Lemonade Q2 beats expectations: IFP $457.6M, Net Loss $67.9M; guides FY22 adj EBITDA loss ($245-240)M; Metromile closed

Lemonade, Inc.

2022-Q2 EPS reported -$2.31 revenue$94,300,000

Q2 results ahead of expectations: IFP $457.6M (+54% YoY), revenue $50M (+77%), Net Loss $67.9M ($1.10/share), Adj EBITDA loss $50.3M.
Metromile acquisition closed July 28 for ~$145M in stock; added $110M IFP, >$155M cash, 49 state licenses.
FY22 consolidated guidance: IFP $610-615M, Adj EBITDA loss ($245-240)M, improved from prior standalone ($280-265)M; peak losses expected Q3 2022.
Gross loss ratio improved to 86% from 96% in Q4 2021; cross-sells/upsells 23% of sales; LTV6 model deployed to rebalance portfolio.
Company fully funded to profitability; moderated growth spend and hiring; expects to achieve profitability without further capital raise.

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