Neptune Insurance Holdings Inc (NP)

Neptune Launches Atlas+, an AI-Powered Platform Experience Designed to Turn Insurance Agents into Super AgentsMay 21, 2026 4:15 PM
Business Wire New AI-powered experience helps agents sell with confidence, move faster, and better understand flood risk Neptune Insurance Holdings, Inc. (“Neptune”) (NYSE: NP), the largest private flood insurance provider in the United States, today announced the nationwide launch of Atlas+, Neptune’s new AI-powered platform experience for insurance agents. Atlas+ is designed to help agents become flood insurance sales experts by bringing generative AI directly into the Neptune Agent Portal. Beginning this week, agents using Neptune will be able to use Atlas+ to generate customer-ready sales scripts, draft personalized emails, compare coverage and deductible options, receive quote-specific talking points, and interact with live quotes in natural language, including through dictation. The initial rollout embeds Atlas+ directly into the quote screen, giving agents real-time support at the point of sale. Instead of navigating multiple screens or manually searching for property and coverage information, agents can ask Atlas+ questions about the quote, request recommendations, or generate customer-facing explanations tailored to the specific property. “Atlas+ is a major step forward in our mission to make flood insurance easier to understand, easier to sell, and easier to buy,” said Trevor Burgess, Chairman and Chief Executive Officer of Neptune. “Agents are the front line of flood insurance education in the United States. By putting AI directly into their workflow, we are giving them the tools to be more knowledgeable, more efficient, and more effective in every customer conversation.” Atlas+ builds on Neptune’s technology-first approach to flood insurance. Neptune’s platform has processed tens of millions of quotes and more than one million policies, creating a proprietary foundation of real-world underwriting, pricing, and behavioral data. Atlas+ uses this foundation to help agents better understand flood risk, explain coverage options, and guide customers through a purchase that can often feel complex or unfamiliar. The launch also marks the beginning of a broader expansion of Atlas+ across Neptune’s Agent Portal. In the coming weeks and months, Neptune plans to extend the underlying Atlas+ technology across additional workflows, allowing agents to run tasks agentically, better understand their portfolios, access more data, and take advantage of the datasets that power Neptune’s AI-native system. “Atlas+ is not simply a chatbot or a feature. It is the beginning of a new interaction layer across the Neptune platform,” said Jean-Luc Eckstein, Chief Customer Officer of Neptune. “Today, Atlas+ helps agents sell and service flood insurance more effectively inside the quote experience. Over time, we expect it to become the underlying heartbeat of the Agent Portal, helping agents manage their business, understand their customers, and unlock the full power of Neptune’s data.” Atlas+ is part of Neptune’s broader strategy to use AI to reduce friction in flood insurance distribution, improve risk awareness, and expand access to private flood insurance. Millions of property owners across the United States remain uninsured for flood risk, often because the buying process is misunderstood, overly complex, or overlooked entirely. By equipping agents with better tools, Neptune believes Atlas+ can help close that knowledge gap and support broader adoption of flood insurance coverage. “Flood insurance is a product that every homeowner should understand, but too often it is treated as complicated or optional until it is too late,” Burgess added. “Atlas+ gives agents the ability to explain flood risk and coverage with clarity, speed, and confidence. That is good for agents, good for consumers, and good for the long-term growth of the flood insurance market.” Atlas+ is now available nationwide to insurance agents using Neptune. A video overview can be viewed here. About Neptune Neptune Flood (NYSE: NP) is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance. Safe Harbor Statement This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical fact, regarding our future results of operations, financial position, market size and opportunity, our business strategy and plans, the factors affecting our performance, and our objectives for future operations, are forward-looking statements. The words “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential,” or “continue,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about the anticipated benefits, capabilities, and performance of Atlas+, expected agent adoption, market opportunity, and Neptune Flood's business strategy and growth plans. These forward-looking statements are based on Neptune Flood's current expectations, predictions, and assumptions as of the date of this press release. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, and the other documents that the Company files with the U.S. Securities and Exchange Commission, which are available free of charge on the SEC's website at: www.sec.gov and on Neptune’s investor relations website at investors.neptuneflood.com. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521394054/en/ Loren Pomerantz

Neptune Insurance Holdings Inc. Announces Full Exercise of Underwriters' Option to Purchase Additional Shares of Class A Common StockMay 19, 2026 5:48 PM
Business Wire Neptune Insurance Holdings Inc. (the “Company”) (NYSE: NP), the parent company of Neptune Flood Incorporated, today announced that, in connection with the secondary offering of 9,841,395 shares of its Class A common stock by certain selling securityholders, the underwriters have fully exercised their option to purchase an additional 1,476,209 shares of Class A common stock from the selling securityholders. The Company will not receive any proceeds from the sale of shares by the selling securityholders. A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission on May 13, 2026. Morgan Stanley is acting as lead left bookrunner for the offering. J.P. Morgan and Goldman Sachs & Co. LLC are acting as active bookrunners. BofA Securities, BMO Capital Markets, Deutsche Bank Securities, Evercore ISI, Keefe, Bruyette & Woods, a Stifel Company, Mizuho, Piper Sandler, Raymond James, TD Securities and Wells Fargo Securities are acting as joint bookrunners. Dowling & Partners Securities LLC and Capital One Securities are acting as co-managers. The offering was made only by means of a final prospectus, dated May 13, 2026. Copies of the final prospectus may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526 or by emailing prospectus-ny@ny.email.gs.com. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Neptune Insurance Holdings Inc. Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform, to streamline underwriting, pricing, and policy issuance. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519881347/en/ Press Contact
press@neptuneflood.com Investor Relations Contact
investors@neptuneflood.com Original: Neptune Insurance Holdings Inc. Announces Full Exercise of Underwriters' Option to Purchase Additional Shares of Class A Common Stock

Neptune Insurance Holdings Inc. Announces Pricing of Public OfferingMay 13, 2026 9:24 PM
Business Wire Neptune Insurance Holdings Inc. (the “Company”) (NYSE:NP), the parent company of Neptune Flood Incorporated, today announced the pricing of its public offering for the sale of 9,841,395 shares of its Class A common stock by certain selling securityholders at a public offering price of $27.50 per share. As part of the proposed offering, the Company intends to concurrently purchase from the underwriters 984,140 shares of Class A common stock at a price per share of $26.40, equal to the price per share to be paid by the underwriters to the selling securityholders in the proposed offering. The repurchased shares of Class A common stock will be retired and will no longer be outstanding after the proposed offering. The completion of the share repurchase is contingent on the satisfaction of customary closing conditions and conditioned upon the completion of the proposed offering. The offering is expected to close on May 15, 2026, subject to customary closing conditions. In addition, the selling securityholders have granted the underwriters a 30-day option to purchase up to an additional 1,476,209 shares of Class A common stock at the public offering price, less underwriting discounts and commissions. Morgan Stanley is acting as lead left bookrunner for the proposed offering. J.P. Morgan and Goldman Sachs & Co. LLC are acting as active bookrunners. BofA Securities, BMO Capital Markets, Deutsche Bank Securities, Evercore ISI, Keefe, Bruyette & Woods, a Stifel Company, Mizuho, Piper Sandler, Raymond James, TD Securities and Wells Fargo Securities are acting as joint bookrunners. Dowling & Partners Securities LLC and Capital One Securities are acting as co-managers. The offering is being made available only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526 or by emailing prospectus-ny @ relating to these securities has been declared effective by the SEC on May 13, 2026. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Neptune Insurance Holdings Inc. Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform, to streamline underwriting, pricing, and policy issuance. View source version on businesswire.com: https://www.businesswire.com/news/home/20260513298616/en/ Press Contact
press@neptuneflood.com Investor Relations Contact
investors@neptuneflood.com Original: Neptune Insurance Holdings Inc. Announces Pricing of Public Offering

