Clover Health's Q3 2025 results reflect strong membership growth of 35% and revenue increase of nearly 50% year-over-year, but adjusted EBITDA profitability fell short due to higher than expected new member acquisition costs.

• Sustained profitable growth despite missing adjusted EBITDA targets, attributed to increased new member dilution.
• Continued strong performance of Clover Assistant, leading to top HEDIS clinical quality scores in the PPO segment.
• Full-year outlook revised to expect 44,000 new members, with profitability projected to improve significantly in 2026.
• Focused refocus on managing new member utilization through enhanced Clover Assistant engagement.
• Strong retention rates expected to drive returning member profitability and support long-term growth strategy.