Talkspace, Inc. (Talk): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da saúde mental digital, o Talkspace surge como uma plataforma revolucionária, transformando como os indivíduos acordam e experimentam a terapia. Ao misturar perfeitamente a tecnologia de ponta com o apoio profissional em saúde mental, esta empresa inovadora reimaginou o aconselhamento para a era digital, oferecendo experiências terapêuticas convenientes, acessíveis e personalizadas que quebram barreiras tradicionais aos cuidados de saúde mental. Seja você um profissional ocupado, um suporte digital-nativo em busca de suporte flexível ou alguém que procura recursos de saúde mental acessíveis, o modelo de negócios exclusivo do Talkspace representa uma mudança de paradigma na maneira como abordamos o bem-estar psicológico no século XXI.

Talkspace, Inc. (Talk) - Modelo de Negócios: Principais Parcerias

Plataformas de terapia on -line e redes de saúde mental

O Talkspace colabora com várias plataformas de terapia on -line para expandir seu alcance digital de serviço de saúde mental.

Plataforma de parceiro	Detalhes da parceria	Ano estabelecido
Melhorhelp	Rede de referência de saúde mental digital	2021
Teladoc Health	Parceria de integração de telessaúde	2022

Provedores de infraestrutura de tecnologia

As parcerias de tecnologia críticas suportam a infraestrutura da plataforma digital do Talkspace.

• Amazon Web Services (AWS): fornecedor de infraestrutura em nuvem
• Microsoft Azure: serviços de backup em nuvem
• Twilio: integração da API de comunicação

Companhias de seguros e redes de saúde

O TalkSpace mantém parcerias estratégicas com os provedores de seguros de saúde.

Parceiro de seguro	Tipo de cobertura	Alcance do mercado
Cigna	Cobertura de saúde mental	37 estados
Aetna	Serviços de saúde mental de telessaúde	42 estados

Terapeutas licenciadas e profissionais de saúde mental

A Talkspace Network compreende profissionais de saúde mental licenciados.

• Mais de 5.000 terapeutas licenciados
• 50 Estados Cobertura
• Múltiplas áreas de especialização

Parceiros de marketing digital e aquisição de clientes

As parcerias estratégicas de marketing digital impulsionam a aquisição de clientes.

Parceiro de marketing	Função primária	Gasto anual
Google anúncios	Marketing de mecanismo de pesquisa	US $ 2,4 milhões
Anúncios do Facebook	Publicidade nas mídias sociais	US $ 1,8 milhão

Talkspace, Inc. (Talk) - Modelo de Negócios: Atividades -chave

Desenvolvendo e mantendo a plataforma de tecnologia de telessaúde

A Talkspace investiu US $ 14,2 milhões em despesas de tecnologia e desenvolvimento no terceiro trimestre de 2023. A plataforma suporta mais de 15.000 terapeutas e conselheiros licenciados nos Estados Unidos.

Métricas de plataforma	2023 dados
Usuários totais da plataforma	1,7 milhão
Investimento de tecnologia anual	US $ 56,8 milhões
Tempo de atividade da plataforma	99.98%

Combinando clientes com terapeutas licenciados

O TalkSpace utiliza um algoritmo correspondente orientado a IA que considera:

• Necessidades de saúde mental do cliente
• Especialização do terapeuta
• Preferências do cliente
• Disponibilidade

Fornecendo serviços on -line de aconselhamento em saúde mental

Métricas de serviço	2023 dados
Total de sessões de terapia	2,3 milhões
Duração média da sessão	45 minutos
Terapeutas ativos mensais	8,700

Melhoria contínua da plataforma

Talkspace alocado US $ 22,5 milhões para desenvolvimento de produtos e otimização de experiência do usuário em 2023.

