v3.26.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
REVENUE:        
Earned premium, net $ 265,113 $ 187,039 $ 756,711 $ 534,179
Marketplace revenue 32,164 34,356 97,474 90,328
Net investment income 12,720 10,152 33,986 28,626
Net investment gains 751 1,271 5,641 2,150
Total revenue 354,242 391,417 1,020,894 1,099,062
EXPENSES:        
Losses and loss adjustment expenses, net 90,261 78,626 298,889 224,969
Policy acquisition costs, net 62,214 87,411 247,777 247,682
Underwriting and other insurance expenses 66,716 1,500 189,251 4,079
Selling, general, and administrative expenses 92,766 178,140 260,447 483,812
Interest expense and other, net 886 32,403 1,836 39,038
Total expenses 312,843 378,080 998,200 999,580
INCOME BEFORE TAXES 41,399 13,337 22,694 99,482
Income tax (expense) benefit (5,130) 32,834 8,871 21,184
NET INCOME 36,269 46,171 31,565 120,666
Net income attributable to non-controlling interest (26,058) (25,323) (25,565) (80,474)
Accretion of Series A Convertible Preferred Stock (1,826) (1,903) (5,804) (5,653)
NET INCOME ATTRIBUTABLE TO CLASS A COMMON STOCKHOLDERS 8,385 18,945 196 34,539
Class A Common Stock        
EXPENSES:        
NET INCOME     31,565 120,666
Net income attributable to non-controlling interest (26,058) (25,323) (25,565) (80,474)
Accretion of Series A Convertible Preferred Stock $ (1,826) $ (1,903) $ (5,804) $ (5,653)
Earnings per share of Class A Common Stock:        
Basic (in dollars per share) $ 0.08 $ 0.18 $ 0.00 $ 0.35
Diluted (in dollars per share) $ 0.08 $ 0.11 $ 0.00 $ 0.29
Weighted average shares of Class A Common Stock outstanding:        
Basic (in shares) 106,097 96,167 102,995 92,326
Diluted (in shares) 107,800 347,240 102,995 346,672
Total commission and fee revenue        
REVENUE:        
Revenue from contract with customer, including finance revenue, excluding assessed tax $ 21,586 $ 137,103 $ 61,686 $ 380,677
Membership and other revenue        
REVENUE:        
Revenue from contract with customer, including finance revenue, excluding assessed tax $ 21,908 $ 21,496 $ 65,396 $ 63,102