EX-99.2 3 ex-992xnonxgaap.htm EX-99.2

Exhibit 99.2

Non-GAAP Financial Information

The following information provides the definition of adjusted gross margin as presented by DocGo Inc. (the “Company”), which is a financial measure that is not calculated or presented in accordance with generally accepted accounting principles (“GAAP”), and reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP. The Company has provided adjusted gross margin as supplemental information and in addition to the financial measure presented by the Company that is calculated and presented in accordance with GAAP. This non-GAAP financial measure should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measure presented by the Company.

Adjusted Gross Margin

Adjusted gross profit and adjusted gross margin are considered non-GAAP financial measures under Securities and Exchange Commission rules because they exclude certain amounts included in gross profit and gross margin calculated in accordance with GAAP. Adjusted gross profit is total revenue minus cost of revenue, excluding depreciation and amortization (which are shown separately), and adjusted gross margin is adjusted gross profit as a percentage of total revenue.

The Company’s management believes that adjusted gross margin is useful in evaluating the Company’s operating performance, as the calculation of this measure excludes the impact of non-cash depreciation and amortization charges. The Company’s management believes that by using adjusted gross margin in conjunction with GAAP gross margin, investors will get a more complete view of what management considers to be the Company’s core operating performance and allow for comparison of this measure when compared to those of prior periods. While many companies use adjusted gross margin as a performance measure, not all companies use identical calculations for determining adjusted gross margin. As such, the Company’s presentation of adjusted gross margin might not be comparable to similarly titled measures of other companies.

Reconciliation

The table below reflects the reconciliation of GAAP gross margin and adjusted gross margin for the quarter and year ended December 31, 2024 compared to the same periods in 2023 on a consolidated basis, as well as for the Company’s Mobile Health Services and Transportation Services segments:

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									Q4																								Year Ended December 31,
DocGo Inc. Consolidated									2024									2023															2024															2023
Revenue									$ 120,833,073									$ 199,246,269															$ 616,555,132															$ 624,288,642
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)									(80,334,624)									(132,559,805)															(402,980,557)															(428,906,225)
Depreciation and amortization									(3,322,925)									(4,615,235)															(15,884,898)															(16,431,892)
GAAP gross profit									37,175,524									62,071,229															197,689,677															178,950,525
Depreciation and amortization									3,322,925									4,615,235															15,884,898															16,431,892
Adjusted gross profit									40,498,449									66,686,464															213,574,575															195,382,417
GAAP gross margin									30.8%									31.2%															32.1%															28.7%
Adjusted gross margin									33.5%									33.5%															34.6%															31.3%
Mobile Health Services
Revenue									$ 71,779,119									$ 150,441,703															$ 423,126,040															$ 442,793,537
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)									(46,028,526)									(102,027,740)															(269,256,412)															(306,169,041)
Depreciation and amortization									(1,213,828)									(1,115,160)															(4,770,367)															(4,226,657)
GAAP gross profit									24,536,765									47,298,803															149,099,261															132,397,839
Depreciation and amortization									1,213,828									1,115,160															4,770,367															4,226,657
Adjusted gross profit									25,750,593									48,413,963															153,869,628															136,624,496
GAAP gross margin									34.2%									31.4%															35.2%															29.9%
Adjusted gross margin									35.9%									32.2%															36.4%															30.9%
Transportation Services
Revenue									$ 49,053,954									$ 48,804,566															$ 193,429,093															$ 181,495,104
Cost of revenue (exclusive of depreciation and amortization, which are shown separately below)									(34,306,098)									(30,532,066)															(133,724,145)															(122,736,484)
Depreciation & amortization									(2,048,266)									(3,256,531)															(8,305,049)															(9,393,895)
GAAP gross profit									12,699,590									15,015,969															51,399,899															49,364,725
Depreciation and amortization									2,048,266									3,256,531															8,305,049															9,393,895
Adjusted gross profit									14,747,856									18,272,500															59,704,948															58,758,620
GAAP gross margin									25.9%									30.8%															26.6%															27.2%
Adjusted gross margin									30.1%									37.4%															30.9%															32.4%