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Claritev Corporation Reports Second Quarter 2026 Results

–Q2 2026 Revenues of $257.5 million grew 6.6% compared to Q2 2025
–Net Loss of $59.2 million
–Adjusted EBITDA of $155.8 million increased 1.1% compared to Q2 2025
(Adjusted EBITDA Margin of 60.5% versus 63.8% in Q2 2025)

McLean, VA — August 7, 2026 — Claritev Corporation (“Claritev” or the “Company”) (NYSE: CTEV), a technology, data and insights company focused on making healthcare more affordable, transparent and fair for all, today reported financial results for the second quarter ended June 30, 2026.
“Claritev once again demonstrated the strength of our vision and strategy in the second quarter of 2026, delivering financial results above expectations with solid execution across the company. We are one year into a transformation program that has seen our company operate with greater clarity, alignment, and focus. This transformation is most notably highlighted by a broader portfolio of solutions, expanded vertical sales markets, heightened focus on AI as both an operational and innovation lever, and a company-wide focus on execution that is building a foundation for long term, sustainable, and ultimately faster growth,” said Travis Dalton, Chairman, CEO and President of Claritev.
Mr. Dalton added, “This success is most clearly reflected in our bookings which were spread across solutions and verticals, with notable strength in the TPA market where we closed several seven-figure transactions. With more than $70 million in bookings through the first half of 2026, we are well on our way to achieving our full year target of $100 million which would represent 50% growth over 2025 and is a leading indicator of continued growth in 2027 and beyond.”
Doug Garis, Claritev Chief Financial Officer, commented, “Our second quarter results mark five straight quarters of year over year revenue growth, demonstrating the consistency and quality of Claritev’s core, and the growth opportunities created by our expansion into new markets and verticals. We have outperformed revenue and Adjusted EBITDA in the first half of the year for the simple reason that our company’s #1 focus is on client success. This is true of our sales, product, support and finance teams, augmented by the favorable market trends that helped drive our return to top line growth in 2025. We are particularly happy by the breadth of our bookings which is diversifying our business and serves as the true foundation for delivering against the financial objectives we presented at our Investor Day in March.”

Business and Financial Highlights
•Revenues of $257.5 million for Q2 2026, an increase of 6.6%, compared to revenues of $241.6 million for Q2 2025.
•Net loss of $59.2 million for Q2 2026, compared to net loss of $62.6 million for Q2 2025.
•Adjusted EBITDA of $155.8 million for Q2 2026, an increase of 1.1%, compared to Adjusted EBITDA of $154.0 million for Q2 2025.
•Net cash provided by operating activities of $92.7 million for Q2 2026, compared to net cash provided by operating activities of $61.2 million for Q2 2025.
•Free Cash Flow of $54.6 million for Q2 2026, compared to Free Cash Flow of $36.6 million for Q2 2025.
•The Company ended Q2 2026 with $14.4 million of unrestricted cash and cash equivalents on the balance sheet.


2026 Financial Guidance1
The Company is updating its full-year 2026 guidance, detailed in the table below:

Financial MetricPrior FY 2026 Guidance Updated FY 2026 Guidance
(as of 5/7/2026)(as of 8/7/2026)
Revenues$985 million to $1 billion$1 billion to $1.02 billion
Adjusted EBITDA1
$605 million to $615 million$610 million to $620 million
Capital expenditures$160 million to $170 million$160 million to $170 million
Effective tax rate24% to 28%24% to 28%
Free Cash Flow$0 million to $10 million$5 million to $15 million
Conference Call Information
The Company will host a conference call today, Friday, August 7, 2026 at 8:00 a.m. U.S. Eastern Time (ET) to discuss its financial results. A live webcast of the conference call can be accessed through the Investor Relations section of the Company’s website at investors.claritev.com/financial-information/quarterly-results. Participants should join the webcast ten minutes prior to the start of the conference call. The earnings press release and supplemental slide deck will also be available on this section of the Company’s website.
Participants wishing to join the operator assisted call can dial 646-968-2525 and reference Conference ID 2181839.
A replay of the conference call will be available after the call through the webcast archived on the Investor Relations section of the Company’s website.
About Claritev
Claritev is a healthcare technology, data, and insights company focused on delivering affordability, transparency, and quality across the healthcare system. Led by deeply experienced associates, data scientists, and innovators, Claritev provides technology-enabled solutions fueled by decades of claims expertise. The company leverages advanced analytics and AI to power a robust enterprise platform that delivers clear, actionable insights to support affordability, price transparency, and optimized network and benefits design. By supporting key stakeholders — including payers, employers, patients, providers, and third parties — Claritev is dedicated to making healthcare more accessible and affordable for all. Claritev serves more than 750 healthcare payers, over 100,000 employers, 60 million consumers, and 1.4 million contracted providers. For more information, visit claritev.com.










