What changed in this filing

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Item 1. Financial Statements

2026-05-11 compared with 2025-11-10 · 240 added, 438 removed, 530 unchanged (56% of the section changed)

3 unchanged sentences

(IN THOUSANDS EXCEPT SHARE DATA)

September 30,

2026 December 31,

13 unchanged sentences

Investment in joint ventures 131,409 130,340

Deferred tax assets, net 5,261 —

Deposits and other 40,455 40,289

9 unchanged sentences

LONG-TERM LIABILITIES

Long-term finance lease liability 4,016 —

Long-term operating lease liability 777,268 707,001

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Common stock - $ 0.0001 par value, 200,000,000 shares authorized;

77,032,154 and 74,036,993 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

78,545,837 and 77,399,615 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in-capital 1,211,912 1,180,434

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Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Service fee revenue $ 545,218 $ 439,349

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Total operating expenses 599,534 495,500

INCOME FROM OPERATIONS 27,389 33,911 34,167 80,096

LOSS FROM OPERATIONS ( 23,903 ) ( 24,101 )

OTHER INCOME AND EXPENSES

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Non-cash change in fair value of interest rate swap — 2,106

Debt restructuring and extinguishment expenses — 147 — 8,909

Other income ( 4,907 ) ( 7,712 )

Total other expenses 8,925 9,034

INCOME BEFORE INCOME TAXES 20,274 16,591 10,993 29,538

Provision for income taxes ( 6,385 ) ( 4,335 ) ( 3,807 ) ( 4,927 )

NET INCOME 13,889 12,256 7,186 24,611

LOSS BEFORE INCOME TAXES ( 32,828 ) ( 33,135 )

Benefit from income taxes 8,096 3,398

NET LOSS ( 24,732 ) ( 29,737 )

Net income attributable to noncontrolling interest 8,734 8,189

NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS $ 5,417 $ 3,209 $ ( 18,055 ) $ ( 2,552 )

BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.

NET LOSS ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS $ ( 33,466 ) $ ( 37,926 )

DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.

BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS $ ( 0.43 ) $ ( 0.51 )

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic 75,950,350 73,494,709 74,703,658 72,587,321

Diluted 77,388,477 75,165,435 74,703,658 72,587,321

Basic and Diluted 77,057,835 74,382,356

The accompanying notes are an integral part of these financial statements.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(IN THOUSANDS)

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

NET INCOME $ 13,889 $ 12,256 $ 7,186 $ 24,611

Three Months Ended March 31,

NET LOSS $ ( 24,732 ) $ ( 29,737 )

Foreign currency translation adjustments ( 7,518 ) 4,109

Change in fair value of cash flow hedge from prior periods reclassified to earnings, net of taxes — 1,033

COMPREHENSIVE INCOME 13,232 18,470 22,217 35,252

Less comprehensive income attributable to noncontrolling interests 8,472 9,047 25,241 27,163

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC.

COMPREHENSIVE LOSS ( 32,250 ) ( 24,595 )

Less net income attributable to noncontrolling interests 8,734 8,189

Less foreign currency translation adjustments attributable to noncontrolling interests ( 167 ) —

COMPREHENSIVE LOSS ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS $ ( 40,817 ) $ ( 32,784 )

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(IN THOUSANDS EXCEPT SHARE DATA)

The following table summarizes changes in the Company’s consolidated stockholders' equity, including noncontrolling interest, during the three months ended September 30, 2025 and September 30, 2024.

The following table summarizes changes in the Company’s consolidated stockholders' equity, including noncontrolling interest, during the three months ended March 31, 2026 and March 31, 2025.

Shares Amount Additional Paid-In Capital Accumulated Other Comprehensive income (loss) Accumulated Deficit Total RadNet, Inc.'s Equity Noncontrolling Interests Total Equity

BALANCE - JUNE 30, 2025 75,067,102 $ 8 $ 1,025,936 $ 6,627 $ ( 100,257 ) $ 932,314 $ 246,947 $ 1,179,261

Issuance of common stock upon exercise of options 49,080 — 1,704 — — 1,704 — 1,704

Issuance of common stock under the equity compensation plan 68,599 — — — — — — —

Stock-based compensation expense — — 9,191 — — 9,191 — 9,191

Forfeiture of restricted stock and share cancellation ( 779 ) — ( 150 ) — — ( 150 ) — ( 150 )

Issuance of common stock in connection with acquisitions 1,848,152 — 110,721 — — 110,721 — 110,721

Change in cumulative foreign currency translation adjustment — — — ( 874 ) — ( 874 ) — ( 874 )

Change in fair value of cash flow hedge from prior periods reclassified to earnings — — — 217 — 217 — 217

Net income — — — — 5,417 5,417 8,472 13,889

BALANCE - SEPTEMBER 30, 2025 77,032,154 $ 8 $ 1,147,402 $ 5,970 $ ( 94,840 ) $ 1,058,540 $ 255,419 $ 1,313,959

BALANCE - JUNE 30, 2024 73,968,042 $ 7 $ 974,355 $ ( 8,057 ) $ ( 85,339 ) $ 880,966 $ 211,874 $ 1,092,840

Issuance of common stock under the equity compensation plan 9,075 — — — — — — —

Stock-based compensation expense — — 4,727 — — 4,727 — 4,727

Forfeiture of restricted stock and share cancellation ( 833 ) — ( 4 ) — — ( 4 ) — ( 4 )

Contribution from noncontrolling partner — — 201 — — 201 — 201

Sale of economic interests in majority owned subsidiary, net of taxes — — — — — — 3,400 3,400

Change in cumulative foreign currency translation adjustment — — — 5,228 — 5,228 — 5,228

Change in fair value of cash flow hedge from prior periods reclassified to earnings — — — 986 — 986 — 986

Net income — — — — 3,209 3,209 9,047 12,256

BALANCE - SEPTEMBER 30, 2024 73,976,284 $ 7 $ 979,279 $ ( 1,843 ) $ ( 82,130 ) $ 895,313 $ 224,321 $ 1,119,634

The accompanying notes are an integral part of these financial statements.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(IN THOUSANDS EXCEPT SHARE DATA)

The following table summarizes changes in the Company’s consolidated stockholders' equity, including noncontrolling interest, during the nine months ended September 30, 2025 and September 30, 2024.

Shares Amount Additional Paid-In Capital Accumulated Other Comprehensive Loss Accumulated Deficit Total RadNet, Inc.'s Equity Noncontrolling Interests Total Equity

BALANCE - DECEMBER 31, 2025 77,399,615 $ 8 $ 1,180,434 $ 4,885 $ ( 95,437 ) $ 1,089,890 $ 265,996 $ 1,355,886

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Issuance of common stock under the equity compensation plan 892,960 — — — — — — —

Issuance of common stock under the DeepHealth equity compensation plan 3,438 — — — — — — —

Stock-based compensation expense — — 31,440 — — 31,440 — 31,440

Issuance of common stock in connection with acquisitions 1,848,152 — 110,721 — — 110,721 — 110,721

Forfeiture of restricted stock and share cancellation ( 4,774 ) — ( 65 ) — — ( 65 ) — ( 65 )

Distributions paid to noncontrolling interests — — — — — — ( 2,402 ) ( 2,402 )

Contributions from noncontrolling interests — — — — — — 2,389 2,389

Issuance of common stock in connection with acquisitions 190,924 — — — — — — —

Change in cumulative foreign currency translation adjustment — — — ( 7,351 ) — ( 7,351 ) ( 167 ) ( 7,518 )

Change in fair value of cash flow hedge from prior periods reclassified to earnings, net of taxes — — — 2,273 — 2,273 — 2,273

Net (loss) income — — — — ( 33,466 ) ( 33,466 ) 8,734 ( 24,732 )

BALANCE - SEPTEMBER 30, 2025 77,032,154 $ 8 $ 1,147,402 $ 5,970 $ ( 94,840 ) $ 1,058,540 $ 255,419 $ 1,313,959

BALANCE - MARCH 31, 2026 78,545,837 $ 8 $ 1,211,912 $ ( 2,466 ) $ ( 128,903 ) $ 1,080,551 $ 272,161 $ 1,352,712

BALANCE - DECEMBER 31, 2024 74,036,993 $ 7 $ 988,147 $ ( 9,061 ) $ ( 76,785 ) $ 902,308 $ 231,102 $ 1,133,410

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Stock-based compensation expense — — 28,514 — — 28,514 — 28,514

Sale of economic interests in majority owned subsidiary, net of taxes — — — — — — 16,917 16,917

Issuance of common stock 5,232,500 — 218,385 — — 218,385 — 218,385

Issuance of common stock in connection with acquisitions 95,019 — 4,607 — — 4,607 — 4,607

Forfeiture of restricted stock and share cancellation ( 2,656 ) — ( 20 ) — — ( 20 ) — ( 20 )

Distributions paid to noncontrolling interests — — — — — — ( 913 ) ( 913 )

Contributions from noncontrolling interests — — 11,802 — — 11,802 — 11,802

Change in cumulative foreign currency translation adjustment — — — 4,109 — 4,109 — 4,109

Change in fair value of cash flow hedge from prior periods reclassified to earnings, net of taxes — — — 8,242 — 8,242 — 8,242

Change in fair value of cash flow hedge from prior periods reclassified to earnings — — — 1,033 — 1,033 — 1,033

Net (loss) income — — — — ( 37,926 ) ( 37,926 ) 8,189 ( 29,737 )

BALANCE - SEPTEMBER 30, 2024 73,976,284 $ 7 $ 979,279 $ ( 1,843 ) $ ( 82,130 ) $ 895,313 $ 224,321 $ 1,119,634

BALANCE - MARCH 31, 2025 74,956,566 $ 7 $ 1,016,762 $ ( 3,919 ) $ ( 114,711 ) $ 898,139 $ 238,378 $ 1,136,517

The accompanying notes are an integral part of these financial statements.

