NUTEX HEALTH REPORTS 2025 FINANCIAL RESULTS AND ANNOUNCES SECOND STOCK REPURCHASE PROGRAM

FULL YEAR 2025 HIGHLIGHTS:

HOUSTON, March 5, 2026 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced fourth quarter and fiscal year 2025 financial results for the twelve months ended December 31, 2025. Nutex Health is a physician-led, healthcare services and operations company with 27 hospital facilities in 12 states (hospital division), and a primary care-centric, risk-bearing physician network.

Financial highlights for the twelve months ended December 31, 2025:

Financial highlights for the three months ended December 31, 2025:

1. A one‑time $55.0 million cumulative true-up of 18,950 arbitration claims that arbitrators determined were ineligible under the IDR process. These claims were submitted for the period from July 2024 through December 2025.

2. Arbitration revenues of $69.0 million relating to submissions during the third quarter of 2024 that were recorded in the fourth quarter of 2024. Prior to September 30, 2024, the Company did not have sufficient historical data to determine the likelihood of a prevailing determination, the potential award amount, or the collectibility of such awards.

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

"We are continuing to add to a record year with 82% revenue growth, Adjusted EBITDA attributable to Nutex Health of $259.6 million, a 126.4% increase in gross profit and a record high cash balance of $185.6 million. Our financial performance highlights the strength of the business model with our strong balance sheet positioning us well for our planned growth strategy," stated Jon Bates, Chief Financial Officer of Nutex Health.

"We are thrilled to share our exceptionally strong 2025 financial results with our investors. Compared to 2024, we delivered improvements across nearly all key financial metrics. During 2025 and early 2026, we successfully opened three new micro-hospitals, further expanding our national footprint. In addition, both ER visits and inpatient admissions grew year over year, reflecting increased demand and strengthened operational performance," stated Tom Vo, M.D, MBA, Chairman and Chief Executive Officer of Nutex Health.

Dr. Vo added: "Importantly, we also remediated all previously disclosed material weaknesses in internal controls over financial reporting in 2025—an accomplishment that enhances transparency, highlights the strength in our internal controls, and reinforces investor confidence. Looking ahead, we are well positioned for continued growth through a balanced strategy that includes both de novo hospital development and increased patient volumes across our existing facilities."

For more details on the Company's financial results for the twelve months ended December 31, 2025, please refer to our Annual Report on Form 10-K filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

Share Repurchase Program

The Board of Directors has authorized a second stock repurchase program of up to $25.0 million of the Company's common stock over the next six months. The purpose of the share repurchase is to increase shareholder value and offset dilution from the future issuance of shares related to stock compensation obligations for under-construction and ramping hospitals. Pursuant to the stock repurchase program the Company may repurchase, from time to time, up to an aggregate of $25.0 million of its outstanding shares of common stock, exclusive of any fees, commissions or other expenses related to such repurchases. The stock repurchase program permits the Company to repurchase shares of common stock at any time or from time to time in open market transactions made in accordance with the provisions of Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions or by other means in accordance with applicable securities laws.

The timing of any repurchases and the number of shares repurchased are subject to the discretion of the Company and may be affected by various factors, including general market and economic conditions, the market price of the Company's common stock, the Company's earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time.

Conference Call on Fourth Quarter and Full Year 2025 Results

The Company will host a conference call on Friday, March 6, 2026 at 9:30 a.m. CT to discuss its results for the fourth quarter and full year of 2025.

Participant Listening: 1-877-407-9208 or 1-201-493-6784

Participant Link: https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6

To access the call, please dial in approximately five minutes before start time. Those who are unable to attend the live conference call may access the recording on the Company's website.

NUTEX HEALTH INC.

CONSOLIDATED BALANCE SHEETS

December 31

(In thousands, except share and per share amounts)

2025

2024

Assets

Current assets:

Cash and cash equivalents

$ 185,574

$ 40,640

Restricted cash

297

—

Restricted short-term investments

—

2,941

Accounts receivable

319,440

232,449

Accounts receivable - related parties

5,978

3,602

Inventories

2,866

2,850

Prepaid expenses and other current assets

24,656

9,997

Total current assets

538,811

292,479

Property and equipment, net

94,581

77,933

Operating lease right-of-use assets

26,955

27,872

Financing lease right-of-use assets

222,367

218,889

Intangible assets, net

21,230

15,530

Goodwill, net

13,919

Deferred tax assets

—

7,987

Other assets

662

711

Total assets

$ 918,525

$ 655,320

Liabilities and Equity

Current liabilities:

