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SHAREHOLDERS EQUITY (DEFICIT) - Employee Stock Purchase Plan ("ESPP") (Details) - ESPP	3 Months Ended
	Mar. 31, 2026 shares
SHAREHOLDERS' EQUITY (DEFICIT)
Common stock reserved for issuance	250,000
Shares issued	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACQUISITIONS

3 Months Ended

Mar. 31, 2026

ACQUISITIONS

ACQUISITIONS

2.ACQUISITIONS

During the three months ended March 31, 2026, our affiliated dental practices acquired one general dental practice. This acquisition was completed on January 23, 2026. The final purchase consideration for the practices was $1,775, of which $1,595 was settled in cash and $180 in practice acquisition installment notes. The acquired practice is a single-location general practice located in Tucson, Arizona. In the three months ended March 31, 2025, our affiliated dental practices did not acquire any dental practices. Practice acquisition installment notes are generally payable between 12 and 48 months after the date of acquisition.

The results of operations and financial condition of the acquired entity have been included in our condensed consolidated results as of the date of acquisition. For the three months ended March 31, 2026, the acquired entity’s impact on revenues and net earnings was not material. Unaudited pro forma revenues and net earnings for the three months ended March 31, 2026, as if the business combination had occurred on the first of the year, were immaterial for the period.

Goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from increased revenue and cost reductions. We anticipate that acquired goodwill will be deductible for tax purposes.

The following table summarizes the consideration paid, assessment of assets acquired and liabilities assumed, and resulting goodwill. Management’s measurement of the fair values of acquired assets and assumed liabilities and purchase price allocation is preliminary and subject to finalization when valuations and final assessments of the fair

value of acquired assets and assumed liabilities are completed in the measurement period (up to one year from the acquisition date). There can be no assurance that such final assessments will not result in material changes from the preliminary purchase price allocations, and such changes may result in changes in the opening balance sheet value of goodwill. The Company’s estimates and assumptions are subject to change during the measurement period as the Company finalizes the valuations of certain tangible and intangible assets acquired, and liabilities assumed. We expect to complete the purchase price allocation for the January 2026 acquisition during the fiscal year 2026.

Acquisition completed in the three months ended March 31, 2026:


	As of
	March 31, 2026
	(in thousands)
Dental supplies	$	10
Property and equipment		86
Right of use lease asset		548
Patient lists		1,550
Goodwill		154
Right of use lease liability		(548)
Liabilities assumed		(25)
Assets acquired and liabilities assumed	$	1,775
Total purchase price	$	1,775
Issuance of amounts due to sellers – acquisitions		(180)
Cash paid in business combinations	$	1,595

During the year ended December 31, 2025, our affiliated dental practices acquired three single-location dental practices that provide general dental services. Due to the closing of two of the transactions on December 31, 2025, management’s measurement of the fair values of acquired assets and assumed liabilities and purchase price allocation was preliminary for the year ended December 31, 2025. These provisional amounts are subject to finalization when valuations and final assessments of the fair value of acquired assets and assumed liabilities are completed in the measurement period, which may extend up to one year from the respective acquisition dates. The purchase price allocations were finalized during the three months ended March 31, 2026.

The following table summarizes a comparison of the preliminary and final consideration paid, assessment of assets acquired and liabilities assumed, and resulting goodwill for the acquisitions completed in the year ended December 31, 2025:


	Preliminary as of		Final as of
	December 31, 2025		March 31, 2026

	(in thousands)
Dental supplies	$	30	$	30
Property and equipment		226		180
Right of use lease asset		349		349
Patient lists		1,241		1,283
Goodwill		619		623
Right of use lease liability		(349)		(349)
Liabilities assumed		(11)		(11)
Assets acquired and liabilities assumed	$	2,105	$	2,105
Total purchase price	$	2,105	$	2,105
Issuance of amounts due to sellers – acquisitions		(388)		(388)
Cash paid in business combinations	$	1,717	$	1,717

On May 3, 2026, the Company and our affiliated dental practices entered into an agreement to acquire a general dental practice, subject to customary closing conditions, which is expected to close in the second quarter. The total anticipated purchase consideration is anticipated to be approximately $1,225.

- Definition

The entire disclosure for business combination.

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+ Details

REVENUE (Tables)

3 Months Ended

Mar. 31, 2026

REVENUE

Schedule of revenue disaggregation by service


	For the three months ended
	March 31,
	2026		2025

	(in thousands)
General dentistry	$	46,122	$	43,353
Multi-Specialty dentistry		16,573		15,684
Revenue	$	62,695	$	59,037

COMMITMENT AND CONTINGENCIES - Lease information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Operating Right-of-Use Assets and Lease Liabilities
Lease right-of-use assets - operating leases	$ 44,418		$ 44,542
Lease liabilities
Current portion of lease liability	6,835		6,711
Non-current operating leases	41,405		41,659
Total lease liabilities	$ 48,240		$ 48,370
Weight-average discount rate-operating leases (as a percent)	3.94%		3.86%
Weight-average remaining lease term-operating leases	9 years 6 months 3 days		9 years 7 months 17 days
Non-cash information
Non-cash information - right of use assets obtained in exchange for lease liabilities - operating leases	$ 1,477	$ 2,695

LONG-TERM DEBT - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Long-term debt maturity
Remaining 2026	$ 1,421
2027	1,884
2028	1,857
2029	4,179
Thereafter	2,165
Long-term debt total	$ 11,506	$ 11,980

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

RELATED-PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS

15.RELATED-PARTY TRANSACTIONS

We have lease agreements with entities that are minority owned by certain practicing dentists and officers of the Company. Total lease liabilities for these properties were $22,656 at March 31, 2026, and $23,161 at December 31, 2025. Lease cost of $469 and $435 was recognized for these properties for March 31, 2026 and 2025, respectively.

As described in Note 9 — Long-term debt, we have outstanding subordinated Notes Payable. A portion of these subordinated Notes are due to certain related parties, the principal balance of which is $2,012, due at maturity and interest due quarterly through October 1, 2037.

In connection with the vesting of certain equity awards upon the consummation of the Company’s initial public offering, the Company issued one-year promissory notes to eleven affiliated shareholder doctors to provide liquidity for tax obligations arising from such vesting. The loans, which were not available to executive officers or directors, were capped at 31% of the value of the vested shares, bear interest at 3.66% per annum, and are due no later than January 2027. Participating shareholders are subject to a 365-day lock-up restriction while these loans remain outstanding. The aggregate principal amount outstanding under these promissory notes was $600 as of March 31, 2026, and was presented within Prepaid expenses and other current assets on the condensed consolidated balance sheet. No amounts were outstanding as of December 31, 2025.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2026

LONG-TERM DEBT

Schedule of long-term debt


		As of
		March 31, 2026		December 31, 2025

		(in thousands)
Bank term loan		$	9,286	$	9,750
Subordinated notes payable			2,165		2,165
Notes payable to former dentist shareholders for the redemption of shares			55		65
Totals			11,506		11,980
Less – current maturities			1,895		1,895
Long-term portion		$	9,611	$	10,085

Schedule of long-term debt principal payments


	(in thousands)
Remaining 2026	$	1,421
2027		1,884
2028		1,857
2029		4,179
2030		—
Thereafter		2,165
Total	$	11,506

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

+ Details

CONCENTRATION OF CREDIT RISK (Details) $ in Thousands	3 Months Ended		12 Months Ended
CONCENTRATION OF CREDIT RISK (Details) $ in Thousands	Mar. 31, 2026 USD ($) item	Mar. 31, 2025	Dec. 31, 2025 USD ($)
Concentration Risk
Number of financial institutions \| item	1
Cash deposits in excess of the federally insured amounts \| $	$ 23,798		$ 24,618
Accounts receivable \| Credit concentration
Concentration Risk
Concentration Risk, Percentage	100.00%		100.00%
Accounts receivable \| Credit concentration \| Patients
Concentration Risk
Concentration Risk, Percentage	30.00%		32.00%
Accounts receivable \| Credit concentration \| Third-party payors
Concentration Risk
Concentration Risk, Percentage	70.00%		68.00%
Accounts receivable \| Credit concentration \| Largest third-party payor
Concentration Risk
Concentration Risk, Percentage	18.00%		23.00%
Consolidated net revenue \| Customer concentration \| Largest third-party payor
Concentration Risk
Concentration Risk, Percentage	35.00%	32.00%

CONCENTRATION OF CREDIT RISK

3 Months Ended

Mar. 31, 2026

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

4.CONCENTRATION OF CREDIT RISK

Financial instruments that potentially subject us to possible credit risk consist principally of accounts receivable and cash deposits in excess of insured limits.

Accounts receivable consist of amounts due from patients, their insurers, or governmental agencies for health care provided to the patients. The majority of patients are from Minneapolis/St. Paul, Rochester, Sartell, and Duluth, Minnesota, western Wisconsin, Phoenix, Arizona, and Tucson, Arizona and the surrounding areas.

The mix of receivables from patients and third-party payors are as follows:


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Patients	30	%	32	%
Third-party payors	70		68
Totals	100	%	100	%

One third-party payor and their affiliated entities accounted for approximately 35% and approximately 32% of our condensed consolidated net revenue for the three months ended March 31, 2026 and 2025, respectively.

