Total revenue of $723.6 million for the first nine months of 2025 versus $222.3 million for the first nine months of 2024, an increase of 225.5%
Net income attributable to Nutex Health Inc. of $59.0 million for the first nine months of 2025 versus net loss of $9.5 million for the first nine months of 2024, an increase of $68.5 million
Diluted income per share of $8.87 for the first nine months of 2025 versus a loss per share of $1.91 for the first nine months of 2024
EBITDA of $142.9 million for the first nine months of 2025 versus $19.9 million for the first nine months of 2024, an increase of 616.4%
Adjusted EBITDA of $243.0 million for the first nine months of 2025 versus $16.1 million for the first half nine months of 2024, an increase of 1408.6%
Net cash from operating activities of $177.7 million for the first nine months of 2025

2025 年前九個月總收入為 7.236 億美元 相比 2024 年前九個月的 2.223 億美元，增長 225.5%
2025 年前九個月歸屬於 Nutex Health Inc.的淨收入為 5900 萬美元，而 2024 年前九個月的淨虧損為 950 萬美元，增加 6850 萬美元
2025 年前九個月每股攤薄收益為 8.87 美元，而 2024 年前九個月每股虧損為 1.91 美元
2025 年前九個月的 EBITDA 為 1.429 億美元，而 2024 年前九個月為 1990 萬美元，增長 616.4%
2025 年前九個月的調整後 EBITDA 為 2.430 億美元，而 2024 年前九個月的調整後 EBITDA 為 1610 萬美元，增長 1408.6%
2025 年前九個月的經營活動淨現金為 1.777 億美元

, /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), today announced financial results for the three and ninemonths ended September30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

, /PRNewswire/ -- Nutex Health Inc.（"Nutex Health"或"公司"）（NASDAQ: NUTX）今天公佈了截至2025年9月30日的三個月和九個月的財務業績。Nutex Health 是一個由醫生主導的綜合醫療服務系統，擁有 24 家先進的微型醫院和 11 個州的醫院門診部門（HOPD），以及以初級護理為中心的風險承擔醫生網絡。

Financial highlights for the three months ended September30, 2025:

截至2025年9月30日的三個月財務亮點：

Total revenue increased $189.0 million to $267.8 million for the three months ended September 30, 2025 as compared to total revenue of $78.8 million for the same period in 2024, an increase of 239.9%. The hospital division drove most of this growth, generating $260.2 million, up 262.8% from $71.7 million for the third quarter of 2024. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 208.9% in 2025 compared to 2024.
Of the $260.2 million in hospital revenue, $182.1 million (or approximately 70.0%) related to a combination of both higher acuity claims as well as success through the Independent Dispute Resolution (IDR) process.
With regard to arbitration-related revenue: due to the continual underpayment from payors, we have continued to submit between 60-70% of our visits through the IDR process, we have won a legal determination on over 85% of the claims submitted, and we currently have an average collection rate of over 80% of the legal determination wins.
Arbitration costs approximate 24-26% of the arbitration related revenue.
Total stock-based compensation expense for the three months ended September 30, 2025 was $13.2 million compared to $2.0 million for the same period in 2024. Approximately 99.5% of total stock-based compensation expense of $13.2 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the three months ended September 30, 2025 was $130.4 million compared to $9.7 million for the same period in 2024, representing a $120.7 million improvement year over year.
Net income attributable to Nutex Health for the three months ended September 30, 2025 of $55.4 million as compared to net loss attributable to Nutex Health of $8.8 million for the same period in 2024. The $55.4 million in net income includes non-cash stock-based compensation expense of $13.2 million, while the $8.8 million net loss includes non-cash stock-based compensation expense of $2.0 million.
EBITDA attributable to Nutex Health of $91.8 million, as compared to EBITDA attributable to Nutex Health of $4.3 million for the three months ended September 30, 2024, an increase of 2014.0%.
Adjusted EBITDA attributable to Nutex Health of $98.5 million, as compared to Adjusted EBITDA attributable to Nutex Health of $9.7 million for the three months ended September 30, 2024.
Total visits at the Hospital Division were 46,232 for the three months ended September 30, 2025, as compared to 41,668 for the same period in 2024, an increase of 4,564 or 11.0%. Visits at mature hospitals decreased by 0.6% in the three months ended September 30, 2025 as compared to the same period in 2024.
Net cash from operating activities of $99.5 million for the three months ended September 30, 2025.
As of September 30, 2025, the Company had total assets of $964.5 million, including cash and cash equivalents of $166.0 million, and long-term debt, net of $25.6 million.

