• Q3 Revenue grew 151% year-over-year to $235 million
  • Q3 Direct Channel Revenue grew 112% year-over-year to $119 million
  • Q3 Third-Party Channel Revenue grew 209% year-over-year to $116 million

AUSTIN, Texas, Nov. 02, 2026 (GLOBE NEWSWIRE) — Ethos (Nasdaq: LIFE), a leading life insurance technology company on a mission to democratize access to life insurance, today announced its financial results for the third quarter ended September 30, 2026.

“Q3 was a record quarter for Ethos. We grew revenue 151% year-over-year and delivered our third consecutive quarter of triple digit year-over-year growth,” said Peter Colis, CEO and Co-Founder of Ethos. “In Q3 alone, we protected more than 140,000 additional families. Our results illustrate the power of growth at scale paired with disciplined execution, and continue to show that Ethos is a business that gets better as it gets bigger.”

Third Quarter 2026 Financial Highlights

  • Revenue: Grew 151% year-over-year to $235.2 million
  • Direct Channel Revenue: Grew 112% year-over-year to $118.8 million
  • Third-Party Channel Revenue: Grew 209% year-over-year to $116.4 million
  • Gross Profit: $230.8 million, representing a 98% gross profit margin
  • Contribution Profit: $66.4 million, a 28% contribution profit margin
  • Net Income: $4.7 million, representing a 2% margin
  • Net Income per Share: basic and diluted were $0.07 per share
  • Non-GAAP Net Income: $33.8 million, representing a 14% margin
  • Non-GAAP Net Income per Share: basic was $0.53 and diluted was $0.49 per share   
  • Adjusted EBITDA: $34.9 million, representing a 15% margin
  • Cash Flow: $40.7 million net cash provided by operations

Third Quarter 2026 Business Highlights

  • Families Protected: Activated 142,111 new policies in Q3, representing 189% year-over-year growth
  • Reported Average Revenue per Unit: $1,655, representing a 13% year-over-year decline due to a channel mix that skewed more heavily towards Ethos’ Third-Party channel.

Share Repurchase  

During the third quarter ended September 30, 2026, the Board of Directors of Ethos authorized a share repurchase program of up to $100 million of the Company’s outstanding Class A common stock. Since the announcement of such program no shares have been repurchased.

Financial Outlook  

For the fourth quarter of 2026, Ethos expects the following:

  • Total Revenue: Between $220 million and $224 million, representing a 102% increase year-over-year at the midpoint
  • Adjusted EBITDA: Between $30 million and $32 million

For the full fiscal year 2026, Ethos expects the following:

  • Total Revenue: Between $838 million and $842 million, representing a 117% increase year-over-year at the midpoint
  • Adjusted EBITDA: Between $134 million and $136 million

Ethos’ financial outlook for the fourth quarter and full fiscal year 2026 are forward-looking, and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause the company’s actual results to differ materially from these forward-looking statements.

Reconciliation of Adjusted EBITDA on a forward-looking basis to net income, the most directly comparable GAAP measure, is not available without unreasonable efforts due to high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest expense, interest income, and income tax expenses. Ethos expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results.

Conference Call Information

Ethos will host a conference call for analysts and investors to discuss its earnings results for the third quarter 2026 and outlook for its fourth fiscal quarter and fiscal year 2026 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A live webcast and accompanying presentation can be accessed through the events section of the Ethos investor relations website at investors.ethos.com. A recorded webcast of the event will also be available on the Ethos Investor Relations website.    

Non-GAAP Financial Information

Ethos has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that non-GAAP financial measures, among others, provide important supplemental information to management and investors, help evaluate our business, identify trends affecting our performance, formulate business plans, and make strategic decisions.

The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.

Adjusted EBITDA –  Ethos defines Adjusted EBITDA as net income excluding interest expense, interest income, income tax expense (benefit), depreciation and amortization, and stock-based compensation expense and related taxes as set forth in the table below. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period. Ethos uses Adjusted EBITDA and Adjusted EBITDA Margin to assess performance, to inform the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies, and to assist its board of directors in monitoring its business and financial performance. Ethos believes that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors about its business and financial performance, enhance their overall understanding of its past performance and future prospects, including by providing consistency and comparability with its past financial performance, and allow for greater transparency with respect to measures used by its management in investors’ financial and operational decision making. In addition, Ethos believes Adjusted EBITDA is widely used by investors, securities analysts, and other parties in evaluating companies in its industry as a measure of operational performance.