Accounts receivable from one third-party payor and their affiliated entities accounted for approximately 18% and approximately 23% of total accounts receivable at March 31, 2026, and December 31, 2025, respectively.

We maintain a depository relationship with one primary financial institution. Operating cash requirements frequently require that amounts on deposit exceed Federal Deposit Insurance Corporation limits. We believe this financial institution has a strong credit rating and that credit risk related to these deposits is minimal. As of March 31, 2026, and December 31, 2025, cash deposits in excess of the federally insured amounts were $23,798 and $24,618, respectively.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/275/tableOfContent

+ Details

COMMITMENT AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

COMMITMENT AND CONTINGENCIES

COMMITMENT AND CONTINGENCIES

13.COMMITMENT AND CONTINGENCIES

Operating Leases

The Company leases all but one of its locations. Excluding renewal options that are not reasonably certain to be exercised, our leases have remaining contractual terms that range from 2 to 18 years. Most of the leases contain renewal options and escalation clauses. Our property leases require payment of real estate taxes, insurance, and common area maintenance, in addition to rent. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Lease Cost — Lease cost has been included within Office occupancy on our condensed consolidated statement of operations and consisted of the following:


	For the Three Months Ended
	March 31,
	2026		2025

	(in thousands)
Lease Cost	$	2,079	$	1,912

Lease cost associated with operating leases and short-term leases (i.e., leases with an initial term of 12 months or less) is recognized on a straight-line basis from the date we take possession of the property through the end of the lease term. Variable lease payments not recognized in the measurement of operating lease liabilities are expensed as incurred.

Operating Right of Use Assets and Lease Liabilities — Operating right of use assets and lease liabilities included on our condensed consolidated balance sheet were as follows:


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Lease right of use assets – operating leases	$	44,418	$	44,542
Lease liabilities:
Current operating leases	$	6,835	$	6,711
Non-current operating leases		41,405		41,659
Total lease liabilities	$	48,240	$	48,370

Remaining Lease Terms and Discount Rates — ASC 842 requires that we recognize right of use assets and lease liabilities for our operating leases. A key component of this is to determine the incremental borrowing rate, which is used to discount future lease payments. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow over a similar term, with similar security, the funds necessary to purchase the underlying asset in a similar economic environment. Since the interest rate implicit in our lease contracts is typically not readily determinable, we reviewed existing debt financing arrangements and the types of leases as well as the lease term and type of collateral to calculate the incremental borrowing rate.

The weighted-average remaining lease terms and discount rates associated with our operating lease liabilities were as follows:


	As of
	March 31, 2026		December 31, 2025
Weight-average discount rate-operating leases	3.94	%	3.86	%
Weight-average remaining lease term-operating leases	9.51	years	9.63	years

Supplemental Cash Flow Information — Supplemental cash flow information associated with our operating leases is as follows:


	For the Three Months Ended
	March 31,
	2026		2025

	(in thousands)
Non-cash information – right of use assets obtained in exchange for lease liabilities – operating leases	$	1,477	$	2,695

Maturities of Operating Lease Liabilities — Scheduled minimum lease payments under noncancelable operating leases with initial or remaining lease terms in excess of one year at March 31, 2026, are summarized as follows:


	(in thousands)
Remaining 2026	$	6,453
2027		8,156
2028		7,079
2029		5,834
2030		4,898
Thereafter		25,740
Total lease payments		58,160
Less liability accretion		(9,920)
Present value of lease liabilities	$	48,240

Legal Contingencies — We and our affiliated dental practices have been named as a defendant in lawsuits from time to time in the normal course of business, primarily for employment liability, alleged negligence in care or general liability and contractual business disputes. At the present time, we do not believe any pending lawsuits will have a material adverse effect on our operating results, cash flows, liquidity or financial position

In 2024, multiple claims were filed against us in state and federal courts in Minnesota based on a data breach event. Subsequently, certain of the claims were dismissed; however, the putative class action suit in Minnesota District Court entitled, In re Park Dental Data Breach Litigation, Case No. 27-CV-24-12335, Fourth Judicial District, County of Hennepin, State of Minnesota continues. We anticipate the settlement of this matter is now probable. We expect the settlement, net of insurance recoveries, will have an immaterial impact to our financial results as we anticipate the costs to settle will be fully recovered under our insurance policy coverage.

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Goodwill activity
Goodwill - beginning	$ 17,178
Goodwill acquired	154
Measurement period adjustments	4
Goodwill - ending	$ 17,336
Changes in goodwill		$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUE	$ 62,695	$ 59,037
COST OF SERVICES
Salaries and benefits	41,895	35,637
Dental supplies and Laboratory fees	4,338	4,239
Office occupancy	4,285	4,004
Other practice expenses	3,834	3,405
Depreciation	1,963	1,896
TOTAL COST OF SERVICES	56,315	49,181
GROSS MARGIN	6,380	9,856
General and administrative expenses	7,840	6,928
Depreciation and amortization	420	378
OPERATING INCOME (LOSS)	(1,880)	2,550
INTEREST EXPENSE - NET	(121)	(337)
INCOME (LOSS) BEFORE TAX	(2,001)	2,213
PROVISION/(BENEFIT) FOR INCOME TAX	(1,611)	646
NET INCOME (LOSS)	$ (390)	$ 1,566
Earnings (Loss) per share:
Basic (in dollars per share)	$ (0.09)	$ 0.88
Diluted (in dollars per share)	$ (0.09)	$ 0.88
Basic weighted-average number of common shares outstanding (in shares)	4,383,073	1,783,352
Diluted weighted-average number of common shares outstanding (in shares)	4,383,073	1,783,352

COMMITMENT AND CONTINGENCIES - Lease maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Minimum lease payments
Remaining 2026	$ 6,453
2027	8,156
2028	7,079
2029	5,834
2030	4,898
Thereafter	25,740
Total lease payments	58,160
Less liability accretion	(9,920)
Present value of lease liabilities	$ 48,240	$ 48,370

EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2026

EARNINGS PER COMMON SHARE

Computation of basic and diluted earnings per share attributable to common shareholders


		For the Three Months Ended
		March 31,
		2026			2025

		(in thousands, except
		per share amounts)
Net income (loss) available to PARK common shareholders		$	(390)		$	1,566
Earnings (loss) per share attributable to PARK common shareholders:
Basic		$	(0.09)		$	0.88
Diluted		$	(0.09)		$	0.88
Weighted-average number of common stock shares outstanding			4,383			1,783
Dilutive impact of share based awards			—			—
Weighted-average number of common stock shares outstanding – diluted			4,383			1,783
Anti-dilutive restricted stock excluded from diluted EPS computation			2,225			3,549
Anti-dilutive warrants excluded from diluted EPS computation			92			—

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (390)	$ 1,566
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	2,383	2,274
Deferred income taxes	(470)
Change in cash surrender value of life insurance	440	335
Loss on disposal of property and equipment	37	63
Noncash lease expense	(6)	(78)
Share based compensation	4,024
Changes in operating assets and liabilities
Accounts receivable	172	299
Prepaid expenses and other current assets	(196)	(261)
Accounts payable and other accrued liabilities	942	1,120
Payroll, benefits and deferred compensation	(761)	(246)
Accrued taxes	(1,118)	614
Deferred revenue and other liabilities	(31)	173
Net cash flows from operating activities	5,026	5,859
NET CASH FLOWS USED IN INVESTING ACTIVITIES:
Purchases of property and equipment	(2,305)	(2,420)
Life insurance premiums paid	(273)	(664)
Payments for purchases of dental practices	(1,595)
Issuance of notes to related parties	(600)
Net cash flows used in investing activities	(4,773)	(3,084)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Gross borrowings on line of credit		5,760
Gross repayments on line of credit		(5,760)
Dental practice purchase installment payments	(8)	(8)
Net change in checks issued in excess of cash balances	(573)	(1,328)
Payments of long-term debt	(473)	(478)
Payments of capital lease obligation	(12)	(11)
Cash paid for share repurchase		(154)
Net cash flows used in financing activities	(1,066)	(1,979)
NET CHANGE IN CASH AND CASH EQUIVALENTS	(813)	796
CASH AND CASH EQUIVALENTS - Beginning of period	25,185	2,672	$ 2,672
CASH AND CASH EQUIVALENTS - End of period	24,372	3,468	$ 25,185
SUPPLEMENTAL CASH FLOW INFORMATION - Cash paid during the period for:
Interest	284	341
Purchases of property and equipment in accounts payable	$ 1,473	$ 1,012

LINE OF CREDIT (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
LINE OF CREDIT (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt
Borrowings on line of credit		$ 5,760
Repayments on line of credit		$ 5,760
Line of credit
Debt
Maximum borrowing capacity	$ 15,000
Variable interest rate (as a percent)	2.00%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Additional borrowing capacity	$ 10,000
Borrowings on line of credit			$ 14,903
Repayments on line of credit			14,903
Line of credit outstanding borrowings	0		$ 0
Bank note payable
Debt
Maximum borrowing capacity	$ 13,000
Variable interest rate (as a percent)	2.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember

DEFERRED COMPENSATION - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Deferred Compensation
Deferred compensation	$ 67,569	$ 68,417
Payroll, benefits and short term deferred compensation	16,802	16,716
Deferred compensation plans inactive
Deferred Compensation
Deferred compensation	45,569	46,120
Payroll, benefits and short term deferred compensation	1,450	1,457
Total liability	47,019	47,577
Professional employee compensation ("PEC) plan
Deferred Compensation
Deferred compensation	43,220	43,497
Payroll, benefits and short term deferred compensation	1,118	1,121
Total liability	44,338	44,618
Equity accumulation plan
Deferred Compensation
Deferred compensation	1,159	1,218
Payroll, benefits and short term deferred compensation	58	84
Total liability	1,217	1,302
Phantom equity plan
Deferred Compensation
Deferred compensation	1,190	1,405
Payroll, benefits and short term deferred compensation	274	252
Total liability	$ 1,464	$ 1,657

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	PDPI Common Stock	Treasury Stock	Accumulated Shareholders' (Deficit)	Additional Paid-in Capital	Total
Beginning balance at Dec. 31, 2024	$ 1	$ (91)	$ (5,730)	$ 1,521	$ (4,299)
Increase (Decrease) in Stockholders' Equity (Deficit)
Share repurchase		(154)			(154)
Net Income (Loss)			1,566		1,566
Ending balance at Mar. 31, 2025	1	(245)	(4,164)	1,521	(2,887)
Beginning balance at Dec. 31, 2025	1	(737)	(6,088)	28,627	21,803
Increase (Decrease) in Stockholders' Equity (Deficit)
Share based compensation				4,024	4,024
Net Income (Loss)			(390)		(390)
Ending balance at Mar. 31, 2026	$ 1	$ (737)	$ (6,478)	$ 32,651	$ 25,437

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

COMMITMENT AND CONTINGENCIES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease
Lease Cost	$ 2,079	$ 1,912
Minimum
Lease
Contract term	2 years
Maximum
Lease
Contract term	18 years

LONG-TERM DEBT (Details) $ in Thousands	3 Months Ended
LONG-TERM DEBT (Details) $ in Thousands	Mar. 31, 2026 USD ($) installment Lender	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Debt
Long-term debt	$ 11,506		$ 11,980
Bank note payable
Debt
Maximum borrowing capacity	$ 13,000
Variable interest rate (as a percent)	2.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Monthly installments	$ 155
Long-term debt	9,286		9,750
Interest expense	$ 136	$ 200
Subordinated notes payable
Debt
Effective interest rate (as a percent)	24.50%
Long-term debt	$ 2,165		2,165
Interest expense	131	137
Subordinated notes payable \| Related party
Debt
Long-term debt	$ 2,012
Number of lenders \| Lender	2
Subordinated notes payable \| Minimum
Debt
Stated interest rate (as a percent)	14.00%
Notes payable to former dentist shareholders
Debt
Number of installment \| installment	60
Percentage of reduction to applicable rate	1.00%
Long-term debt	$ 55		$ 65
Debt repayment	10
Interest expense	$ 1	$ 2
Notes payable to former dentist shareholders \| Maximum
Debt
Stated interest rate (as a percent)	10.00%

SHAREHOLDERS EQUITY (DEFICIT) - Unrestricted Stock Grant (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Unrestricted stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock granted (in shares)	0	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2026

2026 Acquisitions

Acquisitions

Schedule of purchase price allocation


	As of
	March 31, 2026
	(in thousands)
Dental supplies	$	10
Property and equipment		86
Right of use lease asset		548
Patient lists		1,550
Goodwill		154
Right of use lease liability		(548)
Liabilities assumed		(25)
Assets acquired and liabilities assumed	$	1,775
Total purchase price	$	1,775
Issuance of amounts due to sellers – acquisitions		(180)
Cash paid in business combinations	$	1,595

2025 Acquisitions

Acquisitions

Schedule of purchase price allocation


	Preliminary as of		Final as of
	December 31, 2025		March 31, 2026

	(in thousands)
Dental supplies	$	30	$	30
Property and equipment		226		180
Right of use lease asset		349		349
Patient lists		1,241		1,283
Goodwill		619		623
Right of use lease liability		(349)		(349)
Liabilities assumed		(11)		(11)
Assets acquired and liabilities assumed	$	2,105	$	2,105
Total purchase price	$	2,105	$	2,105
Issuance of amounts due to sellers – acquisitions		(388)		(388)
Cash paid in business combinations	$	1,717	$	1,717

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

VARIABLE INTEREST ENTITIES (Tables)

3 Months Ended

Mar. 31, 2026

VARIABLE INTEREST ENTITIES

Schedule of the variable interest entities' combined assets and liabilities


		As of
		March 31, 2026		December 31, 2025

		(in thousands)
TOTAL ASSETS		$	39,852	$	41,269
TOTAL LIABILITIES		$	32,551	$	32,821

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Business (Details)	3 Months Ended
	Mar. 31, 2026 item
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of dentists	221
Number of practice locations	86
Number of reportable segments	1
Number of operating segments	1

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Practice acquisition installment notes


	As of
	March 31, 2026
	(in thousands)
Practice acquisition installment notes – beginning balance	$	956
Additions related to acquisitions		180
Payments advanced to seller		(8)
Practice acquisition installment notes – ending balance	$	1,128


	As of
	March 31, 2025
	(in thousands)
Practice acquisition installment notes – beginning balance	$	1,141
Payments advanced to seller		(8)
Practice acquisition installment notes – ending balance	$	1,133

Schedule of expense items


	For the three months ended
	March 31,
	2026		2025

	(in thousands)
Salaries and Benefits
Doctor compensation and benefits	$	20,763	$	15,923
Clinical team member salaries and benefits		21,132		19,714
Total Salaries and Benefits	$	41,895	$	35,637
Other Practice Expenses
MinnesotaCare tax	$	1,121	$	1,053
Other expenses of practices⁽¹⁾		2,713		2,352
Total – Other Operating expense	$	3,834	$	3,405

(1)Other expenses of practices include software and subscription costs, repairs and maintenance costs, recruiting, travel and entertainment, insurance, and other operating costs.

Schedule of revenue disaggregation by customer


		For the three months ended
		March 31,
		2026		2025

		(in thousands)
Third-party payors		$	43,807	$	40,836
Patients			18,888		18,201
Total all payors		$	62,695	$	59,037

Schedule of changes in deferred revenue


	As of March 31,
	2026		2025

	(in thousands)
Deferred revenue - beginning balance	$	1,411	$	1,432
Recognition of prior deferred revenue in the current quarter		(547)		(509)
Deferral of revenue		581		509
Deferred revenue - ending balance	$	1,445	$	1,432

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2026

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Nature of Business — We are a dental resource organization that provides administrative and other business support services to affiliated general and multi-specialty dental practices. We currently have exclusive long-term agreements with the following affiliated dental practices — PDG, P.A., Dental Specialists of Minnesota, PLLC and Orthodontic Specialists of Minnesota, PLLC, (together “affiliated dental practices”). We currently support 221 dentists across 86 practice locations. As a result of our exclusive, long-term agreements with our affiliated dental practices, our condensed consolidated financial results include the consolidated results of the affiliated dental practices, in which we do not hold an equity interest. References to “we”, “us”, and “our” refer to Park Dental Partners, Inc. (“PDPI”) and our affiliated general and multi-specialty dental practices PDG, P.A. (“PDG”), Dental Specialists of Minnesota, PLLC (“TDS”), and Orthodontic Specialists of Minnesota, PLLC (“The Dental Specialists Orthodontics”). PDG, TDS, and The Dental Specialists Orthodontics provide general and specialty dental care services to patients in Minnesota, Wisconsin, and Arizona.

Basis of presentation

Basis of presentation — The accompanying condensed consolidated financial statements, including the balance sheet as of March 31, 2026, statements of operations and statements of stockholders’ equity (deficit), for the three months ended March 31, 2026 and 2025, and statements of cash flows for the three months ended March 31, 2026 and 2025, are unaudited. The condensed consolidated financial statements and accompanying notes are presented as permitted by Form 10-Q and do not contain certain information included in the Company’s annual consolidated financial statements and notes. The information included in this Quarterly Report should be read in conjunction with Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and consolidated financial statements and notes thereto for the fiscal year ended December 31, 2025 included in the Company’s Annual Report. In the opinion of management, these condensed financial statements reflect all adjustments, which include normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026 and the results of operations and cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period.

Segment Reporting

Segment Reporting — We manage our operations on a company-wide basis, rather than at a product or business unit level, thereby making determinations as to the allocation of resources as one operating and reportable segment. Our single segment derives revenues by providing general and specialty dental care services to patients. All financial information provided in the consolidated financial statements pertains to this single operating segment. All Company assets are located in the United States.

Our chief executive officer and chairman is the chief operating decision maker (“CODM”). The CODM uses financial information at the consolidated level, including net income, gross margin, and Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”), to assess performance and make key operating decisions, including approving annual operating plans, expanding into new markets, or pursuing business acquisitions. Net income and Adjusted EBITDA are used to monitor budget versus actual results, as well as trends compared to historical performance, which are the CODM’s primary considerations to assess performance. There are no segment managers held accountable by the CODM for operating results at levels or components below the consolidated unit level. The measure of segment assets is reported on the balance sheet as total consolidated assets. Our CODM does not review segment assets at a different asset level. The CODM has overall responsibility and accountability for the profitability and cash flows of the Company.

