DocGo Inc(NASDAQ:DCGO) 
DocGo, Inc. operates as a health care distribution company. The Company offers mobile health services and integrated medical mobility solutions. DocGo serves customers in the United States.
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At a glance:
Bull Thesis:
Bear Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues | 75,550,484 | 74,935,688 | 70,809,635 | 80,417,622 | 96,033,055 | 120,833,073 | 138,684,814 | 164,949,716 | 192,087,529 | 199,246,269 | 186,552,910 | |||||||||
expenses: | ||||||||||||||||||||
cost of revenues | 51,667,588 | 50,571,192 | 52,683,525 | 54,998,524 | 65,185,060 | 80,334,624 | 88,764,282 | 109,072,737 | 124,808,914 | 132,559,805 | 131,502,046 | 83,617,876 | 81,226,498 | 66,375,647 | 71,254,838 | 70,176,462 | 77,987,573 | |||
operating expenses: | ||||||||||||||||||||
general and administrative | 30,835,068 | 39,214,798 | 30,091,786 | 31,240,943 | 32,902,070 | 35,041,780 | 28,784,850 | 34,751,093 | 40,181,035 | 43,514,996 | 33,619,962 | 30,797,237 | 29,220,317 | 32,719,146 | 22,186,036 | 24,637,618 | 23,860,616 | |||
depreciation and amortization | 2,647,107 | 3,948,234 | 3,971,232 | 3,981,008 | 3,761,391 | 3,322,925 | 4,177,534 | 4,201,658 | 4,182,781 | 4,615,235 | 4,336,267 | 3,831,061 | 3,649,329 | 3,311,922 | 3,014,864 | 2,037,771 | 2,201,021 | |||
legal and regulatory | 5,034,130 | 9,530,093 | 5,727,008 | 4,351,974 | 4,210,823 | 5,524,453 | 3,295,139 | 4,013,796 | 4,313,503 | 3,493,572 | 3,545,820 | 2,404,856 | 3,638,321 | 2,170,367 | 2,200,964 | 3,061,276 | 1,347,983 | |||
technology and development | 3,705,049 | 3,772,943 | 3,193,480 | 2,957,203 | 3,639,444 | 3,685,650 | 3,145,834 | 2,368,999 | 2,388,919 | 3,185,455 | 3,235,301 | 2,574,389 | 1,863,579 | 1,721,554 | 1,373,146 | 1,148,320 | 1,141,833 | |||
sales, advertising and marketing | 372,633 | 340,337 | 380,172 | 368,214 | 331,705 | 396,828 | 379,778 | 392,284 | 337,010 | 203,548 | 1,605,559 | 685,387 | 307,246 | 2,406,244 | 90,856 | 1,000,100 | 1,257,961 | |||
total expenses | 94,261,575 | 179,515,197 | 112,785,944 | 97,897,866 | 110,030,493 | 128,306,260 | 128,547,417 | 154,800,567 | 176,212,162 | 187,572,611 | 177,844,955 | 123,910,806 | 119,905,290 | 108,704,880 | 100,120,704 | 102,061,547 | 107,796,987 | |||
income from operations | -18,711,091 | -104,579,509 | -41,976,309 | -17,480,244 | -13,997,438 | -7,473,187 | 10,137,397 | 10,149,149 | 15,875,367 | 11,673,658 | 8,707,955 | 1,575,954 | -6,902,587 | 80,116 | 4,199,190 | 7,457,757 | 10,094,565 | 16,333,784 | -348,325 | -245,345 |
yoy | 33.68% | 1299.40% | -514.07% | -272.23% | -188.17% | -164.02% | 16.42% | 544.00% | -329.99% | 14470.94% | 107.37% | -78.87% | -168.38% | -99.51% | -1305.54% | -3139.70% | ||||
qoq | -82.11% | 149.14% | 140.14% | 24.88% | 87.30% | -173.72% | -0.12% | -36.07% | 35.99% | 34.06% | 452.55% | -122.83% | -8715.74% | -98.09% | -43.69% | -26.12% | -38.20% | -4789.24% | 41.97% | |
operating margin % | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | 1.26% | -6.11% | 0.07% | 4.03% | 6.81% | 8.56% | Infinity% | -Infinity% | -Infinity% |
other income: | ||||||||||||||||||||
interest expense | -99,732 | -272,451.75 | -219,861 | -443,662 | -426,284 | |||||||||||||||
loss on change in fair value of contingent consideration | -2,760,000 | -263,098.5 | -1,052,394 | |||||||||||||||||
insurance proceeds | 4,687,798 | |||||||||||||||||||
loss on equity method investment | ||||||||||||||||||||
loss on remeasurement of operating and finance leases | -6,607 | -40,837 | -21,192 | -4,697 | ||||||||||||||||
gain on disposal of fixed assets | -62,493 | -10,917 | -10,453 | -48,354 | 15,139 | -13,035 | -28,681 | 12,563 | 52,835 | -40,863 | -9,983 | -98,630 | 10,666.75 | 42,667 | ||||||
other income | 264,964 | -432,779 | 112,184 | 101,046 | -312,869 | 82,608 | -435,825 | 337,276 | 244,607 | -165,456.25 | 43,353 | -920,058 | 214,880 | 10,572 | 30,900 | 15,640 | -4,253 | |||
total other income | 2,030,537 | 897,931 | -1,103,016 | -581,655 | -152,984 | 522,724 | 449,051 | -587,389 | 853,927 | -2,056,765 | -1,330,788 | 4,619,765 | -281,949 | 3,969,613 | 892,812 | -2,797,222 | ||||
net loss before income tax benefit | -16,680,554 | |||||||||||||||||||
benefit from income taxes | -19,283 | 5,465,465.25 | 13,511,429 | 4,626,745 | 3,723,687 | -3,708,920 | -5,119,004 | |||||||||||||
