Ontrak, Inc.

ontrakhealth.com

What Do They Do?

Provides behavioral health identification, care coaching and treatment programs for health plans and other payors serving members with behavioral and chronic medical conditions.

How Do They Make Money?

Health plans and other payors pay for Ontrak’s care services through monthly enrollment fees or fees for service, sometimes combined with a share of validated savings. Fees may be billed or received in advance; services are provided over time or at a particular point.

FY2024 revenue

Who Are Their Customers?

Ontrak contracts with national and regional health plans and other payors, which make its solutions available to eligible members; it also markets its solutions to value-based providers and self-insured employers.

Customers above 10% of revenue, FY2024

of revenue from one customer

FY2023: 34% from one customer

Do Revenues Turn Into Profits?

No. It lost $25.5M in FY2024.

Operating income, FY2024

−164% of revenue

▲ +16% (Loss) vs FY2023 (−$21.1M, −166%)

Net income, FY2024

−235% of revenue

▲ +9% (Loss) vs FY2023 (−$27.9M, −219%)

Free cash flow, FY2024

−126% of revenue

▲ +14% (Loss) vs FY2023 (−$15.8M, −124%)

How Are They Changing?

Since the FY2024 annual report

Latest quarter: Q1 FY2025, the three months to Mar 31, 2025

Revenue: ▼ −25%; vs $2.7M in Q1 FY2024
Net income: ▼ −55% (Loss); vs −$4.5M in Q1 FY2024

Aug 28, 2025 Board approves Chapter 7 filing; directors resign The board approved filing a voluntary Chapter 7 petition, and all directors resigned effective immediately.
Aug 13, 2025 Nasdaq determines to delist the company’s securities The company said it would not appeal; trading was expected to be suspended on August 18, 2025.
Jul 31, 2025 Company decides to cease operations and terminate all employees The board made the decision after assessing its financial condition and prospects for further funding.

Shrinking. Revenue fell 87% in 4 years, from $82.8M in FY2020 to $10.8M in FY2024, about 40% a year.

A more modular service offering The latest report presents Identify, Outreach, Engage, Access and Quality as separate solutions, and says Engage can be offered à la carte. The older report describes an Ontrak program alongside a LifeDojo offering for employer customers.

Shared-savings pricing The latest report adds a shared-savings option alongside monthly enrollment fees and fees for service; the older report lists case rates, monthly fees and fees for service.

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