How did InnovAge Holding's revenue and expenses trend in Q2 2025?

In Q2 2025, InnovAge Holding Corp. (INNV) demonstrated significant revenue growth and improved operational efficiencies, despite facing profitability challenges as evidenced by the net loss. 1. **Revenue Trend**: The company's revenue increased by approximately 13% year-over-year, reaching $218.1 million in Q3 2025, up from $193.1 million in the same period of 2024. This growth was driven by higher capitation revenue and a 10.4% increase in participant census. 2. **Expense Trend**: Despite the revenue growth, the company reported a net loss of $11.1 million in Q3 2025, which was wider than the $6.2 million net loss in Q3 FY2024. The net loss margin increased to 5.1% in Q3 2025, up from 3.2% in the previous year's same quarter. This indicates that while revenue grew, the company's expenses and costs also escalated, leading to a larger net loss. 3. **Adjusted EBITDA**: The Adjusted EBITDA improved to $10.8 million in Q3 2025, up from $3 million in the same quarter of the previous year. This suggests that the company's operational efficiencies are improving, which is a positive sign. 4. **General and Administrative Expenses**: Specific information about the trend of general and administrative expenses is not available. However, the fact that the net loss widened despite revenue growth suggests that these expenses may have increased significantly. In conclusion, InnovAge Holding Corp. experienced robust revenue growth in Q3 2025, but this was offset by increased expenses and costs, resulting in a wider net loss. The company's focus on improving operational efficiencies, as indicated by the increase in Adjusted EBITDA, is a positive development.