NUTEX HEALTH REPORTS JUNE 30, 2025 SECOND QUARTER AND YEAR-TO-DATE FINANCIAL RESULTS

— Total revenue of $455.8 million for the first half of 2025versus $143.5 million for the first half of 2024, an increase of 217.5%

— Net income attributable toNutex Health Inc. of $3.5 million for the first half of 2025 versus net loss of $0.7 million for the first half of 2024, an increase of $4.2 million

— Diluted income per share of $0.55 for the first half of 2025 versus a loss per share of $0.15 for the first half of 2024

— EBITDA of $51.1 million for the first half of 2025 versus $15.6 million for the first half of 2024, an increase of 227.4%

— Adjusted EBITDA of $144.4 million for the first half of 2025 versus $6.4 million for the first half of 2024, an increaseof 2144.2%

— Net cash from operating activities of $78.2 million for the first half of 2025

— On August 14, 2025,the Board of Directors authorized a stock repurchase program of up to $25.0 million of the Company's common stock

Nutex Health Inc. (“Nutex Health” or the “Company”) (NASDAQ: NUTX), today announced financial results for the three and sixmonths ended June30, 2025. Nutex Health is a physician-led, integrated healthcare delivery system comprised of 24state-of-the-art micro hospitals and hospital outpatient departments (HOPDs) in 11 states and primary care-centric, risk-bearing physician networks.

Financial highlights for the three months ended June30, 2025:

— Total revenue increased $167.9 million to $244.0 million for the three months ended June 30, 2025 as compared to total revenue of $76.1 million for the same period in 2024, an increase of 220.7%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 203.2% in 2025 compared to 2024.

— Total stock-based compensation expense for the three months ended June 30, 2025 was $78.7 million, an increase of approximately $78.8 million compared to the same period in 2024. Approximately 99% of total stock-based compensation expense of $78.7 million is due to the one-time obligations for under-construction and ramping hospitals.

— Operating income for the three months ended June 30, 2025 was $33.7 million compared to $5.3 million for the same period in 2024, representing a $28.4 million improvement year over year.

— Net loss attributable toNutex Health for the three months ended June30, 2025 of $17.7 million as compared to net loss attributable to Nutex Health of $0.4 million for the same period in 2024. The $17.7 million in net loss includes non-cash stock-based compensation expense of $78.7 million, while the $0.4 million net loss includes no non-cash stock-based compensation expense.

— EBITDA attributable toNutex Health of $(0.5) million, as compared to EBITDA attributable to Nutex Health of $8.5 million for the three months ended June30, 2024, a decrease of 105.4%.

— Adjusted EBITDA attributable toNutex Health of $71.6 million, as compared to Adjusted EBITDA attributable to Nutex Health of $6.8 million for the three months ended June30, 2024.

— Total visits at the Hospital Division were 45,573 for the three months ended June 30, 2025, as compared to 41,208 for the same period in 2024, an increase of 4,365 or 10.6%. Visits at mature hospitals increased by 0.6% in the three months ended June 30, 2025 as compared to the same period in 2024.

— Net cash from operating activities of $27.3 million for the three months ended June 30, 2025.

— As of June 30, 2025, the Company had total assets of $841.0 million, including cash and cash equivalents of $96.7 million, and long-term debt, net of $20.5 million.

Financial highlights for the six months ended June30, 2025:

— Total revenue increased $312.2 million to $455.8 million for the six months ended June 30, 2025 as compared to total revenue of $143.5 million for the same period in 2024, an increase of 217.5%. Revenue from mature hospitals, which are hospitals opened prior to December 31, 2021, increased by 195.2% in 2025 compared to 2024.

— Total stock-based compensation expense for the six months ended June 30, 2025 was $106.4 million, an increase of approximately $106.4 million compared to the same period in 2024. Approximately 99% of total stock-based compensation expense of $106.4 million is due to the one-time obligations for under-construction and ramping hospitals.

— Operating income for the six months ended June 30, 2025 was $114.3 million compared to $6.7 million for the same period in 2024, representing a $107.6 million improvement year over year.

— Net income attributable toNutex Health for the six months ended June30, 2025 of $3.5 million as compared to net loss attributable to Nutex Health of $0.7 million for the same period in 2024. The $3.5 million in net income includes non-cash stock-based compensation expense of $106.4 million, while the $0.7 million net loss includes no non-cash stock-based compensation expense.

