0001193125-26-108887 | 10-K | XBRL Viewer

Item 1C. Cybersecurity

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Income Taxes - Schedule of Company's Unrecognized Tax Benefit Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 3,002	$ 3,383
Additions (reductions) for tax positions taken in prior years	(325)	(515)
Additions for tax positions taken in the current year	309	134
Balance at end of period	$ 2,986	$ 3,002

Marketable Securities - Schedule of Amortised Cost Fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Marketable Securities [Line Items]
Total investments	$ 66,159	$ 103,347
Gross Unrealized Gains	188	32
Gross Unrealized Losses	(3)	(98)
Allowance for Credit Loss	0	0
Estimated Fair Value	66,344	103,281
Corporate Debt Securities
Marketable Securities [Line Items]
Total investments	44,994	48,400
Gross Unrealized Gains	180	19
Gross Unrealized Losses	(1)	(67)
Allowance for Credit Loss	0	0
Estimated Fair Value	45,173	48,352
US Government Bonds
Marketable Securities [Line Items]
Total investments	9,230	32,564
Gross Unrealized Gains	4	12
Gross Unrealized Losses	0	(12)
Allowance for Credit Loss	0	0
Estimated Fair Value	9,234	32,564
Agency bond
Marketable Securities [Line Items]
Total investments	11,935	18,405
Gross Unrealized Gains	4	1
Gross Unrealized Losses	(2)	(18)
Allowance for Credit Loss	0	0
Estimated Fair Value	$ 11,937	18,388
Municipal bond
Marketable Securities [Line Items]
Total investments		3,978
Gross Unrealized Gains		0
Gross Unrealized Losses		(1)
Estimated Fair Value		$ 3,977

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 31, 2025
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	The Company grants stock options to its employees, including the named executive officers, from time to time. The Company does not maintain any written policies on the timing of awards of stock options, stock appreciation rights or similar instruments with option-like features. Our compensation committee will consider whether there is any material nonpublic information (“MNPI”) about the Company when determining the timing of any stock option grants and does not seek to time the award of stock options in relation to the Company’s public disclosure of MNPI to benefit the recipients of such awards. The Company has not timed the release of MNPI for the purpose of affecting the value of executive compensation. We have no information to disclose pursuant to Item 402(x)(2) of Regulation S-K. Our compensation committee will continue to evaluate our equity grant policies as we continue to evolve and grow as a public company.
Award Timing Method	The Company grants stock options to its employees, including the named executive officers, from time to time. The Company does not maintain any written policies on the timing of awards of stock options, stock appreciation rights or similar instruments with option-like features. Our compensation committee will consider whether there is any material nonpublic information (“MNPI”) about the Company when determining the timing of any stock option grants and does not seek to time the award of stock options in relation to the Company’s public disclosure of MNPI to benefit the recipients of such awards. The Company has not timed the release of MNPI for the purpose of affecting the value of executive compensation.
Award Timing MNPI Considered	false
MNPI Disclosure Timed for Compensation Value	false

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands		12 Months Ended
	Jan. 31, 2026	Dec. 31, 2025	Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, beginning balance (in shares)		5,510	4,954
Granted (in shares)	28	5,403	1,047
Forfeited (in shares)		(194)	(491)
Vested (in shares)		(268)	0
Outstanding, ending balance (in shares)		10,451	5,510
Outstanding, beginning balance (in USD per share)		$ 12.73	$ 10.64
Granted (in USD per share)		38.92	23.75
Forfeited (in USD per share)		24.3	15.19
Vested (in USD per share)		10.76	0
Outstanding, ending balance (in USD per share)		$ 26.1	$ 12.73

