Balanced Outlook on American Well: Optimism Amidst Caution with Strategic Shifts and Contract DependenciesWe recently brought Mark Hirschhorn, CFO and COO of Amwell, on the virtual road to meet with investors. Shares of Amwell have come under very significant pressure over the past ~5 years, but we are encouraged by the new strategic efforts that Mark is bringing to the business. On a y/y basis gross margin for the business increased from 37.2% in 3Q:24 to 52.4% in 3Q:25, management has shifted its focus to managed care plans and less on hospitals and large IDNs; we are encouraged by the continued deployment of the Defense Health Agency (DHA), and while the total value of this contract in 3Q:25 was lower than what had originally been hoped for, AMWL may win the VA, other large plans, or incremental business from the DHA in 2026E. If these larger, material wins manifest, then the odds of AMWL delivering on EBITDA break-even by 4Q:26 increases substantially.