レモネードの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

現行レポート

セクション13または15に基づいて(d)

1934年の証券取引所法の

報告日（報告された最も古いイベントの日付）：2025年8月5日

LEMONADE, INC.

(チャーターで指定された登録者の正確な名前)

デラウェア

001-39367

32-0469673

(法人設立の州またはその他の管轄区域)

(Commission File Number)

(I.R.S. Employer Identification No.)

5 クロスビー通り3階

New York, NY 10013

(最高経営責任者の住所）（郵便番号)

(844) 733-8666

(登録者の電話番号（市外局番を含む)

N/A

(前回の報告書以降に変更があった場合、旧姓または旧住所)

Form8-Kの提出が、以下の条項のいずれかに基づく登録者の提出義務を同時に満たすことを意図している場合は、以下の該当するチェックボックスをチェックしてください：


☐			証券法に基づく規則425に従った書面によるコミュニケーション（17 cfr 230.425)


☐			取引所法の下でのルール14a-12（17 cfr 240.14a-12）に基づく資料の勧誘。)


☐			取引所法の規則14d-2(b)に基づく開始前のコミュニケーション（17 cfr 240.14d-2(b))


☐			証券取引法の規則13e-4(c)に基づく開始前のコミュニケーション（17 cfr 240.13e-4(c))

法第12条(b)項に基づいて登録された証券:

Title of each class

Trading Symbols

登録されている各取引所の名称

普通株式、1株あたりの額面が0.00001ドル

LMND

New York Stock Exchange

普通株式を購入するためのワラント

LMND.WS

ニューヨーク証券取引所アメリカン

登録者が1933年証券法規則405（本章230.405節）または1934年証券取引法規則12b-2（本章240.12b-2節）で定義される新興成長企業であるかどうかをチェックマークで示す。

Emerging growth company ☐

新興成長企業の場合、登録者が取引所法第13条(a)に従い提供される新規または改訂された財務会計基準に準拠するための移行期間の延長を利用しないことを選択した場合は、チェックマークで示す。☐


Item 2.02			営業成績および財政状態。

2025年8月5日、レモネード社（以下「当社」）は、2025年6月30日に終了した3ヶ月間および6ヶ月間の決算を発表し、株主宛書簡を発行した。株主宛書簡の全文は、本Current Report on Form 8-K（以下「本報告書」）の別紙99.1として提出されている。

本報告書の項目2.02（添付の別紙99.1を含む）に記載されている情報は、1934年証券取引所法（「取引所法」）改正法第18条において「提出された」とみなされるものではなく、また、1933年証券取引所法（「改正法」）または取引所法に基づくいかなる提出書類においても、そのような提出書類において特定の参照により明示的に規定されている場合を除き、参照により組み込まれるものとはみなされません。


Item 9.01			財務諸表および添付資料

(d) Exhibits

以下の証拠書類は提出されたものとみなす。



Exhibit No.						Description


99.1						2025年8月5日付株主宛書簡
104						カバーページインタラクティブデータファイル（inline xbrlドキュメントへの組み込み)

SIGNATURES

1934年証券取引法の要件に従い、登録者は本報告書に正式に権限を付与された署名者により、登録者を代表して署名させた。

LEMONADE, INC.

Date: August 5, 2025

By:

/s/ Tim Bixby

Tim Bixby

Chief Financial Officer

EX-99.1 2 lmndshareholderletterq22.htm EX-99.1 lmndshareholderletterq22

Shareholder Letter Q2 2025 1

$687 $839 $1,083 ($53) ($43) ($41)($67) ($57) ($44) $164 $200 $252 $17 $33 $66 $12 $31 $64 10% 17% 26% ($52) $2 $25 ($50) ($12) $6 1 $402 2,693,107$1,083M IN FORCE PREMIUM (IFP) PREMIUM PER CUSTOMER TOTAL CUSTOMERS ↑29% ↑4% ↑24% IN FORCE PREMIUM ($s in m) KEY METRICS ($s in m) Q2 23 Q2 25Q2 24 ADJUSTED EBITDA NET LOSS GEP Q2 23 Q2 25Q2 24 ADJUSTED GROSS PROFIT ($s in m) ADJUSTED FREE CASH FLOW ($s in m) ADJUSTED FREE CASH FLOW CASH FLOW FROM OPERATING ACTIVITIES ADJUSTED GP GAAP GP ADJUSTED GP / GEP Q2 23 Q2 25Q2 24 Q2 23 Q2 25Q2 24 (41%) (29%) (17%) 1 NET LOSS / GEP

