- **Enrollment milestone achieved**: 3,165 total members as of Q1 2025, nearly doubling year-over-year, driven by new contracts and Engage program expansion.
- **Revenue growth potential**: 2025 run-rate revenue could double if key pipeline opportunities (including a 300,000-member Medicaid plan) are converted.
- **AI-driven efficiency**: Workforce productivity doubled since Q4 2021, enabling cost-effective care delivery.
- **Financial outlook**: Q2 2025 revenue expected to grow 8%–22% sequentially, with $10 million in committed financing to support expansion.
- **Market differentiation**: Pursuing NCQA case management accreditation to strengthen position in government programs.


**【CEO Summary Section】**
- Ontrak achieved a significant milestone with 3,165 total enrolled members as of Q1 2025, a nearly 100% year-over-year increase, driven by new implementations with Intermountain Health and a Northeast regional plan, as well as expansion of the Engage program.
- The company expects to double its 2024 run-rate revenue in 2025 if it successfully converts key pipeline opportunities, including a large Midwestern Medicaid plan with 300,000 members.
- Strategic investments in AI-driven engagement systems have doubled workforce productivity since Q4 2021, enabling more efficient care delivery while maintaining focus on human-centered outcomes.

**【CFO Financial Commentary】**
- Q1 2025 revenue was $2 million, down 25% YoY due to the loss of a major customer, partially offset by new customers and Engage program expansions.
- Gross margin declined to 37% (from 63.6% in Q1 2024) due to the lost customer and a higher mix of lower-revenue Engage members.
- Despite lower revenue per member ($254 vs. $504 in Q4 2024), the Engage program expanded market opportunity by serving previously untapped member populations.
- Q2 2025 revenue is projected at $2.2–$2.6 million, representing an 8%–22% sequential increase.
- Cash reserves stand at $4.1 million, with $10 million in committed short-term financing to support growth initiatives.

**【Pipeline and Market Expansion】**
- Bottom-of-funnel opportunities include four health plans reviewing financial proposals across the Midwest and Southeast, with a focus on Medicare Advantage, Medicaid, and commercial populations.
- Mid-funnel momentum is supported by positive reactions to Ontrak's AI-powered engagement system and demonstrated ROI in reducing medical costs and improving health outcomes.
- The company is pursuing NCQA accreditation for case management, targeting completion in early 2026 to strengthen its position in government programs.


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