Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 130

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 130
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,397)(4)(15,339)(1)Mark-to-market of stock warrants2,784 — 14,626 1 Other(1,259)— 1,073 — Total other income (expense)(37,872)(4)360 — Loss before income taxes(154,307)(15)(181,795)(16)Income tax (provision) benefit(3,065)— 565 — Net loss(157,372)(15)(181,230)(16)Net loss attributable to redeemable non-controlling interest(84,943)(8)(103,998)(9)Net loss attributable to controlling interest$(72,429)(7)%$(77,232)(7)%

Comparison of the Three Months Ended September 30, 2025 and 2024

Revenue

Three Months Ended September 30,Change20252024Amount%(dollars in thousands)Capitated revenue$341,555 $357,706 $(16,151)(5)%Other patient service revenue3,698 4,418 (720)(16)%Total operating revenue$345,253 $362,124 $(16,871)(5)%

Capitated revenue was $341.6 million for the three months ended September 30, 2025, a decrease of $16.2 million, or 5%, compared to $357.7 million for the three months ended September 30, 2024. This decrease was primarily driven by a 10% decrease in the average number of at-risk members from 128,400 for the three months ended September 30, 2024 to 115,900 for the three months ended September 30, 2025 driven by the strategic termination of underperforming payor contracts and affiliate providers in the current year. Capitated revenue was approximately 99% of total operating revenue for each of the three months ended September 30, 2025 and 2024.

P3 Health Partners Inc. | Q3 2025 Form 10-Q | 34

Other patient service revenue was $3.7 million for the three months ended September 30, 2025, a decrease of $0.7 million, or 16%, compared to $4.4 million for the three months ended September 30, 2024. Other patient service revenue was approximately 1% of total operating revenue for each of the three months ended September 30, 2025 and 202