DocGo Inc. (DCGO) SEC Filings & Earnings Calls

New debt financing increases leverage; termination of existing facility may indicate restructuring of debt obligations.

“entered into a Credit Agreement... providing for a term loan facility in an aggregate principal amount of $150.0 million and a revolving credit facility in an aggregate principal amount of $50.0 million”

Issuance of unregistered shares dilutes existing shareholders.

“Item 3.02 Unregistered Sales of Equity Securities.” · word for word

Nasdaq Delisting Risk

“On January 26, 2026, the Company received a letter from the Listing Qualifications Department of Nasdaq notifying the Company that, based upon the closing bid price of the Common Stock from December 9, 2025 to January 23, 2026, the Company is not currently in compliance with Nasdaq Listing Rule 5550(a)(2)” · word for word

Government Contract Concentration Risk

“While the Company’s government contract work declined in 2025 and for the three and six months ended June 30, 2026, both in absolute dollar terms and as a percentage of overall consolidated revenue, due primarily to the ending of large migrant-related projects in New York”

Litigation Risk

“The parties reached an agreement to settle the action for an amount of $ 12,500,000 (covered by the Company’s insurance policy, subject to retention)” · word for word

Significant adjusted EBITDA guidance cut indicates worsening profitability outlook.

“FY2026 adjusted EBITDA guidance lowered to -$17 to -$22M from -$5 to -$10M.”

Cash burn continues; unrestricted cash declined $10.5M in quarter.

“Unrestricted cash $25.2M vs $35.7M prior quarter.”

Delisting risk if minimum bid price not regained by Jan 25, 2027

“Nasdaq letter; reverse stock split authorized but not yet implemented; no assurance of compliance.”

Nasdaq delisting risk

“On January 26, 2026, the Company received a letter from the Listing Qualifications Department of Nasdaq notifying the Company that, based upon the closing bid price of the Common Stock from December 9, 2025 to January 23, 2026, the Company is not currently in compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company to maintain a minimum bid” · word for word

Government contract concentration and decline

“While the Company’s government contract work declined in 2025 and for the three months ended March 31, 2026, both in absolute dollar terms and as a percentage of overall consolidated revenue, due primarily to the ending of large migrant-related projects in New York, the Company continues to bid on government contracts and expects some revenue from this secto” · word for word

Litigation and regulatory risk

“The parties reached an agreement to settle the action for an amount of $ 12,500,000 (covered by the Company’s insurance policy, subject to retention), and on March 24, 2026, the court approved the settlement.” · word for word

Margin pressure from hiring and fuel cost increases; fuel cost sensitivity due to Middle East conflict.

“CFO: 'meaningful negative impact from the increase in fuel prices caused by the war in the Middle East.'”

Negative adjusted EBITDA and net loss; cash burn continues.

“Adjusted EBITDA ($10.2)M; net loss ($16.7)M; cash decreased from $68.3M to $59.9M.”

Board changes may indicate strategic shift or governance concerns.

“Director departure and formation of cost reduction committee.”

Nasdaq delisting risk

“On January 26, 2026, the Company received a letter from the Staff of Nasdaq notifying the Company that, based upon the closing bid price of the Company's common stock from December 9, 2025 to January 23, 2026, the Company is not currently in compliance with Nasdaq Listing Rule 5550(a)(2), which requires the Company to maintain a minimum bid price of $1.00 pe” · word for word

Reverse stock split may not cure deficiency; new Nasdaq rules limit split use

“On January 15, 2025, the SEC approved an amendment to the Nasdaq listing rules which limit the conditions under which a listed company can use a reverse stock split to meet the Minimum Bid Requirement. In particular, the amendment provides that if a company executes a reverse stock split to regain compliance with the Minimum Bid Requirement but its stock pri” · word for word

Massive net loss and negative shareholder return

“Net (Loss) Income: ($196,367,155) for 2025; Total Stockholder Return: $12 per $100 investment.”

CEO compensation actually paid deeply negative

“Compensation Actually Paid to PEO $ (1,137,929) for 2025.” · word for word

Litigation risk from shareholder lawsuit over corporate opportunity waiver

“On March 4, 2024, a purported stockholder of the Company, John McDonald, filed a putative class action complaint in the Court of Chancery of the State of Delaware against the Company and the members of the Board of Directors, alleging, among other things, that the Existing Corporate Opportunity Provision violates Delaware law.” · word for word

Labor cost pressure

“Labor expenses (which includes both directly employed personnel as well as subcontracted labor) are DocGo’s largest cost, representing approximately 77%, 68% and 73% of its 2025, 2024 and 2023 revenues, respectively.” · word for word

Going concern risk

“If DocGo is unable to fund its liquidity needs, DocGo will not be able to continue to operate its business pursuant to its current business plan.” · word for word

NOL limitation risk

“If DocGo undergoes an 'ownership change' under Section 382 of the Internal Revenue Code... DocGo’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes to offset future taxable income or taxes may be limited.” · word for word

Migrant program wind-down causes significant revenue decline and earnings miss

“Revenue decline entirely due to wind-down of migrant-related programs, which generated $7.4M in Q4 2025 vs $60.2M in Q4 2024.”

Large non-cash impairments and net loss raise going concern risk

“Impairments of $78M and net loss of $142.3M in Q4 2025.”

Cash burn and declining cash reserves

“Cash decreased from $95.2M (Sep 30, 2025) to $68.3M (Dec 31, 2025), including $12.5M acquisition cost.”

Migrant program wind-down creates significant revenue and earnings headwind; core business growth may not fully offset.

“Revenue decline entirely due to wind-down of migrant-related programs, which generated $8.4M in Q3 2025 vs $80.7M in Q3 2024.”

Non-cash impairments of $16.7M indicate potential overpayment for past acquisitions or asset devaluation.

“Included in this quarter’s loss was a total of $16.7 million of non-cash impairments of intangible assets and goodwill.” · word for word

Negative adjusted EBITDA and net loss raise concerns about profitability trajectory.

“Adjusted EBITDA loss was $7.2 million for Q3 2025, compared to adjusted EBITDA of $17.9 million for Q3 2024.”

Revenue Concentration on Government Contracts

“The Company had one customer that accounted for approximately 37% of revenues for the nine months ended September 30, 2025.” · word for word

Further Impairment Risk

“Additional impairments of the carrying value of our goodwill or other intangible assets could adversely affect our financial condition and results of operations.” · word for word

Mobile Health Services Segment Decline

“we expect that overall Mobile Health Services revenues will be lower in 2026 than they were in 2025, given the absence of migrant-related project revenues.” · word for word

Margin Compression

“Cost of revenues as a percentage of revenues increased to 74.4% in the three months ended September 30, 2025 from 64.0% in the three months ended September 30, 2024.” · word for word