{"url_path":"/sec/piii/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-14","source_url":"https://www.sec.gov/Archives/edgar/data/1832511/0001832511-26-000022-index.html","accession_number":"0001832511-26-000022","cik":"0001832511","ticker":"PIII","issuer_name":"P3 Health Partners Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1832511/0001832511-26-000022-index.html","primary_entity_key":"0001832511","primary_entity_name":"P3 Health Partners Inc."},"word_count":2299,"has_tables":true,"body_markdown":"piii-20260331\n000183251112/312026Q1FALSEhttp://fasb.org/us-gaap/2025#OperatingExpenseshttp://fasb.org/us-gaap/2025#OperatingExpenseshttp://fasb.org/us-gaap/2025#PrimeRateMemberhttp://fasb.org/srt/2025#AffiliatedEntityMemberhttp://fasb.org/srt/2025#AffiliatedEntityMemberxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purepiii:customerutr:Ypiii:segment00018325112026-01-012026-03-310001832511us-gaap:CommonClassAMember2026-01-012026-03-310001832511piii:WarrantsExercisableForOneShareOfCommonStockMember2026-01-012026-03-310001832511us-gaap:CommonClassAMember2026-05-040001832511us-gaap:CommonClassBMember2026-05-0400018325112026-03-3100018325112025-12-310001832511us-gaap:CommonClassAMember2026-03-310001832511us-gaap:CommonClassAMember2025-12-310001832511us-gaap:CommonClassBMember2026-03-310001832511us-gaap:CommonClassBMember2025-12-310001832511us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001832511us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-12-310001832511us-gaap:RelatedPartyMember2026-03-310001832511us-gaap:RelatedPartyMember2025-12-310001832511piii:CapitatedRevenueMember2026-01-012026-03-310001832511piii:CapitatedRevenueMember2025-01-012025-03-310001832511us-gaap:HealthCarePatientServiceMember2026-01-012026-03-310001832511us-gaap:HealthCarePatientServiceMember2025-01-012025-03-3100018325112025-01-012025-03-3100018325112024-12-310001832511us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310001832511us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-12-310001832511us-gaap:AdditionalPaidInCapitalMember2024-12-310001832511us-gaap:RetainedEarningsMember2024-12-310001832511us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-03-310001832511us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001832511us-gaap:CommonClassBMemberus-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001832511us-gaap:CommonClassBMember2025-01-012025-03-310001832511us-gaap:RetainedEarningsMember2025-01-012025-03-3100018325112025-03-310001832511us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310001832511us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-03-310001832511us-gaap:AdditionalPaidInCapitalMember2025-03-310001832511us-gaap:RetainedEarningsMember2025-03-310001832511us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-12-310001832511us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-12-310001832511us-gaap:AdditionalPaidInCapitalMember2025-12-310001832511us-gaap:RetainedEarningsMember2025-12-310001832511us-gaap:NoncontrollingInterestMember2025-12-310001832511us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-01-012026-03-310001832511us-gaap:CommonClassBMemberus-gaap:CommonStockMember2026-01-012026-03-310001832511us-gaap:NoncontrollingInterestMember2026-01-012026-03-310001832511us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001832511us-gaap:RetainedEarningsMember2026-01-012026-03-310001832511us-gaap:CommonClassAMemberus-gaap:CommonStockMember2026-03-310001832511us-gaap:CommonClassBMemberus-gaap:CommonStockMember2026-03-310001832511us-gaap:AdditionalPaidInCapitalMember2026-03-310001832511us-gaap:RetainedEarningsMember2026-03-310001832511us-gaap:NoncontrollingInterestMember2026-03-310001832511piii:CapitatedRevenueMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001832511piii:CapitatedRevenueMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001832511piii:HealthCareClinicalFeesInsuranceRevenueMember2026-01-012026-03-310001832511piii:HealthCareClinicalFeesInsuranceRevenueMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001832511piii:HealthCareClinicalFeesInsuranceRevenueMember2025-01-012025-03-310001832511piii:HealthCareClinicalFeesInsuranceRevenueMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001832511piii:HealthCareCareCoordinationManagementFeesMember2026-01-012026-03-310001832511piii:HealthCareCareCoordinationManagementFeesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001832511piii:HealthCareCareCoordinationManagementFeesMember2025-01-012025-03-310001832511piii:HealthCareCareCoordinationManagementFeesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001832511piii:HealthCareIncentiveFeesMember2026-01-012026-03-310001832511piii:HealthCareIncentiveFeesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001832511piii:HealthCareIncentiveFeesMember2025-01-012025-03-310001832511piii:HealthCareIncentiveFeesMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001832511us-gaap:HealthCareOtherMember2026-01-012026-03-310001832511us-gaap:HealthCareOtherMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001832511us-gaap:HealthCareOtherMember2025-01-012025-03-310001832511us-gaap:HealthCareOtherMemberus-gaap:ProductConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001832511piii:FourHealthPlanCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2026-01-012026-03-310001832511piii:FourHealthPlanCustomerMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:SalesRevenueNetMember2025-01-012025-03-310001832511us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2026-03-310001832511us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2026-03-310001832511us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2026-03-310001832511us-gaap:FairValueMeasurementsRecurringMember2026-03-310001832511us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310001832511us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310001832511us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310001832511us-gaap:FairValueMeasurementsRecurringMember2025-12-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2026-03-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMember2025-12-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMember2025-12-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExercisePriceMember2026-03-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExercisePriceMember2025-12-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2026-03-310001832511piii:PrivatePlacementWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2025-12-310001832511piii:PrivatePlacementWarrantsMember2025-12-310001832511piii:PrivatePlacementWarrantsMember2024-12-310001832511piii:PrivatePlacementWarrantsMember2025-01-012025-03-310001832511piii:PrivatePlacementWarrantsMember2026-01-012026-03-310001832511piii:PublicWarrantsMember2026-01-012026-03-310001832511piii:PublicWarrantsMember2025-01-012025-03-310001832511piii:MedicalLicensesMember2026-03-310001832511piii:MedicalLicensesMember2025-12-310001832511us-gaap:CustomerRelationshipsMember2026-03-310001832511us-gaap:CustomerRelationshipsMember2025-12-310001832511us-gaap:TrademarksMember2026-03-310001832511us-gaap:TrademarksMember2025-12-310001832511piii:ProviderContractsMember2026-03-310001832511piii:ProviderContractsMember2025-12-310001832511us-gaap:TransmissionServiceAgreementMember2026-03-310001832511us-gaap:TransmissionServiceAgreementMember2025-12-310001832511piii:RepurchasePromissoryNoteDueJune2026Member2026-03-310001832511piii:RepurchasePromissoryNoteDueJune2026Member2025-12-310001832511piii:TermLoanDueDecember2025Member2026-03-310001832511piii:TermLoanDueDecember2025Member2025-12-310001832511piii:VGSPromissoryNoteMember2026-03-310001832511piii:VGSPromissoryNoteMember2025-12-310001832511piii:VGS2PromissoryNoteMember2026-03-310001832511piii:VGS2PromissoryNoteMember2025-12-310001832511piii:VGS3PromissoryNoteMember2026-03-310001832511piii:VGS3PromissoryNoteMember2025-12-310001832511piii:VGS4PromissoryNoteMember2026-03-310001832511piii:VGS4PromissoryNoteMember2025-12-310001832511piii:VGS5PromissoryNoteMember2026-03-310001832511piii:VGS5PromissoryNoteMember2025-12-310001832511piii:VGS5PromissoryNoteMember2025-05-290001832511piii:DebtFirstTrancheMemberpiii:VGS5PromissoryNoteMember2025-05-290001832511piii:DebtSecondTrancheMemberpiii:VGS5PromissoryNoteMember2025-05-290001832511piii:DebtSecondTrancheMemberpiii:VGS5PromissoryNoteMember2025-06-212025-06-210001832511piii:TrancheThreeMemberpiii:VGS5PromissoryNoteMember2025-05-290001832511piii:VGS5PromissoryNoteMember2025-05-292025-05-290001832511piii:DebtSecondTrancheMemberpiii:VGS5PromissoryNoteMember2025-07-012025-07-310001832511piii:DebtSecondTrancheMemberpiii:VGS5PromissoryNoteMember2025-08-012025-08-310001832511piii:DebtThirdTrancheMemberpiii:VGS5PromissoryNoteMember2025-10-072025-10-070001832511piii:DebtThirdTrancheMemberpiii:VGS5PromissoryNoteMember2026-01-092026-01-090001832511piii:DebtThirdTrancheMemberpiii:VGS5PromissoryNoteMember2026-02-122026-02-120001832511piii:DebtThirdTrancheMemberpiii:VGS5PromissoryNoteMember2026-03-272026-03-270001832511us-gaap:CommonClassAMember2025-01-012025-03-310001832