0001636422-26-000035 | 10-K | XBRL Viewer

Leases

12 Months Ended

Dec. 31, 2025

Operating leases

We lease office space under operating leases that expire between 2026 and 2034. The terms of the leases provide for rental payments on a graduated scale, options to renew the leases (one to five years), landlord incentives or allowances, and periods of free rent.

During the year ended December 31, 2020 we took initial possession of the first 118,207 square feet of our headquarters in South Jordan, Utah to begin leasehold improvements, which resulted in an initial right-of-use asset and corresponding operating lease liability of $23.8 million, and commencement of operating lease expense. During the year ended December 31, 2023 the leased square footage of our corporate headquarters expanded and we took possession of an additional 9,830 rentable square feet of office space, which resulted in an additional right-of-use asset and corresponding lease liability of $1.5 million. We have the right to sublease all, or a portion, of this leased office space provided that certain terms and conditions are met.

We subleased portions of our corporate headquarters to various sublessees with subleases commencing at various dates between 2021 and 2025. As of December 31, 2025, 88,164 rentable square feet of our corporate headquarters was subleased. We classified each sublease as an operating lease. The initial subleases have terms ranging from eighteen months to 8.5 years. As indicators of impairment arise, we have performed recoverability tests of the relevant asset groups, comprised of operating lease right-of-use and other related assets, and in some instances have determined that the carrying value of these asset groups were not fully recoverable. As a result, we measured and recognized total impairment charges of $6.9 million, $2.2 million, and $4.1 million during the years ended December 31, 2025, 2024, and 2023, respectively, representing the amount by which the carrying value exceeded the estimated fair value of these asset groups. The impairment charges were recorded as part of general and administrative expense in our consolidated statements of operations and relate to both of our operating segments. During the year ended December 31, 2025, $4.6 million of the impairment charge was allocated to the ROU assets and the remaining $2.3 million was allocated to leasehold improvements, while during the year ended December 31, 2024, $1.5 million of the impairment charge was allocated to the ROU asset and the remaining $0.7 million was allocated to leasehold improvements, and during the year ended December 31, 2023, $2.9 million of the impairment charge was allocated to the ROU asset and the remaining $1.2 million was allocated to leasehold improvements and furniture and fixtures.

Components of lease expense (income) are summarized as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	3,174	$	3,313	$	3,077
Short-term lease expense	390		209		92
Sublease income	(2,093)		(1,532)		(1,292)
Total	$	1,471	$	1,990	$	1,877

We also incur immaterial variable costs related to our leased office space, such as maintenance and utilities based on actual usage, which are not included in the measurement of right-of-use assets and lease liabilities, but are expensed as incurred.

Maturities of lease liabilities under operating leases at December 31, 2025 are as follows (in thousands):


Year ending December 31:
2026	$	3,781
2027	3,661
2028	3,691
2029	3,319
2030	3,246
Thereafter	3,315
Total lease payments	21,013
Less: Imputed interest	(3,026)
Total lease liability	$	17,987

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 is as follows (in thousands other than weighted average amounts):


	As of December 31,
	2025		2024

Operating lease right-of-use assets	$	6,640	$	12,058
Operating lease liabilities, current	$	3,779	$	3,614
Operating lease liabilities, non-current	14,208		16,291
Total operating lease liabilities	$	17,987	$	19,905

Weighted-average remaining operating lease term (years)	5.9		6.7
Weighted-average operating lease discount rate	5.5%		5.4%

Goodwill and Intangible Assets - Schedule of Goodwill by Reporting Unit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 259,759,000	$ 190,652,000
Goodwill impairment	(105,386,000)	0	$ 0
Foreign currency translation adjustments	1,788,000	(527,000)
Goodwill, ending balance	$ 209,073,000	259,759,000	190,652,000
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of goodwill and intangible assets
Intraprise Health, LLC.
Goodwill [Roll Forward]
Goodwill, acquired during period		69,634,000
Upfront Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	$ 52,912,000
Technology
Goodwill [Roll Forward]
Goodwill, beginning balance	253,090,000	189,870,000
Goodwill impairment	(98,717,000)
Foreign currency translation adjustments	1,788,000	(527,000)
Goodwill, ending balance	209,073,000	253,090,000	189,870,000
Technology \| Intraprise Health, LLC.
Goodwill [Roll Forward]
Goodwill, acquired during period		63,747,000
Technology \| Upfront Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	52,912,000
Professional Services
Goodwill [Roll Forward]
Goodwill, beginning balance	6,669,000	782,000
Goodwill impairment	(6,669,000)
Foreign currency translation adjustments	0	0
Goodwill, ending balance	0	6,669,000	$ 782,000
Professional Services \| Intraprise Health, LLC.
Goodwill [Roll Forward]
Goodwill, acquired during period		$ 5,887,000
Professional Services \| Upfront Acquisition
Goodwill [Roll Forward]
Goodwill, acquired during period	$ 0

Goodwill and Intangible Assets - Schedule of Remaining Amortization Period (Details)	Dec. 31, 2025
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (years)	2 years 1 month 6 days
Client relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (years)	3 years 9 months 18 days
Computer software licenses
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (years)	2 years 1 month 6 days
Trademarks
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Amortization Period (years)	2 years 8 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Parties (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Accounts receivable, net

^[1]

$ 59,128

$ 57,182

Deferred revenue

56,500

53,500

Related party transactions

17,700

16,700

$ 8,100

Accounts receivable, net

1,700

2,200

Deferred revenue

$ 200

$ 100

[1]	Includes amounts attributable to related party transactions. See Note 18 for further details

- Definition

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+ Details

Net Loss Per Share - Schedule of the Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net loss	$ (177,974)	$ (69,502)	$ (118,147)
Net loss, diluted	$ (177,974)	$ (69,502)	$ (118,147)
Denominator:
Weighted-average number of shares used in calculating net loss per share, basic(in shares)	69,896,134	60,184,920	56,418,397
Weighted-average shares outstanding used in calculating net loss per share, diluted (in shares)	69,896,134	60,184,920	56,418,397
Net loss per share, basic (in USD per share)	$ (2.55)	$ (1.15)	$ (2.09)
Net loss per share, diluted (in USD per share)	$ (2.55)	$ (1.15)	$ (2.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

Debt consisted of the following as of December 31, 2025 and 2024 (in thousands):


	As of December 31,
	2025		2024
Variable interest rate term loan maturing 2029	160,761		162,388
2.50% convertible senior notes due 2025	$	—	$	230,000
Total Principal Outstanding	160,761		392,388
Less: Unamortized discount and issuance costs	(7,510)		(10,028)
Net carrying amount	153,251		382,360
Less: Current portion of long-term debt	(1,627)		(231,182)
Long-term debt, net of current portion	$	151,624	$	151,178

Schedule of Convertible Debt

Components of interest expense are summarized as follows (in thousands):


	As of December 31,
	2025		2024		2023
Contractual interest expense	$	19,305	$	13,255	$	5,776
Amortization of debt discount and issuance costs	2,514		2,362		1,511
Amortization of deferred financing costs and other	2,435		1,469		—
Total	$	24,254	$	17,086	$	7,287

Schedule of Maturities of Long-Term Debt

As of December 31, 2025, we are subject to required principal payments and debt maturity as follows (in thousands):


	Contractual Maturity
Fiscal year:

2026	1,627
2027	1,627
2028	1,627
2029	155,880
Total debt maturities	160,761
Less: Unamortized debt discount and issuance costs	(7,510)
Net carrying amount	$	153,251

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2011, our board of directors adopted the Health Catalyst, Inc. 2011 Stock Incentive Plan (2011 Plan), which provided for the direct award, sale of shares and granting of RSUs and options for our common stock to our directors, team members, or consultants. In connection with our IPO, our board of directors adopted the 2019 Stock Option and Incentive Plan (2019 Plan). The 2019 Plan provides flexibility to our compensation committee to use various equity-based incentive awards as compensation tools to motivate our workforce, including the grant of incentive and non-statutory stock options, restricted and unrestricted stock, RSUs, and stock appreciation rights to our directors, team members, or consultants.

We initially reserved 2,756,607 shares of our common stock (2,500,000 under the 2019 Plan and 256,607 shares under the 2011 Plan that were available immediately prior to the IPO registration date). The 2019 Plan provides that the number of shares reserved available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2020, by 5% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by our compensation committee. As of January 1, 2025, there were an additional 3,202,189 shares reserved for issuance under the 2019 Plan.

As of December 31, 2025, 2024, and 2023, there were 26,846,400, 23,644,211, and 20,717,667 shares authorized for grant, respectively, and 2,328,350, 4,288,278, and 3,831,444 shares available for grant, respectively, under the 2019 Plan and 2011 Plan (collectively, the Stock Incentive Plan).

The following two tables summarize our total stock-based compensation expense by award type and where the stock-based compensation expense was recorded in our consolidated statements of operations (in thousands):


	Year Ended December 31,
	2025		2024		2023
Options	$	—	$	13	$	60
Restricted stock units (RSUs)	21,265		35,067		45,108
Performance-based restricted stock units (PRSUs)	4,056		2,152		1,304
Employee stock purchase plan	817		927		1,731
Restricted shares	874		1,969		7,553
Total stock-based compensation	$	27,012	$	40,128	$	55,756


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	4,475	$	7,741	$	9,235
Sales and marketing	7,866		12,120		20,982
Research and development	3,743		7,696		11,213
General and administrative	10,928		12,571		14,326
Total stock-based compensation	$	27,012	$	40,128	$	55,756

For the years ended December 31, 2025, 2024, and 2023 we capitalized $1.0 million, $1.0 million, and $0.9 million respectively, of stock-based compensation as internal-use software.

Stock options

All options were granted with an exercise price determined by the board of directors that was equal to the estimated fair value of our common stock at the date of grant, based on the information known on the date of grant. Subject to certain exceptions defined in the Stock Incentive Plan related to an employee’s termination, options generally expire on the tenth anniversary of the applicable grant date. Our standard stock-based awards vest solely on a service-based condition. For these awards, we recognize stock-based compensation based on the grant date fair value of the awards and recognize that cost using the straight-line method over the requisite service period of the award. Awards that contain both service-based and performance conditions are recognized using the accelerated attribution method once the performance condition is probable of occurring. The service-based condition is generally a service period of four years.

The fair value of options, which vest in accordance with service schedules, was estimated on the date of grant or, when applicable, the modification date, using the Black-Scholes option pricing model. We account for forfeitures as they occur. All stock options outstanding at December 31, 2025 and 2024 are fully vested.

A summary of the share option activity under the Health Catalyst Stock Plan for the year ended December 31, 2025, is as follows:


	Time-Based Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Outstanding at January 1, 2025	1,053,251	$	11.99	3.1	$	—

Options cancelled/expired	(211,166)	10.50
Outstanding at December 31, 2025	842,085	$	12.36	2.5	$	—
Vested and expected to vest as of December 31, 2025	842,085	$	12.36	2.5	$	—
Vested and exercisable as of December 31, 2025	842,085	$	12.36	2.5	$	—

There were no stock options granted during the years ended December 31, 2025, 2024, and 2023, no stock options vested during the years ended December 31, 2025 and 2024, and no stock options exercised during the year ended December 31, 2025. The aggregate intrinsic value of stock options exercised was zero, $0.1 million, and $0.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. The total grant-date fair value of stock options vested during the years ended December 31, 2025 and 2024 was zero and $0.4 million during the year ended December 31, 2023. As of December 31, 2025 and 2024, all of our outstanding stock options were fully vested and there was no longer any related unrecognized compensation expense.

Restricted stock units (RSUs)

The service-based condition for restricted stock units (RSUs) is generally satisfied over four years with a cliff vesting period of one year and quarterly vesting thereafter. The following table sets forth the outstanding RSUs and related activity for the year ended December 31, 2025:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at January 1, 2025	3,505,406	$	11.49
RSUs granted	4,448,723	4.49
RSUs vested	(2,729,534)	10.04
RSUs forfeited	(1,220,090)	7.49
Unvested and outstanding at December 31, 2025	4,004,505	$	5.72

During the years ended December 31, 2025, 2024, and 2023, we granted RSUs with a weighted-average grant date fair value of $4.49, $8.51, and $11.77, respectively, which represents the weighted-average closing price of our common stock on the grant date. The total grant date fair value of RSUs vested during the years ended December 31, 2025, 2024, and 2023 was $27.4 million, $37.3 million, and $51.3 million, respectively. As of December 31, 2025, we had $20.8 million of unrecognized stock-based compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of 2.0 years.

Performance-based restricted stock units (PRSUs)

2025 Executive PRSUs

During the year ended December 31, 2025, certain named executive officers and other leadership team members were granted executive PRSUs with a three-year measurement period that include service conditions, performance conditions, and market conditions. The vesting of these PRSUs will be determined based on market-based targets for total shareholder return (TSR) achievement (weighted 25%) and financial performance targets for revenue growth rate achievement (weighted 25%) and Adjusted EBITDA margin achievement (weighted 50%). These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the pre-established targets. The number of PRSUs that will vest for the 2025, 2026, and 2027 vesting periods will be calculated as follows: (i) the market/performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2025, 2026, and 2027 vesting periods, each rounded to the nearest whole share.

2024 Executive PRSUs

During the year ended December 31, 2024, certain named executive officers and other leadership team members were granted executive PRSUs with a three-year measurement period that include service conditions, performance conditions, and market conditions. The vesting of these PRSUs will be determined based on market-based targets for total shareholder return (TSR) achievement (weighted 25%) and financial performance targets for revenue growth rate achievement (weighted 25%) and Adjusted EBITDA margin achievement (weighted 50%). These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the pre-established targets. The number of PRSUs that will vest for the 2024, 2025, and 2026 vesting periods will be calculated as follows: (i) the market/performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2024, 2025, and 2026 vesting periods, each rounded to the nearest whole share.

2023 Executive PRSUs

During the year ended December 31, 2023, certain named executive officers and other leadership team members were granted executive PRSUs with a measurement period of three years that include service conditions, performance conditions, and market conditions. The vesting of these PRSUs will be determined based on market-based targets for total shareholder return (TSR) achievement and financial performance targets for revenue growth rate achievement and Adjusted EBITDA margin achievement. Each of the three market and performance targets are weighted equally and these PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the pre-established targets. The number of PRSUs that will vest for the 2023, 2024, and 2025 vesting periods will be calculated as follows: (i) the market/performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2023, 2024 and 2025 vesting periods, each rounded to the nearest whole share.

The fair value of the market-based tranches included in the executive PRSUs were estimated on the date of grants using the Monte Carlo simulation valuation model with the following assumptions:


	Year Ended December 31,
	2025	2024
Expected volatility	71.6%	65.5%
Expected term (in years)	1-3	1-3
Risk-free interest rate	4.16% - 4.23%	4.33% - 4.91%
Expected dividends	—	—

The following table sets forth the outstanding PRSUs, including executive PRSUs, and related activity for the year ended December 31, 2025:


	Performance-based Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at	524,313	$	9.90
PRSUs granted	2,640,823	4.79
PRSUs vested	(147,209)	9.88
PRSUs forfeited	(496,173)	5.59
Unvested and outstanding at December 31, 2025	2,521,754	$	5.40

During the years ended December 31, 2025, 2024, and 2023 we granted PRSUs with a weighted-average grant date fair value of $4.79 and $9.45, and $12.42 respectively, which represents the weighted-average closing price of our common stock on the grant date for performance-based tranches and the estimated fair value using a Monte Carlo simulation valuation model for the market-based tranches. The total grant date fair value of PRSUs vested during the years ended December 31, 2025, 2024, and 2023 was $1.5 million, $0.6 million, and $4.8 million respectively. As of December 31, 2025, we had $2.2 million of unrecognized stock-based compensation expense related to outstanding PRSUs expected to be recognized over a remaining weighted-average period of 1.2 years.

Employee stock purchase plan

In connection with our IPO in July 2019, our board of directors adopted the ESPP and a total of 750,000 shares of common stock were initially reserved for issuance under the ESPP. The number of shares of common stock available for issuance under the ESPP will be increased on the first day of each calendar year beginning January 1, 2020 and each year thereafter until the ESPP terminates. The number of shares of common stock reserved and available for issuance under the ESPP shall be cumulatively increased by the least of (i) 750,000 shares, (ii) one percent of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (iii) such lesser number of shares of common stock as determined by the ESPP Administrator. As of January 1, 2025, the number of shares of common stock available for issuance under the ESPP increased by 640,437 shares.

The ESPP generally provides for six-month offering periods. The offering periods generally start on the first trading day after June 30 and December 31 of each year. The ESPP permits participants to elect to purchase shares of common stock through fixed percentage contributions from eligible compensation during each offering period, not to exceed 15% of the eligible compensation a participant receives during an offering period or accrue at a rate which exceeds $25,000 of the fair value of the stock (determined on the option grant dates(s)) for each calendar year. A participant may purchase the lowest of (i) a number of shares of common stock determined by dividing such participant’s accumulated payroll deductions on the exercise date by the option price, (ii) 2,500 shares; or (iii) such other lesser maximum number of shares as shall have been established by the ESPP Administrator in advance of the offering period. Amounts deducted and accumulated by the participant will be used to purchase shares of common stock at the end of each offering period. The purchase price of the shares will be 85% of the lower of the fair value of common stock on the first trading day of each offering period or on the purchase date. Participants may end their participation at any time during an offering period and will be paid their accumulated contributions that have not been used to purchase shares of common stock. Participation ends automatically upon termination of employment.

The fair value of the purchase right for the ESPP option component is estimated on the date of grant using the Black-Scholes model with the following assumptions for the years ended December 31, 2025, 2024, and 2023:


	Year Ended December 31,
	2025	2024	2023
Expected volatility	59.2%-75.2%	55.5%-56.8%	54.3%-99.4%
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	4.3%	5.2%-5.4%	4.8%-5.5%
Expected dividends	—	—	—

Expected volatility estimates were based on the historical volatility of our common stock as of the beginning of each respective offering period. The expected term of the ESPP option component was based on the six-month offering period and the risk-free rate represented the yield on U.S. Treasury bonds with maturity equal to the expected term as of the beginning of each respective offering period. During the year ended December 31, 2025, we issued 562,833 shares under the ESPP, with a weighted-average purchase price per share of $2.68. Total cash proceeds withheld from employees for the purchase of shares under the ESPP in 2025 were $1.5 million. As of December 31, 2025, 1,679,607 shares are reserved for future issuance under the ESPP.

Restricted shares issued as part of acquisitions

As part of the Upfront acquisition that closed on January 22, 2025, 106,196 shares of our common stock were issued pursuant to the terms of the acquisition agreement and were considered a stock-based compensation arrangement subject to a restriction agreement. The vesting of these shares is subject to eighteen months of continuous service with cliff vesting. In addition we entered into certain management retention bonus agreements that may result in the issuance of up to approximately 151,148 restricted shares of common stock to certain Upfront management team members, a portion of which is variable based upon the achievement of earn-out performance targets. The retention bonuses are recorded as post-combination compensation expense. During the year ended December 31, 2025, 86,975 of these retention bonus restricted shares vested.

As part of the ERS acquisition that closed on October 2, 2023, 175,901 shares of our common stock were issued pursuant to the terms of the acquisition agreement and are considered a stock-based compensation arrangement subject to a restriction agreement. The vesting of those shares was originally subject to eighteen months of continuous service with cliff vesting. However, due to workforce reductions made as part of the 2023 Restructuring Plan, the ERS restricted shares were fully vested in February 2024, resulting in an acceleration of the related stock-based compensation expense.

As part of the ARMUS acquisition that closed on April 29, 2022, 235,330 shares of our common stock were issued pursuant to the terms of the acquisition agreement and are considered a stock-based compensation arrangement subject to a restriction agreement. The vesting of those shares was subject to eighteen months of continuous service with cliff vesting upon the eighteen-month anniversary of the acquisition close date.

As part of the KPI Ninja acquisition that closed on February 24, 2022, 356,919 shares of our common stock were issued pursuant to the terms of the acquisition agreement and are considered a stock-based compensation arrangement subject to a restriction agreement. The vesting of those shares is subject to continuous service with 25% vesting upon each six-month anniversary of the acquisition close date.

As of December 31, 2025, we had $0.2 million of unrecognized stock-based compensation expense related to outstanding restricted shares expected to be recognized over a weighted-average period of 0.6 years.

Accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued compensation and benefit expenses	$ 5,203	$ 11,655
Restructuring liabilities	704	0
Interest payable	3,380	4,803
Other accrued liabilities	9,410	9,882
Total accrued liabilities	$ 18,697	$ 26,340

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders’ Equity

Preferred stock

Our board of directors has the authority, without further action by our stockholders, to issue up to 25,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, and privileges thereof, including voting rights. As of December 31, 2025 and 2024, no shares of this preferred stock were issued and outstanding.

Common stock

We had 500,000,000 shares of $0.001 par value common stock authorized, of which 72,133,528 and 64,043,799 shares were legally issued and outstanding as of December 31, 2025 and 2024, respectively. The shares legally issued and outstanding as of December 31, 2025 and 2024, included 106,196 and zero shares, respectively, issued pursuant to acquisition agreements, which are subject to a restriction agreement and were unvested, and as such, for accounting purposes they were not considered to be outstanding common stock shares. Each share of common stock has the right to one vote on all matters submitted to a vote of stockholders.

The holders of common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No dividends have been declared or paid on our common stock through December 31, 2025.

Share repurchase plan

In August 2022, our board of directors authorized a share repurchase program to repurchase up to $40.0 million of our outstanding shares of common stock (Share Repurchase Plan). During the year ended December 31, 2025, we repurchased and retired 1,103,601 shares of our common stock for $5.0 million at an average purchase price of $4.51 per share. The total remaining authorization for future shares of common stock repurchases under our Share Repurchase Plan is $24.8 million as of December 31, 2025.

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) were as follows (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Available for Sale Investments		Total



Balance as of January 1, 2023	$	(74)	$	(574)	$	(648)
Change in foreign currency translation adjustment	19		—		19
Change in net unrealized gain (loss) on available for sale investments	—		662		662
Balance as of December 31, 2023	$	(55)	$	88	$	33
Change in foreign currency translation adjustment	(854)		—		(854)
Change in net unrealized gain (loss) on available for sale investments	—		(14)		(14)
Balance as of December 31, 2024	$	(909)	$	74	$	(835)
Change in foreign currency translation adjustment	2,448		—		2,448
Change in net unrealized gain on available for sale investments	—		(27)		(27)
Balance as of December 31, 2025	$	1,539	$	47	$	1,586

There were no material reclassifications out of accumulated other comprehensive income (loss) during the year December 31, 2025. Additionally, as we record a full valuation allowance against our U.S. and U.K. net deferred tax assets and substantially all of our accumulated other comprehensive income (loss) originated in the U.S. and U.K., other comprehensive income (loss) does not include significant income tax expense.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stock-Based Compensation - Schedule of Effect of Stock-based Compensation Expense on Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 27,012	$ 40,128	$ 55,756
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,475	7,741	9,235
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	7,866	12,120	20,982
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,743	7,696	11,213
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	10,928	12,571	14,326
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	0	13	60
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	21,265	35,067	45,108
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	4,056	2,152	1,304
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	817	927	1,731
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 874	$ 1,969	$ 7,553

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Adjusted Gross Profit

The reconciliation between consolidated loss before income tax to reportable segment Adjusted Gross Profit is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Adjusted Gross Profit:
Technology	$	140,315	$	129,139	$	127,339
Professional Services	18,792		20,394		15,099
Total reportable segments Adjusted Gross Profit	159,107		149,533		142,438
Less Adjusted Gross Profit reconciling items:
Stock-based compensation	(4,475)		(7,741)		(9,235)
Acquisition-related costs, net(3)	(328)		(753)		(664)
Restructuring costs	(2,629)		(260)		(706)
Less other reconciling items:
Sales and marketing	(52,477)		(54,387)		(67,321)
Research and development	(49,770)		(57,950)		(72,627)
General and administrative	(49,559)		(56,817)		(76,559)
Depreciation and amortization	(50,500)		(41,431)		(42,223)
Impairment of goodwill and intangible assets	(110,223)		—		—

Interest and other income (expense), net	(16,404)		637		9,106
Loss before income taxes	$	(177,258)	$	(69,169)	$	(117,791)

____________________

(3) Acquisition-related costs, net include deferred retention expenses following the Lumeon, Carevive, ARMUS, and KPI Ninja acquisitions.

