Neptune Insurance Holdings reported strong results for the third quarter of 2026, with revenue up 34% year on year to $59.6 million and adjusted EBITDA up 38% to $36.8 million. The use of Atlas+ improved agency productivity, with in-force policies exceeding 336,000 and gross written premiums reaching $450 million. The company raised its full-year outlook and its 2027 revenue outlook.
Neptune's revenue for the third quarter of 2026 was $59.6 million, up 34% year on year. Adjusted EBITDA was $36.8 million, up 38% year on year, and the margin remained approximately 62%. Premiums in force increased to $450 million, while the number of policies exceeded 336,000.
The use of Atlas+ contributed to improved agency productivity, with more than 75,000 agency messages processed during the month. Quotes generated through Atlas+ showed a tendency to achieve higher conversion rates than comparable transactions. Productivity per employee also improved, with engineering output increasing 2.5-fold and customer support productivity improving 50%.
Capital allocation prioritizes organic growth, share buybacks and debt reduction. Net leverage declined to approximately 1.7x. Following an update to the capacity program, contingent commissions will no longer be included from 1 December. Beta testing of the Indemnity Earthquake product is under way, with a formal launch planned for Q4.
The full-year outlook was raised to revenue of $204 million and an EBITDA margin above 61% for 2026. The full-year outlook for 2027 assumes revenue of approximately $238 million and an EBITDA margin of approximately 61%. The assumptions do not include a recovery in the housing market or frequent hurricanes, and exclude significant contributions from acquisitions or new products.