Income Taxes - Schedule of Tax Effects of Temporary Differences Giving rise to Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Accruals and reserves	$ 34	$ 21
Net operating loss carryforwards	65,331	62,001
Asset basis differences	2,239	7,358
Lease liability	586	670
Settlements	357	577
Credit carryforwards	3,584	2,480
Equity based compensation	3,061	2,794
Deferred Tax Assets, Gross, Total	75,192	75,901
Valuation allowance	(25,724)	(39,699)
Deferred tax assets, net of valuation allowance	49,468	36,202
Deferred tax liabilities:
Other prepaids	(815)	(432)
Right-of-use asset	(544)	(650)
Commission receivable	(56,638)	(39,027)
Gross deferred tax liabilities	(57,997)	(40,109)
Net deferred tax liabilities	$ (8,529)	$ (3,907)

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 30, 2026	Jan. 29, 2026	Dec. 31, 2025	Dec. 31, 2024
Subsequent Event [Line Items]
Common Stock, Shares, Issued			16,647,000	16,032,000
Shares Initially Reserved for Issuance			49,837,000	45,676,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Shares Issued, Price Per Share		$ 19
Underwriting Discounts	$ 5.8
Offering expenses paid	$ 9.0
Subsequent Event [Member] \| 2026 Incentive Award Plan [Member]
Subsequent Event [Line Items]
Shares Initially Reserved for Issuance	18,962,000
Shares Initially Reserved for Issuance, New Shares	13,000,000
Shares Initially Reserved for Issuance, Outstanding Awards Granted	5,962,000
Subsequent Event [Member] \| 2026 ESPP [Member]
Subsequent Event [Line Items]
Shares Initially Reserved for Issuance	1,300,000
Subsequent Event [Member] \| Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	10,526,000	10,526,000
Shares Issued, Price Per Share	$ 19
Proceeds from Issuance IPO	$ 97.4
Proceeds from IPO, net of underwriting discounts and commissions	$ 82.6
Convertible Preferred Stock Shares Issued Upon Conversion	18,449,000
Subsequent Event [Member] \| Common Class A [Member] \| Company [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	5,127,000	5,127,000
Subsequent Event [Member] \| Common Class A [Member] \| Selling Stockholders [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	5,399,000	5,399,000
Subsequent Event [Member] \| Common Class B [Member]
Subsequent Event [Line Items]
Convertible Preferred Stock Shares Issued Upon Conversion	19,144,000

Marketable Securities - Schedule of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 34,849	$ 68,276
Due after one year through five years	31,310	35,071
Total investments	66,159	103,347
Estimated Fair Value
Due in one year or less	34,876	68,279
Due after one year through five years	31,468	35,002
Total investments	$ 66,344	$ 103,281

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue Recognition [Abstract]

Revenue

3. Revenue

Revenue is recognized when control of the promised goods or services is transferred to the customer, in the amount that reflects the consideration the Company expects to receive in exchange for those goods or services.

The Company’s revenue comes in the form of commissions paid to the Company by insurance carriers for the provision of placement and TPA services. The Company applies the following five-step model in order to determine this amount: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

The Company’s primary customers are the insurance carriers that it contracts with to provide placement and/or TPA services through direct and indirect sales channels, related to consumers and partnerships with insurance agencies, respectively. The Company earns commissions for first year and renewal policies from the insurance carriers for both placement and TPA services. The contracts with the insurance carriers are non-exclusive and can typically be terminated unilaterally by either party. The Company reviews individual contracts to determine the Company’s legal and enforceable rights to renewal commissions upon contract termination when determining variable consideration.

The Company reviews each contract with customers to determine what promises the Company must deliver and which of these promises are capable of being distinct and are distinct in the context of the contract. The delivery of new policyholders to the insurance carriers is the only material promise specified within the contracts. After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier.

The Company’s contracts do not include downstream policyholder activities such as claims support or payment collection services. While the primary promise is the sale of policies, some contracts include the promise to provide TPA services to policyholders on behalf of the insurance carrier such as responding to policyholder inquiries regarding coverage or providing proof of insurance. The Company has reviewed and does not have any material ongoing costs for the provision of insurance placement or TPA services. As a result, for a given policy, the Company’s performance obligation to insurance carriers is met upon the issuance and activation of an insurance policy.