Schedule of Segment Revenue

Revenue, Adjusted Cost of Revenue, and Adjusted Gross Profit by operating segment were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Technology:
Revenue	$	208,277	$	194,852	$	187,583
Adjusted Cost of Revenue(1)	67,962		65,713		60,244
Adjusted Gross Profit	$	140,315	$	129,139	$	127,339

Professional Services:
Revenue	$	102,859	$	111,732	$	108,355
Adjusted Cost of Revenue(2)	84,067		91,338		93,256
Adjusted Gross Profit	$	18,792	$	20,394	$	15,099

____________________

(1)Technology Adjusted Cost of Revenue primarily consists of costs associated with hosting and supporting our technology, including third-party cloud computing and hosting costs, license and revenue share fees, contractor costs, and salary and related personnel costs for our cloud services and support teams. Technology Adjusted Cost of Revenue excludes depreciation, amortization, stock-based compensation, acquisition-related costs, net, and restructuring costs.

(2)Professional Services Adjusted Cost of Revenue primarily consists of costs related to delivering our team’s expertise in analytics, strategic advisory, improvement, and implementation services. These costs primarily include salary and related personnel costs, travel-related costs, and outside contractor costs. Professional Services Adjusted Cost of Revenue excludes stock-based compensation, acquisition-related costs, net, and restructuring costs.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets Measured on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Money market funds	$	45,062	$	—	$	—	$	45,062
U.S. treasury notes	37,487		—		—		37,487
Commercial paper	—		7,431		—		7,431


Contingent consideration liabilities	—		—		(250)		(250)
Total	$	82,549	$	7,431	$	(250)	$	89,730

Assets measured at fair value on a recurring basis as of December 31, 2024 were as follows (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total

Money market funds	$	186,872	$	—	$	—	$	186,872
U.S. treasury notes	177,199		—		—		177,199
Commercial paper	—		13,941		—		13,941
Corporate bonds	—		9,601		—		9,601


Total	$	364,071	$	23,542	$	—	$	387,613

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The recurring Level 3 fair value measurements of the contingent consideration liability includes the other following significant inputs as of December 31, 2025:

Valuation Method

Market Price of Revenue Risk

Revenue Volatility

Expected Term (years)

Risk-free interest rate

Revenue-based earn-out liabilities

Monte Carlo

12%

40%

3.7%

The fair value of the market-based tranches included in the executive PRSUs were estimated on the date of grants using the Monte Carlo simulation valuation model with the following assumptions:


	Year Ended December 31,
	2025	2024
Expected volatility	71.6%	65.5%
Expected term (in years)	1-3	1-3
Risk-free interest rate	4.16% - 4.23%	4.33% - 4.91%
Expected dividends	—	—

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in the estimated fair value of the contingent consideration liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Balance as of December 31, 2024	$	—
Acquisition-date contingent consideration liability from Upfront acquisition (see Note 2)	7,313
Change in fair value of contingent consideration liability	(7,063)

Balance as of December 31, 2025	$	250

Short-term Investments - Schedule of Cash Equivalents and Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 89,933	$ 387,539
Unrealized Gains	47	74
Unrealized Losses	0	0
Available for sale securities	89,980	387,613
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	45,062	245,258
Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44,871	142,294
Available for sale securities	44,918	142,355
Money market funds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45,062	186,872
Unrealized Gains	0	0
Unrealized Losses	0	0
Available for sale securities	45,062	186,872
Money market funds \| Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	45,062	186,872
Money market funds \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	0	0
U.S. treasury notes
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	37,441	177,129
Unrealized Gains	46	70
Unrealized Losses	0	0
Available for sale securities	37,487	177,199
U.S. treasury notes \| Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	0	58,386
U.S. treasury notes \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	37,487	118,813
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7,430	13,940
Unrealized Gains	1	1
Unrealized Losses	0	0
Available for sale securities	7,431	13,941
Commercial paper \| Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	0	0
Commercial paper \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available for sale securities	$ 7,431	13,941
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		9,598
Unrealized Gains		3
Unrealized Losses		0
Available for sale securities		9,601
Corporate bonds \| Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Available for sale securities		0
Corporate bonds \| Short-term Investments
Debt Securities, Available-for-sale [Line Items]
Available for sale securities		$ 9,601

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Jan. 22, 2025	Dec. 31, 2024	Nov. 08, 2024	Aug. 01, 2024	May 24, 2024	Dec. 31, 2023	Oct. 02, 2023
Less liabilities assumed:
Net deferred tax liabilities	$ 0
Goodwill	$ 209,073		$ 259,759				$ 190,652
Upfront Healthcare Services
Assets acquired:
Accounts receivable, net		$ 1,544
Prepaid expenses and other assets		655
Property and equipment, net		114
Right-of-use assets		288
Total assets acquired		31,301
Less liabilities assumed:
Accrued and other current liabilities		1,558
Deferred revenue		2,352
Operating lease liability		284
Total liabilities assumed		4,194
Total assets acquired, net		27,107
Goodwill		52,912
Total consideration transferred, net of cash acquired		80,019
Upfront Healthcare Services \| Client relationships
Assets acquired:
Intangible assets		16,400
Upfront Healthcare Services \| Developed technologies
Assets acquired:
Intangible assets		11,700
Upfront Healthcare Services \| Trademarks
Assets acquired:
Intangible assets		$ 600
Intraprise Health, LLC.
Assets acquired:
Accounts receivable, net				$ 1,344
Prepaid expenses and other assets				118
Total assets acquired				18,362
Less liabilities assumed:
Accrued and other current liabilities				199
Deferred revenue				2,877
Total liabilities assumed				3,076
Total assets acquired, net				15,286
Goodwill				29,598
Total consideration transferred, net of cash acquired				44,884
Intraprise Health, LLC. \| Client relationships
Assets acquired:
Intangible assets				12,400
Intraprise Health, LLC. \| Developed technologies
Assets acquired:
Intangible assets				4,200
Intraprise Health, LLC. \| Trademarks
Assets acquired:
Intangible assets				$ 300
Lumeon Ltd.
Assets acquired:
Accounts receivable, net					$ 967
Prepaid expenses and other assets					795
Property and equipment, net					165
Total assets acquired					18,327
Less liabilities assumed:
Accrued and other current liabilities					1,131
Deferred revenue					1,759
Total liabilities assumed					2,890
Total assets acquired, net					15,437
Goodwill					24,393
Total consideration transferred, net of cash acquired					39,830
Lumeon Ltd. \| Client relationships
Assets acquired:
Intangible assets					3,700
Lumeon Ltd. \| Developed technologies
Assets acquired:
Intangible assets					11,400
Lumeon Ltd. \| Trademarks
Assets acquired:
Intangible assets					$ 1,300
Carevive Systems, Inc.
Assets acquired:
Accounts receivable, net						$ 96
Prepaid expenses and other assets						64
Total assets acquired						7,960
Less liabilities assumed:
Accrued and other current liabilities						1,389
Deferred revenue						76
Total liabilities assumed						1,465
Total assets acquired, net						6,495
Goodwill						15,643
Total consideration transferred, net of cash acquired						22,138
Carevive Systems, Inc. \| Client relationships
Assets acquired:
Intangible assets						2,700
Carevive Systems, Inc. \| Developed technologies
Assets acquired:
Intangible assets						4,800
Carevive Systems, Inc. \| Trademarks
Assets acquired:
Intangible assets						$ 300
ERS
Assets acquired:
Accounts receivable, net								$ 478
Prepaid expenses and other assets								73
Total assets acquired								9,051
Less liabilities assumed:
Accrued and other current liabilities								78
Deferred revenue								2,251
Total liabilities assumed								2,329
Total assets acquired, net								6,722
Goodwill								4,670
Total consideration transferred, net of cash acquired								11,392
ERS \| Client relationships
Assets acquired:
Intangible assets								5,300
ERS \| Developed technologies
Assets acquired:
Intangible assets								3,100
ERS \| Trademarks
Assets acquired:
Intangible assets								$ 100

Stockholders’ Equity - Narrative (Details)	12 Months Ended
Stockholders’ Equity - Narrative (Details)	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 $ / shares shares	Aug. 02, 2022 USD ($)
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in USD per share) \| $ / shares	$ 0.001	$ 0.001
Shares outstanding (in shares)	72,133,528	64,043,799
Common stock, shares issued (in shares)	72,133,528	64,043,799
Common stock, shares, outstanding (in shares)	72,027,332	64,043,799
Common stock, shares issued (in shares)	72,027,332	64,043,799
Vote of stockholders \| vote	1
Dividends \| $	$ 0
Share Repurchase Plan
Class of Stock [Line Items]
Share repurchase plan, authorized amount \| $			$ 40,000,000.0
Treasury stock, shares, acquired (in shares)	1,103,601
Treasury stock, shares, retired (in shares)	1,103,601
Treasury stock, retired, cost method, amount \| $	$ 5,000,000.0
Treasury stock, value, acquired, cost method \| $	$ 5,000,000.0
Treasury stock acquired, average cost per share (in USD per share) \| $ / shares	$ 4.51
Remaining authorized, repurchases under our share repurchase plan amount \| $	$ 24,800,000
Vitalware LLC \| Able Health, Inc.
Class of Stock [Line Items]
Common stock, shares, outstanding (in shares)	106,196	0
Common stock, shares issued (in shares)	106,196	0

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Revenue:

Revenue

^[1]

$ 311,136

$ 306,584

$ 295,938

Cost of revenue, excluding depreciation and amortization:

Total cost of revenue, excluding depreciation and amortization

^[1]

159,461

165,805

164,105

Operating expenses:

Sales and marketing

52,477

54,387

67,321

Research and development

49,770

57,950

72,627

General and administrative

49,559

56,817

76,559

Depreciation and amortization

50,500

41,431

42,223

Impairment of goodwill and intangible assets

110,223

Total operating expenses

312,529

210,585

258,730

Loss from operations

(160,854)

(69,806)

(126,897)

Interest and other (expense) income, net

(16,404)

637

9,106

Loss before income taxes

(177,258)

(69,169)

(117,791)

Income tax provision

716

333

356

Net loss

$ (177,974)

$ (69,502)

$ (118,147)

Net loss per share, basic (in USD per share)

$ (2.55)

$ (1.15)

$ (2.09)

Net loss per share, diluted (in USD per share)

$ (2.55)

$ (1.15)

$ (2.09)

Weighted-average shares outstanding used in calculating net loss per share, basic (in shares)

69,896,134

60,184,920

56,418,397

Weighted-average shares outstanding used in calculating net loss per share, diluted (in shares)

69,896,134

60,184,920

56,418,397

Technology

Revenue:

Revenue

^[1]

$ 208,277

$ 194,852

$ 187,583

Cost of revenue, excluding depreciation and amortization:

Total cost of revenue, excluding depreciation and amortization

^[1]

69,741

67,812

62,474

Professional services

Revenue:

Revenue

^[1]

102,859

111,732

108,355

Cost of revenue, excluding depreciation and amortization:

Total cost of revenue, excluding depreciation and amortization

^[1]

$ 89,720

$ 97,993

$ 101,631

[1]	Includes amounts attributable to related party transactions. See Note 18 for further details.

Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 275,876	$ 248,776
Accumulated Amortization	(198,198)	(162,724)
Net	77,678	86,052
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross	141,101	124,109
Accumulated Amortization	(110,621)	(93,611)
Net	30,480	30,498
Client relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Gross	115,808	108,824
Accumulated Amortization	(72,750)	(57,020)
Net	43,058	51,804
Computer software licenses
Finite-Lived Intangible Assets [Line Items]
Gross	13,600	11,149
Accumulated Amortization	(11,329)	(9,503)
Net	2,271	1,646
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross	5,367	4,694
Accumulated Amortization	(3,498)	(2,590)
Net	$ 1,869	$ 2,104

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segments - Scheduled of Segment Revenue (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenue

^[1]

$ 311,136

$ 306,584

$ 295,938

Operating segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Adjusted Gross Profit

159,107

149,533

142,438

Technology

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenue

208,277

194,852

187,583

Adjusted Cost of Revenue

67,962

65,713

60,244

Technology | Operating segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Adjusted Gross Profit

140,315

129,139

127,339

Professional Services

Segment Reporting, Revenue Reconciling Item [Line Items]

Revenue

102,859

111,732

108,355

Adjusted Cost of Revenue

84,067

91,338

93,256

Professional Services | Operating segments

Segment Reporting, Revenue Reconciling Item [Line Items]

Adjusted Gross Profit

$ 18,792

$ 20,394

$ 15,099

[1]	Includes amounts attributable to related party transactions. See Note 18 for further details.

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of revenue

The following table represents Health Catalyst’s revenue disaggregated by type of arrangement (in thousands):


	Year Ended December 31,
	2025		2024		2023
Recurring technology	$	208,277	$	194,852	$	187,226
One-time technology (i.e., perpetual license)	—		—		357
Professional services	102,859		111,732		108,355
Total revenue	$	311,136	$	306,584	$	295,938

For the years ended December 31, 2025, 2024, and 2023, 96.3%, 97.2%, and 98.3% of revenue, respectively, was related to contracts with clients located in the United States.

Contract Balances and Performance Obligations

Contract balances

As of December 31, 2025 and 2024, the unbilled accounts receivable included in accounts receivable on our consolidated balance sheets was $10.1 million and $11.8 million, respectively.

As of December 31, 2025 and 2024, the total of current and non-current deferred revenue on our consolidated balance sheets was $56.5 million and $53.5 million, respectively. Deferred revenue includes advance client payments and billings in excess of revenue recognized. For the years ended December 31, 2025, 2024, and 2023 approximately $50.9 million (16%), $52.0 million (17%), and $52.9 million (18%), respectively, of the revenue recognized was included in deferred revenue at the beginning of the period.

Transaction price allocated to the remaining performance obligations

Most of our technology and professional services contracts have a three or five-year term, of which many are terminable after one year upon 90 days’ notice. For arrangements that do not allow the client to cancel within one year or less, we expect to recognize $254.4 million of revenue on unsatisfied performance obligations as of December 31, 2025. We expect to recognize approximately 70% of the remaining performance obligations over the next 24 months, with the balance recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax at U.S. statutory rate	21.00%	21.00%	21.00%
State and local income tax, net of federal tax effect	(0.10%)	(0.20%)	(0.10%)
Stock-based compensation		(7.10%)	(7.00%)
Contingent consideration		0.50%	0.00%
Transaction costs		(0.80%)	0.00%
Change in valuation allowance		(13.60%)	(14.00%)
Other, net	(0.20%)	(0.20%)	(0.20%)
Effective income tax rate	(0.40%)	(0.40%)	(0.30%)

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. We are involved in legal proceedings from time to time that arise in the normal course of business. In the opinion of management, such routine claims and lawsuits are not significant, and we do not expect them to have a material adverse effect on our business, financial condition, results of operations, or liquidity, except as noted below. We were party to the proceedings set forth below. On December 21, 2020, Pascal Metrics, Inc. (Pascal Metrics) filed a complaint against the Company in the Delaware Chancery Court (as amended, Complaint) alleging that the Company misappropriated alleged trade secrets of Pascal Metrics and seeking monetary damages. The Complaint focuses upon Patient Safety Monitor. On June 15, 2023, we entered into a settlement and mutual release agreement (Settlement Agreement) with Pascal Metrics and agreed to pay $18.8 million without admission of any wrongdoing, resolving the litigation amongst the parties. The Settlement Agreement provided us with a broad intellectual property license of the alleged trade secrets that were the subject matter of the Complaint. The Complaint was dismissed with prejudice on June 20, 2023 and the settlement amount was paid on June 27, 2023. The litigation charges were recorded as part of general and administrative expense in our consolidated statements of operations during the year ended December 31, 2023.

Accrued liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accrued liabilities

As of December 31, 2025 and 2024, accrued liabilities consisted of the following (in thousands):


	As of December 31,
	2025		2024

Accrued compensation and benefit expenses	$	5,203	$	11,655
Restructuring liabilities	704		—
Interest payable	3,380		4,803
Other accrued liabilities	9,410		9,882
Total accrued liabilities	$	18,697	$	26,340

Revenue - Narrative (Details)	12 Months Ended
Revenue - Narrative (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Geographic Concentration Risk \| Revenue from contract with customer benchmark \| UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue related to contracts with customers (percentage)	96.30%	97.20%	98.30%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We have a 401(k) defined contribution plan covering eligible employees. Our contributions were $3.4 million, $5.4 million, and $5.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. In recent years we matched 100% of the first 4% of an employees’ 401(k) plan contributions, however, these employer contributions were paused during the second half of 2025.

Revenue - Schedule of Revenue Disaggregated by Type of Arrangement (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 311,136

$ 306,584

$ 295,938

Recurring technology

Disaggregation of Revenue [Line Items]

Revenue

208,277

194,852

187,226

One-time technology (i.e., perpetual license)

Disaggregation of Revenue [Line Items]

Revenue

357

Professional services

Disaggregation of Revenue [Line Items]

Revenue

^[1]

$ 102,859

$ 111,732

$ 108,355

[1]	Includes amounts attributable to related party transactions. See Note 18 for further details.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Income Taxes - Schedule of Effective Income Tax Rate Reconciliation for the Year Ended 2025 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount
Tax at U.S. statutory rate	$ (37,224)
State and local income tax, net of federal tax effect	157
Other adjustments	430
Total income tax provision	$ 716	$ 333	$ 356
Percent
U.S federal statutory tax rate	21.00%	21.00%	21.00%
State and local income tax, net of federal tax effect	(0.10%)	(0.20%)	(0.10%)
Change in valuation allowance		(13.60%)	(14.00%)
Other, net	(0.20%)	(0.20%)	(0.20%)
Effective income tax rate	(0.40%)	(0.40%)	(0.30%)
United Kingdom
Amount
Goodwill impairment	$ 2,022
Change in valuation allowance	2,870
Other adjustments	$ (1,225)
Percent
Goodwill impairment	(1.10%)
Change in valuation allowance	(1.60%)
Other, net	0.70%
Other
Amount
Other foreign jurisdictions	$ 75
UNITED STATES
Amount
Goodwill impairment	17,487
Change in valuation allowance	13,490
Stock-based compensation	3,698
Other nondeductible items	$ (1,064)
Percent
Goodwill impairment	(9.90%)
Change in valuation allowance	(7.60%)
Stock-based compensation	(2.10%)
Other nondeductible items	0.60%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We believe cybersecurity is critical to advancing our company's mission to be the catalyst for massive, measurable, data-informed healthcare improvement. We face a multitude of cybersecurity threats that range from attacks common to most industries, such as ransomware and denial-of-service, to attacks from more advanced and persistent, highly organized groups and challenges specific to the healthcare industry. Our clients and suppliers face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these entities could materially adversely affect our operations, performance, and results of operations. We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. Our cybersecurity program incorporates industry-standard frameworks (including third-party certification), policies, and practices designed to protect the privacy and security of our sensitive information. Our third-party certifications for certain Solutions include a HITRUST Common Security Framework certification (which includes standards from frameworks such as HIPAA, ISO, EU, GDPR, NIST, and PCI to provide risk-based certification for companies in the healthcare supply chain) and a Statement on Standards for Attestation Engagements 18 (SSAE 18) System and Organization Control (SOC) 2 report that evaluates our security program, and a HIPAA security risk assessment. Additionally, for certain offerings we maintain ISO 27001 and 9001 certifications. Assessing, identifying and managing cybersecurity related risks are integrated into our overall risk management process. Cybersecurity related risks are included in the risk universe that the enterprise risk management function evaluates to assess top risks to the enterprise on an annual basis. To the extent the enterprise risk management process identifies a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion. The enterprise risk management’s annual risk assessment is presented to the board of directors. Our cybersecurity risk management program is integrated into our overall risk management program, and shares common methodologies, reporting channels and governance processes that apply across our risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material risks from cybersecurity threats to our critical systems and information; •an information security team principally responsible for managing (i) our cybersecurity risk assessment processes, (ii) our security controls, and (iii) our response to cybersecurity incidents; •the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees, including incident response personnel, and senior management; •a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers, suppliers, and vendors based upon our assessment of their criticality to our operations and respective risk profile. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. Despite the implementation of our cybersecurity program, our security measures cannot guarantee that a significant cyberattack will not occur. A successful attack on our information technology systems could have significant consequences to the business. While we devote resources to our security measures to protect our systems and information, these measures cannot provide absolute security. See “Risk Factors—Risks Related to Data and Intellectual Property” for additional information about the risks to our business associated with a breach or compromise to our information technology systems.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors (Board) oversees management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Our cybersecurity program is led by our Chief Information Security Officer (CISO) and includes a team of cybersecurity and security compliance professionals. The cybersecurity program is further strengthened through support of our General Counsel and Chief Compliance and Data Privacy Officer. Our legal and cybersecurity teams work closely together to support and bolster our cybersecurity program. Our cybersecurity team reports to our Audit Committee quarterly on information security and cybersecurity matters, or where it deems appropriate, including with respect to any cybersecurity incidents it considers to be significant or potentially significant. Our Audit Committee has oversight responsibility for our data security practices, including oversight of management’s implementation of our cybersecurity risk management program, and we believe the Audit Committee has the requisite skills and visibility into the design and operation of our data security practices to fulfill this responsibility effectively. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity, as appropriate. The full Board also receives briefings from management on our cyber risk management program. From time to time, Board members receive presentations on cybersecurity topics from our CISO, internal cybersecurity team or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Audit Committee has oversight responsibility for our data security practices, including oversight of management’s implementation of our cybersecurity risk management program, and we believe the Audit Committee has the requisite skills and visibility into the design and operation of our data security practices to fulfill this responsibility effectively.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity, as appropriate. The full Board also receives briefings from management on our cyber risk management program. From time to time, Board members receive presentations on cybersecurity topics from our CISO, internal cybersecurity team or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]	Our management team, including our CISO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Information Security team’s experience includes more than 75 years of combined IT experience, 35 of which are focused specifically on Information Security. The broader Information Security team’s accredited industry certifications include Certified Information Systems Security Professional (CISSP), Certified Chief Information Security Officer,Certified Information Security Manager (CISM), Certified in Risk and Information Systems Control (CRISC), Certified Information Systems Auditor (CISA), Certificate of Cloud Security Knowledge (CCSK), Certified Cloud Security Professional (CCSP), and Blue Team Level II, Certified CyberDefender, GIAC Certified Incident Handler, GIAC Certified Forensic Analyst, GIAC Web Application Penetration Tester, CompTIA CySA+, Comptia PenTest+, Comptia Secuirty+, Certified Ethical Hacker. Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us; and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, including our CISO, is responsible for assessing and managing our material risks from cybersecurity threats.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The company’s current CISO has more than two decades of IT leadership experience and holds several relevant IT and healthcare specific certifications including CISSP, CISM, CICISO, CRISC, CISA, CCSK and CCSP, and has a Bachelor of Applied Arts in Computer Information Systems and a Master of Science in Medical Informatics. Our management team, including our CISO, is responsible for assessing and managing our material risks from cybersecurity threats. The team has primary responsibility for our overall cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants. Our Information Security team’s experience includes more than 75 years of combined IT experience, 35 of which are focused specifically on Information Security. The broader Information Security team’s accredited industry certifications include Certified Information Systems Security Professional (CISSP), Certified Chief Information Security Officer,Certified Information Security Manager (CISM), Certified in Risk and Information Systems Control (CRISC), Certified Information Systems Auditor (CISA), Certificate of Cloud Security Knowledge (CCSK), Certified Cloud Security Professional (CCSP), and Blue Team Level II, Certified CyberDefender, GIAC Certified Incident Handler, GIAC Certified Forensic Analyst, GIAC Web Application Penetration Tester, CompTIA CySA+, Comptia PenTest+, Comptia Secuirty+, Certified Ethical Hacker.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity team reports to our Audit Committee quarterly on information security and cybersecurity matters, or where it deems appropriate, including with respect to any cybersecurity incidents it considers to be significant or potentially significant. Our Audit Committee has oversight responsibility for our data security practices, including oversight of management’s implementation of our cybersecurity risk management program, and we believe the Audit Committee has the requisite skills and visibility into the design and operation of our data security practices to fulfill this responsibility effectively. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity, as appropriate. The full Board also receives briefings from management on our cyber risk management program. From time to time, Board members receive presentations on cybersecurity topics from our CISO, internal cybersecurity team or external experts as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock-Based Compensation - Narrative (Details) - USD ($)					1 Months Ended	12 Months Ended
	Jan. 22, 2025	Oct. 02, 2023	Apr. 29, 2022	Feb. 24, 2022	Jul. 31, 2019	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation capitalized as internal-use software						$ 1,020,000	$ 1,018,000	$ 889,000
Service period (in years)						4 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)						0	0	0
Options vested (in shares)						0	0
Exercise of stock options (in shares)						0
Shares exercised in period						$ 0	$ 100,000	$ 700,000
Total grant-date fair value of stock options vested						0	0	400,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of stock options vested						$ 27,400,000	$ 37,300,000	$ 51,300,000
Vesting period						4 years
Granted (in USD per share)						$ 4.49	$ 8.51	$ 11.77
Unrecognized stock-based compensation expense related to RSUs						$ 20,800,000
Nonvested awards, period for recognition						2 years
Restricted stock units \| Upfront Healthcare Services \| Common Stock and Additional Paid-In Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares of common stock (in shares)	151,148
Restricted stock units \| Vesting monthly over one year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						1 year
Performance-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of stock options vested						$ 1,500,000	$ 600,000	$ 4,800,000
Granted (in USD per share)						$ 4.79	$ 9.45	$ 12.42
Unrecognized stock-based compensation expense related to RSUs						$ 2,200,000
Nonvested awards, period for recognition						1 year 2 months 12 days
Measurement period (in years)						3 years
Performance-based restricted stock units \| Cliff vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent						33.33%
Performance-based restricted stock units \| Vesting monthly over one year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent						33.33%
Performance-based restricted stock units \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent						33.33%
Performance-based restricted stock units \| Weighted Average \| Measurement Input, Total Shareholder Return
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent						25.00%
Performance-based restricted stock units \| Weighted Average \| Measurement Input, Revenue Multiple
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent						25.00%
Performance-based restricted stock units \| Weighted Average \| Measurement Input, EBITDA Multiple
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent						50.00%
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)					750,000
Percentage increase of the number of common stock shares (in percentage)					1.00%
Shares available for grant (in shares)						1,679,607			640,437
Total grant-date fair value of stock options vested						$ 1,500,000
ESPP share increase in period (in shares)					750,000
Employee stock purchase plan period						6 months
Maximum employee subscription rate						15.00%
Maximum purchase value during offering period						$ 25,000
Denominator of lowest purchase of a participant (in shares)						2,500
Purchase price of common stock (in percentage)						85.00%
Shares issued in period (in shares)						562,833
Per share weighted average price of shares purchased (in USD per share)						$ 2.68
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense related to RSUs						$ 200,000
Nonvested awards, period for recognition						7 months 6 days
Restricted shares \| Upfront Healthcare Services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)		18 months
Options vested (in shares)						86,975
Number of restricted shares issued (in shares)	106,196
Restricted shares \| ERS
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)		18 months
Number of restricted shares issued (in shares)		175,901
Restricted shares \| ARMUS Corporation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period (in years)			18 months
Number of restricted shares issued (in shares)			235,330
Release of shares, period			18 months
Restricted shares \| KPI Ninja
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percent				25.00%
Number of restricted shares issued (in shares)				356,919
Release of shares, period				6 months
Stock Incentive Plan 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)						2,756,607
Number of additional shares authorized (in shares)						256,607
Percentage increase of the number of common stock shares (in percentage)						5.00%
Stock Incentive Plan 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)						2,500,000			3,202,189
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)						26,846,400	23,644,211	20,717,667
Shares available for grant (in shares)						2,328,350	4,288,278	3,831,444

