alhc-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

_______________________________________

FORM 10-Q

_______________________________________

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40295

_______________________________________

ALIGNMENT HEALTHCARE, INC.

(Exact Name of Registrant as Specified in its Charter)

_______________________________________


Delaware			46-5596242
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
1100 W. Town and Country Road, Suite 1600 Orange, California			92868
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (844) 310-2247

_______________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

ALHC

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated Filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 27, 2026, the registrant had 206,733,823 shares of common stock, $0.001 par value per share, outstanding.


		Page

PART I.	Financial Information	3

Item 1.	Financial Statements (Unaudited):	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Stockholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	37

PART II.	Other Information	38

Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	39
Signatures		40


	March 31, 2026		December 31, 2025
Assets
Current Assets:
Cash and cash equivalents	$	705,584	$	575,817
Accounts receivable (less allowance for credit losses of $0 at March 31, 2026 and $833 at December 31, 2025)	277,678		253,207
Investments - current	20,707		28,413
Prepaid expenses and other current assets	141,396		94,140
Total current assets	1,145,365		951,577
Property and equipment, net	63,867		64,251
Right of use asset, net	7,073		7,019
Goodwill	32,060		32,060
Intangible assets, net	4,550		4,550
Other assets	8,693		6,329
Total assets	$	1,261,608	$	1,065,786
Liabilities and Stockholders' Equity
Current Liabilities:
Medical expenses payable	$	655,967	$	474,569
Accounts payable and accrued expenses	34,502		33,284
Accrued compensation	34,288		49,013
Total current liabilities	724,757		556,866
Long-term debt, net of debt issuance costs	323,616		323,176
Long-term portion of lease liabilities	6,350		6,467
Total liabilities	1,054,723		886,509
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Preferred stock, $.001 par value; 100,000,000 shares authorized as of March 31, 2026 and December 31, 2025, respectively; no shares issued and outstanding as of March 31, 2026 and December 31, 2025	—		—
Common stock, $.001 par value; 1,000,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 206,671,068 and 204,153,619 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively	207		205
Additional paid-in capital	1,204,279		1,188,089
Accumulated deficit	(997,601)		(1,009,017)
Total stockholders' equity	206,885		179,277
Total liabilities and stockholders' equity	$	1,261,608	$	1,065,786


	Three Months Ended March 31,
		2026		2025
Revenues:
Earned premiums		$	1,226,566	$	918,043
Other		8,631		8,889
Total revenues		1,235,197		926,932
Expenses:
Medical expenses		1,090,717		820,900
Selling, general, and administrative expenses		121,138		103,831
Depreciation and amortization		7,839		7,594
Total expenses		1,219,694		932,325
Income (loss) from operations		15,503		(5,393)
Other expenses:
Interest expense		4,062		3,950
Other expenses (income), net		—		(10)
Total other expense		4,062		3,940
Income (loss) before income taxes		11,441		(9,333)
Provision for income taxes		25		21
Net income (loss)		$	11,416	$	(9,354)
Less: Net loss attributable to noncontrolling interest		—		240
Net income (loss) attributable to Alignment Healthcare, Inc.		$	11,416	$	(9,114)

Net income (loss) per share attributable to Alignment Healthcare, Inc.:
Basic		0.06		(0.05)
Diluted		0.05		(0.05)
Weighted-average common shares outstanding:
Basic		205,356,397		193,606,438
Diluted		213,128,231		193,606,438


	Common Stock
	Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Noncontrolling interest		Total
Balance at December 31, 2025	204,153,619	$	205	$	1,188,089	$	(1,009,017)	$	—	$	179,277
Net income	—	—		—		11,416		—		11,416
Issuance of common stock upon vesting of restricted stock units	2,380,362	—		—		—		—		—


Equity-based compensation	—	2		14,017		—		—		14,019
Stock options exercised	137,087	—		2,173		—		—		2,173

Balance at March 31, 2026	206,671,068	$	207	$	1,204,279	$	(997,601)	$	—	$	206,885


	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	705,584	$	446,184
Restricted cash in other assets	2,128		2,093
Total	$	707,712	$	448,277


	Three Months Ended March 31,
		2026		2025
Premium		$	1,226,308	$	916,622
Capitation		258		1,421
Total		$	1,226,566	$	918,043


Description			Estimated Service Lives (years)
Computer and equipment			5
Office equipment and furniture			5-7
Software			3-5
Leasehold improvements			15 (or lease term, if shorter)


	March 31, 2026
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3
U.S. Treasury bills	$	21,759	$	21,757	$	—	$	—
Certificate of deposits	2,349		—		2,349		—
Total	$	24,108	$	21,757	$	2,349	$	—


	December 31, 2025
			Fair Value
	Carrying Value		Level 1		Level 2		Level 3
U.S. Treasury bills	$	29,456	$	29,465	$	—	$	—
Certificate of deposits	2,345		—		2,345		—
Total	$	31,801	$	29,465	$	2,345	$	—


	March 31, 2026		December 31, 2025
Government receivables	$	100,717	$	52,411
Pharmacy rebate receivables	161,353		179,196
Other receivables	15,608		22,433
Total accounts receivable	277,678		254,040
Allowance for credit losses	—		(833)
Accounts receivable, net	$	277,678	$	253,207


	March 31, 2026		December 31, 2025
Computers and equipment	$	14,030	$	13,815
Office equipment and furniture	4,388		4,338
Software	224,349		218,023
Leasehold improvements	6,224		6,224
Construction in progress	1,829		983
Subtotal	250,820		243,383
Less accumulated depreciation	(186,953)		(179,132)
Property and equipment-net	$	63,867	$	64,251


	March 31, 2026		March 31, 2025
Claims incurred but not paid - beginning balance	$	297,368	$	168,357
Incurred related to:
Current year	400,763		282,332
Prior years	(22,232)		(14,596)
Total incurred, net of reinsurance


	March 31, 2026
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Life
Goodwill	$	32,060	$	—	$	32,060	—
License (indefinite lived)	4,550		—		4,550		—
Plan member relationships	2,700		(2,700)		—		9 years
Other	633		(633)		—		2 - 10 years
Total	$	39,943	$	(3,333)	$	36,610


	March 31, 2026		December 31, 2025
Claims incurred but not paid	$	348,130	$	297,368
Capitation and risk-sharing payable	111,784		85,083
Other	196,053		92,118
Medical expenses payable	$	655,967	$	474,569

SEC Form 10-Q filed by Alignment Healthcare Inc.