The transaction price is the amount of consideration the Company expects to be entitled to in exchange for transferring promised goods or services to a customer. The transaction price is identified as the first year commission due upon the initial sale of a policy as well as an estimate of renewal commissions. The estimates of renewal commissions are considered variable consideration and require significant judgment including determining the number of periods in which a renewal will occur and the value of those renewal commissions to be received if renewed.

For renewal commissions, the Company utilizes the expected value approach. This approach incorporates a combination of historical lapse and performance of the placed policy, available insurance carrier experience data, historical payment data by distribution channel and insurance carrier to estimate forecasted renewal consideration and constrain revenue recognized to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. The uncertainty associated with the variable consideration related to each periodic policy renewal is subsequently resolved when the policy renews, and adjustments in variable consideration are recognized in the period incurred.

The Company recognizes all commissions expected to be received over the expected life of the insurance policy at the policy effective date which is when it has completed its performance obligation for both placement and TPA services. At the policy effective date, the Company applies its management estimate of policyholder persistency; the attrition rate of policy holders who cease to maintain their insurance policy, due to cancellation or mortality, and accrues a persistency reserve based on industry data and our experience in the industry and with different carriers.

The Company continuously evaluates the assumptions and inputs into its calculation of renewal commissions. As a result of these continuous evaluations, the Company recognizes adjustments for revenue from prior periods when the cash collections are different from the estimated constrained renewal commissions. These adjustments are a result of a change in estimate of expected cash collections when actual cash collections differ from the estimated constrained renewal commissions for the revenue recognized at the time of approval. These adjustments can be positive or negative and are recognized using actual experience from policy renewals.

The table below presents revenue disaggregated by product:


	Year Ended December 31,
	2025		2024
Commission revenue
Term life insurance	$	262,614	$	204,301
Other products		124,994		50,625
Total commission revenue	$	387,608	$	254,926

Accounts Receivable, Net

Accounts receivable represents either first year or renewal commissions expected to be received on policies that have already been sold or renewed that has been earned but not received from the insurance carrier. Typically, the Company receives commission payments as the insurance carriers receive payments from the underlying policyholders. As these can be on various payment terms such as monthly or quarterly, a receivable is recorded to account for the commission payments where the company has an unconditional right to cash, but has yet to be received from the insurance carriers. The balances of allowance for credit losses were not material as of December 31, 2025 and 2024, and the changes in allowance for credit losses were not material for the years ended December 31, 2025 and 2024.

Accounts Receivable balances are summarized as follows:


Balance as of December 31, 2023	$	11,817
Additions from commissions receivable		188,684
Other additions (1)		5,434
Collections		(180,677	)
Accounts receivable from the sale of commissions (2)		5,000
Change in allowance for doubtful accounts		45
Balance as of December 31, 2024	$	30,303
Additions from commissions receivable		313,972
Other additions (1)		14,516
Collections		(322,312	)
Change in allowance for doubtful accounts		19
Balance as of December 31, 2025	$	36,498

(1)

Other additions is primarily comprised of amounts arising from revenue that does not flow through commission receivable along with other partnership related amounts.

(2)

Refer to Footnote 8 for additional discussion.

For the fiscal year ended December 31, 2025, the change in accounts receivable presented in the cash flow statement is a net cash outflow of $11.2 million. The change in accounts receivable from December 31, 2024 and December 31, 2025 represents an increase (or net cash outflow) of $6.2 million, which included a cash inflow of $5.0 million related to the sale of commissions receivable received in the year ended December 31, 2025.

For the fiscal year ended December 31, 2024, the change in accounts receivable presented in the cash flow statement is a net cash outflow of $13.6 million. The change in accounts receivable from December 31, 2023 to December 31, 2024 represents an increase (or net cash outflow) of $18.5 million, which included a non-cash increase of $5.0 million related to the sale of commissions receivable.

