AI-extracted from the 10-Q filed 2026-10-22 — Q3 FY2026 (quarter ended September 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Neptune's Q3 2026 commissions and fees rose 34.3% YoY to $59.6M, with Adjusted EBITDA up 37.5% to $36.8M, though share-based compensation of $7.0M sharply raised operating expenses.
Biggest Revenue Drivers
Commission income$45.9M+35.4% YoY
Primarily due to growth in written premium and an increase in average ceding commission.
Fee income$13.7M+30.7% YoY
Increased volumes of new business drove overall growth, as average policy fee remained relatively stable.
Biggest Revenue Drivers
Total revenue: $59.6M+34.3% YoY
Commission income$45.9M+35.4% YoY
Primarily due to growth in written premium and an increase in average ceding commission.
Fee income$13.7M+30.7% YoY
Increased volumes of new business drove overall growth, as average policy fee remained relatively stable.
Largest Expense Items
Agent commissions$17.4M+25.6% YoY
Primarily volume-driven, resulting from higher policy sales.
Share-based compensation$7.0Mfrom $0.1M YoY
Related to RSUs granted in 2025; no incremental expense from the September 2026 vesting schedule amendment.
General and administrative$3.9M+81.8% YoY
Driven by higher advertising fees, software and AI usage costs, and public company professional fees and insurance premiums.
Margins: Adjusted EBITDA margin rose to 61.7% from 60.2%, attributed to lower agent commissions and employee compensation as a percentage of revenue, partly offset by higher G&A. Net income margin was 29.0% versus 25.9%.
Watch Items from the Filing
Revolving credit facility balance of $215.0M at September 30, 2026 (increased to $222.0M by October 19, 2026), secured by substantially all company assets; a 1% rate change implies a $2.2M annual pre-tax effect.
Revenue retention rate declined to 88.5% from 92.6%, and premium retention rate fell to 91.0% from 98.0% for the three months.
Palomar rollover contributed $2.0M of Q3 revenue, representing 3.4% of revenues and about 4.6 percentage points of revenue growth.
Company expects to lose emerging growth company status, requiring SOX 404(b) auditor attestation in its FY2026 10-K.
Repurchased 1,219,140 Class A shares for $31.9M in 2026 year-to-date; $94.1M remains under the $100.0M Repurchase Program.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Neptune Insurance Holdings Inc. (NP): stock profile, AI score and financials
Neptune Insurance Holdings Inc. (NP) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores NP at 62.2/100 on a composite quality score built from its SEC filings, placing it at rank #730 of 2,925 stocks — the top 25% of the AI-ranked universe. NP scores in the top quartile across balance sheet strength (99.3), free cash flow (92.2), profitability (76.1). Areas of concern include revenue scale (23.6), which score below median versus the broader universe. Shareholder dilution risk is elevated at 19.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), Neptune Insurance Holdings Inc. reports quarterly revenue of $59.6M, net income of $17.3M, an operating margin of 46.9%. Top institutional holders of NP by reported 13-F value include FTV Management Company, L.P., Bregal Sagemount IV General Partner Jersey Ltd, T. Rowe Price Investment Management, based on the most recent SEC filings. NP trades on the NYSE exchange and files with the SEC under CIK 2067129. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NP daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Neptune Insurance Holdings Inc. directly from SEC EDGAR.