CLOVHIGH SIGNALFINANCIAL10-K

CLOV shows massive operational deterioration with operating cash flow swinging from +$34.8M to -$66.9M while burning through 60% of its cash reserves despite revenue growth.

Despite 40% revenue growth, the company's fundamental profitability metrics have worsened dramatically, with losses nearly doubling and a concerning shift from cash generation to cash consumption. The 60% decline in cash reserves combined with negative operating cash flow raises immediate liquidity concerns for this healthcare company.

Comparing 2026-02-27 vs 2025-03-03View on EDGAR →
FINANCIAL ANALYSIS

While CLOV achieved strong 40% revenue growth to $1.9B and dramatically improved gross profit margins (gross profit surged over 1000% to $257M), the company's operational execution deteriorated severely with operating cash flow swinging from positive $34.8M to negative $66.9M and net losses nearly doubling to $85.5M. The company burned through 60% of its cash reserves while increasing share buybacks over 900% to $18.3M, creating a concerning liquidity profile that suggests potential funding needs despite the revenue momentum.

FINANCIAL STATEMENT CHANGES
Gross Profit
P&L
+1031.9%
$22.7M→$257.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Share Buybacks
Cash Flow
+932.6%
$1.8M→$18.3M

Share repurchases increased 932.6% — management returning capital, signals confidence in intrinsic value.

Operating Cash Flow
Cash Flow
-292.1%
$34.8M→-$66.9M

Operating cash flow fell 292.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Interest Expense
P&L
-99.5%
$1.3M→$7K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Net Income
P&L
-98.9%
-$43.0M→-$85.5M

Net income declined 98.9% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-87%
-$45.7M→-$85.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Cash & Equivalents
Balance Sheet
-59.8%
$194.5M→$78.3M

Cash declined 59.8% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Revenue
P&L
+40.3%
$1.4B→$1.9B

Strong top-line growth of 40.3% — accelerating demand or successful expansion into new markets.

Stockholders Equity
Balance Sheet
-35.1%
$535.4M→$347.7M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Capital Expenditure
Cash Flow
+31.3%
$1.6M→$2.0M

Capital expenditure jumped 31.3% — major investment cycle underway; assess returns on deployment.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-03-03
ADDED
clov-20251231 0001801170 FALSE FY 2025 CLOVER HEALTH INVESTMENTS, CORP.
At February 20, 2026, the registrant had 428,951,430 shares of Class A Common Stock, $0.0001 par value per share, and 95,715,856 shares of Class B Common Stock, $0.0001 par value per share, issued and outstanding.
Reserved 57 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 7A.
Our long-term success depends on maintaining and continuing to improve CA, and the expansion of CA to external partners, as such, our past results may not be indicative of future performance.
Our strategy is to improve the care of our Medicare Advantage ("MA") members, develop wide physician networks, and provide technology to help empower physicians.
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REMOVED
clov-20241231 0001801170 FALSE FY 2024 CLOVER HEALTH INVESTMENTS, CORP.
At February 24, 2025, the registrant had 418,531,705 shares of Class A Common Stock, $0.0001 par value per share, and 92,375,003 shares of Class B Common Stock, $0.0001 par value per share, issued and outstanding.
Reserved 59 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 60 Item 7A.
Our long-term success depends on maintaining and continuing to improve Clover Assistant, and our past results may not be indicative of future performance.
Our future performance depends in part on increasing the lifetime value of enrollments, which are realized over several years, and utilizing our clinical care capabilities to improve the quality of care for our members, and any failure to do so could negatively affect our financial condition and results of operations, including our ability to achieve or increase profitability.
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