The Joint Corp. Reports 2025 Fourth Quarter and Full Year Financial Results

- Fourth Quarter Revenues Increase 3.1% Year over Year -

- Full Year Revenues of $54.9 Million, Net Income of $2.9 Million
and a 13.9% Increase in Adjusted EBITDA to $13.0 Million -

SCOTTSDALE, Ariz., March 12, 2026 (GLOBE NEWSWIRE) -- The Joint Corp. (NASDAQ: JYNT) (the “Company”), a national operator, manager, and franchisor of chiropractic clinics, reported financial results for the fourth quarter and full year ended December 31, 2025. The following figures represent continuing operations unless otherwise stated.

Fourth Quarter 2025 Financial Highlights

Grew revenues to $15.2 million, up 3.1% compared to the fourth quarter of 2024.
Reported system-wide sales¹ of $139.6 million, a decline of 3.9%.
Reported comp sales² of (3.8)%.
Improved net income from consolidated operations to $1.0 million compared to net income of $18,000 in the fourth quarter of 2024. Reported net income from continuing operations of $937,000 compared to net income from continuing operations of $909,000 in the fourth quarter of 2024.
Increased Adjusted EBITDA from consolidated operations 7.8% to $3.6 million from $3.3 million in the fourth quarter of 2024. Adjusted EBITDA from continuing operations was $1.6 million compared to $2.0 million in the fourth quarter of 2024.
Repurchased 1.1 million shares for total consideration of $9.0 million

Recent Updates on Refranchising Efforts

December 2025: Signed Asset Purchase Agreement for the sale of 22 corporate-owned or managed clinics.
March 2026: Signed Letter of Intent for the sale of five corporate-owned or managed clinics.

“During the fourth quarter, we continued to advance the strategies underlying Joint 2.0, the first phase of our transformation journey,” said President and Chief Executive Officer, Sanjiv Razdan. “These strategies, which were introduced a year ago, remain on track to be fully executed by the end of this year. Our execution to date is highlighted by our progress towards becoming a pure-play franchisor, as we have refranchised 41 and are in the process of refranchising 27 previously company-owned clinics since the beginning of 2025, which will leave us with just 48 clinics that remain company-owned and for which we continue to make progress with refranchising efforts. As we near completion of this transition, we also continue to implement operational discipline to drive improved operating leverage, which is reflected in the year over year Adjusted EBITDA improvements in the 2025 fourth quarter and full year periods despite certain macro-economic headwinds that challenged comp sales and overall revenue performance.

“Progress on our broad range of initiatives includes a more holistic marketing approach to amplify our brand awareness through a partial shift in advertising spend from local to national media, higher search authority for our individual clinic websites, and an improvement in our patient attrition rate. In addition, more robust pre-opening protocols have resulted in 2025 clinic openings achieving breakeven performance in half the time than previously achieved.

“Simultaneous with the steps we have taken to reignite growth, increase profitability, and become a pure-play franchisor, we repurchased 1.3 million shares of our common stock in 2025 as part of our capital allocation strategy. Continued progress on Joint 2.0 will help unlock the true power of our post re-franchise profit structure which will be further bolstered as our multi-year top-line growth strategies gain traction. We entered 2026 with a stronger foundation for driving sustainable improvements in our financial results, which will further benefit from reductions in our cost structure as we complete the transition to a pure-play franchisor and capital light operating model.”

2025 Full Year Operating Highlights

Performed 14.4 million patient visits, compared to 14.7 million in 2024.
System-wide sales¹ of $532.4 million increased 0.4% for the year.
Comp sales² of (0.4)% compared to 3.9% in 2024.
Sold 31 franchise licenses, compared to 46 in 2024.
Total clinic count of 960 at December 31, 2025, compared to 967 clinics at December 31, 2024.
- Opened 29 clinics, refranchised 41, and closed 36 for a total of 885 franchised clinics and 75 company-owned or managed clinics at December 31, 2025, compared to 842 franchised clinics and 125 company-owned or managed clinics at December 31, 2024.

