Neptune Insurance Holdings Inc.
For the period ended Sep 30, 2026. Filed Oct 22, 2026.
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, 2026 · Filed Oct 22, 2026
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 EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | |
| Revenues: | ||||
| Commissions and fees | $59,567 | $44,365 | $153,234 | $115,784 |
| Operating expenses: | ||||
| Agent commissions | 17,383 | 13,840 | 45,259 | 35,516 |
| Employee compensation and benefits | 9,169 | 1,773 | 26,016 | 4,706 |
| General and administrative | 4,058 | 7,104 | 10,989 | 15,211 |
| Amortization expense | 992 | 948 | 3,013 | 2,734 |
| Total operating expenses | 31,602 | 23,665 | 85,277 | 58,167 |
| Income from operations | 27,965 | 20,700 | 67,957 | 57,617 |
| Other income (expense): | ||||
| Interest income | 329 | 281 | 756 | 697 |
| Interest expense | (3,579) | (5,518) | (10,737) | (13,787) |
| Income before income tax expense | 24,715 | 15,463 | 57,976 | 44,527 |
| Income tax expense | 7,459 | 3,952 | 17,575 | 11,457 |
| Net income | $17,256 | $11,511 | $40,401 | $33,070 |
| Accretion adjustment to redeemable preferred stock | — | (3,555) | — | (10,404) |
| Allocation to participating preferred stock | — | (2,463) | — | — |
| Cash dividend paid on redeemable preferred stock | — | — | — | (54,170) |
| Net income (loss) available to common stockholders | $17,256 | $5,493 | $40,401 | $(31,504) |
| Net income (loss) per share of common stock: | ||||
| Class A and Class B Common Stock | ||||
| Basic | $0.13 | $0.06 | $0.29 | $(0.34) |
| Diluted | $0.12 | $0.06 | $0.28 | $(0.34) |
| Weighted average shares of common stock outstanding: | ||||
| Class A and Class B Common Stock | ||||
| Basic | 137,272,630 | 93,350,000 | 137,768,674 | 93,350,000 |
| Diluted | 146,390,991 | 97,262,548 | 146,110,446 | 93,350,000 |
Condensed Consolidated Statements of Changes in Redeemable, Convertible Preferred Stock
and Stockholders’ Deficit
(In thousands)
| Stockholders’ Deficit | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Class A Common Stock · Class B Common Stock · AdditionalPaid-inCapital · Accumulated Deficit · Total | |||||||||||||||
| Shares · Amount · Shares · Amount | |||||||||||||||
| Balance at December 31, 2025 | 94,719 | $1 | 43,435 | $— | $286,856 | $(514,351) | $(227,494) | ||||||||
| Share-based compensation | — | — | — | — | 6,876 | — | 6,876 | ||||||||
| Issuance of common stock upon exercise of stock options | 189 | — | — | — | 1,047 | — | 1,047 | ||||||||
| Common stock withheld related to net share settlement of equity awards | (40) | — | — | — | (1,137) | — | (1,137) | ||||||||
| Net income | — | — | — | — | — | 7,349 | 7,349 | ||||||||
| Balance at March 31, 2026 | 94,868 | $1 | 43,435 | $— | $293,643 | $(507,002) | $(213,358) | ||||||||
| Share-based compensation | — | — | — | — | 6,947 | — | 6,947 | ||||||||
| Issuance of common stock upon exercise of stock options | 144 | — | — | — | 790 | — | 790 | ||||||||
| Common stock withheld related to net share settlement of equity awards | (19) | — | — | — | (547) | — | (547) | ||||||||
| Common stock repurchased and retired | (1,219) | — | — | — | (31,869) | — | (31,869) | ||||||||
| Net income | — | — | — | — | — | 15,796 | 15,796 | ||||||||
| Balance at June 30, 2026 | 93,774 | $1 | 43,435 | $— | $268,964 | $(491,206) | $(222,241) | ||||||||
| Share-based compensation | — | — | — | — | 7,009 | — | 7,009 | ||||||||
| Issuance of common stock upon exercise of stock options | 88 | — | — | — | 482 | — | 482 | ||||||||
| Issuance of common stock upon vesting of restricted stock units | 1,384 | — | — | — | — | — | — | ||||||||
| Common stock withheld related to net share settlement of equity awards | (513) | — | — | — | (14,103) | — | (14,103) | ||||||||
| Net income | — | — | — | — | — | 17,256 | 17,256 | ||||||||
| Balance at September 30, 2026 | 94,733 | $1 | 43,435 | $— | $262,352 | $(473,950) | $(211,597) | ||||||||
| Stockholders’ Deficit | |||||||
|---|---|---|---|---|---|---|---|
| Redeemable ConvertiblePreferred Stock · Common Stock · AdditionalPaid-inCapital · Accumulated Deficit · Total | |||||||
| Shares · Amount · Shares · Amount | |||||||
| Balance at December 31, 2024 | 41,850 | $240,473 | 93,350 | $1 | $337 | $(366,326) | $(365,988) |
| Share-based compensation | — | — | — | — | 84 | — | 84 |
| Accretion of redeemable, convertible preferred stock | — | 3,381 | — | — | — | (3,381) | (3,381) |
| Net income | — | — | — | — | — | 9,939 | 9,939 |
| Balance at March 31, 2025 | 41,850 | $243,854 | 93,350 | $1 | $421 | $(359,768) | $(359,346) |
| 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 | — | — | — | — | — | 11,620 | 11,620 |
| Balance at June 30, 2025 | 41,850 | $247,322 | 93,350 | $1 | $525 | $(526,616) | $(526,090) |
| Share-based compensation | — | — | — | $— | 111 | — | $111 |
| 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) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.