Neptune Insurance Holdings Inc., the parent company of Neptune Flood Incorporated, reported revenue of $44.4 million for the third quarter of 2025, up 31.2% from $33.8 million in the same period a year earlier.
Net income decreased 4.8% to $11.5 million from $12.1 million, driven primarily by $5.0 million in costs related to the company’s Initial Public Offering (IPO), with a 25.9% net income margin.
Adjusted EBITDA amounted to $26.7 million, up 28.6% from $20.8 million, with a 60.2% margin.
Adjusted Net Income grew 24.8% to $16 million from $12.8 million.
In October 2025, Neptune announced the pricing of its IPO for the sale of 18,421,053 shares of its Class A common stock at $20 per share.
Trevor Burgess, Chairman and Chief Executive Officer, commented, “The excellent results delivered in Q3 showcase the scalability and efficiency of our model. Expanding distribution, record new business policy sales, strong renewal dynamics, and continued technology leverage helped produce 31% revenue growth, a 26% net income margin, and a 60% Adjusted EBITDA margin. Operating as a managing general agent (MGA) that takes no balance sheet insurance risk, a model we believe is unique to the public markets, allows us to deliver these margins and provide a financial profile that is efficient, asset light, and profitable.”
“We’re most proud of the exceptional customer experience we provide to agents and consumers nationwide, and the consistent profitability we have historically provided to our capacity providers.
“We believe this is only possible because we are a technology company operating in the insurance space, not an insurance company attempting to utilise technology.
“Following quarter end, we refinanced our debt into a $260 million revolving facility, which lowers our rate, removes required amortisation, and provides greater flexibility to manage capital efficiently.”
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