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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 17, 2025

 

LIFEMD, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware   001-39785   76-0238453

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

236 Fifth Avenue, Suite 400

New York, NY 10001

(Address of principal executive offices, including zip code)

 

(866) 351-5907

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.01 per share   LFMD   The Nasdaq Global Market
8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per share   LFMDP   The Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☐

 

If 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. ☐

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On November 17, 2025, LifeMD, Inc. issued a press release announcing its financial results for the three and nine months ended September 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

 

The information in this Item 2.02 (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Exhibits.

 

(d) Exhibits

 

Exhibit No.   Exhibit
99.1   Press Release dated November 17, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    LIFEMD, INC.
       
Dated: November 17, 2025 By: /s/ Marc Benathen
      Marc Benathen
      Chief Financial Officer

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

 

LifeMD Reports Third Quarter 2025 Results

 

Total revenue increased 13% year-over-year to $60.2 million, and adjusted EBITDA rose 20% to $5.1 million.
Telehealth revenue grew 18% to $47.3 million, while telehealth adjusted EBITDA increased 30% to $2.9 million.
Paid off all outstanding debt during the quarter
Subsequent to quarter end, fully divested our majority stake in WorkSimpli, positioning LifeMD as a pure-play telehealth and pharmacy platform.
Continued to diversify clinical platform with new launches in women’s health, men’s health and psychiatry.

 

Conference call begins at 4:30 p.m. Eastern time today

 

NEW YORK, November 17, 2025 — LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the three and nine months ended September 30, 2025.

 

Management Commentary

 

“The third quarter of 2025 marked an important step forward for LifeMD,” said Justin Schreiber, Chairman and CEO of LifeMD. “While the weight management market remained challenging, driven largely by fierce competition from low-price compounded GLP-1 providers, our business continued to demonstrate real strength. We continued to on-board a significant volume of new weight management patients per day supported by the power of our brand, our best-in-class care platform and our strategic partnerships. We expect the GLP-1 market to evolve rapidly in the year to come as product innovation and improved pricing expand access, and we believe LifeMD is uniquely positioned to capitalize on these trends and accelerate growth in 2026.”

 

At the same time, we are gaining significant traction in diversifying our platform. We are seeing strong early traction in behavioral health, women’s health, men’s hormone therapy, and personalized compounded ED therapies. Our RexMD business returned to growth and added nearly 10,000 net new subscribers in the quarter. We also achieved a major milestone with the regulatory approval of our Pennsylvania-based 503-A compounding pharmacy. We are currently licensed in 14 states and are aggressively pursuing licensure in all 50 states. This pharmacy meaningfully strengthens our competitive positioning by expanding our ability to deliver personalized therapies, improving cost structure, and enhancing the patient experience.

 

Subsequent to quarter end, we completed the divestiture of our majority ownership in WorkSimpli, which transformed LifeMD into a pure-play virtual care and pharmacy platform and significantly strengthened our balance sheet. As we look to 2026, we believe LifeMD remains very well positioned with a strong balance sheet, an increasingly diversified virtual care and pharmacy platform and a full suite of industry-leading capabilities to accelerate our growth,” concluded Mr. Schreiber.

 

“Third quarter results for our telehealth business on a stand-alone basis were solid with revenue increasing 18% and adjusted EBITDA increasing 30% versus the prior year period. Importantly, our RexMD business returned to sequential growth in both revenue and patient subscriber count. Additionally, we took major steps to significantly strengthen the company’s balance sheet and liquidity including paying off all outstanding debt and the divestiture of our majority interest in WorkSimpli subsequent to quarter end. We have also continued to make significant strides in the company’s ongoing telehealth business profitability with year-to-date telehealth Adjusted EBITDA profitability up 294% versus year,” said Marc Benathen, LifeMD’s Chief Financial Officer.

 

 

 

Third Quarter Financial Highlights

 

All comparisons are with the third quarter of 2024. Non-GAAP financial measures referenced below are defined and reconciled to GAAP financial measures at the end of this press release.

 

  Total revenue increased 13% to $60.2 million, driven by an 18% increase in telehealth revenue.
  The number of active telehealth subscribers increased 14% to approximately 310,000 at quarter-end.
  Gross margin was 88% compared to 91% in the prior-year period due to revenue mix. Telehealth gross margin, excluding WorkSimpli, was 86% compared to 89% in the year-ago period due to revenue mix.
  GAAP net loss was $4.6 million or ($0.10) per share compared to a net loss of $5.4 million or ($0.13) per share in the prior-year period.
  Adjusted EBITDA was $5.1 million compared to $4.3 million in the prior-year period.
  Telehealth adjusted EBITDA was $2.9 million compared to $2.2 million in the prior-year period.
  Cash totaled $23.8 million as of September 30, 2025 following the payoff of approximately $17 million of all remaining debt in the third quarter.

