Slides
Page 1
Investor Day 2026 DATE 9.10.26 omadahealth.com LOCATION NYC LISTING NASDAQ : OMDA
Page 2
Certain information and estimates contained in this presentation relate to or are based on studies, publications, statistics, surveys, and other data obtained from third-party sources and our own internal estimates and research. While we believe these sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy, or completeness of any information. Projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are subject to a high degree of uncertainty and risk. Any products, features, functionalities, certifications, authorizations, or attestations referenced in this presentation that are not currently generally available or have not yet been obtained or are not currently maintained may not be delivered or obtained on time or at all. Product roadmaps do not represent a commitment, obligation or promise to deliver any product, feature, functionality, certification or attestation and you should not rely on them to make your purchase decisions. All trademarks, service marks, and trade names appearing in this presentation are the property of their respective holders. Non-GAAP Financial Measures and Key Operational Metrics This presentation includes certain financial measures not presented in accordance with U.S. generally accepted accounting principles ("GAAP"), including non-GAAP gross profit, non-GAAP gross margin, non-GAAP cost of revenue, adjusted EBITDA, and adjusted EBITDA margin, which are used by management for financial and operational decision-making and as a means to assist in evaluating period-to-period comparisons. These non-GAAP financial measures have certain limitations and should be considered in addition to, not as a substitute for or in isolation from, financial measures prepared in accordance with GAAP. Any non-GAAP financial measure as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies. Presentation of such financial measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. See Appendix: GAAP to Non-GAAP Reconciliation for a reconciliation of each non-GAAP financial measure to the most directly comparable financial measure prepared in accordance with GAAP. Reconciliations of forward-looking non-GAAP measures are not included in this presentation because these GAAP measures are not available without unreasonable effort due to the potential variability and complexity of the items excluded from these Non-GAAP measures. Disclaimers This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements because they contain words such as "may, " "will, " "shall, " "should, " "expects, " "plans, " "anticipates, " "could, " "intends, " "target, " "projects, " "contemplates, " "believes, " "estimates, " "predicts, " "potential, " "goal, " "objective, " "seeks, " or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Examples of forward-looking statements contained in this presentation include, but are not limited to, statements we make regarding our future performance or achievements, projections related to our financial targets, expectations related to the growth and development of our programs, our ability to deliver profitable growth, business and industry trends, the anticipated demand for our programs and offerings, our ability to grow our business, the size of our addressable markets, our ability to use technology, including artificial intelligence and machine learning, to operate certain features of our programs and to enable certain business processes, our plans for launching new technologies, the scalability of our business model, the ability to deliver measurable results, or other future financial and operating results. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, macroeconomic and industry conditions, and other factors. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, the following: our limited operating history and ability to manage our growth effectively; our history of net losses and ability to maintain profitability; the ability of our programs to achieve and maintain market acceptance; changes in the healthcare industry and competition; the growth and success of our customers and channel partners; the number of individuals covered by our programs and the number of our programs covered by our customers; the level of member engagement in our programs; our ability to maintain and grow customer and channel partner relationships; concentration of a substantial portion of our sales among a limited number of customers and channel partners; our ability to attract new customers and channel partners and increase member enrollment from existing and new customers and channel partners; our ability to increase the size of our organization; our dependence on a limited number of third-party suppliers; the impact of seasonality on our financial results; our ability to achieve widespread brand awareness and the impact of any negative media coverage; our ability to develop and release new programs and services; cybersecurity threats; our dependence on the interoperability of our programs and connected devices with third-party devices, operating systems, and applications; changes in laws or regulations or the implementation of existing laws and regulations; compliance with privacy and security laws and regulations; our and our affiliated professional entities’ compliance with healthcare regulatory laws; any modification in U.S. Food and Drug Administration enforcement policies; our dependence on our relationships with affiliated professional entities; and other risk factors identified in our filings with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. All forward-looking statements in this presentation are based only on information currently available to us and speak only as of the date on which they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise, except as required under applicable law. Important Notice and Disclaimers 2
Page 3
Chief Medical Officer Dr. Thomas Tsang Founder & CEO Sean Duffy SEAN President Wei-Li Shao Chief Financial Officer Steve Cook VP, GLP-1 and Cardiometabolic Health Britt Buntman Chief Product and Growth Officer Danika Harrison Chief Care Delivery Operations Officer Jennifer Becker Chief Information Security Officer Bill Dougherty Chief People Officer Nancy Vitale General Counsel Nate Salha Chief Technical Officer Sunil Kayiti SVP, Enterprise Strategy and Operations Lauren Fix Leadership Team in Attendance Presenters 3
Page 4
SEAN Welcome Sean Duffy Defining the Future of Healthcare Wei-Li Shao Financial Overview Steve Cook Commercial Britt Buntman Product Customer Panel Q&A Agenda 4 Sean Duffy, Moderator Sarah Acosta, Harris County Celeste Parker, Costco Thomas Tsang, Clinical Danika Harrison, Technology Jennifer Becker, Care Delivery
Page 5
SEAN Sean Duffy Co-Founder & CEO Welcome 5
Page 6
SEAN Traditional care doesn’t work for chronic disease. 6
Page 7
SEAN People need longitudinal, between-visit care in order to get well. 7
Page 8
0 SEAN Welcome A track record of innovation drives our growth 2011 2013 2015 2017 2019 2021 2023 2025 2027 1M 2M 3M2 Total members served 2011 Founded Omada is born 2016 Billing ecosystem integration AMA CPT code approval 2017 Industry recognition Fast Company's Most Innovative 2019 Proven scale 1,000 customers · 50M weigh-ins Q2 2025 IPO Listed OMDA2021 Quality & rigor NCQA accreditation 18th peer-reviewed publication URAC MSK accreditation 2015 Clinical recognition Full Digital DPP recognition 2018 + Diabet es + Hypert ension 2020 + Musculosk eletal 2023 + GLP-1 Car e Track Q4 2025 Profitability First Adj. EBITDA positive quarter 1 2026 + Cholest erol + GLP-1 Fle x Care + GLP-1 Rx 2012 + Pr evention & Weight Health 8 1. See Appendix f or a reconciliation to the most comparable GAAP financial measure. 2. Additiv e cumulative members = running sum of year-end member totals across all prior years (each year stacked on the total to date). 2013–2026 actuals. 3. CDC F ull Recognition status verified via the Centers for Disease Control and Prevention (CDC) registry.
Page 9
We built between-visit care from scratch Chapter One Firsts We Achieved Pioneer a new business model Create a model based on outcomes Peer-reviewed studies (30+) Evidence our care works Recognized as a healthcare provider The standing to contract like one First digital CPT billing code Infrastructure to get paid through electronic claims GLP-1 care plus medicine Developed over years; recently released Between-Visit Care Platform 1 2 3 NCQA accreditation1 First in our category to achieve 4 5 6 Care Services Technology Devices Software Reimbursement AI SEAN 9 1. NCQA Population Health Program Accreditation was awarded in May of 2021, and renewed in July of 2023.