截至2025年9月30日的三個月總收入增加 1.89 億美元，達到 2.678 億美元，相比 2024 年同期的 7880 萬美元，增長 239.9%。醫院部門推動了大部分增長，產生了 2.602 億美元，比 2024 年第三季度的 7170 萬美元增長 262.8%。成熟醫院的收入（即2021年12月31日之前開設的醫院）在 2025 年相比 2024 年增長了 208.9%。
在 2.602 億美元的醫院收入中，1.821 億美元（約 70.0%）與更高的急性病索賠以及通過獨立爭議解決（IDR）過程的成功相關。
關於仲裁相關收入：由於支付方的持續低支付，我們繼續通過 IDR 過程提交 60-70% 的就診，我們在提交的索賠中贏得了超過 85% 的法律裁定，目前我們法律裁定勝訴的平均收款率超過 80%。
仲裁成本約佔仲裁相關收入的 24-26%。
截至2025年9月30日的三個月總股票補償費用為 1320 萬美元，而 2024 年同期為 200 萬美元。1320 萬美元的總股票補償費用中約 99.5% 是由於在建和逐步投入運營醫院的一次性義務。
截至2025年9月30日的三個月營業收入為 1.304 億美元，而 2024 年同期為 970 萬美元，年同比改善 1207 萬美元。
截至2025年9月30日歸屬於 Nutex Health 的淨收入為 5540 萬美元，而 2024 年同期歸屬於 Nutex Health 的淨虧損為 880 萬美元。5540 萬美元的淨收入包括 1320 萬美元的非現金股票補償費用，而 880 萬美元的淨虧損包括 200 萬美元的非現金股票補償費用。
截至2025年9月30日歸屬於 Nutex Health 的 EBITDA 為 9180 萬美元，而 2024 年同期的 EBITDA 為 430 萬美元，增長 2014.0%。
截至2025年9月30日歸屬於 Nutex Health 的調整後 EBITDA 為 9850 萬美元，而 2024 年同期的調整後 EBITDA 為 970 萬美元。
截至2025年9月30日，醫院部門的總就診人數為 46232 人，而 2024 年同期為 41668 人，增加 4564 人或 11.0%。成熟醫院的就診人數在2025年9月30日的三個月中相比 2024 年同期減少了 0.6%。
截至2025年9月30日的三個月經營活動淨現金為 9950 萬美元。
截至2025年9月30日，公司總資產為 9.645 億美元，包括現金及現金等價物為 1.66 億美元，長期債務淨額為 2560 萬美元。

Financial highlights for the nine months ended September30, 2025:

截至2025年9月30日的九個月財務亮點：

Total revenue increased $501.2 million to $723.6 million for the nine months ended September 30, 2025 as compared to total revenue of $222.3 million for the same period in 2024, an increase of 225.5%. The hospital division drove most of this growth, generating $700.5 million, up 251.4% from $199.4 million for the first nine months of 2024. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 200.0% in 2025 compared to 2024.
Of the $700.5 million in hospital revenue, $462.9 million (or approximately 66.1%) related to a combination of both higher acuity claims as well as success through the IDR process.
With regard to arbitration-related revenue: due to the continual underpayment from payors, we have continued to submit between 60-70% of our visits through the IDR process, we have won a legal determination on over 85% of the claims submitted, and we currently have an average collection rate of over 80% of the legal determination wins.
Arbitration costs approximate 24-26% of the arbitration related revenue.
Total stock-based compensation expense for the nine months ended September 30, 2025 was $119.6 million compared to $2.0 million for the same period in 2024. Approximately 99.5% of total stock-based compensation expense of $119.6 million is due to the one-time obligations for under-construction and ramping hospitals.
Operating income for the nine months ended September 30, 2025 was $244.7 million compared to $16.4 million for the same period in 2024, representing a $228.3 million improvement year over year.
Net income attributable to Nutex Health for the nine months ended September 30, 2025 of $59.0 million as compared to net loss attributable to Nutex Health of $9.5 million for the same period in 2024. The $59.0 million in net income includes non-cash stock-based compensation expense of $119.6 million, while the $9.5 million net loss includes non-cash stock-based compensation expense of $2.0 million.
EBITDA attributable to Nutex Health of $142.9 million, as compared to EBITDA attributable to Nutex Health of $19.9 million for the nine months ended September 30, 2024, an increase of 616.4%.
Adjusted EBITDA attributable to Nutex Health of $243.0 million, as compared to Adjusted EBITDA attributable to Nutex Health of $16.1 million for the nine months ended September 30, 2024.
Total visits at the Hospital Division were 140,074 for the nine months ended September 30, 2025, as compared to 122,944 for the same period in 2024, an increase of 17,130 or 13.9%. Visits at mature hospitals increased by 1.8% in the nine months ended September 30, 2025 as compared to the same period in 2024.
Net cash from operating activities of $177.7 million for the nine months ended September 30, 2025.

