# EDGAR Filing Document

**Accession Number:** 0001479681
**File Stem:** 0001628280-25-052962
**Filing Date:** 2025-11
**Character Count:** 31492
**Document Hash:** 0413380d355a912e1b570164f7346da1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-052962.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001628280-25-052962

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251118

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nutex Health, Inc.
- **CENTRAL INDEX KEY:** 0001479681
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 113363609
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41346
- **FILM NUMBER:** 251495621

**BUSINESS ADDRESS:**
- **STREET 1:** 6030 S. RICE AVE.
- **STREET 2:** SUITE C
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77081
- **BUSINESS PHONE:** (713) 660-0557

**MAIL ADDRESS:**
- **STREET 1:** 6030 S. RICE AVE.
- **STREET 2:** SUITE C
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77081

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Clinigence Holdings, Inc.
- **DATE OF NAME CHANGE:** 20191113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** iGambit, Inc.
- **DATE OF NAME CHANGE:** 20091230

?xml version='1.0' encoding='ASCII'? nutx-20251118

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported) **November 18, 2025**

**NUTEX HEALTH INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41346** | **11-3363609** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (I.R.S. Employer<br>Identification Number) |

---

**6030 S. Rice Ave, Suite C, Houston, Texas 77081**

(Address of principal executive offices) (zip code)

**(713) 660-0557**

(Registrant's telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Precommencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Precommencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbols(s) | Name of each exchange on which registered |
| **Common Stock, $0.001 par value** | **NUTX** | **NASDAQ Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

------

**Item 2.02. Results of Operations and Financial Condition**

On November 18, 2025, Nutex Health Inc. (the "Company") announced its financial and operating results for the second quarter ending June 30, 2025. A copy of the Company's press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits**

*(d)<u>Exhibits</u>*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 99.1 | <u>[Press Release dated](nutx-20250630xexx99.htm)[November 14](nutx-20250630xexx99.htm)[, 2025](nutx-20250630xexx99.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |

---

THE INFORMATION CONTAINED IN ITEM 2.02 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED "FILED" FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| Date: November 18, 2025 |
| **Nutex Health Inc.** |
| By: *<u>/s/ Jon C. Bates</u>* |
| Jon C. Bates |
| Chief Financial Officer |

---

## Exhibit 99.1

![a1.jpg](a1.jpg)

**NUTEX HEALTH REPORTS JUNE 30, 2025 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Total revenue of $455.8 million for the first half of 2025 versus $143.5 million for the first half of 2024, an increase of 217.5%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Net income attributable to Nutex Health Inc. of $3.5 million for the first half of 2025 versus net loss of $0.7 million for the first half of 2024, an increase of $4.2 million***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Diluted income per share of $0.55 for the first half of 2025 versus a loss per share of $0.15 for the first half of 2024***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• EBITDA of $51.1 million for the first half of 2025 versus $15.6 million for the first half of 2024, an increase of 227.4%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Adjusted EBITDA of $144.4 million for the first half of 2025 versus $6.4 million for the first half of 2024, an increase of 2144.2%***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Net cash from operating activities of $78.2 million for the first half of 2025***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• On August 14, 2025, the Board of Directors authorized a stock repurchase program of up to $25.0 million of the Company's common stock***

***HOUSTON, TX - (PRNewswire) – NOVEMBER 18, 2025 –*** Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three and six months ended June 30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

