NUTEX HEALTH REPORTS SEPTEMBER 30, 2025 THIRD QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS

HOUSTON, Nov. 19, 2025 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three and nine months ended September 30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24 state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

Financial highlights for the three months ended September 30, 2025:

Financial highlights for the nine months ended September 30, 2025:

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 225% revenue growth, Adjusted EBITDA attributable to Nutex Health of $243.0 million, a 629% increase in gross profit and a record high cash balance of $166.0 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 very pleased to deliver another successful and profitable quarter. With the audit revisions and related activities behind us, our team is fully focused on driving future growth both within existing operations and through new facilities. Our pipeline remains strong, reflecting continued demand for small hospitals across the country," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company's financial results for the three and nine months ended September 30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

Nutex Health Inc. Regains Nasdaq Compliance

On November 19, 2025 Nutex received a letter from Nasdaq Listing Qualifications confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.

The letter states that following the Company's filing of its Form 10-Q for the period ended June 30, 2025 on November 18, 2025, Nasdaq has determined that Nutex Health Inc. now complies with the rule and that the matter is closed.

No further action is required by the Company in connection with this matter.

Conference Call on Restated 2024 and First Three Quarters of 2025 Results

The Company will host a conference call on Tuesday, December 2, 2025 at 10:30 a.m. ET to discuss its restated fiscal year 2024 results and its results for the first three quarters 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.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)

September 30,

2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

$ 166,048

$ 40,640

Restricted short-term investments

—

2,941

Accounts receivable

387,409

232,449

Accounts receivable - related parties

7,353

3,602

Inventories

3,158

2,850

Income tax receivable

12,097

—

Prepaid expenses and other current assets

16,586

9,997

Total current assets

592,651

292,479

Property and equipment, net

82,821

77,933

Operating lease right-of-use assets

27,354

27,872

Financing lease right-of-use assets

225,719

218,889

Intangible assets, net

21,555

15,530

Goodwill, net

13,919

Deferred tax assets

—

7,987

Other assets

499

711

Total assets

$ 964,518

$ 655,320

Liabilities and Equity

Current liabilities:

Accounts payable

$ 45,475

$ 9,614

Accounts payable - related parties

4,082

806

Lines of credit

5,304

3,554

Current portion of long-term debt

18,004

14,395

Operating lease liabilities, current portion

2,111

2,080

Financing lease liabilities, current portion

7,108

7,705

Accrued arbitration expenses

64,313

47,742

Accrued income tax expense

—

26,533

Accrued stock-based compensation

11,194

16,356

Accrued expenses and other current liabilities

27,865

25,440

Total current liabilities

185,456

154,225

Long-term debt, net

25,574

22,466

Operating lease liabilities, net

30,423

30,617

Financing lease liabilities, net

270,077

259,479

Deferred tax liabilities

14,955

—

Total liabilities

526,485

466,787

Commitments and contingencies (Note 10)

Equity:

Common stock, $0.001 par value; 950,000,000 shares authorized; 6,905,262 and 5,511,452 shares

issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital

615,180

489,409

Accumulated deficit

(298,021)

(356,976)

Nutex Health Inc. equity

317,166

132,439

Noncontrolling interests

120,867

56,094

Total equity

438,033

188,533

Total liabilities and equity

$ 964,518

$ 655,320

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended September 30,

Nine Months Ended September 30,

(In thousands, except share and per share amounts)

2025

2024

2025

2024

Revenue:

Hospital division

$ 260,239

$ 71,733

$ 700,488

$ 199,367

Population health management division

7,565

7,062

23,090

22,964

Total revenue

267,804

78,795

723,578

222,331

Operating costs and expenses:

Payroll

38,817

29,848

109,961

85,249

Contract services

53,837

11,657

153,601

32,482

Medical supplies

3,307

3,983

11,920

12,894

Depreciation and amortization

5,003

4,972

15,343

13,691

Other

11,959

6,418

34,610

23,380

Total operating costs and expenses

112,923

56,878

325,435

167,696

Gross profit

154,881

21,917

398,143

54,635

Corporate and other costs:

Stock-based compensation

13,217

1,964

119,606

1,952

Impairment of assets

—

425

—

3,899

Impairment of goodwill

—

3,197

General and administrative expenses

11,297

9,865

33,830

29,175

Total corporate and other costs

24,514

12,254

153,436

38,223

Operating income

130,367

9,663

244,707

16,412

Interest expense, net

5,452

5,381

17,250

14,880

Loss on warrant liability

—

6,734

—

1,073

Other (income) expense

976

128

8,570

(711)

Income (loss) before taxes

123,939

(2,580)

218,887

1,170

Income tax expense

27,140

4,585

55,138

5,868

Net income (loss)

96,799

(7,165)

163,749

(4,698)

Less: net income attributable to noncontrolling interests

41,364

1,623

104,794

4,819

Net income (loss) attributable to Nutex Health Inc.

