Neptune Insurance (NP) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $44.4 million, up 31% year-over-year, with net income of $11.5 million and adjusted EBITDA of $26.7 million at a 60% margin, driven by expanded distribution and technology leverage.

• Written premium reached $102 million, a 33% year-over-year increase, and policy count ended at 260,000, with record new business sales and agency growth.

• Transitioned to a public company, with the quarter reflecting IPO-related activity and peak hurricane season; $5.0 million in IPO-related expenses impacted Q3 net income.

• Business model as an MGA remains asset-light, technology-driven, and profitable, with no balance sheet insurance risk.

Financial highlights

• Revenue increased 31% year-over-year to $44.4 million, driven by record new business sales and improved renewal retention.

• Adjusted EBITDA rose 29% to $26.7 million, with a 60% margin for the quarter.

• Adjusted net income for Q3 2025 was $16.0 million, up 24.5% year-over-year.

• Revenue per employee reached $2.5 million, and adjusted EBITDA per employee was $1.5 million, both up nearly 30% year-over-year.

• For the twelve months ended September 30, 2025, revenue was $147.3 million and net income $44.7 million.

Outlook and guidance

• 2026 revenue expected between $186 million and $189 million, with adjusted EBITDA margin of 60%-61%.

• Guidance assumes no further NFIP shutdowns or operational changes and a stable housing market.

• Guidance is subject to risks and uncertainties as outlined in the Safe Harbor Statement.

• Capital deployment will focus on business growth and returning excess to shareholders.