Companies · AMWL
Amwell
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Latest analysis
Updated Aug 4, 2026
Amwell posts Q2 2026 adjusted EBITDA loss of $1.15M — closest to breakeven ever — while DHA sole-source award and raised full-year guidance signal inflection.
Amwell's Q2 2026 results mark its narrowest adjusted EBITDA loss as a public company at $1.15 million, with management raising full-year adjusted EBITDA guidance to a loss of $9–$7 million from a prior range of $16–$12 million. The Defense Health Agency's intent to award a sole-source contract directly to Amwell — bypassing integrator Leidos — is the most consequential development this quarter, validating Amwell's position as core infrastructure within the Military Health System and opening a path to expanded scope and a 3–5 year contract term. Subscription revenue, now more than half of total revenue and growing sequentially, anchors the company's shift toward a recurring, higher-margin SaaS profile as management targets double-digit growth in 2027.
Tone: bullishRevenue
$249.3M
AMWL 10-K · FY 2025
Employees
562
Revenue FY2024
$254.4M
Founded
2006
Profile
AMWL 10-K Item 1 · Feb 12, 2026Amwell is an enterprise platform and software-as-a-service company that digitally enables hybrid care delivery for health systems, health plans, and government entities. Founded in 2006, the company provides the core technology, clinical services, and devices that allow clients to deploy virtual, in-person, and automated care programs under their own brands. Its platform supports use cases ranging from urgent care and behavioral health to virtual nursing and chronic disease management.
Read filing description ↓ Collapse description ↑
Amwell is a leading enterprise platform and software company digitally enabling hybrid care. We empower health providers, payers, and innovators to achieve their digital ambitions, enabling a coordinated experience across in-person, virtual and automated care. We provide our clients with the core technology and services necessary to successfully develop and distribute digital care programs that meet their strategic, operational, financial and clinical objectives under their own brands. Founded in 2006, Amwell pioneered virtual healthcare. Today, Amwell extends digital care beyond telehealth, enabling care across in-person, virtual and automated modalities and providing an open, scalable platform that can flex and grow alongside our clients. We bring technology and services that facilitate new models of care, strategic partnerships, consistent execution and better outcomes. Together with our clients and innovation partners, we forge a new hybrid model of care delivery that adapts as needs evolve and makes care more accessible for all. As of December 31, 2025, we power the digital care programs of approximately 50 health plans, which collectively represent more than 90 million covered lives, as well as approximately 80 of the nation's largest health systems. Since inception, we have powered more than 37.6 million virtual care visits for our clients, including more than 4.5 million in the year ended December 31, 2025. Our enterprise platform and software as a service solutions enable hybrid care delivery by offering our clients products to help weave digital care across all care settings, from provider-to-provider virtual care for stroke and virtual nursing to on-demand and scheduled provider-to-patient care for urgent care, primary care, behavioral health, chronic disease management, and specialty follow-up care.
Primary products
- Amwell Platform
- Carepoint devices
- Carepoint Calling
- Amwell Medical Group (AMG)
- SilverCloud by Amwell
- Automated Care Programs
End markets
Geographies
Named customers
For the years ended December 31, 2025, 2024 and 2023, our largest client, Elevance, accounted for 31%, 27% and 24% of our revenue, respectively. For the years ended December 31, 2025, 2024 and 2023, our top ten clients by revenue accounted for 71%, 58% and 51% of our total revenue, respectively.
Named competitors
“We believe the breadth of our existing customer ecosystem, our unique customer footprint with both payers and providers, the depth of the Amwell Platform, and our business-to-business focus on promoting existing healthcare brands and integrating with multiple platforms increases the likelihood that stakeholders seeking to develop digital and hybrid care solutions will increasingly choose to collaborate with Amwell.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue declined from $254.4 million in 2024 to $249.3 million in 2025, reflecting continued client churn in both health system and health plan segments.
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