$ 55,435

$ (8,788)

$ 58,955

$ (9,517)

Earnings (loss) per common share

Basic

$ 8.27

$ (1.72)

$ 9.63

$ (1.91)

Diluted

$ 7.76

$ (1.72)

$ 8.87

$ (1.91)

NUTEX HEALTH INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,

(In thousands)

2025

2024

Cash flows from operating activities:

Net income

$ 163,749

$ (4,698)

Adjustment to reconcile net income to net cash from operating activities:

Depreciation and amortization

15,343

13,691

Loss on warrant liability

—

1,073

Impairment of assets

—

3,899

Impairment of goodwill

—

3,197

Derecognition of goodwill

—

453

Stock-based compensation expense

119,606

1,952

Changes to deferred taxes

22,942

(1,743)

Debt accretion expense

756

805

Changes in operating assets and liabilities:

(Increase)/Decrease in Accounts receivable

(154,960)

(4,253)

(Increase)/Decrease in Accounts receivable - related party

(3,751)

550

(Increase)/Decrease in Inventories

(308)

1,131

(Increase)/Decrease in Income tax receivable

(12,097)

—

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

(6,376)

(1,361)

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

518

411

Increase/(Decrease) in Accounts payable

36,637

(7,975)

Increase/(Decrease) in Accounts payable - related party

3,276

(39)

Increase/(Decrease) in Operating lease liabilities

(164)

(692)

Increase/(Decrease) in Accrued arbitration expenses

16,571

—

Increase/(Decrease) in Accrued income tax expense

(26,533)

—

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

2,527

16,698

Net cash provided by operating activities

177,736

23,099

Cash flows from investing activities:

Acquisitions of property and equipment

(1,117)

(1,909)

Proceeds from restricted short-term investment

2,941

—

Cash related to sale of business

—

(361)

Cash related to asset acquisition

(1,994)

—

Net cash used in investing activities

(170)

(2,270)

Cash flows from financing activities:

Proceeds from lines of credit

5,043

1,132

Proceeds from notes payable

273

7,015

Repayments of lines of credit

(3,293)

(1,119)

Repayments of notes payable

(8,319)

(8,332)

Repayments of finance leases

(4,004)

(1,924)

Proceeds from common stock issuance, net issuance costs

—

9,202

Proceeds from exercise of warrants

—

801

Members' contributions

316

961

Members' distributions

(42,174)

(3,659)

Net cash provided by (used in) financing activities

(52,158)

4,077

Net increase in cash and cash equivalents

125,408

24,906

Cash and cash equivalents - beginning of the period

40,640

22,002

Cash and cash equivalents - end of the period

$ 166,048

$ 46,908

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):

Three Months Ended September 30,

2025

2024

Reconciliation of net income (loss) attributable to Nutex

Health Inc. to Adjusted EBITDA:

(Updated)

(Prior)

(Updated)

(Prior)

Net income (loss) attributable to Nutex Health Inc.

$ 55,435

$ (8,788)

Depreciation and amortization

5,003

4,972

Interest expense, net

5,452

5,381

Income tax expense

27,140

4,585

Allocation to noncontrolling interests

(1,243)

(1,808)

EBITDA

91,787

4,342

Loss on warrant liability

—

6,734

Impairment of assets

—

424

Finance lease payments (1)

(6,474)

—

(3,794)

—

Stock-based compensation

13,217

1,964

Adjusted EBITDA

$ 98,530

$ 105,004

$ 9,670

$ 13,464

Nine Months Ended September 30,

2025

2024

Reconciliation of net income (loss) attributable to Nutex

Health Inc. to Adjusted EBITDA:

(Updated)

(Prior)

(Updated)

(Prior)

Net income (loss) attributable to Nutex Health Inc.

$ 58,955

$ (9,517)

Depreciation and amortization

15,343

13,691

Interest expense, net

17,250

14,880

Income tax expense

55,138

5,868

Allocation to noncontrolling interests

(3,815)

(4,980)

EBITDA

142,871

19,942

Loss on warrant liability

—

1,073

Impairment of assets

—

3,898

Impairment of goodwill

—

3,197

Finance lease payments (1)

(19,512)

—

(13,957)

—

Stock-based compensation

119,606

1,952

Adjusted EBITDA

$ 242,965

$ 262,477

$ 16,105

$ 30,062

(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 (HOPDs). This division owns and operates 24 facilities in 11 states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), 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, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, 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, 2024, and subsequent Quarterly Report on Form 10-Q for the three and nine months ended September 30, 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.