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(IN THOUSANDS)

Nine Months Ended September 30,

Three Months Ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES

Net income $ 7,186 $ 24,611

Adjustments to reconcile net income to net cash provided by operating activities:

Net loss $ ( 24,732 ) $ ( 29,737 )

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 44,967 35,483

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Loss on sale and disposal of equipment 2,591 402

Loss on extinguishment of debt — 2,080

Lease abandonment charges — 5,388

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Stock-based compensation 31,375 28,494

Loss on impairment — 1,200

Change in fair value of contingent consideration ( 2,764 ) —

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Payments on term loan debt ( 5,252 ) ( 5,000 )

Proceeds from issuance of new debt, net of issuing costs 99,001 863,815

Purchase of noncontrolling interests by third party 2,389 7,569

Payments on contingent consideration and holdbacks — ( 3,614 )

Distributions paid to noncontrolling interests ( 2,402 ) ( 913 )

Proceeds from sale of economic interests in majority owned subsidiary, net of taxes — 8,641

Proceeds from issuance of common stock — 218,385

Proceeds from issuance of common stock upon exercise of options 103 121

Net cash provided by financing activities 79,602 400,069

Net cash used in financing activities ( 17,504 ) ( 7,510 )

EFFECT OF EXCHANGE RATE CHANGES ON CASH ( 2,371 ) 83

NET INCREASE IN CASH AND CASH EQUIVALENTS 64,696 406,346

NET DECREASE IN CASH AND CASH EQUIVALENTS ( 311,876 ) ( 22,697 )

CASH AND CASH EQUIVALENTS, beginning of period 767,215 740,020

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Supplemental Schedule of Non-Cash Investing and Financing Activities

We acquired equipment and certain leasehold improvements for approximately $ 81.8 million and $ 43.2 million during the nine months ended September 30, 2025 and 2024, respectively, which were not paid for as of September 30, 2025 and 2024 , respectively.

We acquired equipment and certain leasehold improvements for approximately $ 68.9 million and $ 62.5 million during the three months ended March 31, 2026 and 2025, respectively, which were not paid for as of March 31, 2026 and 2025 , respectively.

The amounts due were recorded in our condensed consolidated balance sheet under accounts payable, accrued expenses and other.

During the nine months ended September 30, 2025, we acquired certain assets from entities engaged in the practice of radiology or related businesses.

These acquisitions included holdbacks, contingent liabilities and other liabilities totaling $ 21.0 million that we had not paid for as of September 30, 2025.

During the three months ended March 31, 2026, we acquired certain assets from entities engaged in the practice of radiology or related businesses.

These acquisitions included contingent consideration and holdbacks totaling $ 9.0 million that we had not paid for as of March 31, 2026.

The accrued amounts are reflected in our condensed consolidated balance sheets under accrued expenses and other non-current liabilities.

During the nine months ended September 30, 2025, we made a deemed contribution to a joint venture of approximately $ 16.3 million, which resulted in a corresponding decrease in due from affiliates.

On July 17, 2025, we issued 1,848,152 of common stock to complete our purchase of iCAD, Inc.

The shares were ascribed a value of $ 105.8 million.

On June 12, 2025, we entered into a $ 17.0 million promissory note with Dignity Health, a related party and joint venture member of Arizona Diagnostic Radiology Group, LLC, to reclassify a previously outstanding balance from due from affiliates to prepaid expenses and other current assets.

As a result, a non-cash reclassification of $ 5.7 million was made from Other Current Assets to Other Assets to reflect the long-term portion of the note.

On April 1, 2024, we issued promissory notes in the amount of $ 6.3 million to acquire radiology equipment previously leased under operating leases.

On March 31, 2024, we issued an additional 12.5 % in noncontrolling interest in our Ventura County Imaging Group, LLC joint venture in exchange for $ 5.1 million which was not paid for as of March 31, 2024.

The amounts due were recorded in our condensed consolidated balance sheet under accounts payable, accrued expenses and other.

On March 29, 2024, we received $ 1.4 million in fixed assets, imaging equipment, and $ 6.0 million in goodwill from our partner in Tri Valley Imaging Group, LLC.

See Note 4, Business combinations and related activity contained herein.

On March 27, 2024, we issued 95,019 shares of common stock to settle the stock contingent liabilities as part of our purchase of Heart & Lung Imaging Limited.

The shares were ascribed a value of $ 4.6 million.

On January 15, 2024, we issued promissory notes in the amount of $ 6.9 million to acquire radiology equipment previously leased under operating leases.

AND SUBSIDIARIES

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We are a national provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States.

At September 30, 2025, we operated directly or indirectly through joint ventures with hospitals, 407 centers located in Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas.

At March 31, 2026, we operated directly or indirectly through joint ventures with hospitals, 435 centers located in Arizona, California, Delaware, Florida, Indiana, Maryland, New Jersey, New York and Texas.

Our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders.

Our services include magnetic resonance imaging ("MRI"), computed tomography ("CT"), positron emission tomography ("PET"), nuclear medicine, mammography, ultrasound, diagnostic radiology ("X-ray"), fluoroscopy and other related procedures.

The consolidated financial statements include the accounts of RadNet, Inc as well as its subsidiaries in which RadNet has a controlling financial interest.

The vast majority of our centers offer multi-modality imaging services.

Our multi-modality strategy diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures.

In addition to our center operations, we have certain other subsidiaries that develop Artificial Intelligence ("AI") products and solutions that are designed to enhance interpretation of radiographic images.

Our operations comprise two segments for financial reporting purposes for this reporting period, Imaging Centers and Digital Health.

For further financial information about these segments, see Note 5, Segment Reporting.

The consolidated financial statements include the accounts of RadNet, Inc.

as well as its subsidiaries in which RadNet has a controlling financial interest.

The consolidated financial statements also include certain variable interest entities in which we are the primary beneficiary (as described in more detail below).

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the design and activities of the VIE, the terms of the contracts the VIE has entered into, the nature of the VIE’s variable interests issued and how they were negotiated with or marketed to potential investors, and which parties participated significantly in the design or redesign of the entity.

VIEs that we consolidate as the primary beneficiary include professional corporations which are owned or controlled by individuals within our senior management and provide professional medical services for centers in Arizona, California, Delaware, Maryland, New Jersey and New York.

These VIEs are collectively referred to as the “Consolidated Medical Group".

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However, RadNet may be required to provide financial support to cover any operating expenses in excess of operating revenues.

The Consolidated Medical Group on a combined basis recognized $ 67.8 million and $ 55.3 million of revenue, net of management services fees to RadNet, for the three months ended September 30, 2025 and 2024, respectively and $ 67.8 million and $ 55.3 million of operating expenses for the three months ended September 30, 2025 and 2024, respectively.

RadNet recognized $ 236.7 million and $ 207.4 million of total billed net service fee revenue for the three months ended September 30, 2025, and 2024, respectively, for management services provided to the Consolidated Medical Group relating primarily to the technical portion of billed revenue.

The Consolidated Medical Group on a combined basis recognized $ 191.6 million and $ 162.5 million of revenue, net of management services fees to RadNet, for the nine months ended September 30, 2025 and 2024, respectively and $ 191.6 million and $ 162.5 million of operating expenses for the nine months ended September 30, 2025 and 2024, respectively.

RadNet recognized $ 687.1 million and $ 673.3 million of total billed net service fee revenue for the nine months ended September 30, 2025, and 2024, respectively, for management services provided to the Consolidated Medical Group relating primarily to the technical portion of billed revenue.

In our condensed consolidated balance sheets at September 30, 2025 and December 31, 2024, we have included approximately $ 131.9 million and $ 103.0 million, respectively, of accounts receivable and approximately $ 32.0 million and $ 22.7 million of accounts payable and accrued liabilities related to the Consolidated Medical Group, respectively.

flows of the Consolidated Medical Group are included in the accompanying condensed consolidated statements of cash flows.

The Consolidated Medical Group on a combined basis recognized $ 77.4 million and $ 58.2 million of revenue, net of management services fees to RadNet, for the three months ended March 31, 2026 and 2025, respectively.

RadNet recognized $ 235.0 million and $ 238.6 million of total billed net service fee revenue for the three months ended March 31, 2026, and 2025, respectively, for management services provided to the Consolidated Medical Group relating primarily to the technical portion of billed revenue.

In our condensed consolidated balance sheets at March 31, 2026 and December 31, 2025, we have included approximately $ 161.0 million and $ 137.5 million, respectively, of accounts receivable and approximately $ 41.4 million and $ 34.9 million of accounts payable and accrued liabilities related to the Consolidated Medical Group, respectively.

The cash flows of the Consolidated Medical Group are included in the accompanying condensed consolidated statements of cash flows.

All intercompany balances and transactions have been eliminated in consolidation.

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generally accepted accounting principles for complete financial statements;

however, in the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods ended September 30, 2025 and 2024 have been made.

The results of operations for any interim period are not necessarily indicative of the results for a full year.

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The information below is intended only to supplement the disclosure in our annual report on Form 10-K for the fiscal year ended December 31, 2025.

REVENUE - Our revenue generally relate to net patient fees received from various payors and patients themselves under contracts in which our performance obligations are to provide diagnostic services to the patients.

Revenue are recorded during the period when our obligations to provide diagnostic services are satisfied.

REVENUES - Our revenues generally relate to net patient fees received from various payors and patients themselves under contracts in which our performance obligations are to provide diagnostic services to the patients.

Revenues are recorded during the period when our obligations to provide diagnostic services are satisfied.

Our performance obligations for diagnostic services are generally satisfied over a period of less than one day.

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As it relates to the Consolidated Medical Group, this service fee revenue includes payments for both the professional medical interpretation revenue recognized by the Consolidated Medical Group as well as the payment for all other aspects related to our providing the imaging services, for which we earn management fees.

As it relates to others centers, this service fee revenue is earned through providing the use of our diagnostic imaging equipment and the provision of technical services as well as providing administration services such as clerical and administrative personnel, bookkeeping and accounting services, billing and collection, provision of medical and office supplies, secretarial, reception and transcription services, maintenance of medical records, and advertising, marketing and promotional activities.

As it relates to other centers, this service fee revenue is earned through providing the use of our diagnostic imaging equipment and the provision of technical services as well as providing administration services such as clerical and administrative personnel, bookkeeping and accounting services, billing and collection, provision of medical and office supplies, secretarial, reception and transcription services, maintenance of medical records, and advertising, marketing and promotional activities.

Our service fee revenue is based upon the estimated amounts we expect to be entitled to receive from patients and third-party payors.

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Revenue under capitation arrangements is recognized in the period in which we are obligated to provide services to plan enrollees under contracts with various health plans.

Our total revenues for the three and nine months ended September 30, 2025 and 2024 are presented in the table below.

Our total revenues for the three months ended March 31, 2026 and 2025 are presented in the table below.

Our patient service revenue is displayed as the estimated service fee, broken down by classification of insurance coverage type, along with revenue generated from our management services and other sources such as software and AI.