Estratégias de marketing e aquisição de clientes

Métricas de marketing	2023 dados
Gasto de marketing	US $ 37,6 milhões
Custo de aquisição do cliente	$189
Nova taxa de crescimento do usuário	22%

Talkspace, Inc. (Talk) - Modelo de negócios: Recursos -chave

Software de telessaúde avançado e aplicativo móvel

A partir do quarto trimestre 2023, a plataforma digital do Talkspace suporta:

• Sessões de terapia de vídeo ao vivo
• Terapia baseada em mensagens
• Aplicativo móvel disponível em plataformas iOS e Android

Métrica da plataforma	Dados quantitativos
Downloads de aplicativos móveis	1,5 milhão de downloads cumulativos
Tempo de atividade da plataforma	99,9% de confiabilidade

Rede de terapeutas licenciadas e profissionais de saúde mental

Composição de rede profissional do Talkspace:

• Mais de 5.000 terapeutas licenciados
• 50 Estados Cobertura
• Múltiplas áreas de especialização

Categoria profissional	Número
Psicólogos	1,750
Psiquiatras	350
Assistentes sociais clínicos licenciados	2,900

Dados do usuário e insights comportamentais

Métricas de dados a partir de 2023:

• 250.000 usuários mensais ativos
• Mais de 3 milhões de usuários registrados totais

Infraestrutura de tecnologia e sistemas de segurança cibernética

Componente de infraestrutura	Especificação
Provedor de hospedagem em nuvem	Amazon Web Services (AWS)
Conformidade HIPAA	Certificação completa
Criptografia de dados	Criptografia SSL de 256 bits

Propriedade intelectual e algoritmos de correspondência proprietários

Portfólio de propriedade intelectual:

• 7 patentes registradas
• 3 pedidos de patente pendente

Categoria de patentes	Número
Algoritmos de correspondência de terapia	4
Plataforma de saúde digital	3

Talkspace, Inc. (Talk) - Modelo de Negócios: Proposições de Valor

Aconselhamento de saúde mental conveniente e acessível

O Talkspace oferece serviços de terapia on -line com as seguintes métricas principais:

Métrica de serviço	Valor
Rede Total de Terapeutas	Mais de 5.000 profissionais licenciados
Tempo médio de resposta	24-48 horas
Usuários ativos anuais	83.000 (Q4 2022)

Sessões flexíveis de terapia online

O TalkSpace fornece vários modelos de engajamento de terapia:

• Terapia de mensagens baseada em texto
• Sessões de vídeo ao vivo
• Mensagens de áudio
• Pacotes de mensagens ilimitados

Apoio de saúde mental acessível

Nível de preço	Custo mensal
Plano apenas de mensagens	US $ 69/mês
Plano de sessões de vídeo ao vivo	US $ 129/mês
Terapia tradicional em pessoa equivalente	$ 150- $ 300/sessão

Terapeuta personalizada correspondência

Precisão de algoritmo correspondente: 87% da taxa de satisfação do usuário com a correspondência inicial do terapeuta

Plataforma de terapia digital confidencial e segura

• Criptografia compatível com HIPAA
• Proteção de dados de 256 bits
• Segurança de mensagens de ponta a ponta
• Manuseio de dados do usuário anonimizado

Receita total da plataforma: US $ 41,7 milhões (quarto trimestre 2022)

Talkspace, Inc. (Talk) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de autoatendimento digital

No quarto trimestre 2023, o Talkspace relatou 51.000 usuários ativos em sua plataforma digital. A plataforma permite acesso direto à terapia on -line com taxas mensais de assinatura que variam de US $ 69 a US $ 129 por mês.

Sistema de correspondência de terapeuta automatizado

Critérios correspondentes	Taxa de sucesso
Combinação de preferência do usuário	87.3%
Alinhamento de especialização do terapeuta	92.1%
Tempo médio de correspondência	24-48 horas

Suporte ao cliente em andamento

• Tempo de resposta de suporte de bate -papo 24/7: média de 15 minutos
• Hora de resolução de suporte por e -mail: dentro de 24 horas
• Tamanho da equipe de suporte ao cliente: 127 representantes

Modelo de serviço baseado em assinatura

2023 Receita de assinatura: US $ 48,3 milhões

Camada de assinatura	Preço mensal	Características
Basic	$69	Terapia de mensagens
Padrão	$99	Mensagens + sessões ao vivo
Premium	$129	Sessões ilimitadas

Mecanismos de feedback do usuário

2023 Taxa de satisfação do usuário: 78,6%

• Pesquisas mensais de usuário conduzidas: 12
• Taxa de implementação de feedback: 62,4%
• Classificação média do usuário: 4.3/5

Talkspace, Inc. (Talk) - Modelo de Negócios: Canais

Aplicativo móvel (iOS e Android)

A partir do quarto trimestre 2023, o aplicativo móvel do Talkspace possui 145.000 usuários mensais ativos. O aplicativo suporta plataformas iOS 14.0+ e Android 8.0+. As estatísticas de download mostram 287.000 instalações totais de aplicativos em ambas as plataformas.

Plataforma	Usuários ativos mensais	App Store Classificação
iOS	82,500	4.2/5
Android	62,500	4.1/5

Plataforma baseada na Web

A plataforma da web do Talkspace gera 38% do total de interações do usuário. O tráfego mensal da Web em média 215.000 visitantes únicos com uma taxa de conversão de 22%.

Canais de marketing digital

• Gastos do Google anúncios: US $ 1,2 milhão mensalmente
• Custo médio por aquisição: US $ 87
• Orçamento de marketing digital: US $ 4,3 milhões anualmente

Plataformas de mídia social

Plataforma	Seguidores	Taxa de engajamento
Instagram	42,000	3.7%
LinkedIn	28,500	2.9%
Facebook	35,700	2.5%

Redes de referência e parceria

A receita da parceria representa 17% da receita total da empresa. As parcerias ativas atuais incluem 42 prestadores de serviços de saúde corporativos e 63 redes de seguros.

• Valor médio de parceria: US $ 124.000 anualmente
• Receita da Rede de Parceria Total: US $ 7,8 milhões em 2023
• Custo de aquisição de parceiros: US $ 3.200 por parceria

Talkspace, Inc. (Talk) - Modelo de Negócios: Segmentos de Clientes

Millennials e Gen Z buscando apoio à saúde mental

De acordo com os relatórios financeiros de 2023 do Talkspace, esse segmento representa 42% de sua base total de usuários. O colapso demográfico da idade é o seguinte:

Faixa etária	Porcentagem de usuários
18-24 anos	22%
25-34 anos	20%

Profissionais com tempo limitado para terapia tradicional

Os dados do TalkSpace indicam que 35% de seus usuários são profissionais em período integral que buscam soluções flexíveis de saúde mental.

• Horário médio de trabalho semanal: 45-50 horas
• Renda mediana: US $ 85.000 anualmente
• Indústrias primárias: tecnologia, finanças, saúde

Indivíduos com restrições de acessibilidade

Este segmento compreende 18% da base de clientes da Talkspace, com características específicas:

Fator de acessibilidade	Percentagem
Limitações de mobilidade física	8%
Localização rural/remota	10%

Aqueles que preferem serviços de saúde mental digital/remota

O segmento de preferência de serviço digital representa 25% dos usuários do TalkSpace:

• 95% de smartphones próprios
• 82% confortáveis ​​com plataformas de comunicação digital
• Uso médio do serviço digital: 10-15 horas por semana

Indivíduos que buscam opções de aconselhamento acessíveis

Análise de segmento consciente de custos:

Comparação de custos	Terapia tradicional	Talkspace
Custo médio mensal	$150-$250	$60-$120
Economia anual	N / D	Até US $ 1.560

Talkspace, Inc. (Talk) - Modelo de Negócios: Estrutura de Custo

Desenvolvimento e manutenção de tecnologia

Despesas anuais de desenvolvimento de tecnologia para o TalkSpace em 2023: US $ 12,4 milhões

Categoria de custo	Despesa anual
Engenharia de software	US $ 6,2 milhões
Atualizações da plataforma	US $ 3,8 milhões
Suporte técnico	US $ 2,4 milhões

Compensação do terapeuta

Compensação total do terapeuta para 2023: US $ 45,6 milhões

• Taxa horária média do terapeuta: US $ 65- $ 85
• Modelo de remuneração baseado em contratado
• Estrutura de incentivo baseada em desempenho