Contribution Profit – Ethos defines Contribution Profit as gross profit less sales and marketing expense, which includes agent payments and underwriting costs for non-activated policies, plus stock-based compensation and related taxes related to its employees and overhead costs allocated to sales and marketing expenses. Gross profit is defined as revenue less cost of revenue. Cost of revenue primarily consists of underwriting costs associated with activated policies. Overhead costs allocated to sales and marketing expenses include professional fees, technology expenses, and other related expenses. Contribution Margin is calculated by dividing Contribution Profit for a period by revenue for the same period.

Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted – Ethos defines non-GAAP net income as net income/(loss), adjusted to exclude stock-based compensation and related taxes, to provide investors and management with greater visibility into the underlying performance of its recurring core business operations. Ethos defines non-GAAP net income per share, basic, as non-GAAP net income divided by the weighted-average shares outstanding. Ethos defines non-GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period, if any.

About Ethos

Ethos is a leading life insurance technology company on a mission to protect families by democratizing access to life insurance and empowering agents at scale. With its robust three-sided technology platform, Ethos is transforming the life insurance experience for consumers, agents, and carriers alike. Ethos offers instant, accessible products and a seamless online process that requires no medical exams and just a few health questions; it eliminates traditional barriers, making it easier than ever for everyone to protect their families. Ethos is redefining how life insurance is bought, sold, and underwritten.

Learn more at ethos.com.

Investor Relations Contact:
Aaron Turner
ir@ethos.com

Press Contact:
Allyson Savage
press@ethos.com

Forward-Looking Statements

This press release and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding potential share repurchases, Ethos’ financial outlook for the fiscal quarter ending December 31, 2026 and the fiscal year ending December 31, 2026, the size of Ethos’ market opportunity, market trends, and Ethos’ business and financial strategy and plans. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These include, but are not limited to: Ethos’ limited operating history at its current scale, scope and complexity; the growth rate of the markets in which Ethos competes; Ethos’ ability to effectively manage and sustain its growth; Ethos’ ability to compete with existing competitors and new market entrants; Ethos’ ability to attract new and retain existing carriers and agency counterparties; adoption of and engagement with Ethos’ platform by individual agents; Ethos’ brand awareness and the success of its marketing efforts to grow its business; potential damage to Ethos’ reputation; disruptions or other business interruptions that affect the availability of Ethos’ platform. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements contained herein are included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Ethos’ most recent filings with the Securities and Exchange Commission, including in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026.  Except as required by law, Ethos undertakes no obligation, and does not intend, to update these forward-looking statements.

 
 
ETHOS TECHNOLOGIES INC.
Condensed Consolidated Statements of Operations
(In Thousands, Except Per Share Data) (Unaudited)
 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2026     2025     2026     2025  
Revenue:                        
Commission   $ 235,215     $ 93,794     $ 617,876     $ 277,531  
Total revenue     235,215       93,794       617,876       277,531  
Costs and expenses:                        
Sales and marketing     169,423       57,074       441,616       165,205  
General and administrative     39,176       8,871       243,730       30,414  
Technology (exclusive of amortization)     16,480       7,769       57,414       24,711  
Cost of revenue     4,451       1,677       11,707       4,674  
Depreciation and amortization     1,838       1,332       4,757       4,075  
Total costs and expenses     231,368       76,723       759,224       229,079  
Income (loss) from operations     3,847       17,071       (141,348 )     48,452  
Other income (expense):                        
Interest expense     (358 )     (786 )     (1,636 )     (2,405 )
Interest income     1,908       1,410       5,050       4,472  
Other income, net     65       42       170       100  
Total other income, net     1,615       666       3,584       2,167  
Net income (loss) before income tax expense     5,462       17,737       (137,764 )     50,619  
Income tax expense     790       1,863       4,424       4,029  
Net income (loss)     4,672       15,874       (142,188 )     46,590  
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock     —       —       (5,642 )     —  
Net income (loss) attributable to common stockholders   $ 4,672     $ 15,874     $ (147,830 )   $ 46,590  
                         