511us-gaap:CommonClassBMember2026-01-012026-03-310001832511us-gaap:ClassOfWarrantOrRightDomain2026-01-012026-03-310001832511us-gaap:ClassOfWarrantOrRightDomain2025-01-012025-03-310001832511piii:EquityClassifiedWarrantsMember2026-01-012026-03-310001832511piii:EquityClassifiedWarrantsMember2025-01-012025-03-310001832511piii:LiabilityClassifiedWarrantsMember2026-01-012026-03-310001832511piii:LiabilityClassifiedWarrantsMember2025-01-012025-03-310001832511us-gaap:WarrantMember2026-01-012026-03-310001832511us-gaap:WarrantMember2025-01-012025-03-310001832511us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001832511us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001832511us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001832511us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001832511us-gaap:CommonClassBMember2026-01-012026-03-310001832511us-gaap:CommonClassBMember2025-01-012025-03-310001832511piii:P3HealthGroupLlcMember2026-03-310001832511piii:P3HealthGroupLlcMember2025-12-310001832511piii:P3HealthGroupLlcMemberpiii:NonControllingInterestHoldersMember2026-03-310001832511piii:P3HealthGroupLlcMemberpiii:NonControllingInterestHoldersMember2025-12-310001832511piii:P3HealthGroupLlcMember2026-03-310001832511piii:P3HealthGroupLlcMember2025-12-310001832511piii:SingleReportableSegmentMember2026-01-012026-03-310001832511piii:SingleReportableSegmentMember2025-01-012025-03-310001832511piii:SingleReportableSegmentMember2026-03-310001832511piii:SingleReportableSegmentMember2025-12-310001832511us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-03-310001832511us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-03-310001832511piii:P3CommonwealthInnovationMSOLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-03-310001832511piii:P3CommonwealthInnovationMSOLLCMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember2026-01-012026-03-310001832511piii:AllymarHealthSolutionsMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001832511piii:AllymarHealthSolutionsMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001832511piii:AllymarHealthSolutionsMemberus-gaap:RelatedPartyMember2026-03-310001832511piii:AllymarHealthSolutionsMemberus-gaap:RelatedPartyMember2025-12-310001832511piii:AndersonFamilyLLCMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001832511piii:AndersonFamilyLLCMemberus-gaap:RelatedPartyMember2026-03-310001832511piii:AndersonFamilyLLCMemberus-gaap:RelatedPartyMember2025-12-310001832511piii:CapitatedRevenueMemberus-gaap:RelatedPartyMemberpiii:AtrioMember2026-01-012026-03-310001832511piii:CapitatedRevenueMemberus-gaap:RelatedPartyMemberpiii:AtrioMember2025-01-012025-03-310001832511us-gaap:HealthCarePatientServiceMemberus-gaap:RelatedPartyMemberpiii:AtrioMember2026-01-012026-03-310001832511us-gaap:HealthCarePatientServiceMemberus-gaap:RelatedPartyMemberpiii:AtrioMember2025-01-012025-03-310001832511piii:AtrioMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001832511piii:AtrioMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001832511piii:AtrioMemberus-gaap:RelatedPartyMember2026-03-310001832511piii:AtrioMemberus-gaap:RelatedPartyMember2025-12-310001832511us-gaap:RelatedPartyMember2026-01-012026-03-310001832511us-gaap:RelatedPartyMember2025-01-012025-03-310001832511piii:VbcGrowthSpvLlcMemberus-gaap:RelatedPartyMember2026-03-310001832511piii:VbcGrowthSpvLlcMemberus-gaap:RelatedPartyMember2025-12-310001832511piii:VGSPromissoryNoteWarrantsMember2026-03-310001832511piii:VGSPromissoryNoteWarrantsMember2026-01-012026-03-310001832511piii:VGSPromissoryNoteWarrantsMember2025-01-012025-03-310001832511us-gaap:SubsequentEventMember2026-04-272026-04-270001832511piii:PreferredStockExchangeAgreementMemberus-gaap:SubsequentEventMember2026-04-270001832511piii:CumulativePreferredStockSeriesAMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001832511piii:CumulativePreferredStockSeriesAMemberus-gaap:SubsequentEventMember2026-04-270001832511piii:CumulativePreferredStockSeriesBMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001832511piii:CumulativePreferredStockSeriesBMemberus-gaap:SubsequentEventMember2026-04-270001832511piii:CumulativePreferredStockSeriesCMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001832511piii:CumulativePreferredStockSeriesCMemberus-gaap:SubsequentEventMember2026-04-270001832511piii:PurchaseAgreementMemberus-gaap:SubsequentEventMember2026-04-270001832511piii:CumulativePreferredStockSeriesDMemberpiii:PurchaseAgreementMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001832511piii:CumulativePreferredStockSeriesDMemberpiii:PurchaseAgreementMemberus-gaap:SubsequentEventMember2026-04-270001832511piii:CumulativePreferredStockSeriesDMemberpiii:PurchaseAgreementMemberus-gaap:SubsequentEventMember2026-04-302026-04-300001832511piii:CumulativePreferredStockSeriesDMemberpiii:PurchaseAgreementMemberus-gaap:SubsequentEventMember2026-04-30\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-Q\n\nx\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from           to\n\nCommission File Number: 001-40033\n\nP3 Health Partners Inc.