Exzeo posts Q3 results

Exzeo reported higher revenue and profits in the third quarter, driven by increased underwriting and management activity from existing carrier partners and a broader scope of services rolled out earlier this year.

Revenue rose 90% year over year to $55.2 million, while operating income climbed to $27.3 million from $6.7 million a year earlier. Net income reached $21.2 million, or $0.25 per diluted share, compared with $5.3 million, or $0.06 per share, in the prior-year period. Gross profit nearly tripled to $33.8 million, reflecting operating leverage and a more favorable revenue mix.

Adjusted EBITDA increased to $28.7 million, with margins expanding to 54.9% from 32.1%. Annual recurring revenue grew to $192.4 million as of September 30, up from $117.6 million a year earlier. Managed premium rose 142% to $1.2 billion, underscoring continued adoption of Exzeo’s insurance platform. A fifth insurer joined the platform during the quarter, with a sixth added early in the fourth quarter.

For the first nine months of 2025, revenue increased 83% to $163.7 million, while net income from continuing operations rose to $60.8 million. Adjusted EBITDA reached $83.5 million, with margins holding above 54%. Operating cash flow totaled $89.0 million, nearly triple the prior-year period.

Exzeo ended the quarter with $140.9 million in cash and cash equivalents and working capital of $68.7 million, up significantly from year-end 2024 levels.