American Well Corporation (Amwell) reported a net loss of $94.97 million for the fiscal year ending December 31, 2025, a significant improvement compared to a net loss of $212.64 million in 2024 and $679.17 million in 2023. The company's total revenue for 2025 was $249.33 million, a slight decrease from $254.36 million in 2024. This decline was attributed to a decrease in visit revenue, primarily due to the divestiture of its telepsychiatry business, which accounted for $22.7 million in revenue in the previous year. Subscription revenue, however, increased by $16.9 million, driven by growth in strategic clients, despite ongoing churn in health plan and health system customers.
In terms of operational metrics, Amwell powered approximately 50 health plans and around 80 of the largest health systems in the U.S., collectively representing over 90 million covered lives. The company facilitated 4.5 million virtual care visits in 2025, down from 5.9 million in 2024. The average annual contract value for health plans decreased to $737,000 from $963,000 in 2024, reflecting the impact of client churn. The total employee headcount decreased to 562 as of December 31, 2025, down from 719 in the previous year, as part of ongoing cost-reduction efforts.
Strategically, Amwell divested its telepsychiatry business in January 2025 for $20.7 million, a move aimed at streamlining operations and focusing on the Amwell Platform. The company also ended its joint venture with Cleveland Clinic, transitioning to a partnership model for virtual second opinion services. These strategic decisions are part of Amwell's broader initiative to enhance profitability and operational efficiency.
Looking ahead, Amwell plans to invest in artificial intelligence technology and expand its sales and marketing efforts to drive long-term revenue growth. The company anticipates that continued investments in platform modules and clinical programs will enhance its offerings and improve market penetration. Despite the challenges posed by client churn and market volatility, Amwell remains focused on leveraging its existing client relationships and expanding its service offerings to achieve sustainable growth.
About American Well Corp
American Well Corporation (Amwell) provides a cloud-based enterprise platform and software enabling hybrid healthcare delivery across in-person, virtual, and automated care settings. Serving health systems, health plans, employers, and government entities, Amwell offers configurable digital care solutions including urgent care, primary care, behavioral health, and chronic disease management. Its scalable platform integrates with existing systems, supports client-branded experiences, and is complemented by a nationwide clinical network, enhancing care accessibility and coordination.
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