Earnings release
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NEWS RELEASE Hinge Health reports record third quarter 2026 nancial results 2026-11-02 Revenue increased 52% year-over-year to $235 million Free cash ow of $113 million, representing a 48% free cash ow margin 2026 revenue guidance midpoint raised to $880 million, re ecting 50% year-over-year growth 2026 non-GAAP operating margin midpoint raised to 30%, re ecting ~1,000 bps improvement year-over-year SAN FRANCISCO--(BUSINESS WIRE)-- Hinge Health, Inc. (NYSE: HNGE) today announced nancial results for the third quarter ended September 30, 2026 and provided a business update. “Our strong performance continues to re ect our ability to deliver exceptional clinical outcomes, a better healthcare experience and lower client costs at scale," said Daniel Perez, Co-Founder and CEO, Hinge Health. "This focus on the triple aim, via a technology platform that scales and automates care delivery, is also resulting in a record sales season. Our client base is up almost 30% YoY for our MSK Care Program, roughly 40% for our GI Care Program since our acquisition announcement of Cylinder Health in August, and has nearly doubled for our Migraine Care Program since last quarter." Third Quarter Financial Highlights: Revenue increased 52% year-over-year to $235.0 million compared to revenue of $154.2 million in Q3 2025. GAAP gross margin was 87% compared to 82% in Q3 2025. Non-GAAP gross margin was 88% compared to 83% in Q3 2025. GAAP income from operations increased to $50.3 million compared to GAAP loss from operations of $6.1 1
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million in Q3 2025. Non-GAAP income from operations increased 154% to $77.2 million compared to $30.4 million in Q3 2025. GAAP operating margin was 21% compared to (4)% in Q3 2025. Non-GAAP operating margin was 33% compared to 20% in Q3 2025. GAAP diluted net income per share was $0.66 compared to a GAAP diluted net loss per share of $0.02 in Q3 2025. Non-GAAP diluted net income per share was $0.71 compared to $0.32 in Q3 2025. Net cash provided by operating activities increased to $114.6 million compared to $82.4 million in Q3 2025. Free cash ow increased to $112.7 million compared to $81.3 million in Q3 2025. Cash, cash equivalents, marketable securities and restricted cash were $358.5 million as of September 30, 2026. Company Highlights and Key Metrics: LTM calculated billings increased 54% year-over-year to $960.3 million as of September 30, 2026, compared to $624.2 million as of September 30, 2025. Number of clients increased 28% year-over-year to 3,270 clients as of September 30, 2026, compared to 2,560 clients as of September 30, 2025. Leadership Update We also announced that Jim Pursley will step down as President, e ective January 1, 2027, and will join our Board of Directors, e ective January 4, 2027. Following this transition, Aaryn Pure will lead the commercial organization as Chief Commercial O cer. “We wouldn't be the company we are today if not for Jim,” said Daniel Perez, Co-Founder and CEO, Hinge Health. “He's been instrumental in our scaling to over 3,200 clients. I'm grateful for all he's done and that he'll continue contributing to our success as a board member and advisor.” Financial Outlook: We are providing the following guidance for our fourth quarter 2026 and full year 2026: Q4 2026: We expect revenue to be between $249 million and $251 million, re ecting year-over-year growth of 46% at the midpoint. We expect non-GAAP income from operations to be between $81 million and $83 million, re ecting year-over-year growth of 71% and non-GAAP operating margin of 33% at the midpoint, a ~470 bps increase over Q4 2025. Full Year 2026: We are raising our revenue guidance to be between $879 million and $881 million, re ecting year-over-year growth of 50% at the midpoint. We are raising our non-GAAP income from operations 2
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guidance to be between $266 million and $268 million, re ecting year-over-year growth of 123% and non- GAAP operating margin of 30% at the midpoint, a ~1,000 bps increase over 2025. Statement Regarding Use of Non-GAAP Financial Measures This press release uses non-GAAP nancial measures, which are not calculated in accordance with generally accepted accounting principles of the United States (GAAP). For more information about these non-GAAP nancial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP, please see the “Non-GAAP Financial Measures” section below. Moreover, we have not reconciled our non-GAAP income from operations and non-GAAP operating margin guidance to GAAP income from operations and GAAP operating margin because we do not and are not able to provide guidance for GAAP income from operations due to the uncertainty and potential variability of stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and adjustments, such as acquisition-related