**Financial highlights for the three months ended June 30, 2025:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased $167.9 million to $244.0 million for the three months ended June 30, 2025 as compared to total revenue of $76.1 million for the same period in 2024, an increase of 220.7%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 203.2% in 2025 compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total stock-based compensation expense for the three months ended June 30, 2025 was $78.7 million, an increase of approximately $78.8 million compared to the same period in 2024. Approximately 99% of total stock-based compensation expense of $78.7 million is due to the one-time obligations for under-construction and ramping hospitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income for the three months ended June 30, 2025 was $33.7 million compared to $5.3 million for the same period in 2024, representing a $28.4 million improvement year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss attributable to Nutex Health for the three months ended June 30, 2025 of $17.7 million as compared to net loss attributable to Nutex Health of $0.4 million for the same period in 2024. The $17.7 million in net loss includes non-cash stock-based compensation expense of $78.7 million, while the $0.4 million net loss includes no non-cash stock-based compensation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA attributable to Nutex Health of $(0.5) million, as compared to EBITDA attributable to Nutex Health of $8.5 million for the three months ended June 30, 2024, a decrease of 105.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA attributable to Nutex Health of $71.6 million, as compared to Adjusted EBITDA attributable to Nutex Health of $6.8 million for the three months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total visits at the Hospital Division were 45,573 for the three months ended June 30, 2025, as compared to 41,208 for the same period in 2024, an increase of 4,365 or 10.6%. Visits at mature hospitals increased by 0.6% in the three months ended June 30, 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash from operating activities of $27.3 million for the three months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of June 30, 2025, the Company had total assets of $841.0 million, including cash and cash equivalents of $96.7 million, and long-term debt, net of $20.5 million.

**Financial highlights for the six months ended June 30, 2025:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased $312.2 million to $455.8 million for the six months ended June 30, 2025 as compared to total revenue of $143.5 million for the same period in 2024, an increase of 217.5%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 195.2% in 2025 compared to 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total stock-based compensation expense for the six months ended June 30, 2025 was $106.4 million, an increase of approximately $106.4 million compared to the same period in 2024. Approximately 99% of total stock-based compensation expense of $106.4 million is due to the one-time obligations for under-construction and ramping hospitals.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating income for the six months ended June 30, 2025 was $114.3 million compared to $6.7 million for the same period in 2024, representing a $107.6 million improvement year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to Nutex Health for the six months ended June 30, 2025 of $3.5 million as compared to net loss attributable to Nutex Health of $0.7 million for the same period in 2024. The $3.5 million in net income includes non-cash stock-based compensation expense of $106.4 million, while the $0.7 million net loss includes no non-cash stock-based compensation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA attributable to Nutex Health of $51.1 million, as compared to EBITDA attributable to Nutex Health of $15.6 million for the six months ended June 30, 2024, an increase of 227.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA attributable to Nutex Health of $144.4 million, as compared to Adjusted EBITDA attributable to Nutex Health of $6.4 million for the six months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total visits at the Hospital Division were 93,842 for the six months ended June 30, 2025, as compared to 81,276 for the same period in 2024, an increase of 12,566 or 15.5%. Visits at mature hospitals increased by 3.0% in the six months ended June 30, 2025 as compared to the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash from operating activities of $78.2 million for the six months ended June 30, 2025.

**Share Repurchase Program**

On August 14, 2025, the Board of Directors authorized a stock repurchase program of up to $25.0 million of the Company's common stock over the next six months. We anticipate executing this program opportunistically pending compliance with the Company's current reporting obligations.

The purpose of the share repurchase program is to increase shareholder value and offset dilution from the issuance of additional shares related to stock compensation obligations for under-construction and ramping hospitals. Pursuant to the stock repurchase program, the Company may repurchase, from time to time, up to an aggregate of $25.0 million of the its outstanding shares of common stock, exclusive of any fees, commissions or other expenses related to such repurchases. The stock repurchase program permits the Company to repurchase shares of common stock at any time or from time to time at management's discretion in open market transactions made in accordance with the provisions of Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions or by other means in accordance with applicable securities laws.

The timing of any repurchases and the number of shares repurchased are subject to the discretion of the Company and may be affected by various factors, including general market and economic conditions, the market price of the Company's common stock, the Company's earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time.

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

"We are pleased to report 217.5% revenue growth, Adjusted EBITDA attributable to Nutex Health of $144.4 million, a 643.5% increase in gross profit and a record high cash balance of $96.7 million, highlighting the company's continued financial strength and solid fundamentals as we execute on our growth plan for 2025," stated Jon Bates, Chief Financial Officer of Nutex Health.