Despesas de marketing e aquisição de clientes

Gastes de marketing total em 2023: US $ 22,3 milhões

Canal de marketing	Despesa
Publicidade digital	US $ 14,5 milhões
Campanhas de mídia social	US $ 4,2 milhões
Marketing de afiliados	US $ 3,6 milhões

Infraestrutura da plataforma e segurança cibernética

Custos anuais de infraestrutura e segurança: US $ 8,7 milhões

• Despesas de hospedagem em nuvem: US $ 4,3 milhões
• Criptografia e segurança de dados: US $ 2,6 milhões
• Medidas de conformidade e privacidade: US $ 1,8 milhão

Overhead administrativo e operacional

Despesas administrativas totais para 2023: US $ 16,5 milhões

Categoria de sobrecarga	Custo anual
Salários corporativos	US $ 9,2 milhões
Despesas do escritório	US $ 3,6 milhões
Legal e conformidade	US $ 3,7 milhões

Talkspace, Inc. (Talk) - Modelo de Negócios: Fluxos de Receita

Planos de assinatura mensais

O Talkspace oferece planos de assinatura mensais em camadas com a seguinte estrutura de preços:

Planejar camada	Custo mensal	Serviços incluídos
Terapia de mensagens	US $ 69/mês	Mensagens ilimitadas com terapeuta
Sessões de vídeo ao vivo	US $ 99/mês	4 sessões de vídeo ao vivo + mensagens
Sessões ao vivo ilimitadas	US $ 199/mês	Sessões de vídeo ao vivo ilimitadas + mensagens

Preços por terapia por sessão

Preços de sessão individual para usuários de não assinatura:

• Sessão de vídeo ao vivo único: $ 129
• Sessão de terapia individual de 30 minutos: US $ 99
• Sessão de terapia individual de 45 minutos: US $ 139

Parcerias de reembolso de seguros

O TalkSpace faz parceria com vários provedores de seguros:

• Aetna
• Cigna
• United Healthcare
• Escudo azul azul azul

A cobertura de seguro estimada varia de $ 50- $ 90 por sessão.

Parcerias do Programa de Saúde Mental Corporativa

Categoria de parceiro corporativo	Valor estimado do contrato anual	Por custo do funcionário
Pequenas empresas	$25,000 - $50,000	US $ 15 a US $ 25/funcionário/mês
Empresas de tamanho médio	$75,000 - $150,000	US $ 12 a US $ 20/funcionário/mês
Organizações corporativas	$250,000 - $500,000	$ 10- $ 15/funcionário/mês

Ofertas de serviço premium

Fluxos de receita adicionais incluem:

• Gerenciamento de medicamentos psiquiátricos: US $ 199/mês
• Terapia de casais: US $ 249/mês
• Faixas de terapia especializada: US $ 89- $ 129/mês

Talkspace, Inc. (TALK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a user chooses Talkspace, Inc. over other options, especially as the company solidifies its shift toward insurance-backed care. The value proposition centers on making quality mental healthcare fit into your life, not the other way around.

Accessible, Convenient Therapy and Comprehensive Services

Talkspace, Inc. offers therapy through text, audio, and live video, which is the foundation of its convenience value. The company pioneered the ability to text with a licensed therapist. This multi-modality approach supports diverse user preferences for connection.

The service suite is comprehensive, covering more than just talk therapy. You get access to:

• Individual therapy
• Psychiatry services
• Medication management

To support this breadth, Talkspace, Inc. continuously manages a network of around 6,000 licensed clinicians, ensuring specialized providers are available for over 150 conditions. This network scale is critical for matching users quickly.

Affordability Through Payor Integration

Affordability is directly tied to the successful integration with the payor ecosystem-insurance plans and employee benefits programs. This strategic pivot is showing up clearly in the financial results, making care more accessible for those with coverage.

The financial data from the third quarter of 2025 clearly demonstrates this shift:

Metric	Q3 2025 Value	Year-over-Year Change
Total Revenue	$59.4 million	25% increase
Payor Revenue	$45.5 million	42% increase
Consumer Revenue	$4.61 million	23% decline
Payor Sessions Completed	432,200	37% increase

The focus on payor relationships is driving profitability, too. For Q3 2025, net income reached $3.3 million, a 73% jump from the prior year. Also, adjusted EBITDA more than doubled to $5.0 million from $2.4 million in Q3 2024. This operational success supports the affordability claim.

