Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 129

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 129
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22,139 6 27,219 7 Sales and marketing expense251 — 134 — Depreciation and amortization21,033 6 21,673 6 Total operating expense389,476 112 469,114 129 Operating loss(44,223)(12)(106,990)(29)Other (expense) income: — Interest expense, net(20,527)(6)(5,647)(2)Mark-to-market of stock warrants(2,540)(1)5,737 2 Other(2,160)(1)445 — Total other income (expense)(25,227)(8)535 — Loss before income taxes(69,450)(20)(106,455)(29)Income tax (provision) benefit(11)— 3,605 1 Net loss(69,461)(20)(102,850)(28)Net loss attributable to redeemable non-controlling interest(37,874)(11)(56,338)(15)Net loss attributable to controlling interest$(31,587)(9)%$(46,512)(13)%

P3 Health Partners Inc. | Q3 2025 Form 10-Q | 33

Results of Operations

The following tables set forth our condensed consolidated statements of operations data for the periods indicated. Amounts may not sum due to rounding.

Nine Months EndedSeptember 30, 2025% of RevenueNine Months EndedSeptember 30, 2024% of Revenue (dollars in thousands)Operating revenue:Capitated revenue$1,062,796 99 %$1,116,146 99 %Other patient service revenue11,470 1 13,623 1 Total operating revenue1,074,266 100 1,129,769 100 Operating expense:Medical expense1,093,182 102 1,149,148 102 Premium deficiency reserve(36,665)(3)15,771 1 Corporate, general and administrative expense70,433 6 81,230 7 Sales and marketing expense583 — 870 — Depreciation and amortization63,168 6 64,905 6 Total operating expense1,190,701 111 1,311,924 116 Operating loss(116,435)(11)(182,155)(16)Other (expense) income:Interest expense, net(39