Financial Results for Fourth Quarter Ended December 31, 2025 Compared to December 31, 2024
Revenue increased 3.1% to $15.2 million, compared to $14.7 million in the fourth quarter of 2024. Cost of revenue was $2.8 million, down 11.5% compared to the prior year, reflecting lower regional developer royalties.

Selling and marketing expenses were $3.5 million, up 25.2% primarily driven by expenses associated with enhanced national marketing and one-off costs associated with transitioning to a new marketing agency. Depreciation and amortization expenses increased $80,000. General and administrative expenses increased 2.2% to $7.7 million.

Consolidated net income was $1.0 million, compared to net income of $18,000 in the fourth quarter of 2024. Net income from continuing operations was $937,000, compared to $909,000 in the fourth quarter of 2024. Consolidated EPS was $0.07 per diluted share, compared to $0.00 per diluted share in the fourth quarter of 2024.

Adjusted EBITDA from consolidated operations increased 7.8% to $3.6 million, and Adjusted EBITDA from continuing operations was $1.6 million, compared to Adjusted EBITDA from consolidated operations of $3.3 million and Adjusted EBITDA from continuing operations of $2.0 million in the fourth quarter of 2024.

Balance Sheet and Cash Flow
Unrestricted cash was $23.6 million at December 31, 2025, compared to $25.1 million at December 31, 2024. The Company maintains a currently undrawn line of credit with JP Morgan Chase, which grants immediate access to $20 million through August 2027.

During the fourth quarter of 2025, the Company repurchased 1.1 million shares for total consideration of $9.0 million and for the full year 2025, the Company repurchased 1.3 million shares for total consideration of $11.3 million. The Company continues to have $5.7 million under the $12 million stock repurchase program authorized in November 2025.

Financial Results for Twelve Months Ended December 31, 2025 Compared to December 31, 2024
Revenue was $54.9 million in 2025, compared to $52.2 million in 2024. Consolidated net income was $2.9 million, compared to a net loss of $5.8 million in 2024. Net loss from continuing operations was $0.3 million, compared to a net loss of $1.6 million in 2024. Consolidated EPS was $0.19 per diluted share, compared to a net loss of $0.39 per basic share in 2024.

Adjusted EBITDA from consolidated operations increased 13.9% to $13.0 million and Adjusted EBITDA from continuing operations improved to $3.1 million, compared to Adjusted EBITDA from consolidated operations of $11.4 million and Adjusted EBITDA from continuing operations of $2.3 million in 2024.

2026 Guidance
The Company provided the following guidance for 2026.

System-wide sales are expected to be between $519 million and $552 million, compared to $532.4 million in 2025.
System-wide comp sales for clinics open 13 months or more are expected to be in the range of (3)% to 3%, compared to (0.4)% in 2025.
Consolidated Adjusted EBITDA is expected to be in the range of $12.5 and $13.5 million, compared to $13.0 million in 2025.
New franchised clinic openings, excluding the impact of refranchised clinics, are expected to be in the range of 30 to 35, compared to 29 in 2025. The Company is working with franchise owners to optimize the performance of the existing franchised clinic base. This may include closing underperforming clinics this year and may result in the overall clinic count at 2026 year end being lower than 2025 year end.

Conference Call
The Joint Corp. management will host a conference call at 5:00 p.m. ET today, Thursday, March 12, 2026. Stockholders and interested participants may listen to a live broadcast of the conference call by dialing 1-(833) 630-0823 or (412) 317-1831 and asking to be joined into the ‘The Joint’ call approximately 15 minutes prior to the start time.

A live webcast of the call with an accompanying slide presentation can be accessed in the IR events section of The Joint’s website and will be available for approximately one year. An audio archive can be accessed for one week by dialing (855) 669-9658 or (412) 317-0088 and entering conference ID 6180519.

Commonly Discussed Performance Metrics
This release includes a presentation of commonly discussed performance metrics. System-wide sales include revenues at all clinics, whether operated by the company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the company’s financial performance because these sales are the basis on which the company calculates and records royalty fees and are indicative of the financial health of the franchisee base. Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.

