Friday, November 06, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 Operating Results. The company reported Q3 revenue of $534 million, down 11.7% year over year but up slightly from $531 million in Q2, as contract losses and lower client volumes continued to weigh on results. Adj. EBITDA increased 16.1% to $36 million, with margins expanding 160 basis points to 6.7%, reflecting cost reductions that more than offset the impact of lower revenue.
Underlying Business Trends. Commercial revenue declined 16% to $308 million, reflecting the completed wind-down of the company’s largest Commercial customer. Government revenue declined 5% to $226 million due to completed implementations, lost business, and lower volumes. Despite these headwinds, Government adj. EBITDA margins expanded 230 basis points to 27.9%, supported by cost-efficiency initiatives.
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