Filing Flows › P3 Health Partners (PIII) › Q1 2025
P3 Health Partners (PIII) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 15, 2025
P3 Health Partners (PIII) reported revenue of $373M for the first quarter 2025 (Q1 2025), -4% from a year earlier and +0.7% from the quarter before. Operating margin was -10.2%, net loss $44.2M (11.9% of revenue).
P3 Health Partners, Q1 2025: revenue $373M (-4% year over year), operating margin -10.2%, net loss $44.2M, operating cash flow −$33.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $373M | +0.7% | -4% |
| Operating profit | −$38.1M | — | — |
| Net earnings | −$44.2M | — | — |
| Operating cash flow | −$33.5M | — | — |
What changed
Revenue was $373.2M in Q1 2025, down 4% year over year and up 1% from the previous quarter. Capitated Revenue was the largest line at 99% of revenue. Capitated Revenue lost $14.6M year over year (down 4%), 96% of the total change.
Operating costs exceeded revenue by $38.1M, an operating margin of -10.2%. Total costs fell 5% while revenue fell 4%. The quarter ended with a net loss of $44.2M, narrower than the previous quarter's $129.1M loss. Minority interests bore $23.8M of it: to shareholders the quarter was a loss of $20.5M.
Operating cash flow was −$33.5M. Non-cash charges added back $21.1M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $12.1M.
Questions
What was P3 Health Partners' revenue in the first quarter 2025?
P3 Health Partners (PIII) reported revenue of $373M for the first quarter 2025 (Q1 2025), -4% from a year earlier and +0.7% from the quarter before.
Was P3 Health Partners profitable in the first quarter 2025?
Operating loss was $38.1M (-10.2% of revenue) and net loss $44.2M.
Source: P3 Health Partners 10-Q on SEC EDGAR.