Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Q1 2026 Earnings Presentation
46 slides from Clover Health Investments's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 Earnings Conference Call May 6, 2026
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.’s (“Clover Health,” “we,” “our,” or “us”) expectations regarding Adjusted EBITDA, Adjusted Ne
Slide 3: Our Vision
Our Vision Empower Every Physician with Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis Earlier Disease Higher Quality Affordable & & Treatment Management Clinical Care Accessible Care 3
Slide 4: Investment Highlights
Investment Highlights Empowers Any Doctor on Wide Network PPO AI Leader in Model Drives Medicare Advantage Sustainable Growth Models trained to support +51% YoY Growth, >95% AEP improved clinical outcomes retention, stable YoY benefits Platform built AI-first to enable Expect strong & improving phys
Slide 5: Leader in AI Enabled Clinical Improvement
Leader in AI Enabled Clinical Improvement Diabetes CKD Earlier Diagnosis Earlier Diagnosis CHF COPD Fewer Hospitalizations Fewer Hospitalizations HEDIS Socioeconomically #1 PPO Nationwide(1) Disadvantaged Impact Clover is at the forefront of applying AI in practice to drive real-world clinical resul
Slide 6: Business Update: Strong Start to 2026
Business Update: Strong Start to 2026 Growth + Profitability Medicare Advantage Performance ● 1Q26 GAAP Net Income of $27M (+$29M YoY) ● Cost trends developing in line with expectations alongside MA growth +51% YoY to ~156K members ● Encouraged by early indicators: favorable inpatient / ● 1Q26 Total
Slide 7: Differentiated Clinical Model Drives Strong & Predictable Cohort Performance
Differentiated Clinical Model Drives Strong & Predictable Cohort Performance Full Year Contribution Profit (Loss) ($PMPM)(1) 2024 2025 2026 2024 2025 2026 Medical cost trends developing in line with full year 2026 expectations (1) Represents Incurred contribution profit (loss) for new and returning
Slide 8: Drivers Reinforcing Expected Better 2026 Cohort Economics
Drivers Reinforcing Expected Better 2026 Cohort Economics Strong retention of returning members maturing under clinical platform Better clinical engagement, including home-based care delivery Increasing Clover Assistant coverage across cohorts Financial impact of 4.0 Star 2026 payment year Scale-dri
Slide 9: Clinical Model Increases Member Lifetime Value
Clinical Model Increases Member Lifetime Value Insurance Gross Profit ($PMPM) Clover Assistant MCR Differential by Year(1) Differential by Tenure(2) Cohorts perform increasingly better over time, establishing foundation for long-term MA success (1) Clover Health cohort information represents incurre
Slide 10: Anticipate Sustained Improvement as Cohorts Mature
Anticipate Sustained Improvement as Cohorts Mature Average MCR Differential by Cohort Year(1) (1) Clover Health cohort information represents incurred membership data from dates of service including 2021 through 2025. Within any given performance year, MCR differential represents the member weighted
Slide 11: Our Focus for 2026
Our Focus for 2026 Deliver GAAP Net Income Profitability + Market-Leading Growth Drive strong returning cohort economics while absorbing new member dilution Balance Profitability with Strategic Reinvestments Maintain bottom-line discipline while investing in care model, Clover Assistant technology,
Slide 12: Guidance
Guidance On the following slides, Clover Health presents an overview of its full year 2026 guidance, including certain non-GAAP financial measures.
