AI-extracted from the 10-Q filed 2026-08-07 — Q2 FY2026 (six months ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Exzeo's revenue grew 4.4% to $113.3M in H1 2026, with net income rising 10.3% to $43.7M, though customer concentration remains elevated at 86.9% from two related-party customers.
Biggest Revenue Drivers
Underwriting and management services$94.3M+6.5% YoY
Growth from two new customers onboarded late 2025 and existing customer base expansion, offset by modestly lower fee rates reflecting service mix changes.
Claim services$13.6M-11.8% YoY
Lower catastrophe-related claim activity and reduced litigation costs as prior storm events (Hurricane Ian, Milton, Helene) progressed toward resolution.
Biggest Revenue Drivers
Total revenue: $113.3M+4.4% YoY
Underwriting and management services$94.3M+6.5% YoY
Growth from two new customers onboarded late 2025 and existing customer base expansion, offset by modestly lower fee rates reflecting service mix changes.
Claim services$13.6M-11.8% YoY
Lower catastrophe-related claim activity and reduced litigation costs as prior storm events (Hurricane Ian, Milton, Helene) progressed toward resolution.
Other technology services$5.4M+20.3% YoY
Higher catastrophe software service revenue from progression of Hurricane Ian and refined prior-year claims estimates.
Largest Expense Items
Cost of revenue$43.7M-5.2% YoY
Significant reduction in outsourced claims fees (down 50.3%) from lower catastrophe activity, offset by higher direct personnel and other operating expenses supporting growth.
Selling, general and administrative$11.0M+94.2% YoY
Higher employee compensation costs, discretionary compensation accruals finalization, and increased public company operating costs, partially offset by reduced TTIC overhead allocations post-July 2025 separation.
Research and development$4.7M+3.7% YoY
Relatively flat year-over-year, consistent with ongoing investment in platform capabilities.
Margins: Gross margin improved to 61.4% from 57.5% YoY due to leverage on relatively fixed cost structure as managed premiums scaled, despite lower claim services revenue. Operating margin declined to 47.2% from 47.9% due to higher public company and growth-related SG&A costs, partially offset by gross margin expansion.
Watch Items from the Filing
Two customers represent 86.9% of revenue for H1 2026 (vs. 94.0% prior year). High customer concentration risk, though improving, remains material to business continuity.
Managed premium in Florida represents 91.7% of total managed premiums, creating geographic concentration risk tied to hurricane and catastrophe exposure.
Cash declined $168.6M to $136.7M due to $198.4M investment in U.S. Treasury securities post-IPO, with $197.1M held as long-term available-for-sale investments generating $1.3M interest YTD.
Claim services revenue highly sensitive to catastrophe event timing and severity; outsourced claims fees fell 50.3% YoY due to normalization of prior storm activity.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Exzeo Group, Inc. (XZO): stock profile, AI score and financials
Exzeo Group, Inc. (XZO) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores XZO at 66.5/100 on a composite quality score built from its SEC filings, placing it at rank #406 of 2,925 stocks — the top 25% of the AI-ranked universe. XZO scores in the top quartile across balance sheet strength (98.9), profitability (96.4), free cash flow (91.2). Areas of concern include institutional flow (17.3) and revenue scale (25.3), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), Exzeo Group, Inc. reports quarterly revenue of $57.8M, net income of $23.3M, an operating margin of 49.3%. Top institutional holders of XZO by reported 13-F value include Jupiter Topco, AMERICAN CENTURY COMPANIES, GOLDMAN SACHS GROUP, based on the most recent SEC filings. XZO trades on the NYSE exchange and files with the SEC under CIK 1873951. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate XZO 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 Exzeo Group, Inc. directly from SEC EDGAR.