Neptune Insurance Holdings Inc.
Business
Neptune Insurance Holdings is a technology-driven managing general agent that underwrites and administers residential and commercial flood insurance policies on behalf of insurance and reinsurance capacity providers, without bearing underwriting risk or claims responsibility. The company offers primary flood, excess flood, and parametric earthquake insurance distributed through a nationwide network of agency partners and direct-to-customer channels. Neptune operates through an AI-powered underwriting platform, relationships with multiple capacity providers, and agency distribution partnerships.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Neptune Insurance Holdings Inc.'s CIK number?
Neptune Insurance Holdings Inc.'s SEC CIK number is 0002067129 (2067129). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Neptune Insurance Holdings Inc.'s SEC filings?
All of Neptune Insurance Holdings Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Neptune Insurance Holdings Inc. last report earnings?
Neptune Insurance Holdings Inc. (NP) most recently filed an earnings 8-K with the SEC on Apr 22, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-026558). This is Neptune Insurance Holdings Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Neptune Insurance Holdings Inc.'s most recent earnings 8-K?
Neptune Insurance Holdings Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 22, 2026 under accession 0001628280-26-026558. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Neptune Insurance Holdings Inc.'s latest earnings 8-K →
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