Lemonade (LMND) Financials

$37.04 +0.64 (+1.75%)

Closing price 03:59 PM Eastern

Extended Trading

$37.20 +0.16 (+0.44%)

As of 08:00 PM Eastern

Annual Income Statements for Lemonade

This table shows Lemonade's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-53	-109	-122	-241	-298	-237	-202
Consolidated Net Income / (Loss)	-53	-109	-122	-241	-298	-237	-202
Net Income / (Loss) Continuing Operations	-53	-109	-122	-241	-298	-237	-202
Total Pre-Tax Income	-53	-108	-121	-234	-295	-230	-204
Total Revenue	23	67	94	128	257	430	527
Net Interest Income / (Expense)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Non-Interest Income	23	67	94	128	257	430	527
Trust Fees by Commissions	0.00	0.00	15	45	64	70	91
Other Service Charges	0.00	0.10	0.30	4.60	12	20	31
Net Realized & Unrealized Capital Gains on Investments	1.30	3.40	1.50	1.90	8.40	25	34
Premiums Earned	21	64	77	77	172	315	371
Total Non-Interest Expense	75	175	215	362	552	660	730
Marketing Expense	46	98	100	193	218	191	252
Property & Liability Insurance Claims	15	46	55	72	167	280	277
Other Operating Expenses	14	31	61	97	166	189	201
Income Tax Expense	0.30	0.60	1.50	7.70	3.00	7.10	-1.70
Basic Earnings per Share	($4.84)	($9.75)	($3.63)	($3.94)	($4.59)	($3.40)	($2.85)
Weighted Average Basic Shares Outstanding	10.93M	11.12M	33.65M	61.22M	64.92M	69.66M	71.02M
Diluted Earnings per Share	($4.84)	($9.75)	($3.63)	($3.94)	($4.59)	($3.40)	($2.85)
Weighted Average Diluted Shares Outstanding	10.93M	11.12M	33.65M	61.22M	64.92M	69.66M	71.02M
Weighted Average Basic & Diluted Shares Outstanding	10.93M	11.12M	33.65M	61.69M	69.30M	70.22M	72.82M

This table shows Lemonade's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-91	-64	-66	-67	-62	-42	-47	-57	-68	-30	-62
Consolidated Net Income / (Loss)	-91	-64	-66	-67	-62	-42	-47	-57	-68	-30	-62
Net Income / (Loss) Continuing Operations	-91	-64	-66	-67	-62	-42	-47	-57	-68	-30	-62
Total Pre-Tax Income	-89	-68	-65	-66	-60	-40	-45	-55	-66	-38	-61
Total Revenue	74	88	95	105	115	116	119	122	137	149	151
Net Interest Income / (Expense)	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Income	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Interest Expense	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Non-Interest Income	74	88	95	105	115	116	119	122	137	149	151
Trust Fees by Commissions	17	18	17	18	17	18	21	17	24	30	27
Other Service Charges	3.90	3.80	4.80	5.00	4.20	6.10	6.10	8.10	8.00	8.60	11
Net Realized & Unrealized Capital Gains on Investments	2.60	3.70	5.00	5.60	7.00	7.10	7.60	8.10	8.90	9.40	9.50
Premiums Earned	51	63	68	77	87	84	84	89	96	101	104
Total Non-Interest Expense	163	157	160	171	174	155	164	177	202	187	213
Marketing Expense	57	51	50	49	46	46	51	58	73	70	65
Property & Liability Insurance Claims	53	62	64	76	76	65	66	71	78	63	85
Other Operating Expenses	53	44	46	46	52	45	47	49	51	54	62
Income Tax Expense	2.30	-4.40	1.10	1.30	1.90	2.80	2.10	2.10	1.90	-7.80	1.00
Basic Earnings per Share	($1.37)	($0.91)	($0.95)	($0.97)	($0.88)	($0.60)	($0.67)	($0.81)	($0.95)	($0.42)	($0.86)
Weighted Average Basic Shares Outstanding	66.88M	64.92M	69.33M	69.53M	69.75M	69.66M	70.28M	70.72M	71.14M	71.02M	72.92M
Diluted Earnings per Share	($1.37)	($0.91)	($0.95)	($0.97)	($0.88)	($0.60)	($0.67)	($0.81)	($0.95)	($0.42)	($0.86)
Weighted Average Diluted Shares Outstanding	66.88M	64.92M	69.33M	69.53M	69.75M	69.66M	70.28M	70.72M	71.14M	71.02M	72.92M
Weighted Average Basic & Diluted Shares Outstanding	69.16M	69.30M	69.49M	69.69M	69.92M	70.22M	70.50M	71.03M	71.40M	72.82M	73.27M

