DocGo Inc. reported significant financial challenges in its latest 10-Q filing for the third quarter of 2025, revealing a net loss of $29.7 million, a stark contrast to a net income of $4.5 million during the same period in 2024. For the nine months ending September 30, 2025, the company recorded a net loss of $54.0 million compared to a net income of $21.0 million in the prior year. Total revenues for the third quarter fell to $70.8 million, down 49% from $138.7 million in the previous year, while revenues for the nine-month period decreased by 50.1% to $247.3 million from $495.7 million.
The decline in revenue was primarily attributed to the wind-down of migrant-related services, which had previously contributed significantly to the company's income. Specifically, revenues from the Mobile Health Services segment plummeted by 77.2% to $20.7 million, while the Transportation Services segment saw a modest increase of 4.4% to $50.1 million, driven by a slight rise in trip volumes and average trip prices. The overall decrease in revenues led to a higher cost of revenues as a percentage of total revenues, which increased to 74.4% in Q3 2025 from 64.0% in Q3 2024.
In terms of operational developments, DocGo has been actively pursuing acquisitions to enhance its service offerings. Notably, the company completed the acquisition of SteadyMD, Inc. on October 20, 2025, for $12.5 million in cash, with additional performance-based payments potentially bringing the total to $25 million. This acquisition aligns with DocGo's strategy to expand its Mobile Health Services segment and improve patient care delivery. The company also reported a goodwill impairment charge of $8.7 million and a finite-lived intangible asset impairment charge of $8.0 million, reflecting the challenges faced in its Mobile Health Services segment.
As of September 30, 2025, DocGo's total assets were reported at $353.8 million, down from $455.6 million at the end of 2024. The company had cash and cash equivalents of $73.4 million, a decrease from $89.2 million at the end of the previous fiscal year. The company’s working capital also declined to $116.6 million, down from $182.7 million, primarily due to a significant drop in accounts receivable. Despite these challenges, DocGo anticipates that its existing cash balances, future cash flows, and available credit will be sufficient to meet its operational needs over the next twelve months.
Looking ahead, DocGo's management remains focused on navigating the current market conditions and leveraging its acquisitions to drive future growth. The company is also addressing its operational costs and exploring opportunities to enhance its service offerings in the healthcare sector. However, the ongoing wind-down of government contracts and the impact of inflation on operational expenses present ongoing challenges that the company must manage effectively to return to profitability.
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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