— EBITDA attributable toNutex Health of $51.1 million, as compared to EBITDA attributable to Nutex Health of $15.6 million for the six months ended June30, 2024, an increase of 227.4%.

— Adjusted EBITDA attributable toNutex Health of $144.4 million, as compared to Adjusted EBITDA attributable to Nutex Health of $6.4 million for the six months ended June30, 2024.

— Total visits at the Hospital Division were 93,842 for the six months ended June 30, 2025, as compared to 81,276 for the same period in 2024, an increase of 12,566 or 15.5%. Visits at mature hospitals increased by 3.0% in the six months ended June 30, 2025 as compared to the same period in 2024.

— Net cash from operating activities of $78.2 million for the six months ended June 30, 2025.

Share Repurchase Program

On August14, 2025, the Board of Directors authorized a stock repurchase program of up to $25.0 million of the Company's common stock over the next six months. We anticipate executing this program opportunistically pending compliance with the Company's current reporting obligations.

The purpose of the share repurchase program is to increase shareholder value and offset dilution from the issuance of additional shares related to stock compensation obligations for under-construction and ramping hospitals. Pursuant to the stock repurchase program, the Company may repurchase, from time to time, up to an aggregate of $25.0 million of the its outstanding shares of common stock, exclusive of any fees, commissions or other expenses related to such repurchases. The stock repurchase program permits the Company to repurchase shares of common stock at any time or from time to time at management's discretion in open market transactions made in accordance with the provisions of Rule 10b-18 and/or Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions or by other means in accordance with applicable securities laws.

The timing of any repurchases and the number of shares repurchased are subject to the discretion of the Company and may be affected by various factors, including general market and economic conditions, the market price of the Company's common stock, the Company's earnings, financial condition, capital requirements and levels of indebtedness, legal requirements, and other factors that management may deem relevant. The share repurchase program authorization does not obligate the Company to acquire any shares of its common stock and may be amended, suspended or discontinued at any time.

Note: EBITDA and Adjusted EBITDA are non-GAAP financial metrics. A reconciliation of non-GAAP to GAAP measures is included below in this earnings release.

“We are pleased to report 217.5% revenue growth, Adjusted EBITDA attributable to Nutex Health of $144.4 million, a 643.5% increase in gross profitand a record high cash balance of $96.7 million, highlighting the company's continued financial strength and solid fundamentals as we execute on our growth plan for 2025,” stated Jon Bates, Chief Financial Officer of Nutex Health.

“The arbitration process that we started in 2024 is now an ongoing part of our revenue cycle management process. In addition, the Company believes its shares are currently undervalued, and our share repurchase program underscores our confidence in the long-term prospects of Nutex Health. We anticipate executing this program opportunistically over the next several months with the goal of driving increased earnings per share and total shareholder return,” stated Tom Vo, M.D., MBA, Chairman and Chief Executive Officer of Nutex Health.

For more details on the Company's financial results for the three and six months ended June30, 2025, please refer to our Quarterly Report on Form 10-Q filed with the U.S. Securities & Exchange Commission and accessible at www.sec.gov.