Neptune Insurance Holdings Inc. Announces Launch of Public Offering and Concurrent Share RepurchaseMay 11, 2026 4:46 PM
Business Wire Neptune Insurance Holdings Inc. (the “Company”) (NYSE: NP), the parent company of Neptune Flood Incorporated, today announced the launch of its public offering for the sale of 8,355,615 shares of its Class A common stock by certain selling securityholders. In addition, the selling securityholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,253,342 shares of Class A common stock. As part of the proposed offering, the Company intends to concurrently purchase from the underwriters 835,561 shares of Class A common stock at a price per share equal to the price per share to be paid by the underwriters to the selling securityholders in the proposed offering. The repurchased shares of Class A common stock will be retired and will no longer be outstanding after the proposed offering. The completion of the share repurchase is contingent on the satisfaction of customary closing conditions and conditioned upon the completion of the proposed offering. Morgan Stanley is acting as lead left bookrunner for the proposed offering. J.P. Morgan and Goldman Sachs & Co. LLC are acting as active bookrunners. The proposed offering will be made available only by means of a prospectus. Copies of the preliminary prospectus relating to this proposed offering, when available, may be obtained by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the preliminary prospectus, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or byemailatprospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com, or from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526 or by emailing prospectus-ny @ relating to the proposed offering of securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, and there shall be no sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Neptune Insurance Holdings Inc. Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform, to streamline underwriting, pricing, and policy issuance. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511334747/en/ Press Contact
press@neptuneflood.com Investor Relations Contact
investors@neptuneflood.com Original: Neptune Insurance Holdings Inc. Announces Launch of Public Offering and Concurrent Share Repurchase

Neptune Flood Prepared to Help Strengthen National Flood Resilience as FEMA Review Council Urges Growth of the Private MarketMay 7, 2026 1:27 PM
Business Wire Report highlights the importance of expanding the private sector’s role and strengthening resilience nationwide Neptune Insurance Holdings, Inc. (NYSE: NP), the parent company of Neptune Flood, issued the following statement in response to the FEMA Review Council’s report to the President regarding the future of the National Flood Insurance Program (NFIP). Neptune Flood welcomes the FEMA Review Council’s recommendation to expand the role of the private flood insurance market as part of a more resilient national flood insurance system. Neptune stands ready to support these efforts by expanding access to affordable, modern flood protection for America’s property owners. Across the United States, over 15 million properties at risk of flooding remain uninsured today. Expanding the number of buildings protected by flood insurance is one of the most important steps the country can take to strengthen financial resilience for families, communities, and the broader U.S. economy. By combining the stability of the NFIP with the innovation and capacity of the private market, the United States has a meaningful opportunity to grow the insured base and improve protection against the nation’s costliest natural disaster. Private flood insurance is already helping expand access to coverage. Neptune has found that nearly half of existing NFIP policyholders would save money by switching to private flood insurance. Among those purchasing a new policy, nearly two-thirds would receive a lower premium in the private market. Private providers such as Neptune also offer consumer benefits not available through the NFIP, including higher coverage limits and optional protections such as reimbursement for temporary living expenses after a flood. The private flood insurance market operates at significant scale and is well positioned to serve a large share of U.S. property owners. Today, approximately 95 percent of residential and commercial properties currently insured through the NFIP would also qualify for coverage in the private market. At the same time, Neptune believes the NFIP remains an essential part of the nation’s flood insurance framework, ensuring coverage continues to be available for the smaller share of properties that do not meet private market eligibility criteria. Together, a strong private market and a stable federal program will help ensure that flood insurance remains widely available while maintaining continuity and protection for all property owners. “Expanding the role of the private flood insurance market is a critical step toward a more sustainable national flood insurance system,” said Trevor Burgess, Chairman and CEO of Neptune Flood. “Private providers bring capital, advanced risk modeling, and improved consumer options to the market. At the same time, the NFIP remains an important safety net for properties that cannot yet be insured privately. Together, the two can create a stronger and more resilient flood insurance framework for the country.” Neptune serves more than 300,000 policyholders nationwide, using its Triton® underwriting system to evaluate flood risk and distribute policies across 42 global insurance and reinsurance companies. These highly rated carriers provide the policy paper and assume the underlying risk, bringing substantial private capital to the U.S. flood insurance market. Neptune distributes its policies through a nationwide network of independent insurance agents, with more than 45,000 insurance professionals actively using the Neptune platform to quote and bind private flood coverage for their customers. We believe this growing ecosystem of agents, insurers, and reinsurers reflects the increasing confidence across the insurance industry in the sustainability of the private flood insurance market. “The FEMA Review Council’s recommendations highlight how much the private flood insurance market has matured and why it can play a larger role going forward,” said Matt Duffy, President of Neptune Flood. “Over the past decade, we have seen a growing ecosystem develop around private flood coverage. Today, more than 45,000 insurance professionals nationwide use the Neptune platform, connecting policyholders with capacity from over 42 global insurance and reinsurance companies, and serving more than 300,000 policyholders across the United States. We believe that level of participation from agents, insurers, reinsurers, and consumers reflects the growing confidence in private flood insurance as a sustainable and scalable complement to the NFIP.” Neptune believes the FEMA Review Council’s report provides an important opportunity for the public and private sectors to work together to expand flood insurance coverage and strengthen national resilience. By combining the stability of the NFIP with the innovation, capital, and technology of the private market, the United States can build a more sustainable flood insurance system while significantly increasing the number of buildings protected from flood risk. About Neptune Flood Neptune Flood (NYSE: NP) is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507108934/en/ Media:
Loren Pomerantz
917-902-0219
loren@combined-forces.com Original: Neptune Flood Prepared to Help Strengthen National Flood Resilience as FEMA Review Council Urges Growth of the Private Market