1 We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP (as defined below) measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, and certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.





Investor Relations Contacts                        
Todd Friedman
Head of Investor Relations and Strategic Communications                    
Claritev                                                            
investor@claritev.com                                
Media Relations Contact
Jen O’Connor
VP, Brand Marketing
Claritev
press@claritev.com

Forward Looking Statements
This press release contains forward-looking statements regarding our opinions, beliefs, projections, business plans and expectations. These forward-looking statements may differ materially from actual results due to a variety of factors and can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “seeks,” “projects,” “forecasts,” “intends,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. These statements include all matters that are not historical facts. They appear in a number of places throughout this press release, including, but not limited to, statements relating to our ability to deliver anticipated results; our ability to successfully implement our transformation plan; the anticipated growth of our business, including our expansion into new markets and verticals; our 2026 outlook and guidance; and the long-term prospects of the Company. Such forward-looking statements are based on available current market information and management’s expectations, beliefs and forecasts concerning future events impacting the business. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that these forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include: loss of, or a significant reduction in the work we do for, our clients, particularly our largest clients; the ability to achieve the goals of our strategic plans and recognize the anticipated strategic, operational, growth and efficiency benefits when expected; our ability to enter new lines of business and broaden the scope of our solutions; trends in the U.S. healthcare system, including recent trends of unknown duration of reduced healthcare utilization and increased patient financial responsibility for services; effects of competition; effects of pricing pressure; the inability of our clients to pay for our solutions; changes in our industry and in industry standards and technology; adverse outcomes related to litigation or governmental proceedings; interruptions or security breaches of our information technology systems and other cybersecurity attacks; our ability to maintain the licenses or right of use for the software we use; our ability to protect proprietary information, processes and applications; our inability to expand our network infrastructure; inability to preserve or increase our existing market share or the size of our preferred provider organization networks; decreases in discounts from providers; pressure to limit access to preferred provider networks; changes in our regulatory environment, including healthcare law and regulations; the expansion of privacy and security laws; heightened enforcement activity by government agencies; our ability to obtain additional financing or capital to meet our objectives; our ability to pay interest and principal on our notes and other indebtedness; lowering or withdrawal of our credit ratings; changes in accounting principles or the incurrence of impairment charges; the possibility that we may be adversely affected by other political, economic, business, and/or competitive factors; other factors disclosed in our Securities and Exchange Commission (“SEC”) filings; and other factors beyond our control.
The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on our business. There can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, and other documents filed or to be filed with the SEC by us. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

We undertake no obligation to update these statements as a result of new information or future events or otherwise, except as may be required under applicable securities laws.