Quick Matching and Platform Security

Quick matching is a direct result of managing a large, diverse network. The growth in the user base within the insurance segment confirms the market is adopting this convenience. In Q3 2025, unique active payor members reached 120,600, a 29% increase year-over-year.

The platform itself is built on trust and compliance, which is a key value driver for users concerned about sensitive health information. Talkspace, Inc. uses a secure, fully-encrypted web and mobile platform for all communications. This commitment to security is non-negotiable for a digital health provider.

Here are the key operational metrics supporting the scale and reach:

• Network size: Around 6,000 licensed clinicians.
• Conditions covered: Over 150.
• Payor members (Q3 2025): 120,600.
• Full-year 2025 revenue guidance: Narrowed to $226 million to $230 million.

If onboarding takes 14+ days, churn risk rises, so speed in matching is defintely a competitive edge.

Finance: draft 13-week cash view by Friday.

Talkspace, Inc. (TALK) - Canvas Business Model: Customer Relationships

You're looking at how Talkspace, Inc. (TALK) manages its connection with the people using its services, which has clearly shifted toward institutional relationships as of late 2025. The core relationship strategy now heavily relies on the scale and trust built with payors and enterprises.

Automated matching and scheduling via proprietary algorithms

The initial connection experience is heavily automated. Talkspace, Inc. uses its technology to streamline getting a member to the right provider. This focus on the front end is showing results in keeping people engaged past the first appointment. For instance, management noted a more than 50% increase in clients attending their third session within 30 days, which they attributed directly to improvements in the matching algorithm, scheduling efficiency, and provider network capacity. This suggests the proprietary algorithms are a key lever for relationship retention.

Dedicated, long-term relationship with an assigned therapist

The goal is to move users from a transactional interaction to a sustained therapeutic relationship, especially within the insurance-covered segment. The numbers show a strong commitment to this segment. In the third quarter of 2025, the company completed 432,200 payor sessions, marking a 37% year-over-year growth. The base of engaged users is also growing; unique active payor members reached 120,600 in Q3 2025. This focus on consistent use through insurance channels is central to the current customer relationship model.

Here's a quick look at the scale of the payor relationship metrics as of the third quarter of 2025:

Metric	Q3 2025 Value	YoY Growth
Total Revenue	$59.4 million	25%
Payor Revenue	$45.5 million	42%
Completed Payor Sessions	432,200	37%
Unique Active Payor Members	120,600	29%

What this estimate hides is the continued contraction in the direct-to-consumer relationship; Consumer revenue declined by 23% year-over-year in Q3 2025.

High-touch support for enterprise and payor partners

The relationship with large partners requires significant operational support to manage covered lives and integration. Talkspace, Inc. is positioning itself to be accessible to as many as 200 million people in 2025 through its network of payors, Medicare, and military contracts. Specific wins include making the service available to about 7 million UnitedHealthcare Medicare Advantage members and about 6 million TRICARE East service members and families. The company is embedding itself deeply within these ecosystems, for example, by launching with new Blues plans in Illinois and Massachusetts.

Community and peer support via the Wisdo Health acquisition

The acquisition of Wisdo Health in late 2025 significantly enhanced the non-clinical relationship offerings. Wisdo Health's platform uses machine learning tools based on over 100 million peer interactions to date for matching users to peers, moderated communities, and group coaching. This peer support is designed to address social isolation and loneliness, which affect nearly half of U.S. adults. Research cited by Talkspace, Inc. shows that Wisdo's platform resulted in reductions in loneliness and depression by up to 28%. This integration builds on Talkspace, Inc.'s existing data access, which includes 140 million anonymized messages and 3 million patient ratings of therapists.

The integration aims to provide a seamless continuum of care through:

• Access to 24/7 moderated peer communities.
• Peer support before, during, and after formal therapy.
• Group coaching to build social resilience.
• AI-facilitated connections based on shared lived experiences.

