DocGo Inc. (DCGO) presents a stressed but not immediately insolvent liquidation posture as of March 31, 2026. MFFAIS-computed cash liquidation value is negative $35.4M, liquid liquidation value is positive $57.5M, and operating liquidation value is $57.5M, confirming that equity recovery under a wind-down scenario is contingent on full realization of near-current assets and depends heavily on accounts receivable collectability. The filing discloses $35.7M in available cash (100% recovery) and working capital of $61.0M on $138.2M current assets versus $77.2M current liabilities. The working capital cushion deteriorated $23.9M quarter-over-quarter from $84.9M at December 31, 2025, driven by cash consumption of $15.3M and a $9.7M increase in current liabilities. Total operating cash outflow was $4.7M in Q1 2026 versus $9.2M inflow in Q1 2025, a $13.9M swing attributable to the end of large municipal contract collections that had been masking operating losses in 2025. The company reported a net loss attributable to DCGO stockholders of $14.8M for Q1 2026, up from $9.4M in Q1 2025. Revenue fell 21.4% year-over-year to $75.5M, driven by the completed wind-down of NYC migrant-related Mobile Health Services contracts. The liability stack includes: operating lease obligations of $10.9M (face value), finance lease obligations of $17.4M on vehicle fleet, and notes payable with total future maturities of $221.0M per the MD&A maturity schedule (current portion $49.3M). The revolving credit facility ($55M capacity, Citibank, matures November 2027) had zero drawn balance as of the filing date but was in active covenant non-compliance discussion—a material contingent liquidity risk. The company disclosed going concern substantial doubt, which management believes is alleviated by cost plans. Finance lease ROU assets carry $12.6M accumulated depreciation against gross cost implying a fleet that is roughly 41% depreciated; at a 50-70% PP&E haircut, liquidation recovery on the fleet is materially below book. Goodwill and intangible assets would receive zero recovery under the liquidation lens; the filing does not separately disclose the current goodwill balance in the excerpted text, but prior-period 10-K XBRL discloses significant goodwill from acquisitions including the October 2025 SteadyMD transaction. Contingent consideration liability of $2.76M adverse fair value change in Q1 2026 adds to the liability stack. A $12.5M securities class action settlement (court-approved March 24, 2026) is covered by insurance per the filing, reducing direct cash exposure. VIE structures (professional corporations under MSAs) carry consolidated liabilities of $22.8M versus assets of $10.3M as of March 31, 2026, representing a $12.5M net liability deficit absorbed by the consolidated entity. The XBRL TAG_CONTEXT provided is empty; all quantitative references are sourced from the filing narrative and financial statement tables. The filing does not separately XBRL-tag the going concern assessment, goodwill balance, contingent consideration liability, or revolving facility covenant compliance status—each of these is disclosed in MD&A and footnotes but absent from the XBRL tag set.
▼ Community Notes