DocGo (NASDAQ:DCGO) shares fell sharply in pre-market trading on Tuesday after the mobile healthcare and medical transportation provider reported weaker-than-expected second-quarter 2026 results and significantly increased its projected full-year adjusted EBITDA loss.
The stock dropped 12.7% to $0.62 before the opening bell after DocGo posted an adjusted loss of $0.16 per share, compared with the consensus estimate for a $0.10 loss. Quarterly revenue reached $73.4 million, below analysts’ forecast of $75.4 million and down 8.7% from the same period last year.
Migrant Contract Wind-Down Weighs on Revenue
The year-on-year decline in reported revenue reflected the conclusion of migrant-related contracts. Those programmes generated no revenue during the latest quarter, compared with $18.8 million in the second quarter of 2025.
Underlying performance was stronger once those contracts were excluded, with DocGo reporting core revenue growth of 19%.
However, that improvement was overshadowed by the earnings shortfall and a substantially weaker profitability outlook.
DocGo More Than Doubles Expected EBITDA Loss Range
The biggest concern for investors came from DocGo’s revised full-year guidance.
The company now expects an adjusted EBITDA loss of between $17 million and $22 million for 2026, considerably wider than its previous forecast for a loss of between $5 million and $10 million.
The revision indicates that DocGo’s route towards profitability could take longer than previously anticipated and contributed to the sharp pre-market reaction.
Hicuity Health Acquisition Adds Integration Risk
Alongside its quarterly results, DocGo announced a definitive agreement to acquire Hicuity Health, a telemedicine provider generating approximately $65 million in trailing 12-month revenue.
The transaction potentially expands DocGo’s healthcare offering, but it also introduces additional execution and integration requirements at a time when investors are already focused on the company’s losses and balance-sheet position.
DocGo separately disclosed that it had requested a brief extension from the U.S. Securities and Exchange Commission to file its quarterly Form 10-Q.
Weak Market Backdrop Adds Pressure to DocGo Shares
The sell-off occurred against a broadly negative market environment, with the Nasdaq down 1.1% and the S&P 500 falling 0.4% during Tuesday’s session.
That weakness added pressure to DocGo, a micro-cap stock with relatively high market sensitivity that has already lost more than half of its value over the past 12 months.
At $0.62, the shares remain substantially below their 52-week high of $1.73 and closer to the 52-week low of $0.451. The company has also been operating under a Nasdaq listing compliance extension, adding another source of uncertainty around the stock.
Earnings and Guidance Leave Investors Cautious
The combination of weaker-than-expected quarterly results, a substantial increase in projected adjusted EBITDA losses and uncertainty surrounding the Hicuity Health acquisition prompted investors to reassess DocGo’s near-term prospects.
Although the 19% increase in core revenue excluding migrant-related programmes provides evidence of growth in the underlying business, the widened loss forecast suggests that translating that expansion into profitability remains a significant challenge.
The market responded quickly, sending DocGo shares down to $0.62 in pre-market trading and leaving the stock much closer to its annual low than to recent recovery levels.
DocGo stock price
