Ethos Technologies (LIFE) Registration Filing summary

Company overview and business model

• Operates a vertically integrated, three-sided technology platform serving consumers, agents, and carriers in the life insurance industry.

• Offers a fully digital, capital-light, and scalable model, focusing on technology, distribution, digital underwriting, and consumer experience, while carriers assume insurance risk.

• Activated over 450,000 policies since inception, with more than 10,000 active selling agents and several active carriers as of June 30, 2025.

• Provides a seamless, digital application and underwriting process, enabling decisions in minutes and removing friction for both consumers and agents.

• Product suite includes Term Life, Whole Life, Indexed Universal Life, and estate planning tools, with rapid product development and extensibility.

Financial performance and metrics

• Revenue grew from $160M in 2023 to $255M in 2024, a 60% increase; revenue for the six months ended June 30, 2025 was $184M, up 55% year-over-year.

• Gross profit margin improved from 96% in 2023 to 97% in 2024, and to 98% for the six months ended June 30, 2025.

• Net income margin increased from 1% in 2023 to 19% in 2024; Adjusted EBITDA margin rose from 4% to 23% over the same period.

• 127,623 policies activated in 2024, up 77% from 2023; 94,405 policies activated in the first half of 2025, up 70% year-over-year.

• LTM revenue of $320M, LTM net income of $61M, LTM adjusted EBITDA of $81M, and LTM gross margin of 98% as of June 30, 2025.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to pay anticipated tax withholding and remittance obligations related to RSU settlements, with the remainder for general corporate purposes, working capital, operating expenses, and potential strategic acquisitions.

• No proceeds will be received from shares sold by selling stockholders.