This table details how cash moves in and out of Lemonade's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	86	168	301	-301	16	-15	114
Net Cash From Operating Activities	-41	-78	-92	-145	-163	-119	-11
Net Cash From Continuing Operating Activities	-41	-78	-92	-145	-163	-119	-11
Net Income / (Loss) Continuing Operations	-53	-109	-122	-241	-298	-237	-202
Consolidated Net Income / (Loss)	-53	-109	-122	-241	-298	-237	-202
Provision For Loan Losses	0.00	0.90	2.20	6.20	8.70	8.10	11
Depreciation Expense	0.10	0.60	1.70	3.70	12	20	20
Amortization Expense	0.00	-0.50	-0.40	-4.20	6.70	-2.60	-6.10
Non-Cash Adjustments to Reconcile Net Income	2.30	4.30	23	44	59	64	65
Changes in Operating Assets and Liabilities, net	9.70	25	4.20	47	48	29	101
Net Cash From Investing Activities	6.40	-54	50	-805	181	89	41
Net Cash From Continuing Investing Activities	6.40	-54	50	-805	181	89	41
Purchase of Property, Leasehold Improvements and Equipment	-0.70	-2.70	-4.40	-9.40	-10	-9.20	-9.40
Purchase of Investment Securities	-14	-73	-18	-843	-171	-395	-364
Sale and/or Maturity of Investments	21	22	72	47	363	493	414
Net Cash From Financing Activities	120	300	341	650	3.60	15	88
Net Cash From Continuing Financing Activities	120	300	341	650	3.60	15	88
Issuance of Debt	-	-	-	0.00	0.00	19	96
Repayment of Debt	0.00	-	1.30	0.00	0.00	-4.20	-28
Other Financing Activities, Net	0.10	0.70	1.80	9.30	3.60	0.50	19
Effect of Exchange Rate Changes	0.00	-0.10	1.60	-1.00	-5.80	0.00	-2.70
Cash Interest Paid	-	-	-	0.00	0.00	0.30	5.00
Cash Income Taxes Paid	0.20	0.50	1.60	3.20	3.40	0.70	2.50

This table details how cash moves in and out of Lemonade's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	25	62	-32	-61	44	33	14	65	-12	48	-66
Net Cash From Operating Activities	-55	-29	-46	-50	-6.30	-16	-30	-12	16	14	-47
Net Cash From Continuing Operating Activities	-55	-29	-46	-50	-6.30	-16	-30	-12	17	14	-47
Net Income / (Loss) Continuing Operations	-91	-64	-66	-67	-62	-42	-47	-57	-68	-30	-62
Consolidated Net Income / (Loss)	-91	-64	-66	-67	-62	-42	-47	-57	-68	-30	-62
Provision For Loan Losses	2.80	2.30	2.30	1.60	2.10	2.10	3.20	2.10	2.60	3.10	4.50
Depreciation Expense	3.70	5.40	5.10	5.10	5.00	4.80	5.00	5.20	5.10	4.70	4.50
Amortization Expense	1.30	0.80	0.20	-0.20	-1.30	-1.30	-1.30	-1.50	-1.70	-1.60	-1.50
Non-Cash Adjustments to Reconcile Net Income	16	16	15	15	19	14	15	15	17	17	10
Changes in Operating Assets and Liabilities, net	13	11	-3.60	-4.40	30	6.40	-4.30	24	61	20	-2.60
Net Cash From Investing Activities	81	88	15	-11	44	41	31	61	-54	2.50	-40
Net Cash From Continuing Investing Activities	81	88	15	-11	44	41	31	61	-54	2.50	-40
Purchase of Property, Leasehold Improvements and Equipment	-2.90	-2.60	-2.70	-1.90	-2.20	-2.40	-2.50	-1.50	-2.20	-3.20	-2.30
Purchase of Investment Securities	-21	-32	-126	-145	-90	-35	-55	-113	-123	-74	-78
Sale and/or Maturity of Investments	105	123	144	136	136	78	88	176	71	79	40
Net Cash From Financing Activities	2.30	0.30	0.10	0.20	7.90	7.20	14	16	24	35	20
Net Cash From Continuing Financing Activities	2.30	0.30	0.10	0.20	7.90	7.20	14	16	24	35	20
Issuance of Debt	-	-	0.00	-	9.30	9.80	18	22	31	26	30
Repayment of Debt	-	-	0.00	-	-1.60	-2.60	-4.10	-6.60	-7.30	-9.70	-12
Other Financing Activities, Net	2.30	0.30	0.10	0.20	0.20	-	0.10	-	0.10	19	1.50
Effect of Exchange Rate Changes	-2.80	2.30	-0.70	-	-1.00	1.70	-0.90	-0.70	2.30	-3.40	1.50
Cash Interest Paid	-	-	0.00	-	0.10	0.20	0.50	0.80	1.10	2.60	3.10
Cash Income Taxes Paid	0.70	-	0.20	0.10	0.30	0.10	0.30	0.90	0.80	0.50	0.30

