Exzeo Group第二季收入增3%至5779萬美元 淨收入升7.4%

10-Q
 
 
 
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 Table of Contents

  

  
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
 
(Mark One)

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the quarterly period ended June 30, 2026
OR

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the transition period from to 
Commission File Number: 001-42937
 

Exzeo Group, Inc.
(Exact name of registrant as specified in its charter)
 

 
 
 
 
 

 
 Florida

 85-2578837

 

 
 (State or other jurisdiction of incorporation or organization)

 (I.R.S. Employer Identification No.)

 

 
 1000 Century Park Drive
Tampa, FL

 33607

 

 
 (Address of principal executive offices)

 (Zip Code)

 

 Registrant's telephone number, including area code: (813) 776-1000
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading Symbol(s)

  

 Name of each exchange on which registered

 

 
 Common Stock, $0.001 par value

  

 XZO

  

 New York Stock Exchange

 

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 
 
 
 

 
 Large accelerated filer

 

 ☐

 

 Accelerated filer

 

 ☐

 

 
 Non-accelerated filer

 

 ☒

 

 Smaller reporting company

 

 ☐

 

 
  

  

  

  

 Emerging growth company

  

 ☒

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 31, 2026, the registrant had 90,085,918 shares of common stock, $0.001 par value per share, outstanding.
 

  

 
 Table of Contents

  

 Table of Contents
 

 
 
 
 
 
 

 
  

  

 Page

 

 
  

  

  

 

 
 PART I.

 FINANCIAL INFORMATION

 4

 

 
  

  

  

 

 
 Item 1.

 Financial Statements (Unaudited)

 4

 

 
  

 Consolidated Balance Sheets

 4

 

 
  

 Consolidated Statements of Income

 5

 

 
  

 Consolidated Statements of Comprehensive Income

 6

 

 
  

 Consolidated Statements of Shareholders' Equity

 7

 

 
  

 Consolidated Statements of Cash Flows

 8

 

 
  

 Notes to Consolidated Financial Statements

 9

 

 
  

 Note 1. Nature of Operations

 9

 

 
  

 Note 2. Summary of Significant Accounting Policies

 9

 

 
  

 Note 3. Investments

 10

 

 
  

 Note 4. Fair Value Measurements

 11

 

 
  

 Note 5. Revenue

 12

 

 
  

 Note 6. Comprehensive Income

 14

 

 
  

 Note 7. Concentrations of Risk

 14

 

 
  

 Note 8. Related Party Transactions

 15

 

 
  

 Note 9. Leases

 17

 

 
  

 Note 10. Income Taxes

 18

 

 
  

 Note 11. Earnings Per Share

 18

 

 
  

 Note 12. Share-Based Compensation

 18

 

 
  

 Note 13. Shareholders' Equity

 20

 

 
  

 Note 14. Segment Information

 21

 

 
  

 Note 15. Accounts Payable and Accrued Liabilities

 21

 

 
  

 Note 16. Commitments and Contingencies

 22

 

 
  

 Note 17. Subsequent Events

 22

 

 
 Item 2.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 23

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 38

 

 
 Item 4.

 Controls and Procedures

 38

 

 
  

  

  

 

 
 PART II.

 OTHER INFORMATION

 40

 

 
  

  

  

 

 
 Item 1.

 Legal Proceedings

 40

 

 
 Item 1A.

 Risk Factors

 40

 

 
 Item 2.

 Unregistered Sales of Equity Securities and Use of Proceeds

 40

 

 
 Item 3.

 Defaults Upon Senior Securities

 40

 

 
 Item 4.

 Mine Safety Disclosures

 40

 

 
 Item 5.

 Other Information

 40

 

 
 Item 6.

 Exhibits

 41

 

 
 Signatures

 42

 

  
 
In this report, for all periods presented, Exzeo Group, Inc. and its wholly-owned subsidiaries are referred to as "we," "us," "our," the "Company" and "Exzeo."

