Hinge Health reports record third quarter 2026 financial results

• Revenue increased 52% year-over-year to $235 million
• Free cash flow of $113 million, representing a 48% free cash flow margin
• 2026 revenue guidance midpoint raised to $880 million, reflecting 50% year-over-year growth
• 2026 non-GAAP operating margin midpoint raised to 30%, reflecting ~1,000 bps improvement year-over-year

SAN FRANCISCO--(BUSINESS WIRE)--Hinge Health, Inc. (NYSE: HNGE) today announced financial results for the third quarter ended September 30, 2026 and provided a business update.

“Our strong performance continues to reflect our ability to deliver exceptional clinical outcomes, a better healthcare experience and lower client costs at scale," said Daniel Perez, Co-Founder and CEO, Hinge Health. "This focus on the triple aim, via a technology platform that scales and automates care delivery, is also resulting in a record sales season. Our client base is up almost 30% YoY for our MSK Care Program, roughly 40% for our GI Care Program since our acquisition announcement of Cylinder Health in August, and has nearly doubled for our Migraine Care Program since last quarter."

Third Quarter Financial Highlights:

• Revenue increased 52% year-over-year to $235.0 million compared to revenue of $154.2 million in Q3 2025.
• GAAP gross margin was 87% compared to 82% in Q3 2025. Non-GAAP gross margin was 88% compared to 83% in Q3 2025.
• GAAP income from operations increased to $50.3 million compared to GAAP loss from operations of $6.1 million in Q3 2025. Non-GAAP income from operations increased 154% to $77.2 million compared to $30.4 million in Q3 2025.
• GAAP operating margin was 21% compared to (4)% in Q3 2025. Non-GAAP operating margin was 33% compared to 20% in Q3 2025.
• GAAP diluted net income per share was $0.66 compared to a GAAP diluted net loss per share of $0.02 in Q3 2025. Non-GAAP diluted net income per share was $0.71 compared to $0.32 in Q3 2025.
• Net cash provided by operating activities increased to $114.6 million compared to $82.4 million in Q3 2025. Free cash flow increased to $112.7 million compared to $81.3 million in Q3 2025.
• Cash, cash equivalents, marketable securities and restricted cash were $358.5 million as of September 30, 2026.

Company Highlights and Key Metrics:

• LTM calculated billings increased 54% year-over-year to $960.3 million as of September 30, 2026, compared to $624.2 million as of September 30, 2025.
• Number of clients increased 28% year-over-year to 3,270 clients as of September 30, 2026, compared to 2,560 clients as of September 30, 2025.

Leadership Update

We also announced that Jim Pursley will step down as President, effective January 1, 2027, and will join our Board of Directors, effective January 4, 2027. Following this transition, Aaryn Pure will lead the commercial organization as Chief Commercial Officer.

“We wouldn't be the company we are today if not for Jim,” said Daniel Perez, Co-Founder and CEO, Hinge Health. “He's been instrumental in our scaling to over 3,200 clients. I'm grateful for all he's done and that he'll continue contributing to our success as a board member and advisor.”

Financial Outlook:

We are providing the following guidance for our fourth quarter 2026 and full year 2026:

• Q4 2026: We expect revenue to be between $249 million and $251 million, reflecting year-over-year growth of 46% at the midpoint. We expect non-GAAP income from operations to be between $81 million and $83 million, reflecting year-over-year growth of 71% and non-GAAP operating margin of 33% at the midpoint, a ~470 bps increase over Q4 2025.
• Full Year 2026: We are raising our revenue guidance to be between $879 million and $881 million, reflecting year-over-year growth of 50% at the midpoint. We are raising our non-GAAP income from operations guidance to be between $266 million and $268 million, reflecting year-over-year growth of 123% and non-GAAP operating margin of 30% at the midpoint, a ~1,000 bps increase over 2025.

Statement Regarding Use of Non-GAAP Financial Measures

This press release uses non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles of the United States (GAAP). For more information about these non-GAAP financial measures, including the limitations of such measures, and for a reconciliation of each measure to the most directly comparable measure calculated in accordance with GAAP, please see the “Non-GAAP Financial Measures” section below.