Accounts payable

$ 45,863

$ 9,614

Accounts payable - related parties

3,104

806

Lines of credit

740

3,554

Current portion of long-term debt

13,336

14,395

Operating lease liabilities, current portion

2,152

2,080

Financing lease liabilities, current portion

7,077

7,705

Accrued arbitration expenses

49,743

47,742

Accrued income tax expense

867

26,533

Accrued stock-based compensation

8,256

16,356

Accrued expenses and other current liabilities

26,773

25,440

Total current liabilities

157,911

154,225

Long-term debt, net

29,174

22,466

Non-current operating lease liabilities, net

30,037

30,617

Non-current financing lease liabilities, net

268,877

259,479

Deferred tax liabilities

9,089

—

Total liabilities

495,088

466,787

Commitments and contingencies (Note 10)

Equity:

Common stock, $0.001 par value; 950,000,000 shares authorized; 7,086,670 and 5,511,452

shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

Additional paid-in capital

615,627

489,409

Accumulated deficit

(286,187)

(356,976)

Nutex Health Inc. equity

329,447

132,439

Noncontrolling interests

93,990

56,094

Total equity

423,437

188,533

Total liabilities and equity

$ 918,525

$ 655,320

See accompanying notes to the consolidated financial statements.

NUTEX HEALTH INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Year ended December 31,

(In thousands, except per share amounts)

2025

2024

2023

Revenue:

Hospital division

$ 844,162

$ 449,064

$ 218,070

Population health management division

31,095

30,885

29,576

Total revenue

875,257

479,949

247,646

Operating costs and expenses:

Payroll

158,081

117,527

108,378

Contract services

190,315

100,757

42,350

Medical supplies

17,241

15,285

14,151

Depreciation and amortization

20,530

18,972

17,592

Other

44,809

31,146

30,401

Total operating costs and expenses

430,976

283,687

212,872

Gross profit

444,281

196,261

34,774

Corporate and other costs:

Facilities closing costs

—

217

Acquisition costs

—

Stock-based compensation

117,003

16,555

2,836

Impairment of assets

—

3,887

29,082

Impairment of goodwill

—

3,197

1,139

General and administrative expenses

51,653

41,924

33,230

Total corporate and other costs

168,656

65,563

66,548

Operating income (loss)

275,625

130,698

(31,774)

Interest expense, net

22,226

19,932

16,318

Loss on warrant liability

—

1,609

—

Other (income) expense

8,618

(669)

399

Income (loss) before taxes

244,781

109,826

(48,491)

Income tax expense (benefit)

64,424

15,020

(5,067)

Net income (loss)

180,357

94,806

(43,424)

Less: net income attributable to noncontrolling interests

109,568

42,709

2,363

Net income (loss) attributable to Nutex Health Inc.

$ 70,789

$ 52,097

$ (45,787)

Earnings (loss) per common share

Basic

$ 11.13

$ 10.23

$ (10.39)

Diluted

$ 10.48

$ 9.69

$ (10.39)

See accompanying notes to the consolidated financial statements.

NUTEX HEALTH INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31,

(In thousands)

2025

2024

2023

Cash flows from operating activities:

Net income (loss)

$ 180,357

$ 94,806

$ (43,424)

Adjustment to reconcile net income (loss) to net cash from operating

activities:

Depreciation and amortization

20,530

18,972

17,592

Impairment of assets

—

3,887

29,082

Impairment of goodwill

—

3,197

1,139

Derecognition of goodwill

—

453

—

Loss on warrant liability

—

1,609

—

Stock-based compensation expense

117,003

16,555

2,836

Changes to deferred taxes

17,076

(13,133)

(5,707)

Debt accretion expense

902

1,042

1,210

Loss on lease termination

—

Changes in operating assets and liabilities:

(Increase)/Decrease in Accounts receivable

(86,943)

(173,957)

(970)

(Increase)/Decrease in Accounts receivable - related party

(2,376)

550

(3,614)

(Increase)/Decrease in Inventories

(16)

540

143

(Increase)/Decrease in Prepaid expenses and other current assets

(14,610)

(7,021)

(817)

(Increase)/Decrease in Operating right-of-use assets

917

1,147

1,632

Increase/(Decrease) in Accounts payable

35,555

(8,682)

(4,715)

Increase/(Decrease) in Accounts payable - related party

2,298

(2,037)

2,467

Increase/(Decrease) in Operating lease liabilities

(508)

(1,528)

(1,501)

Increase/(Decrease) in Accrued arbitration expenses

2,002

47,742

—

Increase/(Decrease) in Accrued income tax expense

(25,666)