Non-GAAP Financial Information
This release also includes a presentation of non-GAAP financial measures. EBITDA and Adjusted EBITDA are presented because they are important measures used by management to assess financial performance, as management believes they provide a more transparent view of the company’s underlying operating performance and operating trends. Reconciliation of historical net income/(loss) to EBITDA and Adjusted EBITDA is presented in the table below. The company defines EBITDA as net income/(loss) before net interest, tax expense, depreciation, and amortization expenses. The company defines Adjusted EBITDA as EBITDA before acquisition-related expenses (which includes contract termination costs associated with reacquired regional developer rights), net (gain)/loss on disposition or impairment, stock-based compensation expenses, costs related to restatement filings, restructuring costs, and litigation expenses (consisting of legal and related fees for specific proceedings that arise outside of the ordinary course of our business). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or cash flows from operations, as determined by accounting principles generally accepted in the United States, or (“GAAP”). While EBITDA and Adjusted EBITDA are used as measures of financial performance and the ability to meet debt service requirements, they are not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation. EBITDA and Adjusted EBITDA should be reviewed in conjunction with the company’s financial statements filed with the SEC. Please refer to the reconciliations of non-GAAP financial measures to their GAAP equivalents located at the end of this release. This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA. These measures will differ from net income (loss), determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income (loss), determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA to the most directly comparable GAAP measure because the company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income (loss).

Forward-Looking Statements
This press release contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of industry trends, our future financial and operating performance and our growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Words such as, "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will," and similar expressions are intended to identify such forward-looking statements. Specific forward-looking statements made in this press release include, among others, our belief that the strategies underlying Joint 2.0 remain on track to be fully executed by the end of this year; our belief regarding our progress toward becoming a pure-play franchisor; our expectations of the progress related to refranchising 27 previously company-owned or managed clinics since the beginning of 2025, which will leave us with just 48 clinics that remain company-owned or managed, and our plan to continue to make progress with such refranchising efforts; our belief that we continue to implement operational discipline to drive improved operating leverage, which is reflected in the year-over-year Adjusted EBITDA improvements in the 2025 fourth quarter and full year periods despite certain macroeconomic headwinds that challenged comp sales and overall revenue performance; our belief that progress on our broad range of initiatives includes a more holistic marketing approach to amplify our brand awareness through a partial shift in advertising spend from local to national media, higher search authority for our individual clinic websites, and an improvement in our patient attrition rate; our capital allocation strategy; our belief that continued progress on Joint 2.0 will help unlock the true power of our post-refranchise profit structure, which will be further bolstered as our multi-year top-line growth strategies gain traction; our belief that we entered 2026 with a stronger foundation for driving sustainable improvements in our financial results, which will further benefit from reductions in our cost structure as we complete the transition to a pure-play franchisor and capital light operating model; and our reiterated 2026 guidance for system-wide sales, comp sales, consolidated Adjusted EBITDA, and new franchised clinic openings. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include, but are not limited to, our inability to identify and recruit enough qualified chiropractors and other personnel to staff our clinics, due in part to the nationwide labor shortage and an increase in operating expenses due to measures we may need to take to address such shortage; inflation, leading to increased labor costs and interest rates, as well as changes to import tariffs, may lead to reduced discretionary spending, all of which may negatively impact our business; our failure to profitably operate company-owned or managed clinics; our failure to refranchise as planned; short-selling strategies and negative opinions posted on the internet, which could drive down the market price of our common stock and result in class action lawsuits; our failure to remediate future material weaknesses in our internal control over financial reporting, which could negatively impact our ability to accurately report our financial results, prevent fraud, or maintain investor confidence; and other factors described in our filings with the SEC, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 14, 2025 and subsequent filings with the SEC. We qualify any forward-looking statements entirely by these cautionary factors. We assume no obligation to update or revise any forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

About The Joint Corp. (NASDAQ: JYNT)
The Joint Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care when it introduced its retail healthcare business model in 2010. Today, it is the nation’s largest operator, manager and franchisor of chiropractic clinics through The Joint Chiropractic network. The company is making quality care convenient and affordable, while eliminating the need for insurance, for millions of patients seeking pain relief and ongoing wellness. Headquartered in Scottsdale and with over 950 locations nationwide and more than 14 million patient visits annually, The Joint Chiropractic is a key leader in the chiropractic industry. The brand is consistently named to Franchise Times’ annual “Top 400” and “Fast & Serious” list of 40 smartest growing brands. Entrepreneur named The Joint “No. 1 in Chiropractic Services,” and it is regularly ranked on the publication’s “Franchise 500,” the “Fastest-Growing Franchises,” and the “Best of the Best” lists, as well as its “Top Franchise for Veterans” and “Top Brands for Multi-Unit Owners” lists. SUCCESS named the company as one of the “Top 50 Franchises” in 2024. The Joint Chiropractic is an innovative force, where healthcare meets retail. For more information, visit www.thejoint.com. To learn about franchise opportunities, visit www.thejointfranchise.com.

The Joint Business Structure
The Joint Corp. is a franchisor of clinics and an operator of clinics in certain states. In Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Washington, and West Virginia, The Joint Corp. and its franchisees provide management services to affiliated professional chiropractic practices.

Investor Contact:
Richard Land, Alliance Advisors IR, thejointinvestor@allianceadvisors.com 212-838-3777

– Financial Tables Follow –

THE JOINT CORP. CONSOLIDATED BALANCE SHEETS

	December 31, 2025			December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	23,601,810		$	25,051,355
Restricted cash		700,058			945,081
Accounts receivable, net		2,849,864			2,586,381
Deferred franchise and regional development costs, current portion		945,933			1,055,582
Prepaid expenses and other current assets		1,744,556			1,787,994
Discontinued operations current assets ($1.0 million and $1.1 million attributable to VIEs, respectively)		22,246,318			43,151,055
Total current assets		52,088,539			74,577,448
Property and equipment, net		3,159,226			3,206,754
Operating lease right-of-use asset		1,572,173			555,536
Deferred franchise and regional development costs, net of current portion		3,827,129			4,513,891
Deposits and other assets		319,460			300,779
Total assets	$	60,966,527		$	83,154,408

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	1,588,665		$	1,750,938
Accrued expenses		1,501,838			1,505,827
Co-op funds liability		700,058			945,082
Payroll liabilities		4,055,752			3,551,173
Operating lease liability, current portion		194,179			483,337
Deferred franchise fee revenue, current portion		2,519,018			2,546,926
Upfront regional developer fees, current portion		277,394			288,095
Other current liabilities		611,231			603,250
Discontinued operations current liabilities ($6.1 million and $7.1 million attributable to VIEs, respectively)		21,368,446			37,367,459
Total current liabilities		32,816,581			49,042,087
Operating lease liability, net of current portion		1,815,527			311,689
Deferred franchise fee revenue, net of current portion		10,899,271			12,450,179
Upfront regional developer fees, net of current portion		355,556			672,334
Total liabilities		45,886,935			62,476,289
Commitments and contingencies
Stockholders' equity:
Series A preferred stock, $0.001 par value; 50,000 shares authorized, zero issued and outstanding, respectively		—			—
Common stock, $0.001 par value; 20,000,000 shares authorized, 15,471,715 shares issued and 14,142,626 shares outstanding and 15,192,893 shares issued and 15,159,878 outstanding, respectively		15,471			15,192
Additional paid-in capital		52,026,407			49,210,455
Treasury stock 1,329,089 shares and 33,015 shares, at cost, respectively		(12,192,081	)		(870,058	)
Accumulated deficit		(24,795,205	)		(27,702,470	)
Total The Joint Corp. stockholders' equity		15,054,592			20,653,119
Non-controlling Interest		25,000			25,000
Total equity		15,079,592			20,678,119
Total liabilities and stockholders' equity	$	60,966,527		$	83,154,408

