Lemonade Q1 2024: revenue +25%, net loss narrows to $47M; pushes cash-flow breakeven to year-end 2024

Lemonade, Inc.

2024-Q1 EPS reported -$0.67 revenue$119,100,000

IFP $794M (+22% YoY), revenue $119M (+25%), gross profit $34.7M (+110%), gross loss ratio 79% (improved 8 pts YoY).
Net loss ($47.3M) vs ($65.8M) a year ago; adjusted EBITDA loss ($33.9M), improved 33% YoY.
Cash-flow breakeven target accelerated from H1 2025 to year-end 2024; expects positive cash flow by Q1 2025.
Customers 2.09M (+13%), premium per customer $379 (+8%), ADR 88% (+1 ppt). Headcount down 11% YoY.
Guidance: FY 2024 IFP $940-944M, revenue $511-515M, adj EBITDA loss ($155)-($151)M; Q2 IFP $839-841M, revenue $118-120M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.98

Lemonade, Inc. reported the three months ended March 31, 2024 results: revenue $119.1 million, net income ($47.3) million. Guidance raised.

Period: the three months ended March 31, 2024
Revenue: $119.1 million
Net income: ($47.3) million
Guidance: raised
Result: reported results

Exact text from the filing

increased by $33.7 million or 22% as compared to the first quarter of 2023, primarily due to the increase of IFP earned during the quarter. 8 Revenue First quarter revenue of $119.1 million increased by $23.9 million or 25% as compared to the first quarter of 2023, primarily due to the increase of gross earned premium, ceding commission income and net investment

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Source: SEC EDGAR

accession 0001691421-24-000054

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