Other Current Liabilities and Other Long-Term Liabilities

Other Current Liabilities and Other Long-Term Liabilities — Other current liabilities and other long-term liabilities include insurance and patient refunds, finance lease obligations, deferred rent, and practice acquisition installment notes. Practice acquisition installment notes are generally payable between 12 – 48 months after the date of

the acquisition. The total liability of outstanding practice acquisition installment notes as of March 31, 2026 and December 31, 2025, included within the condensed consolidated balance sheet was $1,128 and $956, respectively, of which, the current portion was $627 and $505, respectively, and is included within other current liabilities. The following table provides details of the Company’s liability for outstanding practice acquisition installment notes:


	As of
	March 31, 2026
	(in thousands)
Practice acquisition installment notes – beginning balance	$	956
Additions related to acquisitions		180
Payments advanced to seller		(8)
Practice acquisition installment notes – ending balance	$	1,128


	As of
	March 31, 2025
	(in thousands)
Practice acquisition installment notes – beginning balance	$	1,141
Payments advanced to seller		(8)
Practice acquisition installment notes – ending balance	$	1,133

Revenue Recognition

Revenue Recognition — Our affiliated dental practices generate their revenue from services provided to patients. Generally, dental practices bill the patients and third-party payors after the services are performed. Revenue is recognized as performance obligations are satisfied. Patient care service revenue is reported at the amount that reflects the consideration to which the affiliated dental practices estimate to be entitled in exchange for providing patient care. These consideration amounts are due from patients and third-party payors (including dental insurers and government sponsored programs), and others and include variable consideration. Our affiliated dental groups determine the transaction price, which involves significant estimates and judgment, based on standard charges for goods and services provided, reduced by contractual allowance provided to third-party payors, discounts provided to uninsured patients in accordance with our policy and implicit price concessions based on its historical collection experience for each patient portfolio based on payor classes and service types. We regularly review data about these major payor sources of revenue in evaluating the sufficiency of the contractual allowance and implicit price concessions. Performance obligations are determined based on the nature of the services provided. For general dental care services, the performance obligations are satisfied as the patient simultaneously receives and consumes the benefits provided as the services are performed. Revenue from performance obligations satisfied over time is recognized based on total expected or actual services allocated to each performance obligation. Generally, performance obligations satisfied over time relate to patients receiving orthodontic services. For these services we measure the performance obligation from initial execution of the contract to the point when there are no further services required for the patient. Typically, revenue is recognized within 12-months of the commencement of services. In addition, our affiliated dental practices offer a direct-to-consumer dental care subscription for patients without dental insurance, which provides reduced costs for patient care over a 12-month period. Materially all deferred revenue at the end of a fiscal year is recognized within the subsequent 12-month period. The subscription revenue is deferred and recognized over the period of care. We believe that these methods provide an accurate depiction of the transfer of services over the term of the performance obligation based on the inputs needed to satisfy the obligations.

Per the administrative resource agreements, Park Dental Partners, Inc. bills the affiliated dental practices for business and administrative services. However, this revenue and related expenses are eliminated in the financial statement consolidation process.

Our affiliated dental practices have agreements with third-party payors that typically provide for payments at amounts less than standard established charges. A summary of the payment arrangements with major third-party payors consists of the following:

●

Medicaid: services are generally paid at prospectively determined rates per charge, per occasion of service, or per covered member.

●

Commercial insurance: payment agreements with certain insurance carriers provide for payment using prospectively determined rates per charge, discounts from established charges, and fee schedules.

Our patient service revenue, net of allowances, implicit price concessions and discounts, recognized from these major payor sources and patients was as follows:


		For the three months ended
		March 31,
		2026		2025

		(in thousands)
Third-party payors		$	43,807	$	40,836
Patients			18,888		18,201
Total all payors		$	62,695	$	59,037

Patient Receivables and Credit Policy

Patient Receivables and Credit Policy — Patient accounts receivable are uncollateralized patient obligations that are stated at the amount we expect to collect from outstanding balances. These obligations are primarily from local patients most of whom are insured under third-party payor agreements. Park Dental Partners, Inc. provides billing and collection services on behalf of the affiliated dental practices. Park Dental Partners, Inc. bills third-party payors on the patients’ behalf, or if a patient is uninsured, the patient is billed directly. Once claims are settled with the third-party payors, patients are billed for the remaining balance. Payments on accounts receivable are applied to the specific claim identified on the remittance advice or statement. Park Dental Partners, Inc. and its affiliated dentists have a policy of assessing a finance charge of 8% on patient past due accounts 90 days or older.

Carrying amounts of accounts receivable are reduced by contractual allowances and implicit price concessions that reflect management’s best estimate of the amounts that will not be collected. We provide for contractual adjustments under terms of third-party reimbursement agreements through a reduction of gross revenue and a credit to a contractual valuation allowance. In addition, we provide for probable uncollectible amounts, primarily for uninsured patients and amounts patients are personally responsible for, through a reduction in gross revenue and a credit to a valuation allowance based on its assessment of historical collection experience, trends for each of its major payor sources of revenue, and the current status of individual accounts. Balances that are still outstanding after we have used reasonable collection efforts are written off through a charge to the valuation allowance and credit to patient accounts receivable. Contractual allowances, concessions, and reserves for uncollectible accounts were $5,186 and $4,864 at March 31, 2026 and December 31, 2025, respectively.

Deferred Revenue

Deferred Revenue — Deferred revenue is comprised of performance obligations satisfied over time which have not yet been completed, primarily related to orthodontic and dental subscription services.

Changes in deferred revenue were as follows:


	As of March 31,
	2026		2025

	(in thousands)
Deferred revenue - beginning balance	$	1,411	$	1,432
Recognition of prior deferred revenue in the current quarter		(547)		(509)
Deferral of revenue		581		509
Deferred revenue - ending balance	$	1,445	$	1,432

Specified Expense Items

Specified Expense Items — Significant segment level expense information provided to the CODM is consistent with our condensed consolidated statements of operations, as supplemented by the specified expense items provided to the CODM and disclosed in the table below:


	For the three months ended
	March 31,
	2026		2025

	(in thousands)
Salaries and Benefits
Doctor compensation and benefits	$	20,763	$	15,923
Clinical team member salaries and benefits		21,132		19,714
Total Salaries and Benefits	$	41,895	$	35,637
Other Practice Expenses
MinnesotaCare tax	$	1,121	$	1,053
Other expenses of practices⁽¹⁾		2,713		2,352
Total – Other Operating expense	$	3,834	$	3,405

(1)Other expenses of practices include software and subscription costs, repairs and maintenance costs, recruiting, travel and entertainment, insurance, and other operating costs.

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements — The Company has not adopted any new accounting standards in the three months ended March 31, 2026.

Recently Issued Accounting Pronouncements — In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires the disaggregation, in the notes to the financial statements, of certain cost and expense captions presented on the face of the Company’s Statement of Operations, to provide enhanced transparency to investors. The update may be applied either prospectively or retrospectively. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact ASU 2024-03 will have on our disclosures.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2026

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

16.SUBSEQUENT EVENTS

We have evaluated events occurring subsequent to the date of the condensed consolidated financial statements through May 14, 2026, which is the date the condensed consolidated financial statements were issued.

******

EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2026

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

12.EARNINGS PER COMMON SHARE

The following table sets forth the computation of basic and diluted earnings per share attributable to common shareholders


		For the Three Months Ended
		March 31,
		2026			2025

		(in thousands, except
		per share amounts)
Net income (loss) available to PARK common shareholders		$	(390)		$	1,566
Earnings (loss) per share attributable to PARK common shareholders:
Basic		$	(0.09)		$	0.88
Diluted		$	(0.09)		$	0.88
Weighted-average number of common stock shares outstanding			4,383			1,783
Dilutive impact of share based awards			—			—
Weighted-average number of common stock shares outstanding – diluted			4,383			1,783
Anti-dilutive restricted stock excluded from diluted EPS computation			2,225			3,549
Anti-dilutive warrants excluded from diluted EPS computation			92			—

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Liabilities (Details) - Practice acquisition installment notes - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt
Notes payable, current portion		$ 627		$ 505
Installment notes
Practice acquisition installment notes - beginning balance	$ 1,141	956	$ 1,141	1,141
Additions related to acquisitions		180
Payments advanced to seller		(8)	(8)
Practice acquisition installment notes - ending balance		$ 1,128	$ 1,133	$ 956
Minimum
Debt
Installment notes term	12 months	12 months
Maximum
Debt
Installment notes term		48 months	48 months

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	100,000,000	100,000,000
Common stock issued (in shares)	4,515,054	4,247,018
Common stock outstanding (in shares)	4,515,054	4,247,018

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

6.GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of Goodwill consisted of the following:

Changes in the carrying value of Goodwill consisted of the following:
	As of
	March 31, 2026
	(in thousands)
Goodwill
Balance – beginning	$	17,178
Goodwill acquired		154
Measurement period adjustments		4
Balance – ending	$	17,336

There were no changes in Goodwill for the three-months ended March 31, 2025.


