$XZO

Exzeo Group, Inc.

CIK:0001873951|SEC Filings

Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Income Statement [Abstract]

Revenue

^[1]

$ 57,787

$ 56,091

$ 113,321

$ 108,498

Cost of revenue

^[2]

20,949

22,540

43,740

46,122

Gross profit

36,838

33,551

69,581

62,376

Operating expenses:

Selling, general and administrative

5,788

2,960

11,004

5,666

Research and development

2,440

2,354

4,746

4,575

Depreciation and amortization

147

110

293

211

Total operating expenses

8,375

5,424

16,043

10,452

Operating income

28,463

28,127

53,538

51,924

Investment income

2,963

763

5,475

1,161

Income before income taxes

31,426

28,890

59,013

53,085

Income tax expense

8,157

7,227

15,338

13,471

Net income

$ 23,269

$ 21,663

$ 43,675

$ 39,614

Basic earnings per share

$ 0.26

$ 0.48

Diluted earnings per share

$ 0.26

$ 0.48

[1]	Amounts include revenues earned from related parties of $54,217 and $107,539 for the three and six months ended June 30, 2026, respectively, and $54,341 and $106,748 for the three and six months ended June 30, 2025, respectively. Refer to Note 5. Revenue and Note 8. Related Party Transactions for additional details.
[2]	Amounts include costs incurred pursuant to related party transactions of $3,288 and $6,844 for the three and six months ended June 30, 2026, respectively, and $5,465 and $9,264 for the three and six months ended June 30, 2025, respectively. Refer to Note 8. Related Party Transactions for additional details.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 43,675	$ 39,614
Adjustments to reconcile net income to cash provided by operating activities:
Share-based compensation	1,499	1,429
Depreciation and amortization	1,466	1,439
Deferred income taxes	914	(4,840)
Net accretion of discount on investments in fixed-maturity securities	(31)	0
Foreign currency remeasurement losses	191	48
Changes in operating assets and liabilities:
Accounts receivable	1,121	0
Related party receivable and payable	(9,006)	(15,746)
Prepaid expenses	(29)	(60)
Contract cost assets	399	1,954
Income taxes payable	(2,044)	3,196
Contract liabilities	908	26,629
Commissions payable	189	119
Accounts payable and accrued liabilities	5,783	5,665
Other liabilities	(18)	(221)
Other assets	(4,153)	(1,741)
Operating leases, net	23	41
Cash provided by operating activities	40,887	57,526
Investing activities:
Capital expenditures	(536)	(1,252)
Purchase of available-for-sale securities	(198,395)	0
Cash used in investing activities	(198,931)	(1,252)
Financing activities:
Payment of issuance costs	(375)	0
Repurchase of common stock	(10,043)	0
Cash used in financing activities	(10,418)	0
Effect of exchange rate changes on cash	(179)	(44)
Net (decrease) increase in cash and cash equivalents	(168,641)	56,230
Cash and cash equivalents at beginning of period	305,372	54,502
Cash and cash equivalents at end of period	136,731	110,732
Non-cash financing activities:
Capital contribution from parent	8	25
Payable related to share repurchases	$ 100	$ 0

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 136,731	$ 305,372
Accounts receivable	1,785	2,906
Prepaid expense	1,512	1,483
Current contract cost assets	5,169	4,722
Other current assets	4,127	43
Total current assets	169,703	325,821
Non-current assets:
Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $198,426 and $0, respectively, and allowance for credit losses: $0 and $0, respectively)	197,072	0
Property and equipment, net	9,732	10,662
Operating lease right-of-use assets	6,263	6,884
Non-current contract cost assets	272	1,118
Deferred income taxes, net	2,400	2,975
Other assets	341	274
Total non-current assets	216,080	21,913
Total assets	385,783	347,734
Current liabilities:
Current contract liabilities	74,539	70,893
Commissions payable	4,794	4,605
Accounts payable and accrued liabilities	8,358	2,950
Operating lease liabilities	2,482	2,413
Income taxes payable	411	2,455
Total current liabilities	91,735	84,389
Non-current liabilities:
Non-current contract liabilities	829	3,567
Operating lease liabilities	4,140	4,832
Other liabilities	908	790
Total non-current liabilities	5,877	9,189
Total liabilities	97,612	93,578
Commitments and contingencies (Note 16)
Stockholders' equity:
Common stock ($0.001 par value, 350,000,000 shares authorized, 90,200,252 and 90,926,720 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)	90	91
Additional paid-in capital	220,003	228,647
Retained earnings	69,093	25,418
Accumulated other comprehensive loss	(1,015)	0
Total shareholders' equity	288,171	254,156
Total liabilities and shareholders' equity	385,783	347,734
Related Party
Current assets:
Receivable from related parties	20,379	11,295
Current liabilities:
Accounts payable, current	$ 1,151	$ 1,073