---
schema_version: "secwatch.filing_event.v1"
accession: "0001832511-25-000010"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2025-08-14T23:59:59+00:00"
generated_at: "2026-05-17T13:23:50.202757+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001832511-25-000010
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2025-08-14T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1832511/000183251125000010/0001832511-25-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000183251125000010/piii-20250814.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001832511-25-000010
- JSON: https://secwatch.observer/filing/0001832511-25-000010.json
- Plain text: https://secwatch.observer/filing/0001832511-25-000010.txt

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