MSP Recovery Delays 2025 Annual 10-K Filing

MSP Recovery ( (MSPR) ) has released a notification of late filing.

MSP Recovery, Inc. has filed a Form 12b-25 to notify investors of a delay in filing its Annual Report on Form 10-K (Yearly Report) for the fiscal year ended December 31, 2025. The notification confirms this is a late filing of the company’s yearly report, not a 10-Q (Quarter Report) or foreign issuer filing like a 20-F (Yearly Report).

The company attributes the delay primarily to severe liquidity constraints that have left it reliant on loan funding to support day-to-day operations. Management states it is actively evaluating and pursuing financing and reorganization alternatives, including preparing for a potential restructuring process, which underscores the seriousness of its current financial strain.

MSP Recovery explains that its independent auditor, Baker Tilly US, LLP, has not completed the necessary audit procedures for the 2025 financial statements. The company notes that it currently lacks sufficient funds to pay for the remaining external audit work, which directly prevents completion and filing of the Form 10-K (Yearly Report) on time.

Further pressure has come from the resignation of the Chief Financial Officer, effective February 17, 2026, which has created operational bottlenecks in the year-end financial close. The company cites added challenges in coordinating the remaining audit work and preparing the disclosures and internal review materials required to finalize the Form 10-K (Yearly Report).

MSP Recovery says it is implementing interim measures to support its financial reporting function while it evaluates leadership and resource needs. However, the company does not commit to a specific filing date and instead states it will file the Form 10-K (Yearly Report) as soon as practicable, depending largely on its success in securing financing and the auditor’s ability to complete the remaining procedures.

In the notification, MSP Recovery indicates that all other required periodic reports over the past 12 months have been filed. It also states that it does not currently anticipate any significant change in its results of operations compared with the prior fiscal year, though all such statements remain forward-looking and subject to change once the audit is complete.

The filing emphasizes that the company is working diligently to complete the financial close and audit and to regain timely reporting compliance. The notification is signed on behalf of MSP Recovery, Inc. by Chief Executive Officer John H. Ruiz, dated March 31, 2026, signaling executive-level oversight of the disclosure and the ongoing compliance efforts.

The most recent analyst rating on (MSPR) stock is a Sell with a $0.04 price target. To see the full list of analyst forecasts on MSP Recovery stock, see the MSPR Stock Forecast page.

Spark’s Take on MSPR Stock

According to Spark, TipRanks’ AI Analyst, MSPR is a Underperform.

The score is driven primarily by severe financial weakness (declining revenue, large losses, negative cash flows, and negative equity). Technicals also remain bearish with price below key moving averages and a negative MACD. Corporate events add additional near-term risk due to delisting and constrained, discretionary liquidity support, while valuation metrics provided offer limited positive support.

To see Spark’s full report on MSPR stock, click here.

More about MSP Recovery

MSP Recovery, Inc., based in Miami, Florida, operates in the healthcare claims recovery and data analytics space. The company focuses on recovering improperly paid medical claims on behalf of healthcare payers and related entities, using data-driven tools to identify and pursue reimbursement opportunities.

Average Trading Volume: 132,238

Technical Sentiment Signal: Sell

Current Market Cap: $404.7K

For an in-depth examination of MSPR stock, go to TipRanks’ Overview page.