Description of Business and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of operating segments \| segment	2
Number of reportable segments \| segment	2
Notice required for termination for most subscription contracts	90 days
Deferred commissions current	$ 1,800,000	$ 2,100,000
Deferred contract acquisition cost amortization period	12 months
Deferred commissions non current	$ 2,400,000	2,900,000
Estimated period of benefit	4 years
Amortization of deferred contract acquisition costs	$ 3,100,000	2,700,000	$ 2,300,000
Impairment losses recorded on deferred contract costs	0	0	0
Impairment of goodwill and intangible assets	105,386,000	0	0
Acquisition related costs	3,000,000.0	8,000,000.0	3,500,000
Advertising expense	$ 3,100,000	$ 5,100,000	$ 2,600,000
Technology and professional services
Subsidiary, Sale of Stock [Line Items]
Allowed termination period	1 year
Minimum \| Technology and professional services
Subsidiary, Sale of Stock [Line Items]
Service contract term	3 years
Maximum
Subsidiary, Sale of Stock [Line Items]
Term for most subscription contracts	5 years
Maximum \| Technology and professional services
Subsidiary, Sale of Stock [Line Items]
Service contract term	5 years

Short-term Investments - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Interest receivable	$ 0.3	$ 0.6

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Common stock, beginning balance (in shares) at Dec. 31, 2022		55,261,922
Beginning balance at Dec. 31, 2022	$ 425,010	$ 1,424,681	$ (999,023)	$ (648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units and restricted shares (in shares)		2,628,206
Vesting of restricted stock units and restricted shares	0
Issuance of common stock under ESPP (in shares)		419,680
Issuance of common stock under ESPP	3,588	$ 3,588
Exercise of stock options (in shares)		130,710
Exercise of stock options	950	$ 950
Stock-based compensation	56,645	$ 56,645
Issuance of common stock as acquisition consideration	0
Repurchase of common stock (in shares)		(145,027)
Repurchase of common stock	(1,808)	$ (1,808)
Net loss	(118,147)		(118,147)
Other comprehensive income (loss)	681			681
Common stock, ending balance (in shares) at Dec. 31, 2023		58,295,491
Ending balance at Dec. 31, 2023	366,919	$ 1,484,056	(1,117,170)	33
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units and restricted shares (in shares)		2,292,131
Vesting of restricted stock units and restricted shares	0
Issuance of common stock under ESPP (in shares)		453,463
Issuance of common stock under ESPP	2,411	$ 2,411
Exercise of stock options (in shares)		26,668
Exercise of stock options	169	$ 169
Stock-based compensation	41,146	$ 41,146
Issuance of common stock as acquisition consideration (in shares)		2,976,046
Issuance of common stock as acquisition consideration	24,932	$ 24,932
Net loss	(69,502)		(69,502)
Other comprehensive income (loss)	$ (868)			(868)
Common stock, ending balance (in shares) at Dec. 31, 2024	64,043,799	64,043,799
Ending balance at Dec. 31, 2024	$ 365,207	$ 1,552,714	(1,186,672)	(835)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of restricted stock units and restricted shares (in shares)		2,963,718
Vesting of restricted stock units and restricted shares	0
Issuance of common stock under ESPP (in shares)		562,833
Issuance of common stock under ESPP	1,510	$ 1,510
Stock-based compensation	28,032	$ 28,032
Issuance of common stock as acquisition consideration (in shares)		5,560,583
Issuance of common stock as acquisition consideration	31,584	$ 31,584
Repurchase of common stock (in shares)		(1,103,601)
Repurchase of common stock	(5,000)	$ (5,000)
Net loss	(177,974)		(177,974)
Other comprehensive income (loss)	$ 2,421			2,421
Common stock, ending balance (in shares) at Dec. 31, 2025	72,027,332	72,027,332
Ending balance at Dec. 31, 2025	$ 245,780	$ 1,608,840	$ (1,364,646)	$ 1,586

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Allowance For Accounts Receivable

We reassess the adequacy of the allowance for credit losses each reporting period. The following table presents a rollforward of the allowance for credit losses (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	4,200	$	4,105	$	2,300
Current period provision for expected credit losses	1,503		1,202		1,821
Write-offs, net of recoveries	(2,003)		(1,107)		(16)
Balance at end of period	$	3,700	$	4,200	$	4,105

Schedule of Property and Equipment, Useful Life

The estimated useful life of each asset category is as follows:


Computer equipment			2-3 years
Furniture and fixtures			3-5 years
Leasehold improvements			Lesser of lease term or estimated useful life
Computer software			2-5 years
Capitalized internal-use software costs			2-3 years

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2025		2024

Computer equipment	$	10,027	$	10,309
Leasehold improvements	6,314		8,456
Furniture and fixtures	3,796		3,757
Capitalized internal-use software costs	66,916		46,143
Computer software	111		111

Total property and equipment	87,164		68,776
Less: accumulated depreciation	(53,326)		(39,382)
Property and equipment, net	$	33,838	$	29,394

Schedule of Intangible Asset, Useful Life

The estimated useful life of each asset category is as follows:


Developed technologies			3-10 years
Client relationships and contracts			2-7 years
Computer software licenses			1-5 years
Trademarks			1-5 years

As of December 31, 2025, intangible assets consisted of the following (in thousands):


	Gross		Accumulated Amortization		Net
Developed technologies	$	141,101	$	(110,621)	$	30,480
Client relationships and contracts	115,808		(72,750)		43,058
Computer software licenses	13,600		(11,329)		2,271
Trademarks	5,367		(3,498)		1,869
Total intangible assets	$	275,876	$	(198,198)	$	77,678

As of December 31, 2024, intangible assets consisted of the following (in thousands):


	Gross		Accumulated Amortization		Net
Developed technologies	$	124,109	$	(93,611)	$	30,498
Client relationships and contracts	108,824		(57,020)		51,804
Computer software licenses	11,149		(9,503)		1,646
Trademarks	4,694		(2,590)		2,104
Total intangible assets	$	248,776	$	(162,724)	$	86,052

The weighted-average remaining amortization period by type of intangible assets as of December 31, 2025 is as follows:


			Weighted-Average Remaining Amortization Period (years)
Developed technologies			2.1
Client relationships and contracts			3.8
Computer software licenses			2.1
Trademarks			2.7

Segments - Narrative (Details)	12 Months Ended
Segments - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segments

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segments

We operate our business in two operating segments that also represent our reportable segments. Our business is organized based on our technology offerings and professional services. Accordingly, our segments are:

•Technology - Our technology segment (Technology) includes our data platform, analytics applications and support services and generates revenues primarily from contracts that are cloud-based subscription arrangements, time-based license arrangements, and maintenance and support fees; and

•Professional Services - Our professional services segment (Professional Services) is generally the combination of analytics, implementation, strategic advisory, outsource, and improvement services to deliver expertise to our clients to more fully configure and utilize the benefits of our Technology offerings.

Revenues and cost of revenues generally are directly attributed to our segments. All segment revenues are from our external clients. Asset and other balance sheet information at the segment level is not reported to our CODM. The CODM is regularly provided with and reviews revenue and Adjusted Gross Profit by operating segment. The CODM uses Adjusted Gross Profit as the primary measure of our profit used to assess performance and allocate resources between the two operating segments. Adjusted Cost of Revenue is a significant segment expense that is easily computable by subtracting segment Adjusted Gross Profit from segment revenue. Adjusted Gross Profit and Adjusted Cost of Revenue are non-GAAP financial measures, have limitations as analytical tools, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP.

The reconciliation between consolidated loss before income tax to reportable segment Adjusted Gross Profit is as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Adjusted Gross Profit:
Technology	$	140,315	$	129,139	$	127,339
Professional Services	18,792		20,394		15,099
Total reportable segments Adjusted Gross Profit	159,107		149,533		142,438
Less Adjusted Gross Profit reconciling items:
Stock-based compensation	(4,475)		(7,741)		(9,235)
Acquisition-related costs, net(3)	(328)		(753)		(664)
Restructuring costs	(2,629)		(260)		(706)
Less other reconciling items:
Sales and marketing	(52,477)		(54,387)		(67,321)
Research and development	(49,770)		(57,950)		(72,627)
General and administrative	(49,559)		(56,817)		(76,559)
Depreciation and amortization	(50,500)		(41,431)		(42,223)
Impairment of goodwill and intangible assets	(110,223)		—		—

Interest and other income (expense), net	(16,404)		637		9,106
Loss before income taxes	$	(177,258)	$	(69,169)	$	(117,791)

____________________

(3) Acquisition-related costs, net include deferred retention expenses following the Lumeon, Carevive, ARMUS, and KPI Ninja acquisitions.

Revenue, Adjusted Cost of Revenue, and Adjusted Gross Profit by operating segment were as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Technology:
Revenue	$	208,277	$	194,852	$	187,583
Adjusted Cost of Revenue(1)	67,962		65,713		60,244
Adjusted Gross Profit	$	140,315	$	129,139	$	127,339

Professional Services:
Revenue	$	102,859	$	111,732	$	108,355
Adjusted Cost of Revenue(2)	84,067		91,338		93,256
Adjusted Gross Profit	$	18,792	$	20,394	$	15,099

____________________

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Description of Business and Summary of Significant Accounting Policies - Schedule of Property and Equipment Useful Life (Details)	Dec. 31, 2025
Computer equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	2 years
Computer equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Computer software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	2 years
Computer software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Capitalized internal-use software costs \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	2 years
Capitalized internal-use software costs \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years

Net Loss Per Share - Schedule of Share Totals with a Potentially Dilutive Impact (Details)	12 Months Ended
	Dec. 31, 2025 shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Apr. 14, 2020 $ / instrument	Apr. 08, 2020 $ / instrument
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	7,474,540	12,599,301	12,448,289
Cash Flow Hedging \| Designated as Hedging Instrument \| Capped Call
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Cap price (in USD per share) \| $ / instrument				42.00	42.00
Capped Call \| Cash Flow Hedging \| Designated as Hedging Instrument
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	2,700,000
Common stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	842,085	1,053,251	1,396,452
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	4,004,505	3,505,406	3,111,584
Performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	2,521,754	524,313	188,533
Shares related to convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	0	7,516,331	7,516,331
Restricted shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	106,196	0	235,389
Shares issuable as acquisition-related contingent consideration
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares with a potentially dilutive impact (in shares)	0	0	0

Property and Equipment - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 87,164	$ 68,776
Less: accumulated depreciation	(53,326)	(39,382)
Property and equipment, net	33,838	29,394
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	10,027	10,309
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	6,314	8,456
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	3,796	3,757
Capitalized internal-use software costs
Property, Plant and Equipment [Line Items]
Total property and equipment	66,916	46,143
Computer software
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 111	$ 111

Segments - Schedule of Segment Adjusted Gross Profit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Less Adjusted Gross Profit reconciling items:
Stock-based compensation	$ (27,012)	$ (40,128)	$ (55,756)
Acquisition-related costs, net	(3,000)	(8,000)	(3,500)
Less other reconciling items:
Sales and marketing	(52,477)	(54,387)	(67,321)
Research and development	(49,770)	(57,950)	(72,627)
General and administrative	(49,559)	(56,817)	(76,559)
Depreciation and amortization	(50,500)	(41,431)	(42,223)
Impairment of goodwill and intangible assets	(110,223)	0	0
Interest and other (expense) income, net	16,404	(637)	(9,106)
Loss before income taxes	(177,258)	(69,169)	(117,791)
Operating segments
Adjusted Gross Profit:
Adjusted Gross Profit	159,107	149,533	142,438
Operating segments \| Technology
Adjusted Gross Profit:
Adjusted Gross Profit	140,315	129,139	127,339
Operating segments \| Professional Services
Adjusted Gross Profit:
Adjusted Gross Profit	18,792	20,394	15,099
Segment reconciling items
Less Adjusted Gross Profit reconciling items:
Stock-based compensation	(4,475)	(7,741)	(9,235)
Acquisition-related costs, net	(328)	(753)	(664)
Restructuring costs	(2,629)	(260)	(706)
Less other reconciling items:
Sales and marketing	(52,477)	(54,387)	(67,321)
Research and development	(49,770)	(57,950)	(72,627)
General and administrative	(49,559)	(56,817)	(76,559)
Depreciation and amortization	(50,500)	(41,431)	(42,223)
Interest and other (expense) income, net	$ (16,404)	$ 637	$ 9,106

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Time-Based Option Shares
Outstanding at beginning or period (in shares)	1,053,251
Options cancelled/expired (in shares)	(211,166)
Outstanding at end of period (in shares)	842,085	1,053,251
Vested and expected to vest (in shares)	842,085
Vested and exercisable (in shares)	842,085
Weighted Average Exercise Price
Options outstanding, beginning balance, weighted-average exercise price, beginning balance (in USD per share)	$ 11.99
Options cancelled/expired , weighted-average exercise price, (in USD per share)	10.50
Options outstanding, ending balance, weighted-average exercise price, ending balance (in USD per share)	12.36	$ 11.99
Vested and expected to vest (in USD per share)	12.36
Vested and exercisable (in USD per share)	$ 12.36
Weighted Average Remaining Contractual Life in Years
Option shares outstanding, weighted average remaining contractual life	2 years 6 months	3 years 1 month 6 days
Vested and expected to vest, weighted average remaining contractual life	2 years 6 months
Vested and exercisable, weighted average remaining contractual life	2 years 6 months
Aggregate Intrinsic Value
Option shares outstanding, aggregate intrinsic value	$ 0	$ 0
Option shares vested and expected to vest, aggregate intrinsic value	0
Option shares vested and exercisable, aggregate intrinsic value	$ 0

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Cash paid for income taxes, net		$ 300	$ 300
Change in valuation allowance	$ 26,300	$ 42,300
Unrecognized tax benefits, impact effective tax rate	0
Domestic Tax Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	787,800
Domestic Tax Jurisdiction \| Research and Development Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	25,500
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	647,700
State \| Research and Development Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 10,700

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Nature of operations

Health Catalyst, Inc. (Health Catalyst) was incorporated under the laws of Delaware in September 2011. We are a leading provider of data and analytics technology and services to healthcare organizations. Our Solution comprises our cloud-based data platform, software analytics applications, and expertise. Our clients, which are primarily healthcare providers, use our Solution to manage their data, derive analytical insights to operate their organization, and produce measurable clinical, financial, and operational improvements.

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP).

Principles of consolidation

The consolidated financial statements include the accounts of Health Catalyst and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.

Use of estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an on-going basis, we evaluate our estimates, including those related to revenue recognition, reserves for expected credit losses, useful lives of property and equipment, capitalization and estimated useful life of internal-use software, impairment assessments of goodwill, intangible assets, and other long-lived assets, fair value of financial instruments, deferred tax assets, stock-based compensation, contingent consideration, the period of benefit for deferred contract acquisition costs, the incremental borrowing rate used for operating leases, and tax uncertainties. Actual results could differ significantly from those estimates.

Segment reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is evaluated by our Chief Executive Officer, who we have concluded is our chief operating decision maker (CODM) in assessing performance and making decisions regarding resource allocation. We operate our business in two operating segments that also represent our reportable segments. Our segments are (1) technology and (2) professional services.

The CODM is regularly provided with and uses Adjusted Gross Profit as the measure of our profit used to assess performance and allocate resources between the two operating segments. This measure is utilized during our budgeting and forecasting process to assess profitability and enable decision making regarding strategic initiatives, capital investments, and personnel across our two operating segments. Refer to Note 20—Segments for additional details.

Net loss per share

Basic net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock outstanding. Diluted net loss per share is calculated by giving effect to all potentially dilutive common stock equivalents outstanding for the period, when dilutive, including the effect of shares issuable as acquisition-related contingent consideration. For purposes of this calculation, stock options, restricted stock units (RSUs), performance-based restricted stock units (PRSUs), convertible senior notes, restricted shares, and purchase rights committed under the employee stock purchase plan are considered to be common stock equivalents but have been excluded from the calculation of diluted net loss per share attributable to common stockholders as the effect is anti-dilutive.

Revenue recognition

We derive our revenue primarily from technology subscriptions and professional services. We determine revenue recognition by applying the following steps:

•Identification of the contract, or contracts, with a client;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, we satisfy the performance obligation.

We recognize revenue net of any taxes collected from clients and subsequently remitted to governmental authorities.

Technology revenue

Technology revenue primarily consists of subscription fees charged to clients for access to use our technology. We provide clients access to our technology through either an all-access or limited-access, modular subscription.

The majority of our subscription arrangements are cloud-based and do not provide clients the right to take possession of the technology or contain a significant penalty if the client were to take possession of the technology. Revenue from cloud-based subscriptions is recognized ratably over the contract term beginning on the date that the service is made available to the client. Our subscription contracts generally have a three or five-year term, of which many are terminable after one year upon 90 days’ notice.

Subscriptions that allow the client to take software on-premise without significant penalty are treated as time-based licenses. These arrangements generally include access to technology, access to unspecified future products, and maintenance and support. Revenue for upfront access to our technology library is recognized at a point in time when the technology is made available to the client. Revenue for access to unspecified future products included in time-based license subscriptions is recognized ratably over the contract term beginning on the date that the access is made available to the client.

Professional services revenue

Professional services revenue primarily includes data and analytics services, domain expertise services, TEMS, and implementation services. Professional services arrangements typically include a fee for making full-time equivalent (FTE) services available to our clients on a monthly basis. FTE services generally consist of a blend of analytic engineers, analysts, and data scientists based on the domain expertise needed to best serve our clients. Professional services are typically considered distinct from the technology offerings and revenue is generally recognized as the service is provided using the “right to invoice” practical expedient.

Contracts with multiple performance obligations

Many of our contracts include multiple performance obligations. We account for performance obligations separately if they are capable of being distinct within the context of the contract. In these circumstances, the transaction price is allocated to separate performance obligations on a relative standalone selling price basis. We determine standalone selling prices based on the observable price a good or service is sold for separately when available. In cases where standalone selling prices are not directly observable, based on information available, we utilize the expected cost plus a margin, adjusted market assessment, or residual estimation methods. We consider all information available including our overall pricing objectives, market conditions, and other factors, which may include client demographics and the types of users.

Standalone selling prices are not directly observable for our all-access and limited-access technology arrangements, which are composed of cloud-based subscriptions, time-based licenses, and perpetual licenses. For these technology arrangements, we generally use the residual estimation method due to a limited number of standalone transactions and/or prices that are highly variable.

Variable consideration

We have also entered into at-risk and shared savings arrangements with certain clients whereby we receive variable consideration based on the achievement of measurable improvements that may include cost savings or performance against metrics. For these arrangements, we estimate revenue using the most likely amount that we will receive. Estimates are based on our historical experience and best judgment at the time to the extent it is probable that a significant reversal of revenue recognized will not occur. Due to the nature of our arrangements, certain estimates may be constrained until the uncertainty is further resolved.

Contract balances

Contract assets resulting from services performed prior to invoicing clients are recorded as unbilled accounts receivable and are presented on the consolidated balance sheets in aggregate with accounts receivable. Unbilled accounts receivable generally become billable at contractually specified dates or upon the attainment of contractually defined milestones.

We record contract liabilities as deferred revenue when cash payments are received or due in advance of performance. Deferred revenue includes advance consideration received from the client and billings in excess of revenue recognized.

Refer to Note 17— Contract Balances and Remaining Performance Obligations for additional details.

Deferred costs

We capitalize sales commissions, and associated fringe costs, such as benefits and payroll taxes, paid to direct sales personnel and other incremental costs of obtaining contracts with clients, provided we expect to recover those costs. We determine that costs should be deferred based on our sales compensation plans when the commissions are incremental and would not have occurred absent the client contract. As of December 31, 2025 and 2024, $1.8 million and $2.1 million, respectively, of deferred contract acquisition costs are expected to be amortized within the next 12 months and are included in prepaid expenses and other assets on the consolidated balance sheets. As of December 31, 2025 and 2024, the remaining $2.4 million and $2.9 million, respectively, of deferred contract acquisition costs are included in non-current other assets.

