| Metric | Value ($ M) | vs Q2 FY25 |
|---|---|---|
| Revenue | 44.37 | 5.5% |
| Total Income | 44.37 | 5.5% |
| Expenditure | 23.67 | 13.9% |
| PBT | 15.46 | 1.3% |
| Net Profit | 11.51 | 0.9% |
| OPM | 46.66% | 3.95pp |
| NPM | 25.95% | 1.68pp |
| EPS | 0.06 | 112.2% |
Neptune Insurance Reports Q3 2025 Revenue Up 31.2% to $44.4 Million
04 May 2026 · 4 May, 7:20 am
Summary
Neptune Insurance Holdings Inc. reported a strong third quarter in 2025, with revenue increasing by 31.2% to $44.4 million. Net income decreased slightly by 4.8% to $11.5 million, primarily due to IPO expenses, but the net income margin remained strong at 25.9%. Adjusted EBITDA increased by 28.6% to $26.7 million, with an impressive margin of 60.2%. The company expects to achieve revenue of $186 million to $189 million and an Adjusted EBITDA margin of 60 percent to 61 percent for the full year 2026.
Key Highlights
- 1
Neptune Insurance Holdings Inc. reported a revenue increase of 31% to $44.4 million for the third quarter of 2025.
- 2
The company's net income for the third quarter decreased by 5%, resulting in a 26% net income margin.
- 3
Adjusted EBITDA for the third quarter grew by 29% to $26.7 million, representing a 60% margin.
- 4
Written Premium for the third quarter experienced a growth of 31% reaching $101.6 million.
- 5
Trailing-twelve-month Revenue per Employee grew by 29% to $2.5 million.
- 6
Trailing-twelve-month Adjusted EBITDA per Employee increased by 30% to $1.5 million.
- 7
Operating cash flow for the nine months ended September 30, 2025, was $38.9 million, compared to $35.3 million for the same period in the prior year.
Management Comments
Trevor Burgess
“The excellent results delivered in Q3 showcase the scalability and efficiency of our model. Expanding distribution, record new business policy sales, strong renewal dynamics, and continued technology leverage helped produce 31% revenue growth, a 26% net income margin, and a 60% Adjusted EBITDA margin. Operating as a managing general agent (MGA) that takes no balance sheet insurance risk, a model we believe is unique to the public markets, allows us to deliver these margins and provide a financial profile that is efficient, asset light, and profitable.” “We’re most proud of the exceptional customer experience we provide to agents and consumers nationwide, and the consistent profitability we have historically provided to our capacity providers,” said Mr. Burgess. “We believe this is only possible because we are a technology company operating in the insurance space, not an insurance company attempting to utilize technology.” Mr. Burgess continued, “Following quarter end, we refinanced our debt into a $260 million revolving facility, which lowers our rate, removes required amortization, and provides greater flexibility to manage capital efficiently.”
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