Page 11
Thank you. Thank you for caring. Thank you for supporting me. Thank you for giving me my life back.“ — Heather Real Omada Member “ 11
Page 12
Wei-Li Shao President WLS Defining the Future of Healthcare 12
Page 13
WLS An epidemic of obesity is driving cardiometabolic disease in the U.S. 13
Page 14
WLS Defining the Future of Healthcare … and it’s continuing to grow. 0% 10% 20% 30% 40% 50% 1990 2000 2010 2022 2035 FORECAST 19.3% 46.9% U.S. adults with obesity 1 ~74% of insured U.S. adults have conditions we can cover2 - including obesity, type 2 diabetes, hypertension, or high cholesterol. 14 1. US State-Level Prevalence of Adult Obesity by Race and Ethnicity From 1990 to 2022 and Forecasted to 2035: 19.3% (1990), 42.5% (2022), 46.9% forecast (2035; 95% UI 43.9–49.9%, shown as whisker). 2. Eligibility estimates based on analysis of 2021-2023 NHANES data of insured U.S. adults.
Page 15
255M 188M 99M WLS 15 1. Based on United States Census Bureau Health Insurance Coverage in the United States: 2024, September 2025, includes non-commercial lines of business like Medicaid and Medicare 2. Eligibility estimates based on analysis of 2021-2023 NHANES data of U.S. insured adults. MSK excluded — episodic in nature, with near-universal point-in-time eligibility. 3. KFF Health Tracking Poll, November 2025 1M 255M insured U.S. adults1 188M insured U.S. adults with conditions Omada serves 2 99M U.S. adults living with 2+ chronic conditions2 1M active Omada members Defining the Future of Healthcare 188 million U.S. adults have a condition Omada treats
Page 16
WLS Defining the Future of Healthcare Fixing What’s Broken in Healthcare 16
Page 17
Health trajectory Month 0 PCP visit Month 12 PCP visit Weight gain silence between visits Rising A1c no data, no nudge WLS 15 minutes 15 minutes 8,759 hours between visits 17 Lacks data, contact, and support in-between visits Defining the Future of Healthcare | Fixing What's Broken Traditional care is point-in-time
Page 18
Our care is daily, over time WLS Defining the Future of Healthcare | Fixing What's Broken As we treat more of the cardiometabolic picture, we provide more value to customers and members. Health Trajectory Month 0 PCP visit Month 12 PCP visit Weight gain Coach notices the weight gain and reaches out. Learns her mom is in the hospital and stress is mounting — together they build a plan to get back on track, with real empathy. Elements of Daily Care: 18 A1c rise avoided Clinical Strategy Technology Human Care Delivery
Page 19
Clinical evidence drives commercial strategy Technology scales our services and lowers our costs Human coaching provides quality and accountability WLS Defining the Future of Healthcare | Fixing What’s Broken Clinical measurement and data guide our direction 19 Members Clinical Strategy Technology Human Care Delivery Omada’s innovation flywheel
Page 20
We’re at a historic moment in healthcare. WLS 20
Page 21
Medication WLS 21
Page 22
WLS 22 AI
Page 23
WLS 23 Devices
Page 24
Conditions we cover The diagnoses & comorbidities that cluster in one member. Metabolic Health Cardiovascular Health Musculoskeletal Advanced Care Prediabetes Obesity Type 2 diabetes Hypertension High cholesterol MSK & mobility GLP-1 therapy Medical & pharma services Clinicians, diagnostics, labs, prescribing, adherence, devices. GLP-1 Rx Specialists Med adherence Diabetes Rx HTN Rx Cholesterol RxLabs AI & data layer Predictive interventions, risk scoring, longitudinal data. AI coaching Longitudinal data Predictive care Risk scoring Care-gap detectionSmart nudgesPopulation insights Covered today Expansion Opportunities CKD Sleep apnea Heart failure Chronic joint pain Osteoarthritis High-risk T2D Specialist consults Fatty liver Lifestyle support & tracking Connected devices & tech for nutrition, sleep, activity, coaching. Nutrition Activity Sleep Stress Human coaching Connected scales WearablesDigital biomarkersCGM BP monitors Glucose monitors Social/peer support Educational content 24 Defining the Future of Healthcare | Fixing What’s Broken It takes a system to change outcomes
Page 25
WLS We’re not waiting for the future of healthcare to arrive. We’re building it. 25
Page 26
Steve Cook Chief Financial Officer STEVE Financial Outlook 26
Page 27
STEVE The eligible commercial population our channels can reach. How we convert covered lives into enrolled members. The billable activities and outcomes achieved by our members. How efficiently we deliver digital care, human care and the operational business support for our members. Covered Lives Enrollment Engagement Efficiency 27 Omada’s four levers for growth and durability Financial Outlook
Page 28
STEVE Financial Outlook A History of Success 28
Page 29
STEVE Financial Outlook | A History of Success Consistent historical growth gives us confidence in the future 1. Billed on a trailing-twelve-month basis. 2. See appendix for a reconciliation to the most comparable GAAP financial measure. 3. TTM = trailing twelve months. (43%) → 7% Adj. EBITDA margin2 FY23 → 2Q26 TTM3 0.39M → 1.09M Total Members1 FY23 → 2Q26 45% Revenue CAGR FY23 → 2Q26 TTM3 29 60% → 70% Non-GAAP gross margin2 FY23 → 2Q26 TTM
Page 30
0.85M → 1.09 M $251M → $310M 66% → 70% (2%) → +7% FY26 Targets at IPO vs. 2Q26 TTM actuals STEVE Financial Outlook | A History of Success 30 1. See appendix for a reconciliation to the most comparable GAAP financial measure. 2. Total member actuals are ending members as of June 30. 2026. Non-GAAP gross margin1 Adj. EBITDA margin1 Total members2 Revenue We have over-performed against our IPO promise
Page 31
STEVE Financial Outlook Long-term Targets 31
Page 32
80% Non-GAAP gross margin 30% Adj. EBITDA margin STEVE 70% 20% INITIAL TARGET NEW TARGET +20% continued expected annual revenue growth while expanding the profitable model we have 32 +10% +10% New long-term targets Financial Outlook | Long-term Targets
Page 33
STEVE Raising our non-GAAP gross margin1 target from 70% to 80%: Half from revenue, half from cost Cost of Revenue EXPECTED DRIVERS + Coach efficiencies through AI + Continuous oper ational efficiency + Supply chain + Member services automation Revenue & Price EXPECTED DRIVERS + AI (OmadaSpark + MealMap) + Engagement + Prescribing + Higher-value mix +10 pts + 5 pts + 5 pts Financial Outlook | Long-term Targets 33 1. See appendix for a reconciliation to the most comparable GAAP financial measure.
