Neptune Insurance Holdings Inc., parent company of Neptune Flood Incorporated, reported total revenue of $43.8 million in the fourth quarter of 2025, an increase of 39% from $31.5 million in the same period a year earlier.
In the fourth quarter of 2025, written premiums reached US$100.3 million, an increase of 41% from the fourth quarter of 2024.
Net profit for the quarter fell 63% to $4.3 million from $11.6 million, with a margin of 10%, including $4.6 million in IPO-related expenses. Meanwhile, the company’s adjusted net income increased 25% to $15.3 million from $12.3 million.
Adjusted EBITDA increased 34% from $19.3 million to $25.9 million, with a profit margin of 59%.
Total operating expenses were US$30.4 million, an increase of 132.1% from US$11.6 million.
Total revenue for the full year 2025 was $159.6 million, an increase of 34% from $119.3 million in 2024.
Premiums written this year increased 34% to $367.3 million.
Neptune’s net income increased 8% to $37.4 million from $34.6 million, with a profit margin of 23%, including $13.1 million in IPO-related expenses. Adjusted net income increased 38% to $56.9 million from $41.4 million.
Adjusted EBITDA increased 32% from $72.1 million to $95 million, with a profit margin of 60%.
Total operating expenses increased 74.2% from $50.9 million to $88.6 million.
In October 2025, Neptune announced pricing for its IPO, selling 18,421,053 shares of Class A common stock at $20 per share.
