Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations, including descriptions of our business plan and strategies, are forward-looking statements. These statements often include words such as “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast,” or the negative of these terms, and other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections. Important factors that may materially affect such forward-looking statements and projections include the following: •weak growth and increased volatility in the digital care market; •our history of losses and the risk we may not achieve profitability; •inability to adapt to rapid technological changes; •our limited number of significant clients and the risk that we may lose their business; •increased competition from existing and potential new participants in the healthcare industry; •changes in healthcare laws, regulations or trends and our ability to operate in the heavily regulated healthcare industry; •compliance with regulations concerning personally identifiable information and personal health industry; •slower than expected growth in patient adoption of digital care and in platform usage by either clients or patients; •inability to grow our base of affiliated and non-affiliated providers sufficient to serve patient demand; •our ability to comply with federal and state privacy regulations and the significant liability that could result from a cybersecurity breach or our failure to comply with such regulations; •our ability to commence and complete any strategic transformation initiatives and the impact of such initiatives; •our ability to establish and maintain strategic relationships with third parties; •the impact of the seasonal viruses on our business or on our ability to forecast our business’s financial outlook; •the risk that the insurance we maintain may not fully cover all potential exposures; and •the continuation of the Defense Health Agency relationship beyond the third quarter of 2026 with comparable financial terms. The foregoing list of factors is not exhaustive and does not necessarily include all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. The information in this Quarterly Report should be read carefully in conjunction with other uncertainties and potential events described in our Form 10-K filed with the SEC on February 12, 2026. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this Quarterly Report. Except as required by law or regulation, we do not undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances 18 Overview Amwell is a leading enterprise platform and software company digitally enabling hybrid care. We empower health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. We provide our clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinical objectives under their own brands. We offer our clients products to help weave digital care across all care settings. We bring technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Founded in 2006, Amwell pioneered virtual healthcare. Today, Amwell extends digital care beyond telehealth, enabling care across in-person, virtual and automated modalities and providing an open, scalable platform that can flex and grow alongside our clients. We bring technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Together with our clients and innovation partners, we forge a new hybrid model of care delivery that adapts as needs evolve and makes care more accessible for all. As of December 31, 2025, we powered the digital care programs of approximately 50 health plans, which collectively represent more than 90 million covered lives, as well as approximately 80 of the nation’s largest health systems. Since inception, we have powered approximately 39.5 million virtual care visits for our clients, including approximately 1.9 million in the six months ended June 30, 2026. The Amwell Platform Our enterprise platform and software as a service solutions (“Amwell Platform”) was designed to be future-ready, reliable, flexible, scalable, secure and integrated with other healthcare software systems. The Amwell Platform offers state-of-the-art data architecture and video capabilities, flexibility and scalability, as well as a user experience focused on the needs of patients, members and providers. It has been designed from the ground up with the holistic understanding that the future of care of any one person will inevitably blend a mix of in-person, virtual and automated care experiences. The telehealth of yesterday has grown to encompass hybrid care delivery models and the flow of data that drives healthcare. The Amwell Platform delivers the digital capabilities that health systems and health plans care about — for example, virtual primary care, post-discharge follow-up, chronic condition management, virtual nursing — and aligns them into a single digital care operating system that aggregates all of the data from these care experiences to provide real-time insight. By providing a single platform for the digital distribution of care, the Amwell Platform accelerates innovation and interoperability for health system and health plan clients as well as other healthcare innovators who aim to offer a seamless experience for providers, patients and members. The Amwell Platform, is our go-forward strategy to digitally enable a scalable healthcare experience across all care settings. The development of the platform provides our customer base with an improved and more