Accelerant Holdings (NYSE: ARX) released its preliminary unaudited financial highlights for the fourth quarter and full year ended December 31, 2025, showing a net loss of $1.345 billion for the year and a net loss of $1.345 billion for the quarter, driven largely by one‑time IPO‑related expenses. Adjusted EBITDA rose to $71 million for the quarter and $282 million for the year, reflecting a 52% and 149% increase over the same periods in 2024, respectively.
Revenue climbed 51% to $1.181 billion for the year, up from $913 million in 2024, while fourth‑quarter revenue grew 30% to $248 million from $188 million a year earlier. The growth was largely powered by a 121% surge in U.S. commercial premiums and a 52% increase in government‑sector premiums, underscoring the company’s expanding market share across its core segments.
The year‑long net loss is largely attributable to $1.345 billion in IPO‑related equity‑neutral profits‑interest distribution expenses, a one‑time charge that does not recur in future periods. In contrast, the company recorded irregular investment gains of $2 million in the quarter and $41 million for the year, which offset a portion of the operating loss and contributed to the positive adjusted EBITDA trend.
Accelerant’s results are underpinned by a rapid scale‑up of its data‑driven risk‑exchange platform and a growing mix of third‑party direct written premiums, which now account for 30% of total premiums versus 21% in the prior year. The platform’s technology‑enabled underwriting and capital allocation model has attracted a broader range of specialty insurers, driving both revenue growth and margin expansion.
Management indicated that the preliminary figures are expected to meet or exceed previously issued guidance and that the company will update its guidance on March 19, 2026. The guidance update is anticipated to reflect the company’s confidence in sustaining revenue momentum and improving profitability as the IPO‑related expenses normalize.
Investors have responded positively to the preliminary results, citing the strong revenue growth, improved adjusted EBITDA, and the company’s successful expansion into third‑party business as key drivers of confidence in Accelerant’s long‑term growth prospects.
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