Clover Health Turns Its First GAAP Profit as Revenue Jumps 56%

Clover Health reached a milestone in its second quarter, reporting GAAP net income of $28 million — its first profitable quarter on that basis — alongside a 55.6% year-over-year jump in revenue. The result marks a $39 million improvement from the prior year's net loss.

Adjusted EBITDA came in at $41 million, and shares jumped after hours following the report as results topped forecasts. The Medicare Advantage insurer credited its AI-powered Clover Assistant platform for improving medical cost management as membership grew.

The swing to profitability distinguishes Clover from many insurtech peers still working toward break-even, though the company faces an industry backdrop of elevated medical cost trends across Medicare Advantage.