• Q2 Revenue grew 113% year-over-year to $190 million
  • Q2 Direct Channel Revenue grew 131% year-over-year to $116 million
  • Q2 Third-Party Revenue grew 90% year-over-year to $73 million
  • Board of Directors authorized a share repurchase program of up to $100 million of Ethos’ Class A common stock

AUSTIN, Texas, Aug. 03, 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 second quarter ended June 30, 2026.

“Q2 was our second consecutive quarter of over 100% year-over-year growth, extending a streak of durable, multi-year growth we’ve built quarter over quarter,” said Peter Colis, CEO and Co-Founder of Ethos. “In Q2 alone, we protected more than 100,000 additional families at a pace that shows just how fast our growth is compounding.”

In addition to the release of financial results, Ethos announced today that its Board of Directors has authorized a share repurchase program of up to $100 million of the Company’s outstanding Class A common stock.

Second Quarter 2026 Financial Highlights

  • Revenue: Grew 113% year-over-year to $189.6 million
  • Direct Channel Revenue: Grew 131% year-over-year to $116.5 million with similar year-over-year unit economics
  • Third-Party Channel Revenue: Grew 90% year-over-year to $73.1 million
  • Net Income: $19.5 million, representing a 10% margin
  • Non-GAAP Net Income: $35.0 million, representing an 18% margin
  • Adjusted EBITDA: $35.2 million, representing a 19% margin
  • Gross Profit: $185.5 million, representing a 98% gross profit margin
  • Contribution Profit: $62.3 million, a 33% contribution profit margin
  • Net Income per Share: basic was $0.31 and diluted was $0.30 per share
  • Non-GAAP Net Income per Share: diluted was $0.53 per share    
  • Cash Flow: $35.7 million net cash provided by operations

Second Quarter 2026 Business Highlights

  • Families Protected: Activated 107,847 new policies in Q2, representing 133% year-over-year growth
  • Reported Average Revenue per Unit: $1,758, representing an 8% year-over-year decline due to channel/product mix
  • Product Innovation: Launched Juvenile IUL with North American

Financial Outlook  

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

  • Total Revenue: Between $160 million and $164 million, representing a 73% increase year-over-year at the midpoint
  • Adjusted EBITDA: Between $23 million and $25 million

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

  • Total Revenue: Between $727 million and $731 million, representing an 88% increase year-over-year at the midpoint
  • Adjusted EBITDA: Between $119 million and $123 million

Ethos’ financial outlook for the third 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 second quarter 2026 and outlook for its third 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 September 30, 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 March 31, 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 June 30,     Six Months Ended June 30,  
    2026       2025     2026     2025  
Revenue:                        
Commission   $ 189,562       $ 88,849     $ 382,661     $ 183,737  
Total revenue     189,562         88,849       382,661       183,737  
Costs and expenses:                        
Sales and marketing     128,086         51,748       272,193       108,131  
General and administrative     23,910         8,147       204,554       21,543  
Technology (exclusive of amortization)     13,871         7,284       40,934       16,942  
Cost of revenue     4,026         1,422       7,256       2,997  
Depreciation and amortization     1,550         1,406       2,919       2,743  
Total costs and expenses     171,443         70,007       527,856       152,356  
Income (loss) from operations     18,119         18,842       (145,195 )     31,381  
Other income (expense):                        
Interest expense     (616 )        (646 )     (1,278 )     (1,619 )
Interest income     1,765         1,549       3,142       3,062  
Other income, net     52         26       105       58  
Total other income, net     1,201         929       1,969       1,501  
Net income (loss) before income tax expense     19,320         19,771       (143,226 )     32,882  
Income tax expense (benefit)     (211 )       1,302       3,634       2,166  
Net income (loss)     19,531         18,469       (146,860 )     30,716  
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock     —         —       (5,642 )     —  
Net income (loss) attributable to common stockholders   $ 19,531       $ 18,469     $ (152,502 )   $ 30,716  
                         
