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Hinge Health reports fourth quarter and full year 2025 financial results
San Francisco, California – February 10, 2026 – Hinge Health, Inc. (NYSE: HNGE) today announced record financial results for the quarter and year ended December 31, 2025.
“We closed out the year with an exceptional quarter and a strong selling season, driving our highest win rates to date and greatest number of eligible lives added in any year,” said Daniel Perez, Co-Founder and CEO, Hinge Health. “Our commercial momentum, combined with expanding margins and strong cash generation, gives us confidence in our ability to continue automating care delivery, sustain our position as a leader in digital musculoskeletal care, and drive attractive growth and increased margins in 2026.”
Fourth Quarter 2025 Financial Highlights:
•Revenue increased 46% year over year to $170.7 million compared to revenue of $117.3 million in Q4 2024.
•GAAP gross margin was 84% compared to 82% in Q4 2024. Non-GAAP gross margin was 85% compared to 82% in Q4 2024.
•GAAP income from operations increased 31% to $27.3 million compared to GAAP income from operations of $20.9 million in Q4 2024. Non-GAAP income from operations increased 124% to $48.0 million compared to non-GAAP income from operations of $21.4 million in Q4 2024.
•GAAP diluted net income per share was $0.37. Non-GAAP diluted net income per share was $0.49.
•Net cash provided by operating activities increased 67% to $63.9 million compared to net cash provided by operating activities of $38.3 million in Q4 2024. Free cash flow increased 65% to $61.5 million compared to free cash flow of $37.3 million in Q4 2024.
•Cash, cash equivalents, marketable securities and restricted cash were $478.8 million as of December 31, 2025.
Year Ended 2025 Financial Highlights:
•Revenue increased 51% year over year to $587.9 million compared to revenue of $390.4 million in 2024.
•GAAP gross margin was 80% compared to 77% in 2024. Non-GAAP gross margin was 83% compared to 78% in 2024.
•GAAP loss from operations was $546.4 million compared to GAAP loss from operations of $31.9 million in 2024. Non-GAAP income from operations was $119.5 million compared to non-GAAP loss from operations of $26.1 million in 2024.
•Net cash provided by operating activities increased 250% to $171.4 million compared to net cash provided by operating activities of $49.0 million in 2024. Free cash flow increased 297% to $179.6 million compared to free cash flow of $45.2 million in 2024.
Company Highlights and Key Metrics as of December 31, 2025:
•LTM calculated billings increased 44% year over year to $671.4 million, compared to $467.5 million as of December 31, 2024.
•Annual yield of 3.9% in 2025, up 50 basis points compared to 3.4% in 2024.
•Number of clients increased 25% year over year to 2,830 clients, compared to 2,256 clients as of December 31, 2024.
•Number of contracted lives increased to 25 million, compared to 20 million as of December 31, 2024.
•Number of members increased 47% year over year to 782,890, compared to 532,326 as of December 31, 2024.
•LTM average eligible lives increased 28% year over year to 20.1 million, compared to 15.7 million as of December 31, 2024.
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•Rule of 40 metric was 81 in 2025 compared to 45 in 2024, measured by revenue growth plus free cash flow margin during the period.
Financial Outlook:
We are providing the following guidance for our first quarter 2026 and full year 2026:
•Q1 2026: We expect revenue to be between $171 million and $173 million, reflecting year over year growth of 39% at the midpoint. We expect non-GAAP income from operations to be between $30 million and $32 million, reflecting year over year growth of 108% and non-GAAP operating margin of 18% at the midpoint.
•Full Year 2026: We expect revenue to be between $732 million and $742 million, reflecting year over year growth of 25% at the midpoint. We expect non-GAAP income from operations to be between $151 million and $156 million, reflecting year over year growth of 29% and non-GAAP operating margin of 21% at the midpoint.
Statement Regarding Use of Non-GAAP Financial Measures
This press release uses non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles of the United States (GAAP). For more information about these non-GAAP financial 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 (loss) from operations guidance to GAAP income (loss) from operations because we do not and are not able to provide guidance for GAAP income (loss) 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 the excess inventory and transition charges, restructuring and other expense and acquisition related expense, which are reconciling items between non-GAAP and GAAP income (loss) from operations. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures. However, such items could have a significant impact on our future GAAP income (loss) from operations.
Share Repurchase Program
In November 2025, our board of directors authorized a share repurchase program pursuant to which we may repurchase up to $250.0 million in aggregate value of our outstanding Class A common stock. During Q4 2025, we repurchased $65.0 million in aggregate value of shares of our Class A common stock.
Hinge Health Earnings Webcast
We will host a conference call and webcast for investors on February 10, 2026 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss our financial results, business highlights and financial outlook. The live webcast of the conference call can be accessed by registering online at ir.hingehealth.com/events-presentations. Following completion of the events, 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, starting with musculoskeletal conditions. Leveraging an AI-powered care model, wearable devices and access to expert clinicians, Hinge Health delivers personalized, evidence-based care that helps people move beyond pain, improving member outcomes and experiences and reducing costs for clients. The company is headquartered in San Francisco, California.

