Strong Full-Year Revenue Growth
Total revenue increased 71% year-over-year for full year 2025 to $33,300,000, reflecting broad adoption of the AI-enabled underwriting marketplace.
Robust Quarterly Performance
Fourth-quarter revenue grew 53% year-over-year to $7,500,000, demonstrating continued momentum despite seasonality and timing dynamics.
Improved Profitability and Operating Leverage (FY)
Full-year adjusted EBITDA was $4,100,000 (≈12.3% of revenue), up 81% year-over-year. GAAP net income was $1,200,000 (≈4% of revenue), up 91% year-over-year, indicating improving margins as the business scales.
Distribution and Enrollment Expansion
Distribution network expanded ~34% year-over-year to ~885 brokers, TPAs, and agency partners, and enrolled employees rose 23% year-over-year to 22,515, increasing the platform's quoting activity and conversion efficiency.
Platform Product-Market Progress — Upmarket Move
Expanded EDIBS to support employers with over 100 employees (up-market entry), and compressed large-employer underwriting timelines from ~3 months to roughly 2 weeks, improving broker productivity and placement efficiency.
Clear 2026 Revenue Guidance
Provided full-year 2026 revenue guidance of $45,000,000 to $50,000,000, implying approximately 35% to 50% year-over-year growth and signaling confidence in near-term scaling.
Healthy Cash Generation and Balance Sheet Actions
Generated $3,100,000 of positive operating cash flow for 2025, reduced accounts receivable days to 14 (from 29 in 2024), invested $3,200,000 in platform development, and ended the year with $7,700,000 in cash and cash equivalents.
Product and Platform Enhancements
Launched >100 preconfigured stop-loss programs (Jan 2026 enhancement), continuing AI investments, began beta of a physiological + claims data solution, and strengthened cloud/tech partnerships (Siclim/AWS) to support marketplace expansion.