Non-GAAP Financial Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, free cash flow, unlevered free cash flow and adjusted cash conversion ratio. A non-GAAP financial measure is generally defined as a numerical measure of a company’s financial or operating performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP.
EBITDA, Adjusted EBITDA, free cash flow, unlevered free cash flow and adjusted cash conversion ratio are supplemental measures of Claritev’s performance that are not required by or presented in accordance with GAAP. These measures are not measurements of our financial or operating performance under GAAP, have limitations as analytical tools and should not be considered in isolation or as an alternative to net (loss) income, cash flows or any other measures of performance prepared in accordance with GAAP.
EBITDA represents net (loss) income before interest expense, interest income, income tax provision (benefit), depreciation, amortization of intangible assets, and non-income taxes. Adjusted EBITDA is EBITDA as further adjusted by certain items as described in the table below.
In addition, in evaluating EBITDA and Adjusted EBITDA you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of EBITDA and Adjusted EBITDA. The presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The calculations of EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Based on our industry and debt financing experience, we believe that EBITDA and Adjusted EBITDA are customarily used by investors, analysts and other interested parties to provide useful information regarding a company’s ability to service and/or incur indebtedness.
We also believe that Adjusted EBITDA is useful to investors and analysts in assessing our operating performance during the periods these charges were incurred on a consistent basis with the periods during which these charges were not incurred. Both EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider either in isolation, or as a substitute for analysis of our results as reported under GAAP. Some of the limitations are:
•EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
•EBITDA and Adjusted EBITDA do not reflect interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
•EBITDA and Adjusted EBITDA do not reflect our tax expense or the cash requirements to pay our taxes; and
•Although depreciation and amortization are non-cash charges, the tangible assets being depreciated will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements.
Claritev’s presentation of Adjusted EBITDA should not be construed as an inference that our future results and financial position will be unaffected by unusual items.
Free cash flow is defined as net cash provided by operating activities less capital expenditures, all as disclosed in the Consolidated Statements of Cash Flows. Unlevered free cash flow is defined as net cash provided by operating activities less capital expenditures, plus cash interest paid, all as disclosed in the condensed consolidated statements of cash flows. Free cash flow and unlevered free cash Flow are measures of our operational performance used by management to evaluate our business after purchases of property and equipment and, in the case of unlevered free cash flow, prior to the impact of our capital structure. Free cash flow and unlevered free cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, Claritev’s definitions of free cash flow and unlevered free cash flow are limited, in that they do not represent residual cash flows available for discretionary expenditures, due to the fact that the measures do not deduct the payments required for debt service, in the case of unlevered free cash flow, and other contractual obligations or payments made for business acquisitions.
Adjusted cash conversion ratio is defined as unlevered free cash flow divided by Adjusted EBITDA. Claritev believes that the presentation of the adjusted cash conversion ratio provides useful information to investors because it is an financial performance measure that shows how much of its Adjusted EBITDA Claritev converts into unlevered free cash flow.




CLARITEV CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$14,373 $16,814 
Restricted cash13,302 11,527 
Trade accounts receivable, net130,901 127,615 
Prepaid expenses31,489 31,992 
Prepaid taxes5,364 11,526 
Unbilled Independent Dispute Resolution fees, net17,995 10,563 
Other current assets, net22,994 14,330 
Total current assets236,418 224,367 
Property and equipment, net359,561 326,326 
Operating lease right-of-use assets13,023 13,966 
Goodwill2,405,853 2,405,853 
Other intangibles, net1,712,788 1,884,604 
Other assets, net36,214 33,342 
Total assets$4,763,857 $4,888,458 
Liabilities and Shareholders’ Deficit
Current liabilities:
Accounts payable$56,665 $60,463 
Accrued interest99,708 100,009 
Operating lease obligation, short-term4,609 4,705 
Current portion of long-term debt14,690 14,690 
Accrued compensation27,746 45,238 
Other accrued expenses34,089 36,253 
Total current liabilities237,507 261,358 
Long-term debt4,588,160 4,560,440 
2025 Revolving Credit Facility70,000 20,000 
Operating lease obligation, long-term14,304 16,236 
Deferred income taxes141,725 197,599 
Total liabilities5,051,696 5,055,633 
Commitments and contingencies (Note 7)
Shareholders’ deficit:
Shareholder interests
Preferred stock, $0.0001 par value — 10,000,000 shares authorized; no shares issued— — 
Class A Common stock, $0.0001 par value — 1,500,000,000 shares authorized; 17,814,829 and 17,295,582 issued; 16,935,754 and 16,552,723 shares outstanding as of June 30, 2026 and December 31, 2025, respectively2 2 
Additional paid-in capital2,410,831 2,398,423 
Accumulated deficit(2,562,206)(2,429,420)
Accumulated other comprehensive loss(955)(4,172)
Treasury stock - 879,075 and 742,859 shares as of March 31, 2026 and December 31, 2025, respectively(142,236)(138,733)
Total shareholders’ (deficit)/equity attributable to Claritev Corporation(294,564)(173,900)
Non-controlling interests6,725 6,725 
Total shareholders' deficit(287,839)(167,175)
Total liabilities and shareholders’ deficit$4,763,857 $4,888,458 