robust healthcare solution that is designed to connect seamlessly with clients' existing investments as well as Amwell-owned and partner programs. Our Business Model We sell the Amwell Platform on a subscription basis, which with our modular platform architecture allows our clients to introduce innovative digital care use cases over time, expanding our subscription revenue opportunity. To support the Amwell Platform, we offer professional services on a fee-for-service basis and a range of patient and provider Carepoint devices and software that support hospital and home use cases and access to AMG, our affiliated medical group that provides clinical services on a fee-for-service basis. The combination of the Amwell Platform, professional services and Carepoint hardware allows our clients to deploy digital care solutions across their full enterprise, deepening their relationships with existing and new patients and members through improved care access and coordination, cost and quality. Our contracts are typically three years in length but may be longer for our largest strategic client partners. Total subscription fees received were $25.7 million and $40.4 million for the three months ended June 30, 2026 and 2025, respectively, and $50.6 million and $72.7 million for the six months ended June 30, 2026 and 2025, respectively. Health Systems For health systems, the Amwell Platform enables provider-to-provider virtual care for use cases ranging from stroke to virtual nursing and e-sitting. Our suite of Carepoint devices can enhance in-person care, whether the clients want to turn existing equipment such as televisions or iPads into digital access points or use Amwell CarepointTM carts and peripherals. The Amwell Platform also helps extend care outside the care setting by enabling both on-demand and scheduled provider-to-patient care for a range of use cases. 19 This includes, but is not limited to, urgent care, primary care, behavioral health, chronic disease management, and specialty follow-up care. To augment in-person and virtual care, our automated care programs and digital mental health services help clinicians and health plans engage patients, members, and consumers before, after, or in-between visits to improve care plan adherence and prevent costly escalations. To supplement a health system’s own network of healthcare providers, health systems often choose to purchase clinical services from AMG to deliver care for certain specialties such as behavioral health therapy and general urgent care, or to simply operate as backup providers on nights and weekends. AMG services are provided on a fee-for-service basis. Health Plans For health plans, employers and government entities, the Amwell Platform enables a member-centric hybrid care experience, seamlessly connecting with current technology investments and offering an open architecture that allows simple integration of future innovation. The Amwell Platform enables a broad set of use cases, including primary, urgent, mental health, specialty, and chronic care. Our virtual primary care solution offers a primary care navigation hub that supports a whole-person, longitudinal care experience for members, integrating virtual visits with digital behavioral health tools and condition-specific automated care programs, with escalation back to virtual and/or in person care, if needed. Our urgent care solution helps members conveniently and effectively address unplanned care needs without visiting the emergency department or local urgent care facility, driving quality outcomes at a lower cost. Our typical health plan contract includes a recurring subscription fee based on the number of members who have access to the Amwell Platform plus additional subscription fees associated with add-on programs that extend from urgent care services to longitudinal care. As the health plan expands its offerings on the Amwell Platform through additional programs or additional covered lives, there is a corresponding increase in subscription fees. Our health plan clients also purchase clinical services that leverage our AMG network. These visit consultations are charged on a fee-for-service basis and range in price based on the type of consultation and the specialty of the provider. Government Healthcare Services We offer new tailored healthcare solutions for government clients that provide efficient and accessible care options to meet the diverse needs of government healthcare systems, personnel and their families. The Amwell Platform enables government healthcare providers to extend care beyond traditional settings, reaching personnel wherever they are stationed. With both on-demand and scheduled care options, we support a wide range of healthcare needs, including urgent care, primary care, behavioral health, chronic disease management, and specialty consultations. Visits Amwell’s clinical affiliate AMG has built a network of providers who are licensed and credentialed to deliver care on the Amwell Platform across the entire United States. This clinical network is designed and operated in a way that allows us to meet the aggregate visit demand requirements of our health plan and health system clients, spanning a broad mix of specialties, including Family Medicine, Lactation, Nutrition, Psychiatry, Therapy and Women's Health. AMG earns fee-for-service revenue for each episode of care delivered on the Amwell Platform by its providers with fees varying by physician specialty