expense, which are reconciling items between non- GAAP and GAAP income from operations and operating margin. Because such items cannot be provided without unreasonable e orts, we are unable to provide a reconciliation of the non-GAAP nancial measure guidance to the corresponding GAAP measures. However, such items could have a signi cant impact on our future GAAP income from operations. Hinge Health Earnings Webcast We will host a conference call and webcast for investors on November 2, 2026 at 1:30 p.m. Paci c Time (4:30 p.m. Eastern Time) to discuss our nancial results, business highlights and nancial outlook. The live webcast of the conference call can be accessed by registering online at ir.hingehealth.com/events-presentations. Following completion of the event, a webcast replay will also be available at ir.hingehealth.com for 12 months. About Hinge Health Hinge Health is focused on scaling and automating the delivery of health care. Leveraging an AI-powered care model, connected hardware and access to expert clinicians, Hinge Health delivers personalized, evidence-based care that improves member outcomes and experiences while reducing costs for clients. The company is headquartered in San Francisco, California. Available Information Our investors and others should note that we announce material information to the public about our company, 3
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products and services, and other matters related to our company through a variety of means, including lings with the U.S. Securities and Exchange Commission (“SEC”), the investor relations page on our website (ir.hingehealth.com), press releases, public conference calls, and webcasts in order to achieve broad, non- exclusionary distribution of information to the public and to comply with our obligations under Regulation FD. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Forward-looking statements generally relate to future events or our future nancial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the integration, timing and anticipated bene ts and synergies associated with the acquisition of Cylinder Health, statements regarding our expectations regarding our nancial position and operating performance, including our outlook and guidance for the fourth quarter of 2026 and guidance for full year 2026 and our assumptions underlying such guidance; our planned leadership transitions; our ability to drive future growth and execute on our goals and strategies; and our expectations regarding our product innovation, including with respect to our Migraine Care Program and the anticipated launch of our integrated Gastrointestinal Care Program in 2027. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to di er materially from those projected, including those more fully described in our lings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025, led with the SEC on March 3, 2026 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, when led with the SEC. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligations to update any forward-looking statements, except as required by law. HINGE HEALTH, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(unaudited)(in thousands, except par value data)September 30, 2026December 31, 2025 AssetsCurrent assets:Ch d h i l $ 211553$ 207995 4
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Cash and cash equivalents $ 211,553$ 207,995Short-term marketable securities 83,102 155,867Accounts receivable, net of allowance for credit losses of $7,647 and $6,092 as ofSeptember 30, 2026 and December 31, 2025, respectively148,532 66,061Deferred commissions 46,599 31,344Inventory 19,186 15,636 Prepaid expenses and other current assets58,891 57,001 Total current assets 567,863 533,904Long-term marketable securities 59,542 113,172Goodwill 113,030 64,096Intangible assets, net 68,328 2,512Property, equipment and software, net 13,989 10,490Operating lease right-of-use assets 33,317 6,861 Other assets 18,012 13,726 Total assets $ 874,081$ 744,761 Liabilities, redeemable convertible preferred stock and stockholders’ equityCurrent liabilities:Accounts payable and accrued liabilities$ 80,816$ 57,331Operating lease liabilities 4,721 4,223 Deferred revenue 459,174 300,855 Total current liabilities 544,711 362,409Operating lease liabilities, noncurrent 29,157 3,816 Deferred tax liabilities 795 — Total liabilities 574,663 366,225Redeemable convertible preferred stock: Redeemable convertible preferred stock; $0.00001 par value— 199,874 Stockholders’ equity:Class A common stock, $0.00001 par value— —Class B common stock, $0.00001 par value— —Additional paid-in capital 1,215,118 1,229,678Accumulated other comprehensive loss(921) (20) Accumulated de cit (914,779) (1,050,996) Total stockholders’ equity 299,418 178,662 Total liabilities, redeemable convertible preferred stock and stockholders’ equity$ 874,081$ 744,761 HINGE HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)(in