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MSPR

MSP Recovery, Inc.

MSPR

MSP Recovery, Inc. • NASDAQ
$0.35 ▼ -2.09% (-0.01)
Market Cap $4.84 M
52w High $28.84
52w Low $0.20
Dividend Yield 0%
P/E 0
Volume 380.98K
Outstanding Shares 13.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $198K ▼ $123.7M ▼ $-167.806M ▼ -84.751K% ▼ $-132.71 ▼ $3.773M ▼
Q2-2025 $536K ▼ $125.273M ▼ $-143.176M ▼ -26.712K% ▼ $-29.15 ▲ $120.369M ▲
Q1-2025 $837K ▼ $127.035M ▼ $-121.601M ▲ -14.528K% ▼ $-33.7 ▲ $1.501M ▲
Q4-2024 $8.243M ▲ $881.377M ▲ $-286.634M ▼ -3.477K% ▼ $-161.42 ▼ $-743.457M ▼
Q3-2024 $3.668M $131.868M $-29.847M -813.713% $-31.5 $37.347M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.821M ▼ $1.552B ▼ $2.397B ▲ $-563.842M ▼
Q2-2025 $3.99M ▼ $1.674B ▼ $2.278B ▲ $-207.163M ▼
Q1-2025 $9.074M ▼ $1.798B ▼ $2.16B ▲ $-60.818M ▼
Q4-2024 $12.328M ▲ $1.919B ▼ $2.047B ▲ $100.585M ▼
Q3-2024 $4.746M $2.788B $1.941B $300.347M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-124.675M ▲ $3.701M ▲ $108.83M ▲ $-111.585M ▼ $-2.169M ▲ $3.864M ▲
Q2-2025 $-241.78M ▼ $-8.462M ▼ $-108.83M ▼ $3.378M ▼ $-5.084M ▼ $-8.462M ▼
Q1-2025 $-121.601M ▲ $-7.192M ▼ $-163K ▲ $4.101M ▼ $-3.254M ▼ $-7.355M ▼
Q4-2024 $-796.737M ▼ $1.73M ▲ $-364K ▲ $6.216M ▼ $7.582M ▲ $1.366M ▲
Q3-2024 $-190.384M $-6.687M $-2.018M $6.338M $-2.367M $-8.705M

Five-Year Company Overview

Income Statement

Income Statement MSP Recovery’s income statement looks like an early-stage, concept-heavy business with very little proven commercial traction so far. Revenue has stayed extremely small for several years, while operating costs have ramped up sharply. That means the company is running with large operating and EBITDA losses relative to its tiny sales base. Losses have generally grown over time rather than shrunk, which suggests the business model is still in the build‑out and legal/claims development phase rather than a mature recovery‑and‑collection phase. Any improvement in bottom-line figures appears more related to accounting items than to a true turnaround in the underlying business. Overall, profitability is a clear weak spot and the path to sustainable earnings is not yet visible in the historical numbers.

Balance Sheet

Balance Sheet The balance sheet shows a company that has accumulated assets, but with a very thin layer of shareholder equity and a meaningful amount of debt. Equity was negative in the past and only recently positive, and even now it remains modest compared with total assets. Cash on hand is low, leaving only a slim buffer to absorb ongoing losses. Debt has grown and now represents a significant claim on the business, increasing financial risk and dependence on lenders or new capital raises. Multiple reverse stock splits over a short period signal a history of share price pressure and dilution, and suggest that preserving listing status has been a challenge. Overall, financial flexibility appears limited and closely tied to external financing conditions.

Cash Flow

Cash Flow Cash flow reflects the income statement story: the core business has been a cash burner, not a cash generator. Operating cash flow has been consistently negative, showing that the company’s day‑to‑day activities consume cash rather than produce it. Capital spending is negligible, so the cash burn is mostly driven by operating and legal/claims costs rather than heavy investment in physical assets. With only a small cash balance, this structure implies reliance on outside funding, new partnerships, or improved collections to keep operations going. Unless recoveries and revenues scale meaningfully, ongoing negative cash flow will remain a key concern and a constraint on growth and staying power.

Competitive Edge

Competitive Edge Strategically, MSP Recovery positions itself as a specialist in healthcare claims recovery, trying to carve out a niche with advanced analytics, legal expertise, and an unusual model of owning the claims it pursues. Its partnership with Palantir is a clear strength: it provides access to powerful data infrastructure and credibility in big‑data analytics. The company has also accumulated large datasets and built tools tailored to Medicare, Medicaid, and complex primary‑payer situations, which can create learning advantages over time. However, the company is still young, and the market has not yet seen broad, consistent monetization of these advantages. It operates in a complex, regulated ecosystem where incumbent payers, providers, and claims processors are entrenched, and where sales cycles and legal processes are long. The competitive position has promising ingredients but is not yet validated by strong, recurring revenue or market share.

Innovation and R&D

Innovation and R&D Innovation is the clear highlight of MSP Recovery’s story. The firm is trying to build a full digital ecosystem around healthcare claims: AI‑driven analytics, a consumer and provider interface (LifeWallet), a blockchain‑based claims tokenization platform (LifeChain), and a national legal referral network. The Palantir-based clearinghouse concept could, in theory, prevent improper payments before they happen, shifting the business from retroactive recovery to real‑time prevention. If widely adopted, these tools could create powerful network effects: more data and more participants would make the system smarter and more valuable. The flip side is execution risk. Adoption by insurers, providers, and patients is not guaranteed, integration is complex, and regulators are cautious. To date, the innovation story is much stronger than the monetization story, so the main uncertainty is whether these ambitious platforms can convert from vision to material, recurring revenue.

Summary

Overall, MSP Recovery looks like a highly innovative but financially fragile company. On one side, it has bold technology, strong data ambitions, and a deep partnership with a major analytics player, all aimed at modernizing a messy corner of healthcare finance. On the other side, its current financials show tiny revenues, large and persistent losses, ongoing cash burn, and a capital structure marked by debt, dilution, and repeated reverse splits. The core tension is simple: the business has big ideas and sophisticated tools, but so far only limited evidence that these can scale into stable, profitable operations. Future outcomes will depend on the company’s ability to prove its model at scale, win broad adoption for its platforms, improve collections and revenue visibility, and do all of this while strengthening its balance sheet and stemming cash outflows. Uncertainty remains high, and the story is still firmly in the execution phase rather than the harvest phase.