Kingstone | 10-Q: FY2025 Q3 Revenue: USD 55.65 M

Revenue: As of FY2025 Q3, the actual value is USD 55.65 M.

EPS: As of FY2025 Q3, the actual value is USD 0.74, beating the estimate of USD 0.71.

EBIT: As of FY2025 Q3, the actual value is USD 13.78 M.

Segment Revenue

• Net Premiums Earned: $137.7 million for the nine months ended September 30, 2025, compared to $92.5 million for the same period in 2024, representing a 48.8% increase.
• Ceding Commission Revenue: $10.9 million for the nine months ended September 30, 2025, compared to $13.9 million for the same period in 2024, a decrease of 21.1%.

Operational Metrics

• Net Income: $26.0 million for the nine months ended September 30, 2025, compared to $12.9 million for the same period in 2024, an increase of 101.3%.
• Net Loss Ratio: 48.2% for the nine months ended September 30, 2025, compared to 48.8% for the same period in 2024.
• Net Underwriting Expense Ratio: 30.8% for the nine months ended September 30, 2025, compared to 31.9% for the same period in 2024.
• Net Combined Ratio: 79.0% for the nine months ended September 30, 2025, compared to 80.7% for the same period in 2024.

Cash Flow

• Net Cash Flows Provided by Operating Activities: $53.1 million for the nine months ended September 30, 2025, compared to $35.0 million for the same period in 2024.

Unique Metrics

• Direct Written Premiums: $195.0 million for the nine months ended September 30, 2025, compared to $169.4 million for the same period in 2024, a 15.1% increase.

Future Outlook and Strategy

• Core Business Focus: The company aims to achieve a 5-year goal of $500 million in direct written premium, effectively doubling the size of the company through a combination of organic initiatives and strategic inorganic opportunities in New York and expansion into new states.
• Non-Core Business: The company plans to pursue growth in new states, with a focus on maintaining rate adequacy and risk factors, aiming to go live in two states in 2026 and two additional states in 2027.