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware85-2992794\n\n(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)\n\n2370 Corporate Circle Suite 300 Henderson, Nevada\n\n89074\n\n(Address of principal executive offices)\n(Zip Code)\n\n(702) 910-3950\n\n(Registrant’s telephone number, including area code)\n\nN/A\n\n(Former name, former address, and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)\nName of each exchange\n\non which registered\n\nClass A common stock, par value $0.0001 per sharePIII\nThe Nasdaq Stock Market LLC\n\nWarrants exercisable for one\n\nshare of Class A common stock\nPIIIWThe Nasdaq Stock Market LLC\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\no\nAccelerated filer\no\nNon-accelerated filer\nx\nSmaller reporting company\nx\nEmerging growth company\no\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nAs of May 11, 2026, the registrant had 3,325,858 shares of Class A common stock, par value $0.0001 and 3,919,124 shares of Class V common stock, par value $0.0001 outstanding.\n\nTABLE OF CONTENTS\n\nPage\n\n[Cautionary Statement Regarding Forward-Looking Statements](#ifef36b214a484cbbbc50398c1ced2e35_16)\n\n[1](#ifef36b214a484cbbbc50398c1ced2e35_16)\n\n[PART I—FINANCIAL INFORMATION](#ifef36b214a484cbbbc50398c1ced2e35_25)\n\n[Item 1.](#ifef36b214a484cbbbc50398c1ced2e35_28)\n\n[Financial Statements](#ifef36b214a484cbbbc50398c1ced2e35_28)\n\n[4](#ifef36b214a484cbbbc50398c1ced2e35_28)\n\n[Condensed Consolidated Balance Sheets (Unaudited)](#ifef36b214a484cbbbc50398c1ced2e35_31)\n\n[5](#ifef36b214a484cbbbc50398c1ced2e35_31)\n\n[Condensed Consolidated Statements of Operations (Unaudited)](#ifef36b214a484cbbbc50398c1ced2e35_34)\n\n[6](#ifef36b214a484cbbbc50398c1ced2e35_34)\n\n[Condensed Consolidated Statements of Stockholders’](#ifef36b214a484cbbbc50398c1ced2e35_37)[(Deficit)](#ifef36b214a484cbbbc50398c1ced2e35_37)[Equity and Mezzanine Equity (Unaudited)](#ifef36b214a484cbbbc50398c1ced2e35_37)\n\n[7](#ifef36b214a484cbbbc50398c1ced2e35_37)\n\n[Condensed Consolidated Statements of Cash Flows (Unaudited)](#ifef36b214a484cbbbc50398c1ced2e35_43)\n\n[8](#ifef36b214a484cbbbc50398c1ced2e35_43)\n\n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#ifef36b214a484cbbbc50398c1ced2e35_49)\n\n[9](#ifef36b214a484cbbbc50398c1ced2e35_49)\n\n[Item 2.](#ifef36b214a484cbbbc50398c1ced2e35_175)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#ifef36b214a484cbbbc50398c1ced2e35_175)\n\n[23](#ifef36b214a484cbbbc50398c1ced2e35_175)\n\n[Item 3.](#ifef36b214a484cbbbc50398c1ced2e35_229)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#ifef36b214a484cbbbc50398c1ced2e35_229)\n\n[36](#ifef36b214a484cbbbc50398c1ced2e35_229)\n\n[Item 4.](#ifef36b214a484cbbbc50398c1ced2e35_232)\n\n[Controls and Procedures](#ifef36b214a484cbbbc50398c1ced2e35_232)\n\n[36](#ifef36b214a484cbbbc50398c1ced2e35_232)\n\n[PART II—OTHER INFORMATION](#ifef36b214a484cbbbc50398c1ced2e35_256)\n\n[Item 1.](#ifef36b214a484cbbbc50398c1ced2e35_259)\n\n[Legal Proceedings](#ifef36b214a484cbbbc50398c1ced2e35_259)\n\n[38](#ifef36b214a484cbbbc50398c1ced2e35_259)\n\n[Item 1A.](#ifef36b214a484cbbbc50398c1ced2e35_262)\n\n[Risk Factors](#ifef36b214a484cbbbc50398c1ced2e35_262)\n\n[38](#ifef36b214a484cbbbc50398c1ced2e35_262)\n\n[Item 2.](#ifef36b214a484cbbbc50398c1ced2e35_265)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#ifef36b214a484cbbbc50398c1ced2e35_265)\n\n[38](#ifef36b214a484cbbbc50398c1ced2e35_265)\n\n[Item 3.](#ifef36b214a484cbbbc50398c1ced2e35_268)\n\n[Defaults Upon Senior Securities](#ifef36b214a484cbbbc50398c1ced2e35_268)\n\n[38](#ifef36b214a484cbbbc50398c1ced2e35_268)\n\n[Item 4.](#ifef36b214a484cbbbc50398c1ced2e35_271)\n\n[Mine Safety Disclosures](#ifef36b214a484cbbbc50398c1ced2e35_271)\n\n[38](#ifef36b214a484cbbbc50398c1ced2e35_271)\n\n[Item 5.](#ifef36b214a484cbbbc50398c1ced2e35_274)\n\n[Other Information](#ifef36b214a484cbbbc50398c1ced2e35_274)\n\n[38](#ifef36b214a484cbbbc50398c1ced2e35_274)\n\n[Item 