---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-025928"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2025-05-15T23:59:59+00:00"
generated_at: "2026-05-21T05:37:46.761998+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# P3 Health Partners Q1 revenue down 4%, medical margin hit by $23M prior-year claims adjustment

## Summary
- Total revenue $373.2M, down 4% YoY; average at-risk membership 115,900 (-8%).
- Medical margin $17.2M vs $36.6M prior year; includes negative $23M net impact from prior-year claims from one payer.
- Adjusted EBITDA loss $22.2M vs $19.8M loss prior year; includes negative $9M prior claims and retroactive adjustments.
- FY2025 guidance affirmed: revenue $1.35B-$1.5B, medical margin $174M-$210M, Adj. EBITDA -$35M to $5M.
- CEO says turnaround ahead of schedule; 3 of 4 markets achieved breakeven or better in Q1.

## SEC filing metadata
- accession: 0001628280-25-025928
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2025-05-15T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832511/000162828025025928/0001628280-25-025928-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000162828025025928/piii-20250515.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-025928
- JSON: https://secwatch.observer/filing/0001628280-25-025928.json
- Plain text: https://secwatch.observer/filing/0001628280-25-025928.txt

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