Company: PIII
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001832511-25-000013
Chunk: 45

Company: P3 Health Partners Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 7
Chunk 45
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 1 9,205 1 Total operating revenue729,013 100 767,645 100 Operating expense:Medical expense723,393 99 747,228 97 Premium deficiency reserve(12,929)(2)(2,397)0 Corporate, general and administrative expense48,294 7 54,011 7 Sales and marketing expense332 0 736 0 Depreciation and amortization42,135 6 43,232 6 Total operating expense801,225 110 842,810 110 Operating loss(72,212)(10)(75,165)(10)Other (expense) income:Interest expense, net(18,870)(3)(9,692)(1)Mark-to-market of stock warrants5,324 1 8,889 1 Other901 0 628 0 Total other income (expense)(12,645)(2)(175)— Loss before income taxes(84,857)(12)(75,340)(10)Income tax provision(3,054)(0)(3,040)(0)Net loss(87,911)(12)(78,380)(10)Net loss attributable to redeemable non-controlling interest(47,069)(6)(47,660)(6)Net loss attributable to controlling interest$(40,842)(6)%$(30,720)(4)%

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

Revenue

Three Months Ended June 30,Change20252024Amount%(dollars in thousands)Capitated revenue$351,724 $374,306 $(22,582)(6)%Other patient service revenue4,064 4,851 (787)(16)%Total operating revenue$355,788 $379,157 $(23,369)(6)%

Capitated revenue was $351.7 million for the three months ended June 30, 2025, a decrease of $22.6 million, or 6%, compared to $374.3 million for the three months ended June 30, 2024. This decrease was primarily driven by a 11% decrease in the total number of at-risk members from 128,100 at June 30, 2024 to 114,100 at June 30, 2025 driven by the strategic termination of underperforming payor contracts and affiliate providers in the current year. Capitated revenue was