In Thousands Three Months Ended

September 30, Nine Months Ended

September 30,

2025 2024 2025 2024

Commercial insurance $ 315,869 $ 262,488

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on June 1, 2020, we assumed the DeepHealth, Inc.

2017 Equity Incentive Plan, including outstanding options awards that can be exercised for our common stock.

2017 Equity Incentive Plan, including outstanding options awards that can be exercised for our common stock (the "DeepHealth options").

No additional awards will be granted under the DeepHealth, Inc.

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See Note 7, Stock-Based Compensation, for more information.

ACCOUNTS RECEIVABLE - Substantially all of our accounts receivable are due under fee-for-service contracts from third party payors, such as insurance companies and government-sponsored healthcare programs, or directly from patients.

ACCOUNTS RECEIVABLE - The vast majority of our accounts receivable are due under fee-for-service contracts from third-party payors, such as insurance companies and government-sponsored healthcare programs, or directly from patients.

Services are generally provided pursuant to one-year contracts with payors.

We continuously monitor collections from our payors and maintain an allowance for bad debts based upon specific payor collection issues that we have identified and our historical experience.

We have entered into factoring agreements with various institutions and sold certain accounts receivable under non-recourse agreements in exchange for notes receivables from the buyers.

We have entered into factoring agreements with various institutions and sold certain accounts receivable under non-recourse agreements in exchange for notes receivable from the buyers.

These transactions are accounted for as a reduction in accounts receivable as the agreements transfer effective control over and risk related to the receivables to the buyers.

Proceeds on notes receivables are reflected as operating activities on our statement of cash flows and on our balance sheet as prepaid expenses and other current assets for the current portion and deposits and other for the long-term portion.

Amounts remaining to be collected on these agreements were $ 4.1 million and $ 4.2 million at September 30, 2025 and December 31, 2024, respectively.

Proceeds on factoring agreements are reflected as operating activities on our statement of cash flows and on our balance sheet as prepaid expenses and other current assets for the current portion and deposits and other for the long-term portion.

Amounts remaining to be collected on these agreements were $ 2.6 million and $ 3.5 million at March 31, 2026 and December 31, 2025, respectively.

We do not utilize factoring arrangements as an integral part of our financing for working capital and assess the party's ability to pay upfront at the inception of the notes receivable and subsequently by reviewing their financial statements annually and reassessing any insolvency risk on a periodic basis.

DEFERRED FINANCING COSTS - Costs of financing are deferred and amortized using the effective interest rate method and are related to our revolving credit facilities.

Deferred financing costs, net of accumulated amortization, were $ 1.8 million and $ 2.3 million as of September 30, 2025 and December 31, 2024, respectively.

Deferred financing costs, net of accumulated amortization, were $ 1.5

million and $ 1.7 million as of March 31, 2026 and December 31, 2025, respectively.

See Note 6, Credit Facilities and Notes Payable for more information.

PROPERTY AND EQUIPMENT - Property and equipment are stated at cost, less accumulated depreciation and amortization.

Depreciation of property and equipment is performed using the straight-line method over the estimated useful lives of the assets acquired, which range from 3 to 15 years.

Depreciation and amortization of property and equipment are provided using the straight-line method over their estimated useful lives, which range from 3 to 15 years.

Leasehold improvements are amortized at the lesser of lease term or their estimated useful lives, which range from 3 to 15 years.

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Acquisition-related costs are expensed as incurred and are included in Cost of operations, excluding depreciation and amortization, in the condensed consolidated statements of operations.

For the three and nine ended September 30, 2025, such costs totaled approximately $ 2.1 million and $ 5.1 million, respectively.

For the three and nine ended September 30, 2024, such costs totaled approximately $ 0.4 million.

GOODWILL - Goodwill at September 30, 2025 totaled $ 827.5 million.

For the three months ended March 31, 2026 and March 31, 2025, such costs totaled approximately $ 3.5 million and $ 0.7 million, respectively.

GOODWILL - Goodwill at March 31, 2026 totaled $ 1,094.7 million.

Goodwill is recorded as a result of business combinations.

If we determine the carrying value of a reporting unit exceeds its fair value an impairment charge would be recognized and should not exceed the total amount of goodwill allocated to that reporting unit.

We tested goodwill and indefinite lived intangibles for impairment on October 1, 2024 noting no impairment, and we have not identified any indicators of impairment through September 30, 2025.

Activity in goodwill for the nine months ended September 30, 2025 is provided below (in thousands):

We tested goodwill and indefinite lived intangibles for impairment on October 1, 2025 noting no impairment, and we have not identified any indicators of impairment through March 31, 2026.

Activity in goodwill for the three months ended March 31, 2026 is provided below (in thousands):

Imaging Center segment Digital Health segment Total

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Currency translation ( 404 ) ( 2,766 ) ( 3,170 )

Balance as of September 30, 2025 $ 691,584 $ 135,948 $ 827,532

The amount of goodwill that is expected to be deductible for tax purposes as of September 30, 2025 is $ 137.6 million.

Balance as of March 31, 2026 $ 758,648 $ 336,051 $ 1,094,699

The amount of goodwill that is expected to be deductible for tax purposes as of March 31, 2026 is $ 224.8 million.

INTANGIBLE ASSETS - Intangible assets are primarily related to our business combinations and software development.

They include the estimated fair values of such items as service agreements, customer lists, covenants not to compete, acquired technologies, and trade names.

The components of intangible assets, both finite and indefinite lived, along with annual amortization expense that will be recorded over the next five years at September 30, 2025 and December 31, 2024 are as follows (in thousands):

As of September 30, 2025:

They include the estimated fair value of such items as service agreements, customer lists, covenants not to compete, acquired technologies, and trade names.

The components of intangible assets, both finite and indefinite lived, along with annual amortization expense that will be recorded over the next five years at March 31, 2026 and December 31, 2025 are as follows (in thousands):

As of March 31, 2026:

2026* 2027 2028 2029 2030 Thereafter Total Weighted average amortization period remaining in years

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Patent and trademarks 480 385 321 66 43 82 1,377 3.3

Developed technology 2,438 9,714 9,180 9,180 3,952 8,982 43,446 5.2

Trade names amortized 35 138 138 103 19 8 441 3.3

Developed technology & software 9,925 12,712 12,712 7,578 6,859 16,567 66,353 6.0

Trade Names definite life 1,277 1,702 1,667 1,111 898 3,805 10,460 9.0

Certifications 2,536 250 — — — — 2,786 0.3

Others 328 438 438 219 — 657 2,080 2.2

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Total annual amortization $ 23,998 $ 27,702 $ 27,222 $ 20,567 $ 18,310 $ 135,682 $ 253,481

*Excluding the nine months ended September 30, 2025

*Excluding the three months ended March 31, 2026

As of December 31, 2025:

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Covenant not to compete and other contracts 2,039 1,745 1,655 1,195 119 — 6,753 3.6

Customer lists 1,084 962 786 750 750 9,628 13,960 17.2

Customer Relationships 3,914 3,736 3,694 3,694 3,694 43,016 61,748 16.9

Patent and Trademarks 763 391 326 67 43 83 1,673 3.1

Developed technology 7,329 7,289 6,755 6,755 1,848 4,610 34,586 5.4

Trade names amortized 77 77 77 63 19 8 321 4.3

Developed Technology & Software 9,712 9,177 9,177 3,958 3,227 5,770 41,021 5.0

Trade Names definite life 394 394 359 252 127 336 1,862 5.6

Certifications 1,867 — — — — — 1,867 0.8

Others 438 438 438 219 — — 1,533 3.4

Trade Names indefinite life — — — — — 8,500 8,500

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Total Annual Amortization $ 21,414 $ 18,168 $ 17,936 $ 11,672 $ 9,497 $ 69,821 $ 148,508

Total intangible asset amortization expense was $ 4.5 million and $ 10.8 million for the three and nine months ended September 30, 2025, respectively.

Total amortization expense was $ 3.1 million and $ 9.4 million for the three and nine months ended September 30, 2024, respectively.

Total intangible asset amortization expense was $ 6.8 million and $ 3.1 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Intangible assets are amortized using the straight-line method over their useful life determined at acquisition.

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Some of the provisions of the new tax law that affect corporations include, but are not limited to, reinstatement of immediate expensing of domestic specified research or experimental expenditures, restoration of EBITDA as the base for calculating deductible business interest expense, modifications to international tax regimes, and reenactment of one hundred percent bonus depreciation on eligible property acquired after January 19, 2025.

The Company has evaluated the impact that the new tax law will have on its financial condition and results of operations.

The impact of the tax law changes from the OBBBA has been reflected in the Company’s financial statements for the nine months ended September 30, 2025, and has been applied prospectively based on the effective dates of the tax law.

The impact of the tax law changes from OBBBA with respect to periods prior to enactment were recognized by the Company in the third quarter of 2025, and has

been applied prospectively based on the effective dates of the tax law.

The enactment of the OBBBA did not have a material impact on the Company’s financial statements.

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Many non-US tax jurisdictions have either recently enacted legislation to support certain components of Pillar Two Model Rules beginning 2024 (including the European Union Member States) with the adoption of additional components in later years or announced their plans to enact legislation in future years.

The model rules provide a framework for applying the minimum tax, countries may enact Pillar Two Model Rules slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two Model Rules.

Though the model rules provide a framework for applying the minimum tax, countries may enact Pillar Two Model Rules slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two Model Rules.

On a long-term basis, we will continue to evaluate the impacts of enacted legislation and pending legislation to enact Pillar Two Model Rules in all countries applicable to us.

For 2026, we expect that we will meet one or more transactional safe harbor rules, and as such, we do not believe Pillar Two model will have an impact on our annual effective tax rate for the year ending December 31, 2026.

We recorded an income tax provision of $ 6.4 million, or an effective tax rate of 31.5 %, for the three months ended September 30, 2025, compared to $ 4.3 million, or an effective tax rate of 26.1 % for the three months ended September 30, 2024.

We recorded an income tax provision of $ 3.8 million, or an effective tax rate of 34.6 %, for the nine months ended September 30, 2025 compared to an income tax provision of $ 4.9 million, or an effective tax rate of 16.7 % for the nine months ended September 30, 2024.

