Clover Health 2025 Q3 Earnings Revenue Surges 48.5% Amid Widening Net Loss

Clover Health (CLOV) reported Q3 2025 results marked by robust revenue growth but deteriorating profitability. The company’s revenue surged 48.5% year-over-year to $479.13 million, outpacing expectations. However, net losses widened to $24.38 million ( -$0.05 per share), reflecting persistent operational challenges. Management revised full-year adjusted EBITDA guidance downward to $15–$30 million, a sharp decline from prior forecasts, citing higher-than-expected medical costs and increased healthcare utilization.

Revenue

Clover Health’s total revenue rose to $479.13 million in Q3 2025, up from $322.58 million in the same period last year. This 48.5% growth underscores the company’s ability to scale membership and premium income.

Earnings/Net Income

The company’s net loss expanded to $24.38 million in Q3 2025, or $0.05 per share, compared to a $9.15 million loss ($0.02 per share) in Q3 2024. The EPS of -$0.05 signals deteriorating profitability, underscoring the company’s ongoing financial challenges.

Post-Earnings Price Action Review

The strategy of buying Clover Health shares after a revenue raise on the financial report release date and holding for 30 days has historically underperformed, with a cumulative return of -39.8% over three years. This poor performance suggests the market has not capitalized on revenue growth, potentially due to broader market conditions or company-specific headwinds.

CEO Commentary

Clover Health’s CEO, Jamie Reynoso, acknowledged the revenue growth but emphasized the pressure from rising medical costs and healthcare utilization trends. “While our membership expansion is driving top-line growth, we are navigating near-term margin pressures,” Reynoso stated. The tone was cautiously optimistic, with a focus on long-term value creation despite current challenges.

Guidance

The company revised its full-year 2025 adjusted EBITDA guidance to $15–$30 million, a significant reduction from previous forecasts of $50–$70 million. Management cited higher-than-expected medical costs and increased utilization as primary factors. Forward-looking statements included expectations of continued membership growth but cautioned that profitability improvements remain distant.

Additional News

1. Insider Activity: CEO Jamie Reynoso sold 30,385 shares on November 4, 2025, following a trend of insider sales over the past year.

2. Analyst Adjustments: Canaccord Genuity cut its price target for CLOV to $3.70 from $4.10 while maintaining a “Buy” rating.

3. Regulatory Focus: The company faces scrutiny over its benefit expense ratio, which rose to 93.5% in Q3, signaling persistent cost pressures.

Clover Health’s Q3 results highlight a stark contrast between revenue momentum and profitability challenges. While the company’s ability to scale membership is evident, the widening losses and revised guidance raise concerns about its path to sustained profitability. Investors must weigh the long-term potential of its AI-driven healthcare platform against near-term financial headwinds.