Commissions paid upon the initial acquisition of a contract are amortized on a straight-line basis over an estimated period of benefit of four years. Amortization is recognized on a straight-line basis commensurate with the pattern of revenue recognition. The period of benefit was estimated by considering factors such as estimated average client life, the rate of technological change in our subscription service, and the impact of competition in our industry. As our average client life significantly exceeded the rate of change in our technology, we concluded that the rate of change in the technology underlying our subscription service was the most significant factor in determining the period of benefit for which the asset relates. In evaluating the rate of change in our technology, we considered the competition in our industry, our commitment to continuous innovation, and the frequency of product, platform, and technology updates. We determined that the impact of competition in our industry is reflected in the period of benefit through the rate of technological change. Amortization of deferred contract acquisition costs was $3.1 million, $2.7 million, and $2.3 million for the years ended December 31, 2025, 2024, and 2023, respectively, which is included within sales and marketing expense in the consolidated statements of operations.

We defer certain costs to fulfill a contract when the costs are expected to be recovered, are directly related to in-process contracts, and enhance resources that will be used in satisfying performance obligations in the future. These deferred fulfillment costs primarily consist of employee compensation incurred as part of the implementation of new contracts. Amortization of deferred fulfillment costs is included within cost of revenue in the consolidated statements of operations.

We periodically review these deferred costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit. There were no impairment losses recorded during the periods presented.

Cost of revenue, excluding depreciation and amortization

Cost of technology revenue primarily consists of costs associated with hosting and supporting our technology, including third-party cloud computing and hosting costs, license and revenue share fees, contractor costs, and salary and related personnel costs for our cloud services and support teams. Cost of professional services revenue primarily consists of salary and related personnel costs, travel-related costs, and independent contractor costs. Cost of revenue excludes costs related to depreciation and amortization.

Cash and cash equivalents

We consider all highly liquid investments purchased with a remaining maturity of three months or less at the time of acquisition to be cash equivalents.

Short-term investments

Our investment policy limits investments to highly-rated instruments. We classify and account for our short-term investments as available for sale securities as we may sell these securities at any time for use in our current operations or for other purposes, even prior to maturity. As a result, we classify our short-term investments, including securities with contractual maturities beyond twelve months, within current assets in the consolidated balance sheets.

Accounts receivable

Accounts receivable are non-interest bearing and are recorded at the original invoiced amount less an allowance for credit losses based on the probability of future collections. Our allowance is based on our estimate of expected credit losses for outstanding trade accounts receivables and unbilled receivables. We determine expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, client payment patterns, the establishment of specific reserves for clients in an adverse financial condition, and our expectations of changes in macroeconomic conditions, including high interest rates and high inflation, that may impact the collectability of outstanding receivables.

We reassess the adequacy of the allowance for credit losses each reporting period. The following table presents a rollforward of the allowance for credit losses (in thousands):


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	4,200	$	4,105	$	2,300
Current period provision for expected credit losses	1,503		1,202		1,821
Write-offs, net of recoveries	(2,003)		(1,107)		(16)
Balance at end of period	$	3,700	$	4,200	$	4,105

Property and equipment

Property and equipment are stated at historical cost less accumulated depreciation. Repairs and maintenance costs that do not extend the useful life or improve the related assets are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful life of each asset category is as follows:


Computer equipment			2-3 years
Furniture and fixtures			3-5 years
Leasehold improvements			Lesser of lease term or estimated useful life
Computer software			2-5 years
Capitalized internal-use software costs			2-3 years

When there are indicators of potential impairment, we evaluate the recoverability of the carrying values by comparing the carrying amount of the applicable asset group to the estimated undiscounted future cash flows expected to be generated by the asset group over the remaining useful life of the primary asset, plus any terminal value, in the asset group. If the carrying amount of the asset group exceeds those estimated future net cash flows, an impairment charge is recognized based on the amount by which the carrying value of the long-lived assets exceeds the fair value of the assets.

Intangible assets

Intangible assets include developed technologies, client relationships, client contracts, and trademarks that were acquired in business combinations and asset acquisitions. Intangible assets also include the purchase of third-party computer software. The intangible assets are amortized using the straight-line method over the assets’ estimated useful lives. The estimated useful life of each asset category is as follows:


Developed technologies			3-10 years
Client relationships and contracts			2-7 years
Computer software licenses			1-5 years
Trademarks			1-5 years

Goodwill

We operate our business in two operating segments that also represent our reporting units. Our reporting units are organized based on our technology and professional services. We record goodwill as the difference between the aggregate consideration paid for a business combination and the fair value of the identifiable net tangible and intangible assets acquired. Goodwill includes the know-how of the assembled workforce, the ability of the workforce to further improve technology and product offerings, client relationships, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations. Goodwill is assessed for impairment annually on October 31 or more frequently if indicators of impairment are present or circumstances suggest that impairment may exist.

Our first step in the goodwill impairment test is a qualitative analysis of factors that could be indicators of potential impairment. Judgment in the assessment of qualitative factors of impairment may include changes in business climate, market conditions, or other events impacting the reporting unit. Next, if a quantitative analysis is necessary, we compare the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit exceeds its carrying amount, the goodwill of the reporting unit is not considered impaired. Performing a quantitative goodwill impairment test includes the determination of the fair value of a reporting unit, which requires management to use significant judgment and estimation. The significant estimation is primarily due to the judgmental nature of the inputs to the valuation models used to measure the fair value of the reporting units, as well as the sensitivity of the respective fair values to the underlying significant assumptions. Typical methods to estimate the fair value of reporting units include using the income or market approaches.

The significant assumptions used to form the basis of the estimates include, among others, the selection of valuation methodologies, estimates of expected revenue, including revenue growth rates, and operating margins used to calculate projected future cash flows, risk-adjusted discount rates, and the selection of appropriate market comparable companies. Many of these significant assumptions are forward-looking and could be affected by future economic and market conditions. If a quantitative analysis is necessary, we typically engage the assistance of a valuation specialist in concluding on fair value measurements in connection with determining the fair values of our reporting units. If the carrying amount of the reporting unit exceeds its fair value, we would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value.

We recorded goodwill impairment of $105.4 million during the year ended December 31, 2025. Refer to Note 4—Goodwill and Intangible Assets for additional details. There was no impairment of goodwill for the years ended December 31, 2024 and 2023.

Business combinations

The results of businesses acquired in a business combination are included in our consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business generally being recorded at their estimated fair value on the acquisition date. Any excess consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed is recognized as goodwill.

We perform valuations of assets acquired and liabilities assumed on each acquisition accounted for as a business combination in order to record the tangible and intangible assets acquired and liabilities assumed based on our best estimate of fair value. Determining the fair value of assets acquired and liabilities assumed requires management to use significant judgment and estimates including the selection of valuation methodologies, estimates of future revenue and cash flows, discount rates, and selection of comparable companies. Significant estimation is required in determining the fair value of the client-related intangible assets and technology-related intangible assets.

The significant estimation is primarily due to the judgmental nature of the inputs to the valuation models used to measure the fair value of these intangible assets, as well as the sensitivity of the respective fair values to the underlying significant assumptions. We typically use the income approach or cost approach to measure the fair value of intangible assets. The significant assumptions used to form the basis of the estimates included the number of engineer hours required to develop technology, expected revenue including revenue growth rates, rate and timing of obsolescence, royalty rates and earnings before interest, taxes, depreciation and amortization (EBITDA) margin used in the estimate for client relationships, and backlog. Many of these significant assumptions were forward-looking and could be affected by future economic and market conditions. We engage the assistance of valuation specialists in concluding on fair value measurements in connection with determining fair values of material assets acquired and liabilities assumed in a business combination.

For the years ended December 31, 2025, 2024, and 2023, we expensed $3.0 million, $8.0 million and $3.5 million, respectively, of transaction costs associated with business combinations. The costs were expensed as incurred and are included in general and administrative expense in our consolidated statements of operations.

Contingent consideration liabilities

Our acquisition consideration in business combinations may include an estimate for contingent consideration that will be paid if certain earn-out performance targets are met. The resulting contingent consideration liabilities are categorized as a Level 3 fair value measurement because we estimate projections during the earn-out period utilizing unobservable inputs, including various potential pay-out scenarios based on billings and revenue-related earn-out targets. Changes to the unobservable inputs could have a material impact on our consolidated financial statements. We generally value the expected contingent consideration and the corresponding liabilities using a probability model such as the Monte Carlo method or Black-Scholes Model based on estimates of potential payment scenarios. Probabilities are applied to each potential scenario and the resulting values are discounted using a rate that considers weighted average cost of capital as well as a specific risk premium associated with the riskiness of the earn-out itself, the related projections, projected payment dates, and volatility in the fair value of our common stock. The fair value of the contingent consideration is remeasured each reporting period.

As applicable, the portion of the contingent consideration liabilities that will be settled in shares of our common stock is classified as a component of non-current liabilities in our consolidated balance sheets, while the portion to be paid in cash is classified as a component of current liabilities. Changes to the contingent consideration liabilities are reflected as part of general and administrative expense in our consolidated statements of operations. Refer to Note 7—Fair Value of Financial Instruments for additional details related to contingent consideration liabilities outstanding during the year ended December 31, 2025.

Advertising costs

All advertising costs are expensed as incurred. For the years ended December 31, 2025, 2024, and 2023, we incurred $3.1 million, $5.1 million, and $2.6 million in advertising costs, respectively.

Development costs and internal-use software

For technology products that are developed to be sold externally or installed on premise, we determined that technological feasibility is reached shortly before the products are ready for general release. Any costs associated with software development between the time technological feasibility is reached and general release are not material.

We capitalize certain development costs incurred in connection with our internal-use software. These capitalized costs are primarily related to the software platforms that are hosted by us and accessed by our clients on a subscription basis. Costs incurred in the preliminary stages of development are expensed as incurred as research and development costs. Once an application has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use.

We also capitalize costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Capitalized costs are recorded as part of property and equipment. Maintenance and training costs are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life with amortization included in depreciation and amortization expense in our consolidated statements of operations.

Stock-based compensation

Stock-based awards, including stock options, restricted stock units, performance-based restricted stock units, and restricted shares are measured and recognized in the consolidated financial statements based on the fair value of the award on the grant date or, when applicable, the modification date. The grant date fair value of our stock-based awards is typically determined using the market closing price of our common stock on the date of grant; however, if necessary we also consider whether any adjustments are required when the market closing price does not reflect certain material non-public information that we know but is unavailable to marketplace participants on the date of grant. We record forfeitures of stock-based awards as the actual forfeitures occur. The measurement date for non-employee awards is the date of grant. The compensation expense for non-employees is recognized, without changes in the fair value of the award, in the same period and in the same manner as though we had paid cash for the services, which is typically the vesting period of the respective award.

For awards subject to performance conditions, we record expense when the performance condition becomes probable. Each reporting period, we evaluate the probability of achieving the performance criteria, estimate the number of shares that are expected to vest, and adjust the related compensation expense accordingly. For awards subject to market conditions, we estimate the fair value as of the grant date using a Monte Carlo simulation valuation model which requires the use of various assumptions, including historic stock price volatility and risk-free interest rates as of the valuation date corresponding to the length of time remaining in the performance period. Stock-based compensation expense for awards with market conditions is recognized over the requisite service period using the accelerated attribution method and is not reversed if the market condition is not met.

Stock-based compensation expense related to purchase rights issued under the 2019 Health Catalyst Employee Stock Purchase Plan (ESPP) is based on the Black-Scholes option-pricing model fair value of the estimated number of awards as of the beginning of the offering period. Stock-based compensation expense is recognized using the straight-line method over the offering period.

Concentrations of credit risk

Financial instruments that potentially subject us to a concentration of credit risk consist principally of cash and cash equivalents, short-term investments, and accounts receivable. We deposit cash with high credit quality financial institutions which at times may exceed federally insured amounts. We have not experienced any losses on our deposits.

We perform ongoing credit evaluations of our clients’ financial condition and require no collateral from clients. We review the expected collectability of accounts receivable and record an allowance for credit losses based on the probability of future collections. There were no clients with more than 10% of total outstanding accounts receivable as of December 31, 2025 and 2024. There were no clients with revenue as a percentage of total revenue greater than 10% for the years ended December 31, 2025, 2024, and 2023.

Restructuring costs

We define restructuring costs as expenses directly associated with restructuring activities. Such costs include severance and related tax and benefit expenses from workforce reductions, impairment of discontinued capitalized software projects, and other miscellaneous charges. We record team member-related severance costs when there is a substantive plan in place and the related costs are probable and estimable. For one-time termination benefits for team members (i.e., no substantive plan or future service requirement), the cost is recorded when the terms of the one-time termination benefits are communicated to the impacted team members and the amount can be reasonably estimated.

Income taxes

Deferred income tax balances are accounted for using the asset and liability method and reflect the effects of temporary differences between the financial reporting and tax bases of our assets and liabilities using enacted tax rates expected to apply when taxes are actually paid or recovered.

In addition, deferred tax assets and liabilities are recorded for net operating loss (NOL) and tax credit carryforwards. A valuation allowance is provided against deferred tax assets unless it is more likely than not that they will be realized based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets.

We use a two-step approach to recognize and measure uncertain income tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained upon audit. The second step is to measure the tax benefit as the largest amount, which is more than 50% likely of being realized upon ultimate settlement. We do not currently accrue interest and penalties related to unrecognized tax benefits within the provision for income taxes because the impact would be immaterial due to our net operating losses and tax credit carryforwards. Significant judgment is required to evaluate uncertain tax positions. Although we believe that we have adequately reserved for our uncertain tax positions, we can provide no assurance that the final tax outcome of these matters will not be materially different. We evaluate our uncertain tax positions on a regular basis and evaluations are based on a number of factors, including changes in facts and circumstances, changes in tax law, correspondence with tax authorities during the course of an audit, and effective settlement of audit issues. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on our financial condition and results of operations.

We are subject to an income tax requirement whereby certain income earned by foreign subsidiaries, referred to as Global Intangible Low-Taxed Income (GILTI), must be included in our taxable gross income for U.S. federal income tax reporting purposes. GAAP provides for an accounting policy election of either recognizing deferred taxes for temporary differences expected to reverse as GILTI in future years or recognizing such taxes as a current period expense when incurred. We have elected to treat GILTI as a current period expense when incurred.

Fair value of financial instruments

The carrying amounts reported in the consolidated balance sheets for cash, receivables, accounts payable, and current accrued expenses approximate fair values because of the immediate or short-term maturity of these financial instruments. The carrying value of contingent consideration liabilities, operating lease liabilities, and convertible senior notes approximate fair value based on interest rates available for debt with similar terms at December 31, 2025 and 2024. Money market funds and short-term investments are measured at fair value on a recurring basis. On a quarterly basis we evaluate unrealized losses on our available-for-sale debt securities and the related accrued interest receivables to determine whether a decline in the fair value below the amortized cost basis is due to credit-related factors or noncredit-related factors. Contingent consideration liabilities are measured at fair value on a recurring basis based primarily on significant inputs not observable in the market.

Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

•Level 1- Quoted prices in active markets for identical assets or liabilities.

•Level 2- Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3- Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

All of our financial instruments are valued using quoted prices in active markets or based on other observable inputs. For Level 2 securities, we use a third-party pricing service which provides documentation on an ongoing basis that includes, among other things, pricing information with respect to reference data, methodology, inputs summarized by asset class, pricing application, and corroborative information. Our contingent consideration liabilities are categorized as a Level 3 fair value measurement because we estimate projections during the earn out period utilizing various potential pay-out scenarios.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets, operating lease liabilities, and operating lease liabilities, net of current portion in our consolidated balance sheets. We have adopted the short-term lease recognition exemption policy. All of our leasing commitments are classified either as operating leases or otherwise qualify as short-term leases with lease terms of 12 months or less.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As our lease contracts do not have a readily determinable implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. The incremental borrowing rate is the estimated rate incurred to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The operating lease ROU asset also includes any lease payments made and excludes lease executory costs. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise the applicable option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable costs related to our leased office space, such as maintenance and utilities based on actual usage, are not included in the measurement of right-of-use assets and lease liabilities, but are expensed as incurred.

Foreign currency

The functional currency of our international subsidiaries is generally their local currency. We translate these subsidiaries’ financial statements into U.S. dollars using month-end exchange rates for assets and liabilities and average exchange rates for revenue and expenses. We record translation gains and losses in accumulated other comprehensive loss in stockholders’ equity. We record foreign exchange gains and losses in interest and other expense, net. Our net foreign exchange gains and losses were not material for the periods presented.

Accounting pronouncements adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the CODM and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this ASU for the year ended December 31, 2024 and the amendments have been applied retrospectively to all prior periods presented in the notes to the consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted. We adopted this ASU for the year ended December 31, 2025 and the amendments have been applied prospectively, resulting in the required additional disclosures being included in the notes to the consolidated financial statements.

Recent accounting pronouncements not yet adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. The amendments are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the provision of this ASU to determine the impact it may have on our consolidated financial statements and related disclosures, and we expect additional disclosures upon adoption.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which introduces a new capitalization threshold based on management’s authorization and commitment to fund the project, along with a probable-to-complete criterion. The amendments also consolidate guidance for website development costs into Subtopic 350-40 and clarify disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the provisions of this ASU to determine the impact it may have on our consolidated financial statements and related disclosures, but we do not expect it to have a material impact upon adoption.

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP).

Principles of consolidation

The consolidated financial statements include the accounts of Health Catalyst and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated.

We derive our revenue primarily from technology subscriptions and professional services. We determine revenue recognition by applying the following steps:

•Identification of the contract, or contracts, with a client;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, we satisfy the performance obligation.

We recognize revenue net of any taxes collected from clients and subsequently remitted to governmental authorities.

Technology revenue

Professional services revenue

Contracts with multiple performance obligations

Variable consideration

Contract balances

Refer to Note 17— Contract Balances and Remaining Performance Obligations for additional details.

Deferred costs

Cost of revenue, excluding depreciation and amortization

Cash and cash equivalents

We consider all highly liquid investments purchased with a remaining maturity of three months or less at the time of acquisition to be cash equivalents.

Short-term investments

Accounts receivable

Property and Equipment

Property and equipment


Computer equipment			2-3 years
Furniture and fixtures			3-5 years
Leasehold improvements			Lesser of lease term or estimated useful life
Computer software			2-5 years
Capitalized internal-use software costs			2-3 years

Intangible assets


Developed technologies			3-10 years
Client relationships and contracts			2-7 years
Computer software licenses			1-5 years
Trademarks			1-5 years

Goodwill

We recorded goodwill impairment of $105.4 million during the year ended December 31, 2025. Refer to Note 4—Goodwill and Intangible Assets for additional details.

Business combinations/Contingent consideration liabilities

Business combinations

Contingent consideration liabilities

Advertising costs

All advertising costs are expensed as incurred.

Development cost and internal-use software

Development costs and internal-use software

Stock-based compensation

Concentrations of credit risk

Restructuring costs

Income taxes

Fair value of financial instruments

•Level 1- Quoted prices in active markets for identical assets or liabilities.

•Level 3- Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.

Leases

Foreign currency

Recent accounting pronouncements not yet adopted

Accounting pronouncements adopted

Recent accounting pronouncements not yet adopted

Description of Business and Summary of Significant Accounting Policies - Schedule of Allowance for Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 4,200	$ 4,105	$ 2,300
Current period provision for expected credit losses	1,503	1,202	1,821
Write-offs, net of recoveries	(2,003)	(1,107)	(16)
Balance at end of period	$ 3,700	$ 4,200	$ 4,105

Contract Balances and Performance Obligations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Information [Line Items]
Unbilled accounts receivable	$ 10.1	$ 11.8
Deferred revenue	56.5	53.5
Revenue recognized	$ 50.9	$ 52.0	$ 52.9
Percentage of revenue recognized was included in deferred revenue (in percentage)	16.00%	17.00%	18.00%
Revenue remaining performance obligation amount	$ 254.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Product Information [Line Items]
Revenue remaining performance obligation (in percentage)	70.00%
Remaining performance obligation, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Product Information [Line Items]
Remaining performance obligation, period
Technology and professional services
Product Information [Line Items]
Allowed termination period	1 year
Notice required for termination	90 days
Technology and professional services \| Minimum
Product Information [Line Items]
Service contract term	3 years
Technology and professional services \| Maximum
Product Information [Line Items]
Service contract term	5 years

Business Combinations - Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Amortization of acquired intangible assets
Business Combination [Line Items]
Total pro forma adjustments		$ (5,715)	$ (8,748)
Acquisition-related costs, net
Business Combination [Line Items]
Total pro forma adjustments		9,122	(2,235)
Upfront Acquisition
Business Combination [Line Items]
Total pro forma adjustments		(183,745)	(83,747)
Upfront Acquisition \| Amortization of acquired intangible assets
Business Combination [Line Items]
Total pro forma adjustments		(438)	(7,617)
Upfront Acquisition \| Acquisition-related costs, net
Business Combination [Line Items]
Total pro forma adjustments		(4,158)	6,143
Carevive and Lumeon
Business Combination [Line Items]
Total pro forma adjustments		$ (80,035)	$ (153,606)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Contingencies (Details) $ in Millions	Jun. 15, 2023 USD ($)
Settled Litigation
Loss Contingencies [Line Items]
Litigation settlement, amount	$ 18.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Debt consisted of the following as of December 31, 2025 and 2024 (in thousands):


	As of December 31,
	2025		2024
Variable interest rate term loan maturing 2029	160,761		162,388
2.50% convertible senior notes due 2025	$	—	$	230,000
Total Principal Outstanding	160,761		392,388
Less: Unamortized discount and issuance costs	(7,510)		(10,028)
Net carrying amount	153,251		382,360
Less: Current portion of long-term debt	(1,627)		(231,182)
Long-term debt, net of current portion	$	151,624	$	151,178

Components of interest expense are summarized as follows (in thousands):


	As of December 31,
	2025		2024		2023
Contractual interest expense	$	19,305	$	13,255	$	5,776
Amortization of debt discount and issuance costs	2,514		2,362		1,511
Amortization of deferred financing costs and other	2,435		1,469		—
Total	$	24,254	$	17,086	$	7,287

Maturity of Debt

As of December 31, 2025, we are subject to required principal payments and debt maturity as follows (in thousands):


	Contractual Maturity
Fiscal year:

2026	1,627
2027	1,627
2028	1,627
2029	155,880
Total debt maturities	160,761
Less: Unamortized debt discount and issuance costs	(7,510)
Net carrying amount	$	153,251

Credit Agreement

On July 16, 2024 (the Closing Date), we entered into a credit agreement with Silver Point Finance, LLC, as administrative agent and collateral agent, and the lenders from time-to-time party thereto (the Credit Agreement). The Credit Agreement provides a five-year term loan facility in an aggregate principal amount of up to $225.0 million, consisting of an initial term loan of $125.0 million, which was funded in full on the Closing Date, and a delayed draw term loan facility in an aggregate principal amount of up to $100.0 million, which was undrawn as of the Closing Date.

We had the option to draw up to $40.0 million under the delayed draw facility within six months after the Closing Date and on October 29, 2024, we drew an additional principal amount of $37.7 million. We also had the option to draw up to an additional $60.0 million under the delayed draw facility within eighteen months after the Closing Date, subject to satisfaction of certain conditions, including a minimum liquidity threshold, and a maximum recurring revenue/leverage ratio, but did not opt to utilize this additional delayed draw facility. We are required to pay a commitment fee on the unutilized commitments under the delayed draw term loan facility ranging from 1.5% to 2.5% per year depending on the year and the amount of the unutilized delayed draw term loan. The deferred financing costs related to the delayed draw facility, including the directly attributable debt discount, have been capitalized to other assets on our consolidated balance sheets, and amortized to interest expense in the consolidated statement of operations, in each case over the respective terms.