6.](#ifef36b214a484cbbbc50398c1ced2e35_322)\n\n[Exhibits](#ifef36b214a484cbbbc50398c1ced2e35_322)\n\n[39](#ifef36b214a484cbbbc50398c1ced2e35_322)\n\n[SIGNATURES](#ifef36b214a484cbbbc50398c1ced2e35_331)\n\n[Table of Contents](#ifef36b214a484cbbbc50398c1ced2e35_10)\n\nCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS\n\nIn addition to historical information, this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 (the “Form 10-Q”) contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business and growth strategy, prospective products, research and development costs, future revenue, market opportunity, timing and likelihood of success, plans and objectives of management for future operations, our ability to raise additional capital and continue as a going concern, future results of anticipated products and prospects, our ability to maintain compliance with California regulations related to financial solvency and operational performance, and our ability to maintain compliance with the Nasdaq listing rules, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “would” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.\n\nThe forward-looking statements in this Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, without limitation, the following:\n\n•Our ability to continue as a going concern.\n\n•Our need to raise additional capital to fund our existing operations or develop and commercialize new services or expand our operations.\n\n•We have a history of net losses. We expect to continue to incur losses for the foreseeable future and we may never achieve or maintain profitability.\n\n•We may not be able to maintain compliance with our debt covenants in the future, which could result in an event of default.\n\n•Our relatively limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter.\n\n•A significant portion of our assets consists of other intangible assets, the value of which may be reduced if we determine that those assets are impaired.\n\n•We rely on our management team and key employees and our business, financial condition, cash flows and results of operations could be harmed if we are unable to retain qualified personnel.\n\n•Our growth depends in part on our ability to identify and develop successful new geographies, physician partners, payors and patients. If we are not able to successfully execute upon our growth strategies, there may be a material adverse effect on our business, financial condition, cash flows and results of operations.\n\n•If growth in the number of patients and physician partners on our platform decreases, or the number of services that we are able to provide to physician partners and members decreases, due to legal, regulatory, economic or business developments, our business, financial condition and results of operations will be harmed.\n\n•We primarily depend on reimbursement by third-party payors on a capitated basis, as well as payments by individuals, which could lead to delays, uncertainties and disagreements regarding the timing and process of reimbursement, including any changes or reductions in Medicare reimbursement rates or rules.\n\nP3 Health Partners Inc. | Q1 2026 Form 10-Q | 1\n\n[Table of Contents](#ifef36b214a484cbbbc50398c1ced2e35_10)\n\n•The termination or non-renewal of the Medicare Advantage (“MA”) contracts held by the health plans with which we contract, or the termination or nonrenewal of our contracts with those plans, could have a material adverse effect on our revenue and our operations.\n\n•We are dependent on our affiliated professional entities and other physician partners and other providers to effectively manage the quality and cost of care and perform obligations under payor contracts.\n\n•Reductions in the quality ratings of the health plans we serve could have a material adverse effect on our business, results of operations, financial condition and cash flows.\n\n•Developments affecting spending by the healthcare industry could adversely affect our business.\n\n•Our business and operations would suffer in the event of information technology system failures, security breaches, cyberattacks or other deficiencies in cybersecurity.\n\n•Actual or perceived failures to comply with applicable data protection, privacy and security laws, regulations, standards and other requirements could adversely affect our business, financial condition and results of operations.\n\n•We conduct business in a heavily regulated industry and if we fail to adhere to all of the complex government laws and regulations that apply to our business, we could incur fines or penalties or be required to make changes to our operations or experience adverse publicity, any or all of which could have a material adverse effect on our business, results of operations, financial condition, cash flows, and reputation.