Lemonade Q2 2024 turns net cash flow positive; loss ratio improves 15 pts to 79%

Lemonade, Inc.

2024-Q2 EPS reported -$1.48 revenue$241,100,000

Net cash flow positive in Q2; expects to remain positive except Q4 2024 due to seasonality.
In Force Premium $838.8M (+22% YoY); revenue $122.0M (+17%); gross loss ratio 79%.
Gross profit $30.8M (+155%); gross margin doubled to 25%; operating expense up 13%.
Adjusted EBITDA loss -$43M (-18% YoY); net loss -$57M (-15%).
Non-renewing CAT-exposed homeowners policies; IFP impact of $20-25M built into guidance.

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