截至2025年9月30日的九個月內，總收入從 2024 年同期的 2.223 億美元增加至 7.236 億美元，增長了 225.5%。醫院部門推動了大部分增長，產生了 7.005 億美元，比 2024 年前九個月的 1.994 億美元增長了 251.4%。成熟醫院（即2021年12月31日之前開設的醫院）的收入在 2025 年相比 2024 年增長了 200.0%。

在 7.005 億美元的醫院收入中，4.629 億美元（約 66.1%）與更高的急性病例索賠以及通過 IDR 流程的成功有關。
關於與仲裁相關的收入：由於支付方持續低支付，我們繼續通過 IDR 流程提交 60-70% 的就診記錄，我們在提交的索賠中贏得了超過 85% 的法律裁定，目前法律裁定勝訴的平均收款率超過 80%。
仲裁成本約佔與仲裁相關收入的 24-26%。
截至2025年9月30日的九個月內，總股票薪酬費用為 1.196 億美元，而 2024 年同期為 200 萬美元。約 99.5% 的總股票薪酬費用 1.196 億美元是由於在建和逐步投入運營醫院的一次性義務所致。
截至2025年9月30日的九個月內，營業收入為 2.447 億美元，而 2024 年同期為 1640 萬美元，年同比改善了 2.283 億美元。
截至2025年9月30日的九個月內，歸屬於 Nutex Health 的淨收入為 5900 萬美元，而 2024 年同期歸屬於 Nutex Health 的淨虧損為 950 萬美元。5900 萬美元的淨收入包括 119.6 百萬美元的非現金股票薪酬費用，而 950 萬美元的淨虧損包括 200 萬美元的非現金股票薪酬費用。
截至2025年9月30日的九個月內，歸屬於 Nutex Health 的 EBITDA 為 1.429 億美元，而 2024 年同期為 1990 萬美元，增長了 616.4%。
截至2025年9月30日的九個月內，歸屬於 Nutex Health 的調整後 EBITDA 為 2.430 億美元，而 2024 年同期為 1610 萬美元。
截至2025年9月30日的九個月內，醫院部門的總就診人數為 140,074 人，而 2024 年同期為 122,944 人，增加了 17,130 人，增長了 13.9%。成熟醫院的就診人數在截至2025年9月30日的九個月內相比 2024 年同期增長了 1.8%。
截至2025年9月30日的九個月內，經營活動產生的淨現金為 1.777 億美元。

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

注意：EBITDA 和調整後 EBITDA 是非 GAAP 財務指標。非 GAAP 與 GAAP 指標的對賬見本財報發佈下方。

"We are continuing to add to a record year with 225%revenue growth, Adjusted EBITDA attributable to Nutex Health of $243.0 million, a 629% increase in gross profitand a record high cash balance of $166.0 million. Our financial performance highlights the strength of the business model with our strong balance sheet positioning us well for our planned growth strategy," stated Jon Bates, Chief Financial Officer of Nutex Health.

"我們繼續創造創紀錄的一年，收入增長 225%，歸屬於 Nutex Health 的調整後 EBITDA 為 2.430 億美元，毛利潤增長 629%，現金餘額創歷史新高，達到 1.660 億美元。我們的財務表現突顯了商業模式的強大，強勁的資產負債表使我們在計劃的增長戰略中處於良好位置，"Nutex Health 首席財務官 Jon Bates 表示。

"We are very pleased to deliver another successful and profitable quarter. With the audit revisions and related activities behind us, our team is fully focused on driving future growth both within existing operations and through new facilities. Our pipeline remains strong, reflecting continued demand for small hospitals across the country," stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

"我們非常高興能夠交付又一個成功且盈利的季度。在審計修訂和相關活動結束後，我們的團隊全力專注於推動未來的增長，無論是在現有運營中還是通過新設施。我們的項目管道依然強勁，反映了全國對小型醫院的持續需求，"Nutex Health 董事長兼首席執行官 Tom Vo，M.D., MBA 表示。

For more details on the Company's financial results for the three and nine months ended September30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

有關公司截至2025年9月30日的三個月和九個月財務結果的更多詳細信息，請參閲我們向美國證券交易委員會提交的 10-Q 季度報告，網址為 www.sec.gov。

Nutex Health Inc. Regains Nasdaq Compliance

Nutex Health Inc. 恢復納斯達克合規性

On November 19, 2025 Nutex received a letter from Nasdaq Listing Qualifications confirming that the Company has regained compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.

