LMND
Lemonade, Inc.81.36
+6.29+8.38%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms guide, details car rollout
Q&A largely reaffirmed the scripted story of accelerating growth and EBITDA breakeven in Q4 2026, but added timeline on car expansion—multiple states in 2026, nationwide by 2027—and cross-sell progress, with 20% IFP from multi-policy customers. Management dismissed EBITDA guide conservatism, attributing potential upside to R&D in pricing machines and local platforms rather than extra growth spend. They touted AI-first culture as durable moat versus incumbents' legacy stacks. No bombshells on Tesla FSD impact. Watch state launches and investment payoffs.
Key Stats
Market Cap
6.08BP/E (TTM)
-Basic EPS (TTM)
-2.37Dividend Yield
0%Recent Filings
10-K
FY2025 results
Lemonade's FY2025 revenue surged 40% to $737.9M, with net earned premium up 45% y/y to $536.3M on 26% gross written premium growth to $1,171.3M, fueled by 23% customer expansion to 2.98M and 7% higher premiums per customer; Q4 accelerated via favorable reinsurance (ceding 20% vs. prior 55%), driving net loss ratio to 65% (down from 75%) with $30.4M prior-year reserve releases. Margins expanded sharply—adjusted gross profit ratio to gross earned premium hit 29% (derived, up from 21%)—while liquidity strengthened to $1.1B cash/investments. No dividends or buybacks; capex steady on tech. Catastrophe losses pose quarterly volatility risk.
8-K
Q4 crushes with 31% IFP surge
Lemonade crushed Q4 2025 with IFP surging 31% to $1.24B, revenue up 53% to $228M, and gross profit leaping 73% to $111M on a stellar 52% gross loss ratio. Pet, Car, and Europe fueled the fire—Pet hit $439M IFP at 55% growth, Car's loss ratio plunged 23 points to 70%, Europe's to 74%. Momentum builds. Guides 32% IFP growth, Adj. EBITDA loss of ($52M)-($48M).
8-K
IFP up 30%, profit soars
10-Q
Q3 FY2025 results
Lemonade's Q3 revenue jumped 42% y/y to $194.5M, driven by net earned premium up 46% y/y to $140.0M on 24% higher gross written premium, while net loss narrowed 45% y/y to $37.5M ($0.51/share) thanks to better loss emergence on homeowners and car lines. Loss ratio improved to 64% from 81% y/y, yet net loss exceeded operating loss by stock-based comp and $4.6M interest on borrowings. Cash and equivalents stood at $355.5M with $139.0M debt to GC at 16% return; operating cash used $37.2M YTD. Reinsurance renewed at lower 20% cession rate. Catastrophe losses remain unpredictable.
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