This table presents Lemonade's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	414	829	1,511	1,691	1,633	1,849
Cash and Due from Banks	270	571	271	287	272	386
Time Deposits Placed and Other Short-Term Investments	-	-	-	100	46	28
Trading Account Securities	5.90	6.60	691	650	627	607
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	3.10	5.70	12	20	17	16
Unearned Premiums Asset	75	226	366	501	557	725
Deferred Acquisition Cost	1.80	3.50	6.20	6.90	8.80	12
Goodwill	-	-	0.00	19	19	19
Intangible Assets	0.60	0.60	0.60	33	23	14
Other Assets	57	15	164	75	64	42
Total Liabilities & Shareholders' Equity	414	829	1,511	1,691	1,633	1,849
Total Liabilities	117	288	522	824	924	1,256
Short-Term Debt	-	-	-	0.00	15	83
Claims and Claim Expense	28	46	98	256	262	298
Unearned Premiums Liability	68	137	226	306	377	479
Other Long-Term Liabilities	20	105	198	261	270	395
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-183	541	988	867	709	593
Total Preferred & Common Equity	-183	541	988	867	709	593
Total Common Equity	-183	541	988	867	709	593
Common Stock	16	860	1,554	1,754	1,815	1,898
Retained Earnings	-198	-321	-562	-860	-1,097	-1,299
Accumulated Other Comprehensive Income / (Loss)	0.10	1.80	-3.40	-28	-9.00	-6.10

This table presents Lemonade's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	1,713	1,641	1,613	1,648	1,646	1,714	1,823	1,857
Cash and Due from Banks	225	255	194	238	285	350	338	320
Time Deposits Placed and Other Short-Term Investments	-	-	71	73	22	44	31	21
Trading Account Securities	693	649	677	633	620	537	610	656
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	19	20	19	17	17	16	16	16
Unearned Premiums Asset	369	345	529	565	612	681	742	764
Deferred Acquisition Cost	7.60	6.90	6.60	8.10	9.80	11	12	11
Goodwill	11	19	19	19	19	19	19	19
Intangible Assets	36	30	28	25	21	18	16	11
Other Assets	352	318	70	68	41	37	39	39
Total Liabilities & Shareholders' Equity	1,713	1,641	1,613	1,648	1,646	1,714	1,823	1,857
Total Liabilities	806	819	842	921	970	1,079	1,230	1,311
Short-Term Debt	-	-	-	7.70	28	44	67	102
Claims and Claim Expense	221	245	256	255	264	282	294	307
Unearned Premiums Liability	319	319	335	392	398	427	496	502
Other Long-Term Liabilities	267	256	251	266	280	325	373	400
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	907	822	771	727	676	635	593	546
Total Preferred & Common Equity	907	822	771	727	676	635	593	546
Total Common Equity	907	822	771	727	676	635	593	546
Common Stock	1,738	1,770	1,785	1,800	1,830	1,845	1,862	1,910
Retained Earnings	-796	-926	-993	-1,054	-1,144	-1,201	-1,269	-1,361
Accumulated Other Comprehensive Income / (Loss)	-35	-22	-21	-19	-9.20	-8.60	-0.10	-3.40

