P3 Health Partners Q3 revenue $345.3M (-5% YoY); adjusted EBITDA loss $45.9M; narrows guidance

P3 Health Partners Inc.

2025-Q3 EPS reported -$22.18 revenue$1,074,266,000

At-risk membership ~116k (-10% YoY) due to intentional network/payer rationalization.
Medical margin $4.4M ($13 PMPM) impacted by unfavorable mid-year settlement adjustments.
Adjusted EBITDA loss $45.9M ($132 PMPM); YTD normalized loss $70.1M ($67 PMPM).
FY 2025 guidance: revenue $1.4B-$1.45B; adjusted EBITDA loss $(110)M-$(95)M.
Identified $120M-$170M EBITDA expansion opportunity; targeting profitability in 2026.

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