The income tax rates for the three and nine months ended September 30, 2025 diverge from the federal statutory rate due to (i) officer's compensation limitations;

(ii) nondeductible stock compensation expense;

(iii) partial valuation allowance on losses in foreign jurisdictions, partially offset by (iv) noncontrolling interests from controlled partnerships

We recorded an income tax provision of $ 8.1 million, or an effective tax rate of 24.7 %, for the three months ended March 31, 2026, compared to $ 3.4 million, or an effective tax rate of 10.3 % for the three months ended March 31, 2025.

The income tax rates for the three months ended March 31, 2026 diverge from the federal statutory rate due to (i) state taxes;

(ii) foreign rate differentials;

(iii) officer compensation limitation under IRC Section 162(m);

(iv) nondeductible stock-based compensation expense;

(v) transaction costs and other nondeductible expenses;

partially offset by (vi) noncontrolling interests and windfall benefits on the exercise of stock-based compensation.

LEASES - We determine if an arrangement is a lease at inception.

Operating leases are included in operating lease right-of-use (“ROU”) assets, current operating lease liabilities, and long-term operating lease liability in our condensed consolidated balance sheets.

Finance leases are included in property and equipment, accounts payable, accrued expenses and other, and long-term finance lease liability in our consolidated balance sheets.

Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term.

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Our ROU assets consist of facility and equipment assets on operating leases.

No events have occurred such as fire, flood, or other acts which have impaired the integrity of our ROU assets as of September 30, 2025.

No events have occurred such as fire, flood, or other acts which have impaired the integrity of our ROU assets as of March 31, 2026.

Our facility leases require us to maintain insurance policies which would cover major damage to our facilities.

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We may abandon low utilization leases and divert the patients to nearby centers.

During the nine months ended September 30, 2025, we closed several imaging centers with lower utilization and recognized lease abandonment charges of approximately $ 8.3 million in our Imaging Center segment.

Of these amounts, $ 6.5 million were related to right-of-use assets impairment and $ 1.9 million were related to the write-off of leasehold improvements for the nine months ended September 30, 2025.

COMPREHENSIVE INCOME (LOSS) - Accounting guidance establishes rules for reporting and displaying other comprehensive income (loss) ("OCI") and its components.

During the three months ended March 31, 2025, we closed several imaging centers with lower utilization and recognized lease abandonment charges of approximately $ 5.4 million in our Imaging Center segment.

Of these amounts, $ 4.8 million were related to right-of-use assets impairment and $ 0.6 million were related to the write-off of leasehold improvements for the three months ended March 31, 2025.

COMPREHENSIVE LOSS - Accounting guidance establishes rules for reporting and displaying other comprehensive income (loss) ("OCI") and its components.

Our foreign currency translation adjustments and the amortization of balances associated with derivatives previously classified as cash flow hedges are included in OCI.

The components of OCI for the three and nine months ended September 30, 2025 and 2024 are included in the Condensed Consolidated Statements of Comprehensive Income.

The following is a reconciliation of Foreign Currency Translation amounts for the three and nine months ended September 30, 2025 and 2024 is provided below (in thousands):

For the three months ended September 30, 2025

June 30, 2025 Balance Currency Translation Adjustments Balance September 30, 2025 Balance

Currency Translation Adjustments $ 7,935 $( 874 ) $ 7,061

For the nine months ended September 30, 2025

December 31, 2024 Balance Currency Translation Adjustments Balance September 30, 2025 Balance

The components of OCI for the three months ended March 31, 2026 and 2025 are included in the Condensed Consolidated Statements of Comprehensive Loss.

The following is a reconciliation of Foreign Currency Translation amounts for the three months ended March 31, 2026 and 2025 is provided below (in thousands):

For the three months ended March 31, 2026

December 31, 2025 Balance Currency Translation Adjustments Balance March 31, 2026 Balance

Currency Translation Adjustments $ 7,384 $( 7,518 ) $ 33

INTEREST ON SECURITIES - We recognized income from interest on securities of approximately $ 8.9 million and $ 9.6 million for the three months ended September 30, 2025 and 2024, respectively, and $ 24.4 million and $ 22.7 million for the nine months ended September 30, 2025 and 2024.

INTEREST ON SECURITIES - We recognized income from interest on securities of approximately $ 5.0 million and $ 7.7 million for the three months ended March 31, 2026 and 2025, respectively.

This income is recorded within Other non-operating income in our Condensed Consolidated Statements of Operations .

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However, the outcome of these matters is inherently uncertain.

If one or more of these matters were resolved against us for amounts in excess of management's expectations, our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

DERIVATIVE INSTRUMENTS - In the second quarter of 2019, we entered into four forward interest rate agreements ("2019 Swaps").

The 2019 Swaps have total notional amounts of $ 500.0 million, consisting of two agreements of $ 50.0 million each and two agreements of $ 200.0 million each.

The 2019 Swaps secure a constant interest rate associated with portions of our variable rate bank debt and have an effective date of October 13, 2020.

They matured in October 2023 for the smaller notional and will mature in October 2025 for the larger notional.

Under these arrangements, we arranged the 2019 Swaps with locked in 1 month Term Secured Overnight Financing Rate ("SOFR") rates at 1.89 % for the $ 100.0 million notional and at 1.98 % for the $ 400.0 million notional.

In October of 2023, the two agreements of $ 50,000,000 each matured.

As of the effective date, we are liable for premium payments if interest rates decline below arranged rates, but will receive interest payments if rates are above the arranged rates.

At inception, we designated our 2019 Swaps as cash flow hedges of floating-rate borrowings.

In accordance with accounting guidance, derivatives that have been designated and qualify as cash flow hedging instruments are reported at fair value.

The gain or loss on the effective portion of the hedge (i.e.

change in fair value) is reported as a component of other accumulated comprehensive loss in the consolidated statement of equity.

The remaining gain or loss, if any, is recognized in earnings.

Effective July 1, 2020, it was determined that hedge accounting no longer applied and accordingly after that date all changes in the fair value of the swaps is recognized in earnings.

The amount included in accumulated other comprehensive income as of that date was approximately $ 24.4 million, net of taxes.

A tabular presentation of the effect of derivative instruments on our condensed consolidated statement of comprehensive income of the 2019 Swaps is as follows (amounts in thousands):

For the three months ended September 30, 2025

Account June 30, 2025 Balance Amount of comprehensive loss recognized on derivative net of taxes Amount of loss reclassified out of accumulated OCI into income (prior period effective portion), net of taxes* September 30, 2025 Balance Location

Accumulated Other Comprehensive Loss, net of taxes $( 217 ) $ — $ 217 $ — Equity

*Net of taxes of $ 0 for the three months ended September 30, 2025.

For the nine months ended September 30, 2025

Account December 31, 2024 Balance Amount of comprehensive loss recognized on derivative net of taxes Amount of loss reclassified out of accumulated OCI into income (prior period effective portion), net of taxes* September 30, 2025 Balance Location

Accumulated Other Comprehensive Loss, net of taxes $( 2,273 ) $ — $ 2,273 $ — Equity

*Net of taxes of $ 0.7 million for the nine months ended September 30, 2025.

A tabular presentation of the effect of the 2019 Swaps on our statement of operations is as follows (amounts in thousands):

For the three months ended September 30, 2025

Ineffective interest rate swap Amount recognized (current period ineffective portion) Location recognized in profit and loss (current period ineffective portion) Amount reclassified from accumulated OCI (prior period effective portion) Location reclassified from accumulated OCI into profit and loss (prior period effective portion)

Interest rate contracts $ 2,371 Other income (expense) $ 217 Interest Expense

For the nine months ended September 30, 2025

Interest rate contracts $ 6,433 Other income (expense) $ 2,273 Interest Expense

See Fair Value Measurements below for the fair value of the 2019 Swaps at September 30, 2025.

Therefore, if one or more of these matters were resolved against us for amounts in excess of management's expectations, our results of operations and financial condition, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.

CONTINGENT CONSIDERATION

See-Mode Technologies Pte.

On June 2, 2025, we completed our acquisition of all the equity interests of See-Mode Technologies Pte.

On June 2, 2025, the Company, through its wholly owned subsidiary DH AI International Holdings, B.V., completed the acquisition of all the equity interests of See-Mode Technologies Pte.

Ltd., a Singapore-based AI company specializing in medical imaging.

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Payable upon successful implementation of the company’s thyroid ultrasound detection product at four RadNet imaging centers, and execution of at least two new customer contracts totaling $ 150,000 in aggregate annual contract value by March 31, 2026.

On November 3, 2025, we settled the first milestone by issuing 27,673 shares of our common stock at an ascribed value of $ 2.1 million and $ 2.2 million in cash.

Second Milestone ($ 4.2 million):

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Each contingent amount is payable 50 % in cash and 50 % in RadNet common shares.

As of September 30, 2025, the fair value of the contingent consideration will be assessed quarterly based on the probability of milestone achievement, which as of the acquisition date was determined by management to be 97.5 %, 70 % and 40 % for the First, Second and Third Milestone, respectively.

As of September 30, 2025, those percentages remain unchanged.

As of March 31, 2026, the fair value of the contingent consideration was assessed based on the probability of milestone achievement and was determined by management to be 90 % and 80 % for the Second and Third Milestone, respectively.

Kolb Radiology P.C

On July 1, 2025, we completed the acquisition of substantially all the assets of Kolb Radiology P.C., a New York-based diagnostic imaging practice.

On July 1, 2025, the Company completed the acquisition of substantially all the assets of Kolb Radiology P.C., a New York-based diagnostic imaging practice.

As part of the purchase agreement, we agreed to pay up to $ 8.0 million in contingent consideration (“Earnout Consideration”) payable based on the financial performance of the acquired business over three consecutive twelve-month periods following the closing date.

The fair value of the contingent consideration was estimated at $ 4.5 million at the acquisition date using a Monte Carlo simulation under a risk-neutral framework that modeled projected MRI revenues and discounted expected payments at term-matched U.S.

As of March 31, 2026, the fair value of the contingent consideration was estimated to be $ 4.1 million using a Monte Carlo simulation under a risk-neutral framework that modeled projected MRI revenues and discounted expected payments at term-matched U.S.

Treasury rates plus RadNet’s credit spread.

Key assumptions included a 2.3 % revenue risk premium, 15 % revenue volatility, 50 % operational leverage ratio, and 2.9 % credit spread.

CIMAR UK Limited

On November 10, 2025, the Company completed the acquisition of CIMAR (UK) Limited.

The purchase agreement includes contingent consideration payable based on the achievement of specified recurring revenue targets.

The contingent consideration provides for aggregate payments of up to approximately $ 15.1 million and includes two performance-based milestones tied to recurring revenue generated during measurement periods between 2026 and 2028.

