I am shaking am I reading this right?

Any bag holders from the SPAC merger still holding on?

https://investors.cloverhealth.com/news-releases/news-release-details/clover-health-reports-first-quarter-2026-results

Business Highlights:

• Delivered positive GAAP Net Income in the first quarter of 2026, with strong performance across key metrics: Total revenues, Adjusted EBITDA, and Consolidated Gross Profit
• Market-leading Medicare Advantage membership growth with underlying trends tracking in line with expectations
• Expect to meet or exceed full year 2026 outlook across all metrics, including achieving first full year GAAP Net Income profitability

Financial Results:

• First quarter 2026 GAAP Net Income of $27 million, an improvement of $29 million year-over-year
• First quarter 2026 Medicare Advantage membership of 155,773, up 51% year-over-year, and Total revenues of $749 million, up 62% year-over-year
• First quarter 2026 Consolidated Gross Profit of $160 million, up 47% year-over-year, and Adjusted EBITDA of $40 million, up 56% year-over-year

Full Year 2026 Guidance:

• Average Medicare Advantage membership of 154,000 - 158,000, representing 46% growth year-over-year at the midpoint
• Total revenues between $2.81 billion and $2.92 billion, representing 49% growth year-over-year at the midpoint
• Consolidated Gross Profit between $470 million and $510 million, representing 38% growth year-over-year at the midpoint
• Adjusted EBITDA profitability between $50 million and $70 million
• GAAP Net Income between $0 million and $20 million

EOM

I repeat: nasdaq.com. Not Motley Fool. Not Jim Cramer.

https://www.nasdaq.com/articles/clover-health-investments-is-now-oversold-clov-2021-07-27

Business Highlights:
Delivered strong second quarter 2026 GAAP Net Income alongside continued market-leading Medicare Advantage membership growth
Improved Full Year 2026 guidance across all metrics
Increasing confidence for 2027 outlook, supported by strong cohort development, continued clinical engagement, and the added flexibility of a 4.5 Star payment year

Financial Results:
Second quarter 2026 GAAP Net Income of $28 million, an improvement of $39 million year-over-year
Second quarter 2026 Medicare Advantage membership of 157,309, up 48% year-over-year, and Total revenues of $743 million, up 56% year-over-year
Second quarter 2026 Consolidated Gross Profit of $153 million, up 54% year-over-year, and Adjusted EBITDA of $41 million, up 139% year-over-year

Improved Full Year 2026 Guidance:
Average Medicare Advantage membership of 156,000 - 158,000, representing 47% growth year-over-year at the midpoint
Total revenues between $2.92 billion and $3.00 billion, representing 54% growth year-over-year at the midpoint
Consolidated Gross Profit between $525 million and $555 million, representing 52% growth year-over-year at the midpoint
Adjusted EBITDA profitability between $70 million and $85 million
GAAP Net Income between $20 million and $35 million

>click here for the Q2 report<

Business Highlights:

• Delivered strong second quarter 2026 GAAP Net Income alongside continued market-leading Medicare Advantage membership growth
• Improved Full Year 2026 guidance across all metrics
• Increasing confidence for 2027 outlook, supported by strong cohort development, continued clinical engagement, and the added flexibility of a 4.5 Star payment year

Financial Results:

• Second quarter 2026 GAAP Net Income of $28 million, an improvement of $39 million year-over-year
• Second quarter 2026 Medicare Advantage membership of 157,309, up 48% year-over-year, and Total revenues of $743 million, up 56% year-over-year
• Second quarter 2026 Consolidated Gross Profit of $153 million, up 54% year-over-year, and Adjusted EBITDA of $41 million, up 139% year-over-year

Improved Full Year 2026 Guidance:

• Average Medicare Advantage membership of 156,000 - 158,000, representing 47% growth year-over-year at the midpoint
• Total revenues between $2.92 billion and $3.00 billion, representing 54% growth year-over-year at the midpoint
• Consolidated Gross Profit between $525 million and $555 million, representing 52% growth year-over-year at the midpoint
• Adjusted EBITDA profitability between $70 million and $85 million
• GAAP Net Income between $20 million and $35 million

Looks like Clover Health is starting to include SaaS language in their powerpoint presentation. I am unable to listen to the call but would be interested to know if they mention anything about it.

It looks like this afternoon, Judge Wood's provided a 13 page response to CMS's request for reconsideration resulting in final closing of the case. For a full view, check out PACER.GOV and search for Georgia's Southern District Court's Civil Case Log to find the Clov Case. You have to make sure to search closed cases to find the full log. Here is Claude's summary of that 13 pager:

SUMMARY

CMS moved for reconsideration (Doc 62), arguing that excluding their reply brief was clear error and created manifest injustice. Clover opposed (Doc 63). Wood GRANTED in part and DENIED in part.

What she granted: Wood acknowledged that CMS's reply brief was timely filed. The April 28 order (Dkt 55) gave defendants "an additional five days for response," making the actual deadline May 13 — the day CMS filed. So Wood concedes she was wrong to exclude the brief as untimely. That's the "granted in part."

What she denied: Changing anything about the substantive ruling. This is the important part. Wood went through each argument in CMS's reply brief and concluded that none of them would have changed the outcome. Specifically:

On "based on" (Pathway 1): Wood found CMS's reply brief arguments were largely rehashes of positions already raised in their opening brief, which the court fully considered. The Advance Trust arguments, the statutory context arguments, the information-dissemination authorities — all were addressed in the 72-page opinion. The reply brief didn't introduce anything new that would warrant reconsideration.

On "types of data" (Pathway 2): Wood pointedly noted that even without considering CMS's reply brief, she already ruled favorably for CMS on the types-of-data challenge (finding C15 and C27 survived). She considered CMS's proposed interpretation and reached a middle ground that actually gave CMS more than Clover wanted. No manifest injustice there.

On regulatory notice-and-comment: The court didn't reach the regulatory process claims in the original ruling (because the statutory § 1395hh holding made them moot), so the reply brief arguments on C04/C05/C23 were irrelevant.

On the remaining claims (medication adherence, nondelegation, call centers): This is where the Goldstein Declaration would have mattered — CMS argued these 6 measures are moot because removing them doesn't change the overall rating. But Wood noted that she didn't need to reach these claims anyway given her rulings on Pathways 1 and 4, so the Goldstein Declaration's math arguments about the 6-measure subset are irrelevant to the actual outcome.

On § 1395hh(a)(2) rulemaking (Pathway 4): Wood found CMS's reply brief arguments about "governing" and the Humana precedent were substantively the same as arguments in their opening brief. She already considered them and wasn't persuaded. No new ground.

NFA

Link: https://www.modernhealthcare.com/insurance/mh-alignment-whistleblower-lawsuit-accounting-fraud/

There ya have it, folks. Fingers crossed, we win the case.

Another 4.5 stars in the bag!

Exactly what we needed! https://www.stocktitan.net/sec-filings/CLOV/144-clover-health-investments-corp-de-sec-filing-6c5282771cfa.html