Commissions Receivable, Net

Commissions receivable are contract assets that represent estimated variable consideration for performance obligations that have been satisfied but payment is not due as the underlying policy has not been renewed yet. The current portion of commissions receivable are future renewal commissions expected to be renewed within one year, while the non-current portion of commissions receivable are expected to be renewed beyond one year. Contract assets are reclassified as accounts receivable when the rights to the renewal commissions become unconditional, which is primarily upon renewal of the underlying policy.

Commissions receivable activities (current and long-term) are summarized as follows:


Balance as of December 31, 2023	$	125,158
Commission revenue from activated policies during the period		249,871
Adjustments to commission revenue from policies activated in current period		(3,603	)
Net commission revenue from activated policies in period (1)		5,433
Amounts recognized as accounts receivable		(188,684	)
Balance as of December 31, 2024	$	188,175
Commission revenue from activated policies during the period		382,608
Net commission revenue from activated policies in period (1)		(3,806	)
Amounts recognized as accounts receivable		(313,972	)
Balance as of December 31, 2025	$	253,005

(1)

These amounts reflect our revised estimates of cash collections for certain activated policies prior to the relevant reporting period that are recognized as adjustments to revenue within the relevant reporting period. The net commission revenue from activated policies in prior periods, or the net adjustment revenue, includes both increases as well as reductions in revenue for certain prior period cohorts.

Contract Balances

After a policy is sold, the Company has no material additional or recurring obligations to the policyholder or the insurance carrier. As such, there are no contract liabilities recorded in the consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The Company’s consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). The accompanying consolidated financial statements include the wholly owned subsidiary, Ethos Singapore Pte Ltd (Ethos SGP), the wholly owned subsidiary, Ethos Estate Planning, LLC, and the wholly owned subsidiary, Ethos Life Technologies (India) Pvt. Ltd (Ethos India). All intercompany accounts and transactions have been eliminated.

Reclassifications

Certain prior-period amounts have been reclassified in the accompanying Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation.

Reverse Stock Split

On September 25, 2025, a seven-for-one reverse stock split of the Company’s redeemable convertible preferred stock, common stock, stock options, restricted stock units, and common stock warrants was effected without any changes to the par value. All information related to the Company’s redeemable convertible preferred stock, common stock, stock options, restricted stock units, and common stock warrants, as well as all per share data included in these financial statements have been retrospectively adjusted to reflect the seven-for-one reverse stock split for all periods presented.

Initial Public Offering

On January 30, 2026, the Company completed its initial public offering (the “IPO”) of a total of 10,526 shares of its Class A common stock, including 5,127 shares of Class A common stock offered by the Company and 5,399 shares of Class A common stock sold by existing investors (“Selling Stockholders”), at a price to the public of $19.00 per share. The gross proceeds to the Company from the IPO were $97.4 million and the net proceeds amounted to $82.6 million, after deducting underwriting discounts and commissions and offering expenses payable by the Company. The Company did not receive any proceeds from the sale of shares of Class A common stock by the Selling Stockholders. Immediately prior to the closing of the IPO, each outstanding share of the Company’s Series A-1, Series A-2, Series A, Series B, Series C, Series D, Series D-1 redeemable convertible preferred stock converted into 18,449 and 19,144 shares of the Company’s Class A common stock and Class B common stock, respectively (see Note 9 for additional information).

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. These estimates, judgments and assumptions take into account historical and forward-looking factors that the Company believes are reasonable. Significant items subject to such estimates, judgments, and assumptions include revenue recognition, commissions receivable, liabilities related to sale of commissions receivable, website and software development costs,

stock-based compensation, and income taxes. To the extent there are material differences between these estimates, judgments, or assumptions and actual results, the Company’s consolidated financial statements will be affected.

Segment Reporting

The Company has one reportable segment, which has been identified based on how the chief operating decision maker (CODM), manages the business, makes operating decisions and evaluates operating performance. The Company’s CODM is the Chief Executive Officer. The CODM reviews the Company’s revenue, expenses and net income as reported under GAAP, which is the primary measure of segment profit or loss. While the Company’s CODM also reviews the revenue streams attributable to individual products, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis.

