$AMWL

American Well Corp

CIK:0001393584|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Revenue ($34, $833, $614 and $1,265 from related parties, respectively)	$ 52,048	$ 70,898	$ 106,931	$ 137,731
Costs and operating expenses:
Costs of revenue, excluding depreciation and amortization of intangible assets	24,486	31,143	51,405	62,717
Research and development	10,352	18,237	22,731	40,339
Sales and marketing	5,844	12,518	13,589	25,094
General and administrative	13,901	21,155	31,602	44,347
Depreciation and amortization expense	7,021	8,224	14,584	16,024
Total costs and operating expenses	61,604	91,277	133,911	188,521
Loss from operations	(9,556)	(20,379)	(26,980)	(50,790)
Interest income and other (expense) income, net	(617)	845	(304)	3,533
Net gain on divestiture	0	0	7,027	10,713
Loss before expense from income taxes and loss from equity method investment	(10,173)	(19,534)	(20,257)	(36,544)
Income tax benefit	548	725	331	157
Loss from equity method investment	0	(722)	0	(1,500)
Net loss	(9,625)	(19,531)	(19,926)	(37,887)
Net income attributable to non-controlling interest	302	165	887	513
Net loss attributable to American Well Corporation	$ (9,927)	$ (19,696)	$ (20,813)	$ (38,400)
Net loss per share attributable to common stockholders, basic	$ (0.59)	$ (1.24)	$ (1.25)	$ (2.43)
Net loss per share attributable to common stockholders, diluted	$ (0.59)	$ (1.24)	$ (1.25)	$ (2.43)
Weighted-average common shares outstanding, basic	16,761,044	15,892,970	16,675,831	15,783,281
Weighted-average common shares outstanding, diluted	16,761,044	15,892,970	16,675,831	15,783,281
Net loss	$ (9,625)	$ (19,531)	$ (19,926)	$ (37,887)
Other comprehensive income (loss), net of tax:
Foreign currency translation	1,784	2,669	1,812	2,326
Comprehensive loss	(7,841)	(16,862)	(18,114)	(35,561)
Less: Comprehensive income attributable to non-controlling interest	302	165	887	513
Comprehensive loss attributable to American Well Corporation	$ (8,143)	$ (17,027)	$ (19,001)	$ (36,074)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (19,926)	$ (37,887)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment on right of use asset	3,424	0
Depreciation and amortization expense	14,606	16,025
Provisions for credit losses	2,741	379
Amortization of deferred contract acquisition costs	1,337	1,297
Amortization of deferred contract fulfillment costs	131	470
Inventory provisions	(300)	250
Net gain on divestiture	(7,027)	(10,713)
Stock-based compensation expense	4,337	13,349
Loss on equity method investment	0	1,500
Deferred income taxes	(8)	(10)
Changes in operating assets and liabilities:
Accounts receivable	(5,677)	10,767
Inventories	523	674
Deferred contract acquisition costs	(709)	(1,058)
Prepaid expenses and other current assets	(1,024)	(1,112)
Other assets	15	220
Accounts payable	45	(1,350)
Accrued expenses and other current liabilities	13,809	(9,239)
Deferred revenue	3,437	(13,394)
Net cash provided by (used in) operating activities	9,734	(29,832)
Cash flows from investing activities:
Purchases of property and equipment	(13)	(9)
Capitalized software development costs	(5,630)	0
Purchases of investments	0	(1,000)
Proceeds from divestiture, net of cash divested	7,027	20,400
Net cash provided by investing activities	1,384	19,391
Cash flows from financing activities:
Proceeds from employee stock purchase plan	303	544
Payments for the purchase of treasury stock	0	(2)
Net cash provided by financing activities	303	542
Effect of exchange rates changes on cash, cash equivalents, and restricted cash	2,197	655
Net increase (decrease) in cash, cash equivalents, and restricted cash	13,618	(9,244)
Cash, cash equivalents, and restricted cash at beginning of period	183,123	229,111
Cash, cash equivalents, and restricted cash at end of period	196,741	219,867
Cash, cash equivalents, and restricted cash at end of period:
Cash and cash equivalents	195,946	219,072
Restricted cash	795	795
Total cash, cash equivalents, and restricted cash at end of period	196,741	219,867
Supplemental disclosure of cash flow information:
Cash paid for income taxes	$ 645	$ 2,252

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 195,946	$ 182,328
Restricted cash	795	0
Accounts receivable ($30 and $955, from related parties and net of allowances of $11,519 and $9,463, respectively)	52,608	49,693
Inventories	964	1,187
Deferred contract acquisition costs	2,658	2,660
Prepaid expenses and other current assets	11,720	10,813
Total current assets	264,691	246,681
Restricted cash	0	795
Property and equipment, net	165	225
Intangible assets, net	56,947	66,073
Operating lease right-of-use asset	0	3,930
Deferred contract acquisition costs, net of current portion	3,811	4,459
Other assets	1,566	1,624
Total assets	327,180	323,787
Current liabilities:
Accounts payable	1,696	1,649
Accrued expenses and other current liabilities	60,338	45,308
Operating lease liability, current	2,978	3,632
Deferred revenue ($20 and $113 from related parties, respectively)	26,248	22,625
Total current liabilities	91,260	73,214
Other long-term liabilities	1,059	1,075
Operating lease liability, net of current portion	0	892
Deferred revenue, net of current portion	552	818
Total liabilities	92,871	75,999
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, no shares issued or outstanding as of June 30, 2026 and as of December 31, 2025
Common stock, $0.01 par value; 1,000,000,000 Class A shares authorized, 15,277,711 and 14,782,788 shares issued and outstanding, respectively; 100,000,000 Class B shares authorized, 1,369,518 shares issued and outstanding; 200,000,000 Class C shares authorized 277,777 issued and outstanding as of June 30, 2026 and as of December 31, 2025	170	165
Additional paid-in capital	2,313,775	2,309,145
Accumulated other comprehensive income (loss)	(10,287)	(12,099)
Accumulated deficit	(2,082,441)	(2,061,628)
Total American Well Corporation stockholders’ equity	221,217	235,583
Non-controlling interest	13,092	12,205
Total stockholders’ equity	234,309	247,788
Total liabilities and stockholders’ equity	$ 327,180	$ 323,787