HealthLynked Corp. Reports 45% Revenue Decline and Increased Net Loss in Q1 2026

HealthLynked Corp. reported a significant decline in financial performance for the first quarter of 2026, with total revenue falling to $423,465, a decrease of 45% from $774,208 in the same period of 2025. The decline was primarily driven by a 44% drop in patient service revenue, which fell to $418,613, attributed to the consolidation of services under the Naples Center for Functional Medicine (NCFM) brand and the sale of the Bridging the Gap Physical Therapy practice in October 2025. Subscription revenue also decreased by 64% to $3,494, while product revenue plummeted by 89% to $1,358, reflecting reduced marketing efforts and demand.

Operating expenses decreased overall, with practice salaries and benefits down 65% to $142,104 and other practice operating expenses down 68% to $99,819, largely due to cost-cutting measures implemented in previous years. However, selling, general, and administrative expenses increased by 35% to $847,281, primarily due to higher stock-based compensation charges. The company reported a loss from operations of $700,813, a 14% increase compared to the previous year, and a net loss of $1,621,304, which is 54% higher than the net loss of $1,050,939 reported in Q1 2025.

In terms of strategic developments, HealthLynked underwent a refinancing of its debt in February 2026, consolidating various outstanding notes into a new Secured Convertible Promissory Note totaling $5,715,812. This refinancing resulted in a gain on extinguishment of debt amounting to $1,328,069 for the quarter. However, the company also faced a loss on the change in fair value of debt totaling $2,180,526, reflecting the volatility in its financial instruments.

Operationally, HealthLynked's customer engagement metrics showed a decline, with the company reporting a working capital deficit of $6,658,253 and an accumulated deficit of $52,196,869 as of March 31, 2026. The company had cash balances of $23,973, down from $37,136 at the end of 2025. The total employee headcount and user statistics were not disclosed in the filing, but the company indicated ongoing efforts to streamline operations and reduce costs.

Looking ahead, HealthLynked expressed substantial doubt about its ability to continue as a going concern without additional funding. The company plans to raise capital through various means, including a proposed common stock offering and potential strategic partnerships. Management emphasized the need for adequate financing to support ongoing operations and growth, particularly in its Digital Healthcare division, which is critical for future revenue generation.