Here are 1-2 brief analogies to describe MSP Recovery:

• Palantir for healthcare overpayments: MSP Recovery uses advanced data analytics and technology to identify and recover mistakenly paid healthcare claims from the responsible parties.
• Rocket Lawyer for health insurance payment recovery: MSP Recovery provides a tech-enabled service that simplifies and executes the complex process of subrogation and lien resolution for healthcare insurers, helping them recover funds they shouldn't have paid.

• Healthcare Claims Recovery Services: MSP Recovery specializes in identifying and recovering erroneously paid healthcare claims for government-sponsored programs like Medicare and Medicaid from responsible primary payers.
• Proprietary Data Analytics & AI Platform (LifeWallet): The company utilizes its advanced LifeWallet platform, powered by data analytics and artificial intelligence, to analyze complex healthcare data and facilitate claims recovery.

MSP Recovery (symbol: MSPR) primarily sells its services to other companies within the healthcare sector. Their business model focuses on providing data analytics, technology, and services for healthcare claims recovery (Medicare Secondary Payer recovery).

Their major customers are typically large healthcare entities that deal with significant volumes of medical claims. These include:

• Healthcare providers (e.g., hospitals, large hospital systems, physician groups)
• Health plans and insurers

According to their latest public filings (e.g., their 10-K filing for the fiscal year ended December 31, 2022), MSP Recovery had significant customer concentration, with two customers representing 100% of their total revenue for both 2022 and 2021. However, MSPR does not publicly disclose the names of these specific major customers in its SEC filings or other readily available public information. Therefore, we cannot list the names or symbols of these customer companies.

John H. Ruiz, Chief Executive Officer

John H. Ruiz is the Founder, CEO, President, Director, and Chairman of the Board of MSP Recovery, which he established in 2014. An entrepreneur, attorney, and businessman with over 30 years of legal experience, he also founded MSP Recovery Law Firm. Mr. Ruiz is nationally recognized as a pre-eminent trial lawyer, particularly for his work in healthcare law, class action, and mass tort litigation. He is credited with innovating and designing the business and IT platforms at MSP Recovery. His legal career includes involvement in cases totaling over $20 billion in settlements and leading landmark legal victories. MSP Recovery became publicly traded in May 2022 through a SPAC transaction, which was valued at $32.6 billion, making it the second-largest SPAC transaction in the U.S.

Francisco Rivas-Vasquez, Chief Financial Officer

Francisco Rivas-Vasquez was appointed Chief Financial Officer of MSP Recovery in March 2023. Prior to joining LifeWallet (MSP Recovery), he served as Transaction Advisory Services Managing Director at BDO LLP starting in 2022. Before BDO, Mr. Rivas-Vasquez held roles at KPMG LLP, where he was a Deal Advisory Director from 2010 to 2022 and a Senior Associate from 2005 to 2010. He also worked as an Audit Senior/Staff Accountant for Ernst & Young LLP from 2002 to 2005.

Frank C. Quesada, Chief Legal Officer

Frank C. Quesada is the Co-Founder and Chief Legal Officer of MSP Recovery, serving in this role since the company's inception. He is also a partner at MSP Recovery Law Firm. With over 15 years of experience in healthcare and complex commercial litigation, Mr. Quesada oversees the in-house attorneys and various nationally recognized law firms that collaborate with MSP Recovery Law Firm.

Ricardo Rivera, Chief Operating Officer

Ricardo Rivera serves as the Chief Operating Officer of MSP Recovery and previously held the position of Interim Chief Financial Officer. He joined the company in September 2019, initially serving as Chief of Staff until July 2021. Mr. Rivera brings over 25 years of experience, having held COO and CFO positions at various private corporations both in the U.S. and internationally. Before joining MSP Recovery, he was the COO & CFO of Transatlantic Power Fund Management, LLC.

Diana Diaz, Chief Communications Officer

Diana Diaz is a Founding Member and the Chief Communications Officer of MSP Recovery (LifeWallet). She is responsible for driving growth initiatives and executing development strategies. Her responsibilities also include overseeing all corporate communications, as well as the marketing, production, and events divisions. Ms. Diaz has over 25 years of experience in communications, marketing, and journalism.