Each milestone becomes payable only if at least 90 % of the applicable revenue target is achieved, with payments proportionately

reduced for achievement between 90 % and 100 % of the target.

Any contingent consideration earned is payable 50 % in cash and 50 % in RadNet common stock.

The fair value of the contingent consideration was estimated using a Monte Carlo simulation under a risk-neutral framework that projected revenue-based performance milestones, R&D Deferred Consideration, and discounted expected payments at term-matched U.S.

Treasury rates plus RadNet's credit spread.

Key assumptions as of March 31, 2026 included a 2.2 % revenue risk premium, 25 % revenue volatility, 60 % operational leverage ratio, and 3 % credit spread.

On March 2, 2026, the Company, through our wholly owned subsidiary DH AI International Holdings, B.V., completed the acquisition of all the equity interests of Gleamer SAS.

As part of the purchase agreement, we agreed to pay up to € 15.0 million in contingent consideration in cash, based upon the achievements of specified annual recurring revenue ("ARR") targets.

At the acquisition date, the Company recorded a contingent consideration liability of $ 8.6 million.

The fair value of the contingent consideration was estimated using a Monte Carlo simulation model, which considered a range of potential ARR outcomes and calculated the present value of expected payments.

Key assumptions as of March 31, 2026 included a 2 % ARR risk premium, 18 % ARR volatility, 75 % operational leverage ratio, and a 2 % credit spread.

The contingent consideration liability is remeasured at fair value each reporting period, with changes in fair value recognized in earnings.

A tabular roll forward of contingent consideration is as follows (amounts in thousands):

For the three months ended September 30, 2025

Entity Account June 30, 2025 Balance Additions Settlement of contingent consideration Change in valuation of contingent consideration September 30, 2025 Balance

See-Mode Technologies Pte.

Accrued expenses $ 2,114 $ — $ — $ — $ 2,114

See-Mode Technologies Pte.

Other non-current liabilities $ 6,652 $ — $ — $ — $ 6,652

Kolb Radiology P.C.

Accrued expenses — $ 3,100 $ — $ — $ 3,100

Kolb Radiology P.C.

Other non-current liabilities — $ 1,400 $ — $ — $ 1,400

For the nine months ended September 30, 2025

Entity Account January 1, 2025 Balance Additions Settlement of contingent consideration Change in valuation of contingent consideration September 30, 2025 Balance

See-Mode Technologies Pte.

Accrued expenses — $ 2,114 $ — $ — $ 2,114

For the three months ended March 31, 2026

Entity Account December 31, 2025 Balance Additions Change in valuation of contingent consideration Currency Translation March 31, 2026 Balance

See-Mode Technologies Pte.

Other non-current liabilities — $ 6,652 $ — $ — $ 6,652

Kolb Radiology P.C.

Accrued expenses — $ 3,100 $ — $ — $ 3,100

Accrued expenses and other non-current liabilities $ 5,329 $ — $ 1,627 $ 6 $ 6,962

Kolb Radiology P.C.

Other non-current liabilities — $ 1,400 $ — $ — $ 1,400

Accrued expenses and other non-current liabilities $ 3,900 $ — $ 200 $ — $ 4,100

CIMAR UK Limited Accrued expenses and other non-current liabilities $ 5,753 $ — $ 937 $ ( 74 ) $ 6,616

Gleamer SAS Accrued expenses $ — $ 8,618 $ — $ ( 194 ) $ 8,424

FAIR VALUE MEASUREMENTS – Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy.

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Use of these inputs involves significant and subjective judgment.

The tables below summarize the estimated fair values of certain of our financial assets that are subject to fair value measurements, and the classification of these assets on our condensed consolidated balance sheets, as follows (in thousands):

As of September 30, 2025

Level 1 Level 2 Level 3 Total

Current assets

2019 Swaps - Interest Rate Contracts $ — $ 679 $ — $ 679

As of December 31, 2024

Level 1 Level 2 Level 3 Total

Current assets

2019 Swaps - Interest Rate Contracts $ — $ 7,112 $ — $ 7,112

The estimated fair value of these contracts was determined using Level 2 inputs.

More specifically, the fair value was determined by calculating the value of the difference between the fixed interest rate of the interest rate swaps and the counterparty’s forward SOFR curve.

The forward SOFR curve is readily available in the public markets or can be derived from information available in the public markets.

Contingent Consideration:

The table below summarizes the estimated fair values of contingent consideration relating to our acquisition that are subject to fair value measurements and the classification of these liabilities on our condensed consolidated balance sheets, as follows (in thousands):

As of September 30, 2025

The table below summarizes the estimated fair values of contingencies relating to our acquisitions that are subject to fair value measurements and the classification of these liabilities on our condensed consolidated balance sheets, as follows (in thousands):

As of March 31, 2026

Level 1 Level 2 Level 3 Total

Accrued expenses and other non-current liabilities

See-Mode Technologies

See-Mode Technologies Pte.

$ — $ — $ 6,962 $ 6,962

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— — 4,100 4,100

CIMAR UK Limited — — 6,616 6,616

Gleamer SAS — — 8,424 8,424

Long Term Debt:

The table below summarizes the estimated fair value compared to the face value of our long-term debt as follows (in thousands):

As of September 30, 2025

The table below summarizes the estimated fair value and carrying amount of our Barclays Term Loans and Truist Term Loan long-term debt as follows (in thousands):

As of March 31, 2026

Level 1 Level 2 Level 3 Total Fair Value Total Face Value

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Barclays Term Loan and Truist Term Loan $ — $ 1,087,272 $ — $ 1,087,272 $ 1,084,869

The estimated fair value of our long-term debt, which is discussed in Note 6, Credit Facilities and Notes Payable, was determined using Level 2 inputs primarily related to comparable market prices.

We consider the carrying amounts of cash and cash equivalents, receivables, other current assets, current liabilities and other notes payables to approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization or payment.

Additionally, we consider the carrying amount of our other notes payable to approximate their fair value because the weighted average interest rate used to formulate the carrying amounts approximates current market rates.

We consider the carrying amounts of cash and cash equivalents, receivables, other current assets, and current liabilities to approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization or payment.

Additionally, we consider the carrying amount of our notes payable to approximate their fair value because the weighted average interest rate used to formulate the carrying amounts approximates current market rates.

EARNINGS PER SHARE - Earnings per share is based upon the weighted average number of shares of common stock and common stock equivalents outstanding, net of common stock held in treasury, as follows (in thousands except share and per share data):

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

NET INCOME (LOSS) ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS $ 5,417 $ 3,209 $ ( 18,055 ) $ ( 2,552 )

BASIC NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.

Three Months Ended March 31,

NET LOSS ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS $ ( 33,466 ) $ ( 37,926 )

Weighted average number of common shares outstanding during the period 75,950,350 73,494,709 74,703,658 72,587,321

Basic net income (loss) per share attributable to RadNet, Inc.'s common stockholders

$ 0.07 $ 0.04 $ ( 0.24 ) $ ( 0.04 )

DILUTED NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO RADNET, INC.

BASIC AND DILUTED NET LOSS PER SHARE ATTRIBUTABLE TO RADNET, INC.

COMMON STOCKHOLDERS

Weighted average number of common shares outstanding during the period 77,057,835 74,382,356

Add non-vested restricted stock subject only to service vesting 241,221 233,235 — —

Add additional shares issuable upon exercise of stock options and contingently issuable shares 1,196,906 1,437,491 — —

Weighted average number of common shares used in calculating diluted net income per share 77,388,477 75,165,435 74,703,658 72,587,321

Net income (loss) attributable to RadNet, Inc's common stockholders for diluted share calculation

$ 5,417 $ 3,209 $ ( 18,055 ) $ ( 2,552 )

Diluted net income (loss) income per share attributable to RadNet, Inc.'s common stockholders

Basic and diluted net loss per share attributable to RadNet, Inc.'s common stockholders

$ ( 0.43 ) $ ( 0.51 )

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INVESTMENTS IN EQUITY SECURITIES–Accounting guidance requires entities to measure equity investments at fair value, with any changes in fair value recognized in net income.

If there is no readily determinable fair value, the guidance

allows entities the ability to measure investments at cost, adjusted for observable price changes and impairments, with changes recognized in net income.

As of September 30, 2025, we have four equity investments with an aggregate carrying value of $ 9.3 million.

No other observable price changes or impairments in our investments were identified as of September 30, 2025.

INVESTMENT IN JOINT VENTURES – We have 12 unconsolidated joint ventures with ownership interests ranging from 35 % to 55 %.

These joint ventures represent partnerships with hospitals, health systems or radiology practices and were formed for the purpose of owning and operating diagnostic imaging centers.

If there is no readily determinable fair value, the guidance allows entities the ability to measure investments at cost, adjusted for observable price changes and impairments, with changes recognized in net income.

As of March 31, 2026 and December 31, 2025, we have five equity investments with an aggregate carrying value of $ 10.8 million.

No observable price changes or impairments in our investments were identified for the three months ended March 31, 2026.

INVESTMENT IN JOINT VENTURES – As of March 31, 2026, we have 12 unconsolidated joint ventures operating 50 diagnostic imaging centers that represent partnerships with hospitals, or health systems and were formed for the purpose of owning and operating diagnostic imaging centers.

Professional services at the joint venture diagnostic imaging centers are performed by contracted radiology practices or a radiology practice that participates in the joint venture.

Our investment in these joint ventures is accounted for under the equity method, since RadNet does not have a controlling interest in such ventures.

Our investment in these joint ventures is accounted for under the equity method, as we do not have a controlling financial interest in such ventures.

We evaluate our investment in joint ventures, including cost in excess of book value (equity method goodwill) for impairment whenever indicators of impairment exist.

No indicators of impairment existed as of September 30, 2025.

No indicators of impairment existed as of March 31, 2026 and December 31, 2025.

The table below summarizes our ownership interest in these unconsolidated joint ventures as of March 31, 2026:

Joint Venture Percentage Ownership

Franklin Imaging, LLC 49 %

Greater Baltimore Diagnostic Imaging 50 %

Advanced Imaging at St.

