Ethos Technologies (LIFE) investor relations material

Company overview and business model

• Operates a vertically integrated, technology-driven life insurance platform serving consumers, agents, and carriers with a fully digital, asset-light model.

• Offers a three-sided platform that streamlines distribution, underwriting, activation, payments, and administration, enabling rapid product development and iteration.

• Does not assume balance sheet risk; insurance risk is borne by carrier partners.

• Since inception, activated over 500,000 policies and as of September 30, 2025, had over 10,000 active selling agents and several active carriers.

• Product suite expanded from one in 2019 to ten by end of 2024, including Term Life, Whole Life, Indexed Universal Life, Wills & Estate Planning, and Supplemental Health Insurance.

Financial performance and metrics

• Revenue grew 60% from $160M in 2023 to $255M in 2024; gross profit margin increased from 96% to 97%.

• For the nine months ended September 30, 2025, revenue was $278M, up 47% year-over-year; gross profit margin rose to 98%.

• Net income margin improved from 1% in 2023 to 19% in 2024; Adjusted EBITDA margin increased from 4% to 23%.

• Contribution Margin rose from 32% in 2023 to 41% in 2024; for the nine months ended September 30, 2025, Contribution Margin was 41%.

• As of September 30, 2025, cash, cash equivalents, and investments totaled $161M; working capital was $127M.

Use of proceeds and capital allocation

• Net proceeds of approximately $82.6M (at $19.00/share IPO price) expected, after underwriting discounts and expenses.

• $41.8M of proceeds allocated to tax withholding and remittance obligations related to RSU Net Settlement.

• Remaining proceeds to be used for general corporate purposes, including working capital, operating expenses, and potential strategic acquisitions or investments.