thousands, except per share data)Three Months Ended September 30,Nine Months Ended September 30, 2026202520262025 Revenue $234,970$154,211$630,094$417,134 Cost of revenue 30,64028,01287,58292,939 Gross pro t 204,330126,199542,512324,195Operating expenses:Research and development 37,47331,921101,868335,382Sales and marketing 85,24163,520235,451257,464 General and administrative 31,29136,85182,359304,976 Total operating expenses 154,005132,292419,678897,822 Income (loss) from operations 50,325(6,093) 122,834(573,627)Other income: Other income, net 3,3924,45511,25514,147 Net income (loss) before income taxes53,717(1,638) 134,089(559,480) (Bene t from) provision for income taxes(3,681) 206 (2,128) 876 Net income (loss) $ 57,398$ (1,844) $136,217$(560,356) Adjustment to re ect deemed contribution from Series D and Series E redeemableconvertible preferred stock extinguishment— — — 104,174 Income allocated to participating securities— — (2,051) — Net income (loss) attributable to common stockholders, basic$ 57,398$ (1,844) $134,166$(456,182) Net income (loss) attributable to common stockholders, diluted$ 57,398$ (1,844) $134,307$(456,182) Net income (loss) attributable to common stockholders per share: Basic $ 0.71$ (0.02) $ 1.69$ (9.88) Diluted $ 0.66$ (0.02) $ 1.58$ (9.88) Weighted average shares used in computing net income (loss) per share attributable to khld 5
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common stockholders: Basic 80,86878,85879,49346,173 Diluted 86,52678,85885,07346,173 HINGE HEALTH, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)(in thousands)Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026202520262025 Operating activities: Net income (loss) $ 57,398$ (1,844) $136,217$(560,356)Adjustments to reconcile net income (loss) to net cash provided by (used in)operating activities:Depreciation and amortization 2,2211,2644,4553,910Stock-based compensation 19,54034,84750,324625,837Amortization of deferred commissions21,71612,56657,00632,436Accretion of discounts and amortization of premiums on marketablesecurities, net 551 50 1,255 376Non-cash operating lease expense1,152 861 2,9862,549Provision for credit losses 914 560 2,5273,340Deferred taxes (3,313) 50 (3,300) 146Other — 4 (2) 2Changes in operating assets and liabilities:Accounts receivable (18,418) 11,974(79,402) (47,610)Deferred commissions (25,167) (10,670) (74,246) (38,320)Inventory (2,119) 175 (3,251) (2,939)Prepaid expenses and other current assets9,405(1,393) (1,915) (8,002)Other assets 492 (7,664) 165 (8,149)Accounts payable and accrued liabilities9,99817,99312,59024,990Operating lease liabilities (898) (932) (3,052) (2,724) Deferred revenue 41,13024,557156,74182,062 Net cash provided by operating activities114,60282,398259,098107,548 Investing activities: Purchase of property and equipment(376) (52) (582) (300)Capitalized internal use software (1,568) (1,065) (4,746) (3,401)Purchases of marketable securities— (142,898) (89,877) (318,180)Maturities of marketable securities44,15785,258214,117249,814Acquisition of a business, net of cash acquired(97,353) — (97,353) (4,000) Cash paid for an asset acquisition(9,036) — (9,036) — Net cash provided by (used in) investing activities(64,176) (58,757) 12,523(76,067) Financing activities: Proceeds from exercise of common stock options202 531 882 787Issuance of common stock in connection with the employee stock purchase plan— — 7,276 —Proceeds from issuance of common stock in initial public o ering, net of issuancecosts — — — 255,675Repurchase and retirement of common stock(25,893) — (157,384) —Tax withholdings on settlement of restricted stock units and performance-basedrestricted stock units (96,565) — (116,356) (272,258)Payment on Repurchase Agreement with Coatue— — — (50,000)Proceeds from repayment of non-recourse loans to employees— — — 4,934 Payments for deferred o ering costs— — — (10,061) Net cash provided by (used in) nancing activities(122,256) 531(265,582) (70,923) Net increase (decrease) in cash, cash equivalents and restricted cash(71,830) 24,1726,039(39,442) Cash, cash equivalents, and restricted cash, beginning of period287,665238,972209,796302,586 Cash, cash equivalents, and restricted cash, end of period$215,835$263,144$215,835$263,144 Reconciliation of cash, cash equivalents, and restricted cash to theunaudited condensed consolidated balance sheets: Cash and cash equivalents $211,553$261,342$211,553$261,342 Restricted cash 4,2821,8024,2821,802 Total cash, cash equivalents, and restricted cash$215,835$263,144$215,835$263,144 Glossary of Terms 6