Joseph Medical Center, LLC 49 %

Carroll County Radiology, LLC 40 %

Baltimore Washington Imaging Center, LLC 35 %

Calvert Medical Imaging Centers, LLC 50 %

Montgomery Community Magnetic Imaging Ctr LP 49 %

Airy Imaging Center, LLC 40 %

Orange County Radiation Oncology, LLC 40 %

Arizona Diagnostic Radiology Group LLC 49 %

Glendale Advanced Imaging Center, LLC 55 %

Santa Monica Imaging Group LLC 49 %

Joint venture investment and financial information

The following table is a summary of our investment in joint ventures during the nine months ended September 30, 2025 (in thousands):

The following table is a summary of our investment in joint ventures during the three months ended March 31, 2026 (in thousands):

Balance as of December 31, 2025 $ 130,340

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Distribution of earnings ( 2,756 )

Equity contributions in existing joint ventures 20,480

Balance as of September 30, 2025 $ 129,127

We charged management service fees from the centers underlying these joint ventures of approximately $ 6.5 million and $ 5.9 million for the three months ended September 30, 2025 and 2024 and $ 19.1 million and $ 17.8 million for the nine months ended September 30, 2025 and 2024, respectively.

These joint ventures are considered related parties.

Amounts transacted between us and the entities are in the ordinary course of business and are disclosed on our balance sheet in the due from/to affiliate accounts.

The following table is a summary of key balance sheet data for these joint ventures as of September 30, 2025 and December 31, 2024 and income statement data for the nine months ended September 30, 2025 and 2024 (in thousands):

Balance as of March 31, 2026 $ 131,409

We charged management service fees from the imaging centers underlying these unconsolidated joint ventures of approximately $ 6.6 million and $ 6.1 million for the three months ended March 31, 2026 and 2025, respectively.

These management fees are expenses of the unconsolidated joint ventures and are recognized as service fee revenue.

These management fees are earned for providing, among other things, day-to-day operational oversight, revenue cycle, human resources, finance, accounting and information systems to the imaging centers.

These unconsolidated joint ventures are considered related parties.

Amounts transacted between us and the entities are in the ordinary course of business and are disclosed on our condensed consolidated balance sheet in the due from/to affiliate accounts.

The following table is a summary of key balance sheet data for these joint ventures as of March 31, 2026 and December 31, 2025 and income statement data for the three months ended March 31, 2026 and 2025 (in thousands):

Balance Sheet Data:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Current assets $ 85,217 $ 79,220

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Total net assets $ 226,569 $ 224,687

Income statement data for the nine months ended September 30,

Income statement data for the three months ended March 31,

Net revenue $ 73,330 $ 66,274

Operating expense, excluding depreciation and amortization 60,140 54,976

Depreciation and amortization 4,994 5,176

Non-operating expense 65 494

Net income 8,131 5,628

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On June 12, 2025, we executed a $ 17.0 million promissory note with Dignity Health, a related party and joint venture member of Arizona Diagnostic Radiology Group, LLC ("ADRG").

Monthly principal payments of $ 0.9 million begin July 1, 2025, with interest accruing at the Wall Street Journal Prime Rate plus 2 %.

Monthly principal payments of $ 0.9 million began July 1, 2025, with interest accruing at the Wall Street Journal Prime Rate plus 2 %.

Future distributions from ADRG to Dignity will be applied to the note balance until fully repaid.

The note is expected to mature on December 1, 2026.

As of September 30, 2025, we recorded $ 11.3 million of the current portion of the notes in Due from Affiliates and $ 2.8 million of the non-current portion in Deposits and Other on our Condensed Consolidated Balance Sheet.

As of March 31, 2026, the remaining balance of $ 8.6 million is entirely classified as current and recorded within Due from Affiliates.

NOTE 3 – RECENT ACCOUNTING AND REPORTING STANDARDS

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Updates (ASUs) 2023-07 ("ASU 2023-07"), Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures .

The guidance requires entities to provide enhanced disclosures about significant segment expenses.

For entities that have adopted the amendments in ASU 2023-07, the updated guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and is applicable to the Company in fiscal 2024.

Early adoption is permitted.

We adopted this ASU for the year ended December 31, 2024, and applied the amendments retrospectively to all prior periods presented in our consolidated financial statements.

The interim disclosure requirements became effective for us beginning January 1, 2025, and have been reflected in our current period reporting.

In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures, which enhances the rate reconciliation and income taxes paid disclosures.

The amendments are effective for annual periods beginning after December 15, 2024.

The ASU will be applicable to the Company’s annual reporting for the year ending December 31, 2025.

Early adoption is permitted.

The Company expects to adopt this ASU prospectively, and the adoption will affect only disclosures, with no impact on financial condition or results of operations.

In November 2024, the FASB issued Accounting Standards Update ("ASU") 2024-03 (“ASU 2024-03”), Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures, to enhance the transparency of certain expense disclosures.

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We are currently evaluating the impact of this ASU on our consolidated financial statements.

In July 2025, the FASB issued Accounting Standards Update (ASU) 2025-05 (“ASU 2025-05”), Income Taxes (Topic 740):

Targeted Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures.

The amendments require disaggregated information about the effective tax rate reconciliation to be presented in both percentages and dollar amounts for specific categories, such as state and local income taxes, foreign tax effects, tax credits, and valuation allowances.

The Update also requires additional disclosures of income taxes paid, disaggregated by federal, state, and foreign jurisdictions.

The amendments are effective for annual periods beginning after December 15, 2025, with early adoption permitted.

The amendments should be applied on a prospective basis, though retrospective application is allowed.

We are currently evaluating the impact of this ASU on our consolidated financial statements.

In September 2025, the FASB issued Accounting Standards Update (ASU) 2025-06 (“ASU 2025-06”), Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40):

In September 2025, the FASB issued ASU 2025-06 (“ASU 2025-06”), Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software, to modernize the accounting for software development costs and enhance the operability of the guidance for different development methods.

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Imaging Center Segment

During the nine months ended September 30, 2025, we completed the acquisition of certain assets of the following entities, which either engage directly in the practice of radiology or associated businesses.

The primary reason for these acquisitions was to strengthen our presence in the California, Texas and New York markets.

These acquisitions are reported as

part of our Imaging Center segment.

As of September 30, 2025, we made a preliminary fair value determination of the acquired assets and assumed liabilities and the following were recorded (in thousands).

During the three months ended March 31, 2026, we completed the acquisition of certain assets of the following entities, which either engage directly in the practice of radiology or associated businesses.

The primary reason for these acquisitions was to strengthen our presence in the Indiana and Florida markets.

These acquisitions are reported as part of our Imaging Center segment.

As of March 31, 2026, we made a preliminary fair value determination of the acquired assets and assumed liabilities and the following were recorded (in thousands).

The valuation of assets acquired and liabilities assumed has not yet been finalized and remains subject to change, primarily related to the completeness of accrued liabilities, the accuracy of fixed asset valuations, and other customary purchase accounting adjustments.

The fair value determination is preliminary and may be updated as additional information becomes available.

Entity Date Acquired Total Consideration Property & Equipment Right of Use Assets Goodwill Intangible Assets Other Assets Right of Use Liabilities

HALO Centers LLC* 1/2/2025 $ 4,201 587 3,238 3,563 50 — ( 3,238 )

Hillcroft Medical Clinic* 3/7/2025 735 278 — 406 50 — —

North County Radiology Oceanside LLC 4/1/2025 1,702 238 599 1,307 150 7 ( 599 )

Faculty Physicians and Surgeons of LLUSM (Palm Imaging) 5/1/2025 1,400 648 — 702 50 — —

California MSK MSO, LLC (OSS Burbank) 5/1/2025 500 330 — 70 100 — —

HALO Centers LLC (Indian Wells) 5/1/2025 $ 7,850 1,714 2,439 6,072 50 15 ( 2,439 )

Kolb Radiology P.C.

7/1/2025 $ 26,659 4,799 5,355 22,396 79 155 ( 6,125 )

Schonholz and Drossman, LLP 9/1/2025 $ 30,101 2,921 5,566 26,790 295 95 ( 5,566 )

Entity Date Acquired Total Consideration Property & Equipment Right of Use Assets Goodwill Intangible Assets Accounts receivable Prepaid expenses and other current assets Accounts payable, accrued expenses and other Right of Use Liabilities Finance lease

Regional Radiology Center 1/6/2026 $ 58,315 43,834 59,951 16,970 4,335 10,489 2,407 ( 14,274 ) ( 61,151 ) ( 4,246 )

Northwest Radiology Network PC 2/2/2026 9,000 8,668 9,424 189 130 — 14 — ( 9,424 ) —

Total 67,315 52,502 69,375 17,159 4,465 10,489 2,421 ( 14,274 ) ( 70,575 ) ( 4,246 )

*Fair Value Determination is Final

Factors contributing to the recognition of goodwill were primarily based on anticipated strategic and synergistic benefits that are expected to be realized from the acquisition.

In connection with these Imaging Centers acquisitions, the aggregate consideration transferred consisted of approximately $ 66.5 million in cash, adjusted for approximately $ 0.6 million of acquired cash, net of debt assumed, and included approximately $ 0.4 million of holdback consideration and the settlement of a $ 1.0 million note payable owed to RadNet by the seller.

Digital Health Segment

See-Mode Technologies

On June 2, 2025, we acquired all of the equity interest in See-Mode Technologies (“See-Mode”), a medical technology company focused on using artificial intelligence to enhance ultrasound-based diagnostics.

See-Mode’s operations are included in our Digital Health segment for reporting purposes.

The transaction was accounted for as the acquisition of a business with a total purchase consideration of approximately $ 28.7 million, including:

(i) cash of $ 17.9 million, (ii) a holdback of $ 2.0 million cash to be released 18 months after acquisition, and (iii) contingent consideration of $ 8.8 million.

We recorded $ 0.2 million in other net assets, $ 5.5 million in developed technology, $ 5.4 million in IPR&D, $ 19.8 million in goodwill, and $ 2.2 million in deferred tax liabilities in connection with this transaction.

In performing the purchase price allocation, we considered, among other factors, the intended future use of the acquired assets, the historical financial performance, and estimates of the future performance of the See-Mode business.

As of September 30, 2025, the valuation of assets acquired and liabilities assumed is preliminary and subject to change, primarily with respect to the valuation of contingent consideration and intangible assets, the completeness of accrued liabilities, the accuracy of fixed asset valuations, and other customary purchase accounting adjustments.

The fair value determination will be updated as additional information becomes available during the measurement period.

On July 17, 2025, we completed the acquisition of all of the outstanding equity interests of iCAD, Inc.

(“iCAD”), a global leader in AI-powered breast health solutions.