net income | -16,699,837 | -142,340,600 | -29,657,362 | -13,289,893 | -11,079,300 | -7,646,926 | 4,545,553 | 5,858,574 | 10,603,379 | 7,993,260 | 4,630,239 | 1,343,619 | -3,918,790 | 7,148,427 | 2,466,486 | 11,755,862 | 9,372,437 | 19,687,700 | 544,487 | -3,042,567 |
yoy | 50.73% | 1761.41% | -752.45% | -326.85% | -204.49% | -195.67% | -1.83% | 336.03% | -370.58% | 11.82% | 87.73% | -88.57% | -141.81% | -63.69% | 352.99% | -486.38% | ||||
qoq | -88.27% | 379.95% | 123.16% | 19.95% | 44.89% | -268.23% | -22.41% | -44.75% | 32.65% | 72.63% | 244.61% | -134.29% | -154.82% | 189.82% | -79.02% | 25.43% | -52.39% | 3515.83% | -117.90% | |
net income margin % | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | Infinity% | 1.07% | -3.47% | 6.57% | 2.36% | 10.73% | 7.95% | Infinity% | Infinity% | -Infinity% |
net loss attributable to noncontrolling interests | -1,936,706 | -1,424,402 | -1,888,976 | -2,134,647 | -1,673,985 | -624,070 | -916,293 | -687,944 | -1,257,257 | |||||||||||
net loss attributable to stockholders of docgo inc. and subsidiaries | -14,763,131 | |||||||||||||||||||
other comprehensive income | ||||||||||||||||||||
unrealized loss on investments, net of tax | -71,904 | |||||||||||||||||||
foreign currency translation adjustment | -67,516 | -23,249 | -319,851 | 927,462 | 495,538 | -1,091,649 | 934,774 | 33,973 | -140,134 | 676,734 | -582,471 | 405,778 | 243,658 | 520,853 | 248,283 | 10,434 | -5,863 | |||
total comprehensive loss | -14,902,551 | |||||||||||||||||||
net income per share | -0.15 | -1.35 | -0.28 | -0.11 | -0.09 | -0.03 | 0.05 | 0.06 | 0.11 | 0.08 | 0.05 | -0.02 | -0.03 | 0.08 | 0.03 | 0.13 | 0.11 | |||
weighted-average shares outstanding - basic | 98,746,095 | 99,068,651 | 97,808,976 | 98,931,293 | 101,594,579 | 102,395,141 | 102,067,579 | 101,840,612 | 103,818,362 | 103,511,299 | 103,874,845 | 103,585,661 | 102,579,291 | 98,960,538 | 99,303,948 | 100,177,082 | 80,293,959 | |||
weighted-average shares outstanding - diluted | 98,746,095 | 99,068,651 | 97,808,976 | 98,931,293 | 101,594,579 | 109,422,840 | 106,290,929 | 106,324,345 | 108,506,435 | 105,617,817 | 104,993,729 | 103,585,661 | 102,579,291 | 107,403,135 | 115,279,676 | 115,652,049 | 94,863,613 | |||
finite-lived intangible asset impairment | 2,005,085.75 | 8,020,343 | ||||||||||||||||||
goodwill impairment | 49,509,698 | 8,718,398 | ||||||||||||||||||
other expense: | ||||||||||||||||||||
loss on equity method investments | -446,213 | -27,035 | -38,817 | -40,698 | -57,480.75 | -82,742 | -64,014 | -83,167 | -115,286 | |||||||||||
gain on remeasurement of operating and finance leases | -10,591.75 | 5,077 | -311 | -6,163 | ||||||||||||||||
total other expense | -608,606.25 | -1,192,482 | -436,394 | -805,549 | ||||||||||||||||
net income before income tax benefit | -18,972,104 | -43,168,791 | -17,916,638 | -14,802,987 | 988,565 | -6,048,660 | -1,976,649 | 2,868,402 | 12,077,522 | 9,812,616 | ||||||||||
net income attributable to stockholders of docgo inc. and subsidiaries | -134,070,681 | -27,768,386 | -11,155,246 | -9,405,315 | -3,262,810 | 5,497,901 | 6,529,603 | 11,227,449 | 7,570,471 | 4,764,921 | -2,011,267 | -3,465,670 | 8,064,720 | 3,154,430 | 12,735,653 | 10,629,694 | ||||
unrealized gain on investments, net of tax | -22,832 | 31,734 | 76,733 | |||||||||||||||||
total comprehensive income | -134,116,762 | -28,056,503 | -10,151,051 | -8,909,777 | -4,354,459 | 6,432,675 | 6,563,576 | 11,087,315 | 8,247,205 | 4,182,450 | -1,605,489 | -3,222,012 | ||||||||
change in fair value of contingent liability | 9,762,845 | -44,520 | -332,638 | 6,446 | 1,277,551 | 159,974 | ||||||||||||||
interest income | -541,464 | -505,085 | -513,650 | -369,008 | 6,979 | 346,376 | 521,872 | 809,172 | 465,794 | 334,221 | 98,276 | -135,606 | ||||||||
net income before income tax provision | 8,581,064.5 | 9,034,381 | 9,567,494 | 15,722,383 | 1,024,227.75 | 9,157,006 | ||||||||||||||
provision for income taxes | -3,329,188 | -4,488,828 | ||||||||||||||||||
net income attributable to noncontrolling interests | -4,384,116 | -952,348 | -671,029 | 422,789 | -134,682 | 3,354,886 | -453,120 | -979,791 | ||||||||||||
gain on remeasurement of warrant liabilities | -9,682 | -1,831,947 | 3,027,766 | |||||||||||||||||