 2

 
 Table of Contents

  

 Glossary
This report contains acronyms, abbreviations, and other defined terms throughout this Quarterly Report on Form 10-Q. These terms are defined as follows:
 

 
 
 
 
 
 

 
 Term

  

 Definition

 

 
 2021 Omnibus Plan

  

 2021 Omnibus Incentive Plan

 

 
 2025 Omnibus Plan

  

 2025 Omnibus Incentive Plan

 

 
 ARR

  

 Annual Recurring Revenue

 

 
 ASC 606

  

 ASC Topic 606, Revenue from Contracts with Customers

 

 
 ASU

  

 Accounting Standards Update

 

 
 CEO

  

 Chief Executive Officer, who is our principal executive officer

 

 
 CFO

  

 Chief Financial Officer, who is our principal financial officer

 

 
 CODM

  

 Chief Operating Decision Maker

 

 
 CORE

  

 Condo Owners Reciprocal Exchange, a Florida reciprocal insurance exchange owned by its subscribers

 

 
 CRM

  

 Core Risk Managers, LLC, a Florida limited liability company and a direct wholly-owned subsidiary of HCI

 

 
 EGC

  

 Emerging Growth Company

 

 
 EIS

  

 Exzeo Insurance Services, Inc., a Florida corporation and a direct wholly-owned subsidiary of Exzeo Group, Inc.

 

 
 EPS

  

 Earnings Per Share

 

 
 Exchange Act

  

 Securities Exchange Act of 1934, as amended

 

 
 FASB

  

 Financial Accounting Standards Board

 

 
 GAAP

  

 Accounting principles generally accepted in the United States

 

 
 GCM

  

 Griston Claim Management, Inc., a Florida corporation and an indirect wholly-owned subsidiary of HCI

 

 
 HCI

  

 HCI Group, Inc., a Florida corporation and the controlling shareholder of Exzeo Group, Inc.

 

 
 HCM

  

 Homeowners Choice Managers, Inc., a Florida corporation and a direct wholly-owned subsidiary of HCI

 

 
 HCPCI

  

 Homeowners Choice Property & Casualty Insurance Company, Inc., a Florida corporation and a direct wholly-owned subsidiary of HCI

 

 
 IPO

  

 Initial Public Offering

 

 
 JOBS Act

  

 Jumpstart Our Business Startups Act

 

 
 MGA

  

 Managing General Agent

 

 
 MGA agreement

  

 Agreement under which the Company provides underwriting, policy administration, claims, or related services as MGA

 

 
 NRR

  

 Net Dollar Retention Rate

 

 
 Omega

  

 Omega Insurance Agency, Inc., a Florida corporation and a direct wholly-owned subsidiary of HCI

 

 
 P&C

  

 Property and Casualty

 

 
 SEC

  

 Securities and Exchange Commission

 

 
 Share Repurchase Program

  

 The program which the Board of Directors authorized to repurchase shares of up to $12.0 million of Exzeo's stock

 

 
 Sub-broker services

  

 Reinsurance placement and brokerage assistance services

 

 
 Tailrow

  

 Tailrow Insurance Exchange, a Florida reciprocal insurance exchange owned by its subscribers

 

 
 TRM

  

 Tailrow Risk Managers, LLC, a Florida limited liability company and a direct wholly-owned subsidiary of HCI

 

 
 TTIC

  

 TypTap Insurance Company, a Florida corporation and a direct wholly-owned subsidiary of HCI

 

  
 

 3

 
 Table of Contents

  

 PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
 
EXZEO GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
 (in thousands, except share and per share amounts)

  

 2026

  

  

 2025

  

 

 
 

  

 (Unaudited)

  

  

  

  

 

 
 Assets:

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 136,731

  

  

 $

 305,372

  

 

 
 Accounts receivable

  

  

 1,785

  

  

  

 2,906

  

 

 
 Receivable from related parties

  

  

 20,379

  

  

  

 11,295

  

 

 
 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

  

  

  

 —

  

 

 
 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

  

 

 
 Liabilities and Shareholders' Equity:

  

 

 
 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

  

 

 
 Payable to related parties

  

  

 1,151

  

  

  

 1,073

  

 

 
 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)

  

  

  

  

  

  

 

 
 Shareholders' 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

 )

  

  

 —

  

 

 
 Total shareholders' equity

  

  

 288,171

  

  

  

 254,156

  

 

 
 Total liabilities and shareholders' equity

  

 $

 385,783

  

  

 $

 347,734

  

 

  
 
See accompanying Notes to Consolidated Financial Statements (Unaudited).