THE JOINT CORP. CONSOLIDATED INCOME STATEMENTS

	Three Months Ended December 31,						Year Ended December 31,
		2025			2024			2025			2024
Revenues:
Royalty fees	$	8,892,863		$	8,840,890		$	33,203,885		$	32,144,796
Franchise fees		810,089			925,184			3,371,504			2,997,850
Advertising fund revenue		3,466,251			2,525,307			10,451,281			9,180,281
Software fees		1,548,426			1,454,193			6,037,385			5,687,326
Other revenues		449,418			968,708			1,831,537			2,153,177
Total revenues		15,167,047			14,714,282			54,895,592			52,163,430
Cost of revenues:
Franchise and regional development cost of revenues		2,366,292			2,813,292			9,500,559			10,063,644
IT cost of revenues		453,215			371,692			1,724,915			1,453,204
Total cost of revenues		2,819,507			3,184,984			11,225,474			11,516,848
Selling and marketing expenses		3,494,324			2,791,468			13,299,399			10,973,610
Depreciation and amortization		433,200			353,466			1,644,161			1,371,389
General and administrative expenses		7,676,121			7,513,147			29,632,036			30,124,589
Total selling, general and administrative expenses		11,603,645			10,658,081			44,575,596			42,469,588
Net loss on disposition or impairment		1,485			61,501			7,898			66,019
Income (loss) from continuing operations		742,410			809,716			(913,376	)		(1,889,025	)
Other income, net		198,232			(79,729	)		683,872			280,287
Income (loss) from continuing operations before income tax expense		940,642			889,445			(229,504	)		(1,608,738	)
Income tax expense (benefit)		3,513			(19,536	)		38,653			5,606
Net income (loss) from continuing operations		937,129			908,981			(268,157	)		(1,614,344	)
Discontinued operations:
Income (loss) from discontinued operations before income tax expense		(224,068	)		(1,075,745	)		3,200,629			(3,972,286	)
Income tax (benefit) expense from discontinued operations		(278,036	)		(184,429	)		25,207			210,263
Net income (loss) from discontinued operations		53,968			(891,316	)		3,175,422			(4,182,549	)
Net income (loss)	$	991,097		$	17,665		$	2,907,265		$	(5,796,893	)

Net income (loss) from continuing operations per common share:
Basic	$	0.06		$	0.06		$	(0.02	)	$	(0.11	)
Diluted	$	0.06		$	0.06		$	(0.02	)	$	(0.11	)
Net income (loss) from discontinued operations per common share:
Basic	$	0.01		$	(0.06	)	$	0.21		$	(0.28	)
Diluted	$	0.01		$	(0.06	)	$	0.21		$	(0.28	)
Net income (loss) per common share:
Basic	$	0.07		$	—		$	0.19		$	(0.39	)
Diluted	$	0.07		$	—		$	0.19		$	(0.38	)

Basic weighted average shares		14,565,362			14,964,854			15,134,215			14,919,091
Diluted weighted average shares		14,580,963			15,176,596			15,134,215			15,147,247

THE JOINT CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	2,907,265		$	(5,796,893	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		1,713,719			4,722,137
Net loss on disposition or impairment		5,448,908			7,780,574
Net franchise fees recognized upon termination of franchise agreements		(347,097	)		(239,335	)
Deferred income taxes		286,232			220,893
Provision for credit losses		93,066			(55,556	)
Stock-based compensation expense		1,297,433			1,679,005
Changes in operating assets and liabilities:
Accounts receivable		1,534,554			(1,645,078	)
Prepaid expenses and other current assets		(35,389	)		101,167
Deferred franchise costs		547,192			499,285
Deposits and other assets		(5,276	)		8,827
Accounts payable		(391,127	)		68,258
Accrued expenses		(2,994,297	)		4,609,759
Payroll liabilities		(839,892	)		2,398,765
Operating leases		(5,103,266	)		(3,796,648	)
Deferred revenue		(1,444,410	)		(597,489	)
Upfront regional developer fees		(285,443	)		(421,213	)
Other liabilities		(543,663	)		(121,408	)
Net cash provided by operating activities		1,838,509			9,415,050

Cash flows from investing activities:
Proceeds from sale of clinics		7,778,287			554,100
Purchase of property and equipment		(1,503,785	)		(1,185,647	)
Net cash provided by (used in) investing activities		6,274,502			(631,547	)

Cash flows from financing activities:
Payments of finance lease obligations		(4,354	)		(25,484	)
Purchases of treasury stock under employee stock plans		(8,440	)		(9,583	)
Purchases of common stock under stock repurchase programs		(11,313,583	)		—
Proceeds from exercise of stock options		1,518,798			33,708
Repayment of Debt under the Credit Agreement		—			(2,000,000	)
Net cash used in financing activities		(9,807,579	)		(2,001,359	)

