FOXO TECHNOLOGIES INC. Annual Report - How They Did This Year

I’ve put together this guide to help you understand FOXO Technologies’ performance over the past year. My goal is to turn complex financial filings into plain English so you can decide if this company fits your investment strategy.

1. What does this company do and how did they perform?

FOXO Technologies is undergoing a major identity shift. They are moving from a research-heavy biotech firm—focused on epigenetic biomarkers—into a provider of healthcare and behavioral health services. Throughout 2025, the company focused on buying new assets, such as Myrtle Recovery Centers, to start generating revenue. They brought in about $1.5 million in revenue for the year, which is not enough to cover their operating costs. Think of them as a company trying to build a plane while it is already in the air.

2. Financial performance

To be blunt, the company is in a fragile financial state. They are not yet profitable. Instead, they are burning through cash to fund acquisitions and pay for overhead. For 2025, the company reported a loss of approximately $28.4 million. To keep the lights on, they have relied on issuing more shares and taking on debt, including high-interest loans.

As of April 10, 2026, the company had over 3.7 billion shares of Class A Common Stock outstanding. This massive number of shares comes from the company’s strategy of funding operations by issuing stock and converting debt into equity. This significantly reduces the value of your ownership percentage.

3. Major wins and challenges

• Wins: They successfully bought several behavioral health and lab service businesses, including Myrtle Recovery Centers. This moved the company from a pre-revenue biotech entity to a revenue-generating healthcare provider.
• Challenges: The company’s financial structure is incredibly crowded. They are juggling multiple types of preferred stock and various debt agreements with strict rules. Frequent financing deals often allow lenders to convert debt into shares at a discount, which further hurts existing shareholders.

4. Financial health

The company is in a high-risk "survival mode." At the end of 2025, the company owed more money in the short term than it had in assets. They are constantly searching for new cash to pay off old debts and fund growth. Because they aren't making a profit, they must keep borrowing or selling more stock. For you, this means the company is betting that these new healthcare acquisitions will start making money very quickly. If they don't, the company will likely keep issuing more shares to stay afloat.

5. Key risks

The biggest risk is extreme dilution. When a company issues billions of shares to pay for operations, your "slice of the pie" gets smaller. Additionally, the company relies on new deals made in early 2026 to keep moving forward. This shows they have very little breathing room and face a constant risk of running out of cash. Furthermore, the company risks being delisted from major exchanges if they cannot maintain a minimum share price.

6. Future outlook

The plan is to integrate recent acquisitions and prove they can run a profitable healthcare business. However, they are entering a crowded market against established players with more stable bank accounts. Management’s success depends entirely on their ability to secure funding without issuing more stock or achieving rapid, positive cash flow from their new centers. Neither is guaranteed.

Bottom line: This is a speculative, high-risk play. The company is trying to buy its way into a new industry while struggling with heavy debt, a $28 million loss, and a massive number of shares that continue to erode your ownership value. Before investing, consider whether you are comfortable with the high probability of further share dilution and the company's current reliance on external financing to cover basic operating costs.