 4

 
 Table of Contents

  

 EXZEO GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(Unaudited)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

  

 

 
  

  

 June 30,

  

  

 June 30,

  

  

 

 
 (in thousands, except per share amounts)

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

  

 

 
 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 and diluted earnings per share

  

 $

 0.26

  

  

 $

 0.26

  

  

 $

 0.48

  

  

 $

 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.

 
 
See accompanying Notes to Consolidated Financial Statements (Unaudited).

 5

 
 Table of Contents

  

 EXZEO GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(Unaudited)
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended

  

  

 Six Months Ended

  

  

 

 
  

  

 June 30,

  

  

 June 30,

  

  

 

 
 (in thousands)

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

  

 

 
 Net income

  

 $

 23,269

  

  

 $

 21,663

  

  

 $

 43,675

  

  

 $

 39,614

  

  

 

 
 Other comprehensive loss, net of income taxes:

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Available-for-sale fixed-maturity securities

  

  

 (654

 )

  

  

 —

  

  

  

 (1,015

 )

  

  

 —

  

  

 

 
 Other comprehensive loss, net of income taxes

  

  

 (654

 )

  

  

 —

  

  

  

 (1,015

 )

  

  

 —

  

  

 

 
 Comprehensive income

  

 $

 22,615

  

  

 $

 21,663

  

  

 $

 42,660

  

  

 $

 39,614

  

  

 

  
 
See accompanying Notes to Consolidated Financial Statements (Unaudited).

 6

 
 Table of Contents

  

 EXZEO GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Shareholders' Equity
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Retained

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Shareholders'

  

 

 
 (in thousands, except per share amounts)

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Earnings

  

  

 Loss

  

  

 Equity

  

 

 
 Balance as of March 31, 2026

  

  

 90,918,430

  

  

 $

 91

  

  

 $

 229,387

  

  

 $

 45,824

  

  

 $

 (361

 )

  

 $

 274,941

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 23,269

  

  

  

 —

  

  

  

 23,269

  

 

 
 Other comprehensive loss, net of income taxes

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (654

 )

  

  

 (654

 )

 

 
 Non-cash capital contributions from parent

  

  

 —

  

  

  

 —

  

  

  

 4

  

  

  

 —

  

  

  

 —

  

  

  

 4

  

 

 
 Issuance of restricted stock

  

  

 18,000

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Forfeiture of restricted stock

  

  

 (9,350

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Repurchase of common stock

  

  

 (726,828

 )

  

  

 (1

 )

  

  

 (10,143

 )

  

  

 —

  

  

  

 —

  

  

  

 (10,144

 )

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 755

  

  

  

 —

  

  

  

 —

  

  

  

 755

  

 

 
 Balance as of June 30, 2026

  

  

 90,200,252

  

  

 $

 90

  

  

 $

 220,003

  

  

 $

 69,093

  

  

 $

 (1,015

 )

  

 $

 288,171

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Retained
Earnings
(Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Shareholders'

  

 

 
 (in thousands, except per share amounts)

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit)

  

  

 Loss

  

  

 Equity

  

 

 
 Balance as of March 31, 2025

  

  

 82,709,589

  

  

 $

 83

  

  

 $

 73,479

  

  

 $

 (39,380

 )

  

 $

 —

  

  

 $

 34,182

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 21,663

  

  

  

 —

  

  

  

 21,663

  

 

 
 Non-cash capital contributions from parent

  

  

 —

  

  

  

 —

  

  

  

 4

  

  

  

 —

  

  

  

 —

  

  

  

 4

  

 

 
 Forfeiture of restricted stock

  

  

 (8,400

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 702

  

  

  

 —

  

  

  

 —

  

  

  

 702

  

 

 
 Balance as of June 30, 2025

  

  

 82,701,189

  

  

 $

 83

  

  

 $

 74,185

  

  

 $

 (17,717

 )

  

 $

 —

  

  

 $

 56,551

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Retained

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Shareholders'

  

 

 
 (in thousands, except per share amounts)

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Earnings

  