The acquisition integrates iCAD’s commercial, technology, and regulatory capabilities with those of DeepHealth, our wholly owned subsidiary within the Digital Health segment.

The transaction strengthens DeepHealth’s position as an industry leader in AI-enabled breast cancer image interpretation and workflow optimization and expands its global market reach.

The transaction was accounted for as the acquisition of a business and was completed through an all-stock exchange, with total purchase consideration of approximately $ 110.7 million based on the fair value of RadNet common stock issued to iCAD shareholders and the fair value of RadNet replacement awards issued in exchange for outstanding iCAD equity awards.

We preliminarily allocated the purchase price to the assets acquired and liabilities assumed based on their estimated fair values, which resulted in the recognition of goodwill of approximately $ 27.2 million, primarily reflecting expected synergies from integrating iCAD’s technology portfolio, established customer relationships, and assembled workforce.

In addition, we recorded identifiable intangible assets related to backlog, developed technology, customer relationships, and trade name totaling approximately $ 38.3 million;

deferred tax asset, net of $ 30.2 million, Cash, deposits and others of $ 13.9 million;

and property and equipment of $ 1.1 million.

In connection with the iCAD acquisition, the Company identified and measured the fair values of acquired intangible assets, including backlog, trade names, developed technology, in-process research and development (“IPR&D”), and customer relationships.

On March 2, 2026, we completed the acquisition of all of the outstanding shares of Gleamer SAS (“Gleamer”), an artificial intelligence-based medical imaging software company focused on the design, development, and commercialization of AI-driven diagnostic solutions.

The acquisition enhances our Digital Health segment by expanding our AI capabilities in medical imaging and strengthens our position in global markets, including Europe and the United States.

The transaction was accounted for as the acquisition of a business and was completed pursuant to a share purchase agreement dated March 2, 2026.

The total purchase consideration was approximately $ 264.1 million, consisting of (i) an upfront payment of approximately $ 255.5 million, subject to customary adjustments for cash, indebtedness, and working capital, and (ii) contingent consideration with an estimated fair value of $ 8.6 million as of the acquisition date, with a maximum potential payout of € 15.0 million based on the achievement of specified annual recurring revenue targets.

We have preliminarily allocated the purchase price to the assets acquired and liabilities assumed based on their estimated fair values.

This resulted in the recognition of goodwill of approximately $ 170.8 million, primarily reflecting expected synergies from integrating Gleamer’s AI technology platform, established customer relationships, and assembled workforce.

In addition, we recorded identifiable intangible assets of approximately $ 111.6 million, consisting of developed technology of $ 29.2 million, customer relationships of $ 76.0 million, trade names of $ 3.5 million, and other intangible assets of $ 2.8 million.

The acquisition also included approximately $ 30.4 million of other operating assets and $ 0.3 million of other net tangible assets.

Liabilities assumed included deferred tax liabilities of $ 21.5 million and debt and other liabilities of $ 27.5 million.

In connection with the acquisition, the Company identified and measured the fair values of acquired intangible assets, including developed technology, customer relationships, trade names, and other intangible assets.

The valuations were performed using the income approach, consistent with market participant assumptions.

The income approach incorporated assumptions such as projected revenues, estimated customer attrition, royalty rates, and discount rates reflecting market participant expectations.

IPR&D projects were determined to have no material fair value as of the acquisition date.

The identified intangible assets were assigned estimated useful lives as follows:

backlog — approximately 4 years;

trade names — approximately 1 year;

developed technology — approximately 8 years;

and customer relationships — approximately 15 years.

In performing the purchase price allocation, we considered, among other factors, the intended future use of the acquired assets, the historical financial performance, and the expected future contributions of the iCAD business.

As of September 30, 2025, the valuation of assets acquired and liabilities assumed is preliminary and subject to change, primarily with respect to the valuation of intangible assets, deferred taxes, and other customary purchase accounting adjustments.

The fair value determination will be updated as additional information becomes available during the measurement period.

Formation of majority owned subsidiary and sale of economic interest

On March 21, 2025, we formed Pacific Diagnostic Imaging Group, LLC (“PDRG”), a Delaware limited liability company.

On April 1, 2025, we entered into a partnership with Tri-City Healthcare District (“Tri-City”) by selling a 20 % membership interest in PDRG for cash consideration of $ 337,500 .

We retained an 80 % controlling interest in PDRG.

The joint venture operates outpatient imaging centers in Southern California.

The transaction did not result in a change of control, and no gain or loss was recognized.

customer relationships — approximately 17 years;

trade names — approximately 3 to 6 years;

and other intangible assets — approximately 1 to 3 years.

As of March 31, 2026, the valuation of assets acquired and liabilities assumed is preliminary and subject to change during the measurement period, primarily with respect to the valuation of identifiable intangible assets, contingent consideration, and deferred taxes.

The fair value of contingent consideration will be remeasured at each reporting period until the contingency is resolved.

The Company expects to finalize the purchase price allocation within the measurement period as additional information becomes available.

NOTE 5 – SEGMENT REPORTING

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Our Imaging Center segment provides physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders.

Services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), fluoroscopy and other related procedures.

Services include MRI, CT, PET, nuclear medicine, mammography, ultrasound, X-ray, fluoroscopy and other related procedures.

The vast majority of our centers offer multi-modality imaging services, a strategy that diversifies revenue streams, reduces exposure to reimbursement changes and provides patients and referring physicians one location to serve the needs of multiple procedures.

Our Digital Health segment develops and deploys clinical applications to enhance interpretation of medical images and improve patient outcomes with an emphasis on brain, breast, prostate, and pulmonary diagnostics.

Included in the segment is

our eRad subsidiary, which designs the underlying critical scheduling, data storage and retrieval systems necessary for imaging center operation.

Included in the segment is our eRad subsidiary, which designs the underlying critical scheduling, data storage and retrieval systems necessary for imaging center operation.

In the normal course of business, our Imaging Center and Digital Health segments enter into transactions with each other.

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The following tables reflect certain financial data for each reportable segment:

Three Months Ended September 30, 2025

Imaging Center Digital health Total

Revenues from external customers $ 508,242 $ 14,627 $ 522,869

Intersegment revenues — 10,187 10,187

$ 508,242 $ 24,814 $ 533,056

Reconciliation of revenue

Elimination of intersegment revenues ( 10,187 )

Total consolidated revenues $ 522,869

Other segment items* $ 434,270 $ 18,929 $ 453,199

Segment profit (loss) 73,972 ( 4,301 ) 69,671

Reconciliation of segment profit

Depreciation and amortization $ ( 39,799 )

Loss on sale and disposal of equipment and other ( 1,042 )

Severance costs ( 1,441 )

Interest expense ( 17,355 )

Equity in earnings of joint ventures 3,567

Non-cash change in fair value of interest rate swaps ( 2,371 )

Other income 9,044

Income before income taxes $ 20,274

*Other segment items include operating expenses, inclusive of cost of operations and lease abandonment charges.

Three Months Ended September 30, 2024

Imaging Center Digital health Total

Revenues from external customers $ 452,367 $ 8,774 $ 461,142

Intersegment revenues — 7,593 7,593

$ 452,367 $ 16,367 $ 468,735

Reconciliation of revenue

Elimination of intersegment revenues ( 7,593 )

Total consolidated revenues $ 461,142

Other segment items* $ 382,381 $ 9,418 $ 391,799

Segment profit (loss) 69,986 ( 644 ) 69,342

Reconciliation of segment profit

Depreciation and amortization $ ( 34,979 )

Loss on sale and disposal of equipment and other ( 148 )

Severance costs ( 304 )

Interest expense ( 19,427 )

Equity in earnings of joint ventures 3,595

Non-cash change in fair value of interest rate swaps ( 6,755 )

Other income 5,414

Income before income taxes $ 16,591

*Other segment items include operating expenses, inclusive of cost of operations and lease abandonment charges.

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Imaging Center Digital health Total

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Equity in earnings of joint ventures 3,825

Non-cash change in fair value of interest rate swaps ( 6,433 )

Other income 4,907

Income before income taxes $ 10,993

Loss before income taxes $ ( 32,828 )

*Other segment items include operating expenses, inclusive of cost of operations and lease abandonment charges.

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Imaging Center Digital health Total

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Other income 7,712

Income before income taxes $ 29,538

Loss before income taxes $ ( 33,135 )

*Other segment items include operating expenses, inclusive of cost of operations and lease abandonment charges.

NOTE 6 – CREDIT FACILITIES AND NOTES PAYABLE

At September 30, 2025 we had two principal secured credit facilities consisting of our Barclays Revolving Credit Facility (as defined below) and our Truist Revolving Credit Facility (as defined below).

At March 31, 2026, we had two principal secured credit facilities consisting of our Barclays Revolving Credit Facility (as defined below) and our Truist Revolving Credit Facility (as defined below).

Each facility includes a term loan component and a revolving credit facility.

At September 30, 2025, we were in compliance with all covenants under our credit facilities.

At March 31, 2026, we were in compliance with all covenants under our credit facilities.

Barclays Credit Facility

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1 to the Barclays Credit Agreement (the “First Amendment”) with the Barclays Bank Plc and the lenders and financial institutions named therein.

Pursuant to the First Amendment, the interest rates on the term loans and revolving credit facility provided under the Restated Credit Agreement

have been reduced by 0.25 %.

Total costs incurred in connection with the first amendment amounted to approximately $ 2.4 million segregated as follows:

Pursuant to the First Amendment, the interest rates on the term loans and revolving credit facility provided under the Restated Credit Agreement have been reduced by 0.25 %.

Total costs incurred in connection with the first amendment amounted to approximately $ 2.4

million segregated as follows:

$ 0.6 million recognized as discount, $ 1.8 million charged to loss on early extinguishment of debt and $ 0.1 million to related expenses.

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The Barclays Term Loan provides for interest payments based on a base rate, plus an applicable margin.

During the periods covered by this report, the base rates, margins and effective interest rates (without giving effect to our 2019 Swaps) were as follows for the periods indicated:

During the periods covered by this report, the base rates, margins and effective interest rates were as follows for the periods indicated:

Period Base Rate plus Margin Effective Rate

Before April 18, 2024 SOFR plus 3.00 %

Alternative Base Rate plus 2.00 %

8.33 % (credit spread adjustment of 0.11 %)

After April 18, 2024 to November 26, 2024 SOFR plus 2.5 %

As of December 31, 2025

SOFR plus 2.25 %

Prime Rate plus 1.25 %

6.07 % (credit spread adjustment of 0.00 % )

After November 26, 2024 SOFR plus 2.25 %

As of March 31, 2026

SOFR plus 2.25 %

Prime Rate plus 1.25 %

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The Barclays Revolving Credit Facility is a $ 282.0 million senior secured revolving credit facility.

