Alignment Healthcare, Inc. (ALHC) experienced a pre-market plunge of 5.78% on Friday, following the release of its fourth-quarter 2025 financial results.

The healthcare provider reported a net loss of $11.006 million for the quarter, which appears to have driven the sell-off. This overshadowed positive aspects of the report, including a slight revenue beat of $1.01 billion versus estimates of $1.003 billion and a substantial beat on adjusted EBITDA of $11.414 million compared to an expected loss of $4.01 million.

While the company raised its health plan membership guidance and introduced 2026 revenue projections, the market's reaction suggests investor concern over the continued net losses despite top-line growth and operational improvements.