or clinical program. These clinical fees vary significantly per consultation or case based on the specialty and may require an additional module subscription. Fees received from AMG-related visits were $24.4 million and $22.8 million for the three months ended June 30, 2026 and 2025, respectively, and $53.3 million and $49.4 million for the six months ended June 30, 2026 and 2025, respectively. Services & Carepoint Devices We offer a full suite of paid, supporting services to our clients to enable their virtual care offerings, including professional services to facilitate virtual care implementation, workflow design, systems integration and service expansion. To help our clients promote adoption and utilization, we offer patient and provider engagement services through our internal digital engagement agency. Amwell CarepointTM devices enable healthcare providers to leverage proprietary carts and transform existing tablets and TVs into digital access points in clinical settings, helping to address personnel shortages and access limitations. Our proprietary Carepoint devices coupled with our Carepoint Calling technology enables providers to deliver digital care into clinical locations, such as the emergency department, community hospitals, clinics, and hospital-at-home as well as into community settings such as retail stores, 20 employer sites, skilled nursing facilities, correctional facilities, and schools. Our Virtual Nursing and patient monitoring (eSitter) offerings leverage these Carepoint devices to augment on-site nurse teams with virtual staff, and leverage technology to increase patient safety and nurse efficiencies. These devices are built to rigorous safety and clinical standards and have advanced features including far-end camera controls, fleet monitoring and connectivity to a variety of peripherals, including diagnostic scopes and heart, lungs, stomach, and ear examination tools. Our Carepoint portfolio supports a range of uses, including multi-way video, phone connectivity and secure messaging to bring care teams to patients and members in the most efficient way possible. Fees received from the provision of services and Carepoint devices were $1.9 million and $7.7 million for the three months ended June 30, 2026 and 2025, respectively, and $3.0 million and $15.7 million for the six months ended June 30, 2026 and 2025, respectively. Key Metrics and Factors Affecting Our Performance We monitor the following key metrics to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. While these metrics present significant opportunities for us, they also represent the challenges that we must successfully address in order to grow our business and improve the results of our operations. Digital Care Utilization Digital and hybrid care utilization is a key driver of our business. A client’s overall utilization of its digital care platform provides an important measure of the value they derive and drives our business in three important ways. First, to the extent a client succeeds with its digital care program and sees good usage, they are more likely to renew and potentially expand their contract with us. Second, our health systems agreements typically include a certain number of visits conducted by their own providers annually and provide that as certain volume thresholds are exceeded, its annual license fees will rise to reflect this growing value. Third, to the extent that clients utilize provider services from AMG, Amwell derives revenue from clinical fees. We expect that our future revenues will be driven by the growing adoption of digital and hybrid care and our ability to maintain and grow market share within that market. In the six months ended June 30, 2026, our clients completed a total of 1.9 million visits using the Amwell Platform, while in the six months ended June 30, 2025, 2.5 million visits were completed. AMG providers accounted for 37% and 27% of total visits performed using the Amwell Platform during the six months ended June 30, 2026 and 2025, respectively. Visits have declined in the current period due to lower urgent care and behavioral visits as a result of customer churn, combined with summer seasonality. Total Overall Quarterly Visits Quarter Ended Overall Visits Performed by Client Providers June 30, 2026 840,000 62 % March 31, 2026 1,050,000 64 % December 31, 2025 980,000 65 % September 30, 2025 1,090,000 73 % June 30, 2025 1,165,000 73 % Regulatory Environment Our operations are subject to comprehensive United States federal, state and local regulations as well as international regulation in the jurisdictions in which we do business. Our ability to operate profitably will depend in part upon our ability, and that of our affiliated providers, to maintain all necessary licenses and to operate in compliance with applicable laws and rules. During the COVID-19 pandemic, state and federal regulatory authorities loosened or removed a number of regulatory requirements in order to increase the availability of digital care services. For example, changes were made to the Medicare and Medicaid programs (through waivers and other regulatory authority) to increase access to digital care services by, among other things, increasing reimbursement, permitting the enrollment of out of state providers and eliminating prior authorization requirements. Most Medicare reimbursement flexibilities have been extended through December 31, 2027, including a waiver for geographic site restrictions (patient may be located at home), the expansion of eligible provider types, and coverage for audio-only consults. Seasonality Visit volumes typically follow the annual flu season, rising during quarter four and quarter one and falling in the summer months. While we sell to and implement our solutions to clients year-round, we experience some seasonality in terms of when we enter into agreements with our clients and when we launch our solutions to members. 