)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Accelerant (ARX) investor relations material
Accelerant Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved strong Q3 results with Exchange Written Premium of $1.043 billion, up 17% year-over-year, and revenue of $267 million, reflecting robust organic growth and expanding margins.
Adjusted EBITDA rose 302% year-over-year to $105 million (39% margin), with underlying EBITDA at $66 million, and adjusted net income surged 320% to $79.8 million.
Member count increased by 17 to 265, with ongoing global expansion and onboarding of new third-party insurers, including a Lloyd's facility.
Net loss of $1.367 billion was driven by a non-cash, equity-neutral profits interest distribution expense related to the IPO.
Significant data infrastructure advancements expanded unique data attributes from 23,000 to 57,000, fueling risk model improvements.
Financial highlights
Exchange-rated premium reached $1.04 billion in Q3, up 17% year-over-year; revenue grew 74% to $267 million.
Adjusted EBITDA was $105 million (39% margin), up over 300% year-over-year; underlying EBITDA (excluding $39 million investment gains) was $66 million.
Adjusted net income grew to $80 million from $19 million, with adjusted EPS of $0.38.
Gross loss ratio improved to 50.1% (Q3) and 51.2% (nine months), outperforming industry averages.
Net revenue retention was 135% for the quarter.
Outlook and guidance
Q4 2025 guidance: exchange-rated premium of $1.06–$1.1 billion, third-party direct written premium of $415–$430 million, adjusted EBITDA of $57–$62 million.
Full-year 2025: exchange-rated premium of $4.18 billion, adjusted EBITDA of $270 million (including investment gains).
2026 guidance: at least $5 billion exchange-rated premium, $2.1 billion third-party direct written premium, $269 million adjusted EBITDA.
Two-thirds of portfolio expected to be written by third-party insurers within 3–5 years.
Effective tax rate for 2025 expected to fall below prior years due to UK tax residency.
Clarify the true economic impact of the profit interest distribution.
What drove the decrease in Accelerant-retained exchange premium?
Reconcile operating cash flow decrease despite adjusted profit growth.
2026 DWP growth: What's the partner mix?
What drives member departures from the platform?
What factors sustain low 50s gross loss ratio?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Accelerant earnings date
Q4 20252 Apr, 2026
Next Accelerant earnings date
Q4 20252 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage