Lemonade Q3 revenue $114.5M (+55% YoY); expects cash-flow positive by late 2025

Lemonade, Inc.

2023-Q3 EPS reported -$2.80 revenue$314,300,000

Revenue $114.5M (+55% YoY); gross profit $21.9M (+170%); IFP $719M (+18%).
Net loss $61.5M improved 33% YoY; Adjusted EBITDA loss $40.2M improved 39%.
Gross loss ratio improved to 83% from 94% a year ago.
Expects to turn cash-flow positive in late 2025 (sooner than prior outlook); Adjusted EBITDA profitable in 2026.
California approved 51% rate increase for Car product (~50% of Car book in CA).

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