Page 34
STEVE Gross margin expansion + OPEX discipline take AEBITDA target from 20% to 30% Financial Outlook | Long-term Targets OPEX Discipline EXPECTED DRIVERS + Disciplined headcount YoY + G&A leverage as we scale + Internal AI efficiencies Gross Margin Expansion EXPECTED DRIVERS + Higher-value mix + AI automation + Supply chain leverage 34 +10 pts
Page 35
STEVE Financial Outlook The Financial Model 35
Page 36
STEVE Financial Outlook | The Financial Model How to model Omada in one equation 1. Estimated number of individuals with benefits coverage that can apply for one or more Omada programs if they have a clinical need, as of December 31, 2025. 2. Enrollment rate = enrolled ÷ eligible. ESTIMATED COVERED LIVES1 25M+ × ENROLLMENT RATE2 ~4.4% × ENGAGEMENT (TTM REV / MEMBER) ~$284 = 2Q26 TTM REVENUE $310M 2Q26 TTM REVENUE $310M × EFFICIENCY (NON-GAAP GROSS MARGIN) ~70% = 2Q26 TTM NON-GAAP GROSS PROFIT $217M 36
Page 37
Incentive Alignment: Revenue tied to the care members receive, aligning economics with clinical value delivered. Members generate revenue when they engage in care or achieve clinical outcomes. Members × Engagement = Billings Unique members billed over the last twelve months The number of engagement activities performed by a Member Member is billed for devices and services provided, which drives revenue recognition Financial Outlook | The Financial Model STEVE 37 How we bill and measure engagement
Page 38
STEVE Financial Outlook Our Market Opportunity 38
Page 39
ADDRESSABLE PREVALENCE 74% of insured U.S. adults have a condition Omada treats1 CUSTOMER RETENTION 90%+ on a 3-year average basis7 MUL TI-PRODUCT ATTACH 33% of existing contracts are multi-product 6 U.S. ADUL T PREVALENCE OF CONDITIONS WE SERVE Diabetes / Pre-diabetes2 58% Hypertension3 48% Obesity4/ GLP-1 eligible 40% MSK5 / Chronic pain 50% STEVE The majority of insured U.S. adults have a condition Omada treats 1. Eligibility estimates based on analysis of 2021-2023 NHANES data of insured U.S. adults. 2. As of 2023. Centers for Disease Control and Prevention, National Diabetes Statistic Report, 2021, last updated March 2026. Prevalence estimated based on CDC figures of 115.2M prediabetes; 28.8M diagnosed diabetes; 11M undiagnosed diabetes and U.S. adult population of 263,544,504 in 2023 (U.S. census data). 3. As of 2021. Centers for Disease Control and Prevention, High Blood Pressure Facts, last updated Jun 2026. 4. As of 2023. Centers for Disease Control and Prevention, Obesity and Severe Obesity Prevalence in Adults: United States, August 2021–August 2023, last updated Sep 2024. 5. As of 2015. Bone and Joint Initiative USA, The Hidden Impact of Musculoskeletal Disorders on Americans, last updated 2018. 6. As of June 2026. 7. 3-year average customer retention rate as of December 31, 2025. Financial Outlook | Our Market Opportunity 39
Page 40
391K FY23 572K FY24 886K FY25 1,091K 1 2Q26 STEVE Members have grown 2.8x since FY23 Financial Outlook | Our Market Opportunity 1. Ending members as of June 30, 2026.40
Page 41
34% 28% 8% 4% 3% 2% % OF BILLINGS BY PAYER / PARTNER1 Partner A Partner B Partner C Partner D Partner E Partner F Remaining partners (21%) 1% or less 15% 10% 5% 2% 2% % OF BILLINGS BY END CUSTOMER2 Customer 1 Customer 2 Customer 3 Customer 4 Customer 5 Remaining customers (66%) 1% or less 1. % of billings by payer as of 2Q26 YTD - grouped by the entity Omada contracts with. Concentration at the PBM and health-plan level reflects contracting efficiency where customers onboard faster through existing rails. 2. % of billings by end customer as of 2Q26 YTD - same billings, viewed one layer down. There is significantly more diversification at the customer level who bought Omada for the benefit of their employees. STEVE 41 Financial Outlook | The Financial Model Our payer channels aggregate a broadly diversified customer base
Page 42
Financial Outlook | Our Market Opportunity Multi-product PBM channels are expected to compound faster than our legacy book 42 NOW FY26 starting point Existing book 2026+ PBM A PBM B Expanding Revenue Diversification Major Health Plan Other plans and direct customers Medicare Advantage Legacy PBM New ChannelsLegacy Channels STEVE PBM A: multi-product launch with moderate competition PBM B: multi-product + prescribing launch with minimal competition New Channels Launched with a single product, ramped slowly against established competition Legacy Channels Medicare Advantage Graph is intended as directional/conceptual and for illustrative purposes; does not reflect specific numbers/metrics.
Page 43
STEVE Financial Outlook Translating to Top Line Growth 43
Page 44
$123M FY23 $170M FY24 $260M FY25 $310M 2Q26 TTM STEVE Revenue has compounded ~45% over the past 2.5 years Financial Outlook | Translating to Top Line Growth 44
Page 45
Historically, ~75% of yearly revenue has been visible or highly visible STEVE Financial Outlook | Translating to Top Line Growth FY24 Revenue Existing Members Existing Customer New Enrollments Fully Insured / Direct Channel Partnerships New Business / Upsell Enrollments FY25 Revenue ~75% highly visible baseline +53% YoY 45 Illustrative allocation of revenue.
