secwatch.observer — SEC 8-K summary
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Issuer:     P3 Health Partners Inc. (PIII)
CIK:        0001832511
Form:       8-K
Filed at:   2025-08-14T23:59:59+00:00
Accession:  0001832511-25-000010
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832511/000183251125000010/0001832511-25-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832511/000183251125000010/piii-20250814.htm
  HTML page:      https://secwatch.observer/filing/0001832511-25-000010

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer