Clover Health's membership climbed 51% year over year in the first quarter, reaching 155,773, per its earnings report released Wednesday.
The company posted $27.3 million in profit for the quarter, reversing a $1.3 million loss in the first quarter of 2025. Revenues in Q1 were $749.2 million, jumping 62% from the prior-year quarter's $462.3 million in revenue.
Clover's medical loss ratio in the quarter was 86.5%, up slightly from the 86.1% rate posted in Q1 2025, according to the report (PDF).
CEO Andrew Toy said during the company's earnings call late Wednesday that the results highlight the company's "ability to empower physicians with technology to deliver earlier and better care, finance best-in-class benefits, drive strong retention, and strengthen our cohort economics over time."
Toy said that the company's core Medicare Advantage markets in New Jersey showcase how Clover's model is working. Aside from special needs plans and employer retiree coverage, Clover offers the largest MA PPO in the state, he said.
As more providers integrate into Clover's technology-powered model and its membership grows, so too will it see earnings and revenue expansion, Toy said. He noted that 2026 marks the second year in a row of significant membership growth, and that it also benefits from consistent plan design and a strong showing in the program's star ratings.
"We believe this concentration creates a virtuous cycle where growth drives deeper clinical integration and continued investment in core markets, reinforcing provider alignment and strengthening the underlying economics of the business over time," Toy told investors.
Part of what's working, he said, is that the team views onboarding new members as an investment in the long term, even if they're high-acuity patients.
In their first year with Clover, the team is assessing the needs of these new enrollees, including connecting eligible individuals with in-home care. By making this effort upfront, the company believes that it will blossom into improvements in the patients' health that support continued financial growth down the line.
"These new members create a near-term headwind, but also establish a strong profitability tailwind as those cohorts mature under our platform," Toy said. "Put another way, we believe the total lifetime value of a Clover member significantly exceeds that of other plans."
He said that while it is too early to dig too much into bids for the 2027 plan year, Clover is confident in its strategic positioning. That includes its star ratings performance, as well as the recently finalized rate notice from the Centers for Medicare & Medicaid Services, which Toy called "reasonable."
For the full year, Clover projects revenues of $2.81 billion to $2.91 billion and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $50 million to $70 million.
It also anticipates membership in Medicare Advantage to average between 154,000 and 158,000.
"Taken all together, we feel good about our strong start to the year and long-term positioning," Toy said.