CLARITEV CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenues$257,478 $241,570 $502,156 $472,900 
Costs of services (exclusive of depreciation and amortization of intangible assets shown below)67,667 60,823 136,747 121,259 
General and administrative expenses55,389 51,118 113,219 98,086 
Depreciation24,796 25,261 49,979 49,807 
Amortization of intangible assets85,908 85,971 171,816 171,942 
Loss on disposal of leases252 1,689 290 5,006 
Loss on disposal of assets57 130 57 480 
Total expenses234,069 224,992 472,108 446,580 
Operating income23,409 16,578 30,048 26,320 
Interest expense100,253 99,746 199,795 191,382 
Interest income(195)(323)(377)(811)
Transaction costs related to refinancing transaction— 87 — 7,879 
Loss on extinguishment of debt— — — 670 
Net loss before taxes (76,649)(82,932)(169,370)(172,800)
Benefit for income taxes (17,423)(20,292)(36,584)(38,841)
Net loss(59,226)(62,640)(132,786)(133,959)
Less: net loss attributable to non-controlling interests— — — — 
Net loss attributable to Claritev Corporation $(59,226)$(62,640)$(132,786)$(133,959)
Weighted average shares outstanding – Basic and Diluted16,964,960 16,453,896 16,830,361 16,364,573 
Net loss per share – Basic and Diluted$(3.49)$(3.81)$(7.89)$(8.19)
Net loss attributable to Claritev Corporation (59,226)(62,640)(132,786)(133,959)
Other comprehensive income (loss)
Change in unrealized gain (loss) on interest rate swaps, net of tax1,396 753 3,217 (871)
Comprehensive loss $(57,830)$(61,887)$(129,569)$(134,830)



CLARITEV CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating activities:
Net loss $(59,226)$(62,640)$(132,786)$(133,959)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation24,796 25,261 49,979 49,807 
Amortization of intangible assets85,908 85,971 171,816 171,942 
Amortization of the right-of-use asset566 787 1,122 1,809 
Stock-based compensation7,375 6,706 14,270 13,035 
Deferred income taxes(28,552)(46,862)(56,889)(99,682)
Amortization of debt discounts and issuance costs1,577 1,053 3,131 3,007 
Non-cash interest expense16,022 16,364 31,974 26,029 
Loss on extinguishment of debt— — — 670 
Loss on disposal of assets57 130 57 480 
Loss on disposal of leases252 1,689 290 5,006 
Changes in assets and liabilities:
Trade accounts receivable, net5,325 (30,113)(10,718)(33,821)
Prepaid taxes(1,263)— 6,162 6,747 
Prepaid expenses, other current and non-current assets(6,145)(2,719)(5,545)(7,631)
Accounts payable(2,511)(8,925)(3,798)(42,896)
Other accrued expenses, accrued interest and accrued liabilities49,836 75,768 (19,676)72,992 
Operating leases, net(1,346)(1,233)(2,497)(2,354)
Net cash provided by operating activities92,671 61,237 46,892 31,181 
Investing activities:
Purchases of property and equipment(38,080)(24,623)(84,847)(63,489)
Net cash used in investing activities(38,080)(24,623)(84,847)(63,489)
Financing activities:
Repayments of Term Loan(3,674)(3,674)(7,346)(3,674)
Taxes paid on settlement of vested share awards(4)— (2,863)(2,884)
Borrowings on 2025 Revolving Credit Facility25,000 — 170,000 130,000 
Repayment of 2025 Revolving Credit Facility(80,000)— (120,000)(50,000)
Payment of debt issuance costs— — — (4,267)
Proceeds from issuance of common stock under ESPP537 448 1,001 749 
Repurchases of treasury stock(3,503)— (3,503)— 
Net cash (used in) provided by financing activities(61,644)(3,226)37,289 69,924 
Net (decrease) increase in cash, cash equivalents and restricted cash(7,053)33,388 (666)37,616 
Cash, cash equivalents and restricted cash at beginning of period$34,728 $33,900 $28,341 $29,672 
Cash, cash equivalents and restricted cash at end of period27,675 67,288 27,675 67,288 
Cash and cash equivalents14,373 56,390 14,373 56,390 
Restricted cash$13,302 $10,898 $13,302 $10,898 
Cash, cash equivalents and restricted cash at end of period27,675 67,288 27,675 67,288 
Noncash investing and financing activities:
Purchases of property and equipment not yet paid$19,781 $15,027 $19,781 $15,027 
Operating lease right-of-use assets obtained in exchange for operating lease liabilities$478 $5,316 $478 $5,316 
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest$(34,891)$(35,507)$(164,202)$(117,510)
Income taxes, net of refunds$(12,571)$(41,445)$(14,207)$(43,977)