Borrowings under the initial term loan bear interest at a rate per annum equal to SOFR plus 6.5%. Commencing with the quarter ending on December 31, 2024, we are required to make quarterly principal payments in an amount equal to 0.25% of the aggregate original principal amount. The final maturity date of the term loans is July 16, 2029. We used a portion of the net proceeds from the initial term loan, together with cash on hand, to repay in full the outstanding principal and accrued interest on all of the Notes on the maturity thereof. We expect to use the remainder of the net proceeds from the initial term loan for working capital and general corporate purposes. We used proceeds from the delayed draw term loan facility to fund our inorganic growth strategy through permitted acquisitions (including deferred purchase price or similar arrangements related thereto) and to pay fees, costs, and expenses in connection therewith.

We are required to prepay the term loans upon the occurrence of certain events, and we may voluntarily prepay the term loans, in whole or in part, at any time, subject to certain notice requirements and prepayment amounts. Prior to July 16, 2028, such mandatory prepayments or voluntary prepayments are subject to a prepayment premium ranging from 1.0% to 3.0% plus a make whole amount depending on the year of such prepayment. Our obligations under the Credit Agreement and the other loan documents are required to be guaranteed by all of our present and future domestic and foreign subsidiaries, subject to certain exceptions (Guarantors). All obligations under the Credit Agreement and the other loan documents are secured by a first priority perfected lien on, and security interest in, substantially all of our and our Guarantor’s present and future assets, subject to certain exceptions. The Credit Agreement contains various representations and warranties, affirmative covenants, and negative covenants, including covenants that restrict our and our subsidiaries’ ability to take certain actions including, among other things and subject to certain exceptions, the incurrence of debt, the granting of liens, engaging in mergers and other fundamental changes, the making of investments, entering into transactions with affiliates, the payment of dividends and other restricted payments, the prepayment of other indebtedness and the sale of assets. We are also required to comply with a minimum liquidity threshold, a maximum recurring revenue-based leverage ratio, and a maximum EBITDA-based leverage ratio.

The Credit Agreement also includes various events of default, including, among others: non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations or warranties, cross-default to other material indebtedness, bankruptcy and insolvency events, invalidity or impairment of security interests or invalidity of loan documents, certain ERISA events, unsatisfied or unstayed judgments and change of control. Upon the occurrence of an event of default, the administrative agent and the lenders may declare all outstanding obligations immediately due and payable and take such other actions as set forth in the Credit Agreement and the related loan documents, including proceeding against the collateral securing such borrowings.

As of December 31, 2025, we were in compliance with all covenants under the Credit Agreement.

Convertible senior notes

On April 14, 2020, we issued $230.0 million in aggregate principal amount of 2.50% Convertible Senior Notes due 2025 (Notes), in a private placement to qualified institutional buyers exempt from registration under the Securities Act (Note Offering). The net proceeds from the issuance of the Notes were approximately $222.5 million, after deducting the initial purchasers’ discounts and offering expenses payable by us. The Notes were governed by an indenture (Indenture) between us, as the issuer, and U.S. Bank National Association, as trustee. The Notes were our senior, unsecured obligations and accrued interest payable semiannually in arrears on April 15 and October 15 of each year, beginning on October 15, 2020, at a rate of 2.50% per year. In connection with the Note Offering, we entered into privately negotiated capped call transactions (Capped Calls) with certain option counterparties, which had initial cap prices of $42.00 per share, subject to certain adjustments. The Notes had a maturity date of April 15, 2025, unless earlier converted, redeemed, or repurchased.

On April 14, 2025, we repaid in full the outstanding principal and accrued interest on the Notes, in the aggregate principal amount of $230.0 million. The Capped Calls expired concurrently with the repayment in full of the outstanding principal and accrued interest on the Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Topic 815
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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+ Details

Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Amortization of debt discount and issuance costs			$ 3,725	$ 3,256	$ 1,511
Convertible Notes Payable
Line of Credit Facility [Line Items]
Contractual interest expense	$ 19,305	$ 13,255			5,776
Amortization of debt discount and issuance costs	2,514	2,362			1,511
Amortization of deferred financing costs and other	2,435	1,469			0
Total	$ 24,254	$ 17,086			$ 7,287

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

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+ Details

Debt - Narrative (Details)	Jul. 16, 2024 USD ($)	Apr. 14, 2020 USD ($) $ / instrument	Dec. 31, 2025 USD ($)	Apr. 14, 2025 USD ($)	Oct. 29, 2024 USD ($)	Apr. 08, 2020 $ / instrument
Capped Call \| Cash Flow Hedging \| Designated as Hedging Instrument
Line of Credit Facility [Line Items]
Cap price (in USD per share) \| $ / instrument		42.00				42.00
Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Credit agreement term	5 years
Maximum borrowing capacity	$ 225,000,000.0
Contractual interest rate- basis spread on variable rate (in percentage)	6.50%
Quarterly principal payment percentage	0.25%
Credit Agreement \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Prepayment of premium percentage	1.00%
Credit Agreement \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Prepayment of premium percentage	3.00%
Credit Agreement \| Term Loan \| Line of Credit
Line of Credit Facility [Line Items]
Amount borrowed	$ 125,000,000.0
Credit Agreement \| Delayed Draw Term Loan (DDTL) \| Line of Credit
Line of Credit Facility [Line Items]
Amount borrowed	100,000,000.0
Option to draw	40,000,000.0
Additional principal amount					$ 37,700,000
Additional delayed draw facility	$ 60,000,000.0
Credit Agreement \| Delayed Draw Term Loan (DDTL) \| Line of Credit \| Minimum
Line of Credit Facility [Line Items]
Unutilized commitment percentage	1.50%
Credit Agreement \| Delayed Draw Term Loan (DDTL) \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Option to draw, term	18 months
Unutilized commitment percentage	2.50%
Senior Notes Due2025 \| Convertible Notes Payable
Line of Credit Facility [Line Items]
Amount borrowed		$ 230,000,000.0	$ 230,000,000.0	$ 230,000,000.0
Basis rate (in percentage)		2.50%
Proceeds from issuance of debt		$ 222,500,000

Fair Value of Financial Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 14, 2025 USD ($)	Apr. 14, 2020 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Goodwill impairment	$ (105,386,000)	$ 0	$ 0
Intangible asset impairment charges	4,800,000	0	0
ROU Assets, Leasehold Improvements and Furniture and Fixtures
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Impairment of long-lived assets	6,900,000	$ 2,200,000	$ 4,100,000
Upfront Acquisition
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration cap	$ 33,400,000
Equity portion, (in percent)	0.63
Cash portion, (in percent)	0.37
Senior Notes Due2025 \| Convertible Notes Payable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount borrowed	$ 230,000,000.0			$ 230,000,000.0	$ 230,000,000.0
Estimated fair value of convertible senior notes	$ 227,500,000

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 were as follows (in thousands):


	December 31, 2025
	Level 1		Level 2		Level 3		Total

Money market funds	$	45,062	$	—	$	—	$	45,062
U.S. treasury notes	37,487		—		—		37,487
Commercial paper	—		7,431		—		7,431


Contingent consideration liabilities	—		—		(250)		(250)
Total	$	82,549	$	7,431	$	(250)	$	89,730

Assets measured at fair value on a recurring basis as of December 31, 2024 were as follows (in thousands):


	December 31, 2024
	Level 1		Level 2		Level 3		Total

Money market funds	$	186,872	$	—	$	—	$	186,872
U.S. treasury notes	177,199		—		—		177,199
Commercial paper	—		13,941		—		13,941
Corporate bonds	—		9,601		—		9,601


Total	$	364,071	$	23,542	$	—	$	387,613

There were no transfers between Level 1 and Level 2 of the fair value measurement hierarchy during the years ended December 31, 2025 and 2024.

Convertible senior notes

On April 14, 2025, we fully settled the principal amount of the convertible senior notes in cash. As of December 31, 2024, the estimated fair value of our convertible senior notes, with aggregate principal totaling $230.0 million, was $227.5 million. We estimate the fair value based on quoted market prices in an inactive market on the last trading day of the reporting period (Level 2). These convertible senior notes were recorded at face value less unamortized debt discount and transaction costs on our consolidated balance sheets. Refer to Note 10—Debt for further information.

Nonrecurring fair value measurements

We recorded impairment charges of $6.9 million, $2.2 million, and $4.1 million during the years ended December 31, 2025, 2024 and 2023, respectively, related to the impairment of ROU assets, leasehold improvements, and furniture and fixtures associated with recently subleased office space. These impairment charges were derived from the difference between the carrying value and the fair value of the relevant asset groups. The fair value of these asset groups was estimated using a discounted cash flow analysis of the subleased space and included certain unobservable (Level 3) inputs, including the anticipated future sublease terms and rates. Refer to Note 9—Leases for further information.

We recorded goodwill impairment charges totaling $105.4 million during the year ended December 31, 2025. The impairment charges were derived from the difference between the carrying value and the fair value of our reporting units. The fair value of these reporting units was estimated using an income and market-based approach and included certain unobservable (Level 3) inputs. We also recorded intangible asset impairment charges of $4.8 million during the year ended December 31, 2025. The intangible asset impairment charges were derived from the difference between the carrying value and the fair value of the relevant asset group. The fair value of the asset group was estimated using an income and market-based approach and included certain unobservable (Level 3) inputs. Refer to Note 4—Goodwill and Intangibles for further information.

Level 3 fair value measurements

The Upfront acquisition consideration included an initial estimate for contingent consideration based on certain revenue-based earn-out performance targets for Upfront during an earn-out period that ends on December 31, 2026. The Upfront contingent consideration is capped at $33.4 million and will be paid 63% in equity and 37% in cash to the extent achieved. We value Upfront’s expected contingent consideration and the corresponding liability using the Monte Carlo simulation valuation model using a distribution of potential outcomes of potential pay-out scenarios.

The outstanding contingent consideration liability is categorized as Level 3 fair value measurement and is remeasured as of each reporting period. The aggregate intrinsic value of the revenue-based earn-out contingent consideration liability is zero based on a point estimate of our internal forecasting of the ultimate earn-outs that will be earned as of December 31, 2025. The recurring Level 3 fair value measurements of the contingent consideration liability includes the other following significant inputs as of December 31, 2025:

Valuation Method

Market Price of Revenue Risk

Revenue Volatility

Expected Term (years)

Risk-free interest rate

Revenue-based earn-out liabilities

Monte Carlo

12%

40%

3.7%


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Balance as of December 31, 2024	$	—
Acquisition-date contingent consideration liability from Upfront acquisition (see Note 2)	7,313
Change in fair value of contingent consideration liability	(7,063)

Balance as of December 31, 2025	$	250

The Lumeon and Carevive acquisition consideration also included an initial estimate for contingent consideration based on certain revenue-based earn-out performance targets during an earn-out period that ended on June 30, 2025. The revenue-based earn-out performance targets were not met and no earn-out payments were made related to these acquisitions.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For the years ended December 31, 2025, 2024, and 2023, loss before income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	(161,556)	$	(65,059)	$	(118,098)
Foreign	(15,702)		(4,110)		307
Loss before income taxes	$	(177,258)	$	(69,169)	$	(117,791)

Schedule of Income Tax Expense (Benefit)

For the years ended December 31, 2025, 2024, and 2023, the income tax provision consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current taxes:
Federal	$	—	$	—	$	—
Foreign	454		62		204
State	181		194		144
Total current tax provision	635		256		348
Deferred taxes:
Federal	69		61		8
Foreign	(2)		4		(1)
State	14		12		1
Total deferred provision	81		77		8
Total income tax provision	$	716	$	333	$	356

Schedule of Cash Flow Supplemental Disclosures

The amount of cash income taxes we paid were as follows (in thousands):


	Year Ended December 31,
	2025
U.S. federal income taxes paid, net	$	—
States and local income taxes paid, net
Tennessee	42
Texas	41
Louisiana	38
Massachusetts	25
New York	24
Other	36
Foreign income taxes paid, net
India	144
United Kingdom	27
Other	18
Total income taxes paid, net	$	395

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes to the amount computed by applying the statutory U.S. federal income tax rate of 21% to loss before income taxes after the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2025
	(in thousands)		Percent
Tax at U.S. statutory rate	$	(37,224)	21.0	%
State and local income tax, net of federal tax effect(1)	157		(0.1)	%
Foreign tax effects
United Kingdom
Goodwill impairment	2,022		(1.1)	%
Change in valuation allowance	2,870		(1.6)	%
Other	(1,225)		0.7	%
Other foreign jurisdictions	75		—	%
Change in valuation allowance	13,490		(7.6)	%
Nontaxable or nondeductible items
Goodwill impairment	17,487		(9.9)	%
Stock-based compensation	3,698		(2.1)	%
Other nondeductible items	(1,064)		0.6	%
Other adjustments	430		(0.2)	%
Effective income tax rate	$	716	(0.4)	%

_________________________

(1)The state jurisdictions that contribute to a majority (greater than 50%) of the tax effect in this category included Texas and Tennessee.

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for years prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2024		2023
Tax at U.S. statutory rate	21.0	%	21.0	%
State and local income tax, net of federal tax effect	(0.2)		(0.1)


Stock-based compensation	(7.1)		(7.0)
Contingent consideration	0.5		—
Transaction costs	(0.8)		—
Change in valuation allowance	(13.6)		(14.0)

Other, net	(0.2)		(0.2)
Effective income tax rate	(0.4)	%	(0.3)	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31, 2025 and 2024 (in thousands):


	As of December 31,
	2025		2024
Deferred income tax assets:
Net operating loss carryforwards	$	223,002	$	194,572
Research and development credits	27,134		27,273
Code 174 capitalized research and development	27,533		36,806
Operating lease liabilities	4,222		4,768
Intangible assets	4,208		3,725
Accrued expenses	3,520		2,384
Interest limitation carryforward	5,244		2,115
Property and equipment	2,175		1,807
Stock-based compensation	1,005		1,691
Allowance for bad debt	933		1,055
Deferred revenue	313		804
Foreign non-trading loss carryforward	1,495		481

Debt-related costs	728		318
Other	89		82


Total deferred income tax assets	301,601		277,881
Valuation allowance	(294,882)		(268,589)
Net deferred income tax assets	6,719		9,292
Deferred income tax liabilities:
Foreign intangible assets	(2,472)		(3,256)
Operating lease right-of-use assets	(1,277)		(2,724)
Prepaid expenses	(1,915)		(2,112)
Deferred commissions	(1,055)		(1,201)
Indefinite-lived intangible assets	(227)		(154)


Total deferred income tax liabilities	(6,946)		(9,447)
Net deferred income tax liabilities	$	(227)	$	(155)

Schedule of Unrecognized Tax Benefits

We recognize tax benefits from uncertain tax positions when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The following table summarizes the activity related to unrecognized tax benefits for the years ended December 31, 2025, 2024, and 2023 (in thousands):


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	6,818	$	6,818	$	6,821
Decrease in unrecognized tax benefits taken in prior years	(12)		—		(3)

Ending balance	$	6,806	$	6,818	$	6,818

Short-term Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Short-Term Investments Measured at Fair Value

The following table summarizes, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis as of December 31, 2025 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash equivalents		Short-term Investments
Money market funds	$	45,062	$	—	$	—	$	45,062	$	45,062	$	—
U.S. treasury notes	37,441		46		—		37,487		—		37,487
Commercial paper	7,430		1		—		7,431		—		7,431


Total	$	89,933	$	47	$	—	$	89,980	$	45,062	$	44,918

The following table summarizes, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis as of December 31, 2024 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash equivalents		Short-term Investments
Money market funds	$	186,872	$	—	$	—	$	186,872	$	186,872	$	—
U.S. treasury notes	177,129		70		—		177,199		58,386		118,813
Commercial paper	13,940		1		—		13,941		—		13,941
Corporate bonds	9,598		3		—		9,601		—		9,601

Total	$	387,539	$	74	$	—	$	387,613	$	245,258	$	142,355

The following table presents the contractual maturities of our short-term investments as of December 31, 2025 and December 31, 2024 (in thousands):


	As of December 31, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	44,871	$	44,918	$	142,294	$	142,355
Due between one and five years	—		—		—		—
Total	$	44,871	$	44,918	$	142,294	$	142,355

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Stock-Based Compensation - Schedule of Restricted Stock Unit and Phantom Share Units (PSUs) Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted stock units
Restricted Stock Units
Unvested and outstanding, beginning balance (in shares)	3,505,406
Granted (in shares)	4,448,723
Vested (in shares)	(2,729,534)
Forfeited (in shares)	(1,220,090)
Unvested and outstanding, ending balance (in shares)	4,004,505	3,505,406
Weighted Average Grant Date Fair Value
Unvested and outstanding, beginning balance (in USD per share)	$ 11.49
Granted (in USD per share)	4.49	$ 8.51	$ 11.77
Vested (in USD per share)	10.04
Forfeited (in USD per share)	7.49
Unvested and outstanding, ending balance (in USD per share)	$ 5.72	$ 11.49
Performance-based restricted stock units
Restricted Stock Units
Unvested and outstanding, beginning balance (in shares)	524,313
Granted (in shares)	2,640,823
Vested (in shares)	(147,209)
Forfeited (in shares)	(496,173)
Unvested and outstanding, ending balance (in shares)	2,521,754	524,313
Weighted Average Grant Date Fair Value
Unvested and outstanding, beginning balance (in USD per share)	$ 9.90
Granted (in USD per share)	4.79	$ 9.45	$ 12.42
Vested (in USD per share)	9.88
Forfeited (in USD per share)	5.59
Unvested and outstanding, ending balance (in USD per share)	$ 5.40	$ 9.90

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Expense (Income)

Components of lease expense (income) are summarized as follows (in thousands):


	Year Ended December 31,
	2025		2024		2023
Operating lease expense	$	3,174	$	3,313	$	3,077
Short-term lease expense	390		209		92
Sublease income	(2,093)		(1,532)		(1,292)
Total	$	1,471	$	1,990	$	1,877

Schedule of Operating Lease Maturities

Maturities of lease liabilities under operating leases at December 31, 2025 are as follows (in thousands):


Year ending December 31:
2026	$	3,781
2027	3,661
2028	3,691
2029	3,319
2030	3,246
Thereafter	3,315
Total lease payments	21,013
Less: Imputed interest	(3,026)
Total lease liability	$	17,987

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases as of December 31, 2025 and 2024 is as follows (in thousands other than weighted average amounts):


	As of December 31,
	2025		2024

Operating lease right-of-use assets	$	6,640	$	12,058
Operating lease liabilities, current	$	3,779	$	3,614
Operating lease liabilities, non-current	14,208		16,291
Total operating lease liabilities	$	17,987	$	19,905

Weighted-average remaining operating lease term (years)	5.9		6.7
Weighted-average operating lease discount rate	5.5%		5.4%

Restructuring Costs (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Costs

The following table summarizes our August 2025 Restructuring Plan restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	Restructuring Liability Rollforward

Balance as of January 1, 2025	$	—
Severance and other restructuring costs	5,774
Cash payments	(5,070)
Balance as of December 31, 2025	$	704

The following table summarizes our January 2025 Restructuring Plan restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	Restructuring Liability Rollforward

Balance as of January 1, 2025	$	—
Severance and other restructuring costs	3,939
Cash payments	(3,939)
Balance as of December 31, 2025	$	—

The following tables summarize our 2023 Restructuring Plan costs by financial statement line item for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31, 2024
2023 Restructuring Plan	Severance and Other Team Member Costs		Impairment Charges		Total
Cost of revenue, excluding depreciation and amortization:
Technology	$	79	$	—	$	79
Professional services	181		—		181
Sales and marketing	449		—		449
Research and development	443		—		443
General and administrative	936		—		936
Total	$	2,088	$	—	$	2,088


	Year Ended December 31, 2023
2023 Restructuring Plan	Severance and Other Team Member Costs		Impairment Charges		Total
Cost of revenue, excluding depreciation and amortization:
Technology	$	484	$	—	$	484
Professional services	1,398		—		1,398
Sales and marketing	1,210		—		1,210
Research and development	2,436		615		3,051
General and administrative	624		—		624
Total	$	6,152	$	615	$	6,767

The following table summarizes our 2022 Restructuring Plan costs by financial statement line item for the year ended December 31, 2023 (in thousands):


	Year Ended December 31, 2023
2022 Restructuring Plan	Severance and Other Team Member Costs		Impairment Charges		Other(1)		Total
Cost of revenue, excluding depreciation and amortization:
Technology	$	12	$	—	$	—	$	12
Professional services	434		—		—		434
Sales and marketing	1,190		—		15		1,205
Research and development	286		—		—		286
General and administrative	94		—		24		118
Total	$	2,016	$	—	$	39	$	2,055

Total cumulative 2022 Restructuring Plan costs	$	8,071	$	1,225	$	1,184	$	10,480

____________________

(1)Includes other miscellaneous charges associated with the 2022 Restructuring Plan.

Schedule of Restructuring-Related Charges and Related Liability

The following table summarizes our August 2025 Restructuring Plan costs by financial statement line item for the year ended December 31, 2025 (in thousands):


	Year Ended December 31, 2025
	Severance and Other Team Member Costs		Other(1)		Total

Cost of revenue, excluding depreciation and amortization:
Technology	$	436	$	—	$	436
Professional services	650		—		650
Sales and marketing	2,059		94		2,153
Research and development	1,409		—		1,409
General and administrative	771		355		1,126
Total	$	5,325	$	449	$	5,774

____________________

(1)Includes other miscellaneous charges associated with the August 2025 Restructuring Plan.

The following table summarizes our January 2025 Restructuring Plan costs by financial statement line item for the year ended December 31, 2025 (in thousands):


	Year Ended December 31, 2025
	Total Severance and Other Team Member Costs

Cost of revenue, excluding depreciation and amortization:
Technology	$	401
Professional services	1,142
Sales and marketing	352
Research and development	1,908
General and administrative	136
Total	$	3,939

The following table summarizes our restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	2023 Restructuring Plan Liability Rollforward
Balance as of January 1, 2023	$	—
Restructuring costs	6,767
Cash payments	(3,797)
Adjustments for non-cash items(1)	(615)
Balance as of December 31, 2023	$	2,355
Restructuring costs	2,088
Cash payments	(4,443)

Balance as of December 31, 2024	$	—

____________________

(1)Non-cash items consist of the impairment of a discontinued capitalized internal-use software project.


	2022 Restructuring Plan Liability Rollforward




Balance as of January 1, 2023	$	1,837
Severance and other restructuring costs	2,055
Cash payments	(3,892)
Balance as of December 31, 2023	$	—

____________________

(1)Non-cash items consist of the impairment of discontinued capitalized internal-use software projects and other minor miscellaneous non-cash adjustments.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (161,556)	$ (65,059)	$ (118,098)
Foreign	(15,702)	(4,110)	307
Loss before income taxes	$ (177,258)	$ (69,169)	$ (117,791)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
Operating lease right-of-use assets	$ 6,640	$ 12,058
Operating lease liabilities, current	3,779	3,614
Operating lease liabilities, non-current	14,208	16,291
Total operating lease liabilities	$ 17,987	$ 19,905
Weighted-average remaining operating lease term (years)	5 years 10 months 24 days	6 years 8 months 12 days
Weighted-average operating lease discount rate (in percentage)	5.50%	5.40%

Stock-Based Compensation - Schedule of the Purchase Right for the ESPP Option Assumptions (Details) - Employee stock purchase plan - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum	59.20%	55.50%	54.30%
Expected volatility, maximum	75.20%	56.80%	99.40%
Expected term (in years)	6 months	6 months	6 months
Risk-free interest rate	4.30%
Risk-free interest rate, minimum		5.20%	4.80%
Risk-free interest rate, maximum		5.40%	5.50%
Expected dividends	$ 0	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

For the years ended December 31, 2025, 2024, and 2023, loss before income taxes consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
United States	$	(161,556)	$	(65,059)	$	(118,098)
Foreign	(15,702)		(4,110)		307
Loss before income taxes	$	(177,258)	$	(69,169)	$	(117,791)

For the years ended December 31, 2025, 2024, and 2023, the income tax provision consisted of the following (in thousands):


	Year Ended December 31,
	2025		2024		2023
Current taxes:
Federal	$	—	$	—	$	—
Foreign	454		62		204
State	181		194		144
Total current tax provision	635		256		348
Deferred taxes:
Federal	69		61		8
Foreign	(2)		4		(1)
State	14		12		1
Total deferred provision	81		77		8
Total income tax provision	$	716	$	333	$	356

The amount of cash income taxes we paid were as follows (in thousands):


	Year Ended December 31,
	2025
U.S. federal income taxes paid, net	$	—
States and local income taxes paid, net
Tennessee	42
Texas	41
Louisiana	38
Massachusetts	25
New York	24
Other	36
Foreign income taxes paid, net
India	144
United Kingdom	27
Other	18
Total income taxes paid, net	$	395

We paid cash income taxes of $0.3 million during each of the years ended December 31, 2024 and 2023.