gain on equity method investments | -41,974 | -95,503 | ||||||||||||||||||
gain on remeasurement of finance leases | 1,208.5 | 4,834 | 1,388,273 | |||||||||||||||||
income tax | -510,460.75 | -4,526,767 | ||||||||||||||||||
revenue | 125,486,760 | 113,002,703 | 108,784,996 | 104,319,894 | 109,519,304 | 117,891,552 | ||||||||||||||
yoy | 14.58% | -4.15% | ||||||||||||||||||
qoq | 11.05% | 3.88% | 4.28% | -4.75% | -7.10% | |||||||||||||||
gain on initial equity method investments | -90,573 | 24,960 | 93,371 | 89,810 | ||||||||||||||||
income tax benefit | 355,054 | 2,129,870 | -321,660 | |||||||||||||||||
loss on remeasurement of warrant liabilities | -58,749 | |||||||||||||||||||
loss on disposal of fixed assets | -54,839 | |||||||||||||||||||
gain from ppp loan forgiveness | ||||||||||||||||||||
income tax expense | -290,938.75 | -401,916 | -440,179 | |||||||||||||||||
total comprehensive gain | 6,693,158 | 3,402,713 | 12,746,087 | 10,623,831 | ||||||||||||||||
loss on initial equity method investments | -83,341 | |||||||||||||||||||
general and administrative expenses | 244,121.5 | 348,325 | 245,345 | |||||||||||||||||
interest earned on investments held in trust account | 5,651 | 1,480 | 4,110 | |||||||||||||||||
change in fair value of warrant liabilities | 111,417.5 | 891,332 | -2,801,332 | |||||||||||||||||
weighted-average number of class a common shares outstanding, basic and diluted | 12,656,250 | 11,500,000 | ||||||||||||||||||
basic and diluted net income per class a common share | -0.01 | 0.04 | ||||||||||||||||||
weighted-average number of class b common shares outstanding, basic and diluted | 1,718,750 | 2,875,000 | ||||||||||||||||||
basic and diluted net income per class b common share | -0.01 | 0.04 | ||||||||||||||||||
basic and diluted net loss per class b common share | -1.06 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
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assets | ||||||||||||||||||||
current assets: | ||||||||||||||||||||
cash and cash equivalents | 35,675,081 | 51,018,657 | 73,355,638 | 104,164,128 | 79,007,535 | 89,241,695 | 89,458,388 | 66,059,922 | 41,244,446 | 59,286,147 | 52,922,517 | 109,159,519 | 120,056,897 | 157,335,323 | 169,598,749 | 198,138,395 | 188,353,909 | 175,537,221 | ||
accounts receivable | 93,965,449 | 92,893,216 | 107,015,563 | 122,756,182 | 178,755,898 | 210,899,926 | 233,712,723 | 257,503,002 | 283,127,437 | 262,083,462 | 207,324,368 | 118,498,751 | 131,599,567 | 102,995,397 | 79,999,764 | 72,253,831 | 76,167,670 | 78,383,614 | ||
prepaid expenses | 5,276,630 | 4,790,215 | 4,732,665 | |||||||||||||||||
other current assets | 3,248,628 | 3,697,371 | 5,122,147 | |||||||||||||||||
total current assets | 138,165,788 | 152,399,459 | 190,226,013 | 236,574,634 | 262,531,431 | 304,486,263 | 328,326,017 | 328,707,841 | 335,131,579 | 338,869,562 | 267,146,297 | 234,445,057 | 258,393,842 | 271,080,905 | 251,992,837 | 275,677,529 | 268,170,785 | 256,032,491 | 287,576 | 457,056 |
property and equipment | 13,637,905 | 14,558,427 | 14,298,994 | 14,422,298 | 15,049,767 | 14,881,411 | 15,284,753 | 15,996,793 | 16,315,633 | 16,835,484 | 21,852,663 | 21,937,494 | 21,729,460 | 21,258,175 | 17,577,830 | 12,229,997 | 12,624,427 | 12,733,889 | ||
intangibles | 644,134 | 17,939,190 | 26,707,383 | 27,343,578 | 25,728,813 | 34,996,541 | 35,973,775 | 36,764,034 | 37,682,928 | 38,586,498 | 38,050,268 | 38,939,054 | 22,969,246 | 20,647,790 | 10,415,401 | 10,579,310 | 10,678,049 | |||
restricted cash and cash equivalents | 11,140,255 | 1,466,121 | 4,251,534 | 4,390,444 | ||||||||||||||||
restricted investments | 13,119,276 | 15,845,875 | 17,574,573 | 20,114,327 | ||||||||||||||||
operating lease right-of-use assets | 10,248,516 | 11,520,781 | 12,087,775 | 12,611,145 | 13,665,630 | 11,958,698 | 12,489,767 | 9,372,463 | 9,125,733 | 9,580,535 | 9,420,525 | 9,288,582 | 9,375,132 | 9,074,277 | 8,185,547 | 3,812,085 | 3,962,805 | 4,195,682 | ||
finance lease right-of-use assets | 18,120,270 | 17,420,424 | 17,066,242 | 17,664,270 | 17,159,190 | 15,337,299 | 14,605,119 | 14,079,838 | 13,385,131 | 12,003,919 | 8,566,308 | 8,963,759 | 9,170,429 | 9,039,663 | 9,421,196 | 8,408,399 | 8,658,897 | 9,307,113 | ||
deferred tax assets | 814,032 | 538,864 | 30,709,856 | 17,207,849 | 12,349,462 | 8,422,034 | 17,131,328 | 13,912,812 | 11,945,760 | 11,888,539 | 8,908,731 | 11,247,764 | 10,973,522 | 9,957,967 | ||||||
