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Company Research11 Apr 2024
Companies with IPO in 2020: COVID-19 Impact and Market Volatility
An overview of the market sentiment and IPO landscape as the COVID-19 pandemic sent the markets into a period of volatility.
Lemonade
Lemonade (LMND) investor relations material
Lemonade Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record Q4 results, capping a year of strong financial execution and operational performance.
In-force premium reached $1.24 billion, up 31% year-over-year, with revenue up 53% and gross profit up 73% to $111 million.
Adjusted EBITDA loss narrowed to $5 million, a $19 million improvement year-over-year, and positive adjusted free cash flow of $37 million was generated.
Growth was broad-based, with Pet, Car, and Europe segments all contributing significantly.
Launched Lemonade Autonomous Car insurance, leveraging telematics and AI for dynamic, risk-based pricing.
Financial highlights
Revenue grew 53% year-over-year to $228 million in Q4.
Gross profit increased 73% to $111 million; adjusted gross profit up 69% to $112 million.
Gross margin was 48%, and adjusted gross margin was about 49%.
Net loss was $22 million ($0.29 per share), improved from $30 million ($0.42 per share) year-over-year.
Adjusted free cash flow positive for the third consecutive quarter at $37 million; operating cash flow $21 million.
Ended Q4 with $1.1 billion in cash and investments, with $250 million held as regulatory surplus.
Outlook and guidance
Expecting Q1 and full-year 2026 top-line growth of 32% year-over-year.
Projecting roughly 60% full-year revenue growth for 2026.
Positive full-quarter EBITDA expected in Q4 2026 and full-year EBITDA profitability in 2027.
Growth spend for 2026 anticipated at about $225 million.
Car's autonomous pricing impact on 2026 TTM GLR?
Reconcile rising growth spend with operating leverage.
Future ADR impact from underwriting criteria changes?
Long-term vision for variable car pricing
Sustain AI advantage over incumbents
2026 R&D impact on EBITDA guidance
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Next Lemonade earnings date
Citizens JMP Technology Conference 20263 Mar, 2026
Lemonade
Next Lemonade earnings date
Citizens JMP Technology Conference 20263 Mar, 2026
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Frequently asked questions
An Innovative Insurance Company
Lemonade Inc is a New York-based insurance company that has made a name for itself in the insurance industry due to its innovative use of technology and unique business model. Leveraging artificial intelligence, behavioral economics, and a customer-centric approach, Lemonade is redefining the way people think about and engage with insurance. Here's a closer look at Lemonade's journey, its services, and its impact on the insurance sector.
A Fresh Approach to Insurance
Founded in 2015 by Daniel Schreiber and Shai Wininger, Lemonade set out to disrupt the traditional insurance industry by offering a more transparent, efficient, and customer-friendly approach. With its headquarters in New York and operating in multiple U.S. states as well as several European countries, Lemonade has quickly become a recognized name in the insurance space. Today, they compete with larger and more established insurance firms such as Allstate, Metlife, and other large players in the US insurance market.
A New Way of Doing Business
Lemonade's services revolve around various insurances for vehicles, homeowners and renters, pet owners' insurance, and more. Their platform's formula for success lies in the integration of cutting-edge technology, particularly AI and machine learning. Customers can purchase policies and file claims through Lemonade's app or website, and the process is simplified to an extraordinary degree. An AI algorithm (named Maya) handles most of the underwriting and claims processing, enabling a faster, more streamlined experience. In some cases, claims can be paid within a matter of minutes, a feat unheard of in traditional insurance processing.
Giving Back
Furthermore, Lemonade's commitment to transparency is manifested through its unique flat-fee model. Unlike conventional insurance companies that might be perceived as benefiting from denied claims, Lemonade takes a fixed percentage of premiums for expenses and profits, with the remainder going into a pool for claims. Any money left in the pool at the end of the year goes to charitable causes chosen by policyholders, aligning the interests of the company with those of its customers. This is something that has been incredibly well received, especially amongst younger generations of customers.
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