American Well Corporation

business.amwell.com

What Do They Do?

Provides health systems, health plans, and healthcare innovators with software and services for coordinating in-person, virtual, and automated care.

How Do They Make Money?

Platform subscriptions bring in annual access fees paid in advance for access over the contract term; clients also pay for medical visits when completed and for professional services on a fee-for-service basis.

revenue

Segment	Share	How money arrives
Platform Subscription Recurring	53% FY2022: 44%	Recurring
Visits Usage-based	38% FY2022: 45%	Usage-based
Other	9.1% FY2022: 12%

Who Are Their Customers?

Health systems, health plans, employers, and government entities buy the platform. Amwell sells through its direct sales team and channel partners, which primarily market the platform and Carepoint devices.

Customers above 10% of revenue, FY2025

of revenue from two customers (31%, 22%)

FY2023: 24% from one customer

Do Revenues Turn Into Profits?

No. It lost $95.7M in FY2025.

Operating income, FY2025

−42% of revenue

▼ −52% (Loss) vs FY2024 (−$217.5M, −86%)

Net income, FY2025

−38% of revenue

▼ −54% (Loss) vs FY2024 (−$208.1M, −82%)

Free cash flow, FY2025

−26% of revenue

▼ −48% (Loss) vs FY2024 (−$127.5M, −50%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −27%; vs $70.9M in Q2 FY2025
Net income: ▼ −50% (Loss); vs −$19.7M in Q2 FY2025

Platform Subscription share of revenue vs 57.1% in Q2 FY2025

Aug 4, 2026 Amwell raised the low end of its 2026 revenue outlook It also raised its adjusted EBITDA outlook and gave third-quarter guidance.
Jul 21, 2026 Amwell changed its independent auditor The audit committee dismissed PricewaterhouseCoopers and appointed BDO USA.

One platform across care settings The older report described Converge as bringing the Home and Hospital lines together; the latest describes the Amwell Platform as supporting care across all settings.

Revenue over time

Platform Subscription Visits Other

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Teladoc, Caregility, Included Health, MDLive, Microsoft, Amazon, Zoom, Care.AI, Avasure, Epic, Oracle Health, Allscripts, athenahealth, Twistle, GetWell Loop, Memora Health, Ableto, Headspace, Array, and Neuroflow

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