DocGo Inc.

Vehicle Fleet

As of December 31, 2025, we operated 582 vehicles in the United States, including 375 ambulances, 35 ambulettes and 172 basic transportation or support vehicles. Approximately 50% of our fleet is leased and 50% is owned. We replace ambulances based upon age and usage, generally every five to eight years. The average age of our existing active ambulance fleet is approximately four years. We generally prefer to lease vehicles, but we have purchased vehicles in the past when deemed appropriate. Most of our owned vehicles were acquired in connection with business acquisitions.

As of December 31, 2025, we operated another 288 vehicles in the United Kingdom, including 41 first response ambulances, 6 bariatric ambulances, 12 primary care paramedic cars, 11 rapid response vehicles, 12 mental health transport vehicles, 22 high dependency units, 174 patient transport vehicles and 10 support vehicles. Approximately 92% of our U.K. fleet is owned and approximately 8% is leased.

We use a combination of commercial and in-house maintenance services to maintain our fleet. In those geographies where quality external commercial maintenance services are able to meet our quality standards, we will utilize those commercial maintenance services. We continue to explore ways to decrease our overall maintenance expenditures for vehicles, including major refurbishing and overhaul of our vehicles to extend their useful life.

• Ambulnz UK, LLC Delaware, United States³
• Ambulnz WI, LLC Wisconsin, United States³
• Ambulnz, Inc. Delaware, United States³
• Ambulnz-FMC North America LLC Delaware, United States³
• Ambulnz-PA WC, LLC Pennsylvania, United States³
• CRMS DG, LLC New York, United States³
• Cardiac RMS LLC New York, United States³
• Century Ambulance Services Inc. New York, United States³
• Clarion Medical, LLC Pennsylvania, United States³
• Community Ambulance Service Ltd England and Wales³
• Dara Technologies, LLC Delaware, United States³
• DocGo EMS Training Center, LLC New York, United States³
• DocGo Mobile Health Supplies, LLC New York, United States³
• EMS DIRECT, LLC Texas, United States³
• Exceptional Medical Transportation, LLC New Jersey, United States³
• Government Medical Services, LLC Delaware, United States³
• Healthworx LLC Delaware, United States³
• Heartwatch Solutions, LLC California, United States³
• LJH Ambulance, Inc. Wisconsin, United States³
• LabGo Holdings, LLC Delaware, United States³
• Location Medical Services Limited England and Wales³
• National Providers Association, LLC Delaware, United States³
• On Duty Staffing Group, LLC Delaware, United States³
• Professional Technicians, LLC Delaware, United States³
• Rapid Reliable Care CA Transport, LLC California, United States³
• Rapid Reliable Care CA by DocGo, LLC California, United States³
• Rapid Reliable Care FL by DocGo, LL Florida, United States³
• Rapid Reliable Care NY by DocGo, LLC New York, United States³
• Rapid Reliable Care by DocGo, LLC Delaware, United States³
• Rapid Temps, LLC New Mexico, United States³
• Ryan Bros. Ambulance, LLC Wisconsin, United States³
• Ryan Bros. Fort Atkinson, LLC Wisconsin, United States³
• SteadyMD, LLC Delaware, United States³
• Virtual Care Management, LLC Delaware, United States³