		March 31, 2026
		Gross Carrying			Accumulated			Net Carrying
		Amount			Amortization			Value

		(in thousands)
Amortizable intangible assets:
Trademarks		$	1,950			1,950		$	—
Patient lists			19,490			7,033			12,457
Total intangible assets		$	21,440		$	8,983		$	12,457


		December 31, 2025
		Gross Carrying			Accumulated			Net Carrying
		Amount			Amortization			Value

		(in thousands)
Amortizable intangible assets:
Trademarks		$	1,950		$	1,950		$	—
Patient lists			17,899			6,717			11,182
Total intangible assets		$	19,849		$	8,667		$	11,182

Trademark and patient list amortization expense was $316 and $278 for the three months ended March 31, 2026 and 2025, respectively.

Amortization expense on amortizable intangible assets for each of the next five years and thereafter is as follows:


	(in thousands)
Remaining 2026	$	975
2027		1,299
2028		1,299
2029		1,158
2030		1,125
Thereafter		6,601
Total	$	12,457

INCOME TAXES

3 Months Ended

Mar. 31, 2026

INCOME TAXES

INCOME TAXES

7.INCOME TAXES

Our interim tax provision is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, which are taken into account in the relevant period. Each quarter, we update an estimate of the annual effective tax rate, and if the estimated tax rate changes, we make a cumulative adjustment.

We recorded an income tax benefit of $1,611 in the three months ended March 31, 2026, compared to an income tax expense of $646 in the three months ended March 31, 2025. Our year-to-date effective tax was 80.5% for the three months ended March 31, 2026, compared to 29.2% for the three months ended March 31, 2025. The increase in the effective tax rate was primarily driven by higher discrete deductible expenses in the three months ended March 31, 2026 which were associated with our share awards.

- Definition

The entire disclosure for income tax.

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+ Details

LINE OF CREDIT

3 Months Ended

Mar. 31, 2026

LINE OF CREDIT

LINE OF CREDIT

8.LINE OF CREDIT

At March 31, 2026, we had a $15,000 available line of credit with a bank bearing interest at the one-month SOFR plus 2.00%. Our credit agreement with the bank includes a $13,000 term loan and provides for a $15,000 line of credit with the right to request an additional $10,000 line of credit. The credit agreement was amended on February 13, 2026 to extend the availability under the line of credit from March 2027 to March 2029, update certain financial covenants and definitions, and provide consent for the formation of a new subsidiary.

There was no activity on the line of credit for the first three months of 2026. Activity on the line of credit for fiscal 2025 included advances of $14,903 and repayments of $14,903. No amounts were outstanding on the line of credit at March 31, 2026 and December 31, 2025.

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Expense items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Salaries and Benefits
Doctor compensation and benefits	$ 20,763	$ 15,923
Clinical team member salaries and benefits	21,132	19,714
Total Salaries and Benefits	41,895	35,637
Other Practice Expenses
MinnesotaCare Tax	1,121	1,053
Other expenses of practices	2,713	2,352
Total - Other Operating expense	$ 3,834	$ 3,405

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of revenue
Revenue	$ 62,695	$ 59,037
General dentistry
Disaggregation of revenue
Revenue	46,122	43,353
Multi-Specialty dentistry
Disaggregation of revenue
Revenue	$ 16,573	$ 15,684

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

GOODWILL AND INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Intangible assets carrying values
Gross carrying amount	$ 21,440		$ 19,849
Accumulated amortization	8,983		8,667
Net intangible assets	12,457		11,182
Trademarks
Intangible assets carrying values
Gross carrying amount	1,950		1,950
Accumulated amortization	1,950		1,950
Intangible assets amortization expense	316	$ 316
Patient lists
Intangible assets carrying values
Gross carrying amount	19,490		17,899
Accumulated amortization	7,033		6,717
Net intangible assets	12,457		$ 11,182
Intangible assets amortization expense	$ 278	$ 278

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

RELATED-PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended	12 Months Ended
RELATED-PARTY TRANSACTIONS (Details) $ in Thousands	Mar. 31, 2026 USD ($) item	Dec. 31, 2025 USD ($)
Related Party
Operating lease liability	$ 48,240	$ 48,370
Long-term debt	11,506	11,980
Subordinated notes payable
Related Party
Long-term debt	2,165	2,165
Debt obligations \| Subordinated notes payable
Related Party
Long-term debt	2,012
Related party \| Subordinated notes payable
Related Party
Long-term debt	$ 2,012
Related party \| Promissory notes receivable
Related Party
Term of loan receivable	1 year
Number of borrowers \| item	11
Maximum percentage on value of vested shares of loan receivable	31.00%
Loan receivable percentage of interest	3.66%
Threshold lock up period on shares	365 days
Loans receivable with fixed rates of interest	$ 600	0
Entities that are minority owned by certain shareholders, members, and officers \| Lease arrangements
Related Party
Operating lease liability	22,656	23,161
Related party lease, cost	$ 469	$ 435

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2026

PROPERTY AND EQUIPMENT

Schedule of property and equipment


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Land	$	46	$	46
Buildings		140		140
Computer equipment		17,647		17,393
Furniture and fixtures, and signage		7,649		7,614
Dental equipment		50,567		49,707
Leasehold improvements		46,049		45,092
Total property and equipment		122,098		119,992
Less accumulated depreciation		92,571		90,706
Property and equipment – net	$	29,527	$	29,286

ACQUISITIONS (Details) $ in Thousands		1 Months Ended	3 Months Ended		12 Months Ended
ACQUISITIONS (Details) $ in Thousands	May 03, 2026 USD ($)	Jan. 31, 2025	Mar. 31, 2026 USD ($) item	Mar. 31, 2025	Dec. 31, 2025 USD ($) item
Purchase price allocation
Goodwill			$ 17,336		$ 17,178
Cash paid in business combinations			1,595
Practice acquisition installment notes
Acquisitions
Number of businesses acquired \| item					3
Purchase price allocation
Issuance of amounts due to sellers - acquisitions			$ (180)
Practice acquisition installment notes \| Minimum
Acquisitions
Installment notes term		12 months	12 months
Practice acquisition installment notes \| Maximum
Acquisitions
Installment notes term			48 months	48 months
2026 Acquisitions
Acquisitions
Number of businesses acquired \| item			1
Purchase price allocation
Dental supplies			$ 10
Property and equipment			86
Right of use lease asset			548
Goodwill			154
Right of use lease liability			(548)
Liabilities assumed			(25)
Assets acquired and liabilities assumed			1,775
Total purchase price			1,775
Issuance of amounts due to sellers - acquisitions			(180)
Cash paid in business combinations			1,595
2026 Acquisitions \| Patient lists
Purchase price allocation
Intangible assets			1,550
2025 Acquisitions
Purchase price allocation
Dental supplies			30		$ 30
Property and equipment			180		226
Right of use lease asset			349		349
Goodwill			623		619
Right of use lease liability			(349)		(349)
Liabilities assumed			(11)		(11)
Assets acquired and liabilities assumed			2,105		2,105
Total purchase price			2,105		2,105
Issuance of amounts due to sellers - acquisitions			(388)		(388)
Cash paid in business combinations			1,717		1,717
2025 Acquisitions \| Patient lists
Purchase price allocation
Intangible assets			$ 1,283		$ 1,241
General Dental Practice \| Subsequent Event
Acquisitions
Anticipated purchase consideration	$ 1,225

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 24,372	$ 25,185
Accounts receivable - net of allowance	6,819	6,991
Dental supplies	949	930
Income taxes receivable	2,830	2,830
Prepaid expenses and other current assets	2,752	1,966
Total current assets	37,722	37,902
OTHER ASSETS:
Property and equipment - net	29,527	29,286
Cash surrender value of life insurance	19,078	19,244
Intangible assets - net	12,457	11,182
Goodwill	17,336	17,178
Deferred income taxes	19,319	18,849
Lease right of use asset	44,418	44,542
Total other assets	142,135	140,281
TOTAL ASSETS	179,857	178,183
CURRENT LIABILITIES:
Accounts payable and other accrued liabilities	6,682	6,291
Payroll, benefits and short term deferred compensation	16,802	16,716
Accrued taxes	102	1,220
Current debt	1,895	1,895
Current portion of lease liability	6,835	6,711
Deferred revenue and other current liabilities	2,982	2,900
Total current liabilities	35,298	35,733
LONG-TERM LIABILITIES:
Lease liability	41,405	41,659
Deferred compensation	67,569	68,417
Long-term debt	9,611	10,085
Other long-term liabilities	537	486
Total long-term liabilities	119,122	120,647
Total liabilities	154,420	156,380
SHAREHOLDERS' EQUITY:
Common stock, $0.0001 par value, 100,000,000 shares authorized; 4,515,054 and 4,247,018 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	32,651	28,627
Treasury stock	(737)	(737)
Accumulated shareholders' deficit	(6,478)	(6,088)
Total shareholders' equity	25,437	21,803
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 179,857	$ 178,183

VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2026

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

14.VARIABLE INTEREST ENTITIES

Our affiliated dental practices employ dentists, contract with payors, and provide dental services to patients across Minnesota, Wisconsin, and Arizona. Park Dental Partners, Inc. provides a wide range of support services to the affiliated dental practices. Activities include but are not limited to operational support of clinical facilities, marketing, information technology infrastructure, and the sourcing and managing of dental plan contracts.