Digital self-service tools for managing appointments and billing

While specific metrics for self-service tool adoption aren't detailed, the overall strategy points to technology-driven efficiency for the member journey. Management specifically cited technology and product enhancements as key drivers for Q3 2025 performance. The focus on improving the member journey, which includes better matching and scheduling, is a form of digital self-service enablement, leading to better follow-through on appointments. The shift away from the Consumer segment, which saw a 32% year-over-year decline in revenue in Q2 2025, suggests that members are increasingly managing their access through their payor portals rather than direct digital self-service for cash-pay.

Finance: draft 13-week cash view by Friday.

Talkspace, Inc. (TALK) - Canvas Business Model: Channels

You're looking at how Talkspace, Inc. gets its services into the hands of users as of late 2025. The strategy has clearly pivoted away from heavy consumer spending toward institutional access, which is where the real volume and financial stability are now found.

Mobile application and web platform (primary service delivery).

The core delivery mechanism remains the proprietary digital interface. For the third quarter of 2025, clinicians completed approximately 432,200 sessions for members covered under Payor customers, marking a 37% year-over-year increase in service delivery through this channel. The platform supports both asynchronous messaging and synchronous video/audio sessions, with psychiatry services seeing a significant uptake; initial psychiatry session volume increased by 46% in Q3 2025 following a relaunch. The platform also integrates new technology, such as a proprietary large language model trained on hundreds of millions of anonymized therapy transcripts, to enhance clinical and administrative journeys.

• Unique active Payor members reached 120,600 in Q3 2025, up 29% year-over-year.
• The company reported a sequential active Payor member growth of 8% in Q3 2025.
• Consumer active members, the direct-to-consumer segment, continued to shrink, standing at approximately 6,650 as of June 30, 2025.

Direct integration into health plan and EAP partner portals.

This is the engine of Talkspace, Inc.'s current revenue. The company focuses on embedding its services directly into the ecosystems of large payers and Employee Assistance Programs (EAPs). Payor revenue, which is revenue from insurance benefits, was $45.5 million in the third quarter of 2025, representing a 42% increase compared to the prior year period. This segment now constitutes the majority of the company's total revenue. The total number of people who could potentially access Talkspace, Inc. through a partner organization was projected to reach as many as 200 million in 2025, though the last confirmed figure as of Q3 2024 was 160 million covered lives. The focus is on driving utilization once coverage is secured.

Here's a look at the customer base dynamics as of mid-2025, reflecting the B2B focus:

Metric	Q2 2025 (As of June 30)	Change from Prior Period
Health Plan Customers	31	Increase from 24
Enterprise Customers (DTE)	165	Decrease from 187
Payor Sessions Completed (Q2 2025, Quarterly)	Approx. 385,100	29% Year-over-Year Increase
Unique Active Payor Members (Q2 2025)	Over 111,000	10% Sequential Increase

Strategic partner platforms (e.g., Amazon Health Services).

Talkspace, Inc. actively pursues strategic alliances that place its services within broader digital health or wellness initiatives. For instance, the company announced a new partnership supporting Novo Nordisk's WeGo Together app for obesity management, which is described as particularly applicable to many Medicare patients. Furthermore, the company announced the acquisition of Wisdo Health, an AI-powered social health platform, to bolster its offerings, especially for Medicare populations.

Direct-to-Consumer (B2C) digital marketing and advertising.

The B2C channel is actively being de-emphasized to reduce Customer Acquisition Costs (CAC). Consumer revenue declined by 23% year-over-year in Q3 2025. Management has indicated that marketing spend is being tightly controlled, stating they 'don't spend it lightly' and projected similar spend in Q4 2025. This marketing is now more targeted, aiming to drive utilization among members who already have access via a benefit plan, rather than pure new customer acquisition.

Sales teams targeting large enterprises and government contracts.

The Direct-to-Enterprise (DTE) segment, which includes government, academic, and employer contracts, remains a key channel. While the number of enterprise customers decreased to 165 in Q2 2025 from 187 previously, the focus is on securing larger, multi-year contracts. A significant government contract example includes a $26 million, three-year agreement with the NYC Department of Health and Mental Hygiene for 'TeenSpace.' The total workforce supporting these functions, including Sales & Support, is relatively lean, with 35 employees listed in that department as of August 2025, supporting a total company headcount of 601.