Moreover, we have not reconciled our non-GAAP income from operations and non-GAAP operating margin guidance to GAAP income from operations and GAAP operating margin because we do not and are not able to provide guidance for GAAP income from operations due to the uncertainty and potential variability of stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and adjustments, such as acquisition-related expense, which are reconciling items between non-GAAP and GAAP income from operations and operating margin. Because such items cannot be provided without unreasonable efforts, we are unable to provide a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measures. However, such items could have a significant impact on our future GAAP income from operations.

Hinge Health Earnings Webcast

We will host a conference call and webcast for investors on November 2, 2026 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss our financial results, business highlights and financial outlook. The live webcast of the conference call can be accessed by registering online at ir.hingehealth.com/events-presentations. Following completion of the event, a webcast replay will also be available at ir.hingehealth.com for 12 months.

About Hinge Health

Hinge Health is focused on scaling and automating the delivery of health care. Leveraging an AI-powered care model, connected hardware and access to expert clinicians, Hinge Health delivers personalized, evidence-based care that improves member outcomes and experiences while reducing costs for clients. The company is headquartered in San Francisco, California.

Available Information

Our investors and others should note that we announce material information to the public about our company, products and services, and other matters related to our company through a variety of means, including filings with the U.S. Securities and Exchange Commission (“SEC”), the investor relations page on our website (ir.hingehealth.com), press releases, public conference calls, and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and to comply with our obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” or “will,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the integration, timing and anticipated benefits and synergies associated with the acquisition of Cylinder Health, statements regarding our expectations regarding our financial position and operating performance, including our outlook and guidance for the fourth quarter of 2026 and guidance for full year 2026 and our assumptions underlying such guidance; our planned leadership transitions; our ability to drive future growth and execute on our goals and strategies; and our expectations regarding our product innovation, including with respect to our Migraine Care Program and the anticipated launch of our integrated Gastrointestinal Care Program in 2027. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those more fully described in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 3, 2026 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, when filed with the SEC. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligations to update any forward-looking statements, except as required by law.

HINGE HEALTH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value data)
	September 30, 2026			December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	211,553		$	207,995
Short-term marketable securities		83,102			155,867
Accounts receivable, net of allowance for credit losses of $7,647 and $6,092 as of September 30, 2026 and December 31, 2025, respectively		148,532			66,061
Deferred commissions		46,599			31,344
Inventory		19,186			15,636
Prepaid expenses and other current assets		58,891			57,001
Total current assets		567,863			533,904
Long-term marketable securities		59,542			113,172
Goodwill		113,030			64,096
Intangible assets, net		68,328			2,512
Property, equipment and software, net		13,989			10,490
Operating lease right-of-use assets		33,317			6,861
Other assets		18,012			13,726
Total assets	$	874,081		$	744,761
Liabilities, redeemable convertible preferred stock and stockholders’ equity
Current liabilities:
Accounts payable and accrued liabilities	$	80,816		$	57,331
Operating lease liabilities		4,721			4,223
Deferred revenue		459,174			300,855
Total current liabilities		544,711			362,409
Operating lease liabilities, noncurrent		29,157			3,816
Deferred tax liabilities		795			—
Total liabilities		574,663			366,225
Redeemable convertible preferred stock:
Redeemable convertible preferred stock; $0.00001 par value		—			199,874
Stockholders’ equity:
Class A common stock, $0.00001 par value		—			—
Class B common stock, $0.00001 par value		—			—
Additional paid-in capital		1,215,118			1,229,678
Accumulated other comprehensive loss		(921	)		(20	)
Accumulated deficit		(914,779	)		(1,050,996	)
Total stockholders’ equity		299,418			178,662
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	$	874,081		$	744,761

HINGE HEALTH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Revenue	$	234,970		$	154,211		$	630,094		$	417,134
Cost of revenue		30,640			28,012			87,582			92,939
Gross profit		204,330			126,199			542,512			324,195
Operating expenses:
Research and development		37,473			31,921			101,868			335,382
Sales and marketing		85,241			63,520			235,451			257,464
General and administrative		31,291			36,851			82,359			304,976
Total operating expenses		154,005			132,292			419,678			897,822
Income (loss) from operations		50,325			(6,093	)		122,834			(573,627	)
Other income:
Other income, net		3,392			4,455			11,255			14,147
Net income (loss) before income taxes		53,717			(1,638	)		134,089			(559,480	)
(Benefit from) provision for income taxes		(3,681	)		206			(2,128	)		876
Net income (loss)	$	57,398		$	(1,844	)	$	136,217		$	(560,356	)
Adjustment to reflect deemed contribution from Series D and Series E redeemable convertible preferred stock extinguishment		—			—			—			104,174
Income allocated to participating securities		—			—			(2,051	)		—
Net income (loss) attributable to common stockholders, basic	$	57,398		$	(1,844	)	$	134,166		$	(456,182	)
Net income (loss) attributable to common stockholders, diluted	$	57,398		$	(1,844	)	$	134,307		$	(456,182	)
Net income (loss) attributable to common stockholders per share:
Basic	$	0.71		$	(0.02	)	$	1.69		$	(9.88	)
Diluted	$	0.66		$	(0.02	)	$	1.58		$	(9.88	)
Weighted average shares used in computing net income (loss) per share attributable to common stockholders:
Basic		80,868			78,858			79,493			46,173
Diluted		86,526			78,858			85,073			46,173

HINGE HEALTH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Operating activities:
Net income (loss)	$	57,398		$	(1,844	)	$	136,217		$	(560,356	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		2,221			1,264			4,455			3,910
Stock-based compensation		19,540			34,847			50,324			625,837
Amortization of deferred commissions		21,716			12,566			57,006			32,436
Accretion of discounts and amortization of premiums on marketable securities, net		551			50			1,255			376
Non-cash operating lease expense		1,152			861			2,986			2,549
Provision for credit losses		914			560			2,527			3,340
Deferred taxes		(3,313	)		50			(3,300	)		146
Other		—			4			(2	)		2
Changes in operating assets and liabilities:
Accounts receivable		(18,418	)		11,974			(79,402	)		(47,610	)
Deferred commissions		(25,167	)		(10,670	)		(74,246	)		(38,320	)
Inventory		(2,119	)		175			(3,251	)		(2,939	)
Prepaid expenses and other current assets		9,405			(1,393	)		(1,915	)		(8,002	)
Other assets		492			(7,664	)		165			(8,149	)
Accounts payable and accrued liabilities		9,998			17,993			12,590			24,990
Operating lease liabilities		(898	)		(932	)		(3,052	)		(2,724	)
Deferred revenue		41,130			24,557			156,741			82,062
Net cash provided by operating activities		114,602			82,398			259,098			107,548
Investing activities:
Purchase of property and equipment		(376	)		(52	)		(582	)		(300	)
Capitalized internal use software		(1,568	)		(1,065	)		(4,746	)		(3,401	)
Purchases of marketable securities		—			(142,898	)		(89,877	)		(318,180	)
Maturities of marketable securities		44,157			85,258			214,117			249,814
Acquisition of a business, net of cash acquired		(97,353	)		—			(97,353	)		(4,000	)
Cash paid for an asset acquisition		(9,036	)		—			(9,036	)		—
Net cash provided by (used in) investing activities		(64,176	)		(58,757	)		12,523			(76,067	)
Financing activities:
Proceeds from exercise of common stock options		202			531			882			787
Issuance of common stock in connection with the employee stock purchase plan		—			—			7,276			—
Proceeds from issuance of common stock in initial public offering, net of issuance costs		—			—			—			255,675
Repurchase and retirement of common stock		(25,893	)		—			(157,384	)		—
Tax withholdings on settlement of restricted stock units and performance-based restricted stock units		(96,565	)		—			(116,356	)		(272,258	)
Payment on Repurchase Agreement with Coatue		—			—			—			(50,000	)
Proceeds from repayment of non-recourse loans to employees		—			—			—			4,934
Payments for deferred offering costs		—			—			—			(10,061	)
Net cash provided by (used in) financing activities		(122,256	)		531			(265,582	)		(70,923	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(71,830	)		24,172			6,039			(39,442	)
Cash, cash equivalents, and restricted cash, beginning of period		287,665			238,972			209,796			302,586
Cash, cash equivalents, and restricted cash, end of period	$	215,835		$	263,144		$	215,835		$	263,144
Reconciliation of cash, cash equivalents, and restricted cash to the unaudited condensed consolidated balance sheets:
Cash and cash equivalents	$	211,553		$	261,342		$	211,553		$	261,342
Restricted cash		4,282			1,802			4,282			1,802
Total cash, cash equivalents, and restricted cash	$	215,835		$	263,144		$	215,835		$	263,144

Glossary of Terms

LTM Calculated Billings: We believe calculated billings on a last 12-months basis helps investors better understand our performance for a particular period given the seasonality in our model due to quarterly fluctuations based on the timing of new client launches. We anticipate that this seasonality will continue and therefore focus on LTM calculated billings. Our revenue generally does not reflect this seasonality and these quarterly fluctuations given that we recognize revenue ratably over the term that members have access to our platform. LTM calculated billings are defined as total revenue, plus the change in deferred revenue, less the change in contract assets for a given 12-month period.