"The arbitration process that we started in 2024 is now an ongoing part of our revenue cycle management process. In addition, the Company believes its shares are currently undervalued, and our share repurchase program underscores our confidence in the long-term prospects of Nutex Health. We anticipate executing this program opportunistically over the next several months with the goal of driving increased earnings per share and total shareholder return," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company's financial results for the three and six months ended June 30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

------

**NUTEX HEALTH INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| *(In thousands, except share and per share amounts)* | **June 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $96733 | $40640 |
| &nbsp;&nbsp;Restricted short-term investments |  | 2941 |
| &nbsp;&nbsp;Accounts receivable | 349220 | 232449 |
| &nbsp;&nbsp;Accounts receivable - related parties | 5737 | 3602 |
| &nbsp;&nbsp;Inventories | 2275 | 2850 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 19060 | 9997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 473025 | 292479 |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 82915 | 77933 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 27751 | 27872 |
| &nbsp;&nbsp;&nbsp;Financing lease right-of-use assets | 215398 | 218889 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 14880 | 15530 |
| &nbsp;&nbsp;&nbsp;Goodwill, net | 13919 | 13919 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets | 12852 | 7987 |
| &nbsp;&nbsp;&nbsp;Other assets | 288 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $841028 | $655320 |
| **Liabilities and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $28076 | $9614 |
| &nbsp;&nbsp;Accounts payable - related parties | 1975 | 806 |
| &nbsp;&nbsp;Lines of credit | 7859 | 3554 |
| &nbsp;&nbsp;Current portion of long-term debt | 18951 | 14395 |
| &nbsp;&nbsp;Operating lease liabilities, current portion | 2087 | 2080 |
| &nbsp;&nbsp;Financing lease liabilities, current portion | 7072 | 7705 |
| &nbsp;&nbsp;Accrued arbitration expenses | 68785 | 47742 |
| &nbsp;&nbsp;Accrued income tax expense | 8364 | 26533 |
| &nbsp;&nbsp;Accrued stock-based compensation | 24173 | 16356 |
| &nbsp;&nbsp;Accrued expenses and other current liabilities | 27532 | 25440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 194874 | 154225 |
| &nbsp;&nbsp;&nbsp;Long-term debt, net | 20463 | 22466 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, net | 30805 | 30617 |
| &nbsp;&nbsp;&nbsp;Financing lease liabilities, net | 258009 | 259479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 504151 | 466787 |
| Commitments and contingencies (Note 10) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;Common stock, $0.001 par value; 950,000,000 shares authorized; 6,595,109 and 5,511,452 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 7 | 6 |
| &nbsp;&nbsp;Additional paid-in capital | 588699 | 489409 |
| &nbsp;&nbsp;Accumulated deficit | (353456) | (356976) |
| &nbsp;&nbsp;&nbsp;&nbsp;Nutex Health Inc. equity | 235250 | 132439 |
| &nbsp;&nbsp;&nbsp;Noncontrolling interests | 101627 | 56094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 336877 | 188533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $841028 | $655320 |

---

------

**NUTEX HEALTH INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(In thousands, except share and per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Hospital division | $236302 | $67605 | $440249 | $127634 |
| &nbsp;&nbsp;Population health management division | 7683 | 8477 | 15525 | 15902 |
| &nbsp;&nbsp;&nbsp;Total revenue | 243985 | 76082 | 455774 | 143536 |
| Operating costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Payroll | 36284 | 28398 | 71144 | 55401 |
| &nbsp;&nbsp;Contract services | 61109 | 9505 | 99764 | 20825 |
| &nbsp;&nbsp;Medical supplies | 4812 | 3589 | 8613 | 8911 |
| &nbsp;&nbsp;Depreciation and amortization | 5248 | 4533 | 10340 | 8719 |
| &nbsp;&nbsp;Other | 11608 | 7496 | 22651 | 16962 |
| &nbsp;&nbsp;&nbsp;Total operating costs and expenses | 119061 | 53521 | 212512 | 110818 |
| &nbsp;&nbsp;&nbsp;Gross profit | 124924 | 22561 | 243262 | 32718 |
| Corporate and other costs: |  |  |  |  |
| &nbsp;&nbsp;Stock-based compensation | 78747 | (61) | 106389 | (12) |
| &nbsp;&nbsp;Impairment of assets |  | 3474 |  | 3474 |
| &nbsp;&nbsp;Impairment of goodwill |  | 3197 |  | 3197 |
| &nbsp;&nbsp;General and administrative expenses | 12498 | 10652 | 22533 | 19310 |
| &nbsp;&nbsp;&nbsp;Total corporate and other costs | 91245 | 17262 | 128922 | 25969 |
| &nbsp;&nbsp;&nbsp;Operating income | 33679 | 5299 | 114340 | 6749 |
| Interest expense, net | 5678 | 5054 | 11798 | 9499 |
| Gain on warrant liability |  | (3060) |  | (5661) |
| Other (income) expense | 4269 | (599) | 7594 | (840) |
| &nbsp;&nbsp;&nbsp;Income before taxes | 23732 | 3904 | 94948 | 3751 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 7588 | 894 | 27998 | 1283 |
| Net income | 16144 | 3010 | 66950 | 2468 |
| &nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interests | 33841 | 3374 | 63430 | 3196 |
| Net income (loss) attributable to Nutex Health Inc. | $(17697) | $(364) | $3520 | $(728) |
| Income (loss) per common share |  |  |  |  |
| &nbsp;&nbsp;Basic | $(2.95) | $(0.07) | $0.60 | $(0.15) |
| &nbsp;&nbsp;Diluted | $(2.95) | $(0.07) | $0.55 | $(0.15) |

---

------

**NUTEX HEALTH INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|<br>*(In thousands)* | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;Net income | $66950 | $2468 |
| &nbsp;&nbsp;Adjustment to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 10340 | 8719 |
| &nbsp;&nbsp;Gain on warrant liability |  | (5661) |
| &nbsp;&nbsp;Impairment of assets |  | 3474 |
| &nbsp;&nbsp;Impairment of goodwill |  | 3197 |
| &nbsp;&nbsp;Derecognition of goodwill |  | 453 |
| &nbsp;&nbsp;Stock-based compensation expense | 106389 | (12) |
| &nbsp;&nbsp;Changes to deferred taxes | (4865) | (2341) |
| &nbsp;&nbsp;Debt accretion expense | 504 | 579 |
| &nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease in Accounts receivable | (116768) | (2149) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease in Accounts receivable - related party | (2135) | (425) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease in Inventories | 575 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease in Prepaid expenses and other current assets | (8640) | (1693) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase)/Decrease in Operating right-of-use assets | 121 | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Accounts payable | 19334 | (1617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Accounts payable - related party | 1169 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Operating lease liabilities | 194 | (370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Accrued arbitration expenses | 21043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Accrued income tax expense | (18169) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase/(Decrease) in Accrued expenses and other current liabilities | 2180 | 10482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 78222 | 16311 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;Acquisitions of property and equipment | (815) | (1292) |
| &nbsp;&nbsp;Proceeds from restricted short-term investment | 2941 |  |
| &nbsp;&nbsp;Cash related to sale of business |  | (711) |
| &nbsp;&nbsp;Cash related to asset acquisition | (1994) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | 132 | (2003) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Proceeds from lines of credit | 4606 | 132 |
| &nbsp;&nbsp;Proceeds from notes payable | 258 | 4915 |
| &nbsp;&nbsp;Repayments of lines of credit | (301) | (594) |
| &nbsp;&nbsp;Repayments of notes payable | (5697) | (6157) |
| &nbsp;&nbsp;Repayments of finance leases | (2593) | (1440) |
| &nbsp;&nbsp;Proceeds from common stock issuance, net issuance costs |  | 9203 |
| &nbsp;&nbsp;Members' contributions | 242 | 301 |
| &nbsp;&nbsp;Members' distributions | (18776) | (1862) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (22261) | 4498 |
| Net increase in cash and cash equivalents | 56093 | 18806 |
| Cash and cash equivalents - beginning of the period | 40640 | 22002 |
| Cash and cash equivalents - end of the period | $96733 | $40808 |