	Year Ended December 31,
	2025
	(in thousands)		Percent
Tax at U.S. statutory rate	$	(37,224)	21.0	%
State and local income tax, net of federal tax effect(1)	157		(0.1)	%
Foreign tax effects
United Kingdom
Goodwill impairment	2,022		(1.1)	%
Change in valuation allowance	2,870		(1.6)	%
Other	(1,225)		0.7	%
Other foreign jurisdictions	75		—	%
Change in valuation allowance	13,490		(7.6)	%
Nontaxable or nondeductible items
Goodwill impairment	17,487		(9.9)	%
Stock-based compensation	3,698		(2.1)	%
Other nondeductible items	(1,064)		0.6	%
Other adjustments	430		(0.2)	%
Effective income tax rate	$	716	(0.4)	%

_________________________

(1)The state jurisdictions that contribute to a majority (greater than 50%) of the tax effect in this category included Texas and Tennessee.

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for years prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2024		2023
Tax at U.S. statutory rate	21.0	%	21.0	%
State and local income tax, net of federal tax effect	(0.2)		(0.1)


Stock-based compensation	(7.1)		(7.0)
Contingent consideration	0.5		—
Transaction costs	(0.8)		—
Change in valuation allowance	(13.6)		(14.0)

Other, net	(0.2)		(0.2)
Effective income tax rate	(0.4)	%	(0.3)	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31, 2025 and 2024 (in thousands):


	As of December 31,
	2025		2024
Deferred income tax assets:
Net operating loss carryforwards	$	223,002	$	194,572
Research and development credits	27,134		27,273
Code 174 capitalized research and development	27,533		36,806
Operating lease liabilities	4,222		4,768
Intangible assets	4,208		3,725
Accrued expenses	3,520		2,384
Interest limitation carryforward	5,244		2,115
Property and equipment	2,175		1,807
Stock-based compensation	1,005		1,691
Allowance for bad debt	933		1,055
Deferred revenue	313		804
Foreign non-trading loss carryforward	1,495		481

Debt-related costs	728		318
Other	89		82


Total deferred income tax assets	301,601		277,881
Valuation allowance	(294,882)		(268,589)
Net deferred income tax assets	6,719		9,292
Deferred income tax liabilities:
Foreign intangible assets	(2,472)		(3,256)
Operating lease right-of-use assets	(1,277)		(2,724)
Prepaid expenses	(1,915)		(2,112)
Deferred commissions	(1,055)		(1,201)
Indefinite-lived intangible assets	(227)		(154)


Total deferred income tax liabilities	(6,946)		(9,447)
Net deferred income tax liabilities	$	(227)	$	(155)

We account for deferred taxes under ASC 740, Income Taxes, which requires a reduction of the carrying amounts of deferred tax assets by a valuation allowance if, based on available evidence, it is more likely than not that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed periodically based on the ASC 740 more-likely-than-not realization threshold criterion. This assessment considers matters such as future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, legislative developments, and results of recent operations. The evaluation of the recoverability of the deferred tax assets requires that we weigh all positive and negative evidence to reach a conclusion that it is more likely than not that all or some portion of the deferred tax assets will not be realized. The weight given to the evidence is commensurate with the extent to which it can be objectively verified.

We have provided a valuation allowance for our net deferred tax assets, absent differences related to intangible assets with indefinite lives, at December 31, 2025 and 2024, due to the uncertainty surrounding the future realization of such assets and the cumulative losses we have generated. Therefore, no benefit has been recognized in the financial statements for the net operating loss carryforwards and other deferred tax assets, apart from an immaterial deferred tax liability as noted previously. The net deferred income tax liability balance is recorded under Other Liabilities on the consolidated balance sheets. During the years ended December 31, 2025 and 2024, respectively, the valuation allowance increased by $26.3 million and $42.3 million, respectively.

As of December 31, 2025, we had approximately $787.8 million of consolidated federal net operating loss carryforwards and $647.7 million of apportioned state net operating loss carryforwards available to offset future taxable income, respectively. If unused, the federal and state net operating loss carryforwards will begin to expire in 2032 and 2026, respectively. We have federal research and development credit carryforwards of $25.5 million and state research and development credit carryforwards of $10.7 million, which if not utilized will begin to expire in 2032 and 2026, respectively. To the extent we do not utilize our carryforwards within the applicable statutory carryforward periods, either because of ownership changes and limitations under Code Sections 382 and 383 and similar state laws or the lack of sufficient taxable income, the carryforwards will expire unused.

Utilization of net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Code, and similar state provisions. The Company most recently performed a detailed analysis in December 2021 to determine whether an ownership change under Section 382 of the Code had occurred or will occur that resulted in limitations pursuant to Section 382 and Section 383 due to pre-acquisition changes in ownership identified. It is possible that additional limitations may arise in future years due to future changes in the ownership of the Company.

We file federal and state income tax returns in jurisdictions with varying statutes of limitations. With few exceptions, including unutilized net operating loss and research and development credit carryforwards, we are no longer subject to federal or state income tax examinations by tax authorities for tax years prior to 2022 and 2021, respectively.


	Year Ended December 31,
	2025		2024		2023
Beginning balance	$	6,818	$	6,818	$	6,821
Decrease in unrecognized tax benefits taken in prior years	(12)		—		(3)

Ending balance	$	6,806	$	6,818	$	6,818

The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is zero due to the valuation allowance. We do not anticipate material changes in the total amount of our unrecognized tax benefits within 12 months of the reporting date. Our policy is to accrue interest and penalties related to unrecognized tax benefits within the provision for income taxes. However, as of December 31, 2025 and 2024, we have not accrued interest and penalties because we have net operating loss carryforwards.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income Taxes - Income Tax Paid (Details) $ in Thousands	12 Months Ended
Income Taxes - Income Tax Paid (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal income taxes paid, net	$ 0
Foreign:
Total income taxes paid, net	395
Tennessee
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local income taxes paid, net	42
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local income taxes paid, net	41
Louisiana
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local income taxes paid, net	38
Massachusetts
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local income taxes paid, net	25
New York
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local income taxes paid, net	24
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local income taxes paid, net	36
India
Foreign:
Total Foreign	144
United Kingdom
Foreign:
Total Foreign	27
Other
Foreign:
Total Foreign	$ 18

Restructuring Costs - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
August 2025 Restructuring Plan
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	$ 5,325
Impairment Charges	449
Total	5,774
August 2025 Restructuring Plan \| Technology
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	436
Impairment Charges	0
Total	436
August 2025 Restructuring Plan \| Professional Services
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	650
Impairment Charges	0
Total	650
August 2025 Restructuring Plan \| Sales and marketing
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	2,059
Impairment Charges	94
Total	2,153
August 2025 Restructuring Plan \| Research and development
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	1,409
Impairment Charges	0
Total	1,409
August 2025 Restructuring Plan \| General and administrative
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	771
Impairment Charges	355
Total	1,126
January 2025 Restructuring Plan
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	3,939
January 2025 Restructuring Plan \| Technology
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	401
January 2025 Restructuring Plan \| Professional Services
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	1,142
January 2025 Restructuring Plan \| Sales and marketing
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	352
January 2025 Restructuring Plan \| Research and development
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	1,908
January 2025 Restructuring Plan \| General and administrative
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs	$ 136
2023 Restructuring Plan
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs		$ 2,088	$ 6,152
Impairment Charges		0	615
Total		2,088	6,767
2023 Restructuring Plan \| Technology
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs		79	484
Impairment Charges		0	0
Total		79	484
2023 Restructuring Plan \| Professional Services
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs		181	1,398
Impairment Charges		0	0
Total		181	1,398
2023 Restructuring Plan \| Sales and marketing
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs		449	1,210
Impairment Charges		0	0
Total		449	1,210
2023 Restructuring Plan \| Research and development
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs		443	2,436
Impairment Charges		0	615
Total		443	3,051
2023 Restructuring Plan \| General and administrative
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs		936	624
Impairment Charges		0	0
Total		$ 936	624
2022 Restructuring Plan
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs			2,016
Impairment Charges			0
Other			39
Total			2,055
2022 Restructuring Plan \| Restructuring Liabilities
Cost of revenue, excluding depreciation and amortization:
Cumulative severance costs			8,071
Cumulative asset impairment charges			1,225
Cumulative other restructuring costs			1,184
Cumulative restructuring costs and asset impairment charges			10,480
2022 Restructuring Plan \| Technology
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs			12
Impairment Charges			0
Other			0
Total			12
2022 Restructuring Plan \| Professional Services
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs			434
Impairment Charges			0
Other			0
Total			434
2022 Restructuring Plan \| Sales and marketing
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs			1,190
Impairment Charges			0
Other			15
Total			1,205
2022 Restructuring Plan \| Research and development
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs			286
Impairment Charges			0
Other			0
Total			286
2022 Restructuring Plan \| General and administrative
Cost of revenue, excluding depreciation and amortization:
Severance and Other Team Member Costs			94
Impairment Charges			0
Other			24
Total			$ 118

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) were as follows (in thousands):


	Foreign Currency Translation Adjustment		Unrealized Gain (Loss) on Available for Sale Investments		Total



Balance as of January 1, 2023	$	(74)	$	(574)	$	(648)
Change in foreign currency translation adjustment	19		—		19
Change in net unrealized gain (loss) on available for sale investments	—		662		662
Balance as of December 31, 2023	$	(55)	$	88	$	33
Change in foreign currency translation adjustment	(854)		—		(854)
Change in net unrealized gain (loss) on available for sale investments	—		(14)		(14)
Balance as of December 31, 2024	$	(909)	$	74	$	(835)
Change in foreign currency translation adjustment	2,448		—		2,448
Change in net unrealized gain on available for sale investments	—		(27)		(27)
Balance as of December 31, 2025	$	1,539	$	47	$	1,586

Leases - Narrative (Details) $ in Thousands	12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) ft²	Dec. 31, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)	Dec. 31, 2020 USD ($) ft²
Lessee, Lease, Description [Line Items]
Total lease liability	$ 17,987	$ 19,905
Operating lease right-of-use assets	$ 6,640	$ 12,058
Subleased rentable area \| ft²	88,164
Corporate Headquarters
Lessee, Lease, Description [Line Items]
Net rentable area \| ft²		9,830		118,207
Total lease liability		$ 1,500		$ 23,800
Operating lease right-of-use assets		1,500		$ 23,800
ROU Assets, Leasehold Improvements and Furniture and Fixtures
Lessee, Lease, Description [Line Items]
Impairment of long-lived assets	$ 6,900	2,200	$ 4,100
Right Of Use Asset
Lessee, Lease, Description [Line Items]
Impairment of long-lived assets	4,600	1,500	2,900
Leasehold Improvements And Furniture And Fixtures
Lessee, Lease, Description [Line Items]
Impairment of long-lived assets	$ 2,300	$ 700	$ 1,200
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	1 year
Sublease, initial term	18 months
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years
Sublease, initial term	8 years 6 months

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill and intangible assets	$ 105,386,000	$ 0	$ 0
Amortization of intangible assets	35,500,000	28,700,000	29,600,000
Intangible asset impairment charges	$ 4,800,000	$ 0	$ 0
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment of goodwill and intangible assets

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Income Taxes - schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits
Beginning balance	$ 6,818	$ 6,818	$ 6,821
Decrease in unrecognized tax benefits taken in prior years	(12)	0	(3)
Ending balance	$ 6,806	$ 6,818	$ 6,818

Short-term Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Short-term Investments

We classify our short-term investments as available for sale. Available-for-sale securities are recorded on our consolidated balance sheets at fair market value and any unrealized gains or losses are reported as part of other comprehensive gain (loss) on the consolidated statements of comprehensive loss unless unrealized losses are due to credit-related factors and accounted for as part of our provision for expected credit losses. We determine realized gains or losses on the sales of investments through the specific identification method and record such gains or losses as part of interest and other expense, net on the consolidated statements of operations. We did not have any material realized gains or losses on investments during the years ended December 31, 2025, 2024, and 2023. We measure the fair value of investments on a recurring basis.

The following table summarizes, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis as of December 31, 2025 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash equivalents		Short-term Investments
Money market funds	$	45,062	$	—	$	—	$	45,062	$	45,062	$	—
U.S. treasury notes	37,441		46		—		37,487		—		37,487
Commercial paper	7,430		1		—		7,431		—		7,431


Total	$	89,933	$	47	$	—	$	89,980	$	45,062	$	44,918

The following table summarizes, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis as of December 31, 2024 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash equivalents		Short-term Investments
Money market funds	$	186,872	$	—	$	—	$	186,872	$	186,872	$	—
U.S. treasury notes	177,129		70		—		177,199		58,386		118,813
Commercial paper	13,940		1		—		13,941		—		13,941
Corporate bonds	9,598		3		—		9,601		—		9,601

Total	$	387,539	$	74	$	—	$	387,613	$	245,258	$	142,355

The following table presents the contractual maturities of our short-term investments as of December 31, 2025 and December 31, 2024 (in thousands):


	As of December 31, 2025				As of December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	44,871	$	44,918	$	142,294	$	142,355
Due between one and five years	—		—		—		—
Total	$	44,871	$	44,918	$	142,294	$	142,355

Accrued interest receivables related to our available-for-sale securities of $0.3 million and $0.6 million as of December 31, 2025 and 2024, respectively, were included within prepaid expenses and other assets on our consolidated balance sheets.

We do not intend to sell investments that are in an unrealized loss position and it is not likely that we will be required to sell any investments before recovery of their amortized cost basis. As of December 31, 2025 and 2024, there were no material unrealized losses due to expected credit loss-related factors.

Fair Value of Financial Instruments - Schedule of Contingent Consideration (Details) - Contingent Consideration Liability - Level 3 - Carevive and Lumeon $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance as of December 31, 2024	$ 0
Acquisition-date contingent consideration liability from Upfront acquisition	7,313
Change in fair value of contingent consideration liability	(7,063)
Balance as of December 31, 2025	$ 250

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue

The following table represents Health Catalyst’s revenue disaggregated by type of arrangement (in thousands):


	Year Ended December 31,
	2025		2024		2023
Recurring technology	$	208,277	$	194,852	$	187,226
One-time technology (i.e., perpetual license)	—		—		357
Professional services	102,859		111,732		108,355
Total revenue	$	311,136	$	306,584	$	295,938

Restructuring Costs - Schedule of Restructuring-Related Charges and Related Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Ending Balance	704	$ 0
August 2025 Restructuring Plan \| Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Beginning balance	0
Severance and other restructuring costs	5,774
Cash payments	(5,070)
Ending Balance	704	0
January 2025 Restructuring Plan \| Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Beginning balance	0
Severance and other restructuring costs	3,939
Cash payments	(3,939)
Ending Balance	0	0
2023 Restructuring Plan \| Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0	2,355	$ 0
Severance and other restructuring costs		2,088		$ 6,767
Cash payments		(4,443)		(3,797)
Adjustments for non-cash items				(615)
Ending Balance		0	2,355	0
2022 Restructuring Plan \| Restructuring Liabilities
Restructuring Reserve [Roll Forward]
Beginning balance		$ 0	1,837
Severance and other restructuring costs			2,055
Cash payments			(3,892)
Ending Balance			$ 0	$ 1,837

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

During the year ended December 31, 2025, we identified indicators of impairment, including overall declines in our stock price and market capitalization, and concluded that triggering events had occurred that required interim quantitative goodwill impairment assessments of our professional services and technology reporting units.

As part of our interim goodwill impairment assessments, the fair value of the reporting units were estimated based upon weightings of the income approach and a market-based approach. The income approach utilizes a discounted cash flow analysis. The market-based approach utilizes comparable public company information, key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable. The significant assumptions used in these approaches include revenue growth rates, profit margins, projected future cash flows, and discount rates under the income approach as well as valuation multiples derived from comparable public trading companies under the market-based approach.

Based on our interim impairment tests of goodwill, it was determined that the fair values of our technology and professional services reporting units were below their respective carrying values as of June 30, 2025 and December 31, 2025, and we recorded total non-cash goodwill impairment charges of $105.4 million during the year ended December 31, 2025. The goodwill impairment charges were recorded as part of the impairment of goodwill and intangible assets line item in our consolidated statements of operations. There were no goodwill impairment charges during years ended December 31, 2024 and 2023.

Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Technology		Professional Services		Total
Balance as of December 31, 2023	$	189,870	$	782	$	190,652
2024 acquisitions	63,747		5,887		69,634
Foreign currency translation adjustments	(527)		—		(527)
Balance as of December 31, 2024	253,090		6,669		259,759
Upfront acquisition	52,912		—		52,912
Goodwill impairment	(98,717)		(6,669)		(105,386)
Foreign currency translation adjustments	1,788		—		1,788
Balance as of December 31, 2025	$	209,073	$	—	$	209,073

As of December 31, 2025, intangible assets consisted of the following (in thousands):


	Gross		Accumulated Amortization		Net
Developed technologies	$	141,101	$	(110,621)	$	30,480
Client relationships and contracts	115,808		(72,750)		43,058
Computer software licenses	13,600		(11,329)		2,271
Trademarks	5,367		(3,498)		1,869
Total intangible assets	$	275,876	$	(198,198)	$	77,678

As of December 31, 2024, intangible assets consisted of the following (in thousands):


	Gross		Accumulated Amortization		Net
Developed technologies	$	124,109	$	(93,611)	$	30,498
Client relationships and contracts	108,824		(57,020)		51,804
Computer software licenses	11,149		(9,503)		1,646
Trademarks	4,694		(2,590)		2,104
Total intangible assets	$	248,776	$	(162,724)	$	86,052

Amortization expense of acquired intangible assets for the years ended December 31, 2025, 2024, and 2023 was $35.5 million, $28.7 million, and $29.6 million, respectively. Amortization expense for intangible assets is included in depreciation and amortization in the consolidated statements of operations.

As noted above, we identified indicators of impairment, including overall declines in our stock price and market capitalization, as well as downward revisions of our future forecasts, which triggered a recoverability test of the relevant asset groups. We performed the recoverability test by comparing the carrying value of each asset group to its estimated undiscounted cash flows. The analysis indicated that as of December 31, 2025, the carrying value exceeded the recoverable amounts for one asset group, requiring us to determine the fair value of this asset group. As a result, we measured and recognized total intangible asset impairment charges of $4.8 million during the year ended December 31, 2025. The impairment charges were recorded as part of the impairment of goodwill and intangible assets line item in our consolidated statements of operations and relate to certain acquired client relationship intangible assets that had been partially allocated to our professional services operating segment. We did not incur any intangible asset impairment charges for the years ended December 31, 2024 and 2023.

The weighted-average remaining amortization period by type of intangible assets as of December 31, 2025 is as follows:


			Weighted-Average Remaining Amortization Period (years)
Developed technologies			2.1
Client relationships and contracts			3.8
Computer software licenses			2.1
Trademarks			2.7

As of December 31, 2025, future amortization expense for finite-lived intangible assets is estimated to be as follows (in thousands):


Year Ending December 31,
2026	$	30,566
2027	26,834
2028	8,814
2029	4,687
2030	4,346
Thereafter	2,431
Total future amortization expense	$	77,678

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (177,974)	$ (69,502)	$ (118,147)
Other comprehensive gain (loss):
Change in net unrealized gains (losses) on available for sale investments	(27)	(13)	662
Change in foreign currency translation adjustment	2,448	(855)	19
Comprehensive loss	$ (175,553)	$ (70,370)	$ (117,466)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	72,027,332	64,043,799
Common stock, shares, outstanding (in shares)	72,027,332	64,043,799

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the acquisition-date fair value of consideration transferred and the identifiable assets purchased and liabilities assumed as part of our acquisition of Upfront (in thousands):


Assets acquired:
Accounts receivable, net	$	1,544
Prepaid expenses and other assets	655
Property and equipment, net	114
Right-of-use assets	288
Developed technology	16,400
Client relationships	11,700
Trademarks	600
Total assets acquired	31,301
Less liabilities assumed:
Accrued and other current liabilities	1,558
Deferred revenue	2,352
Operating lease liability	284
Net deferred tax liabilities	—
Total liabilities assumed	4,194
Total assets acquired, net	27,107
Goodwill	52,912
Total consideration transferred, net of cash acquired	$	80,019


Assets acquired:
Accounts receivable, net	$	1,344
Prepaid expenses and other assets	118

Client relationships	12,400
Developed technology	4,200
Trademarks	300
Total assets acquired	18,362
Less liabilities assumed:

Accrued and other current liabilities	199
Deferred revenue	2,877

Total liabilities assumed	3,076
Total assets acquired, net	15,286
Goodwill	29,598
Total consideration transferred, net of cash acquired	$	44,884


Assets acquired:
Accounts receivable, net	$	967
Prepaid expenses and other assets	795
Property and equipment, net	165
Client relationships	3,700
Developed technology	11,400
Trademarks	1,300
Total assets acquired	18,327
Less liabilities assumed:

Accrued and other current liabilities	1,131
Deferred revenue	1,759



Total liabilities assumed	2,890
Total assets acquired, net	15,437
Goodwill	24,393
Total consideration transferred, net of cash acquired	$	39,830


Assets acquired:
Accounts receivable, net	$	96
Prepaid expenses and other assets	64
Client relationships	2,700
Developed technology	4,800
Trademarks	300
Total assets acquired	7,960
Less liabilities assumed:

Accrued and other current liabilities	1,389
Deferred revenue	76

Total liabilities assumed	1,465
Total assets acquired, net	6,495
Goodwill	15,643
Total consideration transferred, net of cash acquired	$	22,138


Assets acquired:
Accounts receivable	$	478
Prepaid expenses and other assets	73

Client relationships	5,300
Developed technology	3,100
Trademarks	100
Total assets acquired	9,051
Less liabilities assumed:

Accrued and other current liabilities	78
Deferred revenue	2,251


Total liabilities assumed	2,329
Total assets acquired, net	6,722
Goodwill	4,670
Total consideration transferred, net of cash acquired	$	11,392

Schedule of Unaudited Proforma Financial Information

The following table reflects our unaudited pro forma combined results of operations for the years ended December 31, 2025 and 2024 as if the acquisition of Upfront had taken place on January 1, 2024 (in thousands):


	Year Ended December 31,
		2025		2024
	(unaudited)

Pro forma net loss		$	(183,745)	$	(83,747)

The nature and amount of material, nonrecurring pro forma adjustments directly attributable to the Upfront acquisition which are included in the pro forma net loss, as applicable, are summarized as follows (in thousands):


	Year Ended December 31,
		2025		2024
	(unaudited)
Amortization of acquired intangible assets		$	(438)	$	(7,617)
Acquisition-related costs, net		(4,158)		6,143

The following table reflects our unaudited pro forma combined results of operations for the years ended December 31, 2024 and 2023 as if the acquisitions of Intraprise, Carevive, and Lumeon had taken place on January 1, 2023 (in thousands):


	Year Ended December 31,
	2024		2023
	(unaudited)

Pro forma net loss	$	(80,035)	$	(153,606)

The nature and amount of material, nonrecurring pro forma adjustments directly attributable to these acquisitions which are included in the pro forma net loss, as applicable, are summarized as follows (in thousands):


	Year Ended December 31,
	2024		2023
	(unaudited)
Amortization of acquired intangible assets	$	(5,715)	$	(8,748)
Acquisition-related costs, net	9,122		(2,235)

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Apr. 14, 2020
Line of Credit Facility [Line Items]
Total Principal Outstanding	$ 160,761	$ 392,388
Less: Unamortized discount and issuance costs	(7,510)	(10,028)
Net carrying amount	153,251	382,360
Less: Current portion of long-term debt	(1,627)	(231,182)
Long-term debt, net of current portion	151,624	151,178
Interest Rate Term Loan
Line of Credit Facility [Line Items]
Total Principal Outstanding	160,761	162,388
Senior Notes Due2025 \| Convertible Notes Payable
Line of Credit Facility [Line Items]
Basis rate (in percentage)			2.50%
Total Principal Outstanding	$ 0	$ 230,000

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The estimated useful life of each asset category is as follows:


Computer equipment			2-3 years
Furniture and fixtures			3-5 years
Leasehold improvements			Lesser of lease term or estimated useful life
Computer software			2-5 years
Capitalized internal-use software costs			2-3 years

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2025		2024

Computer equipment	$	10,027	$	10,309
Leasehold improvements	6,314		8,456
Furniture and fixtures	3,796		3,757
Capitalized internal-use software costs	66,916		46,143
Computer software	111		111

Total property and equipment	87,164		68,776
Less: accumulated depreciation	(53,326)		(39,382)
Property and equipment, net	$	33,838	$	29,394

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of the Calculation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Net loss per share, basic and diluted
Numerator:
Net loss	$	(177,974)	$	(69,502)	$	(118,147)
Denominator:
Weighted-average number of shares used in calculating net loss per share, basic and diluted	69,896,134		60,184,920		56,418,397
Net loss per share, basic and diluted	$	(2.55)	$	(1.15)	$	(2.09)

Schedule of Share Totals With a Potentially Dilutive Impact

The calculation of diluted net loss per share does not include the effect of the following potentially outstanding shares of common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted net loss per share when the effect would have been anti-dilutive:


	As of December 31,
	2025	2024	2023

Common stock options	842,085	1,053,251	1,396,452
Restricted stock units	4,004,505	3,505,406	3,111,584
Performance-based restricted stock units	2,521,754	524,313	188,533
Shares related to convertible senior notes(1)	—	7,516,331	7,516,331

Restricted shares	106,196	—	235,389
Shares issuable as acquisition-related contingent consideration(2)	—	—	—
Total potentially dilutive securities	7,474,540	12,599,301	12,448,289

_________________________

(1)On April 14, 2025, we fully settled the principal amount of the convertible senior notes in cash with no issuance of shares of our common stock. In connection with the offering of our convertible senior notes, we entered into Capped Calls with initial caps on the conversion price of $42.00 per share, which expired concurrently with the settlement of the convertible senior notes and which are excluded from the calculation of diluted earnings per share in all periods presented, as they would be antidilutive.