Clients: We view this number as an important metric to assess the performance of our business as an increased number of clients drives growth, increases brand awareness, and helps provide scale to our business. Clients are defined as businesses or organizations, which we call entities, that have at least one active agreement with us at the end of a particular period. Entities that procure our platform through our partners are counted as individual clients. We do not count our partners as clients, unless they also separately have at least one active client agreement with us. When a partner has an agreement with us for their fully-insured population, that partner is deemed to be one client, despite there being multiple fully-insured employers within that entity that have access to our platform.

Non-GAAP Financial Measures

In addition to our results prepared in accordance with GAAP, we believe the following non-GAAP financial measures, including non-GAAP gross profit and gross margin, non-GAAP income from operations and operating margin, non-GAAP operating expenses, non-GAAP net income attributable to common stockholders, diluted, non-GAAP net income per share attributable to common stockholders, diluted (which we refer to as "non-GAAP diluted net income per share") and free cash flow and free cash flow margin included in this press release, provide users of our financial information with additional useful information in evaluating our performance and liquidity and allow them to more readily compare our results across periods without the effect of non-cash and other items as detailed below. Additionally, our management and board of directors use our non-GAAP financial measures to evaluate our performance and liquidity, identify trends and make strategic decisions.

There are limitations to the use of the non-GAAP financial measures presented in this press release. For example, our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes. Our non-GAAP financial measures should not be considered in isolation or as alternatives to gross profit, gross margin, income from operations, net income attributable to common stockholders, net income per share attributable to common stockholders, net cash provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP.

Non-GAAP Gross Profit and Gross Margin

We define non-GAAP gross profit as gross profit presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and acquisition-related expenses. We define non-GAAP gross margin as non-GAAP gross profit divided by revenue.

The principal limitation of non-GAAP gross profit and non-GAAP gross margin is that they exclude significant expenses that are required by GAAP to be recorded in our unaudited condensed consolidated financial statements, including non-cash expenses, and the impact of non-recurring charges that we do not consider to be indicative of our ongoing core operations.

Non-GAAP Income From Operations and Operating Margin

We define non-GAAP income from operations as income (loss) from operations presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and acquisition-related expenses. We define non-GAAP operating margin as non-GAAP income from operations divided by revenue.

The principal limitation of non-GAAP income from operations and non-GAAP operating margin is that they exclude significant expenses that are required by GAAP to be recorded in our unaudited condensed consolidated financial statements, including non-cash expenses, and the impact of non-recurring charges that we do not consider to be indicative of our ongoing core operations.

Non-GAAP Operating Expenses

We define non-GAAP operating expenses as operating expenses presented in accordance with GAAP, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation expense, employer payroll tax expense related to stock-based compensation, amortization of intangible assets and acquisition-related expenses.

The principal limitation of non-GAAP research and development expenses, non-GAAP sales and marketing expenses and non-GAAP general and administrative expenses is that they exclude significant expenses that are required by GAAP to be recorded in our unaudited condensed consolidated financial statements, including non-cash expenses, and the impact of non-recurring charges that we do not consider to be indicative of our ongoing core operations.

Non-GAAP Net Income Attributable to Common Stockholders, Diluted and Non-GAAP Net Income Per Share Attributable to Common Stockholders, Diluted

We define non-GAAP net income attributable to common stockholders, diluted and non-GAAP net income per share attributable to common stockholders, diluted (which we refer to as “non-GAAP diluted net income per share”) as GAAP net income attributable to common stockholders and GAAP net income per share attributable to common stockholders, diluted, respectively, adjusted to exclude non-cash, non-operational and non-recurring items, including stock-based compensation, employer payroll taxes related to stock-based compensation, amortization of intangible assets, acquisition-related expenses and the income tax effects related to non-GAAP adjustments.