Neptune Flood Surpasses 300,000 Policies in Force and $400 Million in Premium, Expanding Access to Modern Flood Protection NationwideMay 6, 2026 4:35 PM
Business Wire Growth reflects increasing resilience and the continued expansion of the private flood insurance market Neptune Flood, the largest private flood insurance provider in the United States, today announced that it has surpassed 300,000 policies in force and $400 million in premium in force. This milestone marks a significant step forward in expanding the reach of private flood insurance and strengthening the resilience of communities across the country. Neptune’s continued growth reflects rising demand for modern, technology-enabled flood protection as more homeowners and businesses seek alternatives to traditional coverage. By simplifying the purchasing process and delivering fast, reliable protection, Neptune is helping close the flood insurance gap and bringing coverage to more Americans. “Surpassing 300,000 policies and $400 million in premium in force is an important milestone, not just for Neptune, but for the broader evolution of the flood insurance market,” said Trevor Burgess, Chairman and CEO of Neptune Flood. “It demonstrates that private flood insurance is scaling in a meaningful way and playing a critical role in protecting more properties nationwide. As flood risk continues to grow, expanding the insured base is essential to building a more resilient future.” Neptune’s platform is built to scale, combining AI-native underwriting with a fully digital quoting experience that delivers instant decisions and continuous risk evaluation. Powered by Triton®, Neptune’s underwriting system, the company is able to translate complex flood risk into fast, actionable insights while maintaining strong underwriting discipline. Adoption across Neptune’s distribution network continues to accelerate, with more than 45,000 individual insurance agents actively using the platform. By equipping agents with real-time data, sales enablement tools, and proactive guidance, Neptune is transforming how flood risk is assessed and communicated, helping more property owners make informed coverage decisions while securing coverage before disaster strikes. “We’re incredibly grateful to the more than 45,000 agents who trust Neptune to serve their customers every day,” said Jean-Luc Eckstein, Chief Customer Officer of Neptune Flood. “Their expertise, relationships, and commitment to helping customers understand and prepare for flood risk are at the heart of our growth. We’re proud to partner with them by delivering the tools, speed, and insights they need to protect more households and businesses across the country.” Neptune’s growth also reflects the increasing role of the private market in complementing the National Flood Insurance Program (NFIP). By offering flexible coverage options and competitive pricing, private insurers are helping to broaden participation in the flood insurance system and reduce the protection gap nationwide. About Neptune Neptune Flood (NYSE: NP) is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506273308/en/ Media Contact:
Loren Pomerantz
917-902-0219
loren@combined-forces.com Original: Neptune Flood Surpasses 300,000 Policies in Force and $400 Million in Premium, Expanding Access to Modern Flood Protection Nationwide

Neptune Insurance Holdings Inc. Reports First Quarter 2026 ResultsApril 22, 2026 4:33 PM
Business Wire
Neptune Insurance Holdings Inc. (the “Company”) (NYSE: NP), the parent company of Neptune Flood Incorporated, has released its financial results for the first quarter of 2026 by posting an update on its Investor Relations website. The earnings presentation can be viewed by clicking here or visiting investors.neptuneflood.com.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422044575/en/
In addition to the release of financial results, on April 21, 2026, the Company's Board of Directors approved a stock repurchase program that authorizes the Company to repurchase up to $100 million of the Company's outstanding Class A common stock.


First Quarter 2026 Highlights



Revenue growth of 29% to $37.8 million



Net income decrease of 26% to $7.3 million, at a 19% margin



Adjusted net income* growth of 21% to $13.4 million



Adjusted EBITDA* growth of 26% to $21.6 million, at a 57% margin



Written Premium* growth of 26% to $86.7 million



Record Q1 new business sales



First Quarter 2026 per share of Class A and Class B common stock




 






 






Basic






 






Diluted








Net income






 






$






0.05






 






$






0.05








Adjusted net income






 






$






0.10






 






$






0.09








Adjusted EBITDA






 






$






0.16






 






$






0.15







* See discussion of Non-GAAP Financial Measures and Key Performance Indicators below


Neptune management will host a live conference call and webcast at 5:00 PM ET on Wednesday, April 22nd.


When: Wednesday, April 22, 2026

Time: 5:00 p.m. Eastern Time

Dial-in Number: (800) 715-9871 or (646) 307-1963 (international)

Q1 '26 Earnings Presentation: View here

Webcast: View here

Investor Relations: View here


The webcast will be archived on the company’s website following the call.


Effectiveness of Information

The targets included in our earnings presentation and the statements made during the earnings conference call, each of which is available on Neptune's investor relations website at investors.neptuneflood.com (collectively, the “Earnings Materials”), represent Neptune’s expectations and beliefs as of April 22, 2026. Although these Earnings Materials will remain available on Neptune’s website through the date of the earnings call for the first quarter of fiscal 2027, their availability does not mean that Neptune is reaffirming or confirming their continued validity. Neptune undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events, or to otherwise update the targets given in this press release, the earnings presentation, or earnings conference call, except as required by law.


About Neptune Insurance Holdings, Inc.

Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.


Non-GAAP Financial Measures and Key Performance Indicators

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and Adjusted basic and diluted earnings per share. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.


We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. See “Reconciliation of Non-GAAP Financial Measures” in our earnings presentation for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.


Adjusted EBITDA is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure) adjusted to exclude interest expense (net of interest income), loss on extinguishment of debt, income taxes, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses. By removing these expenses, we believe Adjusted EBITDA provides a clearer representation of operating performance.


Adjusted EBITDA margin is a non-GAAP financial measure derived from Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.


Adjusted net income is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure), adjusted to exclude loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses, and the related tax effect of those adjustments. By removing these expenses, we believe Adjusted net income provides a clearer representation of operating performance.


Adjusted diluted earnings per share is Adjusted net income divided by diluted weighted average shares outstanding, assuming the conversion of all outstanding shares of redeemable convertible preferred stock into an equivalent number of shares of common stock, which occurred upon the consummation of our IPO. Similarly, Adjusted basic earnings per share is Adjusted net income divided by basic weighted average shares outstanding, also assuming the conversion of all outstanding redeemable convertible preferred stock into an equivalent number of shares of common stock, which occurred upon the consummation of our IPO. By implementing the conversion of the redeemable convertible preferred stock, we believe Adjusted earnings (basic and diluted) per share provides a clearer representation of operating performance. The most directly comparable GAAP measures are diluted earnings per share and basic earnings per share, respectively.


Additionally, we discuss certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.


Written Premium is the total premium we placed with insurance programs during a reporting period, less “return premiums” refunded to policyholders due to cancellations, endorsement of policies, or otherwise. We believe written premium is an appropriate measure of operating performance because it is the primary driver of our commission revenue.


Revenue per Employee is revenue for the trailing four quarters, determined in accordance with GAAP, divided by the average number of employees during the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency.


Adjusted EBITDA per employee is Adjusted EBITDA, a non-GAAP metric, for the trailing four quarters divided by the average number of employees during the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency. For further discussion on our calculation of Adjusted EBITDA, see “Non-GAAP Financial Measures” above.


Policy Retention Rate is the percentage of our policyholders who receive renewal offers and who accept the offered renewal term. We monitor the acceptance of renewal offers as an early indicator of price elasticity.


Premium Retention Rate is the premium associated with those accepted renewal offers, as a percentage of the total premium from expiring policies for which renewal offers were made.


Revenue Retention Rate is the percentage of revenue recognized on policies in a given period that is recognized under the renewal terms of those same policies in the subsequent period. We monitor this metric as a comprehensive indicator of renewal performance and the long-term stability of our revenue base, as it reflects the combined effect of policy retention, premium changes, and policy fee income.


Organic revenue and organic revenue growth: We define organic revenue as total revenue determined in accordance with GAAP, adjusted to remove the impact of any acquisitions or divestitures. We define organic revenue growth as the year-over-year growth in our organic revenue. However, as of the date of this Quarterly Report and for the relevant periods presented herein, we have not completed any relevant acquisitions or divestitures, therefore our organic revenue and organic revenue growth reflect our total revenue and total revenue growth, respectively, as determined in accordance with GAAP. Organic revenue and organic revenue growth are also non-GAAP financial measures which are commonly reported by others in the insurance industry. We use “organic revenue” and “organic revenue growth” in this Quarterly Report to facilitate investors’ understanding of our operating performance and comparison with our peers.