Per share data:                        
Basic net income (loss) per share   $ 0.07     $ 0.96     $ (2.52 )   $ 2.83  
Diluted net income (loss) per share   $ 0.07     $ 0.27     $ (2.52 )   $ 0.80  
Weighted-average shares used in computing basic net income (loss) per share     64,396       16,556       58,669       16,453  
Weighted-average shares used in computing diluted net income (loss) per share     69,207       58,222       58,669       58,593  

 
ETHOS TECHNOLOGIES INC.
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)
 
    September 30,     December 31,  
    2026     2025  
Assets            
Current assets:            
Cash and cash equivalents   $ 149,800     $ 91,091  
Short-term investments     71,656       34,876  
Accounts receivable, net     83,464       36,498  
Commissions receivable-current, net     33,936       28,786  
Prepaid and other current assets     68,752       54,553  
Total current assets     407,608       245,804  
Long-term assets:            
Commissions receivable, net     315,389       224,219  
Property and equipment, net     12,097       8,189  
Operating lease right-of-use assets     1,354       2,183  
Goodwill     2,238       2,238  
Acquired intangible assets, net of amortization     587       662  
Long-term investments     68,613       31,468  
Other long-term assets     633       574  
Total long-term assets     400,911       269,533  
Total assets   $ 808,519     $ 515,337  
Liabilities, redeemable preferred stock and stockholders’ equity            
Current liabilities:            
Accounts payable   $ 77,558     $ 55,070  
Accrued expenses     109,384       39,224  
Liabilities related to sale of commissions receivable, current     8,314       11,750  
Operating lease liabilities, current     875       1,125  
Other current liabilities     80,692       6,021  
Total current liabilities     276,823       113,190  
Long-term liabilities:            
Liabilities related to sale of commissions receivable, non-current     7,061       12,509  
Operating lease liabilities, non-current     619       1,228  
Deferred tax liability     11,867       8,529  
Total long-term liabilities     19,547       22,266  
Total liabilities     296,370       135,456  
Commitments and contingencies            
Redeemable convertible preferred stock, par value $0.0001     —       403,997  
Stockholders’ deficit:            
Common stock, $0.0001 par value     6       2  
Additional paid-in capital     759,000       78,950  
Accumulated other comprehensive loss     (2,155 )     (554 )
Accumulated deficit     (244,702 )     (102,514 )
Total stockholders’ equity (deficit)     512,149       (24,116 )
Total liabilities, redeemable convertible preferred stock and stockholders’ equity   $ 808,519     $ 515,337  

 
ETHOS TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands) (Unaudited)
 
    Nine Months Ended September 30,  
    2026     2025  
Cash flows from operating activities            
Net income (loss)   $ (142,188 )   $ 46,590  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:            
Deferred taxes     3,338       3,483  
Depreciation and amortization     4,757       4,075  
Non-cash interest expense     1,636       2,405  
Amortization of discounts and premium, investments     (962 )     (994 )
Stock-based compensation expense     237,296       10,564  
Operating lease right-of-use asset amortization     828       635  
Unrealized foreign currency translation     (205 )     (244 )
Changes in operating assets and liabilities:            
Prepaid and other assets     (21,183 )     (15,889 )
Accounts payable     22,641       35,266  
Accounts receivable     (46,966 )     (5,636 )
Commissions receivable     (5,150 )     (11,014 )
Long-term commissions receivable     (91,170 )     (35,507 )
Accrued expenses     71,119       10,517  
Other current liabilities     73,813       (12,220 )
Other long-term liabilities     —       (750 )
Net cash provided by operating activities     107,604       31,281  
Cash flows from investing activities            
Purchase of property and equipment     (1,350 )     (1,101 )
Purchase of investments     (145,532 )     (52,509 )
Proceeds from maturity of investments     70,615       79,870  
Investment in software development costs     (5,328 )     (3,145 )
Net cash provided by (used in) investing activities     (81,595 )     23,115  
Cash flows from financing activities            
Proceeds from issuance of Class A common stock in initial public offering, net of
underwriting discounts and commissions		     91,580       —  
Proceeds from liabilities related to sale of commissions receivable     —       5,000  
Taxes paid related to net share settlement of restricted stock units     (49,085 )     —  
Repayment of liabilities related to sale of commissions receivable     (10,196 )     (7,802 )
Proceeds from equity incentive plans and warrant exercise     3,352       794  
Payment of deferred offering costs     (2,843 )     (3,175 )
Net cash provided by (used in) financing activities     32,808       (5,183 )
Net increase in cash and cash equivalents     58,817       49,213  
Effect of exchange rates on cash     (108 )     (19 )
Cash and cash equivalents, beginning of period     91,091       35,075  
Cash and cash equivalents, end of period   $ 149,800     $ 84,269  

