Adjusted EBITDA improved significantly to a negative $4.7 million from negative $35 million in Q2 2024, marking the fifth consecutive quarter of improvement.
Cash burn reduced to $3 million in Q2, ending the quarter with $219 million in cash and marketable securities and zero debt.
Gross margin expanded to 56.1%, up 3.3 percentage points from Q1 2025, reflecting higher software mix and cost initiatives.
Operating expenses declined with R&D down 12.2% year-over-year, sales and marketing down 32%, and G&A down 25.7% compared to Q2 2024.
Subscription software revenue grew 47% year-over-year to $40.4 million, representing 57% of total revenue, driven by deployments across the Military Health System (MHS).
Total revenue for Q2 2025 was $70.9 million, a 13% increase from Q2 2024, and 25% higher when normalized for the sale of Amwell Psychiatric Care (APC).
Dafinchi