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LTM Calculated Billings: We believe calculated billings on a last 12-months basis helps investors better understand our performance for a particular period given the seasonality in our model due to quarterly uctuations based on the timing of new client launches. We anticipate that this seasonality will continue and therefore focus on LTM calculated billings. Our revenue generally does not re ect this seasonality and these quarterly uctuations given that we recognize revenue ratably over the term that members have access to our platform. LTM calculated billings are de ned as total revenue, plus the change in deferred revenue, less the change in contract assets for a given 12- month period. Clients: We view this number as an important metric to assess the performance of our business as an increased number of clients drives growth, increases brand awareness, and helps provide scale to our business. Clients are de ned as businesses or organizations, which we call entities, that have at least one active agreement with us at the end of a particular period. Entities that procure our platform through our partners are counted as individual clients. We do not count our partners as clients, unless they also separately have at least one active client agreement with us. When a partner has an agreement with us for their fully-insured population, that partner is deemed to be one client, despite there being multiple fully-insured employers within that entity that have access to our platform. Non-GAAP Financial Measures In addition to our results prepared in accordance with GAAP, we believe the following non-GAAP nancial measures, including non-GAAP gross pro t and gross margin, non-GAAP income from operations and operating margin, non-GAAP operating expenses, non-GAAP net income attributable to common stockholders, diluted, non- GAAP net income per share attributable to common stockholders, diluted (which we refer to as "non-GAAP diluted net income per share") and free cash ow and free cash ow margin included in this press release, provide users of our nancial information with additional useful information in evaluating our performance and liquidity and allow them to more readily compare our results across periods without the e ect of non-cash and other items as detailed below. Additionally, our management and board of directors use our non-GAAP nancial measures to evaluate our performance and liquidity, identify trends and make strategic decisions. There are limitations to the use of the non-GAAP nancial measures presented in this press release. For example, our non-GAAP nancial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP nancial measures di erently than we do, limiting the usefulness of those measures for comparative purposes. Our non-GAAP nancial measures should not be considered in isolation or as alternatives to gross pro t, gross margin, income from operations, net income attributable to common stockholders, net income per share attributable to common stockholders, net cash provided by operating activities or any other measure of nancial performance calculated and presented in accordance with GAAP. 7
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Non-GAAP Gross Pro t and Gross Margin We de ne non-GAAP gross pro t as gross pro t presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and acquisition-related expenses. We de ne non-GAAP gross margin as non-GAAP gross pro t divided by revenue. The principal limitation of non-GAAP gross pro t and non-GAAP gross margin is that they exclude signi cant expenses that are required by GAAP to be recorded in our unaudited condensed consolidated nancial statements, including non-cash expenses, and the impact of non-recurring charges that we do not consider to be indicative of our ongoing core operations. Non-GAAP Income From Operations and Operating Margin We de ne non-GAAP income from operations as income (loss) from operations presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and acquisition-related expenses. We de ne non-GAAP operating margin as non-GAAP income from operations divided by revenue. The principal limitation of non-GAAP income from operations and non-GAAP operating margin is that they exclude signi cant expenses that are required by GAAP to be recorded in our unaudited condensed consolidated nancial statements, including non-cash expenses, and the impact of non-recurring charges that we do not consider to be indicative of our ongoing core operations. Non-GAAP Operating Expenses We de ne non-GAAP operating expenses as operating expenses presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and acquisition-related expenses. The principal limitation of non-GAAP research and development expenses, non-GAAP sales and marketing expenses and non-GAAP general and administrative expenses is that they exclude signi cant expenses that are required by GAAP to be recorded in our unaudited condensed consolidated nancial statements, including non- cash expenses, and the impact of non-recurring charges that we do not consider to be indicative of our ongoing core operations. 8
