Neptune Insurance Holdings(NP) - 2025 Q4 - Annual Results

Revenue Growth - Revenue growth of 39% to $43.8 million in Q4 2025, with a full year revenue growth of 34% to $159.6 million[6] - Written Premium increased by 41% to $100.3 million in Q4 2025, and by 34% to $367.3 million for the full year[6] - Record quarterly and annual new business sales were achieved[6] Net Income - Net income decreased by 63% to $4.3 million in Q4 2025, while full year net income grew by 8% to $37.4 million[6] - Net income for the year ended December 31, 2025, was $37,413,000, representing an 8.2% increase from $34,592,000 in 2024[27] - For the three months ended December 31, 2025, net income was $4,343,000, a decrease of 62.6% from $11,612,000 in the same period of 2024[29] Adjusted Income - Adjusted Net Income increased by 25% to $15.3 million in Q4 2025, and by 38% to $56.9 million for the full year[6] - Adjusted net income increased by 37.6% to $56,932,000 in 2025 from $41,363,000 in 2024[27] - Adjusted net income for the same quarter increased by 24.8% to $15,335,000 from $12,286,000 year-over-year[29] Earnings Per Share - Adjusted basic earnings per share rose by 35.5% to $0.42 in 2025 compared to $0.31 in 2024[27] - Adjusted diluted earnings per share for the three months ended December 31, 2025, was $0.10, an 11.1% increase from $0.09 in 2024[29] EBITDA - Adjusted EBITDA grew by 34% to $25.9 million in Q4 2025, and by 32% to $95.0 million for the full year, with margins of 59% and 60% respectively[6][21] - Adjusted income before income tax expense for the year ended December 31, 2025, was $77,681,000, a 40.1% increase from $55,459,000 in 2024[27] Employee Metrics - Revenue per Employee grew by 15% to $2.7 million for the full year[6][25] - Adjusted EBITDA per Employee increased by 14% to $1.6 million for the full year[6][25] - The average number of employees increased by 15.8% to 60 for the full year 2025[25] Stock and Expenses - The company incurred $4.6 million in IPO-related expenses in Q4 2025, impacting net income margins[6][21] - The weighted average common stock outstanding for basic calculations increased to 135,833,166 in 2025 from 135,200,000 in 2024[27] - The impact of conversion of redeemable, convertible preferred stock added 31,330,328 shares in 2025 compared to 41,850,000 in 2024[28] - One-time expenses related to corporate rebranding in 2024 were fully accounted for, affecting the financials of that year[30]