DocGo Inc. 2026 Q1 10-Q Filing Summary
Business Context and Reporting Period
Company: DocGo Inc. (DCGO)
Reporting Period: Three months ended March 31, 2026
Business Overview: DocGo is a mobile healthcare services company operating in the U.S. and U.K. through three segments: Mobile Health Services, Transportation Services, and Corporate. The company provides in-person medical treatment at non-traditional locations and healthcare transportation services.
Key Financial Metrics
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Net Revenue | $75.6 million | $96.0 million |
| Net Loss | $(16.7) million | $(11.1) million |
| Net Loss Attributable to Stockholders | $(14.8) million | $(9.4) million |
| Diluted EPS | $(0.15) | $(0.09) |
| Operating Cash Flow | $(4.7) million | $9.2 million |
| Cash and Cash Equivalents (Unrestricted) | $35.7 million | $79.0 million |
| Working Capital | $61.0 million | $84.9 million |
| Debt (Notes Payable) | $0.2 million | $0.2 million |
| Revolving Credit Facility | $55.0 million (Unused) | $90.0 million (Unused) |
Material Changes vs. Prior Period
- Revenue Decline: Total revenue decreased 21.4% year-over-year. Mobile Health Services revenue dropped 47.8% due to the wind-down of large migrant-related government contracts in New York. Transportation Services revenue increased 2.2% driven by higher U.S. trip volumes and average trip prices.
- Increased Losses: Net loss increased 50.5% to $16.7 million. This was driven by a $2.8 million loss on the change in fair value of contingent consideration (related to the SteadyMD acquisition) and higher operating expenses as a percentage of revenue.
- Cash Flow Reversal: Operating cash flow swung from a $9.2 million inflow in Q1 2025 to a $4.7 million outflow in Q1 2026. The prior year inflow was largely due to the collection of older municipal invoices, which were largely collected by the end of 2025.
- Insurance Proceeds: The company recorded $4.7 million in insurance proceeds in Q1 2026, primarily reimbursing legal fees covered by insurance, compared to none in the prior year.
Guidance, Outlook, Risks, and Contingencies
- Liquidity and Going Concern: The company disclosed substantial doubt about its ability to continue as a going concern without implementing cost-reduction plans. As of December 31, 2025, the company was non-compliant with the minimum liquidity financial covenant of its Credit Agreement. Management is in active discussions with lenders to resolve this. Plans include workforce reductions, shifting compensation to stock, and delaying growth spending.
- Nasdaq Compliance: On January 26, 2026, the company received notice of non-compliance with Nasdaq Listing Rule 5550(a)(2) regarding the minimum $1.00 bid price. The company has until July 27, 2026, to regain compliance or risk delisting.
- Legal Proceedings:
- Stockholder Actions: A securities class action was settled for $12.5 million (covered by insurance) with court approval in March 2026. Derivative actions remain pending.
- California Labor Actions: Settlement reached in principle for $220,000; final approval hearing scheduled for August 2026.
- Cybersecurity Action: Settled for approximately $337,000 (covered by insurance) with final approval in August 2025.
- Acquisitions: No acquisitions were completed in Q1 2026. The company continues to integrate SteadyMD (acquired Oct 2025) and Primary Care Ambulance (acquired Dec 2025).
Investor Verification Checklist
- Covenant Compliance: Verify the status of negotiations with lenders regarding the minimum liquidity covenant breach and the availability of the $55 million credit facility.
- Revenue Sustainability: Assess the trajectory of Mobile Health Services revenue post-migrant contract wind-down and the contribution of the SteadyMD acquisition.
- Nasdaq Listing Status: Monitor the stock price to ensure it meets the $1.00 minimum bid requirement by July 27, 2026, to avoid delisting proceedings.
- Cash Burn Rate: Review the effectiveness of cost-cutting measures (workforce reduction, stock-based compensation) in stabilizing the operating cash flow deficit.
- Contingent Consideration: Monitor the fair value adjustments related to SteadyMD earn-outs, which significantly impacted Q1 2026 earnings.