Alignment Healthcare, Inc. 8-K

What Happened

• Alignment Healthcare (ALHC) filed an 8-K on January 12, 2026 announcing results of its 2026 Annual Enrollment Period (AEP) and updates to membership and profitability expectations. The company estimates approximately 275,300 Health Plan Members (HMO and PPO) as of January 1, 2026 — about 31% growth versus January 1, 2025 — and expects 290,000–296,000 members as of December 31, 2026. Management also indicated consensus adjusted EBITDA of roughly $145 million for 2026 and reaffirmed its previously issued full-year 2025 guidance.

Key Details

• Membership: ~275,300 members as of Jan 1, 2026 (≈31% YoY growth); expects 290,000–296,000 members by Dec 31, 2026 (≈24%–27% growth vs. midpoint of prior year-end guidance).
• 2026 profitability: Company expects consensus adjusted EBITDA of approximately $145 million and says this falls within its forthcoming full-year 2026 guidance (full 2026 guidance to be provided on the Q4 2025 earnings call).
• 2025 guidance reaffirmed (from Oct 30, 2025): Health plan membership 232,500–234,500; Revenue $3,931–$3,946 million; Adjusted gross profit $474–$483 million; Adjusted EBITDA $90–$98 million.
• Disclosure notes: The company uses non-GAAP measures (adjusted gross profit, adjusted EBITDA) and says it cannot reconcile the estimated ranges to GAAP figures without unreasonable efforts; it will not provide GAAP Q4 or other fourth-quarter financial details yet while closing its 2025 books.

Why It Matters

• Membership growth is a primary revenue driver for Medicare-focused insurers; a ~31% increase in members as of Jan 1, 2026 signals accelerated top-line potential for 2026. Reaffirming 2025 financial guidance gives investors clarity about the prior-year outlook while management finalizes year-end results. The company’s reference to adjusted EBITDA guidance for 2026 provides an early profitability benchmark, but investors should note reliance on non-GAAP metrics and that GAAP reconciliations and full 2026 guidance will be delivered on the Q4 2025 earnings call. Forward-looking statements remain subject to usual risks (regulatory approvals, provider relationships, ratings, litigation, etc.).