We evaluated whether we have a variable interest in our affiliated dental practices, whether practices are VIEs, and whether we have a controlling financial interest in them. We’ve concluded that there are variable interests in the affiliated dental practices on the basis of its Administrative Resources Agreements which provides for reimbursement of costs and management fees payable to us in exchange for providing management and administrative services related to the growth of the patient population, development of all necessary policies and operating procedures, including development and implementation of clinical practice guidelines, and quality assurance and utilization management programs. We have concluded that the success or failure of the dental resource organization (DRO) in conducting these support activities will most significantly impact the economic performance of our affiliated dental practices. In addition, our variable interests in these practices provide us with the right to receive benefits that could potentially be significant. We also note there are no assets of the affiliated dental practices that cannot be used to settle obligations of the Company, and there are no liabilities of the affiliated dental practices for which creditors do not have recourse to the general credit of Park Dental Partners, Inc. as the primary beneficiary. The single member of each of the respective affiliated dental practices is a shareholder of Park Dental Partners, Inc. As a result of this analysis, Park Dental Partners, Inc. concluded that it is the primary beneficiary of the affiliated dental practices and therefore consolidates their balance sheets, results of operations and cash flows. We perform a qualitative assessment of VIEs on an ongoing basis to determine if we continue to be the primary beneficiary.

The combined assets and liabilities of the affiliated dental practices of PDG, TDS and The Dental Specialists Orthodontics which are included within the consolidated financial statements of Park Dental Partners, Inc. are as follows:


		As of
		March 31, 2026		December 31, 2025

		(in thousands)
TOTAL ASSETS		$	39,852	$	41,269
TOTAL LIABILITIES		$	32,551	$	32,821

Due to the nature of the minority ownership in the affiliated dental practices, whereby a single designated doctor holds one share of the affiliate entity, but has no right to receive any economic benefit, or interest in the profits generated by the affiliated dental practices, we have not assigned any value to the non-controlling interests in the condensed consolidated operations.

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property and equipment
Property and equipment - gross	$ 122,098		$ 119,992
Less accumulated depreciation	92,571		90,706
Property and equipment - net	29,527		29,286
Depreciation expense	2,067	$ 1,996
Land
Property and equipment
Property and equipment - gross	46		46
Building
Property and equipment
Property and equipment - gross	140		140
Computer equipment
Property and equipment
Property and equipment - gross	17,647		17,393
Furniture and fixtures, and signage
Property and equipment
Property and equipment - gross	7,649		7,614
Dental equipment
Property and equipment
Property and equipment - gross	50,567		49,707
Leasehold improvements
Property and equipment
Property and equipment - gross	$ 46,049		$ 45,092

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share
Net income (loss) attributable to PARK common shareholders'	$ (390)	$ 1,566
Earnings (loss) per share attributable to PARK common shareholders'
Basic (in dollars per share)	$ (0.09)	$ 0.88
Diluted (in dollars per share)	$ (0.09)	$ 0.88
Weighted-average number of common stock shares outstanding (in shares)	4,383,073	1,783,352
Weighted-average number of common stock shares outstanding - diluted (in shares)	4,383,073	1,783,352
Restricted shares
Earnings (loss) per share attributable to PARK common shareholders'
Anti-dilutive stock excluded from diluted EPS computation (in shares)	2,225,000	3,549,000
Warrants
Earnings (loss) per share attributable to PARK common shareholders'
Anti-dilutive stock excluded from diluted EPS computation (in shares)	92,000

SHAREHOLDERS EQUITY (DEFICIT) - Capital (Details)	3 Months Ended
SHAREHOLDERS EQUITY (DEFICIT) - Capital (Details)	Mar. 31, 2026 Vote $ / shares shares	Dec. 31, 2025 $ / shares shares
SHAREHOLDERS' EQUITY (DEFICIT)
Common stock authorized (in shares)	100,000,000	100,000,000
Preferred stock authorized (in shares)	5,000,000
Common stock par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock par value (in dollars per share) \| $ / shares	$ 0.0001
Number of voting rights per share of common stock \| Vote	1
Total Common unrestricted shares	4,515,054	4,247,018

DEFERRED COMPENSATION - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
DEFERRED COMPENSATION - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) installment age plan	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2022 USD ($)
Deferred Compensation
Number of plans \| plan	4
Payroll, benefits and short term deferred compensation	$ 16,802		$ 16,716
Deferred Compensation Liability, Classified, Noncurrent	$ 67,569		68,417
Non-qualified deferred compensation plan
Deferred Compensation
Number of installments \| installment	5
Vesting percentage	100.00%
Discretionary credits deposited	$ 0
Payroll, benefits and short term deferred compensation	741		695
Total deferred compensation liability	22,742		22,992
Deferred Compensation Liability, Classified, Noncurrent	22,001		22,297
Deferred compensation plans inactive
Deferred Compensation
Discretionary credits awarded or payments made	557	$ 377
Payroll, benefits and short term deferred compensation	1,450		1,457
Total deferred compensation liability	47,019		47,577
Deferred Compensation Liability, Classified, Noncurrent	45,569		46,120
Professional employee compensation ("PEC) plan
Deferred Compensation
Expense recognized				$ 0
Maximum benefit as percentage of gross revenue				2.00%
Payroll, benefits and short term deferred compensation	1,118		1,121
Total deferred compensation liability	44,338		44,618
Deferred Compensation Liability, Classified, Noncurrent	$ 43,220		43,497
Deferred compensation over the period				5 years
Equity accumulation plan
Deferred Compensation
Participant age to qualify for benefits, in years \| age	55
Participant age to qualify for benefits upon reaching requisite service period, in years \| age	20
Payroll, benefits and short term deferred compensation	$ 58		84
Total deferred compensation liability	1,217		1,302
Deferred Compensation Liability, Classified, Noncurrent	1,159		1,218
Phantom equity plan
Deferred Compensation
Expense recognized	0		0
Payroll, benefits and short term deferred compensation	274		252
Total deferred compensation liability	1,464		1,657
Deferred Compensation Liability, Classified, Noncurrent	$ 1,190		$ 1,405

DEFERRED COMPENSATION

3 Months Ended

Mar. 31, 2026

DEFERRED COMPENSATION

DEFERRED COMPENSATION

10.DEFERRED COMPENSATION

Park Dental Partners, Inc. and its affiliated dental practices have four deferred compensation plans. Only the Non-qualified Deferred Compensation Plan is still active, while balances in all other plans have been closed to new participation.

●

Active Deferred Compensation Plans:

Non-qualified Deferred Compensation Plan — The non-qualified deferred compensation plan provides participants the opportunity to defer compensation on a pretax basis. Participants are immediately 100% vested in their voluntary deferred compensation contributions. Participant accounts are credited with deferred compensation contributions and earnings thereon, as defined. In addition, we may make discretionary credits to the compensation account of an active participant at any time. There were no discretionary credits deposited in the three months ended March 31, 2026. Benefit payments to participants are available upon termination of employment, disability, death, unforeseeable emergencies, a change-in-control event, as defined, or through a qualified in-service distribution with the option to receive payment in a lump sum distribution, or up to five annual installments.

At March 31, 2026, the total deferred compensation liability related to the non-qualified plan was $22,742, of which $22,001 was presented as Deferred compensation and $741 as Payroll, benefits and short term deferred compensation. At December 31, 2025, the total deferred compensation liability related to the non-qualified plan was $22,992, of which $22,297 was presented as Deferred compensation and $695 as Payroll, benefits and short term deferred compensation.

●

Deferred Compensation Plans — Inactive:

We have several deferred compensation plans which have been closed to new participants and service crediting which are described collectively as Deferred Compensation Plans — Inactive.

Professional Employee Compensation Plan (the ‘PEC Plan’) — The PEC Plan provided for a deferred compensation benefit to certain employees of affiliated dental practices in the event of separation from service. The PEC Plan was frozen as of December 31, 2022, and no expense was recognized for this plan since that date. The deferred compensation balance is paid over a period of five years from the date of separation. The maximum amount we will be required to pay under the PEC Plan in each year is capped at 2% of our annual adjusted gross revenue, as defined in the agreement.

Equity Accumulation Plan (the ‘Accumulation Plan’) — The Accumulation Plan provided for benefit payments to participants after termination of employment because of death, permanent disability or attainment of age 65. Alternatively, the vested value of the participant’s account is paid following termination of employment at or after age 55 with 20 years of service. The Accumulation Plan was closed to new participants and service crediting on March 1, 2008.

Phantom Equity Plan (‘Phantom Plan’) — The Phantom Plan provided certain clinical and nonclinical leaders with phantom equity awards. The plan provides for participants to receive benefits upon termination of employment, disability, death, a change-in-control event, as defined, or via a qualified in-service distribution election. The plan provides for annual installment payments over five years after separation of service, or upon in-service distribution election. The Phantom Plan was closed to new participants and service crediting or earnings in 2022.