---

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**Non-GAAP Financial Measures (Unaudited)**

*EBITDA and Adjusted EBITDA.* EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net income (loss) to Adjusted EBITDA is included below.

Beginning in the first quarter of 2025, we updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| Reconciliation of net loss attributable to Nutex Health Inc. to Adjusted EBITDA: | **(Updated)** | **(Prior)** | **(Updated)** | **(Prior)** |
| &nbsp;&nbsp;Net loss attributable to Nutex Health Inc. | $(17697) | $(17697) | $(364) | $(364) |
| &nbsp;&nbsp;Depreciation and amortization | 5248 | 5248 | 4533 | 4533 |
| &nbsp;&nbsp;Interest expense, net | 5678 | 5678 | 5055 | 5055 |
| &nbsp;&nbsp;Income tax expense | 7588 | 7588 | 893 | 893 |
| &nbsp;&nbsp;Allocation to noncontrolling interests | (1275) | (1275) | (1628) | (1628) |
| &nbsp;&nbsp;&nbsp;EBITDA | (458) | (458) | 8489 | 8489 |
| &nbsp;&nbsp;Gain on warrant liability |  |  | (3060) | (3060) |
| &nbsp;&nbsp;Impairment of assets |  |  | 3474 | 3474 |
| &nbsp;&nbsp;Impairments of goodwill |  |  | 3197 | 3197 |
| &nbsp;&nbsp;Finance lease payments<sup>(1)</sup> | (6675) |  | (5191) |  |
| &nbsp;&nbsp;Stock-based compensation | 78747 | 78747 | (61) | (61) |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $71614 | $78289 | $6848 | $12039 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA: | **(Updated)** | **(Prior)** | **(Updated)** | **(Prior)** |
| &nbsp;&nbsp;Net income (loss) attributable to Nutex Health Inc. | $3520 | $3520 | $(728) | $(728) |
| &nbsp;&nbsp;Depreciation and amortization | 10340 | 10340 | 8719 | 8719 |
| &nbsp;&nbsp;Interest expense, net | 11798 | 11798 | 9499 | 9499 |
| &nbsp;&nbsp;Income tax expense | 27998 | 27998 | 1283 | 1283 |
| &nbsp;&nbsp;Allocation to noncontrolling interests | (2572) | (2572) | (3172) | (3172) |
| &nbsp;&nbsp;&nbsp;EBITDA | 51084 | 51084 | 15601 | 15601 |
| &nbsp;&nbsp;Gain on warrant liability |  |  | (5661) | (5661) |
| &nbsp;&nbsp;Impairment of assets |  |  | 3474 | 3474 |
| Impairment of goodwill |  |  | 3197 | 3197 |
| &nbsp;&nbsp;Finance lease payments<sup>(1)</sup> | (13038) |  | (10163) |  |
| &nbsp;&nbsp;Stock-based compensation | 106389 | 106389 | (12) | (12) |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $144435 | $157473 | $6436 | $16599 |

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<sup>(1)</sup> Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.

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**About Nutex Health Inc.**

Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 24 facilities in 11 states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups.

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**Forward-Looking Statements**

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and six months ended June 30, 2025 under the heading "Risk Factors" in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

**FOR ADDITIONAL INFORMATION:**

**Nutex Health, Inc.**

Jennifer Rodriguez – Investor Relations

investors@nutexhealth.com

– Media Contact

jrodriguez@nutexhealth.com