This table displays calculated financial ratios and metrics derived from Lemonade's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	199.11%	40.27%	36.02%	99.92%	67.43%	22.50%
EBITDA Growth	0.00%	-105.33%	-10.85%	-95.90%	-17.86%	23.02%	10.55%
EBIT Growth	0.00%	-105.13%	-11.96%	-93.38%	-26.20%	22.05%	11.27%
NOPAT Growth	0.00%	-105.13%	-11.96%	-93.38%	-26.20%	22.05%	11.27%
Net Income Growth	0.00%	-105.10%	-12.72%	-97.30%	-23.41%	20.45%	14.65%
EPS Growth	0.00%	-101.45%	62.77%	-8.54%	-16.50%	25.93%	16.18%
Operating Cash Flow Growth	0.00%	-91.42%	-17.41%	-57.69%	-12.72%	26.93%	90.43%
Free Cash Flow Firm Growth	0.00%	0.00%	12.16%	-86.27%	86.09%	78.98%	-436.00%
Invested Capital Growth	0.00%	0.00%	81.73%	82.66%	-12.29%	-16.50%	-6.49%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	19.00%	22.65%	6.73%	6.75%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-18.83%	2.82%	10.83%	0.73%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-17.62%	0.10%	11.03%	0.88%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-17.62%	0.10%	11.03%	0.88%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-17.76%	2.17%	8.25%	5.78%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-328.26%	4.97%	8.36%	5.94%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-3.38%	-25.30%	11.56%	9.50%	72.40%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-29.97%	-107.43%	-37.17%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-5.71%	-4.41%	-1.47%	2.48%
Profitability Metrics	-	-	-	-	-	-	-
EBITDA Margin	-233.33%	-160.18%	-126.59%	-182.32%	-107.48%	-49.42%	-36.09%
EBIT Margin	-233.78%	-160.33%	-127.97%	-181.93%	-114.84%	-53.47%	-38.73%
Profit (Net Income) Margin	-235.11%	-161.22%	-129.56%	-187.93%	-116.01%	-55.12%	-38.40%
Tax Burden Percent	100.57%	100.56%	101.24%	103.30%	101.02%	103.09%	99.17%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-50.74%	-20.16%	-21.39%	-22.25%	-20.23%	-20.38%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	-1,040.90%	-141.38%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	-9.84%	-10.67%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	0.00%	-30.07%	-31.05%
Cash Return on Invested Capital (CROIC)	0.00%	-250.74%	-78.18%	-79.87%	-9.16%	-2.25%	-13.67%
Operating Return on Assets (OROA)	0.00%	-26.04%	-19.44%	-19.97%	-18.42%	-13.83%	-11.71%
Return on Assets (ROA)	0.00%	-26.19%	-19.68%	-20.63%	-18.61%	-14.25%	-11.61%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	0.00%	-30.07%	-31.05%
Return on Equity Simple (ROE_SIMPLE)	0.00%	59.45%	-22.61%	-24.42%	-34.36%	-33.42%	-34.07%
Net Operating Profit after Tax (NOPAT)	-37	-76	-85	-164	-206	-161	-143
NOPAT Margin	-163.64%	-112.23%	-89.58%	-127.35%	-80.39%	-37.43%	-27.11%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	1,020.67%	121.00%
SG&A Expenses to Revenue	206.22%	146.06%	105.72%	150.62%	84.89%	44.37%	47.88%
Operating Expenses to Revenue	333.78%	260.33%	227.97%	281.93%	214.84%	153.47%	138.73%
Earnings before Interest and Taxes (EBIT)	-53	-108	-121	-234	-295	-230	-204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-53	-108	-120	-234	-276	-212	-190
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	12.81	2.63	1.09	1.59	4.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	12.83	2.63	1.16	1.69	4.67
Price to Revenue (P/Rev)	14.18	4.74	73.44	20.21	3.69	2.62	4.97
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.78	11.76	2.35	0.65	1.14	3.38
Enterprise Value to Revenue (EV/Rev)	0.00	7.86	67.38	18.10	2.18	1.92	4.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.02	0.14
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.00	0.00	0.00	0.01	0.08
Leverage Ratio	0.00	1.39	1.48	1.53	1.73	2.11	2.67
Compound Leverage Factor	0.00	1.39	1.48	1.53	1.73	2.11	2.67
