American Well Corp
NYSE:AMWL
American Well Corp
American Well Corp. engages in the provision of online healthcare services. The company is headquartered in Boston, Massachusetts and currently employs 1,035 full-time employees. The company went IPO on 2020-09-17. The firm platform is a digital delivery of care for healthcare in the United States. The company believes that digital care delivery solutions equip its health system, health plan, and clients, including government clients, with the tools to enable new models of care for their patients and members. The firm offers a platform to support all telehealth needs, from urgent to acute and post-acute care, as well as chronic care management and healthy living. The company offers digital care programs for approximately 55 health plans, which have more than 80 million covered lives, as well as approximately 150 of the nation's health systems, encompassing hospitals. The company also offers a full range of management software, clinical workflows, and system integrations to deliver care across many modalities, including video, phone, and secure messaging. Its Carepoint portfolio includes the C500, Touchpoint Table, and Hospital TV.
American Well Corp. engages in the provision of online healthcare services. The company is headquartered in Boston, Massachusetts and currently employs 1,035 full-time employees. The company went IPO on 2020-09-17. The firm platform is a digital delivery of care for healthcare in the United States. The company believes that digital care delivery solutions equip its health system, health plan, and clients, including government clients, with the tools to enable new models of care for their patients and members. The firm offers a platform to support all telehealth needs, from urgent to acute and post-acute care, as well as chronic care management and healthy living. The company offers digital care programs for approximately 55 health plans, which have more than 80 million covered lives, as well as approximately 150 of the nation's health systems, encompassing hospitals. The company also offers a full range of management software, clinical workflows, and system integrations to deliver care across many modalities, including video, phone, and secure messaging. Its Carepoint portfolio includes the C500, Touchpoint Table, and Hospital TV.
Revenue Decline: Amwell reported Q4 revenue of $55.3 million, down 22.1% year-over-year due to contract step-downs and a refocus on core markets.
Subscription Shift: Subscription revenue grew as a share of total revenue to 53% for 2025, up from 45% in 2024, reflecting a move to more predictable SaaS-based income.
Cost Reduction: The company reduced operating expenses by 30.7% year-over-year and cut both net loss and adjusted EBITDA losses by about $100 million for the full year.
Gross Margin Pressure: Q4 gross margin was 51.2%, down 280 basis points year-over-year, but management expects improvement as higher-margin SaaS revenue grows.
Cash and Liquidity: Amwell ended the year with $182 million in cash and marketable securities and no debt.
2026 Guidance: Full-year 2026 revenue is expected to be $195–205 million, with adjusted EBITDA loss between $24 million and $18 million and a goal of reaching cash flow breakeven in Q4.
Contract Renewals: Over 15 payer contract renewals in 2025 secured most existing subscription revenue, reducing renewal risk in 2026 except for the important DHA contract.
Platform Focus: The business has been streamlined to one core tech platform, divesting non-core assets to drive higher quality, stickier, and higher-margin revenue.
