Neptune Insurance Holdings Inc.

Listed Company

NPCIK 0002067129NYSENon-AcceleratedEmerging GrowthInsurance Agents, Brokers & ServiceDelawareFY ends Dec 31

Period

FY 2025

Revenue

$159.55M

Net Income

$37.41M

Total Assets

$65.30M

Equity

$-227.49M

Shares Out

96.19M

Op. Cash Flow

$51.67M

Business

Neptune Insurance Holdings Inc. is a publicly listed company in Insurance Agents, Brokers & Service, incorporated in Delaware. Common stock trades on NYSE under the ticker NP.

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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
Total revenues	160	119	85
Agent commissions	49	35	26
Employee compensation and benefits	17	5	4
General and administrative	10	8	7
Amortization expense	4	3	2
IPO transaction costs	9	0	0
Total operating expenses	89	51	39
Income from operations	71	68	45
Interest income	923,000	880,000	308,000
Interest expense	−18	−18	−21
Loss on extinguishment of debt	0	−5	−556,000
Income before income tax expense	54	46	24
Income tax expense	16	12	6
Net income	37	35	18
Accretion adjustment to redeemable preferred stock	−10	−13	−8
Allocation to participating preferred stock	0	−7	0
Cash dividend paid on redeemable preferred stock	−54	0	0
Net income available to common stockholders	−27	15	10
Basic (in dollars per share)	−0.26	0.16	0.1
Diluted (in dollars per share)	−0.26	0.16	0.1
Basic (in shares)	105	93	94
Diluted (in shares)	105	93	94

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
Cash and cash equivalents	8	7	—	—
Fiduciary cash	33	21	16	—
Fiduciary receivable	5	4	—	—
Commissions and fees receivable	4	3	—	—
Prepaid expenses and other current assets	1	452,000	—	—
Income tax receivable	1	0	—	—
Total current assets	52	35	—	—
Intangible assets, net	466,000	476,000	—	—
Internally developed software, net	6	6	—	—
Goodwill	4	4	—	—
Deferred tax assets	802,000	3	—	—
Deferred financing asset	2	99,000	—	—
Total assets	65	48	—	—
Accounts payable	10	7	—	—
Commissions payable	4	3	—	—
Insurance company payables	19	13	—	—
Income tax payable	0	5	—	—
Accrued expenses	977,000	475,000	—	—
Premium deposits	19	12	—	—
Current portion of debt	0	9	—	—
Total current liabilities	53	49	—	—
Debt, less current portion	0	125	—	—
Revolving credit facility	240	0	—	—
Total liabilities	293	174	—	—
Commitments and contingencies (Notes 13)	—	—	—	—
Redeemable, convertible preferred stock, value	0	240	227	0
Accumulated deficit	−514	−366	—	—
Additional paid-in capital	287	337,000	—	—
Total stockholders deficit	−227	−366	−388	−58
Total liabilities, redeemable, convertible preferred stock, and stockholders deficit	65	48	—	—

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
Amortization of deferred financing fees	632,000	905,000	1
Share-based compensation	11	296,000	41,000
Deferred income taxes	2	−612,000	−2
Commissions and fees receivable	−1	−2	−491,000
Income tax receivable	−1	462,000	−412,000
Prepaid expenses and other current assets	−857,000	212,000	−274,000
Deferred financing asset	0	−111,000	−313,000
Accounts payable	3	2	2
Commissions payable	1	423,000	518,000
Income tax payable	−5	5	−54,000
Accrued expenses	511,000	413,000	−2
Net cash provided by operating activities	52	50	19
Internal developed software	−4	−4	−4
Purchase of intangible assets	−63,000	0	0
Net cash used in investing activities	−4	−4	−4
Change in fiduciary receivables	−1	−623,000	−939,000
Change in fiduciary liabilities	13	5	5
Payment of deferred financing fees and prepayment penalty	−939,000	−4	−3
Issuance of common stock	0	0	10
Rescission of common stock	0	0	−10
Issuance of redeemable, convertible preferred stock, net of issuance costs	0	0	219
Proceeds from revolving credit facility	251	0	0
Repayments of revolving credit facility	−11	—	—
Proceeds from exercise of stock options	16	0	0
Contributed capital, stockholder reimbursement of IPO transaction costs	8	0	0
Cash dividend paid	−175	0	−339
Net cash used in financing activities	−35	−42	−10
Net increase in cash and cash equivalents and fiduciary cash	12	4	5
Interest	17	17	20
Total income taxes paid	20	7	9
Reclassification of unamortized deferred financing fees to deferred financing asset	1	0	0

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