Innovation Age Holdings Co., Ltd. 2025 Quarterly Report

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o As of April30, 2025, there were135,012,952of the registrant’s common stock outstanding. Part IFinancial Information Item 1.Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as ofMarch31, 2025(Unaudited) and June 30, 2024Condensed Consolidated Statements of Operations for the three andninemonths endedMarch31, 2025and2024(Unaudited)Condensed Consolidated Statements of Stockholders’ Equity for the three andninemonths endedMarch31,2025and 2024(Unaudited)Condensed Consolidated Statements of Cash Flows for theninemonths endedMarch31, 2025and 2024(Unaudited)Notes to Condensed Consolidated Financial Statements as ofMarch31, 2025(Unaudited)Item 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and ProceduresPart IIOther InformationItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsExhibit IndexSignatures InnovAge Holding Corp. and SubsidiariesQuarterly Report on Form 10-Q Cautionary Note on Forward-Looking Statements Throughout this Quarterly Report on Form 10-Q, we make “forward-looking statements” within the meaning of the U.S. Private SecuritiesLitigation Reform Act of1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of theSecurities Exchange Act of 1934, as amended (the “Exchange Act”). This Quarterly Report contains forward-looking statements that aresubject to risks and uncertainties. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q areforward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition,results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that theydo not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,”“project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in •the viability of our growth strategy, including our ability to attract new participants and retain existing participants in new andexisting centers and our ability to obtain licenses to open de novo centers, including in Downey and Bakersfield, California;•the impact on our business from ongoing macroeconomic related challenges, including labor shortages, labor competition, inflation, uncertainty surrounding the stability of economic conditions due to new and proposed tariffs and uncertainty in theglobal trade environment; •the results of periodic inspections, reviews, audits and investigations under the federal and state government programs, and ourability to sufficiently cure any deficiencies identified by the respective federal and state government programs; •the adverse impact of legal proceedings, enforcement actions and litigation, including the current civil investigative demandsinitiated by federal and state agencies, as well as the litigation and other proceedings initiated by, or on behalf, of ourstockholders; •the impact of state and federal efforts to reduce healthcare spending, including recent proposals to reduce the budget that funds Medicaid and Medicare;•the risk that the cost of providing services will exceed our compensation under the Program of All Inclusive Care for the Elderly (“PACE”);•our increased costs and expenditures in the future and our inability to execute or realize the benefits of our clinical value initiatives and operational value initiatives; •the dependence of our revenues and operations upon a limited number of government payors;•the risk that our submissions to government payors may contain inaccurate or unsupportable information, including regarding risk adjustment scores of participants;•the impact on our business of renegotiation, non