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AMWL

American Well Corporation

AMWL

American Well Corporation • NYSE
$4.23 ▲ 2.92% (+0.12)
Market Cap $69.25 M
52w High $12.95
52w Low $3.71
Dividend Yield 0%
P/E -0.59
Volume 53.15K
Outstanding Shares 16.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $56.286M ▼ $46.203M ▼ $-32.378M ▼ -57.524% ▼ $-2 ▼ $-20.976M ▼
Q2-2025 $70.898M ▲ $49.369M ▼ $-19.696M ▼ -27.781% ▲ $-1.24 ▼ $-11.058M ▼
Q1-2025 $66.833M ▼ $54.405M ▼ $-18.704M ▲ -27.986% ▲ $-1.19 ▲ $-8.991M ▲
Q4-2024 $71.006M ▲ $64.87M ▲ $-42.654M ▲ -60.071% ▲ $-2.77 ▲ $-33.941M ▲
Q3-2024 $61.046M $58.886M $-43.464M -71.199% $-2.87 $-35.073M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $200.888M ▼ $359.425M ▼ $92.062M ▼ $254.911M ▼
Q2-2025 $219.072M ▼ $388.656M ▼ $94.083M ▼ $282.588M ▼
Q1-2025 $222.411M ▼ $419.468M ▼ $113.694M ▼ $293.954M ▼
Q4-2024 $228.316M ▼ $435.968M ▼ $119.724M ▼ $304.772M ▼
Q3-2024 $244.647M $482.986M $132.936M $336.663M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-31.911M ▼ $-18.766M ▼ $0 $299K ▲ $-18.184M ▼ $-18.766M ▼
Q2-2025 $-19.531M ▼ $-4.724M ▲ $0 ▼ $-1K ▼ $-3.339M ▲ $-4.724M ▲
Q1-2025 $-18.356M ▲ $-25.108M ▼ $19.391M ▲ $543K ▲ $-5.905M ▲ $-25.117M ▼
Q4-2024 $-42.654M ▲ $-13.435M ▲ $-4.131M ▲ $-2K ▼ $-16.331M ▲ $-15.851M ▲
Q3-2024 $-44.041M $-32.354M $-4.733M $427K $-32.261M $-37.087M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Others
Others
 $0 ▲$10.00M ▲$10.00M ▲$0 ▼
Platform Subscription
Platform Subscription
 $40.00M ▲$30.00M ▼$40.00M ▲$30.00M ▼
Visits
Visits
 $30.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past several years, which suggests the company is still working to unlock real growth from its platform. On the plus side, it does earn a solid gross margin on what it sells, showing the core service can be economically attractive. The concern is further down the income statement: operating losses remain large and recurring, and at times have widened sharply, reflecting heavy spending on product, sales, and the business model transition. Net losses closely track operating losses, so the path to break-even is still ahead rather than behind. Overall, this is a company with an interesting economic engine at the top line but a cost base that is still too heavy relative to its current scale.

Balance Sheet

Balance Sheet The balance sheet is asset-light and very lightly leveraged, with only modest debt, which reduces financial risk from borrowing. Cash once represented a very large share of the asset base but has been drawn down over time as the company funded losses and investment. Shareholders’ equity has also been shrinking as cumulative losses pile up. The company still has a cash cushion, but the trend is clearly one of using up prior capital raises rather than building new financial strength. The absence of high debt is a positive, but the balance sheet flexibility is gradually narrowing, making future funding choices more important.

Cash Flow

Cash Flow Operating cash flow has been consistently negative, meaning the business has not yet started to pay for itself and remains dependent on its existing cash or external funding. That said, cash burn has edged in the right direction, with some improvement over time, hinting that cost discipline and the shift toward software may be helping. Capital spending is quite modest, so most of the cash outflow is driven by operating losses rather than heavy investment in physical assets. Free cash flow is still clearly negative, so the company’s medium-term story hinges on turning its software strategy into a self-funding, cash-generating model before its cash resources become too thin.

Competitive Edge

Competitive Edge Amwell operates in a crowded telehealth and digital health market, facing well-known competitors, but it has intentionally moved away from simple one-off video visits toward being a core infrastructure provider for large health systems and insurers. Its Converge platform is deeply integrated into clients’ existing technology and workflows, which makes switching to another vendor time-consuming, risky, and expensive. This creates meaningful stickiness and raises the bar for rivals. Its enterprise focus, long-term contracts, and partnerships with major health institutions and government agencies give it credibility and a potentially durable niche. The flip side is that the company must win and successfully execute large, complex deals in a competitive bidding environment, and it still needs to prove that this strategy can scale profitably.

Innovation and R&D

Innovation and R&D The company’s main innovation is the Converge platform, which is designed as an open, flexible hub for virtual and hybrid care, rather than just a basic telehealth app. It supports a wide range of services, from urgent care to behavioral and chronic care, and can plug in third-party tools. Acquisitions in digital mental health and automated care have broadened its capabilities and enabled more automated, continuous patient engagement. Amwell is also weaving artificial intelligence into patient experience and clinical workflows, which could deepen its value proposition if executed well. Management has signaled plans to be more selective with R&D spending as it pushes toward profitability, which introduces a trade-off: tighter budgets may support near-term financial improvement but could slow the pace of future innovation if not managed carefully.

Summary

Amwell is in the middle of a strategic shift from being a visit-based telehealth provider to becoming a software and infrastructure partner for large healthcare organizations. Its technology, especially the Converge platform, is a clear strength and underpins a business model with high potential margins and sticky, enterprise relationships. However, revenue has not yet shown strong, sustained growth, and the company is still generating sizable operating and cash losses, gradually consuming its cash reserves. The balance sheet remains low-debt but less robust than a few years ago, raising the importance of executing the path to self-sustaining cash flow. Competitive and execution risks are real, yet the combination of deep integrations, high switching costs, and ongoing innovation in hybrid and AI-enabled care gives the company a differentiated position to build from if it can translate its platform strategy into durable, profitable scale over the coming years.

NEWS

November 4, 2025 · 4:05 PM UTC

Amwell® Announces Results for Third Quarter 2025

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October 27, 2025 · 4:35 PM UTC

Amwell® to report third quarter 2025 operating results; company leaders to attend upcoming investor conferences

Read more