Neptune Insurance (NP) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year 2025 results, with Q4 revenue up 39% to $43.8M and full-year revenue up 34% to $159.6M, driven by AI-powered underwriting, expanded capacity, and robust distribution channels.

• Adjusted EBITDA grew 34% in Q4 to $25.9M (59.2% margin) and 32% for the year to $95.0M (59.5% margin), reflecting high scalability and profitability.

• Asset-light, technology-first MGA model enables high margins and scalability without taking insurance risk.

• Successfully navigated NFIP shutdown, onboarding new agents and maintaining operational stability.

• Completed IPO in Q4, incurring $8.9M in related expenses and transitioning to a public company.

Financial highlights

• Q4 2025 revenue: $43.8M, up 39% year-over-year; net income: $4.3M (10% margin), down 63% due to IPO expenses; Adjusted Net Income: $15.3M, up 25%.

• Full-year 2025 revenue: $159.6M, up 34%; net income: $37.4M (23% margin), up 8%; Adjusted Net Income: $56.9M, up 38%.

• Q4 written premium: $100.3M, up 41% year-over-year; full-year written premium: $367.3M, up 34%.

• Premium in force at year-end: $370.2M, up 33% YoY; policies in force reached 280,200, up 27%.

• Revenue per employee: $2.7M (up 15%); Adjusted EBITDA per employee: $1.6M (up 14%).

Outlook and guidance

• Raised 2026 guidance: revenue expected at ~$193M, Adjusted EBITDA margin between 60%-61%.

• Entering 2026 with a diversified capacity panel, proprietary data advantage, and flexible distribution.

• Focus remains on profitable growth, operational efficiency, and disciplined capital allocation.