other assets | 3,336,687 | 3,353,061 | 3,093,039 | 3,148,502 | 3,580,924 | 3,730,473 | 3,432,562 | 2,298,704 | 2,407,665 | 2,565,649 | 2,928,270 | 3,538,920 | 3,350,571 | 3,625,254 | 3,095,354 | 1,682,575 | 1,622,653 | 3,810,895 | ||
total assets | 209,226,863 | 217,103,012 | 353,782,879 | 408,263,751 | 430,792,998 | 455,621,132 | 493,882,539 | 488,165,687 | 490,685,117 | 490,451,957 | 419,784,142 | 390,286,045 | 407,545,176 | 393,277,628 | 355,920,210 | 331,855,388 | 325,196,304 | 309,602,652 | 115,288,058 | 115,464,516 |
liabilities and stockholders’ equity | ||||||||||||||||||||
current liabilities: | ||||||||||||||||||||
accounts payable | 13,866,403 | 11,110,867 | 8,052,772 | 10,122,762 | 20,518,829 | 28,356,430 | 35,141,454 | 30,804,149 | 25,628,149 | 19,827,258 | 8,951,261 | 6,690,956 | 19,028,065 | 21,582,866 | 12,153,337 | 12,915,952 | 15,120,928 | 15,833,970 | 161,067 | 25,052 |
accrued liabilities | 44,728,154 | 42,789,440 | 50,937,332 | 44,622,283 | 41,406,981 | 49,896,796 | 59,968,606 | 63,186,648 | 70,178,256 | 91,340,609 | 58,883,665 | 34,787,144 | 30,544,082 | 31,573,031 | 38,558,074 | 38,656,519 | 38,174,025 | 35,110,877 | ||
notes payable, current | 49,278 | 51,740 | 54,159 | 12,592 | 12,931 | 12,515 | 26,374 | 25,501 | 26,367 | 28,131 | 696,053 | 696,308 | 649,808 | 664,913 | 680,703 | 566,426 | 593,831 | 600,449 | ||
due to seller | 338,360 | 336,982 | 354,037 | 388,030 | 1,138,075 | 28,656 | 138,275 | 4,459,079 | 7,819,147 | 7,823,009 | 12,995,455 | 17,896,030 | 27,198,044 | 26,244,133 | 9,802,238 | 694,331 | 1,411,169 | 1,571,419 | ||
contingent consideration, current | 8,100,376 | 3,040,377 | ||||||||||||||||||
operating lease liability, current | 4,288,907 | 4,650,953 | 4,597,694 | 4,693,813 | 4,447,517 | 3,844,561 | 3,776,159 | 3,011,208 | 2,835,458 | 2,773,020 | 2,561,165 | 2,479,340 | 2,353,383 | 2,325,024 | 2,059,278 | 1,421,036 | 1,404,651 | 1,461,335 | ||
finance lease liability, current | 5,845,230 | 5,509,687 | 5,275,265 | 5,359,548 | 5,099,151 | 4,694,467 | 4,435,324 | 4,115,944 | 3,866,929 | 3,534,073 | 2,733,332 | 2,717,546 | 2,773,029 | 2,732,639 | 2,858,968 | 2,655,037 | 3,262,004 | 3,271,990 | ||
total current liabilities | 77,216,708 | 67,490,046 | 73,584,133 | 100,146,642 | 107,571,098 | 121,806,577 | 150,230,713 | 154,116,875 | 160,136,043 | 170,119,082 | 113,059,417 | 91,756,618 | 108,974,683 | 100,158,490 | 71,138,479 | 57,935,182 | 60,992,489 | 57,875,921 | 334,182 | 163,795 |
notes payable, non-current | 171,714 | 183,843 | 195,728 | 2,155 | 5,215 | 21,336 | 27,329 | 33,726 | 41,586 | 2,044,938 | 1,580,516 | 1,272,415 | 1,236,601 | 1,456,105 | 1,048,864 | 1,171,306 | 1,302,839 | |||
contingent consideration, non-current | 2,476,216 | 4,776,215 | ||||||||||||||||||
operating lease liability, non-current | 6,610,293 | 7,563,664 | 8,257,467 | 8,769,686 | 9,898,110 | 8,599,072 | 9,172,259 | 6,766,108 | 6,720,787 | 7,223,941 | 7,196,596 | 7,162,046 | 7,315,226 | 7,040,982 | 6,406,246 | 2,651,849 | 2,788,103 | 2,980,946 | ||
finance lease liability, non-current | 11,541,541 | 11,217,907 | 11,083,664 | 11,616,691 | 11,396,832 | 10,031,138 | 9,554,694 | 9,268,771 | 8,718,460 | 7,896,392 | 5,930,776 | 5,926,286 | 6,061,828 | 5,914,164 | 6,086,521 | 5,276,312 | 6,402,846 | 6,867,420 | ||
total liabilities | 98,016,472 | 91,231,675 | 93,120,992 | 120,533,019 | 128,868,195 | 140,442,002 | 168,979,002 | 170,179,083 | 175,609,016 | 185,281,001 | 128,231,727 | 106,425,466 | 123,624,152 | 114,350,237 | 85,087,351 | 77,461,692 | 84,931,995 | 82,545,628 | 12,954,182 | 13,675,127 |
commitments and contingencies | ||||||||||||||||||||
stockholders’ equity: | ||||||||||||||||||||
common stock | 9,878 | 9,864 | 9,781 | 9,776 | 10,018 | 10,191 | 10,198 | 10,168 | 10,297 | 10,406 | 10,293 | 10,564 | 10,208 | |||||||
additional paid-in-capital | 328,618,933 | 325,416,366 | 317,820,318 | 316,509,060 | 318,417,191 | 321,087,583 | 321,028,986 | 317,403,960 | 320,135,875 | 320,693,866 | 315,745,338 | 312,101,281 | 310,049,864 | 301,522,213 | 287,301,467 | 284,938,732 | ||||
accumulated deficit | -198,564,926 | -183,801,795 | -49,731,114 | -21,962,728 | -10,807,482 | -1,402,167 | -3,637,258 | -10,166,861 | -21,394,310 | -28,964,781 | -33,729,702 | -32,367,602 | -37,036,937 | -40,191,367 | -52,927,020 | -12,666,412 | -5,276,232 | |||
