0001691421-26-000064
SEC filing营收增73%至$336.1M、IFP增34%至$1.55B，Q4 2026首次实现正Adjusted EBITDA在望。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $336.1M | $194.5M | +73% |
| Gross Profit | $118.1M | $79.9M | +48% |
| Gross Margin | 35% | 41% | -6pp |
| Operating Income (Loss before income taxes) | ($43.2)M | ($36.3)M | — |
| Net Income (Loss) | ($43.7)M | ($37.5)M | — |
| Diluted EPS | ($0.56) | ($0.51) | — |
| Adjusted EBITDA | ($20.4)M | ($25.6)M | — |
| In Force Premium | $1,550.8M | $1,157.9M | +34% |
| Gross Earned Premium | $364.1M | $274.7M | +33% |
| Customers | 3,520,555 | 2,869,900 | +23% |
| Premium per Customer | $440 | $403 | +9% |
| Annual Dollar Retention | 86% | 85% | +1pp |
| Gross Loss Ratio | 65% | 62% | +3pp |
| Net Loss Ratio | 64% | 64% | — |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| Q4 2026 | In Force Premium | $1,632-$1,639M | N/A |
| Q4 2026 | Gross Earned Premium | $379-$383M | N/A |
| Q4 2026 | Revenue | $342-$346M | N/A |
| Q4 2026 | Adjusted EBITDA | $5-$9M | Non-GAAP |
| Q4 2026 | Stock-based compensation expense | $24M | N/A |
| Q4 2026 | Weighted avg. common shares | 78M | N/A |
| Full Year 2026 | In Force Premium | $1,632-$1,639M | N/A |
| Full Year 2026 | Gross Earned Premium | $1,382-$1,386M | N/A |
| Full Year 2026 | Revenue | $1,231-$1,235M | N/A |
| Full Year 2026 | Adjusted EBITDA | ($51)-($47)M | Non-GAAP |
| Full Year 2026 | Stock-based compensation expense | $93M | N/A |
| Full Year 2026 | Weighted avg. common shares | 77M | N/A |
Q3 2026 营收同比增 73% 至 $336.1M，增速显著快于 GEP 的 33%，主因是 GEP 增长叠加再保险分出比例下降带来的保费留存率提升；IFP 增 34% 至 $1,550.8M，为连续第 12 个季度加速。毛利润增 48% 至创纪录 $118.1M，但毛利率由 41% 降至 35%，反映净赚保费占比上升的结构性变化；Adjusted gross profit 与 GEP 之比则由 29% 升至 33%。承保端 Gross loss ratio 升至 65%（其中 CAT 2%、PPD -2%），Net loss ratio 持平 64%，Europe 产品 loss ratio 升至 104% 值得关注。
费用端运营费用（不含赔付）增 36% 至 $191.9M，其中 growth spend 与利息费用合计增 $28.0M、SBC 增 $6.1M；管理层称 IFP 增速将自 Q4 2026 起明显快于 growth spend，SBC 自 Q2 2027 起不再是费用增长的主要驱动。Adjusted FCF $27.0M 同比改善 $9M，现金及投资约 $1.2B。指引方面，公司重申 FY IFP、上调 GEP 与营收，并维持 Q4 2026 首次实现正 Adjusted EBITDA（$5-$9M）、FY27 全年转正的预期；11 月 17 日 NYC 投资者日将披露 AI 与增长战略。