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Lemonade (LMND) investor relations material
Lemonade Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary5 Aug, 2025
Executive summary
Achieved seventh consecutive quarter of in-force premium (IFP) growth acceleration, with IFP up 29% year-over-year to $1.08B and revenue up 35% to $164.1M.
Gross profit more than doubled year-over-year to $64.3M, with gross margin reaching 39%, and adjusted free cash flow of $25M, a tenfold increase from 2024.
Net loss improved 23% year-over-year to $(43.9)M ($(0.60)/share); adjusted EBITDA loss was $(40.9)M.
Car and European segments delivered significant growth and improved loss ratios, with Europe IFP exceeding $43M, up over 200% year-over-year.
Renewed reinsurance program effective July 2025, reducing quota share cession from 55% to 20%, increasing revenue and gross profit retention.
Financial highlights
In-force premium grew 29% to $1.08B; customer count rose 24% to 2.69M; premium per customer up 4% to $402.
Gross earned premium increased 26% to $252M; revenue up 35% to $164.1M; adjusted gross profit up 96% to $65.6M.
Gross profit margin improved to 39% from 25% year-over-year; adjusted gross profit margin reached 40%.
Net loss per share for Q2 2025 was $(0.60), improved from $(0.81) last year.
Total cash, equivalents, and investments at $1.03B at quarter end.
Outlook and guidance
Q3 2025: IFP expected $1.144B–$1.147B, gross earned premium $267M–$269M, revenue $183M–$186M, adjusted EBITDA loss $(37)–$(34)M.
Full year 2025: IFP $1.213B–$1.218B, gross earned premium $1.036B–$1.039B, revenue $710M–$715M, adjusted EBITDA loss $(140)–$(135)M.
Expect positive adjusted free cash flow for FY 2025 and positive adjusted EBITDA before end of FY 2026.
Revenue growth rates expected to outpace IFP growth due to reinsurance changes.
Management believes existing cash and investments are sufficient for at least the next 12 months.
Explain the rationale for reducing quota share.
How does Europe's loss ratio compare to the US?
Detail Car's telematics impact on conversion rates.
How does LoCo enable geographic expansion?
How does Lemonade manage risk concentration?
When will ADR increase north of 84%?
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Next Lemonade earnings date
Q3 202530 Oct, 2025
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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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