 

Third Quarter Key Performance Metrics

 

($ in 000s)  

Three Months Ended

Sept. 30,

    Y-o-Y    

Nine Months Ended

Sept. 30,

    Y-o-Y  
Key Telehealth Performance Metrics   2025     2024     % Growth     2025     2024     % Growth  
Revenue                                    
Telehealth Revenue   $ 47,280     $ 40,155       18 %   $ 147,187     $ 109,687       34 %
                                                 
Telehealth Adjusted EBITDA   $ 2,871     $ 2,217       30 %   $ 10,494     $ 2,665       294 %
                                                 
Telehealth Active Subscribers     310,818       271,863       14 %     310,818       271,863       14 %

 

Financial Guidance

 

For the fourth quarter of 2025, the Company’s guidance reflects revenue and adjusted EBITDA as a stand-alone telehealth company following the WorkSimpli divestiture:

 

  Revenue in the range of $45 million to $46 million.
  Adjusted EBITDA in the range of $3 million to $4 million.

 

For the full year 2025, the Company’s guidance reflects revenue and adjusted EBITDA as a stand-alone telehealth company following the WorkSimpli divestiture and reflecting a $1.1 million adjustment in 2025 related to the November 5, 2025 press release:

 

  Revenue in the range of $192 million to $193 million, reflecting an increase of approximately 24% versus 2024.
  Adjusted EBITDA in the range of $13.5 million to $14.5 million, reflecting an increase of approximately 254% versus 2024.

 

 

 

Conference Call

 

LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:

 

Toll-free dial-in number:   800-245-3047
International dial-in number:   203-518-9765
Conference ID:   LIFEMD

 

A live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

 

About LifeMD

 

LifeMD® is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s and women’s health, weight management, and hormone therapy. The Company leverages a vertically integrated, proprietary digital care platform, a 50-state affiliated medical group, a state-of-the-art affiliated pharmacy, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.

 

Cautionary Note Regarding Forward Looking Statements

 

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

 

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

 

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

 

Investor Contact

 

Marc Benathen, Chief Financial Officer

marc@lifemd.com

 

Media Contact

 

Jessica Friedeman, Chief Marketing and Product Officer

press@lifemd.com

 

Tables to Follow

++++++

 

 

 

LIFEMD, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

    September 30, 2025     December 31, 2024  
ASSETS                
                 
Current Assets                
Cash   $ 23,785,771     $ 35,004,924  
Accounts receivable     9,244,321       10,854,084  
Product deposit     370,518       40,763  
Inventory     3,432,382       2,797,358  
Other current assets     4,252,613       3,672,231  
Total Current Assets     41,085,605       52,369,360  
                 
Non-current Assets                
Equipment, net     2,584,829       1,479,184  
Right of use assets, net     5,578,992       6,400,596  
Capitalized software, net     15,175,634       13,816,501  
Intangible assets, net     1,558,318       2,030,656  
Total Non-current Assets     24,897,773       23,726,937  
                 
Total Assets   $ 65,983,378     $ 76,096,297  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                
                 
Current Liabilities                
Accounts payable   $ 19,554,735     $ 16,009,484  
Accrued expenses     22,079,805       22,811,763  
Current operating lease liabilities     673,482       508,537  
Current portion of convertible long-term debt     -       8,444,444  
Deferred revenue     14,355,531       19,625,940  
Total Current Liabilities     56,663,553       67,400,168  
                 
Long-term Liabilities                
Convertible long-term debt, net     -       9,885,057  
Noncurrent operating lease liabilities     5,851,673       6,265,192  
Contingent consideration     100,000       100,000  
Total Liabilities     62,615,226       83,650,417  
                 
Commitments and Contingencies                
Stockholders’ Equity (Deficit)                
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024     140       140  
Common Stock, $0.01 par value; 100,000,000 shares authorized, 46,686,350 and 42,293,907 shares issued, 46,583,310 and 42,190,867 outstanding as of September 30, 2025 and December 31, 2024, respectively     466,864       422,939  
Additional paid-in capital     248,801,209       230,508,339  
Accumulated deficit     (247,790,178 )     (239,850,931 )
Treasury stock, 103,040 shares, at cost, as of September 30, 2025 and December 31, 2024     (163,701 )     (163,701 )
Total LifeMD, Inc. Stockholders’ Equity (Deficit)     1,314,334       (9,083,214 )
Non-controlling interest     2,053,818       1,529,094  
Total Stockholders’ Equity (Deficit)     3,368,152       (7,554,120 )
Total Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)   $ 65,983,378     $ 76,096,297  

