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LMND

Lemonade, Inc.

LMND

Lemonade, Inc. • NYSE
$78.29 ▲ 0.98% (+0.76)
Market Cap $5.73 B
52w High $83.77
52w Low $24.31
Dividend Yield 0%
P/E -33.03
Volume 1.18M
Outstanding Shares 73.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $194.5M ▲ $117.1M ▲ $-37.5M ▲ -19.28% ▲ $-0.51 ▲ $-32.9M ▲
Q2-2025 $164.1M ▲ $107.8M ▲ $-43.9M ▲ -26.752% ▲ $-0.6 ▲ $-37.9M ▲
Q1-2025 $151.2M ▲ $101.1M ▼ $-62.4M ▼ -41.27% ▼ $-0.86 ▼ $-56.9M ▼
Q4-2024 $148.8M ▲ $133.5M ▲ $-30M ▲ -20.161% ▲ $-0.42 ▲ $-33.1M ▲
Q3-2024 $136.6M $104.7M $-67.7M -49.561% $-0.95 $-60.7M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $355.5M ▼ $1.919B ▼ $1.403B ▼ $516.2M ▼
Q2-2025 $670.3M ▲ $1.935B ▲ $1.407B ▲ $527.1M ▼
Q1-2025 $639.8M ▼ $1.857B ▲ $1.311B ▲ $545.5M ▼
Q4-2024 $1.011B ▲ $1.849B ▲ $1.256B ▲ $593.4M ▲
Q3-2024 $585.3M $1.823B $1.23B $593M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-37.5M ▲ $4.5M ▼ $-59.4M ▼ $24M ▼ $-30.5M ▼ $2.6M ▼
Q2-2025 $-43.9M ▲ $5.5M ▲ $29.5M ▲ $24.1M ▲ $66.3M ▲ $3.4M ▲
Q1-2025 $-62.4M ▼ $-47.2M ▼ $-40.3M ▼ $20M ▼ $-66M ▼ $-49.5M ▼
Q4-2024 $-30M ▲ $13.8M ▼ $2.5M ▲ $35M ▲ $47.9M ▲ $10.6M ▼
Q3-2024 $-67.7M $16.3M $-54.1M $23.6M $-11.9M $14.1M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025
Reportable Segment
Reportable Segment
 $150.00M ▲$160.00M ▲$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Lemonade’s revenue has grown quickly over the last several years, showing that the company is successfully attracting more customers and selling more types of insurance. Gross profit has moved from very thin to more meaningful levels, suggesting pricing, underwriting, and reinsurance are gradually improving, though still not at the level of mature insurers. Operating losses remain substantial, but the trend is one of steady improvement rather than deterioration. Net losses per share have been shrinking over time, which points to a clearer path toward break-even, but the business is still firmly loss‑making and dependent on continued execution to reach sustainable profitability.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still well-capitalized relative to its size, with a solid cash position and only modest debt. Total assets have grown alongside the business, and shareholders’ equity remains clearly positive, though it has been drifting down as losses accumulate. Leverage is low, which reduces financial risk and gives Lemonade more room to absorb volatility in claims and growth investments. The key watchpoint is how long the company can support its strategy with its existing capital base before it needs to raise additional funds.

Cash Flow

Cash Flow Lemonade is still consuming cash, but its cash burn has been narrowing, especially from core operations. Operating cash flow has moved closer to break-even, reflecting better unit economics and tighter cost control, though it has not yet turned consistently positive. Free cash flow is still negative, but the gap has been gradually shrinking, helped by relatively light capital spending needs. Overall, the cash profile is moving in the right direction, yet the company remains reliant on its cash reserves to fund growth and ongoing losses.

Competitive Edge

Competitive Edge Lemonade positions itself as a digital‑first, AI‑driven insurer targeting younger, tech‑savvy customers who value speed, transparency, and a socially minded brand. Its app‑based experience, rapid claims handling, and simple products differentiate it from traditional insurers that often rely on agents and slower processes. The company’s flat‑fee and “Giveback” model also aims to build trust and reduce the perception of conflict with policyholders. However, it competes in a highly regulated, deeply entrenched market against very large incumbents that are increasingly adopting similar technologies, so Lemonade’s long‑term edge will depend on sustained execution, scale, and underwriting performance rather than branding alone.

Innovation and R&D

Innovation and R&D Innovation is the heart of Lemonade’s strategy. The company is built around AI chatbots for onboarding and claims, extensive data collection for risk modeling, and behavioral economics to nudge more honest customer behavior. It is also pushing into telematics‑based car insurance and more customized pet and property offerings, using software and data to personalize pricing and coverage. Continuous investment in machine learning, automation, and new product lines—along with international expansion—could strengthen its data advantage and operating efficiency, but these initiatives are costly and their payoffs remain uncertain over the medium term.

Summary

Lemonade is a fast‑growing, tech‑centric insurer that has significantly improved its revenue scale and unit economics while still operating at meaningful losses. The balance sheet and cash position currently provide a buffer to continue investing in growth and technology, though not indefinitely. Its differentiation comes from an AI‑native platform, a streamlined digital experience, and a values‑driven brand that resonate with a specific customer segment. The main questions going forward are whether Lemonade can convert these strengths into durable underwriting profitability, sustain its innovation lead as incumbents catch up technologically, and manage its cash runway without diluting shareholders excessively. The trajectory is positive, but the business remains in a transition phase from disruptive concept toward proven, profitable insurer.

NEWS

November 5, 2025 · 5:51 AM UTC

Lemonade Announces Third Quarter 2025 Financial Results

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October 16, 2025 · 11:43 AM UTC

Lemonade To Announce Third Quarter 2025 Financial Results

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October 16, 2025 · 8:30 AM UTC

Defiance Launches LMNX: The First 2X Long ETF for Lemonade, Inc.

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October 15, 2025 · 9:22 AM UTC

Lemonade adds Meta's VP of AI Products to its Board of Directors

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October 6, 2025 · 11:33 AM UTC

Lemonade adds PayPal's CMO to its Board of Directors

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