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	2.06%	12.32%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	2.06%	12.32%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	161.30%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-61.30%	100.00%	100.00%	100.00%	97.94%	87.68%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	-0.07	-0.44
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	1.42	1.74
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	-0.09	-0.58
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	1.88	2.31
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	161.30%	57.26%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-373	-328	-611	-85	-18	-96
Operating Cash Flow to CapEx	-5,828.57%	-2,892.59%	-2,084.09%	-1,538.30%	-1,613.86%	-1,294.57%	-121.28%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.16	0.15	0.11	0.16	0.26	0.30
Fixed Asset Turnover	0.00	21.71	21.45	14.76	16.40	23.23	31.43
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	298	541	988	867	724	677
Invested Capital Turnover	0.00	0.45	0.23	0.17	0.28	0.54	0.75
Increase / (Decrease) in Invested Capital	0.00	298	243	447	-121	-143	-47
Enterprise Value (EV)	0.00	529	6,361	2,325	560	825	2,289
Market Capitalization	319	319	6,932	2,595	946	1,128	2,619
Book Value per Share	$0.00	($16.41)	$9.56	$16.04	$12.53	$10.14	$8.31
Tangible Book Value per Share	$0.00	($16.46)	$9.55	$16.03	$11.79	$9.54	$7.85
Total Capital	0.00	298	541	988	867	724	677
Total Debt	0.00	0.00	0.00	0.00	0.00	15	83
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-270	-571	-271	-386	-302	-330
Capital Expenditures (CapEx)	0.70	2.70	4.40	9.40	10	9.20	9.40
Net Nonoperating Expense (NNE)	16	33	38	78	91	76	59
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	0.00	0.00	15	83
Total Depreciation and Amortization (D&A)	0.10	0.10	1.30	-0.50	19	17	14
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($3.63)	($3.94)	($4.59)	($3.40)	($2.85)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	61.28M	61.22M	64.92M	69.66M	71.02M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($3.63)	($3.94)	($4.59)	($3.40)	($2.85)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	61.28M	61.22M	64.92M	69.66M	71.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($3.63)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	33.65M	61.69M	69.30M	70.22M	72.82M
Normalized Net Operating Profit after Tax (NOPAT)	-37	-76	-85	-164	-206	-161	-143
Normalized NOPAT Margin	-163.64%	-112.23%	-89.58%	-127.35%	-80.39%	-37.43%	-27.11%
Pre Tax Income Margin	-233.78%	-160.33%	-127.97%	-181.93%	-114.84%	-53.47%	-38.73%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Lemonade's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	107.28%	115.61%	114.90%	109.20%	54.73%	30.66%	25.11%	16.63%	19.30%	28.83%	26.95%
EBITDA Growth	-29.58%	11.44%	13.41%	0.49%	33.53%	41.68%	30.13%	15.74%	-11.63%	3.88%	-40.72%
EBIT Growth	-38.79%	0.44%	10.88%	-1.38%	33.11%	41.85%	30.14%	16.39%	-10.40%	4.55%	-35.84%
NOPAT Growth	-38.79%	0.44%	10.88%	-1.38%	33.11%	41.85%	30.14%	16.39%	-10.40%	4.55%	-35.84%
Net Income Growth	-37.65%	9.39%	12.03%	1.03%	32.71%	33.44%	28.12%	14.88%	-10.08%	29.25%	-31.92%
EPS Growth	-26.85%	20.87%	21.49%	11.82%	35.77%	34.07%	29.47%	16.49%	-7.95%	30.00%	-28.36%
Operating Cash Flow Growth	-43.19%	42.69%	-17.47%	-25.12%	88.48%	43.71%	35.78%	76.74%	358.73%	185.71%	-58.39%
Free Cash Flow Firm Growth	115.05%	114.89%	-74.69%	-84.56%	65.52%	56.35%	87.37%	66.81%	-78.43%	-82.18%	-83.24%
Invested Capital Growth	-13.47%	-12.29%	-9.96%	-9.20%	-18.99%	-16.50%	-14.25%	-11.92%	-10.10%	-6.49%	-8.13%
Revenue Q/Q Growth	48.00%	19.46%	7.69%	9.87%	9.46%	0.87%	3.12%	2.43%	11.97%	8.93%	1.61%
