P3 Health Partners Inc.

P3 Health Partners Inc. is a U.S.-based healthcare services company organized around value-based care partnerships with physicians and payors. Through its affiliate model, it builds local primary care networks and manages care for contracted members across county-based markets in the United States.

−12,8 %

−10,1 %

−2,8 %

0.24

— P3 Health Partners Inc.
	%
Capitated care management	99% Management of capitated contracts and related care delivery for attributed members.
Other patient service revenue	1% Ancillary patient service revenue outside the core capitated arrangement.

P3 primarily serves health plans and other payors that contract for value-based care arrangements, as well as physician...

Payors and health plansprimary
Contract for capitated and value-based arrangements to manage total cost of care and quality.
Physician affiliates and PCP networksprimary
Join the platform to access operational support, contracting, and care management infrastructure.
Attributed membersprimary
Covered patients whose care is coordinated through the company’s affiliated provider network.
Local provider organizationssecondary
Partner in new or adjacent markets to extend the company’s care model geographically.

P3 operates across county-by-county markets in the United States rather than through a single concentrated geography...

•Operations are concentrated in U.S. county-level healthcare markets
•Market entry is evaluated county by county across the United States
•Expansion uses existing local physician and health system infrastructure
•California carries specific DMHC and Knox-Keene regulatory exposure
•Geographic mix affects payor concentration and competitive intensity

P3’s strategy is to grow membership by entering adjacent and new markets through partnerships with payors and providers...

Grow membership in existing and adjacent marketsshort-term

Scale the attributed population across markets where the care model can be reused efficiently.

Add new payor and provider partnershipsmedium-term

Partnerships are the main route to market entry and member growth.

Improve medical cost and quality performancemedium-term

The value-based model depends on managing utilization and care outcomes effectively.

P3 faces regulatory, reimbursement, and liquidity-related risks typical of value-based healthcare operators, with...

critical

Liquidity and financing dependence

The holding company relies on distributions from P3 LLC and external financing.

Scope: Corporate level
Materiality: high

high

California solvency and operational compliance

Affiliated physician groups and Restricted Knox-Keene plans must meet cash-to-claims and reporting requirements.

Scope: California operations
Materiality: high

high

Medical cost inflation and utilization risk

Capitated revenue creates exposure if medical expense rises faster than contract economics.

Scope: Capitated care contracts
Materiality: high

medium

Payor and provider concentration

Growth depends on a limited set of partnership relationships in each market.

Scope: Market-by-market expansion
Materiality: medium

medium

Nasdaq continued listing compliance

A bid-price deficiency can lead to delisting and reduce access to capital.

Scope: Public equity listing
Materiality: medium

Capitated revenue recognition

Affects top-line comparability and quarter-to-quarter volatility

Medical expense accruals and premium deficiency reserve

Can materially change operating loss in a given quarter

Non-controlling interest

Affects net loss attributable to common shareholders

Going-concern assessment

Important for assessing financing risk and financial statement presentation

P3 Health Partners Inc.

Liquidity and financing dependence

California solvency and operational compliance

Medical cost inflation and utilization risk

Payor and provider concentration

Nasdaq continued listing compliance

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