Per share data:                        
Basic net income (loss) per share   $ 0.31       $ 1.12     $ (2.73 )   $ 1.87  
Diluted net income (loss) per share   $ 0.30       $ 0.31     $ (2.73 )   $ 0.52  
Weighted-average shares used in computing basic net income (loss) per share     63,480         16,544       55,805       16,402  
Weighted-average shares used in computing diluted net income (loss) per share     65,645         58,794       55,805       58,778  

ETHOS TECHNOLOGIES INC
Condensed Consolidated Balance Sheets
(In Thousands)(Unaudited)
    June 30,     December 31,  
    2026     2025  
Assets            
Current assets:            
Cash and cash equivalents   $ 112,158     $ 91,091  
Short-term investments     56,161       34,876  
Accounts receivable, net     57,211       36,498  
Commissions receivable-current, net     30,886       28,786  
Prepaid and other current assets     45,585       54,553  
Total current assets     302,001       245,804  
Long-term assets:            
Commissions receivable, net     293,394       224,219  
Property and equipment, net     10,986       8,189  
Operating lease right-of-use assets     1,623       2,183  
Goodwill     2,238       2,238  
Acquired intangible assets, net of amortization     611       662  
Long-term investments     84,536       31,468  
Other long-term assets     695       574  
Total long-term assets     394,083       269,533  
Total assets   $ 696,084     $ 515,337  
Liabilities, redeemable preferred stock and stockholders’ equity            
Current liabilities:            
Accounts payable   $ 80,353     $ 55,070  
Accrued expenses     62,053       39,224  
Liabilities related to sale of commissions receivable, current     9,491       11,750  
Operating lease liabilities, current     1,031       1,125  
Other current liabilities     46,117       6,021  
Total current liabilities     199,045       113,190  
Long-term liabilities:            
Liabilities related to sale of commissions receivable, non-current     8,738       12,509  
Operating lease liabilities, non-current     742       1,228  
Deferred tax liability     11,393       8,529  
Total long-term liabilities     20,873       22,266  
Total liabilities     219,918       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     726,960       78,950  
Accumulated other comprehensive loss     (1,426 )     (554 )
Accumulated deficit     (249,374 )     (102,514 )
Total stockholders’ equity (deficit)     476,166       (24,116 )
Total liabilities, redeemable convertible preferred stock and stockholders’ equity   $ 696,084     $ 515,337  

ETHOS TECHNOLOGIES INC.
Condensed Consolidated Statements of Cash Flows
(In Thousands)(Unaudited)
 
    Six Months Ended June 30,  
    2026     2025  
Cash flows from operating activities            
Net income (loss)   $ (146,860 )   $ 30,716  
Adjustments to reconcile net income to net cash used in operating activities:            
Deferred taxes     2,864       1,617  
Depreciation and amortization     2,919       2,743  
Non-cash interest expense     1,278       1,619  
Amortization of discounts and premium, investments     (532 )     (639 )
Stock-based compensation expense     208,197       10,292  
Operating lease right-of-use asset amortization     548       412  
Unrealized foreign currency translation     (161 )     (134 )
Changes in operating assets and liabilities:            
Prepaid and other assets     1,886       (10,866 )
Accounts payable     25,408       22,634  
Accounts receivable     (20,713 )     (8,165 )
Commissions receivable     (2,100 )     (8,926 )
Long-term commissions receivable     (69,175 )     (22,204 )
Accrued expenses     23,781       6,070  
Other current liabilities     39,529       (385 )
Other long-term liabilities     —       (750 )
Net cash provided by operating activities     66,869       24,034  
Cash flows from investing activities            
Purchase of property and equipment     (678 )     (578 )
Purchase of investments     (122,388 )     (22,210 )
Proceeds from maturity of investments     47,315       45,800  
Investment in software development costs     (3,337 )     (1,797 )
Net cash provided by (used in) investing activities     (79,088 )     21,215  
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     (6,978 )     (4,711 )
Proceeds from exercise of stock options and warrants     701       790  
Payment of deferred offering costs     (2,843 )     (1,118 )
Net cash provided by (used in) financing activities     33,375       (39 )
Net increase in cash and cash equivalents     21,156       45,210  
Effect of exchange rates on cash     (89 )     (1 )
Cash and cash equivalents, beginning of period     91,091       35,075  
Cash and cash equivalents, end of period   $ 112,158     $ 80,284  