Associated with the Barclays Revolving Credit Facility is deferred financing costs, net of accumulated amortization, of $ 1.5 million at September 30, 2025.

Associated with the Barclays Revolving Credit Facility is deferred financing costs, net of accumulated amortization, of $ 1.3 million at March 31, 2026.

After we entered the first amendment on November 26, 2024, amounts borrowed under the Barclays Revolving Credit Facility bear interest at either SOFR plus 2.75 % or the Prime Rate plus 1.8 % (with step-downs based on attainment of certain first lien net leverage ratio benchmarks).

As of September 30, 2025, the effective interest rate payable on revolving loans under the Barclays Revolving Credit Facility was 9.00 %.

As of March 31, 2026, the effective interest rate payable on revolving loans under the Barclays Revolving Credit Facility was 8.50 %.

In addition, a commitment fee of 0.50 % per annum accrues on the unused revolver commitments under the Barclays Revolving Credit Facility.

We had no outstanding balance under our $ 282.0 million Barclays Revolving Credit Facility at September 30, 2025 and December 31, 2024.

After reserves of $ 7.0 million for certain letters of credit, $ 275.0 million was available to draw upon as of September 30, 2025.

We had no outstanding balance under our $ 282.0 million Barclays Revolving Credit Facility at March 31, 2026 and December 31, 2025.

After reserves of $ 8.6 million for certain letters of credit, $ 273.4 million was available to draw upon as of March 31, 2026.

The Barclays Revolving Credit Facility terminates on April 18, 2029, unless otherwise accelerated under the terms of the Barclays Credit Agreement.

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The Truist Term Loan currently bears interest at SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio.

At September 30, 2025 the applicable margin for SOFR was 1.5 %.

At March 31, 2026 the applicable margin for SOFR was 1.5 %.

We are required to make quarterly principal payments of $ 2.8 million, which increases by $ 0.9 million at scheduled intervals, with the remaining balance to be paid at maturity.

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The Truist Revolving Credit Facility is a $ 50.0 million secured revolving credit facility.

Associated with the Truist Revolving Credit Facility are deferred financing costs, net of accumulated amortization, of $ 0.3 million at September 30, 2025.

Associated with the Truist Revolving Credit Facility are deferred financing costs, net of accumulated amortization, of $ 0.2 million at March 31, 2026.

Amounts borrowed under the Truist Revolving Credit Facility bear interest at either SOFR or a Base Rate plus an applicable margin and fees which step down based on a leverage ratio.

In addition, a commitment fee of 0.30 % per annum accrues on the unused revolver commitments under the Truist Revolving Credit Facility.

We had no balance outstanding under our $ 50.0 million Truist Revolving Credit Facility at September 30, 2025 and December 31, 2024.

With no letters of credit reserved against the facility, the full $ 50.0 million was available to draw upon as of September 30, 2025.

We had no balance outstanding under our $ 50.0 million Truist Revolving Credit Facility at March 31, 2026 and December 31, 2025.

With no letters of credit reserved against the facility, the full $ 50.0 million was available to draw upon as of March 31, 2026.

The Truist Revolving Credit Facility terminates on October 7, 2027, unless otherwise accelerated under the terms of the Truist Credit Agreement.

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We have issued certain notes payable in connection with the purchase of equipment previously leased under operating leases.

Other Notes Payable

Other notes payables include obligations assumed in connection with government-sponsored innovation financing arrangements of acquired subsidiaries.

Debt Obligations

As of September 30, 2025 and December 31, 2024 our term loan debt and other obligations are as follows (in thousands):

September 30,

As of March 31, 2026 and December 31, 2025 our term loan debt and other obligations are as follows (in thousands):

2026 December 31,

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15,626 17,271

Other notes payable, due through 2034 2,835 —

Total debt obligations 1,086,483 1,089,919

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Our stock-based compensation consists of various types of awards, each accounted for separately.

There is no overlap between Options, DeepHealth options, Restricted stock awards (RSAs) and Restricted stock units (RSUs), performance stock units (PSUs), and performance stock options (PSOs).

There is no overlap between our stock options, DeepHealth options, restricted stock awards ("RSAs") and restricted stock units ("RSUs"), performance stock units ("PSUs"), and performance stock options ("PSOs").

Certain options granted under the Restated Plan to employees are intended to qualify as incentive stock options under existing tax regulations.

Stock options generally vest over 3 to 5 years and expire 5 to 10 years from the date of grant.

The following summarizes all of our option transactions for the nine months ended September 30, 2025:

The following summarizes all of our option transactions for the three months ended March 31, 2026:

Outstanding Options

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Exercised ( 67,612 ) 1.57

Balance, September 30, 2025 778,121 17.86 4.89 $ 45,401

Exercisable at September 30, 2025 778,121 17.86 4.89 $ 45,401

Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on September 30, 2025 and the exercise price, multiplied by the number of in-the-money options as applicable) that would have been received by the holder had all holders exercised their options on September 30, 2025.

DeepHealth Options

During the second quarter of fiscal 2020, in connection with the completion of the DeepHealth acquisition, we granted options to acquire 412,434 shares at a grant date fair value of $ 16.93 per share unit to DeepHealth employees in replacement of their stock options that were outstanding as of the closing date.

As of September 30, 2025, there were 65,208 stock options outstanding under the DeepHealth Plan, all of which were exercisable.

These options had a weighted average remaining contractual life of 4.0 years and an aggregate intrinsic value of approximately $ 5.0 million.

Options issued in replacement of original DeepHealth options as a result of our acquisition are not included in the share count under the Restated Plan.

During the third quarter of fiscal 2025, in connection with the completion of the iCAD acquisition, we granted options to acquire 163,838 shares to iCAD employees in replacement of their stock options that were outstanding as of the closing date.

The following summarizes all of our iCAD option transactions from the date of acquisition (July 17, 2025) through September 30, 2025:

Outstanding Options

Under the 2006 Plan Shares Weighted Average

Exercise price

Per Common Share Weighted Average

Contractual Life

(in years) Aggregate

(in thousands)

Balance, July 17, 2025 — $ —

Granted 163,838 30.96

Exercised ( 55,866 ) 30.44

Canceled, forfeited or expired ( 721 ) 41.28

Balance, September 30, 2025 107,251 31.17 6.89 $ 4,831

Exercisable at September 30, 2025 90,737 32.15 6.62 $ 3,998

Balance, March 31, 2026 927,262 20.38 5.3 $ 32,923

Exercisable at March 31, 2026 838,686 20.45 5.1 $ 29,724

Aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between our closing stock price on March 31, 2026 and the exercise price, multiplied by the number of in-the-money options as applicable) that would have been received by the holder had all holders exercised their options on March 31, 2026.

As of March 31, 2026, total unrecognized stock-based compensation expense related to non-vested employee awards was $ 0.4 million which is expected to be recognized over a weighted average period of approximately 0.9 years .

Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs")

The Restated Plan permits the award of RSAs and RSUs.

The following summarizes all unvested RSA's and RSU's activities during the nine months ended September 30, 2025:

The following summarizes all unvested RSA and RSU activities for the three months ended March 31, 2026:

RSAs and RSUs Weighted-Average

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Forfeited or Canceled ( 22,615 ) $ 61.32

RSAs and RSUs unvested at September 30, 2025 939,519 1.74 $ 58.37

We determine the fair value of all RSAs and RSUs based on the closing price of our common stock on the award date.

RSAs and RSUs unvested at March 31, 2026 1,044,986 1.41 $ 67.16

We determine the fair value of all RSAs and RSUs based on the closing price of our common stock on the grant date.

Performance based stock units ("PSUs")

In October 2024, we granted certain employees PSUs with a target award of 35,522 shares of our common stock.

The PSUs will vest in five equal parts, on each anniversary of the grant date based on continuous service, with the number of shares earned ( 0 % to 100 % of the target award) depending on the level of achievement against a predefined performance condition, which must be evaluated by management no later than the seventh anniversary of the grant date.

As of September 30, 2025, based on the performance to date, all 35,522 shares are expected to vest.

The PSUs vest in five equal annual installments on each anniversary of the grant date, subject to continued service and achievement of a performance condition established at the grant date.

The performance condition will be measured over a performance period ending no later than the seventh anniversary of the grant date.

The number of shares earned may range from 0 % to 100 % of the target award based on actual performance results.

As of March 31, 2026, based on performance achieved to date, all 35,522 shares are expected to vest.

In January 2023, we granted certain employees PSUs with a target award of 60,685 shares of our common stock with a fair value of $ 18.64 .

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In March of 2024, based on the performance condition being achieved, the board of directors issued 121,370 shares.

Performance based stock options ("PSOs")

In January 2023, we granted certain employees PSOs with a potential to purchase a maximum of 235,227 shares of our common stock with a strike price of $ 18.64 .

The PSOs will vest in three equal parts, starting three years from the grant date based on continuous service, with the number of shares earned ( 0 % to 100 % of the target award) depending upon the extent to which we achieve a performance condition as determined the board of directors over the period from January 1, 2023 through December 31, 2023.

In March 2024, based on the performance condition being achieved, the board of directors issued 235,227 options.

Shares available

Of the 20,100,000 shares of common stock reserved for issuance under the Restated Plan, at September 30, 2025, there remain approximately 2,196,122 shares available under the Restated Plan for future issuance.

Of the 20,100,000 shares of common stock reserved for issuance under the Restated Plan, at March 31, 2026, there remain approximately 1,342,517 shares available under the Restated Plan for future issuance.

NOTE 8 – SUBSEQUENT EVENTS

Remote Diagnostic Imaging Partners, LLC

On October 1, 2025, we acquired substantially all of the assets of Remote Diagnostic Imaging Partners, LLC for total purchase consideration of approximately $ 4.5 million, payable in shares of RadNet, Inc.

common stock.

The acquired business provides technology and operational support services related to radiology imaging.

On May 1, 2026, the Company acquired a 50 % membership interest in Intermountain Medical Imaging, LLC for purchase consideration of approximately $ 17.5 million, subject to customary adjustments.

Intermountain Medical Imaging operates multi-modality imaging centers in Idaho.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements