American Well Corp-A 2025年度报告

Dear Fellow Stockholder: 2025 was a transformative year for Amwell as we executed against our strategic priorities with discipline and focus. Our missionto transform healthcare through technology has never been more relevant, and I am pleased to report significant progress towardour goal of achieving positive cash flow from operations in 2026. Strategic Progress and Operational Excellence This year marked a fundamental shift in our business model as we successfully transitioned to a tech-enabled care platform. Weincreased our mix of subscription software revenues while systematically improving our operational efficiency across allfunctions. Our net loss improved by over 55%, demonstrating the effectiveness of our cost reduction initiatives and marginexpansion efforts. Our partnership with the U.S. Defense Health Agency (DHA) represents a cornerstone achievement. During 2025, wesuccessfully deployed our SaaS platform to power the DHA Digital First initiatives. Virtual visits have ramped steadily sincegoing live on our platform, and provider and patient satisfaction remains very high. While budget restrictions led to the exclusionof our behavioral health and automated care programs from the 2026 contract extension, we remain confident in the clinicalefficacy and cost-effectiveness of these solutions and believe they strongly support future enterprise-wide adoption. Below are a few 2025 financial highlights: •Recorded Total Revenue of $249.3 millionRAchieved subscription revenue of $132.4 millionRRecorded AMG visit revenue of $94.3 million•Reported gross margin of 53%•Net loss was ($95.0) million compared to ($212.6) million in 2024•Total visits were 4.5 million•Cash and short-term securities as of year-end were approximately $182.3 million. Market Dynamics and Competitive Positioning The healthcare landscape continues to evolve in ways that favor our integrated platform approach. Consumer demand for digitalhealth is accelerating, with mental health telehealth utilization reaching nearly 30% and a vast majority of Gen Z using healthtechnology monthly. Digital disease management solutions are demonstrating measurable results, including 50% reductions in 30-day readmission rates in some cases. However, the market faces significant fragmentation challenges. Employers now manage an average of four to nine pointsolutions, not to mention the increased complexity and cost associated with inefficient data exchange. As a result, more than halfof health plan leaders have identified integrated solutions as a top 2025 priority. The Amwell platform addresses this critical gap by providing one relationship, one user experience, and one data and reportinginfrastructure across a dynamic array of clinical programs and vendors. Unlike competitors who feature their own brands, weenable customers to offer white-labeled experiences, allowing them to maintain their brand identity while accessing ourcomprehensive platform capabilities. Our unique business model never forces clients to use only Amwell clinical programs,aligning our interests with theirs as long-term partners. Innovation and Focus Our commitment is to develop automation tools that empower clients to do more faster while reducing our own deployment costs.We are decisively divesting non-core assets, including the sale of our Amwell Psychiatric Care business, to focus resources on ourcore platform offering. We continue to fully support legacy assets that provide value to customers, with the expectation that theywill migrate to our core offering over time when ready. Looking Ahead As we enter 2026, we remain focused on executing our plan to achieve operating cash flow breakeven by year-end. Our strategycenters on two main work streams: leveraging our enterprise-grade, differentiated platform to generate value in select marketsegments, and ensuring all operations are extremely efficient and effective. The integration of AI across healthcare represents the most significant catalyst for the evolution of tech-enabled care. Our abilityto supplement automated programs with trusted in-network certified providers at scale enables the safe and effective adoption ofAI-driven solutions. This architecture helps customers improve acquisition costs, enhance brand value, and achieve betteroutcomes through our tools for matching programs with appropriate cohorts. We believe our competitive advantages will become increasingly visible and compelling as we continue deploying our newAmwell platform. Our long journey is in many ways only beginning, and we are excited about the future we are building for ourcustomers, our company, and you, our valued shareholders. You are cordially invited to attend the 2026 Annual Meeting of Stockholders of Amwell, to be held Tuesday, June 16, 2026 at12:00 p.m. eastern time via the following link: www.virtualshareholdermeeting.com/AMWL2026. We plan to post details of thisvirtual meeting on our investor relations website at https://investors.a