 
ETHOS TECHNOLOGIES INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In Thousands) (Unaudited)
 
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2026     2025     2026     2025  
    (in thousands)  
Gross profit   $ 230,764     $ 92,117     $ 606,169     $ 272,857  
Less: sales and marketing     (169,423 )     (57,074 )     (441,616 )     (165,205 )
Add: stock-based compensation and related taxes allocated to sales and marketing     (170 )     23       11,413       2,043  
Add: professional fees allocated to sales and marketing     1,806       258       3,156       1,174  
Add: technology expenses allocated to sales and marketing     2,137       750       4,823       2,197  
Add: other expenses allocated to sales and marketing     1,310       620       3,392       1,746  
Contribution profit   $ 66,424     $ 36,694     $ 187,337     $ 114,812  
Gross profit margin     98 %     98 %     98 %     98 %
Contribution profit margin     28 %     39 %     30 %     41 %

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2026     2025     2026     2025  
    (in thousands)  
Net income (loss)   $ 4,672     $ 15,874     $ (142,188 )   $ 46,590  
Stock-based compensation and related taxes     29,170       272       240,163       10,564  
Non-GAAP net income   $ 33,842     $ 16,146     $ 97,975     $ 57,154  
Interest expense     358       786       1,636       2,405  
Interest income     (1,908 )     (1,410 )     (5,050 )     (4,472 )
Income tax expense     790       1,863       4,424       4,029  
Depreciation and amortization     1,838       1,332       4,757       4,075  
Adjusted EBITDA   $ 34,920     $ 18,717     $ 103,742     $ 63,191  
Net income (loss) margin     2 %     17 %     -23 %     17 %
Non-GAAP net income margin     14 %     17 %     16 %     21 %
Adjusted EBITDA margin     15 %     20 %     17 %     23 %

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2026     2025     2026     2025  
    (in thousands)  
Stock–based compensation and related taxes                        
Sales and marketing   $ (170 )   $ 23     $ 11,413     $ 2,043  
General and administrative     25,603       137       205,538       5,905  
Technology (exclusive of amortization)     3,737       112       23,212       2,616  
Total   $ 29,170     $ 272     $ 240,163     $ 10,564  

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2026     2025     2026     2025  
    (in thousands, except per share data)  
GAAP net income (loss)   $ 4,672     $ 15,874     $ (142,188 )   $ 46,590  
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock     —       —       (5,642 )     —  
GAAP net income (loss) attributable to common stockholders   $ 4,672     $ 15,874     $ (147,830 )   $ 46,590  
                         
GAAP net income (loss)   $ 4,672     $ 15,874     $ (142,188 )   $ 46,590  
Add back: Stock-based compensation expense and related taxes     29,170       272       240,163       10,564  
Non-GAAP net income   $ 33,842     $ 16,146     $ 97,975     $ 57,154  
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock     —       —       (5,642 )     —  
Non-GAAP net income attributable to common stockholders   $ 33,842     $ 16,146     $ 92,333     $ 57,154  
                         
Per share data:                        
Weighted-average shares used in computing GAAP net income (loss) per share, basic     64,396       16,556       58,669       16,453  
Weighted-average shares used in computing GAAP net income (loss) per share, diluted     69,207       58,222       58,669       58,593  
Weighted-average shares used in computing non-GAAP net income per share, basic     64,396       16,556       58,669       16,453  
Weighted-average shares used in computing non-GAAP net income per share, diluted     69,207       58,222       65,707       58,593  
                         
GAAP net income (loss) per share attributable to common stockholders, basic   $ 0.07     $ 0.96     $ (2.52 )   $ 2.83  
GAAP net income (loss) per share attributable to common stockholders, diluted   $ 0.07     $ 0.27     $ (2.52 )   $ 0.80  
Non-GAAP net income per share attributable to common stockholders, basic   $ 0.53     $ 0.98     $ 1.57     $ 3.47  
Non-GAAP net income per share attributable to common stockholders, diluted   $ 0.49     $ 0.28     $ 1.41     $ 0.98  


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