Lemonade, Inc. LMND
Lemonade is rebuilding insurance from the ground up on a digital substrate and an innovative business model. By leveraging technology, data, artificial intelligence, contemporary design, and social impact, we believe we are making insurance more delightful, more affordable, and more precise. To that end, we have built a vertically-integrated company with wholly-owned insurance carriers in the United States and Europe, including the UK, and the full technology stack to power them.
A brief chat with our bot, AI Maya, is all it takes to get covered with renters, homeowners, pet, car or life insurance, and we expect to offer a similar experience for other insurance products over time. Claims are filed by chatting with another bot, AI Jim, who pays claims in as little as two seconds. This breezy experience belies the extraordinary technology that enables it: a state-of-the-art platform that spans marketing to underwriting, customer care to claims processing, finance to regulation. Our architecture melds artificial intelligence with the human kind, and learns from the prodigious data it generates to become ever better at delighting customers and evaluating risk.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $737.9M | $526.5M | $429.8M | $256.7M | $128.4M | $94.4M | $67.3M | $22.5M | — |
| R&D | $93.9M | $85.8M | $88.8M | $79.6M | $51.8M | $19.4M | $9.8M | $4.7M | — |
| SG&A | $139.8M | $124.5M | $129.3M | $122.3M | $72.6M | $46.3M | $21.5M | $9.3M | — |
| Pre-tax income | -$160.9M | -$203.9M | -$229.8M | -$294.8M | -$233.6M | -$120.8M | -$107.9M | -$52.6M | — |
| Income tax | $4.6M | $1.7M | $7.1M | $3.0M | $7.7M | $1.5M | $600.0K | $300.0K | — |
| Net income | -$166.0M | -$202.2M | -$236.9M | -$297.8M | -$241.3M | -$122.3M | -$108.5M | -$52.9M | — |
| EPS, basic | -2.24 | -2.85 | -3.40 | -4.59 | -3.94 | -3.63 | -9.75 | — | — |
| EPS, diluted | -2.24 | -2.85 | -3.40 | -4.59 | -3.94 | -3.63 | -9.75 | -4.84 | — |
| Shares, diluted (wtd. avg.) | 73.9M | 71.0M | 69.7M | 64.9M | 61.2M | 33.7M | 11.1M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $385.0M | $376.0M | $271.5M | $286.5M | $270.6M | $571.4M | $270.3M | $102.4M | $16.9M |
| Short-term investments | $14.1M | $27.5M | $45.8M | $99.8M | $110.4M | $0 | $54.7M | — | — |
| Property, plant and equipment | $15.8M | $16.1M | $17.4M | $19.6M | $11.7M | $5.7M | $3.1M | — | — |
| Goodwill | $19.0M | $19.0M | $19.0M | $19.0M | $0 | — | — | — | — |
| Other intangibles | $8.1M | $13.6M | $22.9M | $32.5M | $600.0K | — | — | — | — |
| Total assets | $1.93B | $1.85B | $1.63B | $1.69B | $1.51B | $828.7M | $414.3M | — | — |
| Total liabilities | $1.39B | $1.26B | $924.4M | $823.9M | $522.3M | $287.7M | $116.6M | — | — |
| Retained earnings | -$1.46B | -$1.30B | -$1.10B | -$859.7M | -$561.9M | -$320.6M | -$198.3M | — | — |
| Total equity | $533.6M | $593.4M | $708.9M | $866.8M | $988.2M | $541.0M | -$182.5M | -$79.1M | -$28.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16.5M | -$11.4M | -$119.1M | -$163.0M | -$144.6M | -$91.7M | -$78.1M | -$40.8M | — |
| Depreciation and amortisation | $15.2M | $20.0M | $20.0M | $12.2M | $3.7M | $1.7M | $600.0K | $100.0K | — |
| Stock-based compensation | $61.3M | $64.5M | $59.9M | $59.3M | $44.1M | $10.6M | $4.3M | $2.1M | — |
| Capital expenditure | $9.4M | $9.4M | $9.2M | $10.1M | $9.4M | $4.4M | $2.7M | $700.0K | — |
| Investing cash flow | -$89.1M | $40.6M | $88.7M | $181.1M | -$804.8M | $50.1M | -$54.0M | $6.4M | — |
| Financing cash flow | $106.6M | $87.7M | $15.4M | $3.6M | $649.6M | $341.1M | $300.1M | $119.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001691421-26-000024.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $22.5M | $67.3M | $94.4M | $128.4M | $256.7M | $429.8M | $526.5M | $737.9M |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$52.9M | -$108.5M | -$122.3M | -$241.3M | -$297.8M | -$236.9M | -$202.2M | -$166.0M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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