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Non-GAAP Net Income Attributable to Common Stockholders, Diluted and Non-GAAP Net Income Per Share Attributable to Common Stockholders, Diluted We de ne non-GAAP net income attributable to common stockholders, diluted and non-GAAP net income per share attributable to common stockholders, diluted (which we refer to as “non-GAAP diluted net income per share”) as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, diluted, respectively, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation, employer payroll taxes related to stock-based compensation, amortization of intangible assets, acquisition-related expenses and the income tax e ects related to non-GAAP adjustments. Free Cash Flow and Free Cash Flow Margin We de ne free cash ow as net cash provided by operating activities plus cash used for employer payroll taxes at IPO related to stock-based compensation less purchases of property, equipment and software (including capitalized internal-use software). We believe that free cash ow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by our operations that, after taking into account the employer payroll taxes paid as part of the vesting of shares at IPO as well as investments in property, equipment and software (including capitalized internal-use software), can be used for strategic initiatives, including investing in our business, acquisitions, and strengthening our nancial position. The principal limitation of free cash ow is that it does not represent the total increase or decrease in our cash balance for a given period. We de ne free cash ow margin as free cash ow divided by revenue. We adjust the following items from one or more of our non-GAAP nancial measures: Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP nancial measures because we believe that excluding this item provides meaningful supplemental information regarding our operating performance. Employer payroll tax expense related to stock-based compensation. We exclude expenses for employer payroll taxes related to stock-based compensation from certain of our non-GAAP nancial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, this expense is tied to the exercise, vesting or sale of underlying equity awards and the price of our common stock at the time of exercise, vesting or sale which may vary from period to period independent of the operating performance of our business. Amortization of intangible assets. We exclude amortization of intangible assets, which is a non-cash 9
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expense, from certain of our non-GAAP nancial measures. Our expenses for amortization of intangible assets are inconsistent in amount and frequency because they are signi cantly a ected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. We exclude these amortization expenses because we do not believe these expenses have a direct correlation to the operating performance of our business. Acquisition-related expenses. We exclude certain charges that are attributable to acquiring businesses. We exclude these charges because we do not believe these charges have a direct correlation to the operating performance of our business. Income tax e ect of non-GAAP adjustments. We exclude the valuation allowance that is attributable to our non-GAAP income beginning in 2025. For the three and nine months ended September 30, 2026 we used a forecasted annual tax rate of 24% and for the three and nine months ended September 30, 2025 we used an annual tax rate of 20%. These tax rates re ect current available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for signi cant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any signi cant transactions. HINGE HEALTH, INC.(unaudited)(in thousands, except percentages)Reconciliation of GAAP to Non-GAAP Financial Measures:Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026 2025 2026 2025 GAAP gross pro t $ 204,330$ 126,199$ 542,512$ 324,195GAAP gross margin 87% 82% 86% 78%Non-GAAP adjustments:Stock-based compensation expense959 1,401 2,924 17,842Employer payroll tax expense related to stock-based compensation 134 40 284 933Amortization of intangible assets649 224 1,098 630 Acquisition-related expenses80 — 80 — Non-GAAP gross pro t$ 206,152$ 127,864$ 546,898$ 343,600 Non-GAAP gross margin 88% 83% 87% 82% Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026 2025 2026 2025 GAAP income (loss) from operations$ 50,325$ (6,093) $ 122,834$ (573,627)GAAP operating margin 21% (4)% 19% (138)%Non-GAAP adjustments:Stock-based compensation expense19,540 34,847 50,324 625,837Employer payroll tax expense related to stock-based compensation 3,516 228 6,316 14,455Amortization of intangible assets1,211 224 1,660 630 Acquisition-related expenses2,617 1,171 3,751 4,139 $ 77209$ 30377$ 184885$ 71434 (1) (1) 10
