GET DAILY SIGNALSAmwell (AMWL) Q3 Results: Narrower Losses, Revenue Beat, and Raised 2026 Outlook
Key Takeaways
- Total revenue of $48.99 million beat the consensus estimate of roughly $47.29 million but declined about 13% year over year.
- GAAP net loss per share of -$0.67 was narrower than the consensus estimate of -$0.78.
- Adjusted EBITDA improved sharply to a loss of $3.6 million, versus a loss of $12.7 million a year earlier.
- Management raised its full-year 2026 revenue and adjusted EBITDA outlook and reaffirmed its visit guidance.
- Net loss attributable to American Well Corporation narrowed to $11.4 million, down from $32.4 million in the prior-year quarter.
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Why This Quarter Matters for Amwell
American Well Corporation, better known as Amwell, runs a software-as-a-service telehealth and digital-care platform that serves health systems, health plans, and government clients. The third-quarter results stand out because they reflect ongoing progress in the company's long-term effort to reach profitability after years of significant losses. Amwell has been steadily reducing losses, exiting non-core areas, and moving revenue toward higher-margin subscription contracts. I am watching closely to see whether the firm can maintain cost control and hit its target of positive cash flow from operations in the fourth quarter of 2026, which would mark an important validation of the turnaround plan.
The Quarter's Reported Numbers
For the third quarter ended September 30, 2026, Amwell posted total revenue of $48.99 million, ahead of the consensus estimate of about $47.29 million yet down roughly 13% from $56.29 million in the same quarter last year. The drop stems from the ongoing shift away from lower-margin visit volume and toward subscription-based deals. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
GAAP net loss per share came in at -$0.67, better than the consensus estimate of -$0.78. Net loss attributable to American Well Corporation narrowed to $11.4 million, compared with $32.4 million in the prior-year quarter. Platform visits totaled 0.8 million.
On a non-GAAP basis, adjusted EBITDA showed a loss of $3.6 million, a meaningful improvement from the $12.7 million loss recorded a year earlier, although slightly wider than the $1.2 million loss in the second quarter of 2026 due to normal seasonal patterns.
Market Reaction and Investor View
Shares of AMWL closed at $12.74 before the report and moved modestly higher in after-hours trading. The measured positive response aligns with the beats on both revenue and earnings, plus the raised guidance and continued movement toward breakeven. At the same time, investors remain mindful that revenue is still declining year over year and the company is not yet profitable on a GAAP basis. Attention has clearly turned to Amwell's ability to turn its improved cost structure into sustained positive operating cash flow, so each report now serves as a test of execution.
Updated Guidance and Points to Follow
Amwell lifted its full-year 2026 outlook, now expecting revenue between $204 million and $206 million, up from the prior range of $200 million to $205 million, and an adjusted EBITDA loss of $8 million to $7 million, improved from $9 million to $7 million. The company kept its Amwell Medical Group visit guidance at 1.32 million to 1.37 million visits.
For the fourth quarter, management guided revenue of $48 million to $50 million and adjusted EBITDA between $0 and $1 million, while repeating its goal of positive cash flow from operations in the fourth quarter of 2026. This positions the next quarter as a key inflection point.
Several factors deserve attention in coming quarters. The first is the pace of subscription-revenue growth and whether it can offset falling visit revenue. The second is the path of adjusted EBITDA toward breakeven and ultimately positive operating cash flow. The third involves any updates on large government contracts. The fourth centers on gross-margin stability as the revenue mix changes. Cost discipline, renewal rates, and progress integrating AI into the platform will also provide useful signals about the durability of the turnaround.
Using Tickeron Tools in My Research
One resource I turn to regularly when reviewing names like this is Tickeron’s AI Screener. It lets me quickly scan healthcare-technology stocks for technical patterns, fundamentals, and performance metrics, helping surface comparable setups without spending hours on manual work. The tool has become a practical part of how I organize ideas before digging deeper into individual reports.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.
Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
AMWL's RSI Oscillator leaves overbought zone
The 10-day RSI Oscillator for AMWL moved out of overbought territory on October 30, 2026. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 25 instances where the indicator moved out of the overbought zone. In 22 of the 25 cases the stock moved lower in the days that followed. This puts the odds of a move down at 88%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 40 of 48 cases where AMWL's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 83%.
The Moving Average Convergence Divergence Histogram (MACD) for AMWL turned negative on November 02, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 39 similar instances when the indicator turned negative. In 34 of the 39 cases the stock turned lower in the days that followed. This puts the odds of success at 87%.
AMWL moved below its 50-day moving average on October 30, 2026 date and that indicates a change from an upward trend to a downward trend.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where AMWL declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 86%.
AMWL broke above its upper Bollinger Band on October 20, 2026. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
The Aroon Indicator for AMWL entered a downward trend on October 20, 2026. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on October 20, 2026. You may want to consider a long position or call options on AMWL as a result. In 71 of 87 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 82%.
The 10-day moving average for AMWL crossed bullishly above the 50-day moving average on October 23, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In 13 of 15 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are 87%.
Following a +10.23% 3-day Advance, the price is estimated to grow further. Considering data from situations where AMWL advanced for three days, in 181 of 234 cases, the price rose further within the following month. The odds of a continued upward trend are 77%.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 27 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (0.963) is normal, around the industry mean (4.699). P/E Ratio (-2.619) is within average values for comparable stocks, (13.248). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (2.133). Dividend Yield (0.000) settles around the average of (0.011) among similar stocks. P/S Ratio (1.006) is also within normal values, averaging (6.065).
The Tickeron Price Growth Rating for this company is 35 (best 1 - 100 worst), indicating steady price growth. AMWL’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is 48 (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron SMR rating for this company is 97 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. AMWL’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 96, placing this stock worse than average.
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