DocGo (NASDAQ:DCGO) shares fell sharply in pre-market trading on Tuesday after the mobile healthcare and medical transportation provider reported weaker-than-expected second-quarter 2026 results and significantly increased its projected full-year adjusted EBITDA loss. The stock dropped 12.7% to $0.62 before the opening bell after DocGo posted an adjusted loss of $0.16 per share, compared with the consensus estimate for a $0.10 loss. Quarterly revenue reached $73.4 million, below analysts' forecast of $75.4 million and down 8.7% from the same period last year.
The year-on-year decline in reported revenue reflected the conclusion of migrant-related contracts. Those programmes generated no revenue during the latest quarter, compared with $18.8 million in the second quarter of 2025. Underlying performance was stronger once those contracts were excluded, with DocGo reporting core revenue growth of 19%.
However, that improvement was overshadowed by the earnings shortfall and a substantially weaker profitability outlook. The biggest concern for investors came from DocGo's revised full-year guidance. The company now expects an adjusted EBITDA loss of between $17 million and $22 million for 2026, considerably wider than its previous forecast for a loss of between $5 million and $10 million.
The revision indicates that DocGo's route towards profitability could take longer than previously anticipated and contributed to the sharp pre-market reaction. Alongside its quarterly results, DocGo announced a definitive agreement to acquire Hicuity Health, a telemedicine provider generating approximately $65 million in trailing 12-month revenue. The transaction potentially expands DocGo's healthcare offering, but it also introduces additional execution and integration requirements at a time when investors are already focused on the company's losses and balance-sheet position.
DocGo separately disclosed that it had requested a brief extension from the U.S. Securities and Exchange Commission to file its quarterly Form 10-Q. The sell-off occurred against a broadly negative market environment, with the Nasdaq down 1.1% and the S&P 500 falling 0.4% during Tuesday's session.
That weakness added pressure to DocGo, a micro-cap stock with relatively high market sensitivity that has already lost more than half of its value over the past 12 months. At $0.62, the shares remain substantially below their 52-week high of $1.73 and closer to the 52-week low of $0.451. The company has also been operating under a Nasdaq listing compliance extension, adding another source of uncertainty around the stock.
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