CLARITEV CORPORATION
Calculation of EBITDA and Adjusted EBITDA
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net loss$(59,226)$(62,640)$(132,786)$(133,959)
Adjustments:
Interest expense100,253 99,746 199,795 191,382 
Interest income(195)(323)(377)(811)
Benefit for income tax(17,423)(20,292)(36,584)(38,841)
Depreciation24,796 25,261 49,979 49,807 
Amortization of intangible assets85,908 85,971 171,816 171,942 
Non-income taxes— 563 — 1,116 
EBITDA$134,113 $128,286 $251,843 $240,636 
Adjustments:
Legal expenses associated with antitrust matters2,572 4,399 11,182 4,399 
Loss on disposal of assets, including right-of-use assets309 1,809 347 5,476 
Transformation costs(1)
9,250 7,925 21,040 15,653 
Integration expenses— 133 — 513 
Transaction costs related to refinancing transaction— 87 — 7,879 
Loss on extinguishment of debt— — — 670 
Stock-based compensation, including cRSUs9,530 9,098 15,358 15,816 
Other expenses, net(2)
25 2,291 2,943 5,055 
Adjusted EBITDA$155,799 $154,028 $302,713 $296,097 
(1) "Transformation costs" represent costs directly associated with our multi-year transformation program called Vision 2030 which includes internal personnel costs for employees that have been either hired or redeployed and are fully dedicated to transformation activities, as well as other non-recurring and duplicative costs. At such time that internal personnel are redeployed to non-transformation activities, they will no longer be included as an adjustment herein.
(2) "Other expenses, net" represents impairment of other assets, non-integration related severance costs, start-up costs related to international expansion and miscellaneous non-recurring expenses.


CLARITEV CORPORATION
Calculation of Unlevered Free Cash Flow and Adjusted Cash Conversion Ratio
(in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net cash provided by operating activities$92,671$61,237$46,892$31,181
Purchases of property and equipment(38,080)(24,623)(84,847)(63,489)
Free cash flow54,59136,614(37,955)(32,308)
Interest paid34,89135,507164,202117,510
Unlevered Free Cash Flow$89,482$72,121$126,247$85,202
Adjusted EBITDA$155,799$154,028$302,713$296,097
Adjusted Cash Conversion Ratio57 %47 %42 %29 %
Net cash used in investing activities$(38,080)$(24,623)$(84,847)$(63,489)
Net cash (used in) provided by financing activities$(61,644)$(3,226)$37,289$69,924