Slide 1: 2025 Fourth Quarter Earnings Presentation
2025 Fourth Quarter Earnings Presentation February 19, 2026
Slide 2: Disclaimer
2025 FOURTH QUARTER EARNINGS PRESENTATION 2 Disclaimer This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements contained in this presentation that do not relate to maers of historical fact s
Slide 3: 2025 Revenue and Adjusted EBITDA
2025 FOURTH QUARTER EARNINGS PRESENTATION 3 2025 Revenue and Adjusted EBITDA USD, Millions USD, Millions Revenue1 Composition Adjusted EBITDA2 $64 54% $39 34% PAYOR DTE CONSUMER (1) Revenue is presented on an as-reported basis. (2) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation
Slide 4: 4Q 2025 Revenue and Adjusted Gross Profit
2025 FOURTH QUARTER EARNINGS PRESENTATION 4 4Q 2025 Revenue and Adjusted Gross Profit USD, Millions USD, Millions Revenue1 Composition Adjusted Gross Profit and % Margin2 $64 54% $39 34% PAYOR DTE CONSUMER (1) Revenue is presented on an as-reported basis. (2) Adjusted Gross Profit is defined as Revenue
Slide 5: 4Q 2025 Operating Expense and Adjusted EBITDA
2025 FOURTH QUARTER EARNINGS PRESENTATION 5 4Q 2025 Operating Expense and Adjusted EBITDA USD, Millions USD, Millions Operating Expenses1 Adjusted EBITDA2 $64 54% $39 34% NORMALIZED OPEX NORMALIZED OPEX SBC + NON-RECURRING AS % OF REVENUE (1) Certain prior year amounts have been reclassified to confo
Slide 6: 2025 Business Highlights
2025 FOURTH QUARTER EARNINGS PRESENTATION 6 2025 Business Highlights Accelerating Behavioral Health Growth & Expanding Services Innovating through Meaningful Investments in Technology ● Launched national Tricare coverage leading to a successful and ● Improved the member funnel with 49% YoY increase
Slide 7: 4Q 2025 Payor Performance Highlights
2025 FOURTH QUARTER EARNINGS PRESENTATION 7 4Q 2025 Payor Performance Highlights Thousands Thousands Payor Members1 Payor Sessions1 $64 54% $39 34% (1) Includes sessions from Managed Behavioral Health (“MBH”) and Employee Assistance Programs (“EAP”).
Slide 8: 2026 Financial Guidance
2025 FOURTH QUARTER EARNINGS PRESENTATION 8 2026 Financial Guidance Revenue Adjusted EBITDA2 $275M to $290M $30M to $35M +20% to +27% YoY +90% to +122% YoY (1) Guidance based on current market conditions and expectations and what we know today. (2) Adjusted EBITDA is a non-GAAP financial measure. We
Slide 9: Appendix
9 Appendix
Slide 10: Non-GAAP Financial Measures
2025 FOURTH QUARTER EARNINGS PRESENTATION 10 Non-GAAP Financial Measures In addition to our financial results determined in accordance with GAAP, we believe adjusted EBITDA, a non-GAAP measure, is useful in evaluating our operating performance, and our management uses it as a key performance measure
Slide 11: Reconciliation of Net Income (Loss) to Adjusted EBITDA
2025 FOURTH QUARTER EARNINGS PRESENTATION 11 Reconciliation of Net Income (Loss) to Adjusted EBITDA Adjusted EBITDA We calculate adjusted EBITDA as net income (loss) adjusted to exclude (i) depreciation and amortization, (ii) stock-based compensation expense, (iii) financial income, net, (iv) income