  

 Loss

  

  

 Equity

  

 

 
 Balance as of December 31, 2025

  

  

 90,926,720

  

  

 $

 91

  

  

 $

 228,647

  

  

 $

 25,418

  

  

 $

 —

  

  

 $

 254,156

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 43,675

  

  

  

 —

  

  

  

 43,675

  

 

 
 Other comprehensive loss, net of income taxes

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (1,015

 )

  

  

 (1,015

 )

 

 
 Non-cash capital contributions from parent

  

  

 —

  

  

  

 —

  

  

  

 8

  

  

  

 —

  

  

  

 —

  

  

  

 8

  

 

 
 Issuance of restricted stock

  

  

 33,000

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Forfeiture of restricted stock

  

  

 (32,640

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Repurchase of common stock

  

  

 (726,828

 )

  

  

 (1

 )

  

  

 (10,143

 )

  

  

 —

  

  

  

 —

  

  

  

 (10,144

 )

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 1,491

  

  

  

 —

  

  

  

 —

  

  

  

 1,491

  

 

 
 Balance as of June 30, 2026

  

  

 90,200,252

  

  

 $

 90

  

  

 $

 220,003

  

  

 $

 69,093

  

  

 $

 (1,015

 )

  

 $

 288,171

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
  

  

 Common Stock

  

  

 Additional
Paid-In

  

  

 Retained
Earnings
(Accumulated

  

  

 Accumulated
Other
Comprehensive

  

  

 Total
Shareholders'

  

 

 
 (in thousands, except per share amounts)

  

 Shares

  

  

 Amount

  

  

 Capital

  

  

 Deficit)

  

  

 Loss

  

  

 Equity

  

 

 
 Balance as of December 31, 2024

  

  

 82,810,089

  

  

 $

 83

  

  

 $

 72,755

  

  

 $

 (57,331

 )

  

 $

 —

  

  

 $

 15,507

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 39,614

  

  

  

 —

  

  

  

 39,614

  

 

 
 Non-cash capital contributions from parent

  

  

 —

  

  

  

 —

  

  

  

 25

  

  

  

 —

  

  

  

 —

  

  

  

 25

  

 

 
 Forfeiture of restricted stock

  

  

 (108,900

 )

  

  

 —

  

  

  

 1

  

  

  

 —

  

  

  

 —

  

  

  

 1

  

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 1,404

  

  

  

 —

  

  

  

 —

  

  

  

 1,404

  

 

 
 Balance as of June 30, 2025

  

  

 82,701,189

  

  

 $

 83

  

  

 $

 74,185

  

  

 $

 (17,717

 )

  

 $

 —

  

  

 $

 56,551

  

 

  
 
See accompanying Notes to Consolidated Financial Statements (Unaudited).

 7

 
 Table of Contents

  

 EXZEO GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended June 30,

  

 

 
 (in thousands)

  

 2026

  

  

 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

 )

  

  

 —

  

 

 
 Foreign currency remeasurement losses

  

  

 191

  

  

  

 48

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Accounts receivable

  

  

 1,121

  

  

  

 —

  

 

 
 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

 )

  

  

 —

  

 

 
 Cash used in investing activities

  

  

 (198,931

 )

  

  

 (1,252

 )

 

 
 Financing activities:

  

  

  

  

  

  

 

 
 Payment of issuance costs

  

  

 (375

 )

  

  

 —

  

 

 
 Repurchase of common stock

  

  

 (10,043

 )

  

  

 —

  

 

 
 Cash used in financing activities

  

  

 (10,418

 )

  

  

 —

  

 

 
 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

  

  

 $

 —

  

 

  
 
See accompanying Notes to Consolidated Financial Statements (Unaudited).
 

