Neptune Insurance, the parent company of Neptune Flood, marked a major milestone in its financials as it reported third-quarter revenue of $44.4 million, a 31.2% increase from the same period in 2024.
Written premiums for the quarter reached $101.6 million, up 30.7% from $77.7 million a year earlier.
That said, the company also posted net income of $11.5 million for the quarter, representing a 4.8% decrease from $12.1 million in the third quarter of 2024. Neptune attributed the decline primarily to $5.0 million in costs related to its initial public offering, which were reimbursed by selling shareholders after the offering closed in the fourth quarter.
Net income margin for the quarter was 25.9%. Adjusted EBITDA for the third quarter was $26.7 million, a 28.6% increase from $20.8 million in the prior-year period. The Adjusted EBITDA margin stood at 60.2%. On a trailing-twelve-month basis, Neptune reported net income of $44.7 million and adjusted EBITDA of $88.4 million. Adjusted net income for the quarter was $16.0 million, up 24% year over year.
Trevor Burgess (pictured above), chairman and CEO, said, “The excellent results delivered in Q3 showcase the scalability and efficiency of our model. 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.”
The third quarter’s financial performance followed a period of significant milestones for Neptune, including its pursuit of a $2.76 billion valuation in its US IPO. The company’s offering was supported by a premium capacity increase to $400 million for 2025, up from $300 million in 2024, with backing from more than 30 global reinsurance and specialty market partners.
In the previous year, Neptune reported $119.3 million in revenue and $34.6 million in net income, distinguishing itself as one of the few profitable insurtechs to reach the IPO stage.
The company’s public debut came during a period of rising insurer share prices, with industry analysts suggesting that the success of profitable insurtech IPOs like Neptune could mark the beginning of a broader IPO boom in the insurance sector.
Neptune also reported surpassing $300 million in premium in force and over $100 billion in total insured value earlier in the year, with more than 235,000 policyholders across 49 states and Washington, D.C., and plans to expand into Alaska.
“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 utilize technology,” Burgess said.