Page 46
STEVE Members have become more profitable over time Financial Outlook | Translating to Top Line Growth TTM REVENUE PER MEMBER VS. TTM GROSS PROFIT PER MEMBER Revenue per member Gross profit per member $286 $157 55%* 2Q23 TTM $286 $175 61%* 2Q24 TTM $279 $183 66%* 2Q25 TTM $284 $199 70%* 2Q26 TTM 46 * Non-GAAP Gross Margin
Page 47
MEMBER PAYBACK Month 3 Members have historically generated contribution profit within one quarter of enrollment - and have generally increased in profitability the longer they stay in program. STEVE Unit economics that pay back in months Indexed to Prevention = 1.0x. Based on a blinded average of leading national channel partner rates; applies to new channels only. Lifetime Revenue covers 5 years Financial Outlook | Translating to Top Line Growth LIFETIME REVENUE BY PRODUCT (5-YEAR) Prevention (baseline) Cholesterol Hypertension Diabetes Prescribing 1.0x 0.7x 1.1x 1.9x 3.8x $1.1k $0.7k $1.2k $2.0k $3.9k 1.0x $1.1k MSK 47
Page 48
Prevention and Weight Health are our foundation. Newer products can build revenue off of it. Financial Outlook | Translating to Top Line Growth 100% 95% 87% 84% 79% 75% 76% 74% FY19 FY20 FY21 FY22 FY23 FY24 FY25 2Q26 Newer Products Diabetes · Hypertension · MSK Prevention Our founding program STEVE 48 % shown = Prevention share of total revenue dollars
Page 49
STEVE Retention has continued to improve year over year MEMBER RETENTION 1 BY PRODUCT TOTAL MEMBER RETENTION 1 BY YEAR Prevention ~56% Diabetes ~66% Hypertension ~66% MSK2 NA 2Q23 TTM ~43% 2Q24 TTM ~50% 2Q25 TTM ~54% 2Q26 TTM ~58% Financial Outlook | Translating to Top Line Growth 1. The percentage of members who remained in our programs over the preceding 12 months, as of June 30, 2026. 2. MSK treatment is largely episodic in nature creating churn once a member completes treatment, typically after a couple months.49
Page 50
STEVE Financial Outlook | Translating to Top Line Growth Expected growth and durability drivers within our four levers PBM and channel expansion | new employer wins Eligibility conversion | multi-condition eligibility expansion | marketing efficiencies Longer member tenure | increased product offerings | app, device and health coach experience improvements Supply chain efficiencies | supercharged care teams | internal AI leverage Covered Lives Enrollment Engagement Efficiency 50
Page 51
BRITT Britt Buntman VP, GLP-1s Cardiometabolic Health Commercial Deep Dive 51
Page 52
BRITT Commercial Deep Dive The Commercial Engine 52
Page 53
BRITT Market context Rising costs GLP-1s Focus on pr oven value 53 Commercial Deep Dive | The Commercial Engine
Page 54
Program breadth Our multi-condition platform: + Prevention & Weight + Hypertension + Diabetes + Cholesterol + MSK Market reach We sell across multiple channels: + 3 largest national PBMs + 25 health plans + Direct sales motion + Health systems + Reseller partners Buyer trust Customer and clinical proof: + 2,000+ customers1 + 90%+ 3-year retention2 + 32 peer-reviewed manuscripts + 5 clinical accreditations BRITT Commercial Deep Dive | The Commercial Engine Why we win Outcomes backed by Perf ormance Guarantees + + GLP-1 Care + Multiple lines of business 54 1. As of December 31, 2025. 2. 3-year average customer retention rate as of December 31, 2025.
Page 55
MONTHL Y GLOBAL APP DOWNLOADS SINCE 20231 1. Total number of monthly global app downloads from January 2023 through July 2026 (inclusive), according to the Healthcare IT: App User Tracker Report from Sensor Tower, Inc. data as of August 3, 2026. BRITT Commercial Deep Dive | The Commercial Engine Omada stands out among competitors 55 Hello Heart Virta Twin Lark Vida Livongo Omada
Page 56
New employer sold Our growth flywheel: Repeatable. Scalable. Compounding growth. BRITT Members enroll Members get healthier, costs decrease Customer satisfaction drives channel trust Omada's reach grows through new covered lives and programs 56 Commercial Deep Dive | The Commercial Engine
Page 57
BRITT How we go to market with our partners Program- eligible lives Population is qualified for Omada based on programs available; grows with program expansion Enrolled members Multi-channel campaigns convert eligible lives into enrolled members, driving revenue Partner access PBM and health plan partners offer access to their customer base 24+ months Covered lives Employers select Omada through a streamlined sales and contracting process 12–18 months 57 Commercial Deep Dive | The Commercial Engine This motion helps us grow self-insured covered lives
Page 58
BRITT Accelerated path to enrolling members Commercial Deep Dive | The Commercial Engine When partners see results, they can embed Omada into Lines of Business, like Fully Insured. 58 Program- eligible lives Population is qualified for Omada based on programs available; grows with program expansion Enrolled members Multi-channel campaigns convert eligible lives into enrolled members driving recurring program fees Partner access Opens embedded access to certain Lines of Business 24+ months
Page 59
Employers can also contract through one of our 25+ health plans, smaller PBMs, or reseller partners BRITT We’ve won significant access to key partners Commercial Deep Dive | The Commercial Engine 1. As measured by share of prescription claims processed, Top PBMs by 2025 market share, Becker’s Hospital Review, March 2026. 2. As of December 31, 2025. Does not include individual employers accessed through Commercial Fully Insured lines of business. 3. As of July 2026. Based on analysis of internal Omada customer data. 2,000+ 28% Fortune 503 23% Fortune 1003customers2 PBM B Omada partner since 2024 Omada is partnered with the 3 largest PBMs 1 f or access to the commercially insured employer market PBM A Omada partner since 2022 PBM C Omada partner since 2026 All others 31% 26% 21% % of prescription claims1 and others 59
Page 60
BRITT Medicare Advantage 0.3M contracted 6M+ contracted 19M+ contracted 1. Estimated number of individuals with benefits coverage that can apply for one or more Omada programs if they have a clinical need, as of December 31, 2025. EOY 2023 EOY 2025 Self-insured + PBM 15M+ 19M+ contracted lives +37% Fully Insured 4M+ 6M+ contracted lives +35% 60 Commercial Deep Dive | The Commercial Engine We’ve achieved significant growth through our partners Self-insured + PBM Fully Insured 25M+ estimated covered lives1 won across 2,000+ customers GROWTH OVER PAST 2 YEARS25M+ ESTIMATED COVERED LIVES WON
Page 61
Substantial growth opportunities available in current and future markets Nearly 90% of open opportunity available in current markets: ~184M lives1 BRITT 1. AIS Health, Insurance Market Data, 2025, lives of all ages 2. KFF, 2025 Employer Health Benefits Survey, 2025, lives of all ages 3. KFF, A Snapshot of Sources of Coverage Among Medicare Beneficiaries, 2024, lives of all ages 4. CMS Medicare Monthly Enrollment and Medicaid & CHIP Enrollment Data Highlights, 2024, lives of all ages 61 Commercial Deep Dive | The Commercial Engine MARKET & MOTION EXPANSION OPPORTUNITIESMARKETS WE'RE IN TODAY ~119M1 ~57M2 ~33M3 0.3M contracted 6M+ contracted 19M+ contracted Self-insured + PBM Medicare Advantage 118M4 additional lives through Medicare, Medicaid, and other government lines of business Additional routes to enrollment include Direct-to- Consumer and Health Systems Medicare, Medicaid, and others Direct-to-Customer and Health Systems Fully Insured
Page 62
Ordered chronologically by partnership start date Partner A Partner B Partner C Partner D Partner E % Penetration ~33% ~11% ~9% ~1% <1% BRITT Commercial Deep Dive | The Commercial Engine 150M+ white space lives in partners already closed Channels grow over time, and our largest partners are in the earliest stages Covered lives1 White space 62 1. As of December 31, 2025. 40M 30M 20M 10M 0K
Page 63
Selling more programs to existing customers unlocks more growth BRITT Commercial Deep Dive | The Commercial Engine Prevention Hypertension Cholesterol Diabetes 74% Covered 1 in 8 U.S. adults are now on a GLP-11 100% Members eligible for episodic MSK care if employer covers it 33% of existing contracts are multi-product 2 63 1. KFF, November 2025 2. As of June 2026. Members on a GLP-11
Page 64
+30 % Gr owth 1 Email Core component of outreach strategy with ongoing optimization to maximize conversion of eligible leads into enrollments. Direct Mail Targeted direct mail strategy driving high-value conversions. 3.0X = ROI 2 Onsite & Customer-Led Employer- and health plan/PBM-led outreach compounds credibility at the moment of decision. +33 % Lift 3 BRITT Commercial Deep Dive | The Commercial Engine From eligible members to enrolled members Paid Media Search and social campaigns broaden awareness and complement other marketing tactics. 3.0X = ROI 2 64 1. 30% email growth represents YoY increase in the percentage of leads receiving Omada outreach that ultimately enrolled in the program from email campaigns, between H1 ‘25 and H1 ‘26. 2. 3.0x ROI from direct mail and paid media reflect an average of at least three dollars earned for every one dollar spent to acquire a member with those media. 3. 33% lift in enrollments from onsite and customer-led outreach reflects average results of piloting onsite presence in the customer workplace.