EBITDA Q/Q Growth	-37.19%	26.40%	4.04%	-2.69%	8.36%	35.42%	-14.96%	-23.86%	-21.40%	44.39%	-68.30%
EBIT Q/Q Growth	-37.08%	23.57%	4.99%	-1.85%	9.56%	33.56%	-14.14%	-21.90%	-19.42%	42.55%	-62.43%
NOPAT Q/Q Growth	-37.08%	23.57%	4.99%	-1.85%	9.56%	33.56%	-14.14%	-21.90%	-19.42%	42.55%	-62.43%
Net Income Q/Q Growth	-34.61%	30.31%	-3.30%	-2.13%	8.48%	31.06%	-11.56%	-20.93%	-18.36%	55.69%	-108.00%
EPS Q/Q Growth	-24.55%	33.58%	-4.40%	-2.11%	9.28%	31.82%	-11.67%	-20.90%	-17.28%	55.79%	-104.76%
Operating Cash Flow Q/Q Growth	-36.07%	47.71%	-62.24%	-8.41%	87.48%	-155.56%	-85.09%	60.74%	239.32%	-15.34%	-442.03%
Free Cash Flow Firm Q/Q Growth	-61.92%	-6.47%	-38.14%	-29.91%	308.13%	-11.65%	-25.87%	-37.60%	-47.23%	-27.01%	-30.28%
Invested Capital Q/Q Growth	6.80%	-4.41%	-5.19%	-6.18%	-4.72%	-1.47%	-2.64%	-3.63%	-2.75%	2.48%	-4.34%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	-113.65%	-70.02%	-62.40%	-58.32%	-48.82%	-31.26%	-34.84%	-42.13%	-45.68%	-23.32%	-38.62%
EBIT Margin	-120.41%	-77.04%	-67.96%	-63.00%	-52.05%	-34.29%	-37.95%	-45.16%	-48.17%	-25.40%	-40.61%
Profit (Net Income) Margin	-123.51%	-72.06%	-69.12%	-64.24%	-53.71%	-36.71%	-39.71%	-46.89%	-49.56%	-20.16%	-41.27%
Tax Burden Percent	102.58%	93.54%	101.70%	101.97%	103.19%	107.07%	104.65%	103.81%	102.89%	79.37%	101.63%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-18.05%	-14.92%	-16.87%	-19.72%	-17.88%	-12.97%	-15.79%	-20.54%	-23.84%	-13.37%	-23.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-531.64%	-210.02%	-126.46%	-105.42%	-81.47%	-20.57%	-53.32%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-2.51%	-1.99%	-2.39%	-3.29%	-4.64%	-1.55%	-5.68%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	-20.38%	-14.96%	-18.18%	-23.83%	-28.48%	-14.92%	-29.17%
Cash Return on Invested Capital (CROIC)	-6.69%	-9.16%	-12.68%	-15.23%	-1.05%	-2.25%	-3.95%	-6.59%	-10.01%	-13.67%	-14.31%
Operating Return on Assets (OROA)	-15.58%	-12.35%	-13.33%	-14.85%	-12.48%	-8.87%	-10.47%	-12.79%	-13.69%	-7.68%	-12.95%
Return on Assets (ROA)	-15.98%	-11.56%	-13.56%	-15.14%	-12.87%	-9.49%	-10.96%	-13.28%	-14.09%	-6.10%	-13.16%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	-20.38%	-14.96%	-18.18%	-23.83%	-28.48%	-14.92%	-29.17%
Return on Equity Simple (ROE_SIMPLE)	-33.57%	0.00%	-35.14%	-37.37%	-35.52%	0.00%	-32.29%	-32.81%	-36.19%	0.00%	-39.84%
Net Operating Profit after Tax (NOPAT)	-62	-48	-45	-46	-42	-28	-32	-39	-46	-26	-43
NOPAT Margin	-84.28%	-53.93%	-47.57%	-44.10%	-36.44%	-24.00%	-26.57%	-31.61%	-33.72%	-17.78%	-28.43%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	513.77%	197.05%	110.67%	84.87%	57.63%	7.20%	29.83%
SG&A Expenses to Revenue	77.30%	57.35%	52.52%	46.75%	40.35%	39.48%	43.07%	47.54%	53.66%	46.71%	43.12%
Operating Expenses to Revenue	220.41%	177.04%	167.96%	163.00%	152.05%	134.29%	137.95%	145.16%	148.17%	125.40%	140.61%
Earnings before Interest and Taxes (EBIT)	-89	-68	-65	-66	-60	-40	-45	-55	-66	-38	-61
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-84	-62	-59	-61	-56	-36	-42	-51	-62	-35	-58
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.61	1.09	1.20	1.52	1.11	1.59	1.70	1.83	1.98	4.41	4.20
Price to Tangible Book Value (P/TBV)	1.70	1.16	1.28	1.62	1.19	1.69	1.81	1.95	2.10	4.67	4.44
Price to Revenue (P/Rev)	6.98	3.69	3.21	3.23	2.01	2.62	2.54	2.47	2.37	4.97	4.10
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.36	0.65	0.89	1.17	0.69	1.14	1.24	1.20	1.32	3.38	3.17
Enterprise Value to Revenue (EV/Rev)	5.90	2.18	2.38	2.50	1.26	1.92	1.93	1.73	1.76	4.35	3.67
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.01	0.02	0.04	0.07	0.11	0.14	0.19
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.00	0.00	0.00	0.01	0.02	0.03	0.06	0.08	0.11