accumulated other comprehensive income | 2,247,984 | 2,387,404 | 2,433,485 | 2,721,602 | 1,717,407 | 1,221,869 | 2,313,518 | 1,378,744 | 1,344,771 | 808,171 | 1,390,642 | |||||||||
total stockholders’ equity attributable to docgo inc. and subsidiaries | 132,311,869 | 144,011,839 | 270,532,470 | 297,277,710 | 309,337,134 | 320,917,476 | 325,213,345 | 315,155,614 | 311,324,082 | 287,599,115 | 279,772,597 | 278,677,419 | 264,219,841 | 247,092,734 | 231,983,556 | |||||
noncontrolling interests | -21,101,478 | -18,140,502 | -9,870,583 | -9,546,978 | -7,412,331 | -5,738,346 | -309,808 | 2,830,990 | 3,752,019 | 3,953,300 | 4,087,982 | 5,243,605 | 6,613,018 | 7,300,962 | 8,280,753 | |||||
total stockholders’ equity | 111,210,391 | 125,871,337 | 260,661,887 | 287,730,732 | 301,924,803 | 315,179,130 | 324,903,537 | 317,986,604 | 315,076,101 | 291,552,415 | 283,860,579 | 283,921,024 | 270,832,859 | 254,393,696 | 240,264,309 | 5,000,009 | ||||
total liabilities and stockholders’ equity | 209,226,863 | 217,103,012 | 353,782,879 | 408,263,751 | 430,792,998 | 455,621,132 | 493,882,539 | 488,165,687 | 490,685,117 | 419,784,142 | 390,286,045 | 407,545,176 | 355,920,210 | 331,855,388 | 325,196,304 | 115,464,516 | ||||
goodwill | 41,089,450 | 49,954,435 | 49,554,226 | 47,432,550 | 47,862,242 | 47,505,110 | 47,489,759 | 47,539,929 | 47,594,304 | 47,820,840 | 47,668,654 | 38,900,413 | 34,533,363 | 8,686,966 | 8,686,966 | 8,686,966 | ||||
investments | 5,446,213 | 5,468,464 | 5,507,281 | 5,547,979 | ||||||||||||||||
line of credit | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 25,000,000 | 1,025,881 | 1,025,881 | 1,025,881 | 25,881 | |||||||||
contingent consideration | 4,312,874 | 4,947,614 | 4,947,614 | 4,973,152 | 16,744,521 | 18,514,346 | 19,781,737 | 19,792,982 | 26,238,486 | 26,489,294 | 26,428,272 | 10,555,540 | 4,000,000 | |||||||
prepaid expenses and other current assets | 9,654,324 | 4,767,998 | 4,344,642 | 5,154,906 | 5,144,917 | 10,759,696 | 17,499,953 | 6,899,412 | 6,786,787 | 6,737,378 | 6,269,841 | 2,394,324 | 5,285,303 | 3,649,206 | 2,111,656 | 228,257 | 222,896 | |||
restricted cash | 24,051,509 | 18,095,612 | 19,120,110 | 19,763,472 | 17,649,417 | 12,931,839 | 14,333,421 | 14,601,243 | 7,461,821 | 6,773,751 | 9,753,575 | 10,323,088 | 10,370,398 | 3,568,509 | ||||||
equity method investments | 634,100 | 554,879 | 470,406 | 553,573 | 447,125 | |||||||||||||||
retained earnings | 1,860,643 | |||||||||||||||||||
assets held for sale | 4,480,344 | |||||||||||||||||||
liabilities held for sale | 4,480,344 | |||||||||||||||||||
common stock (0.0001 par value... | 10,387 | 10,376 | 10,778 | |||||||||||||||||
equity method investment | 392,118 | 482,691 | 597,977 | 712,718 | 619,348 | 520,063 | 589,058 | |||||||||||||
accumulated other comprehensive gain | 984,864 | |||||||||||||||||||
warrant liabilities | 10,549,485 | 13,577,251 | 13,518,502 | 8,595,000 | 9,486,332 | |||||||||||||||
accumulated other comprehensive loss | -276,213 | -27,930 | -38,364 | |||||||||||||||||
assets: | ||||||||||||||||||||
cash | 59,319 | 234,160 | ||||||||||||||||||
investments held in trust account | 115,000,482 | 115,007,460 | ||||||||||||||||||
liabilities, class a common stock subject to possible redemption, and stockholders’ deficit | ||||||||||||||||||||
franchise tax payable | 103,115 | 68,743 | ||||||||||||||||||
other accrued liabilities | 70,000 | 70,000 | ||||||||||||||||||
deferred underwriting commissions in connection with initial public offering | 4,025,000 | 4,025,000 | ||||||||||||||||||
class a common stock, 0.0001 par value... | 115,000,000 | 96,789,380 | ||||||||||||||||||
stockholders’ deficit: | ||||||||||||||||||||
preferred stock, 0.0001 par value... | ||||||||||||||||||||
class b common stock, 0.0001 par value... | 288 | |||||||||||||||||||
additional paid-in capital | 10,275,771 | |||||||||||||||||||
total stockholders’ deficit | -12,666,124 | |||||||||||||||||||
total liabilities, class a common stock subject to possible redemption, and stockholders’ deficit | 115,288,058 | |||||||||||||||||||
liabilities and stockholders’ equity: |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||||