Concentration of Credit Risk

Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of accounts receivable. The Company believes the potential for collection issues with any of its customers is minimal as of December 31, 2025 and 2024 based on the lack of collection issues in the past and high financial standards the Company requires of its customers. The Company does not require collateral to secure trade receivable balances. For the year ended December 31, 2025, three insurance carrier customers accounted for 38%, 36% and 14% of total revenue. As of December 31, 2025, two insurance carrier customers accounted for 71% and 14% of total accounts and commissions receivable. For the year ended December 31, 2024, three insurance carrier customers accounted for 54%, 25% and 19% of total revenue. As of December 31, 2024, three insurance carrier customers accounted for 63%, 19% and 11% of total accounts and commissions receivable.

Cash and Cash Equivalents

Cash includes demand deposits with banks or financial institutions. Cash equivalents include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and that are so near their maturity that they present minimal risk of changes in value because of changes in interest rates. The Company’s cash equivalents include only investments with original maturities of three months or less. The Company regularly maintains cash in excess of federally insured limits at financial institutions.

Marketable Securities

Marketable securities consist primarily of commercial paper and investment grade debt securities. The Company invests in a diversified portfolio of marketable securities and limits the concentration of its investment in any particular security. Marketable securities with original maturities of three months or less are included in cash and cash equivalents, marketable securities with original maturities greater than three months, but less than one year, are included in short term investments, and marketable securities with maturities greater than one year, are included in long term investments in the consolidated balance sheets.

The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and reevaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable securities as available-for-sale. The investments are adjusted for amortization of premiums and discounts to maturity. After consideration of the Company’s capital preservation objectives, as well as its liquidity requirements, the Company may sell securities prior to their stated maturities.

If an available-for-sale debt security’s fair value declines below its amortized cost basis, the Company evaluates whether it intends to sell the security, or whether it more-likely-than-not will be required to sell the security before the recovery of its amortized cost basis. If either condition is met, the Company records an allowance for credit loss on the security. If neither condition is met, the Company evaluates whether the decline is the result of credit-related factors, in which case the Company records the credit-related portion of the allowance for credit loss. There was no allowance for credit loss for the years ended December 31, 2025 and 2024.

Accounts Receivable and Commissions Receivable, Net

See Note 3, Revenue, below for a description of the Company’s accounts and commissions receivable accounting policy.

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting, and other fees and costs relating to the Company’s planned initial public offering (IPO) are capitalized within prepaid and other assets on the consolidated balance sheets. The deferred offering costs will be offset against the proceeds received by the Company upon the closing of the planned IPO. At the closing of the IPO, $8,813 of deferred offering costs were reclassified to additional paid-in capital within stockholders’ equity (deficit), of which $7,241 of IPO costs were deferred and capitalized as of December 31, 2025.

Website and Software Development Costs

The costs incurred in the preliminary stages of website and software development are expensed as incurred. Once an application has reached the development stage, internal and external costs, if direct and incremental and deemed by management to be significant, are capitalized and amortized on a straight-line basis over the estimated useful life of the application. Capitalized website and software development costs are included in property and equipment, net in the consolidated balance sheets. Maintenance and enhancement costs, including those costs in the post-implementation stages, are typically expensed as incurred, unless such costs relate to substantial upgrades and enhancements to the website or software that result in added functionality, in which case the costs are capitalized and amortized on a straight-line basis over the estimated remaining useful lives. Amortization expense related to capitalized website and software development costs is included in depreciation and amortization in the consolidated statements of operations.

Property and Equipment, Net

Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows:


	Estimated Useful Life
Computer equipment	2 years
Developed software	3 years
Furniture and fixtures	7 years
Leasehold improvements	Shorter of expected useful life or lease term

Maintenance and repair costs are charged to expenses as incurred. Major improvements, which extend the useful life of the related asset, are capitalized. Upon disposal of a fixed asset, the Company records a gain or loss based on the difference between the proceeds received and the net book value of the disposed asset.

