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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 (LMND) investor relations material
Lemonade Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
In force premium reached $1.16 billion, up 30% year-over-year, marking the eighth consecutive quarter of accelerating growth.
Revenue for Q3 2025 was $195 million, up 42% year-over-year, with net earned premium rising 46% to $140 million and gross written premium up 24% to $333.3 million.
Net loss for Q3 2025 was $37.5 million ($0.51 per share), a 45% improvement from Q3 2024, reflecting higher revenue and improved loss ratios.
Adjusted EBITDA loss improved by about 50% year-over-year to a loss of $26 million.
All products and regions contributed to growth, with Car insurance seeing 40% growth, over half from existing customers.
Financial highlights
Gross profit more than doubled to $80 million, with gross margin climbing into the 40s; gross profit margin increased to 41% in Q3 2025 from 27% in Q3 2024.
Gross loss ratio improved to 62%, down 11 points year-over-year and 5 points sequentially; net loss ratio improved to 64% from 81%.
Adjusted free cash flow was positive for the second consecutive quarter at $18 million.
In force premium at quarter-end was $1,157.9 million, up from $889.1 million a year ago; customers grew to 2.87 million, up 24%.
Cash and cash equivalents were $345.9 million, with investments totaling $705.3 million as of September 30, 2025.
Outlook and guidance
Q4 2025 guidance: in force premium $1.218–$1.223 billion, revenue $217–$222 million, adjusted EBITDA loss $16–$13 million.
Full year 2025 guidance raised: revenue $727–$732 million, adjusted EBITDA loss $130–$127 million.
Positive adjusted EBITDA expected for Q4 2026.
Management expects continued growth in customers and premium per customer, with ongoing investment in technology and marketing.
The company believes existing liquidity is sufficient for at least the next 12 months.
How does AI enable variable cost to fixed cost shift?
Impact of CAC-less car acquisition on unit economics?
Reconcile 73% loss ratio target with gross profit focus.
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Q4 202524 Feb, 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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