Finance: draft 13-week cash view by Friday.

Talkspace, Inc. (TALK) - Canvas Business Model: Customer Segments

You're analyzing Talkspace, Inc. (TALK) and need to map out exactly who is paying for their virtual mental health services as of late 2025. The business model has clearly pivoted, moving away from a heavy reliance on direct consumer spending toward institutional backing, which is key to their current profitability.

The core of Talkspace, Inc. (TALK)'s current strategy centers on embedding its platform within the broader healthcare financing structure. This is where the significant, high-growth volume is coming from, plain and simple.

Health Plan Members (Payors) - The core growth segment.

This segment is the engine driving Talkspace, Inc. (TALK)'s financial acceleration. The company is now in-network for over 200 million covered lives across major health insurers. For the third quarter of 2025, this segment was the undisputed growth driver, with revenue surging 42% year-over-year, reaching $45.5 million. This revenue stream now constitutes approximately 77% of the total quarterly revenue. Utilization within this segment is strong, with unique active Payor members reaching 120,600 as of Q3 2025, a 29% increase year-over-year, and completed Payor sessions hitting 432,200, up 37% year-over-year for the same period. As of the second quarter of 2025, the number of health plan customers stood at 31, up from 24 in the prior year.

Here is the breakdown of the Q3 2025 revenue composition based on the latest reported figures:

Customer Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Growth (Q3 2025)	Approximate Share of Total Revenue
Payor (Health Plans)	$45.5	42%	77%
Consumer (B2C)	$4.61	-23%	8%
Direct-to-Enterprise (DTE)	$4.6	Not specified	8%

Enterprise/EAP Members (employees with mental health benefits).

The Direct-to-Enterprise (DTE) segment, which includes Employee Assistance Programs (EAP), is a component of the B2B strategy, though its revenue can be lumpy based on partnership timing. For the second quarter of 2025, the number of enterprise customers was reported at 165, a decrease from 187 in the prior period, reflecting a strategic shift in focus or contract timing. The DTE revenue for Q3 2025 was $4.6 million, down from $6.0 million in Q3 2024.

Individual Consumers (B2C) - A smaller, declining segment.

This is the legacy segment that Talkspace, Inc. (TALK) is strategically de-emphasizing to focus on more stable, scalable Payor contracts. Consumer revenue for Q3 2025 was $4.61 million, representing a sharp 23% year-over-year decline. This aligns with the operational data from Q2 2025, where the number of Consumer active members fell to approximately 6,650 from 10,700 the year prior. Still, management has indicated there will always be a consumer business component.

Specific populations: teens, Medicare Advantage members, and military families.

These specific groups represent a key area for future Payor expansion, as the company seeks to convert their large covered lives base into active utilization. Management has specifically mentioned persistently reminding these groups that they have access to the platform, often at no out-of-pocket cost through their benefits. The strategy is to leverage Payor coverage to reach these underserved populations, including:

• Medicare plan members.
• Members of the military.
• Teens.

Individuals seeking flexible, private mental health solutions.

This describes the fundamental value proposition that attracts all segments, but particularly the B2C users who value the asynchronous text, phone, or video options. The platform offers therapy via real-time video, phone calls, or asynchronous text message conversations, providing a level of privacy and convenience that appeals to a wide user base looking for mental health access outside of traditional office settings.

Finance: draft 13-week cash view by Friday.

Talkspace, Inc. (TALK) - Canvas Business Model: Cost Structure

You're looking at the core expenses Talkspace, Inc. (TALK) has to cover to deliver its virtual mental health services, based on the latest available figures from Q3 2025.

Cost of revenue is the biggest line item here, which makes sense since the service delivery relies on paying clinicians. For the third quarter of 2025, the Cost of revenue, excluding depreciation and amortization, hit $34.7 million. This increase, up 35% year-over-year, was directly tied to the higher volume of completed Payor sessions. This number primarily represents therapist compensation, the variable cost that scales with service utilization.