2025年11月19日，Nutex 收到納斯達克上市資格的信函，確認公司已恢復遵守納斯達克上市規則 5250(c)(1)，該規則要求及時向證券交易委員會提交定期報告。

The letter states that following the Company's filing of its Form 10-Q for the period ended June 30, 2025 on November 18, 2025, Nasdaq has determined that Nutex Health Inc. now complies with the rule and that the matter is closed.

信函指出，在公司於2025年11月18日提交截至2025年6月30日的 10-Q 表格後，納斯達克已確定 Nutex Health Inc.現在符合該規則，並且該事項已結束。

No further action is required by the Company in connection with this matter.

公司在此事項上無需採取進一步行動。

Conference Call on Restated 2024 and First Three Quarters of 2025 Results

關於 2024 年重述及 2025 年前三季度結果的電話會議

The Company will host a conference call on Tuesday, December 2, 2025 at 10:30 a.m. ET to discuss its restated fiscal year 2024 results and its results for the first three quarters of 2025.

公司將於2025年12月2日星期二上午 10:30（東部時間）召開電話會議，討論其重述的 2024 財年結果及 2025 年前三季度的結果。

Participant Listening: 1-877-407-9208 or 1-201-493-6784

參與者撥入：1-877-407-9208 或 1-201-493-6784

Participant Link: https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6

參與者鏈接： https://callme.viavid.com/viavid/?callme=true&passcode=13746493&h=true&info=company&r=true&B=6

To access the call, please dial in approximately five minutes before start time. Those who are unable to attend the live conference call may access the recording on the Company's website.

要訪問電話會議，請在開始前大約五分鐘撥入。無法參加現場電話會議的人員可以在公司網站上訪問錄音。


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(In thousands, except share and per share amounts)	September 30, 2025	December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$ 166,048	$ 40,640
Restricted short-term investments	—	2,941
Accounts receivable	387,409	232,449
Accounts receivable - related parties	7,353	3,602
Inventories	3,158	2,850
Income tax receivable	12,097	—
Prepaid expenses and other current assets	16,586	9,997
Total current assets	592,651	292,479
Property and equipment, net	82,821	77,933
Operating lease right-of-use assets	27,354	27,872
Financing lease right-of-use assets	225,719	218,889
Intangible assets, net	21,555	15,530
Goodwill, net	13,919	13,919
Deferred tax assets	—	7,987
Other assets	499	711
Total assets	$ 964,518	$ 655,320
Liabilities and Equity
Current liabilities:
Accounts payable	$ 45,475	$ 9,614
Accounts payable - related parties	4,082	806
Lines of credit	5,304	3,554
Current portion of long-term debt	18,004	14,395
Operating lease liabilities, current portion	2,111	2,080
Financing lease liabilities, current portion	7,108	7,705
Accrued arbitration expenses	64,313	47,742
Accrued income tax expense	—	26,533
Accrued stock-based compensation	11,194	16,356
Accrued expenses and other current liabilities	27,865	25,440
Total current liabilities	185,456	154,225
Long-term debt, net	25,574	22,466
Operating lease liabilities, net	30,423	30,617
Financing lease liabilities, net	270,077	259,479
Deferred tax liabilities	14,955	—
Total liabilities	526,485	466,787

Commitments and contingencies (Note 10)
Equity:
Common stock, $0.001 par value; 950,000,000 shares authorized; 6,905,262 and 5,511,452 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	7	6
Additional paid-in capital	615,180	489,409
Accumulated deficit	(298,021)	(356,976)
Nutex Health Inc. equity	317,166	132,439
Noncontrolling interests	120,867	56,094
Total equity	438,033	188,533
Total liabilities and equity	$ 964,518	$ 655,320