ETHOS TECHNOLOGIES INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In Thousands) (Unaudited)
 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2026     2025     2026     2025  
    (in thousands)  
Gross profit   $ 185,536     $ 87,427     $ 375,405     $ 180,740  
Less: sales and marketing     (128,086 )     (51,748 )     (272,193 )     (108,131 )
Add: stock-based compensation and related taxes allocated to sales and marketing     1,219       33       11,583       2,020  
Add: professional fees allocated to sales and marketing     1,023       550       1,350       916  
Add: technology expenses allocated to sales and marketing     1,475       651       2,686       1,447  
Add: other expenses allocated to sales and marketing     1,147       734       2,082       1,126  
Contribution profit   $ 62,314     $ 37,647     $ 120,913     $ 78,118  
Contribution profit margin     33 %     42 %     32 %     43 %

    Three Months Ended June 30,     Six Months Ended June 30,  
    2026     2025     2026     2025  
    (in thousands)  
Net income (loss) before provision for income tax   $ 19,320     $ 19,771     $ (143,226 )   $ 32,882  
Interest expense     616       646       1,278       1,619  
Interest income     (1,765 )     (1,549 )     (3,142 )     (3,062 )
Depreciation and amortization     1,550       1,406       2,919       2,743  
Stock–based compensation and related taxes     15,486       478       210,993       10,292  
Adjusted EBITDA   $ 35,207     $ 20,752     $ 68,822     $ 44,474  
Adjusted EBITDA margin     19 %     23 %     18 %     24 %

    Three Months Ended June 30,     Six Months Ended June 30,  
    2026     2025     2026     2025  
    (in thousands)  
Stock–based compensation and related taxes                        
Sales and marketing   $ 1,219     $ 33     $ 11,583     $ 2,020  
General and administrative     11,831       294       179,935       5,768  
Technology (exclusive of amortization)     2,436       151       19,475       2,504  
Total   $ 15,486     $ 478     $ 210,993     $ 10,292  

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2026     2025     2026     2025  
    (in thousands, except per share data)  
GAAP net income (loss)   $ 19,531     $ 18,469     $ (146,860 )   $ 30,716  
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   $ 19,531     $ 18,469     $ (152,502 )   $ 30,716  
                         
GAAP net income (loss)   $ 19,531     $ 18,469     $ (146,860 )   $ 30,716  
Add back: Stock-based compensation expense and related taxes     15,486       478       210,993       10,292  
Non-GAAP net income   $ 35,017     $ 18,947     $ 64,133     $ 41,008  
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   $ 35,017     $ 18,947     $ 58,491     $ 41,008  
                         
Per share data:                        
Weighted-average shares used in computing GAAP net income (loss) per share, basic     63,480       16,544       55,805       16,402  
Weighted-average shares used in computing GAAP net income (loss) per share, diluted     65,645       58,794       55,805       58,778  
Weighted-average shares used in computing non-GAAP net income per share, basic     63,480       16,544       55,805       16,402  
Weighted-average shares used in computing non-GAAP net income per share, diluted     65,645       58,794       63,957       58,778  
                         
GAAP net income (loss) per share attributable to common stockholders, basic   $ 0.31     $ 1.12     $ (2.73 )   $ 1.87  
GAAP net income (loss) per share attributable to common stockholders, diluted   $ 0.30     $ 0.31     $ (2.73 )   $ 0.52  
Non-GAAP net income per share attributable to common stockholders, basic   $ 0.55     $ 1.15     $ 1.05     $ 2.50  
Non-GAAP net income per share attributable to common stockholders, diluted   $ 0.53     $ 0.32     $ 0.91     $ 0.70  


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Ethos Technologies Inc