Page 65
The longer customers stay, the more they buy, and the deeper we're embedded in their business BRITT Commercial Deep Dive | The Commercial Engine Value and satisfaction drive retention and expansion Top 3 Largest PBMs as partners 3 of 3 largest PBMs in U.S. 90%+ 90%+ Employer customer retention2 Sustained over 3 years in a market where switching and point solutions are rampant Customer satisfaction3 Meeting strict ongoing expectations of our partners 95%+ Fully-Insured lives retention1 Direct Health Plan and PBM partnerships with Omada embedded in client offering 65 1. 3-year retention of contracted lives through our fully-insured line of business. 2. 3-year average customer retention rate as of December 31, 2025. 3. Average customer satisfaction rate for each of program implementation and customer success, for the year ended December 31, 2025.
Page 66
BRITT Commercial Deep Dive GLP-1s: An On-Ramp into Omada’s Programs 66
Page 67
GLP-1s have been a tailwind for Omada. BRITT Commercial Deep Dive | GLP-1s GLP-1s have been a tailwind for our business 14% Engagement lift f or GLP-1 members vs non2 52% Year-over-Year1 GLP-1 billings gr owth 2M+ Estimated Covered Lives Employer, as of June 30, 2026 WHY? GLP-1s and cardiometabolic spend is a top challenge for employers to solve Opportunity to add new and strengthen existing PBM relationships Front door for all Omada programs Transformational tool for our members 67 1. January 2026-June 2026 vs. January 2025-June 2025 2. Approximate as of June 30, 2026. Includes GLP-1 members subject to utilization management requirements, which may require engagement for prescription fill(s.
Page 68
43% 57% COVER GLP-1s GLP-1 Care Track with Prescribing DO NOT COVER GLP-1s GLP-1 Care Track with Prescribing + Member Cash Pay BRITT Every employer can be a customer of Omada — whether they cover GLP-1s or not Available Omada Products Market Share1 1. Percent of large employers (with at least 200 workers) whose largest plan covers GLP-1 drugs for weight loss, according to KFF.org’s 2025 GLP-1 Trend survey. + Cor e Cardiometabolic programs: Pr evention & Weight Health, Hypertension, Diabetes, Cholesterol Commercial Deep Dive | GLP-1s 68
Page 69
1. Omada real-world cohort study of 965 Omada members for a 12-month period between June 2024 to November 2025. Weight loss outcomes at one year inclusive of time on and off medication 2. Compared to control participants at 12 weeks (n=94) Omada real-world cohort study of 51 Omada Members (94 Controls) from September 2025-January 2026. 3. Omada real-world retrospective study of 816 Omada members from 12/21/23-5/21/25. 4. Omada | GlobalData Markov-based microsimulation model among 24,595 Omada members persistent on GLP-1s for ≥12 months between December 2023 and December 2025. Gross savings do not take into account fees paid to Omada for program participation or the cost of GLP-1 medication; savings assume maintenance of Year 1 improvements. Lose more weight ~2x greater average weight loss for GLP-1 members at 12 months compared with real-world evidence for standard care 1 Minimal weight regain 0.8% vs 11-12% for GLP-1 members at 12 months after discontinuation compared to estimated clinical trial averages of 11-12% 3 Protect muscle 3x increase in muscle preservation at 12 weeks with Omada’s strength-based exercise programming2 Drive savings $11,142 5-year simulated savings among GLP-1 members based on clinical outcomes from a combination of observed and modeled data4 Outcomes that address customer concerns and drive commercial growth Commercial Deep Dive | GLP-1s BRITT 69 New!
Page 70
BRITT Covered Lives Enrollment Engagement Efficiency Commercial Deep Dive | Why we win Direct and partner sales motions increase covered lives. We have made significant progress – with even more untapped white space in target markets. Program expansion within accounts multiplies eligible members. 74% of insured U.S. adults have conditions we can cover. Multi-channel outreach converts eligibility into enrollment. Email campaign conversion has doubled over the past two years. Commercial engine takeaways 70
Page 71
71 Product TOM Dr. Thomas Tsang Chief Medical Officer Danika Harrison Chief Product & Growth Officer Jennifer Becker Chief Care Delivery Operations Officer
Page 72
WLS Defining the Future of Healthcare | Fixing What’s Broken 72 Clinical evidence drives commercial strategy Technology scales our services and lowers our costs Human coaching provides quality and accountability Clinical measurement and data guide our direction Members Clinical Strategy Technology Human Care Delivery Omada’s innovation flywheel
Page 73
TOM Product Clinical Strategy Dr. Thomas Tsang Chief Medical Officer 73
Page 74
TOM More conditions treated together More of the employer population reached Higher enrollment and engagement Converts covered lives to members to outcomes Product | Clinical Strategy More conditions treated on one platform allow us to reach more of the employer’s population 74 Obesity The root driver Fatty liver Sleep apnea High-risk T2D Diabetes Rx HTN Rx Cholesterol Rx …and more Opportunities for Exploration 2012 | Prevention 2018 | Diabetes + Hypertension 2020 | Musculoskeletal 2023 | GLP-1 Care Track 2026 | GLP-1 Prescribing + Cholesterol
Page 75