net loss | -16,699,837 | ||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||
depreciation of property and equipment | 1,266,513 | 1,180,710 | 1,249,968 | 1,211,771 | 1,220,806 | 1,323,878 | 1,374,975 | 1,476,657 | 1,431,308 | 132,063 | 1,625,070 | 1,590,037 | 1,482,610 | 1,522,102 | 1,150,806 | 729,560 | 711,878 |
amortization of intangible assets | 21,038 | 1,382,612 | 1,448,548 | 1,452,299 | 1,299,142 | 776,481 | 1,605,483 | 1,583,871 | 1,694,983 | 953,400 | 1,515,378 | 1,414,944 | 1,365,636 | 945,391 | 990,345 | 645,715 | 633,363 |
amortization of finance lease right-of-use assets | 1,359,556 | 1,384,912 | 1,272,716 | 1,316,938 | 1,241,443 | 1,222,566 | 1,197,076 | 1,141,130 | 1,056,490 | 3,529,772 | 1,195,819 | 826,080 | 801,083 | 844,429 | 873,713 | 662,495 | 855,781 |
loss on disposal of fixed assets | 62,493 | 10,453 | |||||||||||||||
deferred income tax expense | -253,775 | ||||||||||||||||
accretion of discount related to restricted investments | -78,004 | -94,953 | -69,486 | ||||||||||||||
loss on equity method investments | 446,213 | 27,035 | 38,817 | 40,698 | 86,121 | 82,742 | 64,014 | 83,167 | 41,974 | ||||||||
bad debt expense | 1,732,911 | 8,341,116 | 1,214,666 | 1,244,018 | 1,247,991 | 1,378,086 | 1,086,816 | 1,413,037 | 1,357,621 | 3,912,961 | -1,288,131 | 2,879,277 | -1,902,587 | 1,112,208 | 884,187 | 664,557 | 1,154,235 |
stock-based compensation | 3,224,784 | 3,135,898 | 4,649,675 | 4,826,133 | 4,830,312 | 3,878,631 | 3,155,186 | 2,611,930 | 3,988,339 | 5,807,327 | |||||||
loss on remeasurement of operating and finance leases | 0 | -5,077 | 6,607 | 40,837 | 311 | 6,163 | 21,192 | 4,697 | |||||||||
loss on change in fair value of contingent consideration | 2,760,000 | 1,003,718 | |||||||||||||||
changes in operating assets and liabilities: | |||||||||||||||||
accounts receivable | -2,803,766 | 11,775,279 | 14,528,162 | 54,756,572 | 31,437,734 | 21,434,711 | 21,387,772 | 20,851,331 | -22,401,596 | -57,040,937 | -88,076,313 | 9,260,366 | -24,668,050 | -11,310,443 | -1,416,340 | 3,249,281 | 1,061,709 |
prepaid expenses and other current assets | -37,672 | 2,003,275 | -129,747 | -4,886,326 | -386,734 | 674,104 | -9,989 | 5,614,779 | 6,728,337 | -10,507,797 | -112,625 | -49,409 | -174,059 | -3,898,367 | 2,890,979 | -1,636,097 | -1,537,550 |
other assets | 16,374 | -616,919 | 55,463 | 432,422 | 538,190 | -297,911 | -1,133,858 | 108,961 | -62,016 | 362,621 | 610,650 | -188,349 | 274,683 | 675,223 | -1,245,888 | -59,922 | 2,188,242 |
accounts payable | 2,700,501 | 2,680,565 | -2,074,591 | -10,562,692 | -7,684,101 | -6,764,153 | 4,379,590 | 5,145,678 | 5,800,891 | 10,860,517 | 2,260,305 | -12,319,429 | -2,581,796 | 7,620,688 | -1,055,891 | -2,255,748 | -671,744 |
accrued liabilities | 1,938,714 | -7,730,838 | 4,780,386 | 1,697,323 | -9,148,984 | -10,444,857 | -3,498,801 | -7,186,428 | -20,810,287 | 31,649,586 | 26,120,859 | 2,669,950 | -1,471,551 | -8,560,951 | -948,755 | 482,494 | 3,063,148 |
operating lease liabilities and right-of-use assets | 132,363 | -213,609 | 77,234 | ||||||||||||||
net cash from operating activities | -4,657,807 | -10,467,300 | 1,658,736 | 33,604,751 | 9,655,467 | 12,887,115 | 31,033,393 | 37,056,306 | -10,639,744 | -5,918,767 | -45,878,329 | 10,693,169 | -23,117,951 | -8,737,644 | 7,420,568 | 11,922,295 | 18,264,682 |
capital expenditures | -430,310 | -1,497,058 | -876,177 | 0 | -1,468,364 | -893,303 | -786,174 | -1,202,967 | -951,702 | -3,223,754 | -801,151 | -1,583,581 | -1,976,075 | -1,204,073 | -1,052,506 | -339,239 | -602,416 |
free cash flows | -5,088,117 | -11,964,358 | 782,559 | 33,604,751 | 8,187,103 | 11,993,812 | 30,247,219 | 35,853,339 | -11,591,446 | -9,142,521 | -46,679,480 | 9,109,588 | -25,094,026 | -9,941,717 | 6,368,062 | 11,583,056 | 17,662,266 |
cash flows from investing activities: | |||||||||||||||||
purchase of property and equipment | -430,310 | -1,497,058 | -876,177 | ||||||||||||||
purchase of intangibles | -665,172 | ||||||||||||||||
acquisition of a business, net of cash acquired | 0 | ||||||||||||||||
purchase of restricted investments | -1,731,066 | -3,874,540 | -2,517,699 | ||||||||||||||
proceeds from sale and maturity of restricted investments | 4,463,765 | 5,675,359 | |||||||||||||||
