DocGo Inc. reported a significant decline in financial performance for the first quarter of 2026, with total revenues of $75.6 million, down 21.4% from $96.0 million in the same period of 2025. The company attributed this decrease primarily to the wind-down of its migrant-related services, which had previously contributed substantially to revenue. The Mobile Health Services segment saw a particularly sharp decline, with revenues falling 47.8% to $23.6 million, while the Transportation Services segment experienced a modest increase of 2.2%, reaching $51.9 million, driven by a 7.5% rise in trip volumes.
The company's net loss for the quarter was $16.7 million, compared to a net loss of $11.1 million in the prior year. This loss was influenced by a combination of factors, including a decrease in revenues and an increase in operating expenses, which rose to $42.5 million from $44.8 million year-over-year. The cost of revenues also decreased by 20.7%, reflecting the overall decline in service provision, but the cost as a percentage of revenue increased slightly to 68.5%. The company recorded a loss on the change in fair value of contingent consideration amounting to $2.8 million, reflecting an improved outlook for its recently acquired SteadyMD business.
In terms of operational metrics, DocGo's total current assets decreased to $138.2 million as of March 31, 2026, down from $152.4 million at the end of 2025. The company reported a working capital of $61.0 million, a decline of 28.2% from the previous quarter, primarily due to a reduction in cash and an increase in current liabilities. The company had $35.7 million in cash and cash equivalents, a decrease of $15.3 million compared to the end of 2025, reflecting the net loss incurred during the quarter.
Strategically, DocGo has been focusing on reducing cash utilization and operating costs, including transitioning a portion of compensation from cash to stock, intensifying collection efforts on outstanding receivables, and potentially reducing workforce size. The company is also in discussions with its lender regarding compliance with financial covenants under its credit agreement, which could impact its liquidity moving forward. Looking ahead, DocGo anticipates continued challenges in revenue generation, particularly in the Mobile Health Services segment, but remains committed to pursuing growth opportunities in other areas and managing its operational costs effectively.
About DocGo Inc.
DocGo Inc. provides mobile healthcare and medical transportation services through a proprietary platform, network of clinicians, and fleet of response vehicles. Serving municipalities, hospitals, insurers, and employers across the U.S. and U.K., it offers in-home diagnostics, treatment, and virtual care, aiming to improve access, reduce costs, and enhance patient outcomes. Its integrated model emphasizes quality, efficiency, and strategic partnerships in the evolving healthcare landscape.
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