NUTEX HEALTH INC.
簡明合併資產負債表（未經審計）

(單位：千美元，除每股和每股金額外)	截至 9 月 30 日，
2025 年	截至 12 月 31 日，
2024 年
資產
流動資產：
現金及現金等價物	$ 166,048	$ 40,640
限制性短期投資	—	2,941
應收賬款	387,409	232,449
應收賬款 - 關聯方	7,353	3,602
存貨	3,158	2,850
所得税應收款	12,097	—
預付費用及其他流動資產	16,586	9,997
流動資產總計	592,651	292,479
物業及設備，淨額	82,821	77,933
租賃使用權資產	27,354	27,872
融資租賃使用權資產	225,719	218,889
無形資產，淨額	21,555	15,530
商譽，淨額	13,919	13,919
遞延所得税資產	—	7,987
其他資產	499	711
資產總計	$ 964,518	$ 655,320
負債和股東權益
流動負債：
應付賬款	$ 45,475	$ 9,614
應付賬款 - 關聯方	4,082	806
信貸額度	5,304	3,554
長期債務的當前部分	18,004	14,395
租賃負債，當前部分	2,111	2,080
融資租賃負債，當前部分	7,108	7,705
應計仲裁費用	64,313	47,742
應計所得税費用	—	26,533
應計股票補償費用	11,194	16,356
應計費用及其他流動負債	27,865	25,440
流動負債總計	185,456	154,225
長期債務，淨額	25,574	22,466
租賃負債，淨額	30,423	30,617
融資租賃負債，淨額	270,077	259,479
遞延所得税負債	14,955	—
負債總計	526,485	466,787

承諾和或有事項（註釋 10）
股東權益：
普通股，面值$0.001；授權 950,000,000 股；截至2025年9月30日和2024年12月31日，已發行並流通 6,905,262 股和 5,511,452 股	7	6
額外實收資本	615,180	489,409
累計虧損	(298,021)	(356,976)
Nutex Health Inc. 股東權益	317,166	132,439
非控股權益	120,867	56,094
股東權益總計	438,033	188,533
負債和股東權益總計	$ 964,518	$ 655,320


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended September 30,	Nine Months Ended September 30,
(In thousands, except share and per share amounts)	2025	2024	2025	2024
Revenue:
Hospital division	$ 260,239	$ 71,733	$ 700,488	$ 199,367
Population health management division	7,565	7,062	23,090	22,964
Total revenue	267,804	78,795	723,578	222,331

Operating costs and expenses:
Payroll	38,817	29,848	109,961	85,249
Contract services	53,837	11,657	153,601	32,482
Medical supplies	3,307	3,983	11,920	12,894
Depreciation and amortization	5,003	4,972	15,343	13,691
Other	11,959	6,418	34,610	23,380
Total operating costs and expenses	112,923	56,878	325,435	167,696

Gross profit	154,881	21,917	398,143	54,635

Corporate and other costs:
Stock-based compensation	13,217	1,964	119,606	1,952
Impairment of assets	—	425	—	3,899
Impairment of goodwill	—	—	—	3,197
General and administrative expenses	11,297	9,865	33,830	29,175
Total corporate and other costs	24,514	12,254	153,436	38,223

Operating income	130,367	9,663	244,707	16,412

Interest expense, net	5,452	5,381	17,250	14,880
Loss on warrant liability	—	6,734	—	1,073
Other (income) expense	976	128	8,570	(711)
Income (loss) before taxes	123,939	(2,580)	218,887	1,170

Income tax expense	27,140	4,585	55,138	5,868

Net income (loss)	96,799	(7,165)	163,749	(4,698)

Less: net income attributable to noncontrolling interests	41,364	1,623	104,794	4,819

Net income (loss) attributable to Nutex Health Inc.	$ 55,435	$ (8,788)	$ 58,955	$ (9,517)

Earnings (loss) per common share
Basic	$ 8.27	$ (1.72)	$ 9.63	$ (1.91)
Diluted	$ 7.76	$ (1.72)	$ 8.87	$ (1.91)


NUTEX HEALTH INC.
簡明合併損益表（未經審計）

	截至 9 月 30 日的三個月	截至 9 月 30 日的九個月
(單位：千美元，除每股和每股金額外)	2025 年	2024 年	2025 年	2024 年
收入：
醫院部門	$ 260,239	$ 71,733	$ 700,488	$ 199,367
人口健康管理部門	7,565	7,062	23,090	22,964
收入總計	267,804	78,795	723,578	222,331

營業成本和費用：
工資	38,817	29,848	109,961	85,249
合同服務	53,837	11,657	153,601	32,482
醫療用品	3,307	3,983	11,920	12,894
折舊和攤銷	5,003	4,972	15,343	13,691
其他	11,959	6,418	34,610	23,380
營業成本和費用總計	112,923	56,878	325,435	167,696

毛利潤	154,881	21,917	398,143	54,635

企業及其他費用：
股票補償費用	13,217	1,964	119,606	1,952
資產減值	—	425	—	3,899
商譽減值	—	—	—	3,197
一般及行政費用	11,297	9,865	33,830	29,175
企業及其他費用總計	24,514	12,254	153,436	38,223

營業收入	130,367	9,663	244,707	16,412

利息費用，淨額	5,452	5,381	17,250	14,880
權證負債損失	—	6,734	—	1,073
其他（收入）費用	976	128	8,570	(711)
税前收入（損失）	123,939	(2,580)	218,887	1,170