Intangible Assets

Intangible assets with finite useful lives are amortized using the straight-line method over their useful lives and are reviewed for impairment. The Company evaluates intangible assets with finite and indefinite useful lives and other long-lived assets for impairment whenever events or circumstances indicate that they may not be recoverable, or at least annually. Recoverability of finite and other long-lived assets is measured by comparing the carrying amount of an asset group to the future undiscounted net cash flows expected to be generated by that asset group. The amount of impairment to be recognized for finite and indefinite-lived intangible assets and other long-lived assets is calculated as the difference between the carrying value and the fair value of the asset group, generally measured by discounting estimated future cash flows. There were no impairment indicators present during the years ended December 31, 2025 and 2024.

Goodwill

Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is tested for impairment at the reporting unit level, which is defined as an operating segment or one level below, and the test is performed annually, or more frequently if circumstances indicate an impairment may have occurred.

The impairment assessment involves an option to first assess qualitative factors to determine whether events or circumstances exist that lead to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not performed, or after assessing the totality of the events or circumstances, we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative assessment for potential impairment is performed.

In reviewing goodwill, the Company performed the qualitative assessment, and determined that it is not necessary to perform a more detailed assessment, as it is more likely than not that the fair value of the reporting unit is greater than its carrying amount.

The Company had a goodwill balance of $2,238 as of December 31, 2025 and 2024.

The Company accounts for the sale of future rights to commissions from insurance carriers as debt under ASC 470, Debt, amortized under the effective interest method as discussed further in Note 8, Liabilities Related to Sale of Commissions Receivable. The Company has elected to use the prospective method in its calculation of its effective interest rate and will update this calculation quarterly when there are changes in the projected cash flows. The amortization of the liabilities related to the future rights to commissions is based on our current estimates of future commission payments. Payments made will be recorded as a reduction of the liabilities when paid. The debt is allocated on the balance sheet as current and non-current, and the current portion represents amounts estimated to be paid over the next twelve months.

Lease Obligations

Under ASC Topic 842 Leases, the Company determines if an arrangement is a lease at inception of a contract. Leases with an initial term of 12 months or less are not recorded in the balance sheet. Non-lease components associated with lease components in the Company’s lease contracts are treated as a single lease component. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating lease right-of-use assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. To determine the incremental borrowing rate, the Company uses information including the risk-free interest rate for the remaining lease term, the Company’s implied credit rating, and interest rates of similar debt instruments of entities with comparable credit ratings. The Company recognizes rent expense on a straight-line basis over the lease term, which is allocated on a headcount basis to sales and marketing, technology (exclusive of amortization), and general and administrative costs and expenses in the consolidated statements of operations.

Redeemable Convertible Preferred Stock

The Company applied the guidance in ASC Topic 480-10-S99-3A, SEC Staff Announcement: Classification and Measurement of Redeemable Securities and therefore classified the redeemable convertible preferred stock (Note 9), as temporary equity. The redeemable convertible preferred stock was recorded outside of stockholders’ deficit because it includes a redemption provision upon a change of control, which is a deemed liquidation event that is considered outside the Company’s control. The redeemable convertible preferred stock was recorded at its original issue price, net of issuance costs. The Company did not adjust the carrying values to the liquidation price associated with a change of control because a change of control of the Company was not considered probable at the measurement dates. Subsequent adjustments to increase or decrease the carrying values to their respective liquidation prices were to be made only if and when it became probable that such a change of control will occur. On January 30, 2026, the Company completed its IPO upon which each outstanding share of the Company’s Series A-1, Series A-2, Series A, Series B, Series C, Series D, and Series D-1 redeemable convertible preferred stock converted into shares of the Company’s Class A common stock or Class B common stock (see Note 9 for additional information).

