---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-013613"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2024-03-28T23:59:59+00:00"
generated_at: "2026-06-04T06:29:11.813148+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# P3 Health reports FY23 revenue $1.27B (+21% YoY); affirms 2024 Adj. EBITDA guidance $20M-$40M

## Summary
- Total revenue $1.27B for FY2023 (+21% YoY); net loss $186.4M vs $1.56B prior year.
- Medical margin $135.1M (+118% YoY); Adjusted EBITDA loss $85.5M (improved from $127.9M).
- Affirms 2024 guidance: at-risk members 125k-135k, revenue $1.45B-$1.55B, Adj. EBITDA $20M-$40M.
- P3 LLC entered $25M unsecured promissory note (17.5% interest) from VBC Growth SPV 2 for growth pipeline.
- Note subordinated to existing term loan; related-party transaction approved by independent committee.

## SEC filing metadata
- accession: 0001628280-24-013613
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2024-03-28T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832511/000162828024013613/0001628280-24-013613-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000162828024013613/piii-20240322.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-013613
- JSON: https://secwatch.observer/filing/0001628280-24-013613.json
- Plain text: https://secwatch.observer/filing/0001628280-24-013613.txt

## Key facts
- Debt Financings
  P3 Health Partners Inc. incurred loan of up to $25.0 million with VBC Growth SPV 2, LLC at 17.5% per annum maturing September 30, 2027.
  - Instrument: loan
  - Principal: up to $25.0 million
  - Counterparty: VBC Growth SPV 2, LLC
  - Rate: 17.5% per annum
  - Maturity: September 30, 2027
  - Event: incurrence
  source text: of independent, disinterested directors of the Company. Promissory Note The Promissory Note was issued by P3 LLC to VBC 2 on March 22, 2024, and provides for funding of up to $25.0 million, available for draw by P3 LLC in two tranches, as follows: (i) a first tranche of $10.0 million available to P3 LLC upon the Effective Date, and (ii) a second tranche of $15.0
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000162828024013613/0001628280-24-013613-index.htm
- Earnings Releases
  P3 Health Partners Inc. reported fourth quarter and full year ended December 31, 2023 results: revenue $346.9 million, net income Net loss was $69.1 million. Guidance reaffirmed.
  - Period: fourth quarter and full year ended December 31, 2023
  - Revenue: $346.9 million
  - Net income: Net loss was $69.1 million
  - Guidance: reaffirmed
  - Result: reported results
  source text: for the P3 model is as high as ever and that our demonstrated ability to bend the cost curve is driving this demand.” Fourth Quarter 2023 Financial Results • Total revenue was $346.9 million, an increase of 34% compared to $258.2 million in the fourth quarter of the prior year • Capitated revenue was $342.8 million, an increase of 35% compared to $254.0 million in
  evidence_url: https://www.sec.gov/Archives/edgar/data/1832511/000162828024013613/0001628280-24-013613-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.