secwatch.observer — SEC 8-K summary
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Issuer:     P3 Health Partners Inc. (PIII)
CIK:        0001832511
Form:       8-K
Filed at:   2025-11-14T23:59:59+00:00
Accession:  0001832511-25-000024
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832511/000183251125000024/0001832511-25-000024-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832511/000183251125000024/piii-20251113.htm
  HTML page:      https://secwatch.observer/filing/0001832511-25-000024

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