所得税費用	27,140	4,585	55,138	5,868

淨收入（損失）	96,799	(7,165)	163,749	(4,698)

減：歸屬於非控股權益的淨收入	41,364	1,623	104,794	4,819

歸屬於 Nutex Health Inc.的淨收入（損失）	$ 55,435	$ (8,788)	$ 58,955	$ (9,517)

每股收益（損失）
基本	$ 8.27	$ (1.72)	$ 9.63	$ (1.91)
稀釋	$ 7.76	$ (1.72)	$ 8.87	$ (1.91)


NUTEX HEALTH INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended September 30,
(In thousands)	2025	2024
Cash flows from operating activities:
Net income	$ 163,749	$ (4,698)
Adjustment to reconcile net income to net cash from operating activities:
Depreciation and amortization	15,343	13,691
Loss on warrant liability	—	1,073
Impairment of assets	—	3,899
Impairment of goodwill	—	3,197
Derecognition of goodwill	—	453
Stock-based compensation expense	119,606	1,952
Changes to deferred taxes	22,942	(1,743)
Debt accretion expense	756	805
Changes in operating assets and liabilities:
(Increase)/Decrease in Accounts receivable	(154,960)	(4,253)
(Increase)/Decrease in Accounts receivable - related party	(3,751)	550
(Increase)/Decrease in Inventories	(308)	1,131
(Increase)/Decrease in Income tax receivable	(12,097)	—
(Increase)/Decrease in Prepaid expenses and other current assets	(6,376)	(1,361)
(Increase)/Decrease in Operating right-of-use assets	518	411
Increase/(Decrease) in Accounts payable	36,637	(7,975)
Increase/(Decrease) in Accounts payable - related party	3,276	(39)
Increase/(Decrease) in Operating lease liabilities	(164)	(692)
Increase/(Decrease) in Accrued arbitration expenses	16,571	—
Increase/(Decrease) in Accrued income tax expense	(26,533)	—
Increase/(Decrease) in Accrued expenses and other current liabilities	2,527	16,698
Net cash provided by operating activities	177,736	23,099

Cash flows from investing activities:
Acquisitions of property and equipment	(1,117)	(1,909)
Proceeds from restricted short-term investment	2,941	—
Cash related to sale of business	—	(361)
Cash related to asset acquisition	(1,994)	—
Net cash used in investing activities	(170)	(2,270)

Cash flows from financing activities:
Proceeds from lines of credit	5,043	1,132
Proceeds from notes payable	273	7,015
Repayments of lines of credit	(3,293)	(1,119)
Repayments of notes payable	(8,319)	(8,332)
Repayments of finance leases	(4,004)	(1,924)
Proceeds from common stock issuance, net issuance costs	—	9,202
Proceeds from exercise of warrants	—	801
Members' contributions	316	961
Members' distributions	(42,174)	(3,659)
Net cash provided by (used in) financing activities	(52,158)	4,077
Net increase in cash and cash equivalents	125,408	24,906
Cash and cash equivalents - beginning of the period	40,640	22,002
Cash and cash equivalents - end of the period	$ 166,048	$ 46,908


NUTEX HEALTH INC.
現金流量簡表（未經審計）

	截至 9 月 30 日的九個月
(單位：千美元)	2025	2024
來自經營活動的現金流量：
淨收入	$ 163,749	$ (4,698)
調整淨收入以對賬經營活動的淨現金流量：
折舊和攤銷	15,343	13,691
權證負債損失	—	1,073
資產減值	—	3,899
商譽減值	—	3,197
商譽註銷	—	453
基於股票的補償費用	119,606	1,952
遞延税項變動	22,942	(1,743)
債務增值費用	756	805
經營資產和負債的變動：
應收賬款的（增加）/減少	(154,960)	(4,253)
應收賬款 - 關聯方的（增加）/減少	(3,751)	550
存貨的（增加）/減少	(308)	1,131
所得税應收款的（增加）/減少	(12,097)	—
預付費用和其他流動資產的（增加）/減少	(6,376)	(1,361)
經營使用權資產的（增加）/減少	518	411
應付賬款的（增加）/減少	36,637	(7,975)
應付賬款 - 關聯方的（增加）/減少	3,276	(39)
經營租賃負債的（增加）/減少	(164)	(692)
應計仲裁費用的（增加）/減少	16,571	—
應計所得税費用的（增加）/減少	(26,533)	—
應計費用和其他流動負債的（增加）/減少	2,527	16,698
經營活動提供的淨現金	177,736	23,099