Leverage Ratio	1.65	1.73	1.81	1.90	2.06	2.11	2.19	2.37	2.63	2.67	2.87
Compound Leverage Factor	1.65	1.73	1.81	1.90	2.06	2.11	2.19	2.37	2.63	2.67	2.87
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	1.05%	2.06%	4.02%	6.46%	10.21%	12.32%	15.74%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	1.05%	2.06%	4.02%	6.46%	10.21%	12.32%	15.74%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	98.95%	97.94%	95.98%	93.54%	89.79%	87.68%	84.26%
Debt to EBITDA	0.00	0.00	0.00	0.00	-0.03	-0.07	-0.15	-0.24	-0.35	-0.44	-0.49
Net Debt to EBITDA	0.00	0.00	0.00	0.00	1.28	1.42	1.43	1.89	1.58	1.74	1.15
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	-0.04	-0.09	-0.19	-0.31	-0.47	-0.58	-0.66
Net Debt to NOPAT	0.00	0.00	0.00	0.00	1.68	1.88	1.90	2.50	2.09	2.31	1.55
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	79	74	46	32	130	115	85	53	28	21	14
Operating Cash Flow to CapEx	-1,886.21%	-1,100.00%	-1,718.52%	-2,647.37%	-286.36%	-670.83%	-1,192.00%	-780.00%	740.91%	431.25%	-2,052.17%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.16	0.20	0.24	0.24	0.26	0.28	0.28	0.28	0.30	0.32
Fixed Asset Turnover	14.00	16.40	18.76	22.50	22.07	23.23	24.52	26.69	29.53	31.43	33.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	907	867	822	771	735	724	705	679	660	677	647
Invested Capital Turnover	0.21	0.28	0.35	0.45	0.49	0.54	0.59	0.65	0.71	0.75	0.83
Increase / (Decrease) in Invested Capital	-141	-121	-91	-78	-172	-143	-117	-92	-74	-47	-57
Enterprise Value (EV)	1,235	560	733	906	506	825	873	813	870	2,289	2,050
Market Capitalization	1,460	946	988	1,171	810	1,128	1,152	1,163	1,171	2,619	2,289
Book Value per Share	$13.15	$12.53	$11.86	$11.10	$10.43	$10.14	$9.63	$9.01	$8.35	$8.31	$7.49
Tangible Book Value per Share	$12.48	$11.79	$11.15	$10.43	$9.80	$9.54	$9.07	$8.48	$7.86	$7.85	$7.08
Total Capital	907	867	822	771	735	724	705	679	660	677	647
Total Debt	0.00	0.00	0.00	0.00	7.70	15	28	44	67	83	102
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-225	-386	-255	-265	-304	-302	-279	-350	-302	-330	-238
Capital Expenditures (CapEx)	2.90	2.60	2.70	1.90	2.20	2.40	2.50	1.50	2.20	3.20	2.30
Net Nonoperating Expense (NNE)	29	16	21	21	20	15	16	19	22	3.54	19
Net Nonoperating Obligations (NNO)	0.00	0.00	0.00	0.00	7.70	15	28	44	67	83	102
Total Depreciation and Amortization (D&A)	5.00	6.20	5.30	4.90	3.70	3.50	3.70	3.70	3.40	3.10	3.00
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.37)	($0.91)	($0.95)	($0.97)	($0.88)	($0.60)	($0.67)	($0.81)	($0.95)	($0.42)	($0.86)
Adjusted Weighted Average Basic Shares Outstanding	66.88M	64.92M	69.33M	69.53M	69.75M	69.66M	70.28M	70.72M	71.14M	71.02M	72.92M
Adjusted Diluted Earnings per Share	($1.37)	($0.91)	($0.95)	($0.97)	($0.88)	($0.60)	($0.67)	($0.81)	($0.95)	($0.42)	($0.86)
Adjusted Weighted Average Diluted Shares Outstanding	66.88M	64.92M	69.33M	69.53M	69.75M	69.66M	70.28M	70.72M	71.14M	71.02M	72.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	69.16M	69.30M	69.49M	69.69M	69.92M	70.22M	70.50M	71.03M	71.40M	72.82M	73.27M
Normalized Net Operating Profit after Tax (NOPAT)	-62	-48	-45	-46	-42	-28	-32	-39	-46	-26	-43
Normalized NOPAT Margin	-84.28%	-53.93%	-47.57%	-44.10%	-36.44%	-24.00%	-26.57%	-31.61%	-33.72%	-17.78%	-28.43%
Pre Tax Income Margin	-120.41%	-77.04%	-67.96%	-63.00%	-52.05%	-34.29%	-37.95%	-45.16%	-48.17%	-25.40%	-40.61%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Lemonade, Inc. (NYSE: LMND) has continued to demonstrate strong top-line growth in premiums earned with Q1 2025 premiums reaching $104.3 million, up from $84.4 million in Q1 2024, representing consistent growth quarter over quarter and year over year. Total revenue has also increased sequentially, from $119.1 million in Q1 2024 to $151.2 million in Q1 2025.