(Decrease) increase in cash, cash equivalents and restricted cash		(1,694,568	)		6,782,144
Cash, cash equivalents and restricted cash, beginning of period		25,996,436			19,214,292
Cash, cash equivalents and restricted cash, end of period	$	24,301,868		$	25,996,436

Reconciliation of cash, cash equivalents and restricted cash:	December 31, 2025			December 31, 2024
Cash and cash equivalents	$	23,601,810		$	25,051,355
Restricted cash		700,058			945,081
Cash, cash equivalents and restricted cash, end of period	$	24,301,868		$	25,996,436

THE JOINT CORP. CONSOLIDATED RECONCILIATION FROM GAAP TO NON-GAAP (unaudited)

	Three Months Ended December 31,
		2025									2024
	from Continuing Operations			from Discontinued Operations			Net Operations			from Continuing Operations			from Discontinued Operations			Net Operations
Non-GAAP Financial Data:
Net income (loss)	$	937,129		$	53,968		$	991,097		$	908,981		$	(891,316	)	$	17,665
Net interest (income) expense		(200,158	)		—			(200,158	)		(79,729	)		429			(79,300	)
Depreciation and amortization expense		433,200			9,743			442,943			353,466			201,719			555,185
Income tax expense (benefit)		3,513			(278,036	)		(274,523	)		(19,536	)		(184,429	)		(203,965	)
EBITDA		1,173,684			(214,325	)		959,359			1,163,182			(873,597	)		289,585
Stock-based compensation expense		326,295			—			326,295			203,295			—			203,295
Net loss on disposition or impairment		1,485			1,694,561			1,696,046			61,501			2,116,432			2,177,933
Costs related to restatement filings		1,925			—			1,925			—			—			—
Restructuring costs		167,060			373,801			540,861			579,231			68,640			647,871
Litigation expense		(85,000	)		136,439			51,439			—			—			—
Adjusted EBITDA	$	1,585,449		$	1,990,476		$	3,575,925		$	2,007,209		$	1,311,475		$	3,318,684

	Year Ended December 31,
		2025								2024
	from Continuing Operations			from Discontinued Operations		Net Operations			from Continuing Operations			from Discontinued Operations			Net Operations
Non-GAAP Financial Data:
Net (loss) income	$	(268,157	)	$	3,175,422	$	2,907,265		$	(1,614,344	)	$	(4,182,549	)	$	(5,796,893	)
Net interest (income) expense		(799,273	)		239		(799,034	)		(280,287	)		2,114			(278,173	)
Depreciation and amortization expense		1,644,161			69,558		1,713,719			1,371,389			3,350,748			4,722,137
Income tax expense		38,653			25,207		63,860			5,606			210,263			215,869
EBITDA		615,384			3,270,426		3,885,810			(517,636	)		(619,424	)		(1,137,060	)
Stock-based compensation expense		1,297,433			—		1,297,433			1,679,005			—			1,679,005
Acquisition-related expense		—			—		—			478,710			—			478,710
Net loss on disposition or impairment		7,898			5,441,010		5,448,908			66,019			7,714,555			7,780,574
Costs related to restatement filings		115,402			—		115,402			—			—			—
Restructuring costs		1,077,678			745,542		1,823,220			607,231			495,097			1,102,328
Litigation expense		15,000			386,439		401,439			—			1,481,000			1,481,000
Adjusted EBITDA	$	3,128,795		$	9,843,417	$	12,972,212		$	2,313,329		$	9,071,228		$	11,384,557

____________________
¹ System-wide sales include revenues at all clinics, whether operated or managed by the Company or by franchisees. While franchised sales are not recorded as revenues by the company, management believes the information is important in understanding the Company’s financial performance, because these revenues are the basis on which the Company calculates and records royalty fees and are indicative of the financial health of the franchisee base.
² Comp sales include the revenues from both company-owned or managed clinics and franchised clinics that in each case have been open at least 13 full months and exclude any clinics that have closed.

Source: The Joint Corp.

Released March 12, 2026

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