proceeds from disposal of property and equipment | 21,903 | 4,000 | 20,838 | 82,988 | 94,341 | 95,892 | 95,822 | 57,713 | 25,000 | 472,878 | -3,028 | 159,818 | 117,420 | ||||
net cash from investing activities | 1,659,120 | -13,072,046 | 1,099,455 | -21,377,184 | -5,733,052 | -5,571,281 | -1,512,591 | -2,088,659 | -1,699,741 | -2,962,151 | -1,501,895 | -23,727,989 | -1,689,495 | -654,003 | -35,835,883 | -821,045 | -1,137,040 |
cash flows from financing activities: | |||||||||||||||||
repayments of notes payable | -14,551 | -14,086 | -20,903 | -3,198 | -3,060 | -29,980 | -5,120 | -7,263 | -9,624 | 503,657 | -281,876 | -118,337 | -129,370 | -339,440 | -297,713 | -149,847 | -138,151 |
earnout payments on contingent liabilities | 0 | -1,687,134 | 0 | -265,538 | -2,008,524 | 0 | |||||||||||
distributions paid to noncontrolling interest | -1,024,270 | 0 | |||||||||||||||
payments for taxes related to shares withheld for employee taxes | -22,203 | -410,810 | -62,547 | -139,575 | -1,200,977 | -794,566 | -107,979 | -245,386 | -20,946 | -141,972 | |||||||
common stock repurchased | 0 | 0 | -5,076,952 | -5,751,954 | -2,678,073 | -1,296,187 | -4,904,452 | -4,877,559 | -3,233,953 | 140 | |||||||
payments on obligations under finance lease | -1,403,655 | -1,419,963 | -1,256,945 | -1,411,786 | -1,296,887 | -1,216,409 | -1,088,265 | -1,060,201 | -969,588 | -1,977,223 | -782,808 | -766,492 | -744,030 | -838,711 | -735,292 | -788,990 | -622,575 |
net cash from financing activities | -2,464,679 | -1,864,710 | -33,051,603 | -7,382,430 | -8,518,416 | -7,855,947 | -7,350,664 | -8,066,648 | -881,579 | -8,667,411 | 8,759,937 | -11,951,059 | -6,865,689 | -436,419 | -1,374,508 | 2,496,798 | |
effect of exchange rate changes on cash and cash equivalents | -206,076 | 281,662 | -653,988 | 650,391 | 317,738 | -701,078 | 584,966 | 28,532 | -103,059 | 865,746 | -457,189 | 516,927 | 168,149 | 1,014,086 | -257,425 | 10,434 | -5,863 |
net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | -5,669,442 | ||||||||||||||||
cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period | 52,484,778 | 0 | 0 | ||||||||||||||
cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 46,815,336 | -25,122,394 | -30,947,400 | ||||||||||||||
net income | -142,340,600 | -29,657,362 | -13,289,893 | -11,079,300 | -7,646,926 | 4,545,553 | 5,858,574 | 10,603,379 | 7,993,260 | 4,630,239 | 1,343,619 | -3,918,790 | 7,148,427 | 2,466,487 | 11,755,862 | 9,372,437 | |
adjustments to reconcile net income to net cash from (used in) operating activities: | |||||||||||||||||
loss on disposal of assets | -12,563 | -52,835 | 689,092 | 9,983 | 98,630 | 54,839 | 63,840 | ||||||||||
deferred income tax | 30,061,721 | -13,510,442 | -4,878,785 | -3,927,428 | 8,709,292 | -3,218,516 | -1,968,495 | -55,776 | |||||||||
loss on liquidation of business | 0 | 0 | |||||||||||||||
intangible asset impairment | |||||||||||||||||
goodwill impairment | 49,509,698 | ||||||||||||||||
equity investment impairment | |||||||||||||||||
acquisition of businesses, net of cash acquired | |||||||||||||||||
purchase of equity method investments | 0 | ||||||||||||||||
purchase of equity securities | |||||||||||||||||
proceeds from revolving credit line | 0 | 0 | 0 | 45,000,000 | 0 | 0 | 1,000,000 | ||||||||||
repayments of revolving credit line | 0 | 0 | 0 | 0 | -40,000,000 | ||||||||||||
proceeds from notes payable | 0 | ||||||||||||||||
due to seller | -19,851 | -106,943 | -109,619 | -3,005,113 | -1 | -3,862 | -5,172,446 | -5,861,748 | 8,938,361 | -11,494,549 | -1,527,721 | -130,712 | -716,838 | -160,250 | |||
acquisition of noncontrolling interest | 0 | ||||||||||||||||
proceeds from exercise of stock options | 25,646 | 0 | 31,885 | 426,003 | 706,405 | 416,890 | 100,017 | 727,158 | 779,066 | 374,344 | |||||||
net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | -25,122,394 | -30,947,400 | |||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||
finite-lived intangible asset impairment | |||||||||||||||||
acquisition of intangibles | -681,396 | -865,462 | -712,711 | 226,130 | -660,276 | -794,918 | -773,039 | -62,853 | -547,206 | -526,158 | -1,405,444 | -343,124 | -940,004 | -481,806 | -534,624 | ||
change in fair value of contingent consideration | -9,762,845 | 44,520 | 332,638 | -6,446 | -1,277,551 | ||||||||||||
proceeds from sale of restricted investments | |||||||||||||||||