21 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. We use adjusted EBITDA to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial measure, when taken together with the corresponding GAAP financial measures, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of adjusted EBITDA is helpful to our investors as it is a metric used by management in assessing the health of our business and our operating performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison. A reconciliation is provided below for our non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measure and the reconciliation of this non-GAAP financial measure to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Adjusted EBITDA Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes and in evaluating acquisition opportunities. We calculate adjusted EBITDA as net loss adjusted to exclude (i) interest income and other income (expense), net, (ii) net gain on divestiture, (iii) income tax benefit and expense, (iv) depreciation and amortization, (v) stock-based compensation expense and (vi) severance and strategic transformation costs. The following table presents a reconciliation of adjusted EBITDA from the most comparable GAAP measure, net loss, for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 2026 2025 Net loss $ (9,625 ) $ (19,531 ) $ (19,926 ) $ (37,887 ) Add: Depreciation and amortization 7,021 $ 8,224 14,584 16,024 Interest income and other (expense) income, net 617 (845 ) 304 (3,533 ) Net gain on divestiture(2) — — (7,027 ) (10,713 ) Income tax benefit (548 ) (725 ) (331 ) (157 ) Stock-based compensation 2,028 5,662 4,332 13,348 Severance and strategic transformation costs(1) (643 ) 2,541 3,834 6,006 Adjusted EBITDA $ (1,150 ) $ (4,674 ) $ (4,230 ) $ (16,912 ) (1)Severance and strategic transformation costs include expenses associated with the termination of employees and expenses (including abandonment of our corporate headquarters) that focus on transforming the strategy of the Company’s sales and growth organization as well as our overall cost structure during the three and six months ended June 30, 2026 and 2025. (2)Net gain on divestiture is related to the gain recognized on the sale of our APC business. Some of the limitations of adjusted EBITDA include (i) adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and adjusted EBITDA does not reflect these capital expenditures. Our adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate adjusted EBITDA in the same manner as we calculate the measure, limiting its usefulness as a comparative measure. In evaluating adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. Adjusted EBITDA should not be considered as an alternative to loss before benefit from income taxes, net loss, earnings per share, or any other performance measures derived in accordance with U.S. GAAP. When evaluating our performance, you should consider adjusted EBITDA alongside other financial performance measures, including our net loss and other GAAP results. 22 Severance and strategic transformation costs In the three months ended June 30, 2026 and 2025, the Company recorded charges of $(0.6) million and $2.5 million, respectively, in connection with severance and strategic transformation costs. In the six months ended June 30, 2026 and 2025, the Company recorded charges of $3.8 million and $6.0 million, respectively, in connection with severance and strategic transformation costs. The Company has executed a series of individual actions designed to maintain or improve our operating results and profitability. The Company continues to evaluate potential actions and may incur additional strategic transformation costs in future periods. Our strategic transformation actions include headcount reductions, lease abandonment impairments and other related transitional amounts to maintain our competitive footprint. With the lease abandonment of our corporate headquarters we recognized $3.4 million in accelerated right of use asset amortization in the period. Strategic transformation actions are generally funded within twelve months of initiation and are funded by cash flows from operating activities and existing cash balances. We may incur additional strategic transformation costs in order to align our recurring cost structure with our current revenue profile. The timing and amount of the incurrence of such future strategic transformation costs are dependent on market conditions, customer actions and other factors. For further information, see Note 14, "Severance and strategic transformation costs," to the condensed consolidated financial statements included in this Report. Components of Statement of Operations Revenue The Company has demonstrated the strength of our revenue as a direct result of the increasing acceptance of digital care, our penetration of the market, and the successful launch of new and expanded products that enable broadened applications for care delivered virtually. Revenue performance is reflective of the