 8

 
 Table of Contents

  

 EXZEO GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
(in thousands, except share and per share amounts, unless otherwise stated)
Note 1. Nature of Operations
Exzeo Group, Inc., and its subsidiaries, a majority owned subsidiary of HCI, provide technology-enabled services to P&C insurance companies, including underwriting, policy management, claims processing management, and related software solutions. The Company primarily operates through MGA agreements and technology service agreements. The Company is headquartered in the United States and all revenue generating activities are conducted domestically. The Company also maintains a wholly-owned subsidiary in India that provides product research and development and software enhancement services. 
On November 6, 2025, the Company completed its IPO, pursuant to which it issued and sold shares of its common stock to the public and commenced trading on the New York Stock Exchange. The net proceeds from the offering are being used for general corporate purposes, including working capital and pending the use of such proceeds, the Company is investing the net proceeds in short-term and long-term interest-bearing obligations, investment-grade investments, certificates of deposit or direct or guaranteed obligations of the U.S. government. 

Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information. The unaudited interim Consolidated Financial Statements include the accounts of the Company's controlled subsidiaries and all intercompany balances and transactions have been eliminated. 
Certain information and footnote disclosures normally included in annual audited Consolidated Financial Statements prepared in accordance with GAAP have been condensed or omitted in this interim presentation. In the opinion of management, the accompanying unaudited interim Consolidated Financial Statements reflect all normal, recurring adjustments necessary for a fair statement of the Company's financial position as of June 30, 2026, and the results of operations and cash flows for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results expected for the fiscal year ending December 31, 2026. These unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 26, 2026. There have been no material changes to the Company's significant accounting policies from those described in the audited Consolidated Financial Statements.
In preparing these unaudited interim Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures as of the financial reporting date and for the periods presented. Certain estimates result from assumptions that can be subjective and complex and consequently actual results may differ from these estimates. Accounting policies specific to revenue recognition, income taxes, and share-based compensation involve significant estimates and assumptions that are material to the Company's unaudited interim Consolidated Financial Statements.

Recent Accounting Pronouncements
Accounting Standards Adopted in the Current Year
In July 2025, the FASB issued ASU No. 2025-05 - Financial Instruments–Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update simplifies the estimation of current expected credit losses on current accounts receivable and current contract assets related to revenue from contracts with customers by allowing all entities to assume that current conditions as of the balance sheet date will not change for the remaining life of the current accounts receivable and current contract assets. This standard is effective for all entities for fiscal years and interim periods beginning after December 15, 2025, with early adoption permitted. The Company adopted the amendments on a prospective basis, effective January 1, 2026. The adoption of this standard did not have a material impact on the Company's unaudited interim Consolidated Financial Statements.
Accounting Standards Issued but Not Yet Adopted
In September 2025, the FASB issued ASU No. 2025-06 - Intangibles–Goodwill and Other–Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. This update enhances guidance on the capitalization of software development costs by eliminating project phase-based criteria and clarifying the conditions signifying significant development uncertainty used by entities to evaluate when the probable-to-complete recognition threshold is met. This standard is effective for fiscal years and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the potential impact of these updates on its Consolidated Financial Statements.
In November 2024, the FASB issued ASU No. 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendment requires additional disclosures of certain costs and expenses within the notes to the Consolidated Financial Statements. Additionally, in January 2025, the FASB issued ASU No. 2025-01 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures 

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 (Subtopic 220-40): Clarifying the Effective Date, which clarified that the updates for this standard are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the potential impact of these updates on its Consolidated Financial Statements. 

Note 3. Investments
Available-for-Sale Fixed-Maturity Securities
During the six months ended June 30, 2026, the Company began investing in U.S. Treasury securities, which are classified as available-for-sale debt securities. The Company held no investment securities as of December 31, 2025. The amortized cost, gross unrealized gains, gross unrealized losses and estimated fair value of the Company’s available-for-sale debt securities as of June 30, 2026 is as follows:
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Amortized
Cost

  

  

 Gross Unrealized Gains

  

  

 Gross
Unrealized
Losses

  

  

 Estimated
Fair Value (1)

  

 

 
 U.S. Treasury securities

  

 $

  

 198,426

  

  

 $

  

 76

  

  

 $

  

 (1,430

 )

  

 $

  

 197,072

  

 

 (1)There was no allowance for credit losses for the periods presented. Estimated fair value is determined using quoted prices in active markets for identical assets (Level 1 inputs). Refer to Note 4. Fair Value Measurements for additional details. 

Accrued interest receivable on available-for-sale fixed-maturity securities is recorded within other current assets in the Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, accrued interest receivable was $2,116 and $0, respectively.