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 model, focusing on distribution, underwriting, and policy administration, while carriers assume insurance risk.

• Activated over 480,000 policies since inception, with more than 10,000 active selling agents and several active carriers as of September 30, 2025.

• Product suite includes Term Life, Whole Life, Indexed Universal Life, Wills & Estate Planning, and Supplemental Health Insurance.

• Platform leverages proprietary underwriting engine, real-time data, and machine learning to deliver instant decisions for 95% of applicants.

Financial performance and metrics

• Revenue grew from $160M in 2023 to $255M in 2024 (60% increase); $278M for the nine months ended September 30, 2025 (47% YoY increase).

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

• Net income margin was 1% in 2023, 19% in 2024, and 17% for the nine months ended September 30, 2025.

• Adjusted EBITDA margin increased from 4% in 2023 to 23% in 2024 and remained at 23% for the nine months ended September 30, 2025.

• Activated policies increased by 77% in 2024 and 61% for the nine months ended September 30, 2025.

• Cash and cash equivalents were $84.3M as of September 30, 2025, with working capital of $126.8M.

Use of proceeds and capital allocation

• Net proceeds will be used to pay anticipated tax withholding and remittance obligations related to RSU settlements.

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