Dear Shareholders, Our second quarter results were very strong, once again headlined by accelerating growth, healthy underwriting performance, and excellence in expense management. The quarter saw momentum continue to build in two of our high potential growth engines – Car and Europe, which we’ll dive into in a bit more detail. Looking ahead, we have raised full year 2025 IFP, GEP, and Revenue guidance while reiterating full year 2025 Adj. EBITDA guidance. Here’s a look at the key metrics: • Top Line: At $1.08 billion, In Force Premium grew 29% YoY – our seventh consecutive quarter of growth acceleration – while Revenue grew 35%. • Loss Ratio: Trailing twelve months (“TTM”) gross loss ratio improved by 3 points sequentially to 70%, comfortably in line with our target range. Our second quarter gross loss ratio of 67% was 12 points improved relative to the prior year. • Gross Profit: Increased by 109% year on year to $64.3 million, while gross margin improved by 14 points to 39%. • Operating Expenses: Increased by $23 million, or 21%, primarily driven by a $24 million, or 93% increase, in growth spend, consistent with our accelerating growth plan. Excluding growth spend, operating expenses declined by $1 million, or 2%, vs. the prior year. • Bottom Line: Adj. EBITDA loss of ($41) million was 5% improved relative to prior year, in line with our guidance. Net Loss in the quarter was ($44) million, 23% improved relative to prior year. • Cash Flow: Generated $25 million of Adj. Free Cash Flow in the second quarter, an increase of $23 million relative to prior year. Cash flow from operations was $6 million in the second quarter, an increase of $17 million relative to prior year. 2

Grow the business and scale the operation Executing against the strategy presented at November 2024 Investor Day 3 Sustained operating leverage driven by AI and automation 7 quarters of IFP growth acceleration alongside sustained gross loss ratio improvement yields a near tripling in gross profit 18% 20% 22% 22% 24% 26% 27% 29% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 88% 85% 83% 79% 77% 73% 73% 70% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 TTM GROSS LOSS RATIO IFP VS OPEX EXCL GROWTH SPEND ($s in m) $87 $80 $609 $1,083 $0 $100 $200 $300 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 OPEX EXCL. GROWTH IN FORCE PREMIUM (END OF PERIOD) Q2 25Q3 22 IFP YoY GROWTH RATE Q2 25 OPEX includes a one time benefit from a tax refund in the quarter of $11.7M

Lemonade Car Update Car delivered another quarter of growth acceleration, concluding a very strong first half of 2025. Our Q2 IFP result represents 12% sequential growth, outpacing the overall business for the second consecutive quarter. We expect more of the same in the coming quarters. Last quarter, we discussed experiments incorporating telematics insights earlier in the customer lifecycle. These and similar tests yielded a ~60% boost in conversion rates in Q1 as compared to our Q4 baseline. In Q2, we began investing behind those learnings, increasing our Car growth spend by 25% as compared to Q1, while maintaining marketing efficiency levels. Geographic expansion has been another growth tailwind. Colorado, launched in Q1, has delivered encouraging performance. We have seen higher new business & cross sale conversion rates in CO's first full quarter than any prior state launch. Indiana launched on July 7; we're eager to see it develop along a similar trajectory. Our Q2 Car gross loss ratio of 82% was 13 points improved vs. prior year and the lowest since we launched Car. We are seeing favorable trend development across new and renewal business. This strength – delivered concurrently to growth acceleration – illustrates a critical pillar of our strategy: broad telematics adoption yields enhanced pricing segmentation that allows us to evaluate risk with precision, driving down both prices for good risks and loss ratios. 4 Car growth acceleration and loss ratio improvement $123 $123 $117 $122 $134 $150 IFP Gross Loss Ratio (GLR) Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 $100 $120 $140 $160 70% 80% 90% 100% GLRIFP ($m)

Spotlight: Lemonade Europe Our European business is already contributing meaningfully to our growth. We’re live in Germany, France, the UK, and the Netherlands, serving 250,000+ renters and homeowners. Europe diversifies our growth opportunity beyond the U.S., with lower catastrophe exposure and a regulatory environment that enables rapid pricing & underwriting iteration, free of rate filing. This accelerates feedback loops, sharpens our AI- powered models, and enhances pricing accuracy. Our AI-native platform scales across markets — spanning languages, products, and regulators — with no need for large local teams and country-specific infrastructure. This yields a structural efficiency that enables us to deliver attractive prices to customers. The result: in Q2, Europe IFP grew >200% YoY to $43 million, contributing >20% of Lemonade’s net new customers. This has been paired with gross loss ratio improvement – Q2 landed in the low 80s, 15 points improved YoY. Compared to when we crossed $50 million IFP in the U.S., our European business has a gross loss ratio over 20 points better, and delivers double the amount of new business per dollar of growth spend. Looking ahead, we see rich potential: deeper penetration in existing markets, new product launches, and stronger cross-sell focus. We believe that Europe will continue to be a key engine of rapid, profitable growth for years to come. 5 Europe IFP growth rate exceeds 200% $12 $14 $19 $24 $33 $43 IFP Growth Rate Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 $0 $10 $20 $30 $40 $50 0% 50% 100% 150% 200% 250% IFP $(m) Growth Rate