Safe Harbor Statement

This press release, our earnings presentation, and the earnings conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential,” or “continue,” the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, include, among others, projections of our future financial performance, our anticipated growth and business strategies, anticipated trends in our business, capital allocation plans, technology initiatives, and other future events or development. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, once filed, and the other documents that the Company files with the U.S. Securities and Exchange Commission, which are available free of charge on the SEC's website at: www.sec.gov and on Neptune’s investor relations website at investors.neptuneflood.com.


Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.


NON-GAAP FINANCIAL MEASURES


Adjusted EBITDA and Adjusted EBITDA margin


Below is a reconciliation of Adjusted EBITDA to net income (the most directly comparable GAAP measure), as well as our Adjusted EBITDA margin to net income margin (the most directly comparable GAAP measure), for the three months ended March 31, 2026 and 2025, and for the twelve months ended March 31, 2026 and 2025:




 






 






Three Months Ended

March 31,






 






 








($ in thousands)






 






 






2026






 






 






 






2025






 






 






Change %/pp








Total revenues






 






$






37,795






 






 






$






29,353






 






 






28.8






%








Net income






 






$






7,349






 






 






$






9,939






 






 






(26.1






)%








Interest expense (net of interest income)






 






$






3,366






 






 






$






2,232






 






 






50.8






%








Income tax expense






 






$






2,726






 






 






$






3,456






 






 






(21.1






)%








Amortization expense






 






$






1,004






 






 






$






874






 






 






14.9






%








Share-based compensation






 






$






6,912






 






 






$






84






 






 






NM






 








Corporate transaction related expenses






 






$






176






 






 






$






531






 






 






NM






 








One-time expenses






 






$






33






 






 






$






—






 






 






NM






 








Adjusted EBITDA






 






$






21,566






 






 






$






17,116






 






 






26.0






%








Net income margin(1)






 






 






19.4






%






 






 






33.9






%






 






(14.4






)








Adjusted EBITDA margin(1)






 






 






57.1






%






 






 






58.3






%






 






(1.3






)









 






 






Twelve Months Ended

March 31,






 






 








($ in thousands)






 






 






2026






 






 






 






2025






 






 






Change %/pp








Total revenues






 






$






167,993






 






 






$






127,086






 






 






32.2






%








Net income






 






$






34,823






 






 






$






39,917






 






 






(12.8






)%








Interest expense (net of interest income)






 






$






18,454






 






 






$






13,522






 






 






36.5






%








Income tax expense






 






$






15,492






 






 






$






13,666






 






 






13.4






%








Loss on extinguishment of debt






 






$






—






 






 






$






5,426






 






 






NM






 








Amortization expense






 






$






3,843






 






 






$






3,213






 






 






19.6






%








Share-based compensation






 






$






18,248






 






 






$






309






 






 






NM






 








Corporate transaction related expenses






 






$






8,558






 






 






$






631






 






 






NM






 








One-time expenses






 






$






33






 






 






$






230






 






 






NM






 








Adjusted EBITDA






 






$






99,451






 






 






$






76,914






 






 






29.3






%








Net income margin(1)






 






 






20.7






%






 






 






31.4






%






 






(10.7






)








Adjusted EBITDA margin(1)






 






 






59.2






%






 






 






60.5






%






 






(1.3






)


















 



NM - not meaningful


















 



(1) Year-over-year changes in percentages are reported in percentage points (pp).









 






 






Twelve Months Ended

March 31,






 






Change








($ in thousands)






 






2026






 






2025






 






Amount






 






Percentage








Average number of employees






 






 






59.9






 






 






53.2






 






 






6.7






 






12.6






%








Total revenues






 






$






167,993






 






$






127,086






 






$






40,907






 






32.2






%








Revenue per employee






 






$






2,804






 






$






2,389






 






$






415






 






17.3






%








Adjusted EBITDA






 






$






99,451






 






$






76,914






 






$






22,537






 






29.3






%








Adjusted EBITDA per employee






 






$






1,660






 






$






1,446






 






$






214






 






14.8






%







Adjusted Net Income and Adjusted Earnings (Basic and Diluted) Per Share

The table below presents a reconciliation of Adjusted net income to net income (the most directly comparable GAAP measure), as well as our Adjusted earnings (basic and diluted) per share to basic earnings and diluted earnings per share of common stock, respectively (the most directly comparable GAAP measure), for the three months ended March 31, 2026 and 2025.




(In thousands, except share and






 






Three Months ended March 31,








per share data)






 






 






2026






 






 






 






2025






 






 






Change %








 






 






 






 






 






 






 








Net income






 






 






7,349






 






 






 






9,939






 






 






(26.1






)%








Income tax






 






 






2,726






 






 






 






3,456






 






 






 








Amortization expense






 






 






1,004






 






 






 






874






 






 






 








Share-based compensation






 






 






6,912






 






 






 






84






 






 






 








Corporate transaction related expenses






 






 






176






 






 






 






531






 






 






 








One-time expenses






 






 






33






 






 






 






—






 






 






 








Adjusted Income before income tax expense






 






$






18,200






 






 






$






14,884






 






 






22.3






%








Adjusted income taxes (1)






 






$






(4,790






)






 






$






(3,841






)






 






 








Adjusted net income






 






$






13,410






 






 






$






11,044






 






 






21.4






%








 






 






 






 






 






 






 








Weighted average Common Stock outstanding – Basic






 






 






138,240,994






 






 






 






93,350,000






 






 






 








Plus: Impact of conversion of redeemable, convertible preferred stock (2)






 






 






—






 






 






 






41,850,000






 






 






 








Adjusted Weighted average Common Stock outstanding – Basic






 






 






138,240,994






 






 






 






135,200,000






 






 






 








 






 






 






 






 






 






 








Basic earnings (loss) per share






 






$






0.05






 






 






$






0.05






 






 






 








Effect of conversion of redeemable, convertible preferred stock and net loss attributable to preferred stock holders(3)






 






 






—






 






 






 






0.05






 






 






 








Other adjustments to earnings (loss) per share(4)






 






 






0.08






 






 






 






0.01






 






 






 








Adjusted income taxes per share






 






 






(0.03






)






 






 






(0.03






)






 






 








Adjusted basic earnings per share(5)






 






$






0.10






 






 






$






0.08






 






 






1.5






%








 






 






 






 






 






 






 








Weighted average Common Stock outstanding – Diluted






 






 






145,756,044






 






 






 






93,350,000






 






 






 








Plus: Impact of conversion of redeemable, convertible preferred stock(2)






 






 






—






 






 






 






41,850,000






 






 






 








Adjusted weighted average Common Stock outstanding – Diluted






 






 






145,756,044






 






 






 






135,200,000






 






 






 








 






 






 






 






 






 






 








Diluted earnings (loss) per share






 






$






0.05






 






 






$






0.05






 






 






 








Effect of conversion of redeemable, convertible preferred stock (3)






 






 






—






 






 






 






0.02






 






 






 








Other adjustments to earnings (loss) per share(4)






 






 






0.07






 






 






 






0.04






 






 






 








Adjusted income taxes per share






 






 






(0.03






)






 






 






(0.03






)






 






 








Adjusted diluted earnings per share(5)






 






$






0.09






 






 






$






0.08






 






 






12.5






%









(1)






This represents the tax impact using effective tax rates of 26.3% and 25.8% for the three months ended March 31, 2026 and 2025, respectively. These tax rates exclude items that are non-deductible/non-taxable or subject to a specific tax treatment.