(2)The Upfront acquisition includes contingent consideration based on certain recurring revenue-based earn-out performance targets for Upfront during an earn-out period that ends on December 31, 2026. The Upfront contingent consideration is capped and will be paid in a combination of equity and cash to the extent achieved. If the earn-out were to be fully achieved, we would be required to issue approximately 2.7 million shares of common stock related to this acquisition in early 2027. There were no anti-dilutive shares issuable as acquisition-related contingent consideration presented as of December 31, 2025 in the table above as the amounts presented above are calculated based on the earn-out achieved and the estimated number of shares that would be issuable if the outstanding acquisition-related contingent consideration liability was to be settled as of that date.

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Current assets:

Cash and cash equivalents

$ 50,814

$ 249,645

Short-term investments

44,918

142,355

Accounts receivable, net

^[1]

59,128

57,182

Prepaid expenses and other assets

14,447

16,468

Total current assets

169,307

465,650

Property and equipment, net

33,838

29,394

Intangible assets, net

77,678

86,052

Operating lease right-of-use assets

6,640

12,058

Goodwill

209,073

259,759

Other assets

6,107

6,016

Total assets

502,643

858,929

Current liabilities:

Accounts payable

9,363

11,433

Accrued liabilities

18,697

26,340

Deferred revenue

^[1]

56,107

53,281

Operating lease liabilities

3,779

3,614

Current portion of long-term debt

1,627

231,182

Total current liabilities

89,573

325,850

Long-term debt, net of current portion

151,624

151,178

Deferred revenue, net of current portion

410

249

Operating lease liabilities, net of current portion

14,208

16,291

Contingent consideration liabilities, net of current portion

250

Other liabilities

798

154

Total liabilities

256,863

493,722

Commitments and contingencies (Notes 9 and 16)

Stockholders’ equity:

Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024

Common stock, $0.001 par value per share, and additional paid-in capital; 500,000,000 shares authorized as of December 31, 2025 and 2024; 72,027,332 and 64,043,799 shares issued and outstanding as of December 31, 2025 and 2024, respectively

1,608,840

1,552,714

Accumulated deficit

(1,364,646)

(1,186,672)

Accumulated other comprehensive income (loss)

1,586

(835)

Total stockholders’ equity

245,780

365,207

Total liabilities and stockholders’ equity

$ 502,643

$ 858,929

[1]	Includes amounts attributable to related party transactions. See Note 18 for further details

Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2026	$ 3,781
2027	3,661
2028	3,691
2029	3,319
2030	3,246
Thereafter	3,315
Total lease payments	21,013
Less: Imputed interest	(3,026)
Total lease liability	$ 17,987	$ 19,905

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2025	Mar. 05, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38993
Entity Registrant Name	HEALTH CATALYST, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3337483
Entity Address, Address Line One	10897 South River Front Parkway #300
Entity Address, City or Town	South Jordan
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84095
City Area Code	801
Local Phone Number	708-6800
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	HCAT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 259.0
Entity Common Stock, Shares Outstanding		73,586,183
Documents Incorporated by Reference	Part III incorporates information by reference from portions of the registrant's Form 10-K/A in lieu of the registrant’s definitive proxy statement for the Annual Meeting of the Stockholders to be held in 2026. Such Form 10-K/A is to be filed with the Securities and Exchange Commission no later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K.
Entity Central Index Key	0001636422
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Net Loss Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts):


	Year Ended December 31,
	2025		2024		2023
Net loss per share, basic and diluted
Numerator:
Net loss	$	(177,974)	$	(69,502)	$	(118,147)
Denominator:
Weighted-average number of shares used in calculating net loss per share, basic and diluted	69,896,134		60,184,920		56,418,397
Net loss per share, basic and diluted	$	(2.55)	$	(1.15)	$	(2.09)

During the years ended December 31, 2025, 2024 and 2023, we incurred net losses and, therefore, the effect of our stock options, restricted stock units, performance-based restricted stock units, convertible senior notes, and restricted shares were not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. The calculation of diluted net loss per share does not include the effect of the following potentially outstanding shares of common stock. The effects of these potentially outstanding shares were not included in the calculation of diluted net loss per share when the effect would have been anti-dilutive:


	As of December 31,
	2025	2024	2023

Common stock options	842,085	1,053,251	1,396,452
Restricted stock units	4,004,505	3,505,406	3,111,584
Performance-based restricted stock units	2,521,754	524,313	188,533
Shares related to convertible senior notes(1)	—	7,516,331	7,516,331

Restricted shares	106,196	—	235,389
Shares issuable as acquisition-related contingent consideration(2)	—	—	—
Total potentially dilutive securities	7,474,540	12,599,301	12,448,289

_________________________

Income Taxes - Schedule of Income Tax Expense Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current taxes:
Federal	$ 0	$ 0	$ 0
Foreign	454	62	204
State	181	194	144
Total current tax provision	635	256	348
Deferred taxes:
Federal	69	61	8
Foreign	(2)	4	(1)
State	14	12	1
Total deferred provision	81	77	8
Total income tax provision	$ 716	$ 333	$ 356

Business Combinations - Narrative (Details) - USD ($) $ in Thousands						12 Months Ended
	Jan. 22, 2025	Nov. 08, 2024	Aug. 01, 2024	May 24, 2024	Oct. 02, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Payments to acquire business						$ 41,114	$ 80,277	$ 11,392
Goodwill						$ 209,073	259,759	$ 190,652
Service period (in years)						4 years
Intraprise Health, LLC.
Business Combination [Line Items]
Consideration		$ 44,900
Payments to acquire business		25,400
Equity interest in acquiree, fair value		$ 19,500
Interest acquired		100.00%
Goodwill		$ 29,598
Acquired goodwill		21,500
Intraprise Health, LLC. \| Technology Reporting Unit
Business Combination [Line Items]
Goodwill		23,700
Intraprise Health, LLC. \| Professional Services Reporting Unit
Business Combination [Line Items]
Goodwill		$ 5,900
Intraprise Health, LLC. \| Client Relationships-ENT
Business Combination [Line Items]
Estimated useful life		7 years
Intraprise Health, LLC. \| Client Relationships-SMB
Business Combination [Line Items]
Estimated useful life		3 years
Intraprise Health, LLC. \| Developed technologies
Business Combination [Line Items]
Estimated useful life		3 years
Intraprise Health, LLC. \| Trademarks
Business Combination [Line Items]
Estimated useful life		3 years
Lumeon Ltd.
Business Combination [Line Items]
Consideration			$ 39,800
Payments to acquire business			36,200
Equity interest in acquiree, fair value			2,900
Contingent consideration			$ 700
Interest acquired			100.00%
Business combination, cash retention payment			$ 5,000	$ 1,800			1,100
Goodwill			$ 24,393
Adjustment, increase to net deferred tax liabilities assumed and acquired goodwill							$ 3,700
Lumeon Ltd. \| Developed technologies
Business Combination [Line Items]
Estimated useful life			4 years
Lumeon Ltd. \| Trademarks
Business Combination [Line Items]
Estimated useful life			5 years
Lumeon Ltd. \| Client relationships
Business Combination [Line Items]
Estimated useful life			7 years
Carevive Systems, Inc.
Business Combination [Line Items]
Consideration				22,100
Payments to acquire business				18,700
Equity interest in acquiree, fair value				2,600
Contingent consideration				900
Business combination, cash retention payment						$ 800
Goodwill				$ 15,643
Carevive Systems, Inc. \| Developed technologies
Business Combination [Line Items]
Estimated useful life				4 years
Carevive Systems, Inc. \| Trademarks
Business Combination [Line Items]
Estimated useful life				3 years
Carevive Systems, Inc. \| Client relationships
Business Combination [Line Items]
Estimated useful life				7 years
ERS
Business Combination [Line Items]
Payments to acquire business					$ 11,400
Interest acquired					100.00%
Goodwill					$ 4,670
ERS \| Restricted shares
Business Combination [Line Items]
Number of restricted shares issued (in shares)					175,901
Service period (in years)					18 months
ERS \| Developed technologies
Business Combination [Line Items]
Estimated useful life					4 years
ERS \| Trademarks
Business Combination [Line Items]
Estimated useful life					2 years
ERS \| Client relationships
Business Combination [Line Items]
Estimated useful life					7 years
Upfront Healthcare Services
Business Combination [Line Items]
Consideration	$ 80,000
Payments to acquire business	41,100
Equity interest in acquiree, fair value	31,600
Contingent consideration	7,300
Business combination, cash retention payment	1,100					900
Stock based compensation related to retention bonus						$ 500
Goodwill	$ 52,912
Upfront Healthcare Services \| Restricted shares
Business Combination [Line Items]
Number of restricted shares issued (in shares)	106,196
Restricted shares, vested (in shares)						86,975
Service period (in years)					18 months
Upfront Healthcare Services \| Restricted stock units \| Common Stock and Additional Paid-In Capital
Business Combination [Line Items]
Restricted shares of common stock (in shares)	151,148
Upfront Healthcare Services \| Developed technologies
Business Combination [Line Items]
Estimated useful life	3 years
Upfront Healthcare Services \| Trademarks
Business Combination [Line Items]
Estimated useful life	3 years
Upfront Healthcare Services \| Client relationships
Business Combination [Line Items]
Estimated useful life	6 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Salt Lake City, Utah

Stock-Based Compensation - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Performance-based restricted stock units - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	71.60%	65.50%
Risk-free interest rate, minimum	4.16%	4.33%
Risk-free interest rate, maximum	4.23%	4.91%
Expected dividends	$ 0	$ 0
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	1 year	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Financial Instruments - Schedule of Contingent Consideration Liabilities (Details) - Level 3 - Carevive and Lumeon - Valuation, Monte Carlo	Dec. 31, 2025
Measurement Input, Quoted Price
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	0.12
Measurement Input, Revenue Multiple
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	0.40
Measurement Input, Expected Term
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	1
Measurement Input, Risk Free Interest Rate
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input	0.037

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring Costs

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring Costs

August 2025 Restructuring Plan

In August 2025 our board of directors authorized a reduction of our global workforce as part of a restructuring plan intended to optimize our cost structure and focus our investment of resources in key priority areas to align with strategic changes (August 2025 Restructuring Plan).

As part of the August 2025 Restructuring Plan, we reduced headcount throughout both our professional services and technology segments. The restructuring costs primarily related to severance and other team member costs from workforce reductions.

Restructuring liabilities related to the August 2025 Restructuring Plan are included as a component of accrued liabilities on our consolidated balance sheets. The following table summarizes our August 2025 Restructuring Plan restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	Restructuring Liability Rollforward

Balance as of January 1, 2025	$	—
Severance and other restructuring costs	5,774
Cash payments	(5,070)
Balance as of December 31, 2025	$	704

The following table summarizes our August 2025 Restructuring Plan costs by financial statement line item for the year ended December 31, 2025 (in thousands):


	Year Ended December 31, 2025
	Severance and Other Team Member Costs		Other(1)		Total

Cost of revenue, excluding depreciation and amortization:
Technology	$	436	$	—	$	436
Professional services	650		—		650
Sales and marketing	2,059		94		2,153
Research and development	1,409		—		1,409
General and administrative	771		355		1,126
Total	$	5,325	$	449	$	5,774

____________________

(1)Includes other miscellaneous charges associated with the August 2025 Restructuring Plan.

We expect additional restructuring costs as part of the August 2025 Restructuring Plan of at least $1.0 million in the first half of 2026. We continue to evaluate our restructuring initiatives, which may result in additional restructuring costs and associated payments in the future.

January 2025 Restructuring Plan

In January 2025 our board of directors authorized a reduction of our global workforce as part of a restructuring plan intended to optimize our cost structure and focus our investment of resources in key priority areas to align with strategic changes (January 2025 Restructuring Plan).

As part of the January 2025 Restructuring Plan, we reduced headcount throughout both our professional services and technology segments. The restructuring costs primarily related to severance and other team member costs from workforce reductions.

Restructuring liabilities related to the January 2025 Restructuring Plan are included as a component of accrued liabilities on our consolidated balance sheets. The following table summarizes our January 2025 Restructuring Plan restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	Restructuring Liability Rollforward

Balance as of January 1, 2025	$	—
Severance and other restructuring costs	3,939
Cash payments	(3,939)
Balance as of December 31, 2025	$	—

The following table summarizes our January 2025 Restructuring Plan costs by financial statement line item for the year ended December 31, 2025 (in thousands):


	Year Ended December 31, 2025
	Total Severance and Other Team Member Costs

Cost of revenue, excluding depreciation and amortization:
Technology	$	401
Professional services	1,142
Sales and marketing	352
Research and development	1,908
General and administrative	136
Total	$	3,939

Our restructuring activities as part of the January 2025 Restructuring Plan were complete by June 30, 2025.

2023 Restructuring Plan

During the quarter and year ended December 31, 2023, our board of directors authorized a reduction of our global workforce as part of a restructuring plan intended to optimize our cost structure and focus our investment of resources in key priority areas to align with strategic changes (2023 Restructuring Plan). As part of the 2023 Restructuring Plan, we significantly reduced headcount throughout both our professional services and technology segments, including among our senior leadership team. The restructuring costs primarily related to severance and other team member costs from workforce reductions and impairment of a discontinued capitalized internal-use software project. As of December 31, 2024, the related restructuring liabilities were completely settled through cash outlays made to impacted team members.

The following tables summarize our 2023 Restructuring Plan costs by financial statement line item for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31, 2024
2023 Restructuring Plan	Severance and Other Team Member Costs		Impairment Charges		Total
Cost of revenue, excluding depreciation and amortization:
Technology	$	79	$	—	$	79
Professional services	181		—		181
Sales and marketing	449		—		449
Research and development	443		—		443
General and administrative	936		—		936
Total	$	2,088	$	—	$	2,088


	Year Ended December 31, 2023
2023 Restructuring Plan	Severance and Other Team Member Costs		Impairment Charges		Total
Cost of revenue, excluding depreciation and amortization:
Technology	$	484	$	—	$	484
Professional services	1,398		—		1,398
Sales and marketing	1,210		—		1,210
Research and development	2,436		615		3,051
General and administrative	624		—		624
Total	$	6,152	$	615	$	6,767

Restructuring liabilities related to the 2023 Restructuring Plan are included as a component of accrued liabilities on our consolidated balance sheets. The following table summarizes our restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	2023 Restructuring Plan Liability Rollforward
Balance as of January 1, 2023	$	—
Restructuring costs	6,767
Cash payments	(3,797)
Adjustments for non-cash items(1)	(615)
Balance as of December 31, 2023	$	2,355
Restructuring costs	2,088
Cash payments	(4,443)

Balance as of December 31, 2024	$	—

____________________

(1)Non-cash items consist of the impairment of a discontinued capitalized internal-use software project.

2022 Restructuring Plan

During the year ended December 31, 2022, we initiated a restructuring plan (2022 Restructuring Plan) to optimize our cost structure and focus our investment of resources in key priority areas to align with strategic changes. As part of the 2022 Restructuring Plan, we significantly reduced investment in our life sciences business unit, which is generally part of the technology segment, and also reduced headcount throughout the Company, including among our senior leadership team. The restructuring costs primarily related to severance and other team member costs from workforce reductions, impairment of discontinued capitalized internal-use software projects, and other miscellaneous charges. We substantially completed all actions under the 2022 Restructuring Plan in early 2023 and, as of December 31, 2023, the related restructuring liabilities were completely settled through cash outlays made to impacted team members.

The following table summarizes our 2022 Restructuring Plan costs by financial statement line item for the year ended December 31, 2023 (in thousands):


	Year Ended December 31, 2023
2022 Restructuring Plan	Severance and Other Team Member Costs		Impairment Charges		Other(1)		Total
Cost of revenue, excluding depreciation and amortization:
Technology	$	12	$	—	$	—	$	12
Professional services	434		—		—		434
Sales and marketing	1,190		—		15		1,205
Research and development	286		—		—		286
General and administrative	94		—		24		118
Total	$	2,016	$	—	$	39	$	2,055

Total cumulative 2022 Restructuring Plan costs	$	8,071	$	1,225	$	1,184	$	10,480

____________________

(1)Includes other miscellaneous charges associated with the 2022 Restructuring Plan.

Restructuring liabilities related to the 2022 Restructuring Plan were included as a component of accrued liabilities on our consolidated balance sheets. The following table summarizes our restructuring-related activities, including costs incurred, cash payments, and the resulting liability balances (in thousands):


	2022 Restructuring Plan Liability Rollforward




Balance as of January 1, 2023	$	1,837
Severance and other restructuring costs	2,055
Cash payments	(3,892)
Balance as of December 31, 2023	$	—

____________________

(1)Non-cash items consist of the impairment of discontinued capitalized internal-use software projects and other minor miscellaneous non-cash adjustments.

Description of Business and Summary of Significant Accounting Policies - Schedule of Intangible Assets Useful Life (Details)	Dec. 31, 2025
Minimum \| Developed technologies
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	3 years
Minimum \| Client relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	2 years
Minimum \| Computer software licenses
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	1 year
Minimum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	1 year
Maximum \| Developed technologies
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	10 years
Maximum \| Client relationships and contracts
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	7 years
Maximum \| Computer software licenses
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years
Maximum \| Trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (177,974)	$ (69,502)	$ (118,147)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Stock-based compensation expense	27,012	40,128	55,756
Depreciation and amortization	50,500	41,431	42,223
Investment discount and premium accretion	(1,565)	(4,757)	(9,720)
Impairment of long-lived assets	6,900	2,200	4,081
Non-cash operating lease expense	2,930	2,685	2,990
Provision for expected credit losses	1,503	1,202	1,821
Amortization of debt discount, issuance costs, and deferred financing costs	3,725	3,256	1,511
Deferred tax provision	81	77	8
Change in fair value of contingent consideration liabilities	(7,063)	(1,642)	0
Impairment of goodwill and intangible assets	110,223	0	0
Other	(429)	141	67
Change in operating assets and liabilities:
Accounts receivable, net	(1,809)	4,281	(13,663)
Prepaid expenses and other assets	1,569	(50)	164
Accounts payable, accrued liabilities, and other liabilities	(11,512)	5,581	4,868
Deferred revenue	607	(7,012)	(1,487)
Operating lease liabilities	(3,967)	(3,460)	(3,552)
Net cash provided by (used in) operating activities	731	14,559	(33,080)
Cash flows from investing activities
Proceeds from the sale and maturity of short-term investments	163,948	242,067	336,801
Purchases of short-term investments	(65,132)	(168,307)	(290,836)
Capitalization of internal-use software	(19,780)	(14,274)	(11,957)
Acquisition of businesses, net of cash acquired	(41,114)	(80,277)	(11,392)
Purchases of property and equipment	(968)	(1,616)	(1,236)
Purchases of intangible assets	(805)	(508)	(1,118)
Proceeds from the sale of property and equipment	44	13	31
Net cash provided by (used in) investing activities	36,193	(22,902)	20,293
Cash flows from financing activities
Proceeds from issuance of long-term debt, net of issuance costs	0	152,277	0
Payment of deferred financing costs	0	(2,152)	0
Repayment of debt	232,292	959	0
Proceeds from employee stock purchase plan	1,510	2,411	3,588
Proceeds from exercise of stock options	0	169	950
Repurchase of common stock	(5,000)	0	(1,808)
Net cash (used in) provided by financing activities	(235,782)	151,746	2,730
Effect of exchange rate changes on cash and cash equivalents	27	(34)	21
Net (decrease) increase in cash and cash equivalents	(198,831)	143,369	(10,036)
Cash and cash equivalents at beginning of period	249,645	106,276	116,312
Cash and cash equivalents at end of period	50,814	249,645	106,276
Supplemental disclosures of cash flow information
Cash paid for interest	21,949	10,119	5,750
Supplemental disclosures of non-cash investing and financing information
Common stock issued in connection with business acquisitions	31,584	24,932	0
Operating lease right-of-use assets obtained in exchange for operating lease obligations	806	1,267	2,033
Stock-based compensation capitalized as internal-use software	1,020	1,018	889
Capitalized internal-use software included in accounts payable and accrued liabilities	189	265	169
Purchase of property and equipment included in accounts payable and accrued liabilities	76	13	7
Purchase of intangible assets included in accounts payable and accrued liabilities	$ 1,659	$ 0	$ 1,310

Business Combinations

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Business Combinations

The business acquisitions discussed below are included in our results of operations from their respective dates of acquisition.

2025 Acquisition

Upfront Healthcare Services, Inc.

On January 22, 2025, we acquired Upfront Healthcare Services, Inc. (Upfront), a next-generation patient engagement platform provider. We accounted for the acquisition of Upfront as a business combination. The acquisition consideration transferred was $80.0 million and was comprised of estimated net cash consideration of $41.1 million, shares of our common stock with an aggregate acquisition-date fair value of $31.6 million, and contingent consideration based on certain earn-out performance targets for Upfront during an earn-out period ending on December 31, 2026, with an aggregate acquisition-date fair value of $7.3 million. The purchase resulted in Health Catalyst acquiring 100% ownership in Upfront.

An additional 106,196 shares of our common stock subject to restriction agreements (restricted shares) were issued pursuant to the terms of the acquisition agreement. The value of these restricted shares is recognized as post-acquisition stock-based compensation expense on a straight-line basis over the vesting term. Refer to Note 13—Stock-Based Compensation for additional details related to our stock-based compensation.