Reinsurance Renewal We recently announced the renewal of our reinsurance program for the year starting July 1, 2025. We renewed coverage with a panel of long-term partners on terms materially similar to last year, with one notable difference: we reduced the proportional quota share program from 55% to 20% cession — right sized for a book at our stage of maturity. It’s worth underscoring that this decision was deliberate. We had a wide range of options available to us, including renewing on expiring terms. By reducing premium cessions related to quota share reinsurance, we keep more of the business on our books, thereby retaining more revenue and gross profit. Our ability to make this move now is thanks to our consistent, multi-year track record of improving loss ratios and more predictable underwriting performance. A couple of important clarifications: • A lower quota share reinsurance cession would typically increase capital needs and reduce capital efficiency within our regulated insurance subsidiaries. However, an improved loss ratio and the expanded use of Lemonade Re, our wholly owned captive, offset these pressures such that there is no material change in our capital plan. • Premiums ceded to reinsurance partners lead to a proportional reduction to revenue, but not IFP. Therefore, a reduction in our quota share program increases our revenue retention and yields a period during which revenue growth rates are expected to outpace IFP growth rates. • All quota share coverage is on a 'risk attaching' basis, meaning it covers policies written or renewed between July 1 and June 30. As such, the transition from 55% to 20% ceded does not happen overnight. Rather, ceded earned premium related to our quota share program as a percentage of gross earned premium is expected to gradually ramp down from 55% to 20% over the next several quarters, in a roughly linear fashion. This dynamic is embedded within our 2025 revenue guidance. Please reference the insurance supplement at the end of this letter for more detail. 6

Guidance Below we note how we expect the third quarter and full year 2025 to shape up. We have raised FY IFP, GEP, and Revenue guidance while reiterating FY Adj. EBITDA guidance. Revenue guidance contemplates the impact of the recent reinsurance renewal, and reflects the gradual transition dynamics noted above, such that the expected share of gross earned premium ceded to quota share reinsurance partners is expected to be ~45% in 2H 2025 in aggregate. We reiterate our expectation of positive Adj. FCF for FY 2025, and expect to realize positive Adj. EBITDA before the end of FY 2026. Q3 2025 Full Year 2025 All in millions Low - High Low - High In force premium (IFP) $1,144 - $1,147 $1,213 - $1,218 Gross earned premium (GEP) $267 - $269 $1,036 - $1,039 Revenue $183 - $186 $710 - $715 Adjusted EBITDA loss1 ($37) - ($34) ($140) - ($135) Stock-based compensation expense $17 $61 Weighted avg. common shares 74 74 7 1 A full reconciliation of Adjusted EBITDA guidance to net loss on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to income tax expense, interest income, net investment income, interest expense and other transactions that we consider to be unique in nature, all of which are adjustments to Adjusted EBITDA. We have provided a reconciliation of GAAP to non-GAAP financial measures for the second quarter June 30, 2025 in the reconciliation tables at the end of this letter.

Q2 2025 Results, KPIs and Non-GAAP Financial Measures In Force Premium IFP, defined as the aggregate annualized premium for customers as of the period end date, increased by 29% to $1,083.4 million as compared to the second quarter of 2024. Customers Customer count increased by 24% to 2,693,107 as compared to the second quarter of 2024. Premium per Customer Premium per customer, defined as in force premium divided by customers, was $402 at the end of the second quarter, up 4% from the second quarter of 2024. Annual Dollar Retention ADR, defined as the percentage of IFP retained over a twelve month period, inclusive of changes in policy value, changes in number of policies, changes in policy type, and churn, was 84%, a decrease of 4 points from the second quarter of 2024. The decline is largely attributable to the non-renewal of policies which failed to meet certain underwriting criteria, as discussed in prior letters. Gross Earned Premium Second quarter gross earned premium of $252.3 million increased by $52.4 million or 26% as compared to the second quarter of 2024, primarily due to the increase of IFP earned during the quarter. 8

Revenue Second quarter revenue of $164.1 million increased by $42.1 million or 35% as compared to the second quarter of 2024, primarily due to the increase of gross earned premium, ceding commission income, and net investment income. Gross Profit Second quarter gross profit of $64.3 million increased by $33.5 million or 109% as compared to the second quarter of 2024, primarily due to the 35% increase in revenue and 10 points improvement in net loss ratio. Adjusted Gross Profit Second quarter adjusted gross profit of $65.6 million increased by $32.2 million or 96% as compared to the second quarter of 2024, primarily due to the 35% increase in revenue and 10 points improvement in net loss ratio. Adjusted gross profit is a non-GAAP measure. Operating Expense Total operating expense, excluding net loss and loss adjustment expense, of $129.2 million increased by $22.6 million or 21% as compared to the second quarter of 2024. The increase was primarily driven by higher growth spend for customer acquisition, partially offset by a one-time $11.7 million tax refund received in the second quarter under the Employee Retention Credit (ERC) program. Growth spend, included in sales and marketing expense, was $49.7 million in the quarter, as compared to $25.8 million in the second quarter 2024. Net Loss Net loss in the second quarter was ($43.9) million, or ($0.60) per share, as compared to ($57.2) million, or ($0.81) per share, in the second quarter of 2024. This year over year improvement is primarily attributable to higher revenue in the second quarter, offset by higher growth spend. 9

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