(2)






Assumes the conversion of all 41,850,000 shares of Redeemable Convertible Preferred Stock into an equivalent number of shares of common stock.








(3)






Pursuant to the completion of the Company's IPO on October 2, 2025, the redeemable, convertible preferred stock was no longer outstanding for the three months ended March 31, 2026. For comparability purposes, this calculation reflects net income that would be distributable to holders of common stock, assuming all redeemable preferred shares had been converted and no longer impacted the numerator. For the three months ended March 31, 2025, this includes $3.4 million of accretion adjustments and $2.0 million of allocations to participating preferred stock, totaling $5.4 million. These adjustments were divided by 93,350,000 shares for the three months ended March 31, 2025, to calculate the Adjusted earnings (basic and diluted) per share amounts.








(4)






Other adjustments to earnings (loss) represent amortization expense, share-based compensation, and corporate related expenses.








(5)






Adjusted earnings per share is calculated as Adjusted net income divided by the applicable weighted average shares outstanding. Individual per-share components above may not sum exactly to the total due to rounding.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422044575/en/
Press Contact

press@neptuneflood.com
Investor Relations Contact

investors@neptuneflood.com


Original: Neptune Insurance Holdings Inc. Reports First Quarter 2026 Results

Neptune Insurance Holdings to Announce First Quarter 2026 Financial ResultsApril 13, 2026 4:59 PM
Business Wire
Neptune Insurance Holdings Inc. (“Neptune” or the “Company”) (NYSE: NP), the parent company of Neptune Flood Incorporated, today announced that it will report its financial results for the first quarter ended March 31, 2026, after the market closes on Wednesday, April 22, 2026.


The company plans to host a conference call and webcast to discuss its financial results at 5:00 PM ET on Wednesday, April 22. The dial-in number for the conference call is (800) 715-9871 or (646) 307-1963 (international). Please dial the number 10 minutes prior to the scheduled start time. A live webcast of the conference call will also be available here as well as on Neptune’s investor relations website at investors.neptuneflood.com. A replay of the webcast will be available shortly after the event at the same website.


About Neptune Insurance Holdings

Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, AI-native managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413452006/en/
Investor Relations Contact:


Jonathan Carlon

Director of Corporate Development

Neptune Insurance Holdings Inc.

Email: investors@neptuneflood.com

Phone: 727-387-6467


Original: Neptune Insurance Holdings to Announce First Quarter 2026 Financial Results

Neptune Flood Research Group Reveals California’s Hidden Flood Crisis: Only 1.4% of Properties Insured, with 2.3 Million at RiskApril 13, 2026 1:47 PM
Business Wire
Report finds NFIP participation has fallen 35% since 2016 as flood exposure grows, leaving California homeowners dangerously under protected


Neptune Flood, the largest private flood insurance provider in the United States, today released a new report from the Neptune Flood Research Group revealing that California faces one of the largest flood insurance coverage gaps in the country. Despite 2.3 million properties facing flood risk over the next 30 years, residential flood insurance penetration across the state stands at just 1.4%.


The report documents how flooding driven by atmospheric rivers, urbanization, aging infrastructure, and post-wildfire conditions represents a persistent, underappreciated threat to California homeowners, even as participation in the National Flood Insurance Program (NFIP) has declined by 35% since 2016.


Key Findings



2.3 million California properties at flood risk. Modern flood modeling identifies more than 2.2 times as many properties at substantial flood risk as FEMA flood maps, uncovering nearly 600,000 additional properties outside designated high-risk zones.



Flood losses are heavily concentrated. The top ten California counties account for nearly two-thirds of all NFIP losses since 1978, yet only 2.7% of residential properties in those counties carry flood insurance.



45% of NFIP claims occur outside mapped floodplains. Despite this, only 34% of NFIP contracts in force are located outside FEMA-designated high-risk zones, far below Texas (66%) and Louisiana (50%).



NFIP coverage limits are inadequate for California. With median California home values of $750,000–$800,000, the NFIP’s $250,000 residential building limit often represents less than a third of the actual cost to rebuild.



Premiums are rising as participation falls. Average NFIP premiums in California have increased by more than 33% since 2016, driven by FEMA’s transition to Risk Rating 2.0, intensifying affordability pressures in an already high-cost state.



Post-wildfire flood risk is sharply elevated. With five of the ten largest wildfires in California history occurring since 2017, as little as half an inch of rainfall per hour in recently burned areas can trigger debris flows, extending flood risk well beyond traditional floodplains.



“Flood risk in California is rising, but coverage is falling. Millions of homeowners are left exposed to a growing and often misunderstood threat. Bridging that gap will take broader access to modern flood insurance solutions, like those offered by the private market.”


Matt Duffy, President, Neptune Flood


The report calls for a coordinated response to close the coverage gap, including investment in flood infrastructure, modernization of FEMA flood maps, expanded access to private flood insurance, and greater integration of flood resilience into California’s housing and development standards.


The full report, California Underwater: A Blind Spot in the Golden State, is available here and on neptuneflood.com/research.


About Neptune Flood


Neptune Flood (NYSE: NP) is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260413967945/en/
Loren Pomerantz

917-902-0219

loren@combined-forces.com


Original: Neptune Flood Research Group Reveals California’s Hidden Flood Crisis: Only 1.4% of Properties Insured, with 2.3 Million at Risk

Neptune Flood Launches App in ChatGPT, Expanding Access to Preliminary Flood Insurance QuotesMarch 12, 2026 8:52 AM
Business Wire
Digital flood insurance platform brings instant estimates to conversational AI


Neptune Flood today announced the launch of its digital flood insurance app in ChatGPT. The new app enables property owners to receive real-time preliminary Neptune flood insurance quotes directly within ChatGPT.


The launch expands how consumers access flood insurance nationwide. Property owners can now ask questions about coverage and receive an instant preliminary quote through a conversational AI experience, simplifying how protection is understood and purchased. This builds on Neptune’s existing direct-to-consumer, real-time quoting infrastructure available at neptuneflood.com and through the websites of its agency distribution partners as an embedded quoting assistant.


Flood risk affects communities in every state, yet many property owners remain uninsured or underinsured. Neptune believes that making protection easier to access strengthens financial resilience across the country. By meeting consumers within new digital environments, the company is helping close the flood insurance gap.


“Flood insurance should be easy to understand and easy to buy,” said Trevor Burgess, Chairman and CEO of Neptune Flood. “Our app in ChatGPT allows us to meet customers where they are and make protection more accessible for families and businesses nationwide. Neptune is an AI native company, and we are excited to be pioneering technological advancements for the benefit of consumers.”


Neptune is available in all 50 states and the District of Columbia. As of year-end, the company had more than 280,000 policies in force, providing residential and commercial protection to property owners nationwide.


