Clover Health Investments, Corp.

cloverhealth.com

What Do They Do?

Offers Medicare Advantage health plans to Medicare-eligible people and clinical software to outside payors and providers, helping physicians identify and manage chronic diseases.

How Do They Make Money?

Clover receives monthly premiums from CMS for its Medicare Advantage members; it earns premiums during periods members are entitled to care, and estimates additional payments based on members' documented diagnoses for covered member months.

FY2025 revenue

Who Are Their Customers?

Medicare-eligible people enroll in PPO and HMO plans, which Clover markets through brokers and field marketing organizations and co-brands with providers. It is also commercializing its software for external payors and providers.

Do Revenues Turn Into Profits?

No. It lost $85.5M in FY2025.

Operating income, FY2025

−4% of revenue

▲ +87% (Loss) vs FY2024 (−$45.7M, −3%)

Net income, FY2025

−4% of revenue

▲ +99% (Loss) vs FY2024 (−$43M, −3%)

Free cash flow, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($33.3M, 2%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +56%; vs $477.6M in Q2 FY2025
Net income: ▲ Now profitable; vs −$10.6M in Q2 FY2025

Aug 5, 2026 Clover raised its full-year 2026 outlook It raised its ranges for revenue, gross profit, adjusted EBITDA and net income.

Growing. Revenue grew 31% in 4 years, from $1.5B in FY2021 to $1.9B in FY2025, about 7% a year.

Software reaches external customers The older report described Clover Assistant as serving its Insurance and Non-Insurance ACO businesses. The latest report adds Counterpart Health, offering the platform to external payors and providers.

Who Do They Compete With?

Competes with United Health, Aetna, Humana, Centene, Elevance Health, Alignment Health, Devoted Health, and Oscar Health

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