Exzeo Group, Inc.
For the period ended Sep 30, 2025. Filed Dec 11, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Dec 11, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| (amounts in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenue (1) | $55,166 | $29,110 | $163,664 | $89,415 |
| Cost of revenue (2) | 21,393 | 17,989 | 67,515 | 54,908 |
| Gross profit | 33,773 | 11,121 | 96,149 | 34,507 |
| Operating expenses | ||||
| Selling, general and administrative | 3,900 | 2,574 | 9,566 | 6,806 |
| Research and development | 2,494 | 1,728 | 7,069 | 5,018 |
| Depreciation and amortization | 127 | 89 | 338 | 245 |
| Total operating expenses | 6,521 | 4,391 | 16,973 | 12,069 |
| Operating income | 27,252 | 6,730 | 79,176 | 22,438 |
| Investment income | 1,102 | 197 | 2,263 | 339 |
| Interest expense | — | (15) | — | (3,321) |
| Income from continuing operations, before taxes | $28,354 | $6,912 | $81,439 | $19,456 |
| Income tax expense from continuing operations | 7,203 | 1,655 | 20,674 | 5,088 |
| Income from continuing operations, after taxes | $21,151 | $5,257 | $60,765 | $14,368 |
| Income from discontinued operations, before taxes | $— | $— | $— | $25,854 |
| Income tax expense from discontinued operations | — | — | — | 6,601 |
| Income from discontinued operations, after taxes | $— | $— | $— | $19,253 |
| Net income | $21,151 | $5,257 | $60,765 | $33,621 |
| Less: Dividends on preferred stock | — | — | — | (10,149) |
| Net income attributable to common stockholders | $21,151 | $5,257 | $60,765 | $23,472 |
| Basic and diluted earnings per share from continuing operations | $0.25 | $0.06 | $0.73 | $0.05 |
| Basic and diluted earnings per share from discontinued operations | $— | $— | $— | $0.24 |
| Basic and diluted earnings per share | $0.25 | $0.06 | $0.73 | $0.29 |
(1) Amounts include revenues earned from related parties of $55,166 and $161,914 for the three and nine months ended September 30, 2025, respectively, and $28,610 and $88,915 for the three and nine months ended September 30, 2024, respectively. Refer to Note 4. Revenue and Note 8. Related Party Transactions for additional information.
(2) Amounts include costs incurred pursuant to related party transactions of $4,290 and $13,005 for the three and nine months ended September 30, 2025, respectively, and$4,002 and $11,444 for the three and nine months ended September 30, 2024, respectively. Refer to Note 8. Related Party Transactions for additional information.
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