Free Cash Flow and Free Cash Flow Margin

We define free cash flow as net cash provided by operating activities plus cash used for employer payroll taxes at IPO related to stock-based compensation less purchases of property, equipment and software (including capitalized internal-use software). We believe that free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by our operations that, after taking into account the employer payroll taxes paid as part of the vesting of shares at IPO as well as investments in property, equipment and software (including capitalized internal-use software), can be used for strategic initiatives, including investing in our business, acquisitions, and strengthening our financial position. The principal limitation of free cash flow is that it does not represent the total increase or decrease in our cash balance for a given period. We define free cash flow margin as free cash flow divided by revenue.

We adjust the following items from one or more of our non-GAAP financial measures:

Stock-based compensation expense. We exclude stock-based compensation expense, which is a non-cash expense, from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding our operating performance.

Employer payroll tax expense related to stock-based compensation. We exclude expenses for employer payroll taxes related to stock-based compensation from certain of our non-GAAP financial measures because we believe that excluding this item provides meaningful supplemental information regarding operational performance. In particular, this expense is tied to the exercise, vesting or sale of underlying equity awards and the price of our common stock at the time of exercise, vesting or sale which may vary from period to period independent of the operating performance of our business.

Amortization of intangible assets. We exclude amortization of intangible assets, which is a non-cash expense, from certain of our non-GAAP financial measures. Our expenses for amortization of intangible assets are inconsistent in amount and frequency because they are significantly affected by the timing, size of acquisitions and the inherent subjective nature of purchase price allocations. We exclude these amortization expenses because we do not believe these expenses have a direct correlation to the operating performance of our business.

Acquisition-related expenses. We exclude certain charges that are attributable to acquiring businesses. We exclude these charges because we do not believe these charges have a direct correlation to the operating performance of our business.

Income tax effect of non-GAAP adjustments. We exclude the valuation allowance that is attributable to our non-GAAP income beginning in 2025. For the three and nine months ended September 30, 2026 we used a forecasted annual tax rate of 24% and for the three and nine months ended September 30, 2025 we used an annual tax rate of 20%. These tax rates reflect current available information, as well as other factors and assumptions. We will periodically re-evaluate this tax rate, as necessary, for significant events, relevant tax law changes, material changes in the forecasted geographic earnings mix, and any significant transactions.

HINGE HEALTH, INC. (unaudited) (in thousands, except percentages)
Reconciliation of GAAP to Non-GAAP Financial Measures:
	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP gross profit	$	204,330		$	126,199		$	542,512		$	324,195
GAAP gross margin		87	%		82	%		86	%		78	%
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		959			1,401			2,924			17,842
Employer payroll tax expense related to stock-based compensation		134			40			284			933
Amortization of intangible assets		649			224			1,098			630
Acquisition-related expenses		80			—			80			—
Non-GAAP gross profit	$	206,152		$	127,864		$	546,898		$	343,600
Non-GAAP gross margin		88	%		83	%		87	%		82	%

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP income (loss) from operations	$	50,325		$	(6,093	)	$	122,834		$	(573,627	)
GAAP operating margin		21	%		(4	)%		19	%		(138	)%
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		19,540			34,847			50,324			625,837
Employer payroll tax expense related to stock-based compensation		3,516			228			6,316			14,455
Amortization of intangible assets		1,211			224			1,660			630
Acquisition-related expenses		2,617			1,171			3,751			4,139
Non-GAAP income from operations	$	77,209		$	30,377		$	184,885		$	71,434
Non-GAAP operating margin		33	%		20	%		29	%		17	%

(1)	Stock-based compensation expense:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cost of revenue	$	959	$	1,401	$	2,924	$	17,842
Research and development		7,551		8,259		18,102		257,068
Sales and marketing		6,050		5,960		16,019		101,010
General and administrative		4,980		19,227		13,279		249,917
Total stock-based compensation expense	$	19,540	$	34,847	$	50,324	$	625,837

HINGE HEALTH, INC. (unaudited) (in thousands, except per share amounts)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP net income (loss) attributable to common stockholders, diluted	$	57,398		$	(1,844	)	$	134,307		$	(456,182	)
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		19,540			34,847			50,324			625,837
Employer payroll tax expense related to stock-based compensation		3,516			228			6,316			14,455
Amortization of intangible assets		1,211			224			1,660			630
Acquisition-related expenses		2,617			1,171			3,751			4,139
Income tax effect of non-GAAP adjustments		(23,025	)		(6,763	)		(49,201	)		(16,240	)
Other dilutive		—			(822	)		(180	)		(56,039	)
Non-GAAP net income attributable to common stockholders, diluted	$	61,257		$	27,041		$	146,977		$	116,600
Non-GAAP net income attributable to common stockholders per share, diluted	$	0.71		$	0.32		$	1.73		$	2.12
Weighted average shares used in computing non-GAAP net income per share attributable to common stockholders, diluted		86,526			84,977			85,073			55,078