 

 

 

LIFEMD, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2025     2024     2025     2024  
Revenues                        
Telehealth revenue, net   $ 47,279,933     $ 40,154,683     $ 147,186,714     $ 109,687,054  
WorkSimpli revenue, net     12,892,537       13,117,611       39,788,325       39,650,009  
Total revenues, net     60,172,470       53,272,294       186,975,039       149,337,063  
                                 
Cost of revenues                                
Cost of telehealth revenue     6,714,235       4,300,877       21,689,400       13,049,315  
Cost of WorkSimpli revenue     693,678       712,664       1,793,133       1,589,318  
Total cost of revenues     7,407,913       5,013,541       23,482,533       14,638,633  
                                 
Gross profit     52,764,557       48,258,753       163,492,506       134,698,430  
                                 
Expenses                                
Selling and marketing expenses     29,474,490       26,611,672       87,793,648       77,164,480  
General and administrative expenses     16,589,390       18,115,143       51,210,246       51,160,883  
Customer service expenses     2,784,320       2,804,210       9,086,549       7,385,669  
Other operating expenses     3,039,135       2,112,169       8,582,655       6,318,791  
Development costs     2,846,436       2,611,833       8,265,842       7,101,655  
Total expenses     54,733,771       52,255,027       164,938,940       149,131,478  
                                 
Operating loss     (1,969,214 )     (3,996,274 )     (1,446,434 )     (14,433,048 )
                                 
Other expenses                                
Interest expense, net     (262,456 )     (558,597 )     (1,551,758 )     (1,567,743 )
Loss on debt extinguishment     (1,155,851 )     -       (1,155,851 )     -  
Net loss before income taxes     (3,387,521 )     (4,554,871 )     (4,154,043 )     (16,000,791 )
                                 
Income tax expense     (169,134 )     (232,523 )     (169,134 )     (232,523 )
                                 
Net income (loss)     (3,556,655 )     (4,787,394 )     (4,323,177 )     (16,233,314 )
                                 
Net income (loss) attributable to noncontrolling interests     249,462       (129,472 )     1,286,382       237,037  
                                 
Net loss attributable to LifeMD, Inc.     (3,806,117 )     (4,657,922 )     (5,609,559 )     (16,470,351 )
                                 
Preferred stock dividends     (776,563 )     (776,563 )     (2,329,688 )     (2,329,688 )
                                 
Net loss attributable to LifeMD, Inc. common stockholders   $ (4,582,680 )   $ (5,434,485 )   $ (7,939,247 )   $ (18,800,039 )
                                 
Basic loss per share attributable to LifeMD, Inc. common stockholders   $ (0.10 )   $ (0.13 )   $ (0.18 )   $ (0.46 )
Diluted loss per share attributable to LifeMD, Inc. common stockholders   $ (0.10 )   $ (0.13 )   $ (0.18 )   $ (0.46 )
                                 
Weighted average number of common shares outstanding:                                
Basic     46,162,625       42,020,965       44,575,553       40,857,344  
Diluted     46,162,625       42,020,965       44,575,553       40,857,344  

 

 

 

LIFEMD, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2025     2024     2025     2024  
                         
CASH FLOWS FROM OPERATING ACTIVITIES                                
Net loss   $ (3,556,655 )   $ (4,787,394 )   $ (4,323,177 )   $ (16,233,314 )
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                                
Amortization of debt discount     33,481       100,443       234,369       301,331  
Amortization of capitalized software     2,459,534       2,159,781       7,087,054       5,884,893  
Amortization of intangibles     269,450       245,804       775,338       737,836  
Accretion of consideration payable     -       -       -       13,644  
Loss on debt extinguishment     1,155,851       -       1,155,851       -  
Depreciation of fixed assets     262,747       151,332       609,569       321,698  
Noncash operating lease expense     243,915       137,641       821,604       529,038  
Stock compensation expense     3,198,036       2,394,235       7,841,178       9,129,841  
                                 