26,533

—

Increase/(Decrease) in Accrued expenses and other current liabilities

1,604

12,478

5,846

Net cash provided by operating activities

248,125

23,153

1,257

Cash flows from investing activities:

Acquisitions of property and equipment

(2,526)

(2,304)

(9,497)

Purchase of restricted short-term investment

—

(2,941)

—

Cash related to sale of business

—

(361)

—

Proceeds from restricted short-term investment

1,596

—

Payments for acquisitions of businesses, net of cash acquired

—

(704)

Cash related to asset acquisition

(4,312)

—

Cash related to deconsolidation of Real Estate Entities

—

(1,039)

Net cash used in investing activities

(5,242)

(5,606)

(11,240)

Cash flows from financing activities:

Proceeds from lines of credit

5,043

2,262

2,341

Proceeds from notes payable

—

7,015

16,953

Proceeds from convertible notes

—

4,910

Repayments of lines of credit

(7,857)

(2,079)

(1,593)

Repayments of notes payable

(11,382)

(9,969)

(16,479)

Repayments of finance leases

(5,244)

(4,628)

(3,485)

Proceeds from common stock issuance, net issuance costs

—

9,202

—

Proceeds from exercise of warrants

—

2,373

—

Cash related to stock repurchases and retirements

(5,000)

—

Members' contributions

767

3,353

298

Members' distributions

(74,276)

(6,438)

(5,215)

Net cash provided by (used in) financing activities

(97,949)

1,091

(2,270)

Net change in cash and cash equivalents

144,934

18,638

(12,253)

Cash and cash equivalents - beginning of the period

40,640

22,002

34,255

Restricted cash - beginning of period

—

Cash and cash equivalents and restricted cash - beginning of period

40,640

22,002

34,255

Cash and cash equivalents - end of period

185,574

40,640

22,002

Restricted cash - end of period

297

—

Cash and cash equivalents and restricted cash - end of period

$ 185,871

$ 40,640

$ 22,002

See accompanying notes to the consolidated financial statements.

Non-GAAP Financial Measures (Unaudited)

EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net loss to Adjusted EBITDA is included below.

Beginning in the first quarter of 2025, we have updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):

Year Ended December 31,

2025

2024

2023

Reconciliation of net income (loss) attributable to Nutex Health Inc. to

Adjusted EBITDA:

Net income (loss) attributable to Nutex Health Inc.

$ 70,789

$ 52,097

$ (45,786)

Depreciation and amortization

20,530

18,972

17,592

Interest expense, net

22,226

19,932

16,318

Income tax expense (benefit)

64,424

15,020

(5,067)

Allocation to noncontrolling interests

(9,385)

(7,176)

(5,546)

EBITDA

168,584

98,845

(22,489)

Facility closing costs

—

217

Acquisition costs

—

Loss on warrant liability

—

1,609

—

Stock-based compensation

117,003

16,555

2,836

Impairment of assets

—

3,887

29,082

Impairments of goodwill

—

3,197

1,139

Finance lease payments (1)

(26,022)

(21,319)

(16,658)

Adjusted EBITDA

$ 259,565

$ 102,774

$ (5,830)

Three months ended

December 31, 2025

Three months ended

December 31, 2024

Unaudited

Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted

EBITDA:

Net income (loss) attributable to Nutex Health Inc.

$ 11,834

$ 61,612

Depreciation and amortization

5,187

5,280

Interest expense, net

4,976

5,052

Income tax expense

9,286

9,152

Allocation to noncontrolling interests

(5,570)

(2,195)

EBITDA

25,713

78,901

Loss on warrant liability

—

536

Stock-based compensation

(2,603)

14,603

Impairment of assets

—

(11)

Finance lease payments (1)

(6,510)

(7,363)

Adjusted EBITDA

$ 16,600

$ 86,666

(1)

Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.

About Nutex Health Inc.

Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments. This division owns and operates 27 facilities in 12 states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations. Through our Management Services Organization, we provide management, administrative and other support services to our affiliated hospitals and physician groups.

Forward-Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result" "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, regulatory and litigation uncertainty under the No Surprises Act, lawsuits filed by health insurance providers against our third party provider in the arbitration process, sales of a substantial amount of our Common Stock by our stockholders, our obligation to issue additional shares of our common stock to former doctor owners of under construction hospitals, manipulative short seller reports, the impact of litigation and disputes, our ability to successfully execute our growth strategy, economic conditions, dependence on management, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2025 under the heading "Risk Factors" in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

SOURCE Nutex Health, Inc.