AMWL: DHA Poised to Renew Amwell Contract, Shifting to Directly Contracted Relationship

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AMWL: DHA Poised to Renew Amwell Contract, Shifting to Directly Contracted Relationship

Equity Research

Flash Comment — June 16, 2026

Healthcare Technology

American Well Corporation

DHA Poised to Renew Amwell Contract, Shifting to Directly Overweight

Contracted Relationship Price Target: $9.00

Ticker AMWL

Our Call Upside/(Downside) to Target 4.4%

Amwell was named as one of five vendors to be awarded a sole-source contract in a Price (06/16/2026) $8.62

Notice of Intent by DHA (Defense Health Agency). While it's not yet clear how the new 52 Week Range $3.71 - 9.96

terms will comp vs the prior arrangement, we view this as a positive development. Market Cap (MM) $143

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

5 Key Positives: 1) DHA will continue to do business with Amwell (based on 1Q run-rate Stan Berenshteyn, CFA

we estimate DHA will account for 18% of 2026E revenue); 2) Contract is now between Equity Analyst | Wells Fargo Securities, LLC

Stan.Berenshteyn@wellsfargo.com | 732-266-3756

DHA and Amwell directly; 3) Contract renewal may cover up to 5 years; 4) Amwell

seems entrenched given it's viewed as a "core solution" and "best of breed" with "risk to Corey DeVito

operations if swapped out"; and 5) We think this increases likelihood to win follow-on Associate Equity Analyst | Wells Fargo Securities, LLC Corey.DeVito@wellsfargo.com | 212-214-5444

government business, most notably the VA (Dept. of Veteran's Affairs).

Scope. Amwell services a telehealth platform for remote patient- and provider-

interactions and virtual care delivery, which complements the core Oracle Cerner EHR.

The government expects fixed price and outcome based pricing, with the period of