--- title: "TalkSpace - CW25 | 10-K: FY2025 Revenue: USD 228.87 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/283960394.md" datetime: "2026-04-24T08:29:40.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283960394.md) - [en](https://longbridge.com/en/news/283960394.md) - [zh-HK](https://longbridge.com/zh-HK/news/283960394.md) --- # TalkSpace - CW25 | 10-K: FY2025 Revenue: USD 228.87 M Revenue: As of FY2025, the actual value is USD 228.87 M. EPS: As of FY2025, the actual value is USD 0.04. #### Segment Revenue - **Payor Revenue:** Increased by $47.179 million (37.9%) to $171.518 million for the year ended December 31, 2025, compared to $124.339 million for the year ended December 31, 2024, driven by a 31.5% increase in completed Payor sessions and a 29.6% increase in health plan customers. - **Direct-to-Enterprise (DTE) Revenue:** Increased by $1.414 million (3.7%) to $39.880 million for the year ended December 31, 2025, compared to $38.466 million for the year ended December 31, 2024. - **Consumer Revenue:** Decreased by - $7.315 million (-29.5%) to $17.473 million for the year ended December 31, 2025, compared to $24.788 million for the year ended December 31, 2024, due to a 30.0% decrease in Consumer active members, resulting from the company’s strategic decision to focus marketing efforts on Payor members. - **Total Revenue:** Increased by $41.278 million (22.0%) to $228.871 million for the year ended December 31, 2025, from $187.593 million for the year ended December 31, 2024. #### Operational Metrics - **Cost of Revenue (excluding depreciation and amortization):** Increased by $29.211 million (28.8%) to $130.522 million for the year ended December 31, 2025, from $101.311 million for the year ended December 31, 2024, primarily due to a 21.7% increase in therapist hours worked from increased Payor sessions. - **Research and Development Expenses:** Decreased by - $0.7 million (-7.2%) to $9.5 million for the year ended December 31, 2025, from $10.3 million for the year ended December 31, 2024, mainly due to a - $0.8 million decrease in employee-related costs due to the exclusion of capitalized internal-use software development costs. - **Clinical Operations Expenses:** Increased by $0.7 million (10.2%) to $7.2 million for the year ended December 31, 2025, from $6.5 million for the year ended December 31, 2024, driven by a $0.6 million increase in employee-related costs. - **Sales and Marketing Expenses:** Increased by $3.3 million (6.5%) to $53.8 million for the year ended December 31, 2025, from $50.5 million for the year ended December 31, 2024, primarily due to a $4.6 million increase in direct marketing and promotional costs, partially offset by a - $1.0 million decrease in employee-related costs. - **General and Administrative Expenses:** Decreased by - $0.8 million (-3.6%) to $21.8 million for the year ended December 31, 2025, from $22.6 million for the year ended December 31, 2024, primarily due to a - $1.1 million decrease in employee-related costs, partially offset by a $0.4 million increase in software tools and subscriptions. - **Depreciation and Amortization Expenses:** Increased by $2.0 million (234.7%) to $2.9 million for the year ended December 31, 2025, from $0.9 million for the year ended December 31, 2024, mainly due to a $1.8 million increase in amortization expense related to capitalized internal-use software assets. - **Income (Loss) from Operations:** Improved to $3.152 million for the year ended December 31, 2025, compared to - $4.497 million for the year ended December 31, 2024. - **Net Income:** Increased significantly to $7.793 million for the year ended December 31, 2025, from $1.148 million for the year ended December 31, 2024. - **Adjusted EBITDA:** Increased to $15.772 million for the year ended December 31, 2025, from $6.962 million for the year ended December 31, 2024. #### Cash Flow - **Net Cash Provided by Operating Activities:** Was $8.534 million for the year ended December 31, 2025, a decrease from $11.704 million for the year ended December 31, 2024, primarily due to increased accounts receivable. - **Net Cash Used in Investing Activities:** Was - $28.877 million for the year ended December 31, 2025, compared to - $46.732 million for the year ended December 31, 2024, primarily driven by higher proceeds from marketable securities maturities, partially offset by purchases and the acquisition of Wisdo Health. - **Net Cash Used in Financing Activities:** Was - $18.997 million for the year ended December 31, 2025, compared to - $12.188 million for the year ended December 31, 2024, mainly due to increased common stock repurchases. #### Unique Metrics - **Number of Completed Payor Sessions:** Increased to 1,617.0 thousand for the year ended December 31, 2025, from 1,229.2 thousand for the year ended December 31, 2024. - **Number of Health Plan Customers:** Increased to 35 at year-end 2025, from 27 at year-end 2024. - **Number of Enterprise Customers:** Decreased to 159 at year-end 2025, from 188 at year-end 2024. - **Number of Consumer Active Members:** Decreased to 5.0 thousand at year-end 2025, from 7.2 thousand at year-end 2024. - **Unique Payor Active Members (Q4):** Increased to 124.1 thousand for the three months ended December 31, 2025, from 95.7 thousand for the same period in 2024. - **Cash, Cash Equivalents, and Short-Term Marketable Securities:** Totaled $92.6 million as of December 31, 2025, down from $117.8 million as of December 31, 2024. - **Share Repurchase Program:** During 2025, Talkspace repurchased and retired 6,577,115 shares of common stock for $17.2 million ($2.62 per share), with $11.8 million remaining available under the program as of December 31, 2025. - **Wisdo Health Acquisition:** On October 1, 2025, Talkspace acquired Wisdo Health for $4.9 million in cash and $1.5 million in common stock, recognizing $3.3 million in goodwill. #### Outlook / Guidance Talkspace entered into a definitive merger agreement with Universal Health Services, Inc. (UHS) on March 9, 2026, under which UHS will acquire all outstanding shares for $5.25 per share in cash, valuing the transaction at approximately $835.0 million. The merger is subject to customary closing conditions, including regulatory and stockholder approvals, and is expected to close in the third quarter of 2026. The company anticipates incurring significant transaction-related costs in fiscal year 2026. ### Related Stocks - [TALKW.US](https://longbridge.com/en/quote/TALKW.US.md) ## Related News & Research - [Ambipar updates financial calendar with upcoming reporting and investor events](https://longbridge.com/en/news/295988738.md) - [Nocera flags prior financial statements as unreliable, files restatement in SEC amendment](https://longbridge.com/en/news/296145907.md) - [Saudi Arabia's PIF releases annual report](https://longbridge.com/en/news/296178541.md) - [Infleqtion delays Q2 10-Q filing amid revenue recognition review](https://longbridge.com/en/news/296147882.md) - [FutureTech II Acquisition delays Q2 10-Q filing, citing need for more time to finalize financial statements](https://longbridge.com/en/news/296106302.md)