At March 31, 2026, and December 31, 2025, the total deferred compensation liability related to the phantom equity plan was $1,464 and $1,657, respectively. There was no deferred compensation expense under the agreement in the first three months in 2026 or fiscal 2025, and we do not anticipate any future compensation expense under the Phantom Plan.

The balance of Deferred compensation – Inactive, which includes the PEC Plan, Accumulation Plan, and the Phantom Plan, was $45,569 at March 31, 2026, and $46,120 at December 31, 2025. The short-term portion has been included in Payroll, benefits, and short term deferred compensation and totaled $1,450 and $1,457 at March 31, 2026

and December 31, 2025, respectively. Payments made under the Deferred Compensation Plans – Inactive were $557 and $377, for the three months ended March 31, 2026 and 2025, respectively.


		Deferred Compensation – Inactive
		As of March 31, 2026
		Professional
		Employee			Equity						Deferred
		Compensation			Accumulation			Phantom			Compensation Plans –
		Plan			Plan			Equity Plan			Inactive

		(in thousands)
Deferred compensation		$	43,220		$	1,159		$	1,190		$	45,569
Payroll, benefits and short term deferred compensation			1,118			58			274			1,450
Total Liability		$	44,338		$	1,217		$	1,464		$	47,019


		Deferred Compensation – Inactive
		As of December 31, 2025
		Professional
		Employee			Equity						Deferred
		Compensation			Accumulation			Phantom			Compensation Plans –
		Plan			Plan			Equity Plan			Inactive

		(in thousands)
Deferred compensation		$	43,497		$	1,218		$	1,405		$	46,120
Payroll, benefits and short term deferred compensation			1,121			84			252			1,457
Total Liability		$	44,618		$	1,302		$	1,657		$	47,577

SHAREHOLDERS EQUITY (DEFICIT) (Tables)

3 Months Ended

Mar. 31, 2026

SHAREHOLDERS' EQUITY (DEFICIT)

Schedule of common shares outstanding



		Outstanding shares
		As of
		March 31, 2026		December 31, 2025
Total Common unrestricted shares		4,515,054		4,247,018

Schedule of non-vested restricted shares activity


			Weighted
	Number of		Average Grant
	RSs		Date Fair Value
	(in thousands)
Unvested RSs at December 31, 2025	2,493			7.04
RSs granted	4			16.01
RSs vested	(268)			6.82
RSs forfeited	(4)			10.95
Unvested RSs at March 31, 2026	2,225		$	7.08

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Variable Interest Entity
TOTAL ASSETS	$ 179,857	$ 178,183
TOTAL LIABILITIES	154,420	156,380
PDG, TDS and The Dental Specialists Orthodontics
Variable Interest Entity
TOTAL ASSETS	39,852	41,269
TOTAL LIABILITIES	$ 32,551	$ 32,821

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SHAREHOLDERS EQUITY (DEFICIT) - Restricted shares (Details) - Restricted shares - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Dec. 04, 2025	Mar. 31, 2026
Share-based compensation
Share-based compensation vesting (as a percent)		25.00%
Share-based compensation vesting period		4 years
Restricted shares activity
Unvested RSs (in shares), beginning		2,493
RSs granted (in shares)		4
RSs vested (in shares)		(268)
RSs forfeited (in shares)		(4)
Unvested RSs (in shares), ending		2,225
Restricted shares price activity
Unvested (in dollars per share), beginning		$ 7.04
Granted (in dollars per share)		16.01
Vested (in dollars per share)		6.82
Forfeited (in dollars per share)		10.95
Unvested (in dollars per share), ending		$ 7.08
Unrecognized compensation expense		$ 11,504
Upon IPO closing
Share-based compensation
Share-based compensation vesting (as a percent)	25.00%
Upon each subsequent calendar quarter
Share-based compensation
Share-based compensation vesting (as a percent)	6.25%

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2026

LONG-TERM DEBT

LONG-TERM DEBT

9.LONG-TERM DEBT

Long-term debt consisted of the following:


		As of
		March 31, 2026		December 31, 2025

		(in thousands)
Bank term loan		$	9,286	$	9,750
Subordinated notes payable			2,165		2,165
Notes payable to former dentist shareholders for the redemption of shares			55		65
Totals			11,506		11,980
Less – current maturities			1,895		1,895
Long-term portion		$	9,611	$	10,085

Scheduled principal payments on long-term debt at March 31, 2026, are summarized as follows:


	(in thousands)
Remaining 2026	$	1,421
2027		1,884
2028		1,857
2029		4,179
2030		—
Thereafter		2,165
Total	$	11,506

Bank Term Loan

The Company maintains a $13,000 term loan that matures in March 2029 and bears interest at a variable rate equal to one-month SOFR plus 2.10%. The loan requires monthly principal payments of $155, with any remaining principal due at maturity, and is secured by all business assets of the Company. The agreement requires, among other things, that we comply with a minimum fixed charge coverage ratio, a total cash flow leverage ratio, and restriction on individual business combinations in excess of specified limits, as defined in the agreement. The Company was in compliance with all debt covenants as of March 31, 2026 and December 31, 2025. Interest expense related to the bank term loan totaled approximately $136 and $200 for the three months ended March 31, 2026 and 2025, respectively.

Subordinated Notes Payable

The Company has outstanding subordinated notes payable with principal due at maturity and interest payable quarterly through October 1, 2037. Interest on the notes is equal to the greater of (i) 14% of the principal balance, (ii) an amount determined based on a formula using average dentist compensation, or (iii) a formula based on total revenue. The effective interest rate during the three months ended March 31, 2026 was 24.5%. Of the total subordinated notes payable, $2,012 is payable to shareholders and two related parties. These notes are secured by all business assets of the Company and are subordinated to the Company’s bank term loan and line of credit. The notes are also subject to significant prepayment restrictions; prepayment generally requires lender approval, except in limited circumstances involving the death of certain holders. The purchase agreement governing these notes also contains change-of-control provisions. Interest expense related to the subordinated debt agreements was approximately $131 and $137 for the three months ended March 31, 2026 and 2025, respectively.

Notes Payable – Former Dentist Shareholder

The Company has issued notes payable to former dentist shareholders in connection with the redemption of shares occurring prior to the Company’s initial public offering. The notes require principal and interest payments in 60 equal monthly installments. Interest is charged at the lesser of (i) 10% or (ii) 1% less than the prime rate published in The Wall Street Journal (Midwest Edition). Total principal payments made on these notes were $10 in the three months ended March 31, 2026. Interest expense related to notes payable to former dentist shareholders was approximately $1 and $2 for the three months ended March 31, 2026 and 2025, respectively.

GOODWILL AND INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortization expense
Remaining 2026	$ 975
2027	1,299
2028	1,299
2029	1,158
2030	1,125
Thereafter	6,601
Net intangible assets	$ 12,457	$ 11,182

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2026

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

5.PROPERTY AND EQUIPMENT


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Land	$	46	$	46
Buildings		140		140
Computer equipment		17,647		17,393
Furniture and fixtures, and signage		7,649		7,614
Dental equipment		50,567		49,707
Leasehold improvements		46,049		45,092
Total property and equipment		122,098		119,992
Less accumulated depreciation		92,571		90,706
Property and equipment – net	$	29,527	$	29,286

Depreciation expense in the condensed consolidated statement of operations was $2,067 and $1,996 for the three months ended March 31, 2026 and 2025, respectively. All assets of the Company are located in the United States of America.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (390)	$ 1,566

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 14, 2026
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Securities Act File Number	001-42967
Entity Registrant Name	Park Dental Partners, Inc.
Entity Incorporation, State or Country Code	MN
City Area Code	651
Local Phone Number	633-0500
Entity Tax Identification Number	93-2020683
Entity Address, Address Line One	2200 County Road C West
Entity Address, Address Line Two	Suite 2210
Entity Address, City or Town	Roseville
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55113
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	PARK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,515,054
Entity Central Index Key	0002069604
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

LONG-TERM DEBT - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
LONG-TERM DEBT - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt
Long-term debt total	$ 11,506	$ 11,980
Less-current maturities	1,895	1,895
Long-term portion	9,611	10,085
Bank note payable
Debt
Long-term debt total	9,286	9,750
Monthly installments	$ 155
Variable interest rate (as a percent)	2.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Subordinated notes payable
Debt
Long-term debt total	$ 2,165	2,165
Effective interest rate (as a percent)	24.50%
Notes payable to former dentist shareholders
Debt
Long-term debt total	$ 55	$ 65

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

GOODWILL AND INTANGIBLE ASSETS

Schedule of changes in goodwill

Changes in the carrying value of Goodwill consisted of the following:
	As of
	March 31, 2026
	(in thousands)
Goodwill
Balance – beginning	$	17,178
Goodwill acquired		154
Measurement period adjustments		4
Balance – ending	$	17,336

Schedule of changes in amortizable intangibles


		March 31, 2026
		Gross Carrying			Accumulated			Net Carrying
		Amount			Amortization			Value