strong foundation that has been built, focused around health plans, health systems, and our provider network. We generate revenues from the use of the Amwell Platform in the form of recurring subscription fees for use, and related services and Carepoint sales. We also generate revenue from the performance of AMG patient visits. Subscription revenue is impacted by timing of revenue recognition. Services and Carepoint revenue depends on implementation timing. Cost of Revenues, Excluding Amortization of Intangible Assets Cost of revenues primarily consist of hosting fees paid to our hosting providers, costs incurred in connection with our professional services, technical and hosting support, and costs for running our affiliated provider network operations team. These costs primarily include employee-related expenses (including salaries, bonuses, benefits, stock-based compensation and travel). Cost of revenues are primarily driven by the hosting and technical support required to service our clients and the size of our provider network. Our business model is designed to be scalable and to leverage fixed costs to generate higher revenues. While we currently expect increased investments to further enhance our offering, we also expect increased efficiencies and economies of scale. Our quarterly cost of revenues as a percentage of revenues is expected to fluctuate from period to period depending on the interplay of these aforementioned factors. Research and Development Expenses Research and development expenses include personnel and related expenses for software and hardware engineering, information technology infrastructure, security and compliance and product development (inclusive of stock-based compensation for our research and development employees). Research and development expenses also include the periodic outsourcing of similar functions to third party specialists. We have made an effort to optimize our resourcing structure with a mix of nearshore and offshore employees and contractors, resulting in a more efficient cost structure. We continue to enhance the Amwell Platform through additional functionality. We believe increased spending in prior years was a temporary investment to accelerate development of a more scalable and economically beneficial solution that will properly position the Company to benefit in the long term and have seen decline during the year as we return to normal levels of spend in future periods. Our research and development expenses may fluctuate as a percentage of our total revenue from period to period due to the seasonality of our total revenue and the timing and extent of our research and development expenses based on customer demand and emerging market trends. Sales and Marketing Expenses Sales expenses consist primarily of employee-related expenses, including salaries, benefits, commissions, travel and stock-based compensation costs for our employees engaged in commercial activities. We will continue to invest appropriately in sales expenses as 23 we look to grow with new prospects and expand the business of our existing clients. We will continue to elevate the skills and impact of our sales personnel and related account management teams as we look to provide a differentiated and enhanced client experience to our growing client base as well as identifying new strategic market opportunities. Marketing costs consist primarily of personnel and related expenses (inclusive of stock-based compensation) for our marketing staff that primarily support the sales organization and client engagement. Marketing costs also include third-party independent research, digital marketing campaigns, participation in trade shows, brand messaging, public relations costs, and the costs of communication materials that are produced to generate awareness and utilization of the Amwell Platform among our clients and their users. We expect sales and marketing expense to remain consistent in future periods. Our sales and marketing expenses may fluctuate as a percentage of our total revenue from period to period due to the seasonality of our total revenue and the timing and extent of our advertising and marketing expenses. General and Administrative Expenses General and administrative expenses include personnel and related expenses, and professional fees incurred by finance, legal, human resources, information technology, our executives, and executive administration staff. They also include stock-based compensation for employees in these departments and expenses related to auditing, consulting, legal, and corporate insurance. We expect our general and administrative expenses to remain relatively flat in future periods. Our general and administrative expenses may fluctuate as a percentage of our total revenue from period to period due to the timing and extent of our general and administrative expenses. Depreciation and Amortization Expense Depreciation and amortization expense includes the amortization of intangible assets and depreciation related to our fixed assets. Amortization of intangible assets consists of the amortization of acquisition-related intangible assets, which are customer relationships, technology and trade names, as well as the amortization of capitalized software costs. Interest Income and Other Income (Expense), Net The balance of interest income and other income (expense), net, consists predominantly of interest income on our money-market investments and foreign currency