CROSS COUNTRY HEALTHCARE ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS (Form 8-K)

CROSS COUNTRY HEALTHCARE ANNOUNCES FOURTH QUARTER AND FULL YEAR

2025 FINANCIAL RESULTS

BOCA RATON, Fla., March 4, 2026--Cross Country Healthcare, Inc. (the "Company," "Cross Country," "we," "us," and "our") (Nasdaq: CCRN) today announced financial results for its fourth quarter and full year ended December 31, 2025.

SELECTED FINANCIAL INFORMATION:

Dollars are in thousands, except per share amounts			Q4 2025						Variance Q4 2025 vs Q4 2024						Variance Q4 2025 vs Q3 2025						Full Year 2025						Variance 2025 vs 2024
																																	Revenue			$	236,761					(24)			%			(5)			%			$	1,054,293					(22)			%
Gross profit margin*			20.3			%			30			bps			(10)			bps			20.3			%			(10)			bps
Net loss attributable to common stockholders			$	(82,929)					(2,110)			%			(1,637)			%			$	(94,852)					(552)			%
Diluted EPS			$	(2.56)					$	(2.44)					$	(2.41)					$	(2.93)					$	(2.49)
Adjusted EBITDA*			$	4,067					(56)			%			(38)			%			$	26,801					(45)			%
Adjusted EBITDA margin*			1.7			%			(130)			bps			(90)			bps			2.5			%			(120)			bps
Adjusted EPS*			$	(0.06)					$	(0.10)					$	(0.09)					$	0.02					$	(0.44)
Cash flows provided by operations			$	18,239					(25)			%			(9)			%			$	48,251					(60)			%

* Represents amounts that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are referred to as non-GAAP measures. Please refer to the accompanying discussion below of how these non-GAAP financial measures are calculated and used under "Non-GAAP Financial Measures" and the tables reconciling these measures to the closest GAAP measure.

Fourth Quarter and Full Year Business Highlights

•735 facilities, over 5,900 users, and 5.7 million hours processed in 2025 with Intellify®

• 95% of MSP and vendor neutral clients are now live on Intellify®

•Continued positive cash flow from operations for the quarter and year

•Strong balance sheet with $109 million of cash on hand and no debt as of December 31, 2025

•Repurchased over 800,000 shares, or 2.5% of common stock outstanding in the fourth quarter

•Reduced US headcount by 21% in 2025, driving cost savings through our India center of excellence

"In addition to a challenging market backdrop, particularly for travel staffing, our performance last year was certainly impacted by the protracted merger process. As we enter 2026 unencumbered and laser focused, I'm encouraged, not just by the signs of an improving market, but also by the returns from the investments and actions we have taken already," said Kevin C. Clark, Co-Founder, Chairman, and CEO. He continued, "The engine of our growth is centered around our proprietary technology Intellify® and along with strategic investments in revenue producers and the leverage of our robust balance sheet, I believe we will see sequential progression throughout 2026. Our goal is to exit the year at a revenue run-rate north of $1 billion and a profit margin between four and five percent."

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Fourth quarter consolidated revenue was $236.8 million, a decrease of 24% year-over-year and 5% sequentially. Consolidated gross profit margin was 20.3%, up 30 basis points year-over-year and down 10 basis points sequentially. Net loss attributable to common stockholders was $82.9 million, as compared to a net loss of $3.8 million in the prior year and a net loss of $4.8 million in the prior quarter. The current period net loss was primarily driven by a goodwill and trade name impairment charge of $77.9 million as well as a $29.6 million valuation allowance against deferred tax assets. The goodwill impairment assessment and related charge was primarily triggered by the fourth quarter decline in the Company's equity market capitalization following the termination of the Aya Merger Agreement.

Diluted earnings per share (EPS) was a net loss of $2.56, as compared to a net loss of $0.12 in the prior year and a net loss of $0.15 in the prior quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $4.1 million, or 1.7% of revenue, as compared with $9.3 million, or 3.0% of revenue, in the prior year, and $6.5 million, or 2.6% of revenue, in the prior quarter. Adjusted EPS was $(0.06), as compared to $0.04 in the prior year and $0.03 in the prior quarter.

For the year ended December 31, 2025, consolidated revenue was $1.1 billion, a decrease of 22% year-over-year. Consolidated gross profit margin was 20.3%, down 10 basis points year-over-year. Net loss attributable to common stockholders was $94.9 million, or $2.93 per diluted share, as compared to a net loss of $14.6 million, or $0.44 per diluted share, in the prior year. Adjusted EBITDA was $26.8 million, or 2.5% of revenue, as compared to $49.1 million, or 3.7% of revenue, in the prior year. Adjusted EPS was $0.02, as compared to $0.46 in the prior year.