		(in thousands)
Amortizable intangible assets:
Trademarks		$	1,950			1,950		$	—
Patient lists			19,490			7,033			12,457
Total intangible assets		$	21,440		$	8,983		$	12,457


		December 31, 2025
		Gross Carrying			Accumulated			Net Carrying
		Amount			Amortization			Value

		(in thousands)
Amortizable intangible assets:
Trademarks		$	1,950		$	1,950		$	—
Patient lists			17,899			6,717			11,182
Total intangible assets		$	19,849		$	8,667		$	11,182

Schedule of future amortization


	(in thousands)
Remaining 2026	$	975
2027		1,299
2028		1,299
2029		1,158
2030		1,125
Thereafter		6,601
Total	$	12,457

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

CONCENTRATION OF CREDIT RISK (Tables)

3 Months Ended

Mar. 31, 2026

CONCENTRATION OF CREDIT RISK

Schedule of mix of receivables


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Patients	30	%	32	%
Third-party payors	70		68
Totals	100	%	100	%

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
INCOME TAXES
Income tax (benefit) expense	$ (1,611)	$ 646
Effective tax rate (as a percent)	80.50%	29.20%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

DEFERRED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

DEFERRED COMPENSATION

Summary of deferred compensation plans


		Deferred Compensation – Inactive
		As of March 31, 2026
		Professional
		Employee			Equity						Deferred
		Compensation			Accumulation			Phantom			Compensation Plans –
		Plan			Plan			Equity Plan			Inactive

		(in thousands)
Deferred compensation		$	43,220		$	1,159		$	1,190		$	45,569
Payroll, benefits and short term deferred compensation			1,118			58			274			1,450
Total Liability		$	44,338		$	1,217		$	1,464		$	47,019


		Deferred Compensation – Inactive
		As of December 31, 2025
		Professional
		Employee			Equity						Deferred
		Compensation			Accumulation			Phantom			Compensation Plans –
		Plan			Plan			Equity Plan			Inactive

		(in thousands)
Deferred compensation		$	43,497		$	1,218		$	1,405		$	46,120
Payroll, benefits and short term deferred compensation			1,121			84			252			1,457
Total Liability		$	44,618		$	1,302		$	1,657		$	47,577

REVENUE

3 Months Ended

Mar. 31, 2026

REVENUE

REVENUE

3.REVENUE

Disaggregated Revenue Information — We view the following disaggregated disclosures as useful to understanding the composition of revenue:


	For the three months ended
	March 31,
	2026		2025

	(in thousands)
General dentistry	$	46,122	$	43,353
Multi-Specialty dentistry		16,573		15,684
Revenue	$	62,695	$	59,037

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1.NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


	As of
	March 31, 2026
	(in thousands)
Practice acquisition installment notes – beginning balance	$	956
Additions related to acquisitions		180
Payments advanced to seller		(8)
Practice acquisition installment notes – ending balance	$	1,128


	As of
	March 31, 2025
	(in thousands)
Practice acquisition installment notes – beginning balance	$	1,141
Payments advanced to seller		(8)
Practice acquisition installment notes – ending balance	$	1,133

●

Medicaid: services are generally paid at prospectively determined rates per charge, per occasion of service, or per covered member.

●

Commercial insurance: payment agreements with certain insurance carriers provide for payment using prospectively determined rates per charge, discounts from established charges, and fee schedules.

Our patient service revenue, net of allowances, implicit price concessions and discounts, recognized from these major payor sources and patients was as follows:


		For the three months ended
		March 31,
		2026		2025

		(in thousands)
Third-party payors		$	43,807	$	40,836
Patients			18,888		18,201
Total all payors		$	62,695	$	59,037

Changes in deferred revenue were as follows:


	As of March 31,
	2026		2025

	(in thousands)
Deferred revenue - beginning balance	$	1,411	$	1,432
Recognition of prior deferred revenue in the current quarter		(547)		(509)
Deferral of revenue		581		509
Deferred revenue - ending balance	$	1,445	$	1,432


	For the three months ended
	March 31,
	2026		2025

	(in thousands)
Salaries and Benefits
Doctor compensation and benefits	$	20,763	$	15,923
Clinical team member salaries and benefits		21,132		19,714
Total Salaries and Benefits	$	41,895	$	35,637
Other Practice Expenses
MinnesotaCare tax	$	1,121	$	1,053
Other expenses of practices⁽¹⁾		2,713		2,352
Total – Other Operating expense	$	3,834	$	3,405

(1)Other expenses of practices include software and subscription costs, repairs and maintenance costs, recruiting, travel and entertainment, insurance, and other operating costs.

Recently Adopted Accounting Pronouncements — The Company has not adopted any new accounting standards in the three months ended March 31, 2026.

COMMITMENT AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

COMMITMENT AND CONTINGENCIES

Schedule of operating lease information


	For the Three Months Ended
	March 31,
	2026		2025

	(in thousands)
Lease Cost	$	2,079	$	1,912


	As of
	March 31, 2026		December 31, 2025

	(in thousands)
Lease right of use assets – operating leases	$	44,418	$	44,542
Lease liabilities:
Current operating leases	$	6,835	$	6,711
Non-current operating leases		41,405		41,659
Total lease liabilities	$	48,240	$	48,370


	As of
	March 31, 2026		December 31, 2025
Weight-average discount rate-operating leases	3.94	%	3.86	%
Weight-average remaining lease term-operating leases	9.51	years	9.63	years


	For the Three Months Ended
	March 31,
	2026		2025

	(in thousands)
Non-cash information – right of use assets obtained in exchange for lease liabilities – operating leases	$	1,477	$	2,695

Schedule of operating lease maturities


	(in thousands)
Remaining 2026	$	6,453
2027		8,156
2028		7,079
2029		5,834
2030		4,898
Thereafter		25,740
Total lease payments		58,160
Less liability accretion		(9,920)
Present value of lease liabilities	$	48,240

NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of revenue
Revenue	$ 62,695	$ 59,037
Past due finance charge (as a percent)	8.00%
Past due threshold	90 days
Allowance for uncollectible accounts	$ 5,186		$ 4,864
Changes in deferred revenue
Deferred revenue - beginning balance	1,411	1,432
Recognition of prior year deferred revenue in the current year	(547)	(509)
Deferral of revenue	581	509
Deferred revenue - ending balance	1,445	1,432
Third-party payors
Disaggregation of revenue
Revenue	43,807	40,836
Patients
Disaggregation of revenue
Revenue	$ 18,888	$ 18,201

SHAREHOLDERS EQUITY (DEFICIT)

3 Months Ended

Mar. 31, 2026

SHAREHOLDERS' EQUITY (DEFICIT)

SHAREHOLDERS' EQUITY (DEFICIT)

11.SHAREHOLDERS’ EQUITY (DEFICIT)

Park Dental Partners, Inc. shares are comprised of 100 million Common shares, and 5 million Preferred shares. All stock has a par value of $0.0001 per share. As of March 31, 2026, only Common shares are outstanding. Each holder of common stock and certain restricted shares is entitled to one vote for each share of Common stock and restricted share held.

The following table summarizes Common shares outstanding:



		Outstanding shares
		As of
		March 31, 2026		December 31, 2025
Total Common unrestricted shares		4,515,054		4,247,018

Restricted shares (“RSs”) — Restricted Park Dental Partners, Inc. shares issued prior to our initial public offering (“IPO”) vested 25% upon the closing of our public offering on December 4, 2025, with the remaining awards vesting at the rate of 6.25% each calendar quarter over the subsequent 12 quarters. In the event of a change in control, the restricted shares shall vest immediately upon the change in control. As it relates to awards issued prior to the IPO, the Company treats each vesting tranche as a separate award, and recognizes compensation cost for each tranche independently over its specific vesting period. This approach results in accelerated compensation expense recognition, as earlier-vesting tranches are recognized more quickly than later-vesting tranches.

Subsequent to our IPO we have changed our accounting policy regarding the vesting of restricted share awards. As a result of this policy change, share based compensation related to those awards granted after our IPO is recognized using the straight-line recognition method. We believe this method is preferable, as it results in the Company recognizing the total grant-date fair value of the award ratably as compensation expense over the vesting period. Restricted share awards granted subsequent to the IPO vest at the rate of 25% each year over four years.

The following table summarizes RS activity:


			Weighted
	Number of		Average Grant
	RSs		Date Fair Value
	(in thousands)
Unvested RSs at December 31, 2025	2,493			7.04
RSs granted	4			16.01
RSs vested	(268)			6.82
RSs forfeited	(4)			10.95
Unvested RSs at March 31, 2026	2,225		$	7.08

Unrecognized compensation expense related to outstanding RSs at March 31, 2026 was approximately $11,504.

Unrestricted Stock Grant —There were no unrestricted stock grants made during the three months ended March 31, 2026 and 2025.

Employee Stock Purchase Plan (“ESPP”) — The Company maintains an Employee Stock Purchase Plan that allows eligible employees to purchase shares of common stock at a discount through payroll deductions over offering periods. The ESPP was approved in 2025, and up to 250,000 shares of common stock are reserved for issuance under the plan. No shares were issued under the ESPP during the three months ended March 31, 2026.

- Definition

The entire disclosure for equity.

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