The Oncology Institute Reports Fourth Quarter and Full Year 2025 Financial Results and Guidance for 2026

The Oncology Institute Reports Fourth

Quarter and Full Year 2025 Financial Results and Guidance for 2026

CERRITOS, Calif., March 12,

2026 -- The Oncology Institute, Inc. (NASDAQ: TOI) ("TOI" or the "Company"), one of the largest value-based community

oncology groups in the United States, today reported financial results for its fourth quarter and year ended December 31, 2025.

Recent Operational Highlights

Fourth Quarter 2025 Financial Highlights

All comparisons are to the quarter ended

December 31, 2024 unless otherwise noted

Year Ended 2025 Financial Highlights

All comparisons are to the year ended

December 31, 2024 unless otherwise noted

TOI uses Adjusted EBITDA

and Free Cash flow, each a non-GAAP metric, as an additional tool to assess its operational and financial performance. See "Financial

Information: Non-GAAP Financial Measures" below. In reliance on the unreasonable efforts exception provided under Regulation S-K,

TOI is not reasonably able to provide a quantitative reconciliation for forward-looking information of Adjusted EBITDA and Free Cash flow

to net (loss) income and net cash provided by operations, respectively, the most directly comparable GAAP financial measures, without

unreasonable efforts due to uncertainties regarding capitated lives, direct costs, taxes, capital expenditures, share-based compensation,

change in fair value of liabilities, unrealized (gains) losses on investments, consulting and legal fees, transaction costs and other

non-cash items. The variability of these items could have an unpredictable, and potentially significant, impact on TOI's future

GAAP financial results.

The Company expects approximately $150 million

in capitated revenue in 2026. Additionally, the Company anticipates first quarter Adjusted EBITDA to be between $(1) million and $(3)

million due to seasonality with patients' deductibles reset and annual drug pricing increases that are not immediately reflected in reimbursement

rates, as pharmaceutical reimbursement adjustments operate on a lagged basis from pricing. On the specialty pharmacy side, the Company

assumes performance in line with the second-half 2025 revenue run-rate of approximately $27 million per month, plus some modest incremental

growth of 3-5% from new capitation lives we are capturing in TOI clinics during 2026.

TOI's achievement of the anticipated results is subject to risks

and uncertainties, including those disclosed in its filings with the U.S. Securities and Exchange Commission. The outlook does not take

into account the impact of any unanticipated developments in the business or changes in the operating or economic environment, nor does

it take into account the impact of TOI's acquisitions, dispositions or financings. TOI's outlook assumes a largely stable global market,

which would likely be negatively impacted if recent tariff rate increases and exchange rate changes persist and adversely affect world

Management Commentary

Daniel Virnich, CEO of TOI, commented, "2025

was an incredibly productive year for The Oncology Institute. Our unwavering commitment to delivering high-quality oncology care drove

meaningful progress across our business, with continued expansion of our capitated care model through delegated arrangements serving as

the primary catalyst. These arrangements allow us to manage the oncology benefit more comprehensively, while aligning incentives with

our payor partners and delivering quality clinical outcomes to the patients we serve. Our growing scale, steady working capital management,

and clinical pathways, all contributed to the fourth quarter marking a significant milestone on our path to becoming a profitable public

"Looking ahead to 2026, we are acutely

focused on execution, enhancing our scale, and delivering profitable growth. Key initiatives include continuing to expand our delegated

capitated model, launching a proprietary network provider portal to strengthen engagement with our affiliated partners, and adding expertise

to our board with recent appointments like Mark Stolper and Kim Tzoumakas. Based on the momentum from our fourth quarter, we are reaffirming

our expectation to achieve full-year positive Adjusted EBITDA in 2026. We remain well-positioned to expand payor partnerships and deliver

sustainable growth as we execute on our strategic goals," Dr. Virnich concluded.

Webcast and Conference Call

TOI will host a conference call on Thursday,

March 12, 2026 at 5:00 p.m. (Eastern Time) to discuss fourth quarter and full year results and management's outlook for future financial

and operational performance.

The conference call can be accessed live

over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562. A replay will be available two hours after the

call and can be accessed by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the

replay is 13758646. The replay will be available until Thursday, March 19, 2026.

Interested investors and other parties may

also listen to a simultaneous webcast of the conference call by logging onto the Investor Relations section of TOI's website at https://investors.theoncologyinstitute.com.

About The Oncology Institute, Inc.

Founded in 2007, The Oncology Institute,

Inc. (NASDAQ: TOI) is advancing oncology by delivering highly specialized, value-based cancer care in the community setting. TOI offers

cutting-edge, evidence-based cancer care to a population of approximately 2.0 million patients including clinical trials, transfusions,

and other care delivery models traditionally associated with the most advanced care delivery organizations. With over 300 employed and

affiliate clinicians and over 100 clinics and affiliate locations of care across five states and growing, TOI is changing oncology for

the better. For more information visit www.theoncologyinstitute.com.

Forward-Looking Statements

This press release includes certain statements

that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private

Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "preliminary,"

"believe," "may," "will," "estimate," "continue," "anticipate,"

"intend," "expect," "should," "would," "plan," "project," "predict,"

"potential," "guidance," "approximately," "seem," "seek," "future,"

"outlook," and similar expressions that predict or indicate future events or trends or that are not statements of historical

matters. These forward-looking statements include, but are not limited to, statements regarding projections, anticipated financial results,

estimates and forecasts of revenue and other financial and performance metrics and projections of market opportunity and expectations.

These statements are based on various assumptions and on the current expectations of TOI and are not predictions of actual performance.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied

on by anyone as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances

are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of

TOI. These forward-looking statements are subject to a number of risks and uncertainties, including the accuracy of the assumptions underlying

the 2026 full fiscal year outlook, the outcome of judicial and administrative proceedings to which TOI may become a party or investigations

to which TOI may become or is subject that could interrupt or limit TOI's operations, result in adverse judgments, settlements or

fines and create negative publicity; changes in TOI's patient or payors' preferences, prospects and the competitive conditions prevailing

in the healthcare sector; failure to continue to meet stock exchange listing standards; the impact of a cybersecurity incident affecting

a software provider on TOI's business; the impact of the war in Iran; those factors discussed in the documents of TOI filed, or

to be filed, with the SEC, including the Item 1A. "Risk Factors" section of TOI's Annual Report on Form 10-K for the year ended

December 31, 2024 filed with the SEC on March 26, 2025 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.

If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking

statements. There may be additional risks that TOI currently is evaluating or does not presently know or that TOI currently believes are

immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking

statements reflect TOI's plans or forecasts of future events and views as of the date of this press release. TOI anticipates that

subsequent events and developments will cause TOI's assessments to change. TOI does not undertake any obligation to update any of

these forward-looking statements. These forward-looking statements should not be relied upon as representing TOI's assessments as

of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Financial Information; Non-GAAP Financial

Some of the financial information and data

contained in this press release, such as Adjusted EBITDA and Free Cash Flow, have not been prepared in accordance with United States generally

accepted accounting principles ("GAAP"). TOI's non-GAAP financial measures may be different from non-GAAP financial

measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as

a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial

measures, you should consider the non-GAAP financial measures presented in this press release in conjunction with TOI's financial

statements and the related notes thereto.