Slide 13: Full Year 2026 Guidance
Full Year 2026 Guidance Full-Year 2026 Guidance (5/6/26) Total Revenues $2.81B - $2.92B Consolidated Gross Profit(1) $470M - $510M Adjusted EBITDA(2) $50M - $70M GAAP Net Income $0M - $20M Average Medicare Advantage 154,000 - 158,000 Membership Expect to meet or exceed FY26 outlook across all metric
Slide 14: First Quarter 2026 Financial Supplement
First Quarter 2026 Financial Supplement
Slide 15: Financial Summary
Financial Summary Growth & ● 1Q26 MA membership of 155,773, up +51% YoY Profitability ● 1Q26 GAAP Net Income of $27M, Adj. EBITDA(1) of $40M, and Adj. Net income(2) of $40M ● 1Q26 Total revenues of $749M, up +62% YoY ● 1Q26 Consolidated Gross Profit of $160M(3), up +47% YoY Operations ● 1Q26 SG&A in
Slide 16: 1Q26 Consolidated Financial Performance
1Q26 Consolidated Financial Performance $ in millions Total Revenues Consolidated Gross Profit(1) +62% +47% ● 1Q26 Total revenues and Consolidated gross profit(1) performance driven by meaningful MA membership growth and retention, strong returning member cohort performance via clinical initiatives
Slide 17: 1Q26 Financial Performance: GAAP Net (Loss) Income
1Q26 Financial Performance: GAAP Net (Loss) Income $ in millions, except MA membership GAAP Net (Loss) Income +$29M 1Q25 Avg. MA: Membership: 101,959 154,607 ● 1Q26 GAAP Net (Loss) Income significantly improved YoY as a result of meaningfully above-market MA membership growth, underlying trend in li
Slide 18: 1Q26 Financial Performance: Adjusted SG&A
1Q26 Financial Performance: Adjusted SG&A(1) $ in millions, except % Adjusted SG&A as % of Total Revenues (2%) Adj. SG&A: $83M $119M ● 1Q26 improved Adjusted SG&A as a % of Total revenues reflects our ability to gain variable & growth SG&A efficiencies as we drive market-leading membership growth, a
Slide 19: 1Q26 Financial Performance: Profitability Metrics
1Q26 Financial Performance: Profitability Metrics $ in millions Adjusted EBITDA(1) Adjusted Net Income(2) +56% +57% ● 1Q26 Adjusted EBITDA & Adjusted Net Income meaningfully improved YoY as a result of market-leading MA membership growth, underlying trend in line with expectations, and continued SG&
Slide 20: Appendix
Appendix
Slide 21: Our Company
Our Company Leading Medicare Advantage physician enablement technology company focused on wide network PPO AI-Powered Differentiated Clover Assistant(1) Home Care Significant TAM & Strategic Market Market Runway Leading Growth 21 (1) Backed by strong IP portfolio with dozens of active / pending pate
Slide 22: Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software
Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software Clover’s Approach Traditional MA Approaches Clinical, physician enablement, Technology InsurTech, back-office & administrative AI-Powered technology Earlier disease identification & management Delayed / react
Slide 23: Having Supported Clinical Decision-Making for Thousands of Practitioners
Having Supported Clinical Decision-Making for Thousands of Practitioners Captures & synthesizes Novel clinical insights data from 100+ sources at point-of-care Enhanced care coordination 100+ AI / ML models powering treatment Generating millions of recommendations clinically oriented and personalize
Slide 24: Our Technology-Driven Approach is Working
Our Technology-Driven Approach is Working Grow Membership & Clover Assistant Usage 1 Reinvest in Deliver Better AI Driven Member Benefits 5 2 Clinical Recommendations Reduce the Improve Health Outcomes 4 3 Total Cost of Care & Quality of Life 24
Slide 25: Validated 2025 Strategy and Stable Benefits YoY Reinforce 2026 Underwriting Confidence & Growth
Validated 2025 Strategy and Stable Benefits YoY Reinforce 2026 Underwriting Confidence & Growth Proven MA Membership Growth Replicated Growth Strategy (1) Year 2 of Above-Market Growth +46% Same 2025 strategy; accelerated in 2026 Growth YoY Stable Benefits Year-over-Year +33% Predictable growth; hig
Slide 26: Improving Cohorts + Growing Membership = Compounding Profitability Over Time
Improving Cohorts + Growing Membership = Compounding Profitability Over Time Improving Cohort Membership Differentiated Economics Growth Layering Effect Growing Membership Layered Cohort Profitability Note: Illustrative, Not to Scale. 26
Slide 27: Bringing Clover's Care Model to More Plans & Providers Nationwide
Bringing Clover’s Care Model to More Plans & Providers Nationwide Proven SaaS & Rapidly Extensive AI-Powered Tech-Enabled Expanding Nationwide Clinical Software Services User Base Opportunity #1 Nation PPO HEDIS(1) New revenue model CA beyond core MA markets Scaling CPH alongside (2) (3) Improves MC
