Neptune Insurance Holdings(US:NP)2025-11-12 21:31Revenue Growth - Third quarter revenue increased by 31.2% to $44.4 million compared to $33.8 million in Q3 2024[1][5] - Revenues for the three months ended September 30, 2025, increased by 31.2% to $44,365,000 compared to $33,820,000 for the same period in 2024[32] - Total revenues for the twelve months ended September 30, 2025, reached $147,287 million, a 34.7% increase from $109,355 million in 2024[40] Net Income and Margins - Net income decreased by 4.8% to $11.5 million, resulting in a net income margin of 26%[4][6] - Net income for the nine months ended September 30, 2025, rose by 43.9% to $33,070,000, up from $22,980,000 in 2024[36] - The company reported a net income margin of 25.9% for the three months ended September 30, 2025, down from 35.8% in 2024[38] - Net income for the same period was $44,682 million, reflecting a 63.2% growth compared to $27,379 million in 2024[40] - The net income margin improved to 30.3%, an increase of 5.3 percentage points from 25.0% in 2024[40] Adjusted EBITDA - Adjusted EBITDA grew by 28.6% to $26.7 million, achieving a margin of 60%[4][6] - Adjusted EBITDA for the three months ended September 30, 2025, was $26,726,000, reflecting a 28.6% increase from $20,781,000 in 2024[38] - Adjusted EBITDA increased to $88,379 million, up 36.1% from $64,955 million year-over-year[40] Premiums and Policy Sales - Written premiums rose by 30.7% to $101.6 million compared to $77.7 million in Q3 2024[5][6] - The company achieved a record new business policy sales, with federally required purchases accounting for under 20% of new business sales[9] - Policy retention rate improved to 86.2%, and premium retention rate increased to 98.7%[10] Expenses and Liabilities - Total operating expenses for the three months ended September 30, 2025, were $23,665,000, a significant increase from $14,011,000 in 2024[32] - Total liabilities rose to $348,299,000 as of September 30, 2025, compared to $173,667,000 at the end of 2024[34] - Corporate transaction-related expenses surged to $8,440 million in 2025 from $101 million in 2024, marking an increase of 8256.4%[40] Employee Metrics - Revenue per employee increased by 29% to $2.5 million, while Adjusted EBITDA per employee grew by 30% to $1.5 million[4][7] - Average number of employees rose to 58,000, a 4.5% increase from 55,500 in 2024[43] - Revenue per employee increased to $2,539, representing a 28.9% rise from $1,970 in 2024[43] Cash and Debt Management - Cash and cash equivalents and fiduciary cash at the end of the period totaled $59,045,000, compared to $43,164,000 at the end of September 2024[36] - The company refinanced its debt into a $260 million revolving credit facility, enhancing capital management flexibility[3][11] Future Outlook - For the full year 2026, the company expects revenue between $186 million and $189 million, with an Adjusted EBITDA margin of 60% to 61%[13] - Adjusted basic earnings per share for the nine months ended September 30, 2025, was $0.31, a 40.9% increase from $0.22 in 2024[46] Other Financial Metrics - Basic net income per share for the three months ended September 30, 2025, remained stable at $0.06, consistent with the same period in 2024[32] - Interest expense decreased to $16,006 million, down 16.6% from $19,188 million in 2024[40] - Adjusted net income for the three months ended September 30, 2025, was $15,988 million, a 24.8% increase from $12,811 million in 2024[45]