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP net income (loss) per share attributable to common stockholders, diluted	$	0.66		$	(0.02	)	$	1.58		$	(9.88	)
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		0.23			0.42			0.59			11.36
Employer payroll tax expense related to stock-based compensation		0.04			—			0.07			0.26
Amortization of intangible assets		0.01			—			0.02			0.01
Acquisition-related expenses		0.03			0.01			0.04			0.08
Income tax effect of non-GAAP adjustments		(0.26	)		(0.08	)		(0.57	)		(0.29	)
Other dilutive		—			(0.01	)		—			0.58
Non-GAAP net income per share attributable to common stockholders, diluted ^(2)	$	0.71		$	0.32		$	1.73		$	2.12

(1)	For details on stock-based compensation expense, see above.
(2)	Some columns may not add due to rounding.

HINGE HEALTH, INC. (unaudited) (in thousands, except percentages)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP research and development	$	37,473		$	31,921		$	101,868		$	335,382
GAAP research and development as a percentage of revenue		16	%		21	%		16	%		80	%
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		(7,551	)		(8,259	)		(18,102	)		(257,068	)
Employer payroll tax expense related to stock-based compensation		(1,615	)		(145	)		(2,878	)		(7,165	)
Acquisition-related expenses		(407	)		(1,157	)		(1,541	)		(3,975	)
Non-GAAP research and development	$	27,900		$	22,360		$	79,347		$	67,174
Non-GAAP research and development as a percentage of revenue		12	%		14	%		13	%		16	%

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP sales and marketing	$	85,241		$	63,520		$	235,451		$	257,464
GAAP sales and marketing as a percentage of revenue		36	%		41	%		37	%		62	%
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		(6,050	)		(5,960	)		(16,019	)		(101,010	)
Employer payroll tax expense related to stock-based compensation		(448	)		(27	)		(1,229	)		(2,657	)
Amortization of intangible assets		(562	)		—			(562	)		—
Acquisition-related expenses		(49	)		—			(49	)		—
Non-GAAP sales and marketing	$	78,132		$	57,533		$	217,592		$	153,797
Non-GAAP sales and marketing as a percentage of revenue		33	%		37	%		35	%		37	%

	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
GAAP general and administrative	$	31,291		$	36,851		$	82,359		$	304,976
GAAP general and administrative as a percentage of revenue		14	%		24	%		14	%		74	%
Non-GAAP adjustments:
Stock-based compensation expense ^(1)		(4,980	)		(19,227	)		(13,279	)		(249,917	)
Employer payroll tax expense related to stock-based compensation		(1,319	)		(16	)		(1,925	)		(3,700	)
Acquisition-related expenses		(2,081	)		(14	)		(2,081	)		(165	)
Non-GAAP general and administrative	$	22,911		$	17,594		$	65,074		$	51,194
Non-GAAP general and administrative as a percentage of revenue		10	%		11	%		10	%		12	%

(1)	For details on stock-based compensation expense, see above.

HINGE HEALTH, INC. (unaudited) (in thousands, except percentages)
	Three Months Ended September 30,						Nine Months Ended September 30,
		2026			2025			2026			2025
Net cash provided by operating activities	$	114,602		$	82,398		$	259,098		$	107,548
Operating cash flow margin		49	%		53	%		41	%		26	%
Adjustment for employer taxes related to pre-IPO stock-based compensation		—			—			—			14,227
Less purchases of property, equipment and software (including capitalized internal use software)		(1,944	)		(1,117	)		(5,328	)		(3,701	)
Free cash flow	$	112,658		$	81,281		$	253,770		$	118,074
Free cash flow margin		48	%		53	%		40	%		28	%
Net cash provided by (used in) investing activities	$	(64,176	)	$	(58,757	)	$	12,523		$	(76,067	)
Net cash provided by (used in) financing activities	$	(122,256	)	$	531		$	(265,582	)	$	(70,923	)