$LIFE

Ethos Technologies Inc.

CIK:0001788451|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 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 D1 redeemable convertible preferred stock	0	0	(5,642)	0
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	$ 0.3	$ 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (146,860)	$ 30,716
Adjustments to reconcile net income (loss) 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	0	(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	0
Proceeds from liabilities related to sale of commissions receivable	0	5,000
Taxes paid related to net share settlement of restricted stock units	(49,085)	0
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
Supplemental disclosure of non-cash items:
Conversion of convertible preferred stock into common stock upon initial public offering	403,997	0
Reclassification of Deferred Offering Costs to Additional Paid-in Capital Upon Initial Public Offering	8,998	0
Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock	5,642	0
Capitalized property and equipment costs in accounts payable at period end	26	69
Cash paid for income taxes	0	1,418
Operating lease liabilities arising from obtaining operating lease right-of-use assets	0	190
Stock-based compensation capitalized as software development costs	1,622	283
Deferred offering costs in accounts payable and accrued expenses	$ 0	$ 1,946

Consolidated Statements of Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
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
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 (Note 7)
Liabilities and Equity [Abstract]
Redeemable convertible preferred stock, par value $0.0001, 20,000 and 37,400 shares authorized, nil and 37,228 shares issued, and outstanding as of June 30, 2026 and December 31, 2025	0	403,997
Common stock, $0.0001 par value, nil and 1,040,000 shares, Class A Common Stock, $0.0001 par value, 1,000,000 and nil shares, and Class B Common Stock, $0.0001 par value, 40,000 and nil shares authorized at June 30, 2026 and December 31, 2025, respectively; nil and 16,647 shares Common Stock, 31,555 and nil shares of Common Stock Class A, and 32,204 and nil shares of Class B Common Stock issued and outstanding at June 30, 2026 and December 31, 2025, respectively	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