• Impairments of the carrying value of DocGo’s goodwill and other intangible assets have adversely affected its financial condition and results of operations and could again in the future.
• Negative media coverage and publicity could damage DocGo's reputation and harm its ability to bid for and win government and other contracts.
• If certain of DocGo’s suppliers do not meet its needs or if there are material price increases on supplies, it could negatively impact DocGo’s ability to effectively provide its services, which could have a material adverse effect on DocGo’s business, financial condition and results of operations.
• DocGo’s participation in partnerships driven by value-based reimbursement models may have a material adverse effect on its business, financial condition and results of operations.
• DocGo may enter into a large-scale deployment of resources in response to a national emergency as a subcontractor to FEMA or other similar entities, which may adversely affect DocGo’s business.
• The COVID-19 pandemic has had, and a future health crisis may have, a material impact on DocGo’s business.
• Risks Related to DocGo’s Limited Operating History
• DocGo’s limited operating history may make it difficult to evaluate its business, which may be unsuccessful.
• DocGo has a history of losses, faces the possibility of further operating losses in the future and may not achieve or sustain profitability or have sufficient liquidity to continue operating as planned.
• If DocGo is unable to effectively manage its growth, its financial performance and future prospects will be adversely affected.
• Risks Related to Information Technology
• DocGo’s proprietary software may not operate properly, which could damage DocGo’s reputation, give rise to claims against DocGo or divert application of DocGo’s resources from other purposes, any of which could harm DocGo’s business, financial condition and results of operations.
• If DocGo cannot implement its solution for clients or resolve any technical issues in a timely manner, DocGo may lose clients and its reputation may be harmed.
• DocGo’s reliance on third-party software could adversely affect its business.
• Some of DocGo’s software and systems contain open-source software, which may pose particular risks to DocGo’s proprietary software, technologies, products and services in a manner that could harm its business.
• Security breaches, loss of data and other disruptions or cybersecurity incidents could compromise sensitive business, customer or patient information or prevent DocGo from accessing critical information and expose it to liability, which could adversely affect DocGo’s business.
• The use of artificial intelligence (“AI”) in DocGo’s operations poses inherent risks and could adversely affect DocGo’s business.
• Risks Related to DocGo’s Operations
• DocGo’s current liquidity could raise substantial doubt about its ability to continue as a going concern, which may materially and adversely affect its business, financial condition, results of operations and prospects.
• DocGo’s success depends on its key management personnel.
• DocGo’s labor costs are significant and any inability to control those costs could adversely affect its business.
• DocGo’s inability to successfully recruit, train and retain qualified healthcare professionals could adversely affect its business.
• DocGo’s employees may work in challenging environments, which could result in liability or other costs that could adversely affect DocGo’s business.
• DocGo’s inability to collect on its customer receivables or unfavorable shifts in payor mix could adversely affect its business.
• DocGo may not accurately assess the costs it will incur under new revenue opportunities.
• If DocGo is unable to successfully develop new offerings and technologies or adapt to rapidly changing technology and industry standards or changes to regulatory requirements, DocGo’s business could be adversely affected.
• DocGo’s marketing efforts to help grow its business may not be effective.
• DocGo’s insurance coverage, including the reserves DocGo establishes with respect to its insurable losses, could adversely affect its business.
• DocGo is required to make capital expenditures in order to remain competitive.
• DocGo’s international operations in the United Kingdom subject it to additional risks that could adversely affect its business.
• DocGo’s business could be materially and adversely affected by natural disasters, other catastrophic events, acts of war or terrorism, cybersecurity incidents and/or other acts by third parties.
• We are subject to regulations, reporting requirements, standards or expectations regarding the environmental impact of our business, which have the potential to disrupt our business or otherwise adversely impact our business, financial conditions or results of operations.
• Rising inflation may negatively impact DocGo’s business and financial results.
• Risks Related to DocGo’s Intellectual Property
• DocGo’s failure to protect or enforce its intellectual property rights could impair its ability to protect its technology and brand.
• Claims by others that DocGo infringed their proprietary technology or other intellectual property rights could adversely affect DocGo’s business.
• Risks Related to DocGo’s Legal and Regulatory Environment
• DocGo could be subject to lawsuits for which it does not have sufficient reserves, which could have a material adverse effect on DocGo’s business, financial condition and results of operations.
• DocGo is subject to a variety of federal, state and local laws and regulatory regimes, including a variety of labor laws and regulations and SEC rules and regulations, and changes to or the failure to comply with these laws and regulations could adversely affect DocGo’s business.
• DocGo’s ability to utilize its net operating loss carryforwards and certain other tax attributes may be limited.
• Changes in tax laws or unanticipated tax liabilities could adversely affect DocGo’s effective income tax rate and profitability.
• Changes in accounting rules, assumptions or judgments could materially and adversely affect DocGo.
• DocGo’s internal control over financial reporting may not be effective, and its independent registered public accounting firm may not be able to certify as to their effectiveness, which could adversely affect DocGo’s business.
• DocGo conducts business in the heavily regulated healthcare industry, and any failure to comply with these laws and government regulations could require DocGo to make significant changes to its operations and could have a material adverse effect on its business, financial condition and results of operations.
• DocGo is required to comply with laws governing the transmission, security and privacy of health information and personally identifiable information.
• If DocGo does not effectively adapt to changes in the healthcare industry, including changes to laws and regulations regarding telehealth, DocGo’s business may be harmed.
• DocGo must be properly enrolled in governmental healthcare programs before it can receive reimbursement for services, and there may be delays in the enrollment process.
• Reductions in Medicare reimbursement rates or changes in the rules governing the Medicare program could have a material adverse effect on DocGo.
• State and federal efforts to reduce Medicaid spending could adversely affect DocGo.
• DocGo has been the subject of federal, state and municipal investigations, audits and compliance reviews and may be subject to additional investigations, audits and reviews in the future.
• DocGo’s business practices may be found to constitute illegal fee-splitting or corporate practice of medicine, which may lead to penalties and could adversely affect DocGo’s business.
• Risks Related to DocGo’s Indebtedness
• DocGo’s future indebtedness could require that it dedicate a portion of its cash flows to debt service obligations and reduce the funds that would otherwise be available for other general corporate purposes and other business opportunities, which could adversely affect DocGo’s operating performance, growth, profitability and financial condition, which in turn could make it more difficult for it to generate cash flow sufficient to satisfy all of its obligations under its indebtedness.
• The terms of the Credit Agreement and potential future debt arrangements could restrict its current and future operations, particularly its ability to respond to changes or to take certain actions.
• If the financial institutions that are lenders under the Revolving Facility fail to extend credit under the facility, DocGo’s liquidity and results of operations may be adversely affected.
• DocGo might incur future debt, which could further increase the risks to its financial condition described above.
• If DocGo is unable to generate sufficient cash to service its indebtedness, it may be forced to take other actions to fund the satisfaction of its obligations under its indebtedness, which may not be successful.
• DocGo’s variable rate indebtedness could subject it to interest rate risk, which could cause its debt service obligations to increase significantly.
• Risks Related to Ownership of Common Stock
• Nasdaq may delist DocGo’s securities from trading on its exchange, which could limit investors’ ability to make transactions in its securities and subject DocGo to additional trading restrictions.
• Because there are no current plans to pay cash dividends on Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your Common Stock for a price greater than that which you paid for it.
• If securities analysts do not publish research or reports about DocGo’s business or if they downgrade the Common Stock or DocGo’s sector, DocGo’s stock price and trading volume could decline.
• Future sales, or the perception of future sales, by DocGo or its stockholders in the public market could cause the market price for Common Stock to decline.
• DocGo’s share repurchase program may subject it to certain risks, and DocGo cannot provide any guarantees that it will repurchase Common Stock pursuant to its share repurchase program.
• Anti-takeover provisions in DocGo’s organizational documents could delay or prevent a change of control.
• DocGo’s certificate of incorporation designates, subject to limited exceptions, the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by stockholders and the federal district courts as the sole and exclusive forum for Securities Act claims, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with DocGo or its directors, officers, employees or stockholders.
• The market price and trading volume of Common Stock may be volatile, and the value of Common Stock has declined and could continue to decline.
• Future issuances of debt securities and equity securities may adversely affect DocGo, including the market price of Common Stock and may be dilutive to existing stockholders.