Common Stock Warrants

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Accounting Standards Codification (ASC 480), Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging. The Company has issued common stock warrants which are equity classified and are recorded at fair value upon the issuance. The Company uses the

Black-Scholes option-pricing model, which incorporates assumptions and estimates, to value the common stock warrants. Stock volatility is estimated based on the historical volatility of publicly traded peer companies for a term equal to the remaining contractual term of the warrants. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants. The dividend yield is estimated at 0% based on the expected dividend yield as the Company does not anticipate paying any cash dividends in the foreseeable future.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss consists of foreign currency translation adjustments and unrealized gain (loss) on marketable securities. The financial statements of the Company’s foreign subsidiaries are translated from their functional currency into U.S. dollars. Assets and liabilities are translated at period end rates of exchange, and revenue and expenses are translated using average rates of exchange. The resulting gain or loss is included in accumulated other comprehensive loss in the consolidated balance sheets.

Revenue Recognition

See Note 3, Revenue, below for a description of the Company’s revenue recognition policy.

Advertising Costs

Advertising costs are generally expensed as incurred in connection with the requisite service period. Certain advertising production costs are capitalized and expensed when the advertisement first takes place. Advertising expenses were approximately $99,963 and $63,366 for the years ended December 31, 2025 and 2024, respectively. Advertising costs are recorded in sales and marketing expenses in the Company’s consolidated statements of operations.

Stock-Based Compensation

The Company measures compensation expense for all share-based awards based on the estimated fair value of the award on the grant date. The Company’s equity incentive plan provides for the granting of stock options, restricted stock units, and restricted stock awards to employees, consultants, officers, and directors. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. For stock-based awards with performance conditions, the Company records compensation expense when it is deemed probable that the performance condition will be met and record compensation expenses for each vesting tranche for awards subject to graded vesting method.

The Company determines the fair value of stock options issued to employees on the date of grant using the Black-Scholes option pricing model which is impacted by the estimated fair value of the Company’s common stock, as well as changes in assumptions regarding a number of highly complex and subjective variables.

These variables are summarized as follows:

•

Fair value of common stock - Due to the absence of an active market for the Company’s common stock, the fair value of the common stock underlying the Company’s share-based awards is determined by the Company’s board of directors, with input from management and the assistance of a third-party valuation firm. Prior to the Closing of its IPO, because there is no public market for the Company’s stock, the independent third-party valuations have generally been performed annually in accordance with the guidance outlined in the AICPA Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as compensation (AICPA’s Practice Aid). In conducting the valuations, the independent third-party valuation specialist considered all objective and subjective factors that it believed to be relevant for each valuation conducted in accordance with AICPA’s Practice Aid, including the price paid by investors for the Company’s common and redeemable convertible preferred stock, actual and forecasted operating and financial performance, market conditions, performance of comparable publicly traded companies and transactions of comparable companies, developments and milestones within the Company, the rights, preferences, and privileges of the Company’s common and redeemable convertible preferred stock, and the likelihood and timing of achieving a liquidity event. In determining the fair value of the Company’s common stock, the fair value of the Company’s business was determined using various valuation methods, including combinations of the income approach (discounted cash flow method) and the market approach (public company market-multiple method) with input from the Company. The income approach

involves applying an appropriate risk-adjusted discount rate to projected cash flows based on forecasted revenue and costs. The market approach estimates value based on a comparison of the Company to comparable public companies in a similar line of business.

From the comparable companies, a representative market-value multiple was determined, which was applied to the Company’s operating results to estimate the enterprise value of the Company. Once the enterprise value was determined under the market approach, the Company derived the equity value of the Company and used the option-pricing model to allocate that value across the various classes of securities to arrive at the fair value of the common stock.

•

Expected volatility - Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. Since the Company does not have sufficient trading history of its common stock, it estimates the expected volatility of its stock options at their grant date by taking the weighted-average historical volatility of a group of comparable publicly traded companies over a period equal to the expected life of the options.