Quarterly Business Segment Highlights

Nurse and Allied Staffing

Revenue was $194.2 million, a decrease of 24% year-over-year and 4% sequentially. Contribution income was $12.6 million, as compared to $20.3 million in the prior year and $14.2 million in the prior quarter. Average field contract personnel on a full-time equivalent (FTE) basis was 6,318, as compared with 7,621 in the prior year and 6,371 in the prior quarter. Revenue per FTE per day was $333, as compared to $363 in the prior year and $343 in the prior quarter.

Physician Staffing

Revenue was $42.5 million, a decrease of 20% year-over-year and 12% sequentially. Contribution income was $3.3 million, as compared to $3.5 million in the prior year and $4.3 million in the prior quarter. Total days filled were 18,599, as compared with 25,427 in the prior year and 20,695 in the prior quarter. Revenue per day filled was $2,286, as compared with $2,085 in the prior year and $2,324 in the prior quarter.

Cash Flow and Balance Sheet Highlights

Net cash provided by operating activities for the three months ended December 31, 2025 was $18.2 million, as compared to $24.2 million for the three months ended December 31, 2024 and $20.1 million for the three months ended September 30, 2025. For the year ended December 31, 2025, net cash provided by operating activities was $48.3 million, as compared to $120.1 million in the prior year.

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In connection with its termination of the Aya Merger Agreement, a termination fee of $20.0 million was paid to the Company during the fourth quarter. The Company recorded the Aya termination fee within operating cash flows for the three months and year ended December 31, 2025. The net cash operating inflows associated with the Aya Merger were $14.2 million and $5.8 million for the three months and year ended December 31, 2025, respectively.

During the fourth quarter, the Company repurchased a total of 0.8 million shares of its common stock for an aggregate price of $6.5 million, at an average market price of $8.10 per share. As of December 31, 2025, the Company had 31.7 million unrestricted shares outstanding and $34.0 million remaining for share repurchase.

At December 31, 2025, the Company had $108.7 million in cash and cash equivalents with no debt outstanding. There were no borrowings drawn under its revolving senior secured asset-based credit facility (ABL). As of December 31, 2025, borrowing base availability under the ABL was $114.6 million, with $96.3 million of availability net of $18.3 million of letters of credit.

Outlook for First Quarter 2026

The guidance below applies to management's expectations for the first quarter of 2026.

			Q1 2026 Range						Year-over-Year						Sequential
									Change						Change
Revenue			$235 million - $240 million						(20)% - (18)%						(1)% - 1%
Adjusted EBITDA*			$4.0 million - $5.0 million						(54)% - (42)%						(2)% - 23%
Adjusted EPS*			$(0.06) - $(0.04)						$(0.12) - $(0.10)						$0 - $0.02

* Refer to discussion of non-GAAP financial measures and the reconciliation tables below.

The above estimates are based on current management expectations and, as such, are forward-looking and actual results may differ materially. The above ranges do not include the potential impact of any future divestitures, mergers, acquisitions, or other business combinations, changes in debt structure, or future significant share repurchases.

INVITATION TO CONFERENCE CALL

The Company will hold its quarterly conference call on Wednesday, March 4, 2026, at 5:00 P.M. Eastern Time to discuss its fourth quarter and full year 2025 financial results. This call will be webcast live and can be accessed at the Company's website at ir.crosscountry.com or by dialing 800-369-2163 from anywhere in the U.S. or by dialing 773-756-4715 from non-U.S. locations - Passcode: Cross Country. A replay of the webcast will be available from March 4th through March 18th on the Company's website and a replay of the conference call will be available by telephone by calling 866-360-7724 from anywhere in the U.S. or 203-369-0176 from non-U.S. locations - Passcode: 2047.

ABOUT CROSS COUNTRY HEALTHCARE

Cross Country Healthcare, Inc. (Nasdaq: CCRN) is a healthcare workforce solutions company delivering an AI-powered digital platform and advisory services, backed by nearly 40 years of healthcare labor expertise, to help health systems optimize and sustain their entire labor ecosystem.

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Through Intellify®, Cross Country's cloud-based workforce management and vendor management system, health systems gain clear visibility across internal and contingent labor. Intellify® integrates with core hospital systems and brings all service lines, including non-clinical, nursing, allied health, and locums, into one centralized view. Powered by real-time analytics and AI-driven insights, Intellify® helps leaders make smarter workforce decisions, streamline operations, reduce labor costs, improve flexibility, and support high-quality outcomes.

Copies of this and other press releases, as well as additional information about the Company, can be accessed online at ir.crosscountry.com. Stockholders and prospective investors can also register to automatically receive the Company's press releases, filings with the Securities and Exchange Commission (SEC), and other notices by e-mail.

NON-GAAP FINANCIAL MEASURES