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Available Information
Our investors and others should note that we announce material information to the public about our company, products and services, and other matters related to our company through a variety of means, including filings 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 financial 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 our expectations regarding our financial position and operating performance, including our outlook and guidance for the first quarter of 2026 and guidance for full year 2026 and our assumptions underlying such guidance; our ability to drive future growth and execute on our goals and strategies; and our expectations regarding our product innovation. 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 differ materially from those projected, including those more fully described in our filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 7, 2025 and in our Annual Report on Form 10-K for the year ended December 31, 2025, when filed 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.
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HINGE HEALTH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except par value data)
Year Ended December 31,
20252024
Assets
Current assets:
        Cash and cash equivalents$207,995 $300,785 
        Short-term marketable securities155,867 165,787 
        Accounts receivable, net of allowance for credit losses of $6,092 and $6,470
        as of December 31, 2025 and December 31, 2024, respectively		66,061 42,495 
        Deferred commissions31,344 18,615 
        Inventory15,636 10,873 
        Prepaid expenses and other current assets57,001 44,891 
Total current assets 533,904 583,446 
Long-term marketable securities113,172 — 
Goodwill64,096 61,607 
Intangible assets, net2,512 1,807 
Property, equipment and software, net10,490 7,380 
Operating lease right-of-use assets6,861 9,607 
Other assets13,726 9,412 
Total assets $744,761 $673,259 
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)
Current liabilities:
        Accounts payable and accrued liabilities$57,331 $27,853 
        Operating lease liabilities4,223 3,814 
        Deferred revenue300,855 217,632 
Total current liabilities 362,409 249,299 
         Operating lease liabilities, noncurrent 3,816 7,258 
Total liabilities 366,225 256,557 
 
Redeemable convertible preferred stock:
Redeemable convertible preferred stock; $0.00001 par value199,874 851,272 
Stockholders’ equity (deficit):
        Common stock, $0.00001 par value— — 
        Class A common stock, $0.00001 par value— — 
        Class B common stock, $0.00001 par value— — 
        Additional paid-in capital1,229,678 88,097 
        Accumulated other comprehensive gain (loss)(20)68 
        Accumulated deficit(1,050,996)(522,735)
Total stockholders’ equity (deficit)178,662 (434,570)
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit)$744,761 $673,259 
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HINGE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
Revenue$170,726 $117,256 $587,860 $390,404 
Cost of revenue26,699 21,168 119,638 90,502 
Gross profit144,027 96,088 468,222 299,902 
Operating expenses:
  Research and development32,755 22,371 368,137 100,839 
  Sales and marketing59,487 35,451 316,951 167,058 
  General and administrative24,529 17,356 329,505 63,915 
Total operating expenses116,771 75,178 1,014,593 331,812 
Income (loss) from operations 27,256 20,910 (546,371)(31,910)
Other income:
  Other income, net4,961 5,255 19,108 20,654 
Net income (loss) before income taxes32,217 26,165 (527,263)(11,256)
Provision for (benefit from) income taxes122 (951)998 677 
Net income (loss)$32,095 $27,116 $(528,261)$(11,933)
Adjustment to reflect deemed contribution
   from Series D and Series E redeemable
   convertible preferred stock extinguishment		— — 104,174 — 
Undistributed earnings attributable to participating
   securities		(1,009)(21,354)— — 
Net income (loss) attributable to
   common stockholders, basic		$31,086 $5,762 $(424,087)$(11,933)
Net income (loss) attributable to
   common stockholders, diluted		$31,144 $6,676 $(424,087)$(11,933)
Net income (loss) attributable to common
   stockholders per share:
   Basic$0.39 $0.42 $(7.77)$(0.88)
   Diluted$0.37 $0.40 $(7.77)$(0.88)
Weighted average shares used in computing net
   income (loss) per share attributable to common
   stockholders:
   Basic79,521 13,693 54,577 13,558 
   Diluted84,533 16,576 54,577 13,558 
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HINGE HEALTH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Three Months Ended December 31,Year Ended December 31,
2025202420252024
Operating activities:
Net income (loss)$32,095 $27,116 $(528,261)$(11,933)
Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:		   
       Depreciation and amortization 1,223 1,366 5,133 5,950 
       Stock-based compensation17,172 14 643,009 739 
       Amortization of deferred commissions14,231 9,032 46,667 29,914 
       Accretion of discounts and amortization
          of premiums on marketable securities, net		(15)241 361 537 
       Excess and obsolete inventory charge— — — 1,812 
       Non-cash operating lease expense882 871 3,431 3,649 
       Provision for credit losses(279)1,471 3,061 5,410 
       Deferred income taxes(93)(585)53 (585)
       Other1 (8)1 7 
       Changes in operating assets and liabilities:
              Accounts receivable20,983 15,888 (26,627)(1,340)
              Deferred commissions(25,259)(10,812)(63,579)(38,513)
              Inventory(1,824)(3,220)(4,763)608 
              Prepaid expenses and other current assets (7,773)(6,719)(15,775)(9,155)
              Other assets 7,968 7 (181)377 
              Accounts payable and accrued liabilities4,417 (2,819)29,407 (10,975)
              Operating lease liabilities(995)(1,061)(3,719)(4,659)
              Deferred revenue 1,161 7,557 83,223 77,159 
                    Net cash provided by operating activities 63,895 38,339 171,441 49,002 
Investing activities:
       Purchase of property and equipment (408)(157)(708)(1,039)
       Capitalized internal use software(1,955)(873)(5,356)(2,734)
       Purchases of marketable securities(154,108)(83,278)(472,288)(324,543)
       Maturities of marketable securities118,775 81,194 368,589 346,628 
       Acquisition of a business— — (4,000)— 
                    Net cash (used in) provided by investing activities (37,696)(3,114)(113,763)18,312 
Financing activities:
       Proceeds from exercise of common stock options629 208 1,416 610 
       Issuance of common stock in connection with
       the employee purchase plan		8,113 — 8,113 — 
       Proceeds from issuance of common stock in initial
       public offering, net of issuance costs		— — 255,675 — 
       Tax withholdings on settlement of
       restricted stock units and performance-based
       restricted stock units		(22,971)— (295,229)— 
       Payment on Repurchase Agreement with Coatue— — (50,000)— 
       Repurchase and retirement of common stock
(65,028)— (65,028)— 
       Proceeds from repayment of non-recourse loans
       to employees
— — 4,934 — 
       Payments for deferred offering costs(288)(2,543)(10,349)(2,812)
                     Net cash used in financing activities (79,545)(2,335)(150,468)(2,202)
                     Net increase (decrease) in cash, cash equivalents
                        and restricted cash 		(53,346)32,890 (92,790)65,112 
Cash, cash equivalents, and restricted cash,
   beginning of period		263,142 269,696 302,586 237,474 
Cash, cash equivalents, and restricted cash, end of period$209,796 $302,586 $209,796 $302,586 
Reconciliation of cash, cash equivalents, and
   restricted cash to the consolidated balance sheets:
Cash and cash equivalents$207,995 $300,785 $207,995 $300,785 
Restricted cash1,801 1,801 1,801 1,801 
Total cash, cash equivalents, and restricted cash$209,796 $302,586 $209,796 $302,586 
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Glossary of Terms
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 fluctuations based on the timing of new client launches and number of intra-year launches. We anticipate that this seasonality will continue and therefore focus on LTM calculated billings. Our revenue generally does not reflect this seasonality and these quarterly fluctuations given that we recognize revenue ratably over the term that members have access to our platform. LTM calculated billings are defined 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 defined 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.
Members: Growth in the number of members is an indicator of the penetration we have made within our clients' eligible lives. This metric is a key driver of our calculated billings and provides an indication of our future revenue performance. We calculate the number of members at the end of a particular period based on the total number of eligible lives who have engaged with our platform in the last 12 months and whose engagements have been billed or are contractually eligible to be billed.
LTM Average Eligible Lives: This represents the population to whom we can market and offer our solutions to. As eligible lives can fluctuate throughout the year given changes in our clients’ populations, we take the average of the clients who are live in the first quarter to those who are live at the end of the last quarter in a given 12-month period to best determine the number of lives we had access to convert into members. Our management uses LTM average eligible lives to model the business and measure the enrollment we are able to achieve within our client base.
Annual Yield: This is calculated as the number of members at the end of a given 12-month period divided by LTM average eligible lives.
Number of Contracted Lives: Individuals within our contracted clients who have, or will have, the ability to enroll in our programs, typically employees and their adult dependents. Contracted lives include individuals within contracted clients that have not yet launched our platform, and thus such individuals are not yet eligible to be billed. Contracted lives include eligible lives.

Non-GAAP Financial Measures
In addition to our results prepared in accordance with GAAP, we believe the following non-GAAP financial measures, including non-GAAP gross profit and gross margin, non-GAAP income (loss) 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 flow and free cash flow margin included in this press release, provide users of our financial information with additional useful information in evaluating our performance and liquidity and allows them to more readily compare our results across periods without the effect of non-cash and other items as detailed below. Additionally, our management and board of directors use our non-GAAP financial measures to evaluate our performance and liquidity, identify trends and make strategic decisions.

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There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. Our non-GAAP financial measures should not be considered in isolation or as alternatives to gross profit, gross margin, income (loss) from operations, net income attributable to common stockholders, net income per share attributable to common stockholder, net cash provided by (used in) operating activities or any other measure of financial performance calculated and presented in accordance with GAAP.
Non-GAAP Gross Profit and Gross Margin
We define non-GAAP gross profit as gross profit presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including excess and obsolete inventory charges related to our AI-powered motion tracking technology transition, stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets, and restructuring and other expenses. We define non-GAAP gross margin as non-GAAP gross profit divided by revenue.
The principal limitation of non-GAAP gross profit and non-GAAP gross margin is that they exclude significant expenses that are required by GAAP to be recorded in our consolidated financial 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 (Loss) From Operations and Operating Margin
We define non-GAAP income (loss) from operations as income (loss) from operations presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including excess and obsolete inventory charges related to our AI-powered motion tracking technology transition, stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets, restructuring and other expenses and acquisition-related expenses. We define non-GAAP operating margin as non-GAAP income (loss) from operations divided by revenue.
The principal limitation of non-GAAP income (loss) from operations and non-GAAP operating margin is that they exclude significant expenses that are required by GAAP to be recorded in our consolidated financial 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 define 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, restructuring and other expenses 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 significant expenses that are required by GAAP to be recorded in our consolidated financial 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 Net Income Attributable to Common Stockholders, Diluted and Non-GAAP Net Income Per Share Attributable to Common Stockholders, Diluted
We define 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 (loss) attributable to common stockholders and GAAP net income (loss) per share attributable to common stockholders, diluted, respectively, adjusted to exclude non-cash, non-operational and non-recurring items, including excess and obsolete inventory charges related to our AI-powered motion tracking technology transition, as applicable, stock-based compensation, amortization of acquired intangibles, employer payroll taxes related to stock-based compensation, restructuring and other expenses, acquisition-related expenses and the income tax effects related to non-GAAP adjustments.

