secwatch.observer — SEC 8-K summary
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Issuer:     P3 Health Partners Inc. (PIII)
CIK:        0001832511
Form:       8-K
Filed at:   2026-03-26T23:59:59+00:00
Accession:  0001832511-26-000010
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

P3 Health Partners reports Q4 net loss $165.7M, provides 2026 EBITDA guidance midpoint $10M
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- Q4 2025 revenue $384.8M, net loss $165.7M, adjusted EBITDA loss $76.1M.
- Full-year 2025 revenue $1.46B, net loss $323.1M, adjusted EBITDA loss $161.3M.
- At-risk membership declined ~9% to ~115,000 in Q4 due to network realignment.
- 2026 guidance: adjusted EBITDA range -$20M to +$40M, midpoint $10M, ~$170M YoY improvement.
- Normalized full-year adjusted EBITDA loss improved to $149.1M from $193.0M in 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1832511/000183251126000010/0001832511-26-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1832511/000183251126000010/piii-20260326.htm
  HTML page:      https://secwatch.observer/filing/0001832511-26-000010

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