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Root (ROOT) investor relations material
Root Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record revenue in Q2 2025, with gross earned premiums up 21% to $371M and net income of $22M, a $30M year-over-year improvement, driven by growth in policies in force and reduced reinsurance cessions.
Advanced next-gen pricing model, leveraging AI and machine learning, increasing customer LTVs by over 20% on average and expanding partnerships and state approvals.
Adjusted EBITDA reached $38M, up $26M year-over-year, reflecting improved operating leverage and technology investments.
Strategic reduction in quota share reinsurance increased retained premiums and improved gross profit.
Partnership channel new writings nearly tripled year-over-year, with strong early traction through independent agents and comparative raters.
Financial highlights
Total revenue for Q2 2025 was $382.9M, up 32.4% year-over-year; gross premiums written increased 12% to $346.2M.
Net income for Q2 2025 was $22M, compared to a net loss of $7.8M in Q2 2024; net income per diluted share was $1.29.
Operating income reached $27M, and adjusted EBITDA was $38M, up $24M and $26M year-over-year, respectively.
Gross profit increased to $101.7M from $70.8M in Q2 2024.
Unencumbered capital stood at $314M at quarter-end, with cash and marketable securities totaling $964.1M.
Outlook and guidance
Continued investment in technology, national expansion, and partnership channel expected to pressure near-term net income due to seasonal loss ratio increases in H2.
Expects $16M–$18M non-cash warrant expense in Q3 2025 related to Carvana partnership, resulting in a net loss for the quarter but positive adjusted EBITDA.
Management anticipates growth in policies in force and premiums per policy, supported by partnership channel and technology-driven pricing.
Flexibility in reinsurance strategy will be maintained to optimize capital efficiency.
Sufficient liquidity and capital resources are projected to support operations for at least the next 12 months.
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