TOM High-quality evidence Peer-reviewed studies Accreditations and certifications Two randomized controlled trials, the gold standard of proof, plus a matched claims analysis. Am. J. Preventive Medicine RCT, Diabetes Prevention J. Medical In ternet Research RCT, T2D + CGM · PT claims analysis Omada 32 Competitor A 27 Competitor B 19 Competitor D 5 5 National clinical-quality accreditations1 URAC Telehealth for MSK NCQA Population Health CDC DPRP ADCES DEAP Why it matters: Defining clinical excellence in digital care drives higher trust and confidence with employers leading to expanding covered lives over time because the quality of care is evidenced with higher engagement and outcomes for their members. Product | Clinical Strategy Clinical excellence drives employer trust and confidence 75 1. Omada holds five national clinical-quality accreditations or recognitions: URAC Telehealth Accreditation for MSK (through August 2029); NCQA Population Health Program Accreditation for T2D and T2D + HTN (through March 2029); CDC Diabetes Prevention Recognition Program Full Plus Recognition (through June 2027, contingent on ongoing biannual data submissions); ADCES Diabetes Education Accreditation Program (through March 2028); and CHAP Standards of Excellence for Home Medical Equipment (through December 2028). Excludes security certifications (HITRUST, SOC 2, ISO), industry memberships, seals, FDA 510(k) clearances, and non-U.S. accreditations. Sources: URAC Accreditations Directory, NCQA Report Cards, CDC DPRP Registry, ADCES DEAP Portal, CHAP Find a Provider Registry, Hinge, Lark, each company’s websites. CHAP Home Medical Equipment Competitor C 14
Page 76
Heather Real Omada Member Product | Clinical Strategy Clinical outcomes drive covered lives, enrollment, and engagement TOM Blood Pressure -10.3 mmHg systolic, 12 mo5 -7.5 mmHg diastolic, 12 mo5 Est. cost savings at 3 yrs | $3,337 2 Diabetes -2.0% avg A1c reduction, 12 mo 6 Est. cost savings at 3 yrs | $4,203 2 Musculoskeletal -61% pain reduction 7 Cost savings at 12 mos | $1,059 8 Prevention & Weight Health 5.5% avg weight loss, 12 mo, with behavioral support alone 1 Est. cost savings at 3 yrs | $3,325 2 GLP-1 Program 1.8x greater weight loss, 12 wks3 3.0x increase in muscle mass %,12 wks3 Est. cost savings at 3 yrs | $6,214 4 76 1 Effects of a Digital Diabetes Prevention Program: an RCT. 2022. 2 Omada 2023-2025 BoB data. Est. cumulative gross savings, simulated based on clinical data from observed and modeled data. Yr1 savings are based on clinical data received at mo 6-12 of program; Yr3 savings assume maintenance of Yr1 improvements. 3 Compared to control participants (n=94) real-world cohort study of 51 Omada Members (94 Controls) from September 2025-January 2026. 4 Est. cumulative gross savings among GLP-1 members persistent on medication for at least 12 mo. Simulations based on clinical outcomes from a combination of observed and modeled data; savings take into account effects of GLP-1 treatment and Omada GLP-1 solutions and reflect avoided spending on hospitalizations, office visits, outpatient services, and ED visits; gross savings do not take into account fees paid to Omada or the cost of GLP-1. Yr3 savings assume maintenance of yr1 health improvements. 5 Average SBP / DBP reduction among members with Stage 2 HTN at 12 months. Long-term results of a digital hypertension self-management program: Retrospective cohort study. 6 Among DM members with baseline A1c ≥ 8% at 12 months. Long-term results of a digital diabetes self-management and education support program among adults with type 2 diabetes: A retrospective cohort study. 2024. 7 Can Physical Therapy Deliver Clinically Meaningful Improvements in Pain and Function Through a Mobile App? An Observational Retrospective Study. Arch Rehabil Res Clin Transl. 2022;4(2):100186. Published 2022 Feb 24. 8 Median MSK total gross costs savings = Omada vs. control cost difference from PT eval thru 6 & 12 mo. Health Care Cost Savings and Utilization Reductions Associated With Virtual Physical Therapy Care: A Propensity-Matched Claims Analysis. 2025.
Page 77
Covered Lives Enrollment Engagement Efficiency Product | Clinical Strategy We lead with Clinical Strategy… …Which drives higher engagement and better outcomes … and results in more savings for our customers TOM Key takeaway 77
Page 78
DANIKA Product Technology Danika Harrison Chief Product and Growth Officer 78
Page 79
DANIKA 79 1 As of December 2025, more than 55% of members in month 12 and more than 50% of members in month 24 of our cardiometabolic programs still engaged with the platform at least once during the respective month. Technology supports member engagement Product | Technology >55% of members engaged with Omada 12 months into our program1 1. Discovery & Onboarding 2. Get Started 3. Gain Momentum 4. Gain Mastery 5. Lifelong Health
Page 80
DANIKA 80 Onboarding experiences start with the person, not the plan Product | Technology
Page 81
DANIKA Onboarding innovation Product | Technology +3% application submission rate1 +42% conversion from application acceptance to member login2 81 1. Relative lift from pilot of program application redesign, compared to control group. Omada internal analysis, August 2026. 2. Relative lift from pilot of select enhancements to enrollment flow, compared to control group. Omada internal analysis, July 2025. Expanded results may differ from pilot data. Hi Jackie, your application has been accepted.
Page 82
However a member wants to engage, we're there. Omada Member Experience Track weight with connected scale Track meals Complete lesson Community activity Guidance / Structure Track exercise Self-monitoring Care Team / Community / Medical Care Set goal Message coach DANIKA Product | Technology Prescribing 82
Page 83
DANIKA Product | Technology Personalized tools drive engagement 83
Page 84
DANIKA Core experience innovation Product | Technology +11% in week 4 retention1 +18% in week 12 retention2 1. Relative lift from pilot testing new notification features, compared to control group. Omada internal analysis, January-July 2026. Expanded results may differ from pilot data.
Page 85
DANIKA Hundreds of engagement pathways Product | Technology 85
Page 86
DANIKA Nutrition is at the core of health 86 Product | Technology
Page 87
DANIKA Nutrition innovation +15% more likely to track meals in week 41 87 1. Relative lift from pilot testing certain nutrition features, compared to control group. Omada internal analysis, Jul-Aug 2026. Expanded results may differ from pilot data. Product | Technology
Page 88
INNOVATION PILLAR Virtual cardiometabolic visits complete the care loop by adding prescribing, empathetic clinical support, referrals to labs and diagnostics, and escalation paths for higher-acuity needs. + Medical care becomes an integrated part of the daily car e model, especially f or members who need medication as part of a br oader plan. + Supports integrated care and GLP-1 management r ather than just pr escribing. DANIKA Medical care embedded in the journey 88 Product | Technology
Page 89
Product | Technology Member + Logs into Omada for the first time + Chooses to meet with a provider DANIKA 89
Page 90
Member launches a provider visit from the My Health page Product | Technology DANIKA 90
Page 91
Product | Technology Member meets with a provider DANIKA 91
Page 92
Member… + Views Health page + Sees Visit Summary + Selects pharmacy and fills pr escription Product | Technology DANIKA 92
Page 93
Member views messages from their provider with the lab order & schedules a Quest appointment Product | Technology DANIKA 93
Page 94
Critical to deliver clinical strategy and care to each member to drive higher engagement and outcomes Clinical Data Health readings: weight, blood pressure, glucose, medications. Engagement Data What they do in the app: check-ins, lessons, goals, messages. Care Team Data Coach conversations and the support members lean on. Personalized Interventions Clinical, engagement, and care team data combines into a recommended next step for members. DANIKA Product | Technology Connected data foundation 94
Page 95
+ Data at a scale that can 't be bought or replicated + One connected recor d per member + AI in members' hands Meals tracked Gives us deep insights on how food choices affect health, so our guidance gets more personal. 2M+ Members all-time Years of data across many conditions, providing the raw material our AI can learn from. DANIKA Product | Technology A corpus of data that no one else has 95 1. From inception to December 31, 2025. 163 M 1
Page 96
DANIKA Product | Technology More engineering capacity without more headcount 100% of our software engineers are using AI coding tools and agents +15% merge-request output per engineer vs. 2024 Efficient scaling we’re taking on more growth and innovation while scaling OPEX efficiently 96
Page 97
AI • Next best action • Escalation triage • Visit summaries What's ahead Over the next 18-24 months , we will continue adding to the product across several key dimensions. Member Engagement 2 Next 18-24 months → (Order and timing are illustrative) 55% Members engaged at 12 months1 Product | Technology Driving engagement, outcomes and efficiency Nutrition • MealMap • OmadaSpark • Food logging Exercise • Guided movement • MSK programs Devices • Connected scales • CGM, BP cuffs Co-intelligent coaching • Pattern recognition • Predictive support DANIKA 97 1 As of December 2025, more than 55% of members in month 12 of our cardiometabolic programs still engaged with the platform at least once during the respective month. 2 Illustrative. Bubbles show product dimensions we're building; placement is not tied to specific dates or sequence.
Page 98
DANIKA 98 Play Video
Page 99
Covered Lives Enrollment Engagement Efficiency Product | Technology Personalized care that reflects our members’ unique life experience drives higher engagement. Key takeaway 99
Page 100
Jennifer to complete JENNIFER Product Human Care Delivery Jennifer Becker, Chief Care Delivery Operations Officer Design Complete 100
Page 101
Introducing our human-led, AI-enabled Care Delivery system Who the Care Team is Why human relationships matter How we deliver efficient care What Omada’s devices enable 101 Product | Human Care Delivery
Page 102
JENNIFER Product | Human Care Delivery Omada’s Human Care Team Jessica Health Coach Clinical Specialist Physical Activity Specialist Member Services Licensed Physical Therapist Prescribers Behavioral Health Support 102
Page 103
Scale Blood pressure monitor Blood glucose monitor Continuous glucose monitor MSK kit Cellular by default, so clinically strong data lands in every program with no set up required. Hundreds of millions of data points JENNIFER Devices are the foundation of engagement & insights 103 MSK kit Product | Human Care Delivery
Page 104
The self-directed Highly motivated. Wired up. Tracks everything. Likely to succeed with a device or AI alone. Who we actually treat Our Care Team and our devices are how we reach everyone else. JENNIFER Building relationships is associated with 1.7x greater weight loss1 1. From an Omada Health analysis of GLP-1 users; relative to other types of engagement. Analysis Shows GLP-1s Work Best with Behavior Change Support, January 2024. AI-generated and stock images. Not real Omada members. 104 Product | Human Care Delivery
Page 105
WE'RE FOR AI — IN THE RIGHT PLACES There is something invaluable about knowing a real human is expressing real care. AI AND TECHNOLOGY Summarizes context. Answers the factual questions. Gathers what we need up front. THE CARE TEAM Handles the moments where the relationship counts — and behavior changes in relation to people we trust. JENNIFER Effective AI amplifies the humanity of our care team 105 Product | Human Care Delivery
Page 106
Designed to drive higher engagement. Better outcomes for members. Lower cost to deliver it. Data-Driven Signals AI-Synthesized Context PRE-GEN AI POST-GEN AI JENNIFER Evolution of the Care Team 106 Product | Human Care Delivery
Page 107
We're on our way. We have driven costs down quarter over quarter. CONTINUOUS IMPROVEMENT & INNOVATION LEVERS Standard work Workload balancing Workflow automation Innovation and tooling Supply chain optimization $106 $39 $146 Q2 '22 $86 $130 Q2 '23 $71 $40 $111 Q2 '24 $56 $40 $96 Q2 '25 $45 $40 $85 Q2 '26 Services Hardware The path to 80% non-GAAP gross margin Figures present non-GAAP Cost of Revenue on a TTM basis by member, rounded to the nearest dollar. 107 $44 Product | Human Care Delivery
Page 108