NUTEX HEALTH INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands, except share and per share amounts) June 30, 2025 December 31, 2024AssetsCurrent assets:Cash and cash equivalents $ 96,733 $ 40,640Restricted short-term investments – 2,941Accounts receivable 349,220 232,449Accounts receivable – related parties 5,737 3,602Inventories 2,275 2,850Prepaid expenses and other current assets 19,060 9,997Total current assets 473,025 292,479Property and equipment, net 82,915 77,933Operating lease right-of-use assets 27,751 27,872Financing lease right-of-use assets 215,398 218,889Intangible assets, net 14,880 15,530Goodwill, net 13,919 13,919Deferred tax assets 12,852 7,987Other assets 288 711Total assets $ 841,028 $ 655,320Liabilities and EquityCurrent liabilities:Accounts payable $ 28,076 $ 9,614Accounts payable – related parties 1,975 806Lines of credit 7,859 3,554Current portion of long-term debt 18,951 14,395Operating lease liabilities, current portion 2,087 2,080Financing lease liabilities, current portion 7,072 7,705Accrued arbitration expenses 68,785 47,742Accrued income tax expense 8,364 26,533Accrued stock-based compensation 24,173 16,356Accrued expenses and other current liabilities 27,532 25,440Total current liabilities 194,874 154,225Long-term debt, net 20,463 22,466Operating lease liabilities, net 30,805 30,617Financing lease liabilities, net 258,009 259,479Total liabilities 504,151 466,787Commitments and contingencies (Note 10)Equity:Common stock, $0.001 par value; 950,000,000 shares authorized; 6,595,109 and 5,511,452 shares 7 6issued and outstanding as of June30, 2025 and December31, 2024, respectivelyAdditional paid-in capital 588,699 489,409Accumulated deficit (353,456) (356,976)Nutex Health Inc. equity 235,250 132,439Noncontrolling interests 101,627 56,094Total equity 336,877 188,533Total liabilities and equity $ 841,028 $ 655,320NUTEX HEALTH INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30,(In thousands, except share and per share amounts) 2025 2024 2025 2024Revenue:Hospital division $ 236,302 $ 67,605 $ 440,249 $ 127,634Population health management division 7,683 8,477 15,525 15,902Total revenue 243,985 76,082 455,774 143,536Operating costs and expenses:Payroll 36,284 28,398 71,144 55,401Contract services 61,109 9,505 99,764 20,825Medical supplies 4,812 3,589 8,613 8,911Depreciation and amortization 5,248 4,533 10,340 8,719Other 11,608 7,496 22,651 16,962Total operating costs and expenses 119,061 53,521 212,512 110,818Gross profit 124,924 22,561 243,262 32,718Corporate and other costs:Stock-based compensation 78,747 (61) 106,389 (12)Impairment of assets – 3,474 – 3,474Impairment of goodwill – 3,197 – 3,197General and administrative expenses 12,498 10,652 22,533 19,310Total corporate and other costs 91,245 17,262 128,922 25,969Operating income 33,679 5,299 114,340 6,749Interest expense, net 5,678 5,054 11,798 9,499Gain on warrant liability – (3,060) – (5,661)Other (income) expense 4,269 (599) 7,594 (840)Income before taxes 23,732 3,904 94,948 3,751Income tax expense 7,588 894 27,998 1,283Net income 16,144 3,010 66,950 2,468Less: net income attributable to noncontrolling interests 33,841 3,374 63,430 3,196Net income (loss) attributable to Nutex Health Inc. $ (17,697) $ (364) $ 3,520 $ (728)Income (loss) per common shareBasic $ (2.95) $ (0.07) $ 0.60 $ (0.15)Diluted $ (2.95) $ (0.07) $ 0.55 $ (0.15)NUTEX HEALTH INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30,(In thousands) 2025 2024Cash flows from operating activities:Net income $ 66,950 $ 2,468Adjustment to reconcile net income to net cash from operating activities:Depreciation and amortization 10,340 8,719Gain on warrant liability – (5,661)Impairment of assets – 3,474Impairment of goodwill – 3,197Derecognition of goodwill – 453Stock-based compensation expense 106,389 (12)Changes to deferred taxes (4,865) (2,341)Debt accretion expense 504 579Changes in operating assets and liabilities:(Increase)/Decrease in Accounts receivable (116,768) (2,149)(Increase)/Decrease in Accounts receivable – related party (2,135) (425)(Increase)/Decrease in Inventories 575 631(Increase)/Decrease in Prepaid expenses and other current assets (8,640) (1,693)(Increase)/Decrease in Operating right-of-use assets 121 162Increase/(Decrease) in Accounts payable 19,334 (1,617)Increase/(Decrease) in Accounts payable – related party 1,169 414Increase/(Decrease) in Operating lease liabilities 194 (370)Increase/(Decrease) in Accrued arbitration expenses 21,043 -Increase/(Decrease) in Accrued income tax expense (18,169) -Increase/(Decrease) in Accrued expenses and other current liabilities 2,180 10,482Net cash provided by operating activities 78,222 16,311Cash flows from investing activities:Acquisitions of property and equipment (815) (1,292)Proceeds from restricted short-term investment 2,941 -Cash related to sale of business – (711)Cash related to asset acquisition (1,994) -Net cash used in investing activities 132 (2,003)Cash flows from financing activities:Proceeds from lines of credit 4,606 132Proceeds from notes payable 258 4,915Repayments of lines of credit (301) (594)Repayments of notes payable (5,697) (6,157)Repayments of finance leases (2,593) (1,440)Proceeds from common stock issuance, net issuance costs – 9,203Members' contributions 242 301Members' distributions (18,776) (1,862)Net cash provided by (used in) financing activities (22,261) 4,498Net increase in cash and cash equivalents 56,093 18,806Cash and cash equivalents – beginning of the period 40,640 22,002Cash and cash equivalents – end of the period $ 96,733 $ 40,808

