Lemonade, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable growth in revenue but continued net losses. Total revenue for Q3 2024 reached $136.6 million, a 19% increase from $114.5 million in Q3 2023. For the nine-month period, total revenue was $377.7 million, up 20% from $314.3 million in the same period last year. The increase in revenue was driven by a rise in net earned premiums, which amounted to $95.7 million in Q3 2024, compared to $86.6 million in Q3 2023, and $269.4 million for the nine months, up from $231.3 million.
Despite the revenue growth, Lemonade reported a net loss of $67.7 million for Q3 2024, widening from a loss of $61.5 million in Q3 2023. The net loss for the nine months ended September 30, 2024, was $172.2 million, an improvement from a loss of $194.5 million in the same period in 2023. The company’s total expenses for Q3 2024 were $202.4 million, up from $174.1 million in Q3 2023, with significant increases in sales and marketing expenses, which rose by 111% to $51.4 million.
Lemonade's gross written premium for Q3 2024 was $268.9 million, a 26% increase from $212.8 million in Q3 2023. The nine-month gross written premium also saw a substantial rise, reaching $700.7 million, up 25% from $558.7 million in the prior year. The company attributed this growth to a 17% increase in net added customers and a 6% increase in premium per customer year-over-year.
As of September 30, 2024, Lemonade reported total assets of $1,823.0 million, an increase from $1,633.3 million at the end of 2023. Total liabilities rose significantly to $1,230.0 million from $924.4 million. The accumulated deficit increased to $(1,268.8) million, compared to $(1,096.6) million at the end of 2023. Cash, cash equivalents, and restricted cash stood at $337.8 million, up from $271.5 million at the end of 2023.
Strategically, Lemonade has been focusing on expanding its customer base and enhancing its product offerings, including the integration of car insurance policies following the acquisition of Metromile. The company continues to leverage technology and data to streamline its operations and improve customer engagement. Additionally, Lemonade is navigating challenges related to global economic conditions and operational risks associated with its activities in Israel.
About Lemonade, Inc.
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