Florida-based flood insurance group Neptune Insurance Holdings Inc., the parent company of Neptune Flood, disclosed strong revenue growth in the first quarter of 2026, with revenue up nearly 29% year over year and strong adjusted EBITDA growth.
In the first quarter of this year, Neptune’s total revenue reached $37.8 million, a 28.8% increase from $29.4 million in the same period in 2025, reportedly reflecting the continued expansion of the company’s flood insurance platform.
Operating profitability also improved in the first quarter of 2026, with adjusted EBITDA increasing 26% to $21.6 million, compared to $17.1 million in the year-ago period.
With that in mind, adjusted EBITDA margin remained strong at 57.1%, just down from 58.3% in the first quarter of 2025.
Despite strong operating results, net profit fell 26.1% year-on-year to $7.35 million in the first quarter of this year, down from $9.94 million in the first quarter of 2025.
Rising non-cash and financing-related costs were primarily responsible for the decline.
Margins reflected the pressure on net profit, which fell to 19.4% compared with 33.9% in the first quarter of 2025.
In related news, Neptune Flood launched a digital flood insurance app within ChatGPT in March, allowing homeowners to receive real-time preliminary flood insurance quotes from Neptune directly through the platform.
According to Neptune Flood, customers can now ask questions about coverage and receive an instant preliminary quote through a conversational AI interface, “simplifying the way they understand and purchase flood protection.”