Medicare Advantage (MA)-focused insurtech Clover Health saw its revenue climb by 50% year over year in the third quarter, per its earnings report released late Tuesday.
Clover reported $496.6 million in total revenue for the quarter, up from $331 million in the third quarter of 2024. Through the first nine months of the year, revenues were $1.4 billion, compared to the company's haul of $1 billion through the first three quarters of 2024.
The company also posted a $24.4 million net loss in the quarter, with its losses increasing from $9.2 million in the prior-year quarter. Clover has reported $36.2 million in losses through the first three quarters of the year, up from $20.9 million in losses a year ago.
The company reported $2 million in earnings before interest, taxes, depreciation and amortization.
“Our model of care continues to perform well as we bring our technology-powered care to more Medicare Advantage seniors," said Clover Health CEO Andrew Toy in the earnings release.
“With Clover Assistant powering profitable returning member cohort performance, we remain confident in 2026 to continue to grow above-market and achieve strong retention, as well as lead with affordability, choice, and great benefits," Toy continued. "We believe that the combination of more members, more Clover Assistant engaged physicians, and earlier disease management reinforces the strength of our model and our ability to drive better outcomes for our members.”
The company boasted 109,226 MA members as of the third quarter, an increase of 35% from the prior-year quarter.
It also reported a medical loss ratio of 93.5%, up from 82.8% in the third quarter of 2024. This aligns with broader industry trends in MA, which has seen an ongoing uptick in utilization nationwide. Both large and small insurers in MA have reported similar results.
On the back of the results, Clover boosted its revenue outlook for the year. Previous guidance estimated between $1.8 billion and $1.875 billion in total revenue, and the company now expects to earn between $1.85 billion and $1.88 billion in revenue.
It did cut down its EBITDA expectations, however. Clover's prior outlook estimated between $50 million and $70 million in EBITDA, while the company now estimates between $15 million and $30 million.
Clover Health also anticipates a full-year medical loss ratio of between 90% and 91%, up from previous projections of between 88.5% and 89.5%.
Clover did not offer a full look at its expectations for 2026 but did note that several factors have it positioned to achieve GAAP net income next year, including its performance in the MA star ratings program, a focus on member retention and a favorable rate update for 2026 in MA.
Shares in Clover Health fell after the company released its third-quarter results and were down by nearly 4% at about 5 p.m. ET on Tuesday.