gains and losses. We did not incur material interest expenses in the period as there were no outstanding debts or notes payables. Gain on divestiture The Company and Aligned entered into an asset purchase agreement relating to the sale of all property and assets owned, leased or licensed by Aligned that are primarily used or held for use in connection with the APC Business. In connection with such purchase and sale, the buyer assumed specified contracts and the related accounts receivable and all accounts payable and accrued expenses of the APC Business, and Dr. Cynthia Horner transferred the ownership of Asana to a doctor affiliated with the buyer. We divested the APC Business as it was determined the offering no longer fit our goals around profitability and growth. Streamlining our service offerings will enable us to focus our resources on the Amwell Platform, strategic customers, and our path to profitability. The divestiture of APC did not represent a strategic shift that would have a major effect on the Company's consolidated results of operations, and therefore, its results of operations were not reported as discontinued operations. Provision for Income Taxes The income tax expense is primarily due to state and foreign income tax expense. Deferred tax assets are reduced by a valuation allowance to the extent management believes it is not more likely than not to be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. Management makes estimates and judgments about future taxable income based on assumptions that are consistent with our plans and estimates. 24 Consolidated Results of Operations The following table sets forth our summarized condensed consolidated statement of operations data for the three and six months ended June 30, 2026 and 2025 and the dollar and percentage change between the respective periods: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2026 2025 Change % 2026 2025 Change % Revenue $ 52,048 $ 70,898 $ (18,850 ) (27 )% $ 106,931 $ 137,731 $ (30,800 ) -22 % Costs and operating expenses: Costs of revenue, excluding depreciation and amortization of intangible assets 24,486 31,143 (6,657 ) (21 )% 51,405 62,717 (11,312 ) (18 )% Research and development 10,352 18,237 (7,885 ) (43 )% 22,731 40,339 (17,608 ) (44 )% Sales and marketing 5,844 12,518 (6,674 ) (53 )% 13,589 25,094 (11,505 ) (46 )% General and administrative 13,901 21,155 (7,254 ) (34 )% 31,602 44,347 (12,745 ) (29 )% Depreciation and amortization expense 7,021 8,224 (1,203 ) (15 )% 14,584 16,024 (1,440 ) (9 )% Total costs and operating expenses 61,604 91,277 (29,673 ) (33 )% 133,911 188,521 (54,610 ) (29 )% Loss from operations (9,556 ) (20,379 ) 10,823 (53 )% (26,980 ) (50,790 ) 23,810 (47 )% Interest income and other (expense) income, net (617 ) 845 (1,462 ) (173 )% (304 ) 3,533 (3,837 ) (109 )% Net gain on divestiture — — — 0 % 7,027 10,713 (3,686 ) (34 )% Loss before expense from income taxes and loss from equity method investment (10,173 ) (19,534 ) 9,361 (48 )% (20,257 ) (36,544 ) 16,287 (45 )% Income tax benefit 548 725 (177 ) (24 )% 331 157 174 111 % Loss from equity method investment — (722 ) 722 (100 )% — (1,500 ) 1,500 (100 )% Net loss (9,625 ) (19,531 ) 9,906 (51 )% (19,926 ) (37,887 ) 17,961 (47 )% Net income attributable to non-controlling interest 302 165 137 83 % 887 513 374 73 % Net loss attributable to American Well Corporation $ (9,927 ) $ (19,696 ) $ 9,769 (50 )% $ (20,813 ) $ (38,400 ) $ 17,587 (46 )% Revenue For the three months ended June 30, 2026, subscription revenue decreased $14.8 million due to timing of revenue recognition with our strategic customers. Other revenue decreased $5.8 million primarily related to a decline of $3.0 million in professional services performed around the integration of our strategic customers and a decline in marketing revenue of $2.7 million. These decreases were offset by an increase in visit revenue of $1.6 million due to the visit mix being weighted more to special program visits, partially offset by fewer visits. For the six months ended June 30, 2026, subscription revenue decreased $22.1 million due to timing of revenue recognition with our strategic customers. Other revenue decreased $12.7 million primarily related to a decline of $7.1 million in professional services performed around the integration of our strategic customers and a decline in marketing revenue of $5.1 million. These decreases were offset by an increase in visit revenue of $3.9 million due to the visit mix being weighted more to special program visits, partially offset by fewer visits. Costs of Revenue, Excluding Amortization of Acquired Intangible Assets For the three months ended June 30, 2026, the decrease in cost of revenue was primarily driven by a decrease in employee costs of $3.2 million due to a headcount reduction of 24% period over period. There was also a decrease in marketing services for customers of $3.3 million. For the six months ended June 30, 2026, the decrease in cost of revenue was primarily driven by a decrease in employee costs of $6.8 million due to a headcount reduction of 26% period over period. There was also a decrease in marketing services for customers of $5.0 million. Research and Development Expenses For the three months ended June 30, 2026, there was a decrease in employee-related costs of $6.1 million (due to headcount reduction of 24% period over period and reduced stock compensation expense). There was also a decrease of $1.6 million in consulting spend due to cost savings measures put into place, as well as more software development costs meeting the capitalization criteria. For the six months ended June 30, 2026, there was a decrease in employee-related costs of $14.1 million (due to headcount reduction of 27% period over period and reduced stock compensation expense). There was also a decrease of $3.7 million in consulting spend due to cost savings measures put into place, as well as more software development costs meeting the capitalization criteria. 