DocGo Inc. Reports 50% Revenue Decline and $11.1 Million Net Loss in Latest Quarter

DocGo Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated revenues of $96.0 million, a decrease of 50% from $192.1 million in the same period last year. This decline was primarily attributed to a substantial drop in the Mobile Health Services segment, which saw revenues fall by 68.6% to $45.2 million, largely due to the wind-down of migrant-related services that had previously driven growth. In contrast, the Transportation Services segment experienced a modest revenue increase of 5.4%, reaching $50.8 million, supported by a 5.9% rise in trip volumes.

The company's net loss for the quarter was $11.1 million, compared to a net income of $10.6 million in the prior year. This shift was influenced by a significant increase in total expenses, which amounted to $110.0 million, down from $176.3 million a year earlier. The cost of revenues decreased by 47.8%, reflecting the overall decline in service provision, while operating expenses also saw a reduction, although they represented a higher percentage of total revenues due to the sharp drop in income.

In terms of strategic developments, DocGo completed one acquisition during the quarter, spending approximately $4.2 million. The company continues to focus on expanding its service offerings and enhancing its operational capabilities through acquisitions. Additionally, the company has been actively managing its workforce and operational costs, which have been impacted by inflationary pressures and rising labor costs.

Operationally, the company reported a decrease in cash and cash equivalents to $79.0 million as of March 31, 2025, down from $89.2 million at the end of 2024. The decline in cash was attributed to share repurchases and the acquisition costs, despite generating positive cash flow from operations of $9.6 million during the quarter. The company’s total assets decreased to $430.8 million, while total liabilities also fell to $128.9 million, reflecting a strategic focus on managing its balance sheet amid changing market conditions.

Looking ahead, DocGo anticipates that revenues from its Mobile Health Services will remain lower in 2025 compared to 2024, as the company winds down its migrant-related projects. However, it expects to launch new initiatives and expand existing services, particularly in the Transportation Services segment, which may help stabilize revenue streams. The company remains committed to leveraging its operational efficiencies and strategic acquisitions to enhance its market position in the mobile healthcare services sector.