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Non-GAAP income from operations$ 77,209$ 30,377$ 184,885$ 71,434 Non-GAAP operating margin33% 20% 29% 17% (1)Stock-based compensation expense: Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026 2025 2026 2025 Cost of revenue $ 959$ 1,401$ 2,924$ 17,842Research and development7,551 8,259 18,102 257,068Sales and marketing 6,050 5,960 16,019 101,010 General and administrative4,980 19,227 13,279 249,917 Total stock-based compensation expense$ 19,540$ 34,847$ 50,324$ 625,837 HINGE HEALTH, INC.(unaudited)(in thousands, except per share amounts)Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026 2025 2026 2025 GAAP net income (loss) attributable to commonstockholders, diluted$ 57,398$ (1,844) $ 134,307$ (456,182)Non-GAAP adjustments:Stock-based compensation expense19,540 34,847 50,324 625,837Employer payroll tax expense related to stock-based compensation 3,516 228 6,316 14,455Amortization of intangible assets1,211 224 1,660 630Acquisition-related expenses2,617 1,171 3,751 4,139Income tax e ect of non-GAAP adjustments(23,025) (6,763) (49,201) (16,240) Other dilutive — (822) (180) (56,039) Non-GAAP net income attributable to commonstockholders, diluted$ 61,257$ 27,041$ 146,977$ 116,600 Non-GAAP net income attributable to commonstockholders per share, diluted$ 0.71$ 0.32$ 1.73$ 2.12 Weighted average shares used in computing non-GAAP net income per share attributable tocommon stockholders, diluted86,526 84,977 85,073 55,078 Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026 2025 2026 2025 GAAP net income (loss) per share attributable tocommon stockholders, diluted$ 0.66$ (0.02) $ 1.58$ (9.88)Non-GAAP adjustments:Stock-based compensation expense0.23 0.42 0.59 11.36Employer payroll tax expense related to stock-basedcompensation 0.04 — 0.07 0.26Amortization of intangible assets0.01 — 0.02 0.01Acquisition-related expenses0.03 0.01 0.04 0.08I f GAAPdj (026) (008) (057) (029) (1) (1) 11
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Income tax e ect of non-GAAP adjustments(0.26) (0.08) (0.57) (0.29) Other dilutive — (0.01) — 0.58 Non-GAAP net income per share attributable tocommon stockholders, diluted$ 0.71$ 0.32$ 1.73$ 2.12 (1)For details on stock-based compensation expense, see above. (2)Some columns may not add due to rounding. HINGE HEALTH, INC.(unaudited)(in thousands, except percentages)Three Months Ended September 30,Nine Months Ended September 30, 20262025 2026 2025 GAAP research and development$37,473$ 31,921$101,868$335,382GAAP research and development as a percentage of revenue16% 21% 16% 80%Non-GAAP adjustments:Stock-based compensation expense(7,551) (8,259) (18,102) (257,068)Employer payroll tax expense related to stock-based compensation(1,615) (145) (2,878) (7,165) Acquisition-related expenses (407) (1,157) (1,541) (3,975) Non-GAAP research and development$27,900$ 22,360$ 79,347$ 67,174 Non-GAAP research and development as a percentage of revenue12% 14% 13% 16% Three Months Ended September 30,Nine Months Ended September 30, 20262025 2026 2025 GAAP sales and marketing $85,241$ 63,520$235,451$257,464GAAP sales and marketing as a percentage of revenue36% 41% 37% 62%Non-GAAP adjustments:Stock-based compensation expense(6,050) (5,960) (16,019) (101,010)Employer payroll tax expense related to stock-based compensation(448) (27) (1,229) (2,657)Amortization of intangible assets(562) — (562) — Acquisition-related expenses (49) — (49) — Non-GAAP sales and marketing$78,132$ 57,533$217,592$153,797 Non-GAAP sales and marketing as a percentage of revenue33% 37% 35% 37% Three Months Ended September 30,Nine Months Ended September 30, 20262025 2026 2025 GAAP general and administrative$31,291$ 36,851$ 82,359$304,976GAAP general and administrative as a percentage of revenue14% 24% 14% 74%Non-GAAP adjustments:Stock-based compensation expense(4,980) (19,227) (13,279) (249,917)Employer payroll tax expense related to stock-based compensation(1,319) (16) (1,925) (3,700) Acquisition-related expenses (2,081) (14) (2,081) (165) Non-GAAP general and administrative$22,911$ 17,594$ 65,074$ 51,194 Non-GAAP general and administrative as a percentage of revenue10% 11% 10% 12% (2) (1) (1) (1) 12
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(1)For details on stock-based compensation expense, see above. HINGE HEALTH, INC.(unaudited)(in thousands, except percentages)Three Months EndedSeptember 30,Nine Months EndedSeptember 30, 2026202520262025 Net cash provided by operating activities$114,602$ 82,398$259,098$107,548Operating cash ow margin 49% 53% 41% 26%Adjustment for employer taxes related to pre-IPO stock-based compensation— — — 14,227Less purchases of property, equipment and software (including capitalized internal usesoftware) (1,944) (1,117) (5,328) (3,701) Free cash ow $112,658$ 81,281$253,770$118,074 Free cash ow margin 48% 53% 40% 28% Net cash provided by (used in) investing activities$ (64,176) $ (58,757) $ 12,523$ (76,067) Net cash provided by (used in) nancing activities$(122,256) $ 531$(265,582) $ (70,923) Investor Relations Contact: ir@hingehealth.com Media Contact: media@hingehealth.com Source: Hinge Health, Inc. 13