DocGo Inc.

docgo.com

What Do They Do?

Provides medical transportation between care settings and to clinical services, and delivers mobile and in-home medical care for healthcare facilities, health plans and public agencies.

How Do They Make Money?

DocGo charges fixed contract rates for mobile health services as it provides care. Transportation fees use fixed base and/or mileage rates, while some ambulance programs charge by the hour or day.

revenue

Segment	Share	How money arrives
Mobile Health Services Sold outright	38% FY2022: 74%	Sold outright
Transportation Services Usage-based	62% FY2022: 26%	Usage-based
Corporate	0.0% FY2022: 0.0%

Who Are Their Customers?

DocGo works with health plans, hospitals, municipalities, employers and public agencies to provide mobile care; healthcare facilities use its platform to order, track and manage patient transportation.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 61% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $182.4M in FY2025, but brought in more cash than it spent: $29.9M of free cash flow.

Operating income, FY2025

−55% of revenue

▼ Now a loss vs FY2024 ($28.7M, 5%)

Net income, FY2025

−57% of revenue

▼ Now a loss vs FY2024 ($20M, 3%)

Free cash flow, FY2025

9% of revenue

▼ −55% vs FY2024 ($66.5M, 11%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▼ −9%; vs $80.4M in Q2 FY2025
Net income: ▲ +42% (Loss); vs −$11.2M in Q2 FY2025

Transportation Services share of revenue vs 61.7% in Q2 FY2025

Aug 17, 2026 Agreed to acquire virtual care provider Hicuity Health The proposed deal would add virtual intensive care, nursing and monitoring; the company also narrowed its revenue forecast and lowered its adjusted EBITDA forecast.
Jul 31, 2026 Nasdaq extended the deadline to meet its minimum bid price rule DocGo has until January 25, 2027 to regain compliance.
Apr 22, 2026 Named an independent board chair Michael Burdiek was appointed Chair effective at the conclusion of the annual meeting.

Flat. Revenue was $322.2M in FY2025, about the same as the $318.7M of FY2021.

New service capabilities The older report describes telehealth-enabled mobile care; the latest also describes an acquired virtual care network and a mobile phlebotomy provider, extending the care offering.

Customer and program focus The older report describes population and shelter coordination services with government partners; the latest emphasizes health-plan care-gap programs and says migrant-related work is no longer core to its growth strategy.

Revenue over time

Mobile Health Services Transportation Services Corporate

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with DispatchHealth, Modivcare, Option Care Health, Teladoc, Amwell, Signify Health, MedArrive, Biofourmis, One Medical, Falck, Global Medical Response, American Medical Response, Southwest Ambulance, Paramedics Plus, and Acadian Ambulance

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