P3 Health Partners Q2 revenue down 6% YoY; adj. EBITDA loss $17.1M; FY guidance lowered

P3 Health Partners Inc.

2025-Q2 EPS reported -$12.52 revenue$729,013,000

Average at-risk membership ~115,000, down 9% YoY due to network/payer rationalization.
Revenue $355.8M (-6% YoY); medical margin $30.6M ($89 PMPM). Excl. prior-period adj., medical margin $39.3M.
Adjusted EBITDA loss $17.1M ($50 PMPM); excl. prior-period adj., loss was $8.5M ($25 PMPM).
FY 2025 guidance: revenue $1.35B-$1.5B, medical margin $124M-$154M, adj. EBITDA loss $69M-$39M.
Identified $120M-$170M in additional EBITDA opportunities; three of four markets EBITDA positive/breakeven.

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