1. Going Concern Doubt and Nasdaq Delisting Threat: MSP Recovery has reported significant financial distress, including substantial operating losses, net losses, and very low cash reserves as of September 30, 2025. The company's management has expressed "substantial doubt" about its ability to continue as a going concern, indicating heavy reliance on external funding. Furthermore, Nasdaq has issued a delisting determination due to the company's failure to meet minimum stockholders' equity requirements. While MSP Recovery intends to contest this, there is no guarantee of a favorable outcome, and delisting could result in its shares trading on the OTCQB market, which typically has lower liquidity and investor interest.
2. Impairment of Intangible Assets and Lack of Substantial Revenue: The company has faced challenges in generating significant revenue from its claims portfolio. In the fourth quarter of 2024, MSP Recovery identified potential impairment indicators, such as recurring operating losses and insufficient revenue from its claims, leading to a substantial non-cash impairment charge of $752.7 million on definite-lived CCRA intangible assets. This impairment reflects a difficulty in monetizing its core business assets and the inherent judgment involved in valuing these assets.
3. Regulatory Scrutiny and Accounting Challenges: MSP Recovery recently concluded a more-than-three-year investigation by the SEC staff, which ultimately decided not to recommend enforcement action against the company or its officers. However, the investigation itself concerned significant issues, including the company's projections, the accounting and valuation of certain assets, funding sources, and disclosures. The company had previously identified errors in accounting that led to the restatement of its unaudited condensed consolidated financial statements for periods in 2022, underscoring past accounting and financial reporting challenges.

The accelerating adoption of advanced AI and data analytics by primary payers (e.g., commercial insurers, self-insured employers, auto insurers, workers' compensation carriers) and healthcare providers. As these entities invest in more sophisticated payment integrity platforms and data coordination technologies, they gain enhanced capabilities to proactively identify, prevent, and internally manage Medicare Secondary Payer (MSP) payment errors. This trend could diminish the volume of erroneous claims requiring external recovery services, thereby reducing MSP Recovery's addressable market and value proposition over time as solutions become internalized rather than outsourced.

MSP Recovery (MSPR) operates in the healthcare recoveries and data analytics sector, specializing in claims recovery for Medicare, Medicaid, and commercial health insurers.

The addressable market for MSP Recovery's main services, focused on discovering improperly paid claims, is estimated to be approximately $3.6 trillion annually. This figure represents the total amount paid by healthcare payers each year from which MSP Recovery's data-driven solutions identify improper payments. This market size is for the U.S. region, given the company's focus on U.S.-specific programs like Medicare and Medicaid, and its operations in the United States and Puerto Rico.

1. Expansion of Claims Portfolio and Market Penetration: MSP Recovery anticipates significant future revenue growth by continuing to expand its portfolio of assigned claims and increasing its penetration within the healthcare reimbursement recovery market. The company has highlighted a growing recognition among healthcare providers and payers of its data-driven solutions and expertise in securing recoveries from responsible parties. This is expected to lead to a substantial increase in billed amounts, assigned claims, and estimated paid amounts.
2. Monetization of Assignor Interests and Development of New Revenue Streams: A key driver for MSPR's future revenue is the continued monetization of its assignor interests. The company has actively pursued agreements for potential future transactions to monetize healthcare claims recovery interests. Furthermore, MSP Recovery is focused on developing additional revenue streams beyond its core recovery business, providing significant upside potential.
3. Successful Settlements and Data Collaboration with Insurers: MSP Recovery expects to drive revenue growth through ongoing successful settlements with property and casualty insurers. Recent comprehensive settlements have included agreements to provide historical data and collaboratively resolve future Medicare claims, leading to increased claims recovery income. This indicates a continuing strategy to leverage data and negotiate favorable outcomes for future claims.
4. Growth in Pharmaceutical Litigation Settlements: The company has demonstrated success in its pharmaceutical litigation portfolio, entering into settlements that have generated significant cash recoveries and non-monetary consideration, such as obtaining prescription drug claims data. This area represents an ongoing and expected driver for future revenue as MSPR continues to identify and pursue recoveries against other responsible parties.

Share Issuance

• MSP Recovery implemented a 1-for-7 reverse stock split effective September 1, 2025, to maintain compliance with Nasdaq's minimum bid price requirement, reducing Class A shares from approximately 7.2 million to 1 million.
• Stockholders approved the issuance of Class A common stock to Virage Recovery Master LP upon the exercise of certain warrants.
• The company's debt restructuring plan includes converting approximately $144 million of principals' debt into Class A Common Stock.

Inbound Investments

• MSP Recovery secured a non-binding term sheet for a secured term loan facility of up to $55 million from an undisclosed investor, structured in two tranches.
• A strategic term sheet with Hazel Partners Holdings, LLC and Virage Capital Management provides $9.75 million in bridge funding, with $6.5 million remaining available through July 2025, and up to $25 million in working capital for a new servicing entity.
• On September 30, 2021, MSP Recovery entered into an agreement with Virage Capital Management LP for potential future monetization of up to $3 billion of select healthcare claims recovery interests, with an initial $275 million earmarked for the acquisition of Assignor Interests.

Outbound Investments

• MSP Recovery has made no reported investments or acquisitions over the last 3-5 years.

Capital Expenditures

• Capital expenditures for the trailing twelve months ending June 30, 2025, were -$0.55 million.
• In fiscal year 2024, capital expenditures were -$0.53 million.
• For fiscal year 2023, capital expenditures amounted to -$1.74 million.