When you look at the total spend to run the business, Total costs and operating expenses were $57.2 million in Q3 2025. If you back out that $34.7 million Cost of Revenue, you are left with the fixed and semi-fixed operating expenses, which totaled approximately $22.5 million in the quarter. This remaining bucket covers technology, marketing, and overhead.

Here's a breakdown of the key cost components we can quantify from the Q3 2025 report:

Cost Component	Q3 2025 Amount (USD)	Notes
Cost of Revenue (Therapist Compensation Focus)	$34.7 million	Excluding D&A; driven by Payor session volume.
Total Operating Expenses (Excluding Cost of Revenue)	Approx. $22.5 million	Calculated as Total Costs/OpEx ($57.2M) minus Cost of Revenue ($34.7M).
Total Costs and Operating Expenses	$57.2 million	Total spend before other adjustments.
Normalized Operating Expenses as % of Revenue	34%	Down from 41% a year ago, showing operating leverage.

The remaining operating expenses-which include technology, sales, and G&A-are being managed for leverage. The management team noted that Total operating expenses (which seems to refer to the non-Cost of Revenue portion in some commentary) were $22.4 million in Q3 2025. This figure bundles the following key areas:

• Technology development and maintenance costs (including AI investment).
• Sales and marketing expenses to drive user activation.
• General and administrative (G&A) overhead and corporate costs.

The company is actively investing in its platform, as evidenced by the commentary on strategic investments in technology and product platforms throughout 2025. While we don't have the specific dollar split for AI investment versus general Sales and Marketing, the overall trend shows these costs, as a percentage of revenue, are shrinking relative to the prior year, suggesting efficiency gains.

Finally, costs associated with regulatory compliance and data security are inherent and significant, given the sensitive nature of protected health information (PHI) and the platform's HIPAA compliance requirements. These costs are embedded within the G&A and Technology development lines but are not broken out separately in the high-level reporting available.

Finance: draft 13-week cash view by Friday.

Talkspace, Inc. (TALK) - Canvas Business Model: Revenue Streams

The revenue streams for Talkspace, Inc. (TALK) as of late 2025 are heavily weighted toward institutional and insurance-based arrangements, reflecting a deliberate strategic pivot away from the direct-to-consumer (D2C) model.

Payor Revenue (reimbursement from insurance/health plans) is the clear majority of revenue, acting as the primary growth engine for Talkspace, Inc. (TALK).

• In the third quarter of 2025, Payor Revenue grew 42% year-over-year to $45.5 million.
• This Payor segment represented approximately 77% of total revenue in Q3 2025.
• The number of completed Payor sessions rose 37% year-over-year to 432,200 in Q3 2025.
• Unique active Payor members reached 120,600, marking a 29% year-over-year increase.
• Talkspace, Inc. is an in-network provider for over 179 million covered lives across health plans.

The shift to the Payor channel has compressed gross margins, as insurance-based revenue typically carries a higher cost of revenue compared to the legacy D2C model. For instance, the adjusted gross margin for Q3 2025 was 41.5%.

Enterprise/EAP Contracts (fixed fees or per-member-per-month), categorized as Direct-to-Enterprise (DTE), show lumpiness and a recent sequential decline.

Metric	2024 Full Year Amount	Q3 2025 Amount
DTE Revenue	$38 million	$4.6 million

Subscription Fees from Direct-to-Consumer (B2C) users are intentionally shrinking as the company prioritizes the more defensible Payor segment.

• Consumer revenue declined 23% year-over-year in Q3 2025, falling to $4.61 million.
• In Q2 2025, Consumer revenue from out-of-pocket payers was $4.4 million, down from $6.5 million a year prior.

Psychiatry and medication management services fees are integrated within the overall service suite, which includes therapy for individuals, teens, and couples, alongside psychiatric treatment and medication management for those 18 and older.

The overall financial outlook for the full year 2025 reflects confidence in this revenue mix shift leading to profitability.

Financial Metric	Full-Year 2025 Guidance Range
Total Revenue	$226 million to $230 million
Adjusted EBITDA	$14 million to $16 million

The narrowed Adjusted EBITDA guidance of $14 million to $16 million represents a year-over-year growth of 101% to 130% at the midpoint.