However, despite growing revenues, Lemonade continues to operate at a net loss, with the net loss widening to $62.4 million in Q1 2025 compared to $47.3 million in Q1 2024. This reflects ongoing high operating expenses, notably marketing and insurance claims, which grew faster than revenue.

Examining the expenses:

Marketing expense increased sharply from $51.3 million in Q1 2024 to $65.2 million in Q1 2025, continuing a trend of heavy spend to acquire customers.
Property and liability insurance claims rose from $65.9 million in Q1 2024 to $85.4 million in Q1 2025, suggesting increased claims impacting profitability.
Other operating expenses increased to $62 million in Q1 2025 from $47.1 million a year prior, contributing to higher total expenses of $212.6 million in Q1 2025 versus $164.3 million in Q1 2024.
This large cost base results in a pre-tax income loss expanding from -$45.2 million in Q1 2024 to -$61.4 million in Q1 2025.

On the cash flow front, operating cash flow remains negative, at -$47.2 million in Q1 2025. Investments in securities increased with purchases of $77.6 million, offset partially by sales of $39.6 million, producing a net investing cash outflow of $40.3 million. Financing activities generated $20 million net, primarily through issuance net of repayment of debt, helping to fund operations and investing activities.

Balance sheet highlights:

Cash and equivalents grew strongly to $319.7 million in Q1 2025, up from $285.2 million a year ago, providing liquidity.
Total assets increased steadily to $1.86 billion in Q1 2025 from $1.65 billion in Q1 2024, reflecting investment in growth.
The company carries a substantial amount of liabilities at $1.31 billion, up from $970 million in Q1 2024, including claims and unearned premiums liabilities, reflecting operating scale.
Retained earnings are deeply negative at -$1.36 billion, reflecting accumulated losses since inception.

Overall, Lemonade continues to exhibit strong top-line growth and increasing asset base, but these gains are offset by rapidly expanding expenses and ongoing net losses. Marketing, insurance claims, and operating costs are rising significantly faster than revenue, leading to widening deficits in profitability.

Investors should consider the company’s ability to eventually leverage scale to improve loss ratios and lower expenses relative to revenue. Current cash reserves and financing efforts help maintain liquidity but do not yet translate into positive cash flow from operations or net profit. The company remains in a high-growth, high-expense phase with risk related to underwriting profitability and cost control.

08/04/25 08:03 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Lemonade's Financials

When does Lemonade's fiscal year end?

According to the most recent income statement we have on file, Lemonade's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Lemonade's net income changed over the last 6 years?

Lemonade's net income appears to be on an upward trend, with a most recent value of -$202.20 million in 2024, rising from -$52.90 million in 2018. The previous period was -$236.90 million in 2023. See Lemonade's forecast for analyst expectations on what’s next for the company.

How has Lemonade's revenue changed over the last 6 years?

Over the last 6 years, Lemonade's total revenue changed from $22.50 million in 2018 to $526.50 million in 2024, a change of 2,240.0%.

How much debt does Lemonade have?

Lemonade's total liabilities were at $1.26 billion at the end of 2024, a 35.8% increase from 2023, and a 976.9% increase since 2019.

How much cash does Lemonade have?

In the past 5 years, Lemonade's cash and equivalents has ranged from $270.30 million in 2019 to $571.40 million in 2020, and is currently $385.70 million as of their latest financial filing in 2024.

How has Lemonade's book value per share changed over the last 6 years?

Over the last 6 years, Lemonade's book value per share changed from 0.00 in 2018 to 8.31 in 2024, a change of 831.0%.

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This page (NYSE:LMND) was last updated on 8/4/2025 by MarketBeat.com Staff

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Lemonade (LMND) Financials

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