25 Sales and Marketing Expenses For the three months ended June 30, 2026, there was a decrease in employee-related costs of $5.1 million (due to headcount reduction of 52% period over period and reduced stock compensation expense), and due to cost savings measures put into place a decrease in third party software spend of $0.5 million and consulting spend of $0.4 million. For the six months ended June 30, 2026, there was a decrease in employee-related costs of $9.5 million (due to headcount reduction of 51% period over period and reduced stock compensation expense), and due to cost savings measures put into place a decrease in conference and marketing spend of $0.8 million, third party software spend of $0.6 million and consulting spend of $0.6 million. General and Administrative Expenses For the three months ended June 30, 2026, the decrease in general and administrative expense was driven by a decrease in employee-related costs of $5.9 million. The employee related costs were driven primarily by the decrease in stock compensation expense as higher value historic awards had become fully expensed, as well as headcount reductions of 26% period over period. The decrease was also due to a decrease in legal spend during the period of $2.1 million. For the six months ended June 30, 2026, the decrease in general and administrative expense was driven by a decrease in employee-related costs of $15.2 million. The employee related costs were driven primarily by the decrease in stock compensation expense as higher value historic awards had become fully expensed, as well as headcount reductions of 29% period over period. The decrease was partially offset by an increase in bad debt related to historical visits of $1.7 million. Depreciation and Amortization Expense Depreciation expense remained consistent for the three and six months ended June 30, 2026 and 2025. Amortization expense for the three and six months ended June 30, 2026 decreased $1.2 million and $1.4 million due to certain intangible assets being fully amortized. Interest Income and Other (Expense) Income, net For the three and six months ended June 30, 2026 and 2025, interest income and other (expense) income, net consist entirely of interest income and gains from our cash equivalents and short-term investments. Gain on divestiture The gain of divesture relates to the gain from finalization of the contingent consideration related to the APC sale. Expense from Income Taxes Income tax benefit was $0.5 million and $0.3 million for the three and six months ended June 30, 2026, compared to income tax benefit of $0.7 million and $0.2 million for the three and six months ended June 30, 2025. Loss from Equity Method Investment In 2019, the Company and Cleveland Clinic partnered to form a joint venture, under the name CCAW, JV LLC, to provide broad access to comprehensive and high acuity care services via virtual care. The Company does not have a controlling financial interest in CCAW, JV LLC, but it does have the ability to exercise significant influence over the operating and financial policies of CCAW, JV LLC. Therefore, the Company accounts for its investments in CCAW, JV LLC using the equity method of accounting. During 2025, the companies determined that these care services could be provided through partnering between the two entities and that the joint venture was no longer necessary to achieve care delivery, as a result the companies entered into an agreement for the transfer of the VSO Business and complete liquidation and dissolution of the joint venture. Certain business activities will continue through the transition period which will conclude in 2026. During the three and six months ended June 30, 2026, the Company recognized no loss or income as its proportionate share of the joint venture as the investment was written down to zero. During the three and six months ended June 30, 2025, the Company recognized a loss of $0.7 million and $1.5 million, as its proportionate share of the joint venture results of operations. 26 Liquidity and Capital Resources The following table presents a summary of our cash flow activity for the periods set forth below: Six Months Ended June 30, 2026 2025 Consolidated Statements of Cash Flows Data: Net cash provided by (used in) operating activities $ 9,734 $ (29,832 ) Net cash provided by investing activities 1,384 19,391 Net cash provided by financing activities 303 542 Total $ 11,421 $ (9,899 ) Sources of Financing Our principal sources of liquidity were cash and cash equivalents totaling $195.9 million and $182.3 million as of June 30, 2026 and December 31, 2025, respectively, which were held for a variety of growth initiatives and investments as well as working capital purposes. Our cash and cash equivalents are comprised of money market funds. As shown in the accompanying condensed consolidated financial statements, the Company incurred a loss from operations of $27.0 million and a