Through the Neptune Flood app in ChatGPT, consumers can:



Ask questions about flood risk



Receive a real-time preliminary quote



Explore options in plain language



Seamlessly transition to neptuneflood.com to complete their purchase



Dr. Tom Wexler, Neptune’s Chief Engineer, explained, “We architected our proprietary underwriting system, Triton®, as a modular, API-first underwriting system specifically so it could integrate into new digital environments like ChatGPT. Using the Model Context Protocol (MCP), a lightweight API layer securely orchestrates data retrieval, risk modeling, and rating in real time on top of our existing underwriting infrastructure. Because our underwriting stack is fully automated and cloud-native, we can extend instant quoting into conversational AI without changing our core workflow.”


The app complements Neptune’s nationwide network of independent agents and digital partners, as well as its existing instant online quoting platforms. Customers can choose the channel that works best for them while receiving the same fast, digital underwriting experience.


The Neptune Flood app in ChatGPT is now live here.


About Neptune Flood


Neptune Flood (NYSE: NP) is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.


DISCLAIMER:


ChatGPT is not an insurance agent, broker, or representative of Neptune Flood. The information presented in ChatGPT is based on the details provided at the time of the quote request. This quote does not constitute a binder of coverage, an offer to insure, or a guarantee of coverage. Coverage is subject to underwriting review, eligibility requirements, policy terms, conditions, exclusions, and applicable state regulations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312742320/en/
Media:

Loren Pomerantz

917-902-0219

loren@combined-forces.com


Original: Neptune Flood Launches App in ChatGPT, Expanding Access to Preliminary Flood Insurance Quotes

Neptune Flood Research Group Analyzes Impact of FEMA's Proposed 2026 Harris County, Texas, Flood Map UpdateMarch 4, 2026 12:50 PM
Business Wire
Leading flood insurance provider examines the first major flood map overhaul in nearly 20 years in Harris County, and its positive implications for homeowners, insurers, and the national coverage gap


For nearly 20 years, FEMA's flood maps in Harris County, Texas, remained largely unchanged, leaving homeowners with an incomplete picture of their true flood risk. Hurricane Harvey proved it: roughly 70% of flooded homes sat outside the officially mapped high-risk zone. The new draft maps proposed for Harris County, released in February 2026, represent a step forward in aligning public policy with the region's actual hydrological risk.


What the proposal does:



Significant Expansion of High-Risk Zones: The 100-year floodplain (Special Flood Hazard Area) is projected to expand by approximately 50,000 acres, increasing from 150,000 to 200,000 acres, a 33% increase in high-risk designation areas.



Mandatory Growth of the Insured Base: This reclassification will move over 170,000 properties and $50 billion in real estate assets into the high-risk designation, requiring flood insurance for homeowners with federally backed mortgages. This shift is essential for growing the insured base and ensuring financial protection against future disasters. Today, 82% of Harris County's housing stock remains uninsured.



Updated Science Behind the Maps: The new maps are built on modern rainfall data and modeling that reflects how storms like Harvey actually behave, not the outdated assumptions from nearly 20 years ago.



Increased Consumer Awareness: The release of these maps serves as a vital "red flag" for the community, increasing transparency and helping residents better understand their physical and financial exposure.



Updated maps don't create new risk; they reveal risks that already exist. This problem extends far beyond Harris County and is systemic nationwide, with millions of properties facing meaningful flood risk while falling outside officially designated high-risk zones. Research from the First Street Foundation estimates 10 million high-risk properties fall outside FEMA's official maps nationwide.


By combining updated public maps with AI-driven private-sector tools that provide instant, property-level risk assessments, communities can move toward a more resilient future where every property owner has the information needed to make risk-based decisions.


"The 50,000-acre expansion of Harris County's high-risk flood zones is a long-overdue alignment with the region's actual risk. By leveraging newer technology to reflect modern rainfall realities, these maps provide a critical 'red flag' that increases consumer awareness and drives the mandatory insurance adoption necessary to protect Houston's homeowners. Our mission is to close the national coverage gap, and this update is a vital step toward a more resilient and better-insured Houston."


— Trevor Burgess, CEO, Neptune Flood


Click here to view the complete analysis.


About Neptune Flood


Neptune Flood (NYSE: NP) is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260304466474/en/
Media:

Loren Pomerantz

917-902-0219

loren@combined-forces.com


Original: Neptune Flood Research Group Analyzes Impact of FEMA's Proposed 2026 Harris County, Texas, Flood Map Update

Neptune Insurance Holdings Inc. Reports Fourth Quarter and Full Year 2025 ResultsFebruary 18, 2026 4:33 PM
Business Wire
Neptune Insurance Holdings Inc. (NYSE: NP), the parent company of Neptune Flood Incorporated, has released its financial results for the fourth quarter and full year ended December 31, 2025, by posting an update on its Investor Relations website. The earnings presentation can be viewed by clicking here or visiting investors.neptuneflood.com.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260218070157/en/
Fourth Quarter 2025 Highlights



Revenue growth of 39% to $43.8 million



Net income decrease of 63% to $4.3 million, at a 10% margin, including $4.6 million of IPO-related expenses1



Adjusted Net Income* growth of 25% to $15.3 million



Adjusted EBITDA* growth of 34% to $25.9 million, at a 59% margin



Written Premium* growth of 41% to $100.3 million



Record quarterly new business sales



Full Year 2025 Highlights



Revenue growth of 34% to $159.6 million



Net income growth of 8% to $37.4 million, at a 23% margin, including $13.1 million of IPO-related expenses1



Adjusted Net Income* growth of 38% to $56.9 million



Adjusted EBITDA* growth 32% to $95.0 million, at a 60% margin



Written Premium* growth of 34% to $367.3 million



Revenue per Employee* growth of 15% to $2.7 million



Adjusted EBITDA per Employee* growth of 14% to $1.6 million



Record annual new business sales



* See discussion of Non-GAAP Financial Measures and Key Performance Indicators below


Neptune management will host a live conference call and webcast at 5:00 PM ET on Wednesday, February 18th.


When: Wednesday, February 18, 2026

Time: 5:00 p.m. Eastern Time

Dial-in Number: (800) 715-9871 or (646) 307-1963 (international)

Q4 & FY 25 Earnings Presentation: View here

Webcast: View here

Investor Relations: View here


The webcast will be archived on the company’s website following the call.


Effectiveness of Information


The targets included in our earnings presentation and the statements made during the earnings conference call, each of which is available on Neptune's investor relations website at investors.neptuneflood.com (collectively, the “Earnings Materials”), represent Neptune’s expectations and beliefs as of February 18, 2026. Although these Earnings Materials will remain available on Neptune’s website through the date of the earnings call for the fiscal year 2027, their continued availability through such date does not mean that Neptune is reaffirming or confirming their continued validity. Neptune undertakes no obligation to update any forward-looking statements, whether as a result of new information or future events, or otherwise update the targets given in this press release, the earnings presentation, or earnings conference call, except as required by law.




1 $4.1 million of non-cash expense during the period is associated with a one-time accelerated vesting of Time-Vested and Performance-Vested employee stock options upon consummation of our IPO







About Neptune Insurance Holdings, Inc.


