Lemonade, Inc.

Listed Company

LMNDCIK 0001691421NYSELarge AcceleratedFire, Marine & Casualty InsuranceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$737.90M

Net Income

$-165.50M

Total Assets

$1.93B

Equity

$533.60M

Shares Out

76.82M

Op. Cash Flow

$-16.50M

Business

Lemonade, Inc. provides digital-first property and casualty and life insurance products through a vertically integrated, technology-driven platform. It offers renters, homeowners (including buildings and contents), pet, car and term life insurance, together with claims processing, underwriting and reinsurance services and the Giveback charitable feature. The company operates through insurance subsidiaries, a captive/reinsurance cell structure and an integrated technology stack (AI Maya, AI Jim, CX.AI, Forensic Graph, Blender, Cooper) that supports underwriting, claims, customer care and product development. Lemonade distributes policies primarily direct online via iOS/Android apps, web and APIs, and also sells in the U.S. and across Europe under a pan‑European license and targeted partnerships.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earned premium	536	371	315	172	77
Ceding commission income	123	91	70	64	45
Net investment income	38	34	25	8	2
Commission and other income	41	31	20	12	5
Total revenue	738	527	430	257	128
Loss and loss adjustment expense, net	347	277	280	167	72
Other insurance expense	94	77	59	44	24
Sales and marketing	224	166	102	138	142
Technology development	94	86	89	80	52
General and administrative	140	125	129	122	73
Total expense	899	730	660	552	362
Loss before income taxes	−161	−204	−230	−295	−234
Income tax expense (benefit)	5	−2	7	3	8
Net loss	−166	−202	−237	−298	−241
Unrealized gain on investments in fixed maturities	2	6	19	−18	−6
Foreign currency translation adjustment	10	−3	0	−6	500,000
Comprehensive loss	−153	−199	−218	−322	−247
Net loss per share attributable to common stockholders basic (usd per share)	−2.24	−2.85	−3.4	−4.59	−3.94
Net loss per share attributable to common stockholders diluted (usd per share)	−2.24	−2.85	−3.4	−4.59	−3.94
Weighted average common shares outstanding basic (in shares)	74	71	70	65	61
Weighted average common shares outstanding diluted (in shares)	74	71	70	65	61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities available-for-sale, at fair value (amortized cost: $706.0 million and $607.1 million as of December 31, 2025 and 2024, respectively)	709	607	627	650	—
Short-term investments (cost: $14.1 million and $27.5 million as of December 31, 2025 and 2024, respectively)	14	28	46	100	110
Total investments	723	635	673	750	802
Cash, cash equivalents and restricted cash	397	386	272	287	271
Premium receivable, net of allowance for credit losses of $4.1 million and $2.8 million as of December 31, 2025 and 2024, respectively	402	301	222	180	127
Reinsurance recoverable	153	170	138	157	90
Prepaid reinsurance premium	148	254	196	165	150
Deferred acquisition costs	12	12	9	7	6
Property and equipment, net	16	16	17	20	12
Intangible assets	8	14	23	33	600,000
Goodwill	19	19	19	19	0
Other assets	47	42	64	75	53
Total assets	1,926	1,849	1,633	1,691	1,511
Unpaid losses and loss adjustment expenses	303	298	262	256	98
Unearned premium	577	455	354	288	208
Trade payables	500,000	5	600,000	1	1
Funds held for reinsurance treaties	170	220	129	136	103
Deferred ceding commission	38	66	41	40	37
Ceded premium payable	24	24	23	18	19
Borrowings under financing agreement	158	83	15	0	—
Other liabilities and accrued expenses	122	106	100	85	57
Total liabilities	1,392	1,256	924	824	522
Common stock, $0.00001 par value, 200,000,000 shares authorized as of December 31, 2025 and 2024; 75,907,215 shares and 72,720,866 shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	1,992	1,898	1,815	1,754	1,554
Accumulated deficit	−1,464	−1,299	−1,097	−860	−562
Accumulated other comprehensive income (loss)	6	−6	−9	−28	−3
Total stockholders' equity	534	593	709	867	988
Total liabilities and stockholders' equity	1,926	1,849	1,633	1,691	1,511

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	15	20	20	12	4
Stock-based compensation	61	65	60	59	44
Amortization of bond discount	−6	−6	−3	—	—
Provision for bad debt	22	11	8	9	6
Gain on early lease termination	−2	0	0	—	—
Asset impairment charge	0	300,000	4	0	0
Premium receivable	−123	−90	−51	−44	−47
Reinsurance recoverable	17	−32	18	−53	−41
Prepaid reinsurance premium	106	−57	−32	−15	−58
Deferred acquisition costs	100,000	−3	−2	−800,000	−3
Other assets	−8	21	9	−7	−39
Unpaid losses and loss adjustment expenses	5	36	6	74	52
Unearned premium	122	101	66	65	84
Trade payables	−4	4	−500,000	−700,000	−400,000
Funds held for reinsurance treaties	−50	91	−7	33	41
Deferred ceding commission	−27	24	2	3	14
Ceded premium payable	100,000	600,000	5	−12	6
Other liabilities and accrued expenses	22	6	15	5	39
Net cash used in operating activities	−17	−11	−119	−163	−145
Proceeds from short-term investments sold or matured	42	78	144	225	20
Proceeds from bonds sold or matured	383	336	350	138	27
Cost of short-term investments acquired	−28	−58	−72	−137	−131
Cost of bonds acquired	−477	−306	−324	−133	−712
Purchases of property and equipment	−9	−9	−9	−10	−9
Net cash (used in) provided by investing activities	−89	41	89	181	−805
Proceeds from borrowings under financing agreement	133	96	19	0	0
Payment on borrowings under financing agreement	−58	−28	−4	0	0
Proceeds from stock exercises	32	19	500,000	4	9
Net cash provided by financing activities	107	88	15	4	650
Effect of exchange rate changes on cash, cash equivalents and restricted cash	10	−3	0	−6	−1
Net increase (decrease) in cash, cash equivalents and restricted cash	11	114	−15	16	−301
Cash paid for income taxes	3	3	700,000	3	3
Cash paid for interest expense on borrowings under financing agreement	16	5	300,000	0	0
Right-of-use assets derecognized due to lease modification	3	0	0	—	—

Filings

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