LMND (Lemonade, Inc.) Stock Financials & Earnings | Market Cap Arena

LMND (Lemonade, Inc.) Stock Financials & Earnings | Market Cap Arena

LMNDLemonade, Inc.

Mkt Cap$4B

Financial Services·Insurance - Property & Casualty·🇺🇸 United States·NYSE

Revenue (TTM)$738M

Net Income (TTM)-$166M

EPS (TTM)-$2.30

Free Cash Flow (TTM)-$26M

Gross Margin44.6%

Op. Margin-21.8%

Net Margin-22.4%

FCF Margin-3.5%

P/S Ratio (TTM)5.8x

P/E Ratio (TTM)—

YoY Rev Growth+40.2%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$95M	$18M	-$65M
Q2 23	$105M	$14M	-$66M
Q3 23	$115M	$24M	-$60M
Q4 23	$116M	$57M	-$40M
Q1 24	$119M	$36M	-$45M
Q2 24	$122M	$33M	-$55M
Q3 24	$137M	$39M	-$66M
Q4 24	$149M	$96M	-$38M
Q1 25	$151M	$40M	-$61M
Q2 25	$164M	$65M	-$43M
Q3 25	$195M	$81M	-$36M
Q4 25	$228M	$144M	-$21M

Valuation

Quarter	P/S	P/E
Q1 23	13.9x	—
Q2 23	11.8x	—
Q3 23	10.6x	—
Q4 23	10.0x	—
Q1 24	9.4x	—
Q2 24	9.1x	—
Q3 24	8.7x	—
Q4 24	8.1x	—
Q1 25	7.7x	—
Q2 25	7.1x	—
Q3 25	6.5x	—
Q4 25	5.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$46M	-$49M
Q2 23	-$50M	-$52M
Q3 23	-$6M	-$9M
Q4 23	-$16M	-$19M
Q1 24	-$30M	-$32M
Q2 24	-$12M	-$13M
Q3 24	$16M	$14M
Q4 24	$14M	$11M
Q1 25	-$47M	-$50M
Q2 25	$6M	$3M
Q3 25	$5M	$3M
Q4 25	$21M	$18M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$3M
Q2 23	$2M
Q3 23	$2M
Q4 23	$2M
Q1 24	$3M
Q2 24	$2M
Q3 24	$2M
Q4 24	$3M
Q1 25	$2M
Q2 25	$2M
Q3 25	$2M
Q4 25	$3M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+114.9%	+36.8%
Q2 23	+109.2%	+48.3%
Q3 23	+54.7%	+6.7%
Q4 23	+30.7%	-0.9%
Q1 24	+25.1%	+2.8%
Q2 24	+16.6%	+3.9%
Q3 24	+19.3%	+16.3%
Q4 24	+28.8%	+20.3%
Q1 25	+27.0%	+29.4%
Q2 25	+34.5%	+16.7%
Q3 25	+42.4%	+14.0%
Q4 25	+53.3%	+33.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$15M	16.2%
Q2 23	$15M	14.1%
Q3 23	$15M	13.4%
Q4 23	$14M	12.4%
Q1 24	$15M	12.5%
Q2 24	$15M	12.6%
Q3 24	$17M	12.4%
Q4 24	$17M	11.6%
Q1 25	$10M	6.8%
Q2 25	$15M	9.4%
Q3 25	$17M	8.8%
Q4 25	$19M	8.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$33M	$28M
Q2 23	$31M	$25M
Q3 23	$37M	$24M
Q4 23	$29M	$25M
Q1 24	$30M	$30M
Q2 24	$30M	$37M
Q3 24	$31M	$51M
Q4 24	$34M	$48M
Q1 25	$36M	$43M
Q2 25	$26M	$60M
Q3 25	$35M	$57M
Q4 25	$43M	$64M

Revenue Segments

Quarter	Reportable Segment
Q1 25	$151M
Q2 25	$164M
Q3 25	$195M
Q4 25	$228M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$250M	$738M	$988M
Q2 23	$189M	$372M	$560M
Q3 23	$232M	$326M	$558M
Q4 23	$265M	$673M	$938M
Q1 24	$279M	$642M	$921M
Q2 24	$343M	$581M	$924M
Q3 24	$330M	$256M	$585M
Q4 24	$376M	$635M	$1.0B
Q1 25	$309M	$331M	$640M
Q2 25	$378M	$293M	$670M
Q3 25	$346M	$241M	$587M
Q4 25	$397M	$723M	$1.1B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	69M	+6.8%
Q2 23	70M	+0.3%
Q3 23	70M	+0.3%
Q4 23	70M	+0.4%
Q1 24	70M	+0.4%
Q2 24	71M	+0.6%
Q3 24	71M	+0.6%
Q4 24	71M	-0.2%
Q1 25	73M	+2.7%
Q2 25	73M	+0.7%
Q3 25	74M	+1.0%
Q4 25	72M	-3.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 17	—	—
FY 18	—	—
FY 19	—	—
FY 20	$166K	567
FY 21	$115K	1K
FY 22	$188K	1K
FY 23	$342K	1K
FY 24	$426K	1K
FY 25	$576K	1K