Assets acquired:
Accounts receivable, net	$	1,544
Prepaid expenses and other assets	655
Property and equipment, net	114
Right-of-use assets	288
Developed technology	16,400
Client relationships	11,700
Trademarks	600
Total assets acquired	31,301
Less liabilities assumed:
Accrued and other current liabilities	1,558
Deferred revenue	2,352
Operating lease liability	284
Net deferred tax liabilities	—
Total liabilities assumed	4,194
Total assets acquired, net	27,107
Goodwill	52,912
Total consideration transferred, net of cash acquired	$	80,019

The resulting goodwill from the Upfront acquisition was fully allocated to the technology reporting unit and is not deductible for income tax purposes. There were no measurement period adjustments recorded during the year ended December 31, 2025.

The amount of revenue attributable to the acquired business of Upfront was not material to our consolidated statement of operations for the year ended December 31, 2025. Income (loss) information for Upfront after the acquisition date through December 31, 2025 is not presented as the Upfront business was integrated into our operations immediately following the acquisition and is impracticable to quantify.

In addition to the purchase price, we agreed to make retention bonuses in an aggregate amount of up to $1.1 million in cash payments and the issuance of up to approximately 151,148 restricted shares to certain Upfront management team members, a portion of which is variable based upon the achievement of earn-out performance targets. The retention bonuses are recorded as post-combination compensation expense and adjusted out of our purchase price consideration. During the year ended December 31, 2025, we recognized compensation expense of $0.9 million and stock-based compensation expense of $0.5 million related to these retention bonuses and 86,975 of the restricted shares that vested.

Unaudited Pro Forma Financial Information


	Year Ended December 31,
		2025		2024
	(unaudited)

Pro forma net loss		$	(183,745)	$	(83,747)

The unaudited pro forma information is presented for informational purposes only and is not intended to present actual results that would have been attained had the acquisition been completed as of January 1, 2024 or to project potential results as of any future date or for any future periods. The unaudited pro forma information, including adjustments, are based upon available information and certain assumptions that we believe are reasonable. Pro forma revenue has not been presented for the Upfront acquisition as the impact to our consolidated financial statements was not material.


	Year Ended December 31,
		2025		2024
	(unaudited)
Amortization of acquired intangible assets		$	(438)	$	(7,617)
Acquisition-related costs, net		(4,158)		6,143

2024 Acquisitions

Intraprise Health, LLC

On November 8, 2024, we acquired Intraprise Health, LLC (Intraprise), a leading provider of data and analytics technology and security services to healthcare organizations. We accounted for the acquisition of Intraprise as a business combination. The acquisition consideration transferred was $44.9 million and was comprised of net cash consideration of $25.4 million and Health Catalyst common shares with a fair value of $19.5 million. The purchase resulted in Health Catalyst acquiring 100% ownership in Intraprise.


Assets acquired:
Accounts receivable, net	$	1,344
Prepaid expenses and other assets	118

Client relationships	12,400
Developed technology	4,200
Trademarks	300
Total assets acquired	18,362
Less liabilities assumed:

Accrued and other current liabilities	199
Deferred revenue	2,877

Total liabilities assumed	3,076
Total assets acquired, net	15,286
Goodwill	29,598
Total consideration transferred, net of cash acquired	$	44,884

The acquired intangible assets were valued utilizing either an income approach or a cost approach as deemed most applicable, and include enterprise client relationships, small and medium business client relationships, developed technology, and trademarks that will be amortized on a straight-line basis over their estimated useful lives of seven years, three years, three years, and three years, respectively. The resulting goodwill from the Intraprise acquisition was allocated $23.7 million to the technology reporting unit and $5.9 million to the professional services reporting unit, and $21.5 million of acquired goodwill is deductible for income tax purposes.

Lumeon Ltd.

On August 1, 2024, we acquired Lumeon Ltd. (Lumeon), a digital health company dedicated to helping provider organizations mend broken care coordination processes through automated care orchestration. We accounted for the acquisition of Lumeon as a business combination. The acquisition consideration transferred was $39.8 million and was comprised of net cash consideration of $36.2 million, Health Catalyst common shares with a fair value of $2.9 million, and contingent consideration based on certain earn-out performance targets for Lumeon during an earn-out period ending on June 30, 2025, with an acquisition-date fair value of $0.7 million. The purchase resulted in Health Catalyst acquiring 100% ownership in Lumeon.


Assets acquired:
Accounts receivable, net	$	967
Prepaid expenses and other assets	795
Property and equipment, net	165
Client relationships	3,700
Developed technology	11,400
Trademarks	1,300
Total assets acquired	18,327
Less liabilities assumed:

Accrued and other current liabilities	1,131
Deferred revenue	1,759



Total liabilities assumed	2,890
Total assets acquired, net	15,437
Goodwill	24,393
Total consideration transferred, net of cash acquired	$	39,830

The acquired intangible assets were valued utilizing either an income approach or a cost approach as deemed most applicable, and include client relationships, developed technology, and trademarks that will be amortized on a straight-line basis over their estimated useful lives of seven years, four years, and five years, respectively. The resulting goodwill from the Lumeon acquisition was fully allocated to the technology reporting unit and is not deductible for income tax purposes.

As of December 31, 2024, we recorded a measurement period adjustment as a result of the completion of a UK historic loss analysis that concluded that no limitation is required related to Lumeon's historic UK tax loss carryforwards as a result of a major change in nature or conduct of trade. The measurement period adjustment increased the deferred tax assets acquired and we have provided a valuation allowance for the net deferred tax assets acquired. The measurement period adjustment decreased acquired goodwill by $3.7 million.

In addition to the purchase price, we agreed to make cash retention payments in an aggregate amount of up to $5.0 million to continuing Lumeon team members, a portion of which is variable based upon the achievement of earn-out performance targets. The retention payments are generally subject to vesting based upon continued employment over a required service period. Such amounts are recorded as post-combination compensation expense and recognized on a straight-line basis over the relevant vesting terms. During the year ended December 31, 2024, we recognized compensation expense of $1.1 million related to these retention payments.

Carevive Systems, Inc.

On May 24, 2024, we acquired Carevive Systems, Inc. (Carevive), a leading oncology-focused health technology company centered on understanding and improving the experience of patients with cancer. We accounted for the acquisition of Carevive as a business combination. Oncology providers and life science researchers use Carevive’s flagship platform and/or Carevive data in routine clinical practice for treatment care planning, clinical trial screening, care coordination, remote patient monitoring, and/or post-treatment care. The acquisition consideration transferred was $22.1 million and was comprised of net cash consideration of $18.7 million, Health Catalyst common shares with a fair value of $2.6 million, and contingent consideration based on certain earn-out performance targets for Carevive during an earn-out period ending on June 30, 2025, with an acquisition-date fair value of $0.9 million. The purchase resulted in Health Catalyst acquiring 100% ownership in Carevive.


Assets acquired:
Accounts receivable, net	$	96
Prepaid expenses and other assets	64
Client relationships	2,700
Developed technology	4,800
Trademarks	300
Total assets acquired	7,960
Less liabilities assumed:

Accrued and other current liabilities	1,389
Deferred revenue	76

Total liabilities assumed	1,465
Total assets acquired, net	6,495
Goodwill	15,643
Total consideration transferred, net of cash acquired	$	22,138

The acquired intangible assets were valued utilizing either an income approach or a cost approach as deemed most applicable, and include client relationships, developed technology, and trademarks that will be amortized on a straight-line basis over their estimated useful lives of seven years, four years, and three years, respectively. The resulting goodwill from the Carevive acquisition was fully allocated to the technology reporting unit and is not deductible for income tax purposes.

In addition to the purchase price, we agreed to make cash retention payments in an aggregate amount of up to $1.8 million to continuing Carevive team members, a portion of which is variable based upon the achievement of earn-out performance targets. The retention payments are generally subject to vesting based upon continued employment over a required service period. Such amounts are recorded as post-combination compensation expense and recognized on a straight-line basis over the relevant vesting terms. During the year ended December 31, 2024, we recognized compensation expense of $0.8 million related to these retention payments.

Unaudited Pro Forma Financial Information


	Year Ended December 31,
	2024		2023
	(unaudited)

Pro forma net loss	$	(80,035)	$	(153,606)

The unaudited pro forma information is presented for informational purposes only and is not intended to present actual results that would have been attained had the acquisition been completed as of January 1, 2023 or to project potential results as of any future date or for any future periods. The unaudited pro forma information, including adjustments, are based upon available information and certain assumptions that we believe are reasonable. Pro forma revenue has not been presented for these 2024 acquisitions as the impact to our consolidated financial statements was not material.


	Year Ended December 31,
	2024		2023
	(unaudited)
Amortization of acquired intangible assets	$	(5,715)	$	(8,748)
Acquisition-related costs, net	9,122		(2,235)

2023 acquisition of Electronic Registry Systems, Inc.

On October 2, 2023, we acquired Electronic Registry Systems, Inc. (ERS), a cloud-based provider of clinical registry development and data management software based in Cincinnati, Ohio. We accounted for the acquisition of ERS as a business combination. ERS provides cancer registry compliance and informatics services to enable customers to achieve their cancer center clinical and business objectives with a goal of improving cancer care for every patient, including through its CRStar platform. The acquisition consideration transferred comprised of net cash consideration of $11.4 million. The purchase resulted in Health Catalyst acquiring 100% ownership in ERS.

An additional 175,901 shares of our common stock subject to a restriction agreement (restricted shares) were issued pursuant to the terms of the acquisition agreement. The vesting of these restricted shares was originally subject to eighteen months of continued employment with cliff vesting upon the eighteen-month anniversary of the acquisition close date. The value of these restricted shares was originally scheduled to be recognized as post-combination stock-based compensation expense on a straight-line basis over the vesting term, but due to workforce reductions made as part of the 2023 Restructuring Plan (as defined below), the ERS restricted shares fully vested in February 2024, resulting in an acceleration of the related stock-based compensation expense. Refer to Note 14—Stock-Based Compensation for additional details related to our stock-based compensation.


Assets acquired:
Accounts receivable	$	478
Prepaid expenses and other assets	73

Client relationships	5,300
Developed technology	3,100
Trademarks	100
Total assets acquired	9,051
Less liabilities assumed:

Accrued and other current liabilities	78
Deferred revenue	2,251


Total liabilities assumed	2,329
Total assets acquired, net	6,722
Goodwill	4,670
Total consideration transferred, net of cash acquired	$	11,392

The acquired intangible assets were valued utilizing either an income approach or a cost approach as deemed most applicable, and include client relationships, developed technology, and trademarks that will be amortized on a straight-line basis over their estimated useful lives of seven years, four years, and two years, respectively. The resulting goodwill from the ERS acquisition was fully allocated to the technology reporting unit and is deductible for income tax purposes.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following (in thousands):


	As of December 31,
	2025		2024

Computer equipment	$	10,027	$	10,309
Leasehold improvements	6,314		8,456
Furniture and fixtures	3,796		3,757
Capitalized internal-use software costs	66,916		46,143
Computer software	111		111

Total property and equipment	87,164		68,776
Less: accumulated depreciation	(53,326)		(39,382)
Property and equipment, net	$	33,838	$	29,394

Our long-lived assets are primarily located in the United States with immaterial amounts located in the United Kingdom and India. Depreciation expense for the years ended December 31, 2025, 2024, and 2023 was $15.0 million, $12.8 million, and $12.6 million, respectively. Depreciation expense includes the amortization of capitalized internal-use software costs. During the years ended December 31, 2025, 2024, and 2023 we impaired $2.3 million, $0.7 million, and $1.2 million, respectively, of leasehold improvements and furniture and fixtures related to the subleased portions of our corporate headquarters. Refer to Note 9—Leases for additional details. During the year ended December 31, 2023, we also incurred $0.6 million of impairment related to discontinued capitalized internal-use software projects as part of restructuring, with no such impairment during the years ended December 31, 2025 and 2024. Refer to Note 11—Restructuring Costs for additional details.

We capitalized $20.7 million, $15.4 million, and $12.8 million of internal-use software costs for the years ended December 31, 2025, 2024, and 2023, respectively. We incurred $12.5 million, $9.7 million, and $8.5 million of capitalized internal-use software cost amortization expense for the years ended December 31, 2025, 2024, and 2023, respectively.

Short-term Investments - Schedule of Short-Term Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Amortized Cost	$ 89,933	$ 387,539
Fair Value
Fair Value	89,980	387,613
Short-term Investments
Amortized Cost
Amortized cost, due within one year	44,871	142,294
Amortized cost, due between one and five years	0	0
Amortized Cost	44,871	142,294
Fair Value
Fair value, due within one year	44,918	142,355
Fair value, due between one and five years	0	0
Fair Value	$ 44,918	$ 142,355

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 15,000	$ 12,800	$ 12,600
Capitalized internal-use software	20,700	15,400	12,800
Capitalized internal use software cost amortization expense	12,500	9,700	8,500
2023 Restructuring Plan
Property, Plant and Equipment [Line Items]
Asset Impairment Charges		0	615
Leasehold Improvements And Furniture And Fixtures
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 2,300	$ 700	$ 1,200

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense


	Year Ended December 31,
	2025		2024		2023
Options	$	—	$	13	$	60
Restricted stock units (RSUs)	21,265		35,067		45,108
Performance-based restricted stock units (PRSUs)	4,056		2,152		1,304
Employee stock purchase plan	817		927		1,731
Restricted shares	874		1,969		7,553
Total stock-based compensation	$	27,012	$	40,128	$	55,756


	Year Ended December 31,
	2025		2024		2023
Cost of revenue	$	4,475	$	7,741	$	9,235
Sales and marketing	7,866		12,120		20,982
Research and development	3,743		7,696		11,213
General and administrative	10,928		12,571		14,326
Total stock-based compensation	$	27,012	$	40,128	$	55,756

Schedule of Information Related to Stock Options

A summary of the share option activity under the Health Catalyst Stock Plan for the year ended December 31, 2025, is as follows:


	Time-Based Option Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Outstanding at January 1, 2025	1,053,251	$	11.99	3.1	$	—

Options cancelled/expired	(211,166)	10.50
Outstanding at December 31, 2025	842,085	$	12.36	2.5	$	—
Vested and expected to vest as of December 31, 2025	842,085	$	12.36	2.5	$	—
Vested and exercisable as of December 31, 2025	842,085	$	12.36	2.5	$	—

Schedule of Outstanding RSUs and Related Activity

The following table sets forth the outstanding RSUs and related activity for the year ended December 31, 2025:


	Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at January 1, 2025	3,505,406	$	11.49
RSUs granted	4,448,723	4.49
RSUs vested	(2,729,534)	10.04
RSUs forfeited	(1,220,090)	7.49
Unvested and outstanding at December 31, 2025	4,004,505	$	5.72

The following table sets forth the outstanding PRSUs, including executive PRSUs, and related activity for the year ended December 31, 2025:


	Performance-based Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested and outstanding at	524,313	$	9.90
PRSUs granted	2,640,823	4.79
PRSUs vested	(147,209)	9.88
PRSUs forfeited	(496,173)	5.59
Unvested and outstanding at December 31, 2025	2,521,754	$	5.40

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The recurring Level 3 fair value measurements of the contingent consideration liability includes the other following significant inputs as of December 31, 2025:

Valuation Method

Market Price of Revenue Risk

Revenue Volatility

Expected Term (years)

Risk-free interest rate

Revenue-based earn-out liabilities

Monte Carlo

12%

40%

3.7%

The fair value of the market-based tranches included in the executive PRSUs were estimated on the date of grants using the Monte Carlo simulation valuation model with the following assumptions:


	Year Ended December 31,
	2025	2024
Expected volatility	71.6%	65.5%
Expected term (in years)	1-3	1-3
Risk-free interest rate	4.16% - 4.23%	4.33% - 4.91%
Expected dividends	—	—

Schedule of Employee Stock Purchase Plan


	Year Ended December 31,
	2025	2024	2023
Expected volatility	59.2%-75.2%	55.5%-56.8%	54.3%-99.4%
Expected term (in years)	0.5	0.5	0.5
Risk-free interest rate	4.3%	5.2%-5.4%	4.8%-5.5%
Expected dividends	—	—	—

Accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

As of December 31, 2025 and 2024, accrued liabilities consisted of the following (in thousands):


	As of December 31,
	2025		2024

Accrued compensation and benefit expenses	$	5,203	$	11,655
Restructuring liabilities	704		—
Interest payable	3,380		4,803
Other accrued liabilities	9,410		9,882
Total accrued liabilities	$	18,697	$	26,340

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 30,566
2027	26,834
2028	8,814
2029	4,687
2030	4,346
Thereafter	2,431
Net	$ 77,678	$ 86,052

Contract Balances and Performance Obligations

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Contract Balances and Performance Obligations

Revenue

Disaggregation of revenue

The following table represents Health Catalyst’s revenue disaggregated by type of arrangement (in thousands):


	Year Ended December 31,
	2025		2024		2023
Recurring technology	$	208,277	$	194,852	$	187,226
One-time technology (i.e., perpetual license)	—		—		357
Professional services	102,859		111,732		108,355
Total revenue	$	311,136	$	306,584	$	295,938

For the years ended December 31, 2025, 2024, and 2023, 96.3%, 97.2%, and 98.3% of revenue, respectively, was related to contracts with clients located in the United States.

Contract Balances and Performance Obligations

Contract balances

As of December 31, 2025 and 2024, the unbilled accounts receivable included in accounts receivable on our consolidated balance sheets was $10.1 million and $11.8 million, respectively.

Transaction price allocated to the remaining performance obligations

- Definition

+ References

+ Details

Restructuring Costs - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
August 2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring costs	$ 1.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contribution plan, contributions	$ 3.4	$ 5.4	$ 5.7
Defined contribution plan employer matching contribution percent of match (in percentage)	100.00%
Defined contribution plan employer matching contribution percent of employees' gross pay (in percentage)	4.00%

Leases - Schedule of Components Of Lease Expense (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease expense	$ 3,174	$ 3,313	$ 3,077
Short-term lease expense	390	209	92
Sublease income	(2,093)	(1,532)	(1,292)
Total	$ 1,471	$ 1,990	$ 1,877

Stockholders’ Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 365,207	$ 366,919	$ 425,010
Change in foreign currency translation adjustment	2,448	(855)	19
Change in net unrealized gains (losses) on available for sale investments	(27)	(13)	662
Ending balance	245,780	365,207	366,919
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(835)	33	(648)
Change in foreign currency translation adjustment	2,448	(854)	19
Change in net unrealized gains (losses) on available for sale investments	(27)	(14)	662
Ending balance	1,586	(835)	33
Foreign Currency Translation Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(909)	(55)	(74)
Change in foreign currency translation adjustment	2,448	(854)	19
Ending balance	1,539	(909)	(55)
Unrealized Gain (Loss) on Available for Sale Investments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	74	88	(574)
Change in net unrealized gains (losses) on available for sale investments	(27)	(14)	662
Ending balance	$ 47	$ 74	$ 88

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Publisher FASB
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+ Details

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets:
Net operating loss carryforwards	$ 223,002	$ 194,572
Research and development credits	27,134	27,273
Code 174 capitalized research and development	27,533	36,806
Operating lease liabilities	4,222	4,768
Intangible assets	4,208	3,725
Accrued expenses	3,520	2,384
Interest limitation carryforward	5,244	2,115
Property and equipment	2,175	1,807
Stock-based compensation	1,005	1,691
Allowance for bad debt	933	1,055
Deferred revenue	313	804
Foreign non-trading loss carryforward	1,495	481
Debt-related costs	728	318
Other	89	82
Total deferred income tax assets	301,601	277,881
Valuation allowance	(294,882)	(268,589)
Net deferred income tax assets	6,719	9,292
Deferred income tax liabilities:
Foreign intangible assets	(2,472)	(3,256)
Operating lease right-of-use assets	(1,277)	(2,724)
Prepaid expenses	(1,915)	(2,112)
Deferred commissions	(1,055)	(1,201)
Indefinite-lived intangible assets	(227)	(154)
Total deferred income tax liabilities	(6,946)	(9,447)
Net deferred income tax liabilities	$ (227)	$ (155)

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	$ 89,980	$ 387,613
Total	89,730	387,613
Fair value, recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liabilities	(250)
Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	82,549	364,071
Level 1 \| Fair value, recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liabilities	0
Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	7,431	23,542
Level 2 \| Fair value, recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liabilities	0
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total	(250)	0
Level 3 \| Fair value, recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liabilities	(250)
Money market funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	45,062	186,872
Available for sale securities	45,062	186,872
Money market funds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	45,062	186,872
Money market funds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	0	0
Money market funds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Money market funds	0	0
U.S. treasury notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	37,487	177,199
U.S. treasury notes \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	37,487	177,199
U.S. treasury notes \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	0	0
U.S. treasury notes \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	0	0
Commercial paper
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	7,431	13,941
Commercial paper \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	0	0
Commercial paper \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	7,431	13,941
Commercial paper \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities	$ 0	0
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities		9,601
Corporate bonds \| Level 1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities		0
Corporate bonds \| Level 2
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities		9,601
Corporate bonds \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Available for sale securities		$ 0

Related Parties	12 Months Ended
Related Parties	Dec. 31, 2025
Related Party Transactions [Abstract]
Related Parties	Related Parties We have entered into arrangements with a client, Carle Health, and a member of the client’s executive leadership team began serving on our board of directors effective July 1, 2023 and currently serves on our board of directors. We recognized revenue from this related party of $17.7 million, $16.7 million, and $8.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, after the related party relationship commenced. As of December 31, 2025 and 2024, we had receivables from this related party of $1.7 million and $2.2 million, respectively, and deferred revenue with this related party of $0.2 million and $0.1 million, respectively. We have revenue arrangements with clients that were also our investors. None of these clients hold a significant amount of ownership in our equity interests.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Reporting Unit

Changes in the carrying amount of goodwill by reporting unit for the years ended December 31, 2025 and 2024 were as follows (in thousands):


	Technology		Professional Services		Total
Balance as of December 31, 2023	$	189,870	$	782	$	190,652
2024 acquisitions	63,747		5,887		69,634
Foreign currency translation adjustments	(527)		—		(527)
Balance as of December 31, 2024	253,090		6,669		259,759
Upfront acquisition	52,912		—		52,912
Goodwill impairment	(98,717)		(6,669)		(105,386)
Foreign currency translation adjustments	1,788		—		1,788
Balance as of December 31, 2025	$	209,073	$	—	$	209,073

Schedule of Intangible Assets

The estimated useful life of each asset category is as follows:


Developed technologies			3-10 years
Client relationships and contracts			2-7 years
Computer software licenses			1-5 years
Trademarks			1-5 years

As of December 31, 2025, intangible assets consisted of the following (in thousands):


	Gross		Accumulated Amortization		Net
Developed technologies	$	141,101	$	(110,621)	$	30,480
Client relationships and contracts	115,808		(72,750)		43,058
Computer software licenses	13,600		(11,329)		2,271
Trademarks	5,367		(3,498)		1,869
Total intangible assets	$	275,876	$	(198,198)	$	77,678

As of December 31, 2024, intangible assets consisted of the following (in thousands):


	Gross		Accumulated Amortization		Net
Developed technologies	$	124,109	$	(93,611)	$	30,498
Client relationships and contracts	108,824		(57,020)		51,804
Computer software licenses	11,149		(9,503)		1,646
Trademarks	4,694		(2,590)		2,104
Total intangible assets	$	248,776	$	(162,724)	$	86,052

The weighted-average remaining amortization period by type of intangible assets as of December 31, 2025 is as follows:


			Weighted-Average Remaining Amortization Period (years)
Developed technologies			2.1
Client relationships and contracts			3.8
Computer software licenses			2.1
Trademarks			2.7

Schedule of Future Amortization Expense

As of December 31, 2025, future amortization expense for finite-lived intangible assets is estimated to be as follows (in thousands):


Year Ending December 31,
2026	$	30,566
2027	26,834
2028	8,814
2029	4,687
2030	4,346
Thereafter	2,431
Total future amortization expense	$	77,678

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Debt - Schedule of Principal Payments and Debt Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 1,627
2027	1,627
2028	1,627
2029	155,880
Total debt maturities	160,761	$ 392,388
Less: Unamortized discount and issuance costs	(7,510)	(10,028)
Net carrying amount	$ 153,251	$ 382,360

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true