Ethos reports 65% Q4 growth

Ethos Technologies reported fourth quarter revenue of $110.1 million, up 65% year over year, as the digital life insurance platform marked its public market debut. Full year 2025 revenue reached $388 million, extending the company’s streak to three consecutive years of growth above 50%.

The company ended the year with more than 500,000 active policies and over 15,000 agents selling through its platform. In the fourth quarter, Ethos activated 54,714 policies, a 42% increase from a year earlier, with average revenue per policy of $2,012. Contribution profit totaled $47.2 million, representing a 43% contribution margin.

Growth continued to be led by the direct channel, where revenue rose 93% year over year to $74.2 million, driven by improved advertising efficiency, user experience optimization, and underwriting enhancements that increased conversion rates. The third party channel generated $35.9 million in revenue, up 27%, supported by growth in both active agents and revenue per agent.

Management emphasized artificial intelligence as a core driver of future growth and efficiency, particularly in distribution. The company said its platform and structured underwriting data allow it to embed AI and machine learning across marketing, underwriting, and operations, creating real time feedback loops that improve performance as scale increases.

Ethos is also pursuing what it calls Generative Engine Optimization, or GEO, aimed at increasing visibility within large language model responses as consumers increasingly use AI tools to research financial products.

On the product side, Ethos expanded carrier partnerships in the quarter, launching an accumulation indexed universal life product with North American and a cancer insurance product with Aflac.

Ethos Technologies (NASDAQ: LIFE) shares are down about 30% year to date, trading around $11.84 and well below their 52 week high of $19, giving the company a market capitalization of roughly $741 million.