來自投資活動的現金流量：
物業和設備的收購	(1,117)	(1,909)
限制性短期投資的收益	2,941	—
與業務出售相關的現金	—	(361)
與資產收購相關的現金	(1,994)	—
投資活動使用的淨現金	(170)	(2,270)

來自融資活動的現金流量：
信貸額度的收益	5,043	1,132
應付票據的收益	273	7,015
信貸額度的償還	(3,293)	(1,119)
應付票據的償還	(8,319)	(8,332)
融資租賃的償還	(4,004)	(1,924)
普通股發行的收益，扣除發行費用	—	9,202
權證行使的收益	—	801
成員的貢獻	316	961
成員的分配	(42,174)	(3,659)
融資活動提供的（使用的）淨現金	(52,158)	4,077
現金及現金等價物的淨增加	125,408	24,906
現金及現金等價物 - 期初餘額	40,640	22,002
現金及現金等價物 - 期末餘額	$ 166,048	$ 46,908

Non-GAAP Financial Measures (Unaudited)

非 GAAP 財務指標（未經審計）

EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.

EBITDA 和調整後 EBITDA. EBITDA 和調整後 EBITDA 被管理層和外部用户（如行業分析師、投資者、貸款人和評級機構）作為補充的非 GAAP 財務指標。我們認為 EBITDA 和調整後 EBITDA 是有用的，因為它們使我們能夠更有效地評估我們的經營業績。

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

我們將 EBITDA 定義為歸屬於 Nutex Health Inc.的淨收入（損失）加上利息費用、所得税、折舊和攤銷。

We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net loss to Adjusted EBITDA is included below.

我們將調整後 EBITDA 定義為歸屬於 Nutex Health Inc.的淨收入（損失）加上淨利息費用、所得税、折舊和攤銷，並進一步調整基於股票的補償、某些定義的費用項目以及任何與收購相關的費用和減值。利息費用包括租賃負債的利息，這是總融資租賃成本的一部分。淨損失與調整後 EBITDA 的對賬如下。

Beginning in the first quarter of 2025, we have updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

自 2025 年第一季度起，我們更新了調整後 EBITDA 的呈現方式，以單獨披露與 ASC 842 下的租賃相關的融資租賃付款。我們認為這一變化提供了更大的透明度，以便評估我們的經營業績。

Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):

調整後 EBITDA 並不打算作為美國 GAAP 業績指標的替代，且可能無法與其他公司呈現的類似標題的指標進行比較。調整後 EBITDA 如下（單位：千美元）：


	Three Months Ended September 30,
	2025	2024
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA:	(Updated)	(Prior)	(Updated)	(Prior)
Net income (loss) attributable to Nutex Health Inc.	$ 55,435	$ 55,435	$ (8,788)	$ (8,788)
Depreciation and amortization	5,003	5,003	4,972	4,972
Interest expense, net	5,452	5,452	5,381	5,381
Income tax expense	27,140	27,140	4,585	4,585
Allocation to noncontrolling interests	(1,243)	(1,243)	(1,808)	(1,808)
EBITDA	91,787	91,787	4,342	4,342
Loss on warrant liability	—	—	6,734	6,734
Impairment of assets	—	—	424	424
Finance lease payments(1)	(6,474)	—	(3,794)	—
Stock-based compensation	13,217	13,217	1,964	1,964
Adjusted EBITDA	$ 98,530	$ 105,004	$ 9,670	$ 13,464


	截至 9 月 30 日的三個月
	2025	2024
歸屬於 Nutex
Health Inc.的淨收入（損失）與調整後 EBITDA 的對賬：	（更新）	（之前）	（更新）	（之前）
歸屬於 Nutex Health Inc.的淨收入（損失）	$ 55,435	$ 55,435	$ (8,788)	$ (8,788)
折舊和攤銷	5,003	5,003	4,972	4,972
淨利息費用	5,452	5,452	5,381	5,381
所得税費用	27,140	27,140	4,585	4,585
分配給非控股權益	(1,243)	(1,243)	(1,808)	(1,808)
EBITDA	91,787	91,787	4,342	4,342
權證負債損失	—	—	6,734	6,734
資產減值	—	—	424	424
融資租賃付款 (1)	(6,474)	—	(3,794)	—
基於股票的補償	13,217	13,217	1,964	1,964
調整後 EBITDA	$ 98,530	$ 105,004	$ 9,670	$ 13,464


