Lemonade Q1 net loss improves to $65.8M, guides 2023 EBITDA loss lower to ($205)-($200)M

Lemonade, Inc.

2023-Q1 EPS reported -$0.95 revenue$95,200,000

Q1 net loss $65.8M ($0.95/sh), improved 12% YoY; revenue $95.2M (+115% YoY) on strong premium growth.
In Force Premium $653.3M (+56% YoY); gross loss ratio 87% (down from 90% YoY); ADR all-time high 87% (+5pp).
Adjusted EBITDA loss $50.8M, improved 11% from $57.4M loss in Q1 2022.
FY 2023 guidance raised: IFP $700-705M (from $695-700M); Adj EBITDA loss ($205)-($200)M (from ($245)-($240)M).
Q2 2023 guidance: IFP $665-668M, revenue $96-98M, Adj EBITDA loss ($58)-($55)M.

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