Changes in Assets and Liabilities                                
Accounts receivable     76,396       (1,179,804 )     1,609,763       (5,222,534 )
Product deposit     (119,518 )     (20,621 )     (329,755 )     349,095  
Inventory     (181,027 )     (584,724 )     (635,024 )     114,489  
Other current assets     (1,287,639 )     (716,585 )     (580,382 )     (2,303,495 )
Operating lease liabilities     (49,673 )     (111,892 )     (248,574 )     (446,682 )
Deferred revenue     (2,547,204 )     2,147,991       (5,270,408 )     10,874,430  
Accounts payable     (4,738,135 )     815,740       3,545,251       4,782,614  
Accrued expenses     4,633,304       5,450,972       (731,959 )     7,607,005  
Net cash (used in) provided by operating activities     (147,137 )     6,202,919       11,560,698       16,439,889  
                                 
CASH FLOWS FROM INVESTING ACTIVITIES                                
Cash paid for capitalized software costs     (2,797,222 )     (3,043,634 )     (8,446,187 )     (7,546,346 )
Purchase of equipment     (797,258 )     (447,802 )     (1,715,214 )     (1,265,447 )
Purchase of intangible assets     -       (1,862 )     -       (3,798 )
Net cash used in investing activities     (3,594,480 )     (3,493,298 )     (10,161,401 )     (8,815,591 )
                                 
CASH FLOWS FROM FINANCING ACTIVITIES                                
Repayment of notes payable, net of prepayment penalty     -       (13,020 )     -       (327,597 )
Repayment of debt instruments     (16,667,433 )     -       (18,719,721 )     -  
Cash proceeds from exercise of warrants     464,950       -       464,950       -  
Cash proceeds from exercise of options     5,950       -       5,950       107,813  
Preferred stock dividends     (776,563 )     (776,563 )     (2,329,688 )     (2,329,688 )
Sale of common stock under ATM, net     8,721,717       -       8,721,717       -  
Contingent consideration payment for ResumeBuild     -       -       -       (31,250 )
Distributions to non-controlling interest     (449,539 )     (36,000 )     (761,658 )     (603,048 )
Net cash used in financing activities     (8,700,918 )     (825,583 )     (12,618,450 )     (3,183,770 )
                                 
Net (decrease) increase in cash     (12,442,535 )     1,884,038       (11,219,153 )     4,440,528  
                                 
Cash at beginning of period     36,228,306       35,703,215       35,004,924       33,146,725  
                                 
Cash at end of period   $ 23,785,771     $ 37,587,253     $ 23,785,771     $ 37,587,253  
                                 
Cash paid for interest                                
Cash paid during the period for interest   $ 241,464     $ 630,342     $ 1,461,032     $ 1,913,049  
                                 
Non-cash investing and financing activities:                                
Cashless exercise of options   $ 253     $ -     $ 1,315     $ 5,127  
Cashless exercise of warrants   $ -     $ -     $ 3,901     $ 16,305  
Stock issued for debt conversion   $ -     $ -     $ 1,000,000     $ -  
Stock issued for asset acquisition   $ -     $ -     $ 303,000     $ -  
Stock issued for noncontingent consideration payments   $ -     $ -     $ -     $ 642,000  
Right of use asset   $ -     $ 4,353,166     $ -     $ 6,684,397  
Operating lease liabilities   $ -     $ 4,353,166     $ -     $ 6,684,397  

 

 

 

About the Use of Non-GAAP Financial Measures:

 

To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA as a non-GAAP financial measure to clarify and enhance an understanding of past performance. Additionally, we report telehealth adjusted EBITDA as a non-GAAP financial measure to clarify the financial performance of our core telehealth business excluding WorkSimpli. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

 

Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, extraordinary litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to common shareholders, its most directly comparable GAAP financial measure.

Telehealth and WorkSimpli adjusted EBITDA is defined as segment operating income or loss before depreciation, amortization, accretion, financing transaction expense, extraordinary litigation costs, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of segment operating income or loss to segment Adjusted EBITDA.

 

We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted EBITDA may vary from that of others in our industry. Telehealth adjusted EBITDA is specifically relevant to LifeMD to provide shareholders a comparable measure of profitability for our core telehealth business without the impact of our majority owned, but separately managed non-core subsidiary, WorkSimpli. Adjusted EBITDA, telehealth adjusted EBITDA and WorkSimpli adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance. 