\n\n•If our arrangements with our affiliated professional entities and other physician partners are found to constitute the improper rendering of medical services or fee splitting under applicable state laws, our business, financial condition and our ability to operate in those states could be adversely impacted.\n\n•We face inspections, reviews, audits and investigations under federal and state government programs and contracts. These audits could have adverse findings that may negatively affect our business, including our results of operations, liquidity, financial condition and reputation.\n\n•The impact on us of recent healthcare legislation and other changes in the healthcare industry and in healthcare spending is currently unknown, but may adversely affect our business, financial condition and results of operations.\n\n•Our only significant asset is the ownership of a minority of the economic interest in P3 LLC, and such ownership may not be sufficient to generate the funds necessary to meet our financial obligations or to pay any dividends on our Class A common stock, par value $0.0001 per share (the “Class A common stock”).\n\n•Changes in laws and regulations related to AI technologies could adversely affect our products, services, and results of operations.\n\n•We will be required to make payments under the Tax Receivable Agreement, dated as of December 3, 2021, by and among P3 LLC and the members of P3 LLC from time to time party thereto (the “Tax Receivable Agreement”) for certain tax benefits we may claim, and the amounts of such payments could be significant.\n\n•Foresight Sponsor Group, LLC and its affiliates and representatives, non-employee directors and other non-employee stockholders are not limited in their ability to compete with us, and the corporate opportunity provisions in our certificate of incorporation could enable such persons to benefit from corporate opportunities that might otherwise be available to us, which presents potential conflicts of interest.\n\nP3 Health Partners Inc. | Q1 2026 Form 10-Q | 2\n\n[Table of Contents](#ifef36b214a484cbbbc50398c1ced2e35_10)\n\n•Failure to satisfy California regulations related to financial solvency and operational performance could result in our affiliated physician groups and Restricted Knox-Keene licensed health plans becoming subject to sanctions, and their ability to do business in California could be limited or terminated.\n\n•Our failure to meet the continued listing requirements of The Nasdaq Capital Market could result in a delisting of our securities.\n\n•Failure to maintain effective internal control over financial reporting could have a material adverse effect on our business, financial condition, results of operations, and stock price and may adversely affect investor confidence in our company and, as a result, the value of our Class A common stock and your investment.\n\n•We may not recognize the anticipated benefits of recent and future acquisitions or dispositions and any such transactions could disrupt our operations and have a material adverse effect on our business, financial condition and results of operations\n\n•The factors described under Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 26, 2026 (the “2025 Form 10-K”), in Part II, Item 1A. “[Risk Factors](#ifef36b214a484cbbbc50398c1ced2e35_262)” and Part I, Item 2. “[Management’s Discussion and Analysis of Financial Condition](#ifef36b214a484cbbbc50398c1ced2e35_175)[and Results of Operations](#ifef36b214a484cbbbc50398c1ced2e35_175)” in this Form 10-Q and in our subsequent filings with the SEC.\n\nBecause forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.\n\nYou should read this Form 10-Q and the documents that we reference in this Form 10-Q and have filed as exhibits hereto completely and with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.\n\nUnless the context otherwise requires, “we,” “us,” “our,” “P3” and the “Company” refer to P3 Health Partners Inc. and its subsidiaries. “P3 LLC” refers to the surviving entity after the consummation of a series of business combinations in December 2021 with Foresight Acquisition Corp. (the “Business Combinations”), which was renamed P3 Health Group, LLC.\n\nP3 Health Partners Inc. | Q1 2026 Form 10-Q | 3\n\n[Table of Contents](#ifef36b214a484cbbbc50398c1ced2e35_10)\n\nPART I—FINANCIAL INFORMATION."}