dividends paid to noncontrolling interest | -1,044,422 | 0 | |||||||||||||||
gain on disposal of fixed assets | -15,139 | ||||||||||||||||
acquisition of property and equipment | -1,468,364 | -893,303 | -786,174 | -1,202,967 | -951,702 | -3,223,754 | -801,151 | -1,583,581 | -1,976,075 | -1,204,073 | -1,052,506 | -339,239 | -602,416 | ||||
acquisition of a business | -3,646,318 | ||||||||||||||||
net decrease in cash and restricted cash | -4,278,263 | -13,324,123 | |||||||||||||||
cash and restricted cash at beginning of period | 107,337,307 | 0 | 0 | 0 | 72,217,986 | 0 | 0 | 0 | 164,109,074 | 0 | 0 | 0 | 179,105,730 | ||||
cash and restricted cash at end of period | 103,059,044 | -1,241,191 | 22,755,104 | 26,929,531 | 58,893,863 | 4,962,048 | -56,504,824 | -3,757,956 | 127,518,718 | -15,243,250 | -29,109,159 | 9,737,176 | 198,724,307 | ||||
gain on remeasurement of warrant liabilities | 9,682 | 1,831,947 | |||||||||||||||
gain on bargain purchase | |||||||||||||||||
asset held for sale | |||||||||||||||||
acquisition of businesses | 0 | 0 | -21,778,068 | 1,574,604 | 890,194 | ||||||||||||
equity method investments | 0 | -161,963 | -148,422 | ||||||||||||||
investment in equity securities | |||||||||||||||||
noncontrolling interest contributions | 0 | 0 | 0 | 2,063,000 | |||||||||||||
equity costs | 0 | 0 | 0 | -19,570 | |||||||||||||
net increase in cash and restricted cash | -1,241,191 | 22,755,104 | 4,962,048 | -56,504,824 | -3,757,956 | -36,590,356 | -15,243,250 | -29,109,159 | 9,737,176 | 19,618,577 | |||||||
supplemental disclosure of cash and non-cash transactions: | |||||||||||||||||
cash paid for interest | |||||||||||||||||
cash paid for interest on finance lease liabilities | |||||||||||||||||
cash paid for income taxes | |||||||||||||||||
right-of-use assets obtained in exchange for lease liabilities | |||||||||||||||||
remeasurement of finance lease right-of-use asset due to lease modification | |||||||||||||||||
fixed assets acquired in exchange for notes payable | |||||||||||||||||
supplemental non-cash investing and financing activities: | |||||||||||||||||
acquisition of remaining fmc na through due to seller and issuance of stock | |||||||||||||||||
acquisition of crms through issuance of stock | |||||||||||||||||
crms true-up payment through issuance of stock | |||||||||||||||||
receivable exchanged for trade credits | |||||||||||||||||
pre-acquisition receivables written off through due to seller | |||||||||||||||||
reconciliation of cash and restricted cash | |||||||||||||||||
cash | |||||||||||||||||
restricted cash | |||||||||||||||||
total cash and restricted cash shown in statement of cash flows | |||||||||||||||||
gain on liquidation of business | 70,284 | ||||||||||||||||
gain from ppp loan forgiveness | |||||||||||||||||
acquisition of leased assets | |||||||||||||||||
acquisition of uk ltd remaining 20% shares | |||||||||||||||||
issuance costs related to merger recapitalization | |||||||||||||||||
proceeds from issuance of class a common stock, net of transaction cost | |||||||||||||||||
net cash provided (used) in financing activities | |||||||||||||||||
due to seller non-cash | |||||||||||||||||
deferred tax asset | 2,339,033 | -274,242 | -1,015,555 | ||||||||||||||
gain on remeasurement of finance leases | 0 | 0 | |||||||||||||||
adjustments to reconcile net income to net cash | |||||||||||||||||
from operating activities: | |||||||||||||||||
loss on equity method investment | 90,573 | 115,286 | |||||||||||||||
stock based compensation | 3,351,122 | 8,450,016 | 3,438,515 | 1,111,195 | 2,081,924 | 1,422,937 | |||||||||||
loss on remeasurement of warrant liabilities | -58,749 | ||||||||||||||||
gain on equity method investment | |||||||||||||||||
cash held for sale | |||||||||||||||||
investments in equity method investment | |||||||||||||||||
proceeds from revolving line of credit | |||||||||||||||||
repayments of revolving line of credit | |||||||||||||||||
proceeds from fmc loan | |||||||||||||||||
repayments of fmc loan | |||||||||||||||||
acquisition of u.k. ltd remaining 20% shares | |||||||||||||||||
provided by operating activities: | |||||||||||||||||
gain from equity method investment | -69,550 | ||||||||||||||||
loss from equity method investment | 68,995 | ||||||||||||||||
due to seller write off |