Company: PIII
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001832511-25-000025
Chunk: 45

Company: P3 Health Partners Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 7
Chunk 45
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 2024% of Revenue (dollars in thousands)Operating revenue:Capitated revenue$1,062,796 99 %$1,116,146 99 %Other patient service revenue11,470 1 13,623 1 Total operating revenue1,074,266 100 1,129,769 100 Operating expense:Medical expense1,093,182 102 1,149,148 102 Premium deficiency reserve(36,665)(3)15,771 1 Corporate, general and administrative expense70,433 6 81,230 7 Sales and marketing expense583 — 870 — Depreciation and amortization63,168 6 64,905 6 Total operating expense1,190,701 111 1,311,924 116 Operating loss(116,435)(11)(182,155)(16)Other (expense) income:Interest expense, net(39,397)(4)(15,339)(1)Mark-to-market of stock warrants2,784 — 14,626 1 Other(1,259)— 1,073 — Total other income (expense)(37,872)(4)360 — Loss before income taxes(154,307)(15)(181,795)(16)Income tax (provision) benefit(3,065)— 565 — Net loss(157,372)(15)(181,230)(16)Net loss attributable to redeemable non-controlling interest(84,943)(8)(103,998)(9)Net loss attributable to controlling interest$(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