057	592
Premium deficiency reserve	19	54	−13	−11	12
Corporate, general and administrative expense	106	113	122	157	100
Sales and marketing expense	918,000	1	3	5	2
Depreciation and amortization	84	86	87	87	2
Impairment of assets held for sale	0	8	0	—	—
TOTAL OPERATING EXPENSE	1,729	1,821	1,434	2,610	708
OPERATING LOSS	−270	−321	−168	−1,561	−129
Interest expense, net	−55	−22	−16	−11	−10
Mark-to-market of stock warrants	8	22	433,000	10	−8
Other	−3	1	−249,000	3	147,000
TOTAL OTHER INCOME (EXPENSE)	−51	15	−16	1	−17
Gain (Loss) on Disposition of Assets	−162,000	13	0	—	—
LOSS BEFORE INCOME TAXES	−321	−306	−184	−1,560	−146
INCOME TAX PROVISION	−2	−4	−3	−2	0
NET LOSS	−323	−310	−186	−1,562	−146
LESS: NET LOSS ATTRIBUTABLE TO REDEEMABLE NON-CONTROLLING INTEREST	−175	−175	−129	−1,291	—
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST	−148	−136	−58	−270	−146
Basic (in dollars per share)	−45.26	−46.78	−0.61	−6.5	—
Diluted (in dollars per share)	−45.26	−54.06	−0.63	−6.5	—
Basic (in shares)	3	3	95	42	—
Diluted (in shares)	3	3	295	42	—

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	25	39	36	18	141
Restricted cash	800,000	5	5	900,000	400,000
Health plan receivable, net of allowance for credit losses of $281 and $150 as of December 31, 2025 and 2024, respectively	93	121	118	72	50
Clinic fees, insurance and other receivables	3	4	3	8	1
Prepaid expenses and other current assets	11	14	4	3	7
Assets held for sale	0	403,000	0	—	—
TOTAL CURRENT ASSETS	133	184	166	101	200
Property and equipment, net	3	6	9	9	8
Intangible assets, net	492	574	667	751	836
Other long-term assets	28	19	20	16	11
TOTAL ASSETS	657	783	861	877	2,364
Accounts payable	12	8	9	12	5
Accrued expenses and other current liabilities	42	29	37	17	—
Accrued payroll	2	3	4	8	—
Health plan settlements payable	70	56	35	14	23
Claims payable	288	255	178	151	102
Premium deficiency reserve	86	67	14	26	38
Accrued interest	429,000	2	24	14	9
Current portion of long-term debt	45	75	0	—	46,000
Liabilities held for sale	0	353,000	0	—	—
TOTAL CURRENT LIABILITIES	545	496	299	242	199
Other long-term liabilities	9	7	0	—	—
Operating lease liability	11	11	14	12	6
Warrant liabilities	2	10	1	2	—
Long-term debt, net	228	109	108	94	80
TOTAL LIABILITIES	797	634	427	354	300
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Redeemable non-controlling interest	15	74	292	517	1,791
Additional paid in capital	496	579	509	315	313
Accumulated deficit	−651	−503	−367	−310	−39
TOTAL STOCKHOLDERS (DEFICIT) EQUITY	−155	76	142	6	274
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS (DEFICIT) EQUITY	657	783	861	877	2,364

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 2021-11-30
Equity-based compensation	6	6	6	19	4
Provision for bad debts	3	0	—	—	—
Paid in-kind interest expense	30	8	—	—	—
Amortization of original issue discount and debt issuance costs	14	87,000	472,000	0	2
Gain on write off of contingent consideration	0	−5	0	—	—
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	162,000	−13	0	—	—
Health plan receivable	29	−3	−47	−22	−3
Clinic fees, insurance, and other receivable	−2	−990,000	5	−5	−1
Prepaid expenses and other current assets	3	−11	−1	4	4
Other long-term assets	−4	−43,000	−58,000	100,000	—
Accounts payable, accrued expenses, and other current liabilities	11	−8	16	6	34
Accrued payroll	−772,000	−784,000	282,000	2	—
Health plan settlements payable	14	21	21	−9	11
Claims payable	33	77	27	49	—
Accrued interest	−2	0	10	5	5
Operating lease liability	641,000	53,000	−450,000	4	306,000
Other long-term liabilities	0	6	0	—	—
Deferred income taxes	3	−1	0	—	—
Net cash used in operating activities	−91	−110	−76	−126	−51
Purchases of property and equipment	79,000	0	—	—	—
Proceeds from asset sale	50,000	15	—	—	—
Net cash provided by investing activities	129,000	15	−2	−8	−8
Proceeds from long-term debt, net of original issue discount	73	88	14	15	25
Payment of debt issuance costs	−186,000	−103,000	−173,000	0	−375,000
Proceeds from liability-classified warrants and private placement offering, net of offering costs paid	0	40	87	0	—
Proceeds from at-the-market sales, net of offering costs paid	0	33,000	0	—	—
Deferred offering costs paid	0	−507,000	−175,000	0	—
Payment of tax withholdings upon settlement of restricted stock unit awards	0	−103,000	−16,000	0	—
Repayment of short-term and long-term debt	−1	−31	0	−4	−186,000
Proceeds from short-term debt	1	2	0	—	351,000
Net cash provided by financing activities	73	99	100	11	25
Net change in cash and restricted cash	−18	3	22	−122	−35
Interest Paid, Excluding Capitalized Interest, Operating Activity	14	14	6	6	3
Income Taxes Paid	1	5	567,000	0	—
Operating lease liabilities arising from obtaining new right-of-use assets	361,000	617,000	7	7	4
Operating Lease Right Of Use Assets Reduced Due To Lease Modification And Termination	0	−92,000	0	—	—
Increase in accrued expenses related to debt issuance costs and original issue discount	0	307,000	212,000	525,000	—
Increase in accounts payable related to private placement offering costs	0	686,000	12,000	0	—
Remeasurement adjustment to redeemable noncontrolling interest resulting from ownership changes	−4	−23	−118	0	—
Fair value adjustment to redeemable noncontrolling interest	119	−21	21	0	—
Warrants issued in connection with new debt	27	12	0	643,000	—

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