Neptune Insurance Holdings Inc. (NYSE: NP) is the parent company of Neptune Flood Incorporated. Neptune Flood is a leading, data-driven managing general agent offering a range of easy-to-purchase residential and commercial insurance products, including primary flood and excess flood insurance, distributed through a nationwide network of agencies. Leveraging proprietary artificial intelligence and advanced data science, Neptune delivers fast, accurate, and accessible coverage for residential and commercial properties across the United States. The Company operates without human underwriters, using Triton®, its cutting-edge platform to streamline underwriting, pricing, and policy issuance.


Non-GAAP Financial Measures and Key Performance Indicators


To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.


We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. See “Reconciliation of Non-GAAP Financial Measures” in our earnings presentation for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.


Adjusted EBITDA is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure) adjusted to exclude interest expense (net of interest income), loss on extinguishment of debt, income taxes, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses. By removing these expenses, we believe Adjusted EBITDA provides a clearer representation of operating performance.


Adjusted EBITDA Margin is a non-GAAP financial measure derived from Adjusted EBITDA divided by revenue. We believe that Adjusted EBITDA margin is a useful measurement of operating profitability for the same reasons we find Adjusted EBITDA useful and also because it provides a period-to-period comparison of our operating performance.


Adjusted Net Income is a non-GAAP financial measure derived from net income (the most directly comparable GAAP measure), adjusted to exclude loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and other one-time expenses, and the related tax effect of those adjustments. By removing these expenses, we believe Adjusted net income provides a clearer representation of operating performance.


Additionally, we discuss certain key performance indicators, described below, which provide useful information about the Company’s business and the operational factors underlying the Company’s financial performance.


Written Premium is a key performance indicator defined as the total premium we placed with insurance programs during a reporting period, less “return premiums” refunded to policyholders due to cancellations, endorsement of policies, or otherwise. We believe written premium is an appropriate measure of operating performance because it is the primary driver of our commission revenue.


Revenue per Employee is a key performance indicator defined as revenue for the trailing four quarters, determined in accordance with GAAP, divided by the average number of our employees for the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency.


Adjusted EBITDA per Employee is a key performance indicator defined as Adjusted EBITDA, a non-GAAP financial measure (defined above) for the trailing four quarters divided by the average number of our employees for the trailing four quarters. We monitor this as a metric of scaling growth and believe it to be a leading indicator of sustained profitability and efficiency.


Safe Harbor Statement


This press release, our earnings presentation, and the earnings conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements, other than statements of historical fact included in this release, are forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “outlook,” “predicts,” “potential,” or “continue,” the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, include, among others, projections of our future financial performance, our anticipated growth and business strategies, anticipated trends in our business, capital allocation plans, technology initiatives, and other future events or development. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from the results, level of activity, performance, or achievements expressed or implied by the forward-looking statements, including those factors discussed under the captions entitled “Risk factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, once filed, and the other documents that the Company files with the U.S. Securities and Exchange Commission, which are available free of charge on the SEC's website at: www.sec.gov and on Neptune’s investor relations website at investors.neptuneflood.com.


Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.


NON-GAAP FINANCIAL MEASURES


Adjusted EBITDA and Adjusted EBITDA margin


Below is a reconciliation of Adjusted EBITDA to net income (the most directly comparable GAAP measure), as well as our Adjusted EBITDA margin to net income margin (the most directly comparable GAAP measure), for the three months and full year ended December 31, 2025 and 2024:




 






 






Years Ended December 31,






 






 








($ in thousands)






 






2025






 






2024






 






Change %/pp








Total revenues






 






$






159,551






 






 






$






119,299






 






 






33.7






%








Net income






 






$






37,413






 






 






$






34,592






 






 






8.2






%








Interest expense (net of interest income)






 






 






17,320






 






 






 






16,640






 






 






 








Income tax expense






 






 






16,222






 






 






 






11,788






 






 






 








Loss on extinguishment of debt






 






 






—






 






 






 






5,426






 






 






 








Amortization expense






 






 






3,713






 






 






 






3,027






 






 






 








Share-based compensation






 






 






11,420






 






 






 






296






 






 






 








Corporate transaction related(1)






 






 






8,913






 






 






 






100






 






 






 








One-time expenses(2)






 






 






—






 






 






 






230






 






 






 








Adjusted EBITDA






 






$






95,001






 






 






$






72,099






 






 






31.8






%








Net income margin(3)






 






 






23.4






%






 






 






29.0






%






 






(5.6






)








Adjusted EBITDA margin(3)






 






 






59.5






%






 






 






60.4






%






 






(0.9






)









 






 






Three Months Ended December 31,






 






 








($ in thousands)






 






2025






 






2024






 






Change %/pp








Total revenues






 






$






43,767






 






 






$






31,503






 






 






38.9






%








Net income






 






$






4,343






 






 






$






11,612






 






 






(62.6






%)








Interest expense (net of interest income)






 






 






4,230






 






 






 






2,916






 






 






 








Income tax expense






 






 






4,765






 






 






 






3,862






 






 






 








Amortization expense






 






 






979






 






 






 






820






 






 






 








Share-based compensation






 






 






11,121






 






 






 






79






 






 






 








Corporate transaction related (1)






 






 






473






 






 






 






—






 






 






 








Adjusted EBITDA






 






$






25,911






 






 






$






19,289






 






 






34.3






%








Net income margin(3)






 






 






9.9






%






 






 






36.9






%






 






(27.0






)








Adjusted EBITDA margin(3)






 






 






59.2






%






 






 






61.2






%






 






(2.0






)









(1)





 

Corporate transaction expenses during the three month and full year ended December 31, 2025, were comprised of accounting and legal fees and other expenses related to the preparation for and execution of our IPO. Corporate transaction expenses during the three month and full year ended December 31, 2024, were related to an administrative fee incurred in connection with the refinancing and extinguishment of our prior credit facility.









 



(2)





 

One-time expenses during the year ended December 31, 2024, were entirely related to the corporate rebrand that was completed in that period.









 



(3)





 

Year-over-year changes in percentages are reported in percentage points (pp).









 






 






Years Ended December 31,






 






Change








($ in thousands)






 






2025






 






2024






 






Amount






 






Change %/pp








Average number of employees






 






 






60






 






 






 






52






 






 






 






8






 






 






15.8






%








Total revenues






 






$






159,551






 






 






$






119,299






 






 






$






40,252






 






 






33.7






%








Revenue per employee






 






$






2,659






 






 






$






2,303






 






 






$






356






 






 






15.5






%








Adjusted EBITDA






 






$






95,001






 






 






$






72,099






 






 






$






22,902






 






 






31.8






%








Adjusted EBITDA per employee






 






$






1,583






 






 






$






1,392






 






 






$






191






 






 






13.7






%








Adjusted EBITDA margin






 






 






59.5






%






 






 






60.4






%






 






 






(0.9






)






pp






(0.9






)







Adjusted Net Income and Adjusted Earnings (Basic and Diluted) Per Share The table below presents a reconciliation of Adjusted net income to net income (the most directly comparable GAAP measure), as well as our Adjusted earnings (basic and diluted) per share to basic earnings (loss) and diluted earnings (loss) per share of common stock, respectively (the most directly comparable GAAP measure), for each of the three months and full years ended December 31, 2025 and 2024.