Slide 28: Better Health Outcomes Across Chronic Conditions
Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies(1) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes Diabetes: Earlier diagnosis, leading to earlier treatmen
Slide 29: Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods
Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods Higher Diagnosis Rates(1) of diabetes (75% higher), CKD (89% higher), CHF (89% higher) and COPD (70% higher) Diagnosis at Earlier Stages: Patients from this population with CKD first diagnosed on ave
Slide 30: Kidney Function (GFR)
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment CKD is diagnosed earlier and disease trajectory improves in patients seen by providers using Clover Assistant(1) Example: Chronic Kidney Disease Kidney Function (GFR) Diagnosed CKD Stage 3 CA Patients Diagnosed CKD Stage 3 ~1.5 ye
Slide 31: Diabetes Medication Fills Members Newly Diagnosed with Diabetes
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment Patients started on oral diabetic medications Members Newly Diagnosed with Diabetes (1) after Clover Assistant raised potential diabetes diagnosis for physician Example: Diabetes consideration(2) Diabetes Medication Fills Days Sin
Slide 32: Hypoglycemia Event
Clover Health Whitepaper Earlier Diabetes Treatment Leads to: Oral Meds Started Blood Sugar Indicator Non-CA Patients (HbA1c) Diabetes Diagnosed & Managed ~3 Years Earlier(1) Oral Meds Started CA Patients Time (Years) Percentage Taking Non-CA Patients Insulin Lower Use of Insulin(1) CA Patients Hypo
Slide 33: Average Number in 2024
Clover Health Whitepaper Non-CA CHF Cohort CA CHF Cohort Clover Assistant Clover Assistant PCP relationship associated with Supports Better better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day Clinical Outcomes readmissions for members with CHF(1) (18%)
Slide 34: Average Number in 2024
Clover Health Whitepaper Non-CA COPD Cohort CA COPD Cohort Chronic Obstructive Clover Assistant PCP relationship associated with Pulmonary Disease better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day (“COPD”) readmissions for members with COPD(1) Averag
Slide 35: Percent with Medication Fill
Clover Health Whitepaper Clover Assistant Correlated with Medication fills increased by ~5% on the day of the Clover Assistant visit and remained ~3% higher 90 days post-visit among patients previously non-adherent to Improved Medication their medications for diabetes, high blood pressure, and high
Slide 36: Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year
Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year(1) Clover Health 4.72 / 5 Stars on HEDIS Measures for Star Rating Year 2026, continuing to drive exceptional clinical quality for members(1) (1) Clover Health’s Medicare Advantage PPO plans received a score of
Slide 37: Financial Statements
Financial Statements Consolidated Balance Sheets (Dollars in thousands, except share amounts) (unaudited) 37
Slide 38: Financial Statements
Financial Statements Consolidated Statements of Operations and Comprehensive Loss (Dollars in thousands, except per share and share amounts) (unaudited) 38
Slide 39: Financial Statements
Financial Statements Consolidated Statements of Cash Flows (Dollars in thousands) (unaudited) 39
Slide 40: Financial Statements
Financial Statements Operating Segments (Dollars in thousands) (unaudited) 40
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES CONSOLIDATED GROSS PROFIT (NON-GAAP) RECONCILIATION (dollars in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are supplemental
Slide 42: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED SG&A (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are supplemental and shou
Slide 43: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are supplemental and sh
Slide 44: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED NET (LOSS) INCOME (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measures are suppleme
Slide 45: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (dollars in thousands)(1) (unaudited) (1) The table above includes non-GAAP financial measures. Non-GAAP financial measure
Slide 46: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We use non-GAAP financial measures in this presentation, including Adjusted EBITDA, Adjusted Net income (loss), Adjusted SG&A, Adjusted SG&A as a percentage of Total revenues, Consolidated Gross Profit, and Insurance BER. These non-GAAP financial measures are provid
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