Overview
- Revenue rose 42% year over year to $194.5 million, topping Wall Street estimates.
- Net loss narrowed to $37.5 million from $67.7 million, and the net loss ratio improved to 64%.
- Full-year revenue outlook increased to $727 million–$732 million, with adjusted EBITDA loss guided to $127 million–$130 million; Q4 revenue is projected at $217 million–$222 million and adjusted EBITDA loss at $13 million–$16 million.
- Shares surged after the report, reaching an intraday high of $79.71 and finishing the day up 34.21%, marking a record level.
- Customer and in-force premium expanded with premium per customer up about 5%, while adjusted free cash flow declined to $18.1 million from $37.6 million a year earlier.