	Nine Months Ended September 30,
	2025	2024
Reconciliation of net income (loss) attributable to Nutex Health Inc. to Adjusted EBITDA:	(Updated)	(Prior)	(Updated)	(Prior)
Net income (loss) attributable to Nutex Health Inc.	$ 58,955	$ 58,955	$ (9,517)	$ (9,517)
Depreciation and amortization	15,343	15,343	13,691	13,691
Interest expense, net	17,250	17,250	14,880	14,880
Income tax expense	55,138	55,138	5,868	5,868
Allocation to noncontrolling interests	(3,815)	(3,815)	(4,980)	(4,980)
EBITDA	142,871	142,871	19,942	19,942
Loss on warrant liability	—	—	1,073	1,073
Impairment of assets	—	—	3,898	3,898
Impairment of goodwill	—	—	3,197	3,197
Finance lease payments(1)	(19,512)	—	(13,957)	—
Stock-based compensation	119,606	119,606	1,952	1,952
Adjusted EBITDA	$ 242,965	$ 262,477	$ 16,105	$ 30,062


	截至 9 月 30 日的九個月
	2025	2024
淨收入（虧損）與調整後 EBITDA 的調節：	（更新）	（之前）	（更新）	（之前）
淨收入（虧損）歸屬於 Nutex Health Inc.	$ 58,955	$ 58,955	$ (9,517)	$ (9,517)
折舊和攤銷	15,343	15,343	13,691	13,691
利息費用，淨額	17,250	17,250	14,880	14,880
所得税費用	55,138	55,138	5,868	5,868
分配給非控股權益	(3,815)	(3,815)	(4,980)	(4,980)
EBITDA	142,871	142,871	19,942	19,942
權證負債損失	—	—	1,073	1,073
資產減值	—	—	3,898	3,898
商譽減值	—	—	3,197	3,197
融資租賃付款 (1)	(19,512)	—	(13,957)	—
基於股票的補償	119,606	119,606	1,952	1,952
調整後 EBITDA	$ 242,965	$ 262,477	$ 16,105	$ 30,062



(1)	Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.



(1)	融資租賃付款包括根據 ASC 842 的融資租賃的現金付款，應從 EBITDA 中扣除。我們認為這一變化對投資者評估我們業務的持續運營表現是有用的。

About Nutex Health Inc.

關於 Nutex Health Inc.

Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.

Nutex Health Inc.（納斯達克代碼：NUTX）總部位於德克薩斯州休斯頓，成立於 2011 年，是一家擁有醫院部門和人口健康管理部門的醫療管理和運營公司。

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 24facilities in 11states.

醫院部門擁有、開發和運營創新的醫療保健模式，包括微型醫院、專科醫院和醫院門診部門（HOPD）。該部門在 11 個州擁有和運營 24 個設施。

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups.

人口健康管理部門擁有和運營獨立的醫療提供者網絡，如獨立醫生協會（IPA）。通過我們的管理服務組織（MSO），我們為我們的附屬醫院和醫生集團提供管理、行政和其他支持服務。

Forward-Looking Statements

前瞻性聲明

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result" "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and ninemonths ended September30, 2025under the heading "Risk Factors" in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

本新聞稿中包含的某些聲明和信息構成 1995 年《私人證券訴訟改革法》意義上的 “前瞻性聲明”。在本新聞稿中使用的 “將”、“可能導致”、“預計”、“將繼續”、“預期”、“估計”、“預測”、“打算”、“目標” 或類似表達的詞語或短語旨在識別 1995 年《私人證券訴訟改革法》意義上的 “前瞻性聲明”。這些聲明受到某些已知和未知的風險和不確定性的影響，其中許多超出了公司的控制範圍。這些不確定性和風險包括但不限於我們成功執行增長戰略的能力、法律或法規的變化，包括根據《無驚訝法》實施的臨時最終規則和最終規則、經濟狀況、對管理的依賴、對股東的稀釋、資本的缺乏、快速增長對公司的影響以及管理層有效應對公司產品和服務的增長和需求的能力、新興技術、公司競爭能力、關聯方交易中的利益衝突、監管事務、技術保護、缺乏行業標準、競爭的影響以及公司獲得未來融資的能力。影響未來結果的因素的詳細列表在截至2024年12月31日的年度報告 10-K 表格中討論，並在截至2025年9月30日的三個月和九個月的後續季度報告 10-Q 表格中在 “風險因素” 部分的第 II 部分，項目 IA 中，以及不時向證券交易委員會提交的其他文件中討論。這些因素可能會對公司的財務表現產生重大不利影響，並可能導致公司未來期間的實際結果與本新聞稿中表達的任何意見或聲明存在重大差異。

SOURCE Nutex Health, Inc.

來源：Nutex Health, Inc.

Nutex Health 公佈2025年9月30日的第三季度及年初至今的財務業績 | NUTX 股票新聞