Data-Driven Signals AI Synthesized Context Workflow Automation & AI Augmentation … and beyond 2026 Designed to drive higher engagement and better outcomes, with lower cost to deliver it. Same team. Supercharged. 108 Next generation care teams are expected to drive higher member engagement and increased operational efficiency PRE-GEN AI POST-GEN AI Product | Human Care Delivery
Page 109
JENNIFER “Over the past year, the helpful resources, daily tracking, and guidance from Ashley, my diabetes specialist, and Saharra, my health coach, helped me achieve all three of my major milestones. Thanks to them, I reached my target weight, put my diabetes in full control, and completely reversed my hypertension by transforming my lifestyle, and I am incredibly grateful for the support. — Ajit, 64 109
Page 110
Covered Lives Enrollment Engagement Efficiency Care Delivery Key Takeaways Human-led, AI-enabled care drives better member outcomes and engagement. We have a proven track record of improving efficiency and are well on the way to achieve 80% Gross Margin. 110 Product | Human Care Delivery JENNIFER
Page 111
Break 111 JENNIFER
Page 112
Virtual Customer Panel 112 SEAN
Page 113
SEAN Costco Celeste Parker Harris County Sarah Acosta Founder & CEO Sean Duffy Customer Panel Director, Benefits & Wellness Director, Employee Benefits 113 Moderator Panelists
Page 114
Break 114
Page 115
Q&A 115
Page 116
Thank You DATE 9.10.26 LOCATION NYC LISTING NASDAQ | OMDA 116
Page 117
1. Depreciation and amortization includes amortization of capitalized internal-use software costs. Appendix: GAAP to Non-GAAP Reconciliation (in thousands, except percentages) 1Q22 2Q22 3Q22 4Q22 2022 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 2Q25 3Q25 4Q25 2025 1Q26 2Q26 Revenue $20,208 $21,775 $21,930 $25,272 $89,185 $26,417 $30,892 $32,928 $32,547 $122,784 $35,095 $41,212 $45,515 $47,978 $169,800 $54,963 $61,371 $68,030 $75,846 $260,210 $78,048 $87,835 GAAP cost of revenue $12,640 $10,440 $11,697 $11,617 $46,394 $13,837 $13,994 $12,692 $12,290 $52,813 $17,747 $16,378 $16,954 $15,844 $66,923 $23,063 $21,065 $22,959 $22,184 $89,271 $29,355 $24,048 Non-GAAP cost of revenue $11,680 $9,475 $10,704 $10,711 $42,570 $12,872 $13,053 $11,735 $11,299 $48,959 $16,724 $15,318 $15,835 $14,665 $62,542 $21,845 $19,807 $21,648 $20,752 $84,052 $27,874 $22,457 GAAP gross profit $7,568 $11,335 $10,233 $13,655 $42,791 $12,580 $16,898 $20,236 $20,257 $69,971 $17,348 $24,834 $28,561 $32,134 $102,877 $31,900 $40,306 $45,071 $53,662 $170,939 $48,693 $63,787 Add: Share based compensation expense 119 77 84 (26) 254 21 21 17 28 87 52 53 57 57 219 38 33 33 65 169 62 101 Amortization of intangible assets 440 476 476 476 1,868 476 439 439 439 1,793 439 439 439 438 1,755 439 439 439 440 1,757 439 439 Depreciation and amortization¹ 401 412 433 456 1,702 468 481 501 524 1,974 532 568 623 683 2,406 741 786 839 927 3,294 980 1,051 Non-GAAP gross profit $8,528 $12,300 $11,226 $14,561 $46,615 $13,545 $17,839 $21,193 $21,248 $73,825 $18,371 $25,894 $29,680 $33,312 $107,259 $33,118 $41,564 $46,382 $55,094 $176,157 $50,174 $65,378 GAAP gross margin (as a % of revenue) 37.5% 52.1% 46.7% 54.0% 48.0% 47.6% 54.7% 61.5% 62.2% 57.0% 49.4% 60.3% 62.8% 67.0% 60.6% 58.0% 65.7% 66.3% 70.8% 65.7% 62.4% 72.6% Non-GAAP gross margin (as a % of revenue) 42.2% 56.5% 51.2% 57.6% 52.3% 51.3% 57.7% 64.4% 65.3% 60.1% 52.3% 62.8% 65.2% 69.4% 63.2% 60.3% 67.7% 68.2% 72.6% 67.7% 64.3% 74.4% GAAP operating expense $26,235 $28,979 $28,121 $31,806 $115,14 1 $32,682 $ 35,419 $ 34,213 $ 33,654 $135,968 $35,341 $34,871 $37,086 $39,233 $146,531 $40,296 $44,650 $47,584 $50,381 $182,911 $53,474 $60,238 Less: Share based compensation expense (1,601) (1,276) (1,737) (1,786) (6,400) (1,551) (1,778) (2,992) (2,332) (8,653) (2,817) (2,026) (2,103) (2,255) (9,201) (2,806) (2,796) (3,503) (3,680) (12,786) (4,147) (5,530) Amortization of intangible assets (63) (62) (63) (63) (251) (63) (62) (63) (63) (251) (63) (63) (63) (63) (252) (63) (31) - - (94) - - Depreciation and amortization¹ (122) (129) (134) (125) (510) (116) (113) (104) (97) (430) (91) (101) (104) (94) (390) (90) (96) (81) (80) (348) (89) (91) Loss on disposal of property and equipment - (2) (1) (3) (6) (4) (5) (1) (141) (151) - (1) (1) - (2) (1) (1) (1) (5) (8) (2) (25) Non-GAAP operating expense $24,449 $27,510 $26,186 $29,829 $107,97 4 $30,948 $33,461 $31,053 $31,021 $126,483 $32,370 $ 32,680 $34,815 $36,821 $136,686 $37,336 $41,726 $43,999 $46,616 $169,675 $49,236 $54,592 GAAP operating expense (as a % of revenue) 129.8% 133.1% 128.2% 125.9% 129.1% 123.7% 114.7% 103.9% 103.4% 110.7% 100.7% 84.6% 81.5% 81.8% 86.3% 73.3% 72.8% 69.9% 66.4% 70.3% 68.5% 68.6% Non-GAAP operating expense (as a % of revenue) 121.0% 126.3% 119.4% 118.0% 121.1% 117.2% 108.3% 94.3% 95.3% 103.0% 92.2% 79.3% 76.5% 76.7% 80.5% 67.9% 68.0% 64.7% 61.5% 65.2% 63.1% 62.2% GAAP net income (loss) and comprehensive income (loss) $(18,885) $(17,829) $(18,004) $(17,800) $(72,518) $(19,818) $(19,803) $(13,965) $(13,925) $(67,511) $(18,969) $(10,692) $(9,227) $(8,249) $(47,137) $(9,448) $(5,311) $(3,178) $5,159 $(12,778) $(2,970) $5,294 Add: Interest expense 983 997 1,046 1,175 4,201 1,202 1,207 1,168 1,128 4,705 1,130 1,132 1,147 1,097 4,506 1,074 1,094 353 13 2,534 18 14 Interest income (16) (160) (735) (1,291) (2,202) (1,681) (1,684) (1,431) (979) (5,775) (529) (85) (17) (174) (805) (542) (863) (2,009) (1,891) (5,305) (1,829) (1,759) Change in fair value of warrant liabilities (749) (652) (195) (235) (1,831) 195 223 251 379 1,048 375 (392) (428) 227 (218) 520 736 212 - 1,468 - - Loss on debt extinguishment - - - - - - 1,536 - - 1,536 - - - - - - - 2,109 - 2,109 - - Provision for income taxes - - - - - - - - - - - - - - - - - - - - - - Share based compensation expense 1,720 1,353 1,821 1,760 6,654 1,572 1,799 3,009 2,360 8,740 2,869 2,079 2,160 2,312 9,420 2,844 2,829 3,536 3,745 12,955 4,209 5,631 Amortization of intangible assets 503 538 539 539 2,119 539 501 502 502 2,044 502 502 502 501 2,007 502 470 439 440 1,849 439 439 Depreciation and amortization¹ 523 541 567 581 2,212 584 594 605 621 2,404 623 669 727 777 2,796 831 882 920 1,007 3,642 1,069 1,142 Loss on disposal of property and equipment - 2 1 3 6 4 5 1 141 151 - 1 1 - 2 1 1 1 5 8 2 25 Adjusted EBITDA $(15,921) $(15,210) $(14,960) $(15,268) $(61,359) $(17,403) $(15,622) $(9,860) $(9,773) $(52,658) $(13,999) $(6,786) $(5,135) $(3,509) $(29,429) $(4,218) $(162) $2,383 $8,478 $6,482 $938 $10,786 Adjusted EBITDA margin (as a % of revenue) (78.8%) (69.9%) (68.2%) (60.4%) (68.8%) (65.9%) (50.6%) (29.9%) (30.0%) (42.9%) (39.9%) (16.5%) (11.3%) (7.3%) (17.3%) (7.7%) (0.3%) 3.5% 11.2% 2.5% 1.2% 12.3% 117