 






 






Years Ended December 31,






 






 








($ in thousands)






 






2025






 






2024






 






Change %








Adjusted diluted and basic earnings per share






 






 






 






 






 






 








Net income






 






$






37,413






 






 






$






34,592






 






 






8.2






%








Income tax expense






 






 






16,222






 






 






 






11,788






 






 






 








Loss on extinguishment of debt






 






 






—






 






 






 






5,426






 






 






 








Amortization expense






 






 






3,713






 






 






 






3,027






 






 






 








Share-based compensation






 






 






11,420






 






 






 






296






 






 






 








Corporate transaction related






 






 






8,913






 






 






 






100






 






 






 








One-time expenses (1)






 






 






—






 






 






 






230






 






 






 








Adjusted Income before income tax expense






 






$






77,681






 






 






$






55,459






 






 






40.1






%








Adjusted income taxes (2)






 






$






(20,749






)






 






$






(14,096






)






 






 








Adjusted net income






 






$






56,932






 






 






$






41,363






 






 






37.6






%








 






 






 






 






 






 






 








Weighted average Common Stock outstanding - Basic






 






 






104,502,838






 






 






 






93,350,000






 






 






 








Plus: Impact of conversion of redeemable, convertible preferred stock (3)






 






 






31,330,328






 






 






 






41,850,000






 






 






 








Adjusted Weighted average Common Stock outstanding - Basic






 






 






135,833,166






 






 






 






135,200,000






 






 






 








 






 






 






 






 






 






 








Basic earnings (loss) per share






 






$






(0.26






)






 






$






0.16






 






 






 








Effect of conversion of redeemable, convertible preferred stock and net loss attributable to preferred stock holders (4)






 






 






0.66






 






 






 






0.18






 






 






 








Other adjustments to earnings (loss) per share (5)






 






 






0.18






 






 






 






0.07






 






 






 








Adjusted income taxes per share






 






 






(0.15






)






 






 






(0.10






)






 






 








Adjusted basic earnings per share






 






$






0.42






 






 






$






0.31






 






 






35.5






%








 






 






 






 






 






 






 








Weighted average Common Stock outstanding - Diluted






 






 






104,502,838






 






 






 






93,350,000






 






 






 








Plus: Impact of dilutive RSUs and stock options (6)






 






 






4,208,597






 






 






 






—






 






 






 








Plus: Impact of conversion of redeemable, convertible preferred stock (2)






 






 






31,330,328






 






 






 






41,850,000






 






 






 








Adjusted weighted average Common Stock outstanding - Diluted






 






 






140,041,763






 






 






 






135,200,000






 






 






 








 






 






 






 






 






 






 








Diluted earnings (loss) per share






 






$






(0.26






)






 






$






0.16






 






 






 








Effect of conversion of redeemable,convertible preferred stock (4)






 






 






0.65






 






 






 






0.18






 






 






 








Other adjustments to earnings (loss) per share (5)






 






 






0.17






 






 






 






0.07






 






 






 








Adjusted income taxes per share






 






 






(0.15






)






 






 






(0.10






)






 






 











 






 




 






Three Months Ended December 31,






 






 








($ in thousands)






 






2025






 






2024






 






Change %








Adjusted diluted and basic earnings per share






 






 






 






 






 






 








Net income






 






$






4,343






 






 






$






11,612






 






 






(62.6






%)








Income tax expense






 






 






4,765






 






 






 






3,862






 






 






 








Amortization expense






 






 






979






 






 






 






820






 






 






 








Share-based compensation






 






 






11,121






 






 






 






79






 






 






 








Corporate transaction related






 






 






473






 






 






 






—






 






 






 








Adjusted Income before income tax expense






 






 






21,681






 






 






 






16,373






 






 






32.4






%








Adjusted income taxes (2)






 






$






(6,346






)






 






$






(4,087






)






 






 








Adjusted net income






 






$






15,335






 






 






$






12,286






 






 






24.8






%








 






 






 






 






 






 






 








Weighted average Common Stock outstanding - Basic






 






 






138,069,793






 






 






 






93,350,000






 






 






 








Plus: Impact of conversion of redeemable, convertible preferred stock (3)






 






 






454,891






 






 






 






41,850,000






 






 






 








Adjusted Weighted average Common Stock outstanding - Basic






 






 






138,524,684






 






 






 






135,200,000






 






 






 








 






 






 






 






 






 






 








Basic earnings (loss) per share






 






$






0.03






 






 






$






0.06






 






 






 








Effect of conversion of redeemable,convertible preferred stock and net loss attributable to preferred stock holders (4)






 






 






0.04






 






 






 






0.05






 






 






 








Other adjustments to earnings (loss) per share (5)






 






 






0.09






 






 






 






0.01






 






 






 








Adjusted income taxes per share






 






 






(0.05






)






 






 






(0.03






)






 






 








Adjusted basic earnings per share






 






$






0.11






 






 






$






0.09






 






 






22.2






%








 






 






 






 






 






 






 








Weighted average Common Stock outstanding - Diluted






 






 






147,676,485






 






 






 






93,350,000






 






 






 








Plus: Impact of conversion of redeemable, convertible preferred stock (2)






 






 






454,891






 






 






 






41,850,000






 






 






 








Adjusted weighted average Common Stock outstanding - Diluted






 






 






148,131,376






 






 






 






135,200,000






 






 






 








 






 






 






 






 






 






 








Diluted earnings (loss) per share






 






$






0.03






 






 






$






0.06






 






 






 








Effect of conversion of redeemable,convertible preferred stock (4)






 






 






0.03






 






 






 






0.05






 






 






 








Other adjustments to earnings (loss) per share (5)






 






 






0.08






 






 






 






0.01






 






 






 








Adjusted income taxes per share






 






 






(0.04






)






 






 






(0.03






)






 






 








Adjusted diluted earnings per share






 






$






0.10






 






 






$






0.09






 






 






11.1






%









(1)





 

One-time expenses during the year ended December 31, 2024, were entirely related to the corporate rebrand that was completed in that period.








(2)





 

This represents the tax impact using the applicable effective tax rate for each respective period presented, excluding items that are non-deductible/non-taxable or subject to a specific tax treatment.








(3)





 

Assumes the conversion of all shares of Redeemable Convertible Preferred Stock into an equivalent number of shares of common stock.








(4)





 

For comparability purposes, this calculation reflects net income that would be distributable to holders of common stock, assuming all redeemable preferred shares had been converted and therefore no longer impacted the numerator. For the year ended December 31, 2025, $10.4 million of accretion adjustments and $54.2 million of cash dividends paid on redeemable preferred stock were added back, totaling $64.6 million. For the year ended December 31, 2024, $13.3 million of accretion and $6.6 million of allocations to participating preferred stock were added back, totaling $19.9 million. These adjustments were divided by the weighted-average shares outstanding for the year ended December 31, 2025 and December 31, 2024 to calculate Adjusted earnings (basic and diluted) per share.








(5)





 

Other adjustments to earnings (loss) represent loss on extinguishment of debt, amortization expense, share-based compensation, corporate transaction related expenses, and one-time expenses.








(6)





 

Represents the impact of 3,531,938 stock options and 676,659 RSUs that were considered anti-dilutive in the GAAP diluted weighted-average common stock outstanding calculation but are included for purposes of Adjusted diluted earnings per share, for the year ended December 31, 2025.







 

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Original: Neptune Insurance Holdings Inc. Reports Fourth Quarter and Full Year 2025 Results