net loss of $19.9 million for the six months ended June 30, 2026 and had an accumulated deficit of $2,082.4 million as of June 30, 2026. The Company has no debt as of June 30, 2026 or December 31, 2025 and expects to generate operating losses in future periods. We believe that our existing cash and cash equivalents will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months from the issuance date of the financial statements. Our future capital requirements will depend on many factors including our growth rate, contract renewal activity, number of consultations on the Amwell Platform, the timing and extent of spending to support product development efforts, our expansion of sales and marketing activities, the introduction of new and enhanced services offerings, and the continuing market acceptance of digital care services. We may in the future enter into arrangements to acquire or invest in complementary businesses, services and technologies and intellectual property rights. We may be required to seek additional equity or debt financing. In the event that additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. If we are unable to raise additional capital when desired, our business, financial condition and results of operations would be adversely affected. Six months ended June 30, 2026, vs. Six months ended June 30, 2025 Cash Provided by (Used in) Operating Activities Cash provided by operating activities was $9.7 million for the six months ended June 30, 2026. The primary driver of this was the increase in our accrued expense balance of $13.8 million offset by an increase in accounts receivable of $5.7 million. The cash provided by this was partially offset by the use of cash from our net loss of $19.9 million. The net loss was partially offset by non-cash expenses of $19.2 million (primarily depreciation and amortization of $14.6 million, stock-based compensation of $4.3 million and impairment of right of use asset of $3.4 million, offset by net gain on divestiture of $7.0 million). Cash used in operating activities was $29.8 million for the six months ended June 30, 2025. The primary driver of this use of cash was our net loss of $37.9 million. The net loss was partially offset by non-cash expenses of $22.5 million (primarily stock-based compensation of $13.3 million and depreciation and amortization of $16.0 million, offset by net gain on divestiture of $10.7 million). Cash Provided by Investing Activities Cash provided by investing activities was $1.4 million for the six months ended June 30, 2026. Cash used in investing activities consisted of $7.0 million in proceeds from divestiture offset by $5.6 million of capitalized software costs. Cash provided by investing activities was $19.4 million for the six months ended June 30, 2025. Cash provided by investing activities consisted of $20.4 million in proceeds from divestiture offset by $1.0 million minority investment in a strategic technology partner. 27 Cash Provided by Financing Activities Cash provided by financing activities for the six months ended June 30, 2026, was $0.3 million, consisting of proceeds from the employee stock purchase plan. Cash provided by financing activities for the six months ended June 30, 2025, was $0.5 million, consisting of proceeds from the employee stock purchase plan. Off-Balance Sheet Arrangements During the periods presented, we did not have, nor do we currently have, any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. We are therefore not exposed to the financing, liquidity, market or credit risk that could arise if we had engaged in those types of relationships. Contractual Obligations and Commitments As of June 30, 2026, there have been no material changes from the contractual obligations and commitments previously disclosed in our Form 10-K. Critical Accounting Estimates Our condensed consolidated financial statements and the related notes thereto are prepared in accordance with GAAP. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. The Company bases its estimates on historical experience, current business factors, and various other assumptions that the Company believes are necessary to consider to form a basis for making judgments about the carrying values of assets and liabilities, the recorded amounts of revenue and expenses, and the disclosure of contingent assets and liabilities. The Company is subject to uncertainties such as the impact of future events, economic and political factors, and changes in the Company’s business environment; therefore, actual results could differ from these estimates. Accordingly, the accounting estimates used in the preparation of the Company’s condensed consolidated financial statements will change as new events occur, as more experience is acquired, as additional information is obtained, and as the Company’s operating environment evolves. For a discussion of our critical accounting estimates see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Form 10-K. Recently Issued Accounting Pronouncements Adopted For more information on recently issued accounting pronouncements, see Note 2 to our condensed consolidated financial statements covered under Part I, Item 1 of this Quarterly Report on Form 10-Q. New Accounting Pronouncements Not Yet Adopted For more information on new accounting pronouncements not yet adopted, see Note 2 to our condensed consolidated financial statements covered under Part I, Item 1 in this Quarterly Report on Form 10-Q.