Ethos Technologies (LIFE) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue rose 104% year-over-year to $193M, with direct channel revenue up 136% and third-party channel revenue up 42%.

• 88,373 new policies activated, bringing the total to over 600,000; average revenue per policy increased 11% to $2,185.

• Adjusted EBITDA reached $34M (17% margin), contribution profit was $59M (30% margin), and Rule of 40 score was 121.

• Net loss attributable to common stockholders was $(172.0)M, primarily due to $193.3M in stock-based compensation following the IPO.

• Expanded product portfolio to 12 products across 6 carriers, including new whole life and IUL offerings; launched partnerships with Liberty Mutual and embedded experience in ChatGPT.

Financial highlights

• Q1 revenue was $193M, with direct channel at $146M and third-party at $47M.

• Contribution profit was $59M (30% margin), impacted by a one-time $16.5M non-cash charge for agent compensation.

• Adjusted EBITDA was $34M (17% margin), up from $24M in Q1 2025.

• Non-GAAP net income was $29.1M (15% margin); GAAP net loss per share was $(3.57).

• Cash, equivalents, and investments totaled $224M at quarter-end, with $107.9M in cash.

Outlook and guidance

• Q2 2026 revenue expected at $114M–$118M (31% year-over-year growth), adjusted EBITDA at $20M–$22M.

• Full-year 2026 revenue guidance raised to $561M–$565M (45% year-over-year growth), adjusted EBITDA to $103M–$107M.

• Guidance reflects revised agent compensation expense assumptions and continued channel diversification.

• Management expects continued investment in growth, technology, and agency relationships, with near-term margin fluctuations.

• Liquidity is expected to be sufficient for at least the next twelve months.