Phreesia Inc (0A23.L) Q1 2026 Earnings Report

Phreesia reported QQ1 2026 results with solid top-line growth and improving liquidity, but the company remains negative on GAAP net income and operating income. Revenue rose to $115.94 million, up 14.5% year over year and 5.7% quarter over quarter, driven by ongoing platform adoption and cross-sell opportunities within its healthcare SaaS/payments ecosystem. Gross margin was robust at 67.17%, while operating income hovered around negative $3.29 million and EBITDA was positive at $4.13 million, illustrating ongoing investments in product development and go-to-market activities. Cash generation was a bright spot: operating cash flow reached $14.85 million and free cash flow was $7.46 million for the quarter, supported by a strong cash balance of $90.87 million and a net cash position of approximately $75.0 million. While the balance sheet shows meaningful intangible assets and goodwill (totaling $156.65 million) and a sizeable accumulated deficit (-$805.41 million), Phreesia maintains a conservative debt load and healthy liquidity metrics. The results indicate a company laying the groundwork for sustained product expansion and customer engagement, with a necessary emphasis on translating gross profitability and EBITDA gains into sustained operating profitability. Management commentary (where available) emphasizes continued platform adoption, integration enhancements, and a focus on healthcare IT solutions that streamline patient intake, payments, and revenue cycle processes. The path to profitability will likely hinge on sustaining revenue growth, scaling high-margin services, and prudent control of operating expenses while investing in product development and go-to-market capacity.