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Free Cash Flow and Free Cash Flow Margin
We define free cash flow as net cash provided by (used in) 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 flow 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 and strengthening our financial position. The principal limitation of free cash flow is that it does not represent the total increase or decrease in our cash balance for a given period. We define free cash flow margin as free cash flow divided by revenue.
We adjust the following items from one or more of our non-GAAP financial measures:
Excess and obsolete inventory charges. We exclude certain charges related to excess and obsolete inventory related to our AI-powered motion tracking technology transition, which was our strategic decision in the first half of 2023 to shift away from providing kits with tablets and wearable sensors. As part of this shift, we began to provide access to our platform through our app on members’ personal smartphones or tablets and replaced sensors for members with our proprietary AI-powered motion tracking technology. We exclude these charges because we do not believe these expenses have a direct correlation to the operating performance of our business.
Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial 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 financial 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 expense, from certain of our non-GAAP financial measures. Our expenses for amortization of intangible assets are inconsistent in amount and frequency because they are significantly affected 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.
Restructuring and other expenses. We exclude certain charges that are mainly attributable to workforce reduction in order to simplify our operations and better align our resources with our priorities. We exclude these charges because we do not believe these charges 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 effect of non-GAAP adjustments. We exclude the valuation allowance that is attributable to our non-GAAP income beginning in 2025. For the quarter and year ended December 31, 2025 we determined the projected non-GAAP tax rate to be 20% and for the quarter and year ended December 31, 2024 we determined the projected non-GAAP tax rate to be (2)% and (14)%, respectively. These tax rates reflect current available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant transactions.

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HINGE HEALTH, INC.
(unaudited)
(in thousands, except percentages)

Reconciliation of GAAP to Non-GAAP Financial Measures:
Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP gross profit$144,027 $96,088 $468,222 $299,902 
GAAP gross margin84 %82 %80 %77 %
Non-GAAP adjustments:
Excess and obsolete inventory charges (1)
— — — 1,812 
Stock-based compensation expense (2)
1,126 3 18,969 97 
Employer payroll tax expense related to
   stock-based compensation		146 — 1,080 — 
Amortization of intangible assets225 94 854 378 
Restructuring and other expenses — — — 691 
Non-GAAP gross profit$145,524 $96,185 $489,125 $302,880 
Non-GAAP gross margin85 %82 %83 %78 %
Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP income (loss) from operations$27,256 $20,910 $(546,371)$(31,910)
GAAP operating margin16 %18 %(93)%(8)%
Non-GAAP adjustments:
Excess and obsolete inventory charges (1)
— — — 1,812 
Stock-based compensation expense (2)
17,172 14 643,009 739 
Employer payroll tax expense related to
   stock-based compensation		2,155 — 16,612 (6,253)
Amortization of intangible assets225 94 854 378 
Restructuring and other expenses— (132)— 8,495 
Acquisition-related expenses1,211 543 5,351 643 
Non-GAAP income (loss) from operations$48,019 $21,429 $119,455 $(26,096)
Non-GAAP operating margin28 %18 %20 %(7)%

(1) Reflects our strategic decision in the first half of 2023 to shift away from providing kits with tablets and wearable sensors. As part of this shift, we began to provide access to our platform through our app on members’ personal smartphones or tablets and replaced all sensors for members with our proprietary AI-powered motion tracking technology.
(2) Stock-based compensation expense:

Three Months Ended December 31,Year Ended December 31,
2025202420252024
Cost of revenue$1,126 $3 $18,969 $97 
Research and development7,519 5 264,587 202 
Sales and marketing5,034 5 106,043 223 
General and administrative3,493 1 253,410 217 
 $17,172 $14 $643,009 $739 










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HINGE HEALTH, INC.
(unaudited)
(in thousands, except per share amounts)

Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP net income (loss) attributable to common stockholders, diluted$31,144 $6,676 $(424,087)$(11,933)
Non-GAAP adjustments:
Excess and obsolete inventory charges (1)
— — — 1,812 
Stock-based compensation expense (2)
17,172 14 643,009 739 
Employer payroll tax expense related to
   stock-based compensation		2,155 — 16,612 (6,253)
Amortization of intangible assets225 94 854 378 
Restructuring and other expenses— (132)— 8,495 
Acquisition-related expenses1,211 543 5,351 643 
Income tax effect of non-GAAP adjustments(10,475)(417)(26,715)(85)
Other dilutive(305)(78)(53,676)— 
Non-GAAP net income (loss) attributable to common stockholders, diluted$41,127 $6,700 $161,348 $(6,204)
Non-GAAP net income (loss) attributable to common stockholders per share, diluted$0.49 $0.40 $2.62 $(0.46)
Weighted average shares used in computing non-GAAP net income (loss) per share attributable to common stockholders, diluted84,533 16,576 61,471 13,558 
Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP net income (loss) per share attributable to common stockholders, diluted$0.37 $0.40 $(7.77)$(0.88)
Non-GAAP adjustments:
Excess and obsolete inventory charges (1)
— — — 0.13 
Stock-based compensation expense (2)
0.20 — 10.46 0.05 
Employer payroll tax expense related to
   stock-based compensation		0.03 — 0.27 (0.46)
Amortization of intangible assets— 0.01 0.01 0.03 
Restructuring and other expenses— (0.01)— 0.63 
Acquisition-related expenses0.01 0.03 0.09 0.05 
Income tax effect on non-GAAP adjustments(0.12)(0.03)(0.44)(0.01)
Non-GAAP net income (loss) per share attributable to common stockholders, diluted (3)
$0.49 $0.40 $2.62 $(0.46)
(1)For details on excess and obsolete inventory charges, see above.
(2)For details on stock-based compensation expense, see above.
(3)Some columns may not add due to rounding.


11

HINGE HEALTH, INC.
(unaudited)
(in thousands, except for percentages)

 Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP research and development$32,755 $22,371 $368,137  $100,839 
GAAP research and development as a
  percentage of revenue		19 %19 %63 %26 %
Non-GAAP adjustments:
Stock-based compensation expense (1)
(7,519)(5)(264,587)(202)
Employer payroll tax expense related to
   stock-based compensation		(1,478)— (8,643)2,852 
Restructuring and other expenses— 139 — (4,144)
Acquisition-related expenses(1,223)— (5,198)— 
Non-GAAP research and development$22,535 $22,505 $89,709 $99,345 
Non-GAAP research and development as a
   percentage of revenue		13 %19 %15 %25 %
Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP sales and marketing$59,487 $35,451 $316,951 $167,058 
GAAP sales and marketing as a
   percentage of revenue		35 %30 %54 %43 %
Non-GAAP adjustments:
Stock-based compensation expense (1)
(5,034)(5)(106,043)(223)
Employer payroll tax expense related to
   stock-based compensation		(361)— (3,018)— 
Restructuring and other expenses— (4)— (2,118)
Non-GAAP sales and marketing$54,092 $35,442 $207,890 $164,717 
Non-GAAP sales and marketing as a
   percentage of revenue		32 %30 %35 %42 %
 Three Months Ended December 31,Year Ended December 31,
2025202420252024
GAAP general and administrative$24,529 $17,356 $329,505 $63,915 
GAAP general and administrative as a
  percentage of revenue		14 %15 %56 %16 %
Non-GAAP adjustments:
Stock-based compensation expense (1)
(3,493)(1)(253,410)(217)
Employer payroll tax expense related to
   stock-based compensation		(170)— (3,871)3,401 
Restructuring and other expenses— (4)— (1,543)
Acquisition-related expenses12 (543)(153)(643)
Non-GAAP general and administrative $20,878 $16,808 $72,071 $64,913 
Non-GAAP general and administrative as a
   percentage of revenue		12 %14 %12 %17 %
(1)For details on stock-based compensation expense, see above.









12

HINGE HEALTH, INC.
(unaudited)
(in thousands, except for percentages)

Three Months Ended December 31,Year Ended December 31,
 2025202420252024
Net cash provided by operating activities $63,895 $38,339 $171,441 $49,002 
Operating cash flow margin37 %33 %29 %13 %
Adjustment for employer taxes at IPO related
   to stock-based compensation		— — 14,227 — 
Less purchases of property, equipment and software
   (including capitalized internal use software)		(2,363)(1,030)(6,064)(3,773)
Free cash flow $61,532 $37,309 $179,604 $45,229 
Free cash flow margin36 %32 %31 %12 %
Net cash (used in) provided by investing activities $(37,696)$(3,114)$(113,763)$18,312 
Net cash used in financing activities $(79,545)$(2,335)$(150,468)$(2,202)
Investor Relations Contact:
ir@hingehealth.com
Media Contact:
media@hingehealth.com
13