Non-GAAP Financial Measures (Unaudited)

EBITDA and Adjusted EBITDA.EBITDA and Adjusted EBITDA are used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We believe EBITDA and Adjusted EBITDA are useful because it allows us to more effectively evaluate our operating performance.

We define EBITDA as net income (loss) attributable to Nutex Health Inc. plus interest expense, income taxes, depreciation and amortization.

We define Adjusted EBITDA as net income (loss) attributable to Nutex Health Inc. plus net interest expense, income taxes, depreciation and amortization, further adjusted for stock-based compensation, certain defined items of expense and any acquisition-related costs and impairments. Interest expense includes interest on lease liabilities, which is a component of total finance lease cost. A reconciliation of net income (loss) to Adjusted EBITDA is included below.

Beginning in the first quarter of 2025, we updated our presentation of Adjusted EBITDA to separately disclose finance lease payments related to leases under ASC 842. We believe this change provides greater transparency into our operating performance.

Adjusted EBITDA is not intended to serve as an alternative to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. Adjusted EBITDA follows (in thousands):

Three Months Ended June 30, 2025 2024Reconciliation of net loss attributable to Nutex Health Inc. to (Updated) (Prior) (Updated) (Prior)Adjusted EBITDA:Net loss attributable to Nutex Health Inc. $ (17,697) $ (17,697) $ (364) $ (364)Depreciation and amortization 5,248 5,248 4,533 4,533Interest expense, net 5,678 5,678 5,055 5,055Income tax expense 7,588 7,588 893 893Allocation to noncontrolling interests (1,275) (1,275) (1,628) (1,628)EBITDA (458) (458) 8,489 8,489Gain on warrant liability – – (3,060) (3,060)Impairment of assets – – 3,474 3,474Impairments of goodwill – – 3,197 3,197Finance lease payments(1) (6,675) – (5,191) -Stock-based compensation 78,747 78,747 (61) (61)Adjusted EBITDA $ 71,614 $ 78,289 $ 6,848 $ 12,039 Six Months Ended June 30, 2025 2024Reconciliation of net income (loss) attributable to Nutex (Updated) (Prior) (Updated) (Prior)Health Inc. to Adjusted EBITDA:Net income (loss) attributable to Nutex Health Inc. $ 3,520 $ 3,520 $ (728) $ (728)Depreciation and amortization 10,340 10,340 8,719 8,719Interest expense, net 11,798 11,798 9,499 9,499Income tax expense 27,998 27,998 1,283 1,283Allocation to noncontrolling interests (2,572) (2,572) (3,172) (3,172)EBITDA 51,084 51,084 15,601 15,601Gain on warrant liability – – (5,661) (5,661)Impairment of assets – – 3,474 3,474Impairment of goodwill – – 3,197 3,197Finance lease payments(1) (13,038) – (10,163) -Stock-based compensation 106,389 106,389 (12) (12)Adjusted EBITDA $ 144,435 $ 157,473 $ 6,436 $ 16,599(1) Finance lease payments consist of cash payments for financing leases under ASC 842, which should be deducted from EBITDA. We believe this change is useful to investors to evaluate the ongoing operating performance of our business.

AboutNutex Health Inc.

Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a healthcare management and operations company with two divisions: a Hospital Division and a Population Health Management Division.

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 24facilities in 11states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups.

Forward-Looking Statements

Certain statements and information included in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases “will”, “will likely result,” “expected to,” “will continue,” “anticipated,” “estimate,” “projected,” “intend,” “goal,” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Annual Report on Form 10-K for the year ended December31, 2024, and subsequent Quarterly Report on Form 10-Q for the three and sixmonths ended June30, 2025under the heading “Risk Factors” in Part II, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

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