 

Reconciliation of Consolidated GAAP Net Loss to Consolidated Adjusted EBITDA

(in whole numbers, unaudited)

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2025     2024     2025     2024  
Net loss attributable to common shareholders   $ (4,582,680 )   $ (5,434,485 )   $ (7,939,247 )   $ (18,800,039 )
                                 
Interest expense (excluding amortization of debt discount)     228,975       458,154       1,317,389       1,266,412  
Depreciation, amortization and accretion expense     2,991,731       2,556,917       8,471,961       6,958,071  
Amortization of debt discount     33,481       100,443       234,369       301,331  
Loss on debt extinguishment     1,155,851       -       1,155,851       -  
Financing transactions expense     97,699       -       97,699       323,372  
Litigation costs (a)     959,802       644,170       1,699,462       1,322,501  
Severance costs     -       621,391       102,417       1,142,068  
Acquisitions expenses     (231,571 )     -       1,783,206       -  
Insurance acceptance readiness     8,190       391,803       183,330       1,361,637  
Sarbanes Oxley readiness     -       203,342       -       386,470  
Foreign exchange loss     314,960       429,695       800,119       908,416  
Taxes     (69,488 )     1,258,553       432,920       1,261,553  
Dividends     776,563       763,930       2,329,688       2,317,055  
Stock-based compensation expense     3,198,036       2,394,235       7,841,178       9,129,841  
Net income attributable to noncontrolling interests     249,462       (129,472 )     1,286,382       237,037  
                                 
Consolidated Adjusted EBITDA   $ 5,131,012     $ 4,258,676     $ 19,796,724     $ 8,115,725  

 

(a) For the three and nine months ended September 30, 2025 and 2024, the Company included costs related to: (1) a class action complaint captioned Johnston v. LifeMD, Inc., et al., against the Company and certain executive officers alleging: (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by all defendants for making false and misleading statements; and (ii) violations of Section 20(a) of the Securities Exchange Act of 1934, as amended, by the individual officer defendants for violating their duty to disseminate accurate and truthful information, (2) a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), both disclosed in the Company’s Form 10-Q for the three and nine months ended September 30, 2025, filed on November 17, 2025, and (3) a heavily negotiated executive separation agreement.

 

 


 

Reconciliation of Telehealth GAAP Operating Loss to Telehealth Adjusted EBITDA

(in whole numbers, unaudited)

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2025     2024     2025     2024  
Telehealth operating loss   $ (3,043,374 )   $ (3,745,522 )   $ (6,571,978 )   $ (15,557,309 )
                                 
Depreciation, amortization and accretion expense     1,881,977       1,707,151       5,358,730       4,555,921  
Financing transactions expense     97,699       -       97,699       323,372  
Litigation costs (a)     959,802       644,170       1,699,462       1,322,501  
Severance costs     -       621,391       102,417       1,142,068  
Acquisitions expenses     (231,571 )     -       1,783,206       -  
Insurance acceptance readiness     8,190       391,803       183,330       1,361,637  
Sarbanes Oxley readiness     -       203,342       -       386,470  
Stock-based compensation expense     3,198,036       2,394,235       7,841,178       9,129,841  
                                 
Telehealth Adjusted EBITDA   $ 2,870,760     $ 2,216,571     $ 10,494,043     $ 2,664,501  

 

(a) For the three and nine months ended September 30, 2025 and 2024, the Company included costs related to: (1) a class action complaint captioned Johnston v. LifeMD, Inc., et al., against the Company and certain executive officers alleging: (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by all defendants for making false and misleading statements; and (ii) violations of Section 20(a) of the Securities Exchange Act of 1934, as amended, by the individual officer defendants for violating their duty to disseminate accurate and truthful information, (2) a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), both disclosed in the Company’s Form 10-Q for the three and nine months ended September 30, 2025, filed on November 17, 2025, and (3) a heavily negotiated executive separation agreement. 

 

Reconciliation of WorkSimpli GAAP Operating Income (Loss) to WorkSimpli Adjusted EBITDA

(in whole numbers, unaudited)

 

   

Three Months Ended

September 30,

   

Nine Months Ended

September 30,

 
    2025     2024     2025     2024  
WorkSimpli operating income (loss)   $ 1,074,160     $ (250,752 )   $ 5,125,544     $ 1,124,261  
                                 
Depreciation, amortization and accretion expense     1,109,754       849,766       3,113,231       2,402,150  
Foreign exchange loss     314,960       429,695       800,119       908,416  
Distributions     -       (12,633 )     -       (12,633 )
Taxes     (238,622 )     1,026,030       263,786       1,029,030  
                                 
WorkSimpli Adjusted EBITDA   $ 2,260,253     $ 2,042,106     $ 9,302,680     $ 5,451,224  

 

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