---
schema_version: "secwatch.filing_event.v1"
accession: "0001832511-25-000024"
form_type: "8-K"
ticker: "PIII"
cik: "0001832511"
company_name: "P3 Health Partners Inc."
filed_at: "2025-11-14T23:59:59+00:00"
generated_at: "2026-05-16T19:54:45.976247+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001832511-25-000024
- form_type: 8-K
- ticker: PIII
- cik: 0001832511
- company_name: P3 Health Partners Inc.
- filed_at: 2025-11-14T23:59:59+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/1832511/000183251125000024/0001832511-25-000024-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1832511/000183251125000024/piii-20251113.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001832511-25-000024
- JSON: https://secwatch.observer/filing/0001832511-25-000024.json
- Plain text: https://secwatch.observer/filing/0001832511-25-000024.txt

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