Neptune Insurance Holdings Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
View on SEC.govAbout this filing
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 Nov 12, 2025
NP$28.22+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Income (Unaudited)
Condensed Consolidated Statements of Income
(In thousands, except share and per share data)
| Three Months ended September 30, | Nine Months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenues: | ||||
| Commissions and fees | $44,365 | $33,820 | $115,784 | $87,796 |
| Operating expenses: | ||||
| Agent commissions | 13,840 | 10,014 | 35,516 | 26,171 |
| Employee compensation and benefits | 1,773 | 1,284 | 4,706 | 3,702 |
| General and administrative | 2,138 | 1,931 | 6,771 | 5,660 |
| Amortization expense | 948 | 782 | 2,734 | 2,207 |
| IPO transaction costs | 4,966 | - | 8,440 | - |
| Total operating expenses | 23,665 | 14,011 | 58,167 | 37,740 |
| Income from operations | 20,700 | 19,809 | 57,617 | 50,056 |
| Other income (expense): | ||||
| Interest income | 281 | 256 | 697 | 679 |
| Interest expense | (5,518) | (3,771) | (13,787) | (14,403) |
| Loss on extinguishment of debt | - | - | - | (5,426) |
| Income before income tax expense | 15,463 | 16,294 | 44,527 | 30,906 |
| Income tax expense | 3,952 | 4,201 | 11,457 | 7,926 |
| Net income | $11,511 | $12,093 | $33,070 | $22,980 |
| Accretion adjustment to redeemable preferred stock | (3,555) | (3,360) | (10,404) | (9,867) |
| Allocation to participating preferred stock | (2,463) | (2,703) | - | (4,059) |
| Cash dividend paid on redeemable preferred stock | - | - | (54,170) | - |
| Net income (loss) available to common stockholders | $5,493 | $6,030 | $(31,504) | $9,054 |
| Net income (loss) per share of common stock: | ||||
| Basic | $0.06 | $0.06 | $(0.34) | $0.10 |
| Diluted | $0.06 | $0.06 | $(0.34) | $0.10 |
| Weighted average shares of common stock outstanding: | ||||
| Basic | 93,350,000 | 93,350,000 | 93,350,000 | 93,350,000 |
| Diluted | 97,262,548 | 93,350,000 | 93,350,000 | 93,350,000 |
Condensed Consolidated Statements of Changes in Redeemable, Convertible Preferred Stock and Stockholders’ Deficit
(In thousands)
| Stockholders’ Deficit | |||||||
|---|---|---|---|---|---|---|---|
| Redeemable Convertible · Additional | |||||||
| Preferred Stock · Common Stock · Paid-in · Accumulated | |||||||
| Shares | Amount | Shares | Amount | Capital | Deficit | Total | |
| Balance at December 31, 2024 | 41,850 | $240,473 | 93,350 | $1 | $337 | $(366,326) | (365,988) |
| Share-based compensation | - | - | - | - | 83 | - | 83 |
| Accretion of redeemable, convertible preferred stock | - | 3,381 | - | - | - | (3,381) | (3,381) |
| Net income | - | - | - | - | - | 9,941 | 9,941 |
| Balance at March 31, 2025 | 41,850 | $243,854 | 93,350 | $1 | $420 | $(359,766) | $(359,345) |
| Cash dividend paid | - | - | - | - | - | (175,000) | (175,000) |
| Share-based compensation | - | - | - | - | 104 | - | 104 |
| Accretion of redeemable, convertible preferred stock | - | 3,468 | - | - | - | (3,468) | (3,468) |
| Net income | - | - | - | - | - | 11,618 | 11,618 |
| Balance at June 30, 2025 | 41,850 | 247,322 | 93,350 | 1 | 524 | (526,616) | (526,091) |
| Share-based compensation | - | - | - | - | 112 | - | 112 |
| Accretion of redeemable, convertible preferred stock | - | 3,555 | - | - | - | (3,555) | (3,555) |
| Contributed capital, shareholder reimbursement of IPO transaction costs | - | - | - | - | 8,474 | - | 8,474 |
| Early exercise of options | - | - | 2,835 | - | - | - | - |
| Net income | - | - | - | - | - | 11,511 | 11,511 |
| Balance at September 30, 2025 | 41,850 | 250,877 | 96,185 | 1 | 9,110 | (518,660) | (509,549) |
| Stockholders’ Deficit | |||||||
|---|---|---|---|---|---|---|---|
| Redeemable Convertible · Additional | |||||||
| Preferred Stock · Common Stock · Paid-in · Accumulated | |||||||
| Shares | Amount | Shares | Amount | Capital | Deficit | Total | |
| Balance at December 31, 2023 | 41,850 | $227,199 | 93,350 | $1 | $41 | $(387,644) | (387,602) |
| Share-based compensation | - | - | - | - | 71 | - | 71 |
| Accretion of redeemable, convertible preferred stock | - | 3,230 | - | - | - | (3,230) | (3,230) |
| Net income | - | - | - | - | - | 4,614 | 4,614 |
| Balance at March 31, 2024 | 41,850 | $230,429 | 93,350 | $1 | $112 | $(386,260) | $(386,147) |
| Share-based compensation | - | - | - | - | 71 | - | 71 |
| Accretion of redeemable, convertible preferred stock | - | 3,277 | - | - | - | (3,277) | (3,277) |
| Net income | - | - | - | - | - | 6,273 | 6,273 |
| Balance at June 30, 2024 | 41,850 | 233,706 | 93,350 | 1 | 183 | (383,264) | (383,080) |
| Share-based compensation | - | - | - | - | 75 | - | 75 |
| Accretion of redeemable, convertible preferred stock | - | 3,360 | - | - | - | (3,360) | (3,360) |
| Net income | - | - | - | - | - | 12,093 | 12,093 |
| Balance at September 30, 2024 | 41,850 | 237,066 | 93,350 | 1 | 258 | (374,531) | (374,272) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.