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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 (IFP) grew 30% year-over-year to $1.16 billion, marking the eighth consecutive quarter of accelerating growth and surpassing expectations set for 2026.
Revenue increased 42% year-over-year to $195 million, with all products and regions contributing to top-line and profitability improvements.
Gross profit more than doubled to $80 million, and gross margin climbed into the 40% range, with adjusted gross profit at $81 million and adjusted gross margin at 42%.
Adjusted EBITDA loss improved by about 50% year-over-year to a loss of $26 million, and net loss narrowed to $38 million from $68 million in the prior year.
Positive adjusted free cash flow was achieved for the second consecutive quarter at $18 million, and operating cash flow was positive at $4 million.
Financial highlights
Gross loss ratio improved to 62%, down 11 percentage points year-over-year and 5 points sequentially; trailing 12-month loss ratio reached a record low of 67%.
Prior year development was $6.3 million favorable in Q3 and $18.9 million favorable year-to-date.
Operating expenses (excluding loss and LAE) increased 13% year-over-year to $141 million, with sales and marketing up 12% and technology development up 13%.
Headcount decreased sequentially to 1,205, up 3.5% year-over-year but flat over 24 months.
LTV to CAC ratio remained above 3:1 across products, channels, and geographies.
Outlook and guidance
Q4 2025 guidance: IFP between $1.218B–$1.223B, gross earned premium $283M–$286M, revenue $217M–$222M, adjusted EBITDA loss $16M–$13M.
Full year 2025 guidance raised: gross earned premium $1.044B–$1.047B, revenue $727M–$732M, adjusted EBITDA loss $130M–$127M.
Positive adjusted EBITDA expected for Q4 2026; ceding rate expected to decline to roughly 40% in Q4.
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.
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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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