•

Expected term - Expected term represents the period over which the Company anticipates share-based awards to be outstanding. For awards with the standard 90-day exercise period, the Company uses the simplified method to calculate the expected term estimate based on the options’ vesting term and contractual terms. Under the simplified method, the expected life is equal to the average of the share-based award’s weighted-average vesting period and its contractual term. For those awards with an extended post-termination exercise period, the Company calculates the expected term based on the options’ vesting term, tenure of the employee upon grant, and contractual terms.

•

Risk-free interest rate - The risk-free interest rate used is based on the implied yield in effect at the time of grant of U.S. Treasury securities with maturities similar to the expected term of the stock options.

•

Expected dividend yield - The dividend yield is zero as the Company has not declared or paid any dividends to date and does not currently expect to do so in the future.

The Company accounts for forfeitures when they occur.

Income Tax Expense

Income tax expense is determined using the liability method. Under this method, deferred tax assets and liabilities are calculated based upon the temporary differences between the financial statement and income tax bases of assets and liabilities using the enacted tax rates that are applicable in a given year. The utilization of deferred tax assets is limited by the amount of taxable income expected to be generated within the allowable carryforward period and other factors. Management also considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company records a valuation allowance to reduce deferred tax assets to the amount management believes is more likely than not to be realized.

Adjustments to the valuation allowance are recognized as benefit (expense) in the period in which such determination is made. The calculation of income tax liabilities involves judgment in estimating the impact of uncertainties and complex tax laws. In addition, the Company’s tax returns are subject to audit by various U.S. and foreign tax authorities. Resolution of these uncertainties in a manner inconsistent with our expectations could have a material impact on the Company’s financial position and results of operations.

The Company utilizes a two-step approach to recognizing and measuring uncertain tax positions (tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more-likely-than-not that the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. The Company considers many factors when evaluating and estimating its tax positions and tax benefits, which may require periodic adjustments, and which may not accurately forecast actual outcomes.

The Company includes interest and penalties related to tax contingencies in the provision for income taxes in the consolidated statements of operations. There was no such expense recorded during 2025 and 2024.

Fair Value

Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. See Note 5, Fair Value Measurement, for details of the fair value hierarchy and the related inputs used by the Company.

Recently Issued Accounting Pronouncements Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU may be applied on a prospective or retrospective application basis and are effective for annual periods beginning after December 15, 2025. Early adoption is permitted. The Company prospectively adopted the standard for the year ended December 31, 2025 and has made the required disclosures.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides guidance on measuring expected credit losses using a probabilistic method and a practical expedient for all entities that simplifies the estimation of expected credit losses for current trade accounts receivable and contract assets arising from revenue transactions. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The Company early adopted the standard for the year ended December 31, 2025 and there was no material impact on its consolidated financial statement disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The updates in this ASU may be applied on a prospective or retrospective application basis and are effective for annual periods beginning after December 15, 2026 and interim reporting beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statement disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which clarifies and expands the existing guidance on capitalizing implementation costs for cloud computing arrangements that are service contracts. The new guidance is effective for public business entities for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its consolidated financial statement disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which provides clarity on current interim disclosure requirements. The guidance is effective for the Company’s fiscal years and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements.

Stockholders' Deficit (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Issuance

The Company has reserved shares of common stock for issuance for the following purposes at December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Series A-1 preferred stock		1,996		1,996
Series A-2 preferred stock		3,156		3,156
Series A preferred stock		7,361		7,361
Series B preferred stock		10,371		10,371
Series C preferred stock		6,576		6,576
Series D preferred stock		5,576		5,576
Series D-1 preferred stock		2,192		2,192
Warrants to purchase common stock		548		86
Common stock options outstanding and unvested RSUs		11,587		6,977
Shares available for grant under Equity Plan		474		1,385
Total shares of common stock reserved		49,837		45,676

Schedule of redeemable convertible preferred stock

A summary of the redeemable convertible preferred stock shares authorized, issued, and outstanding as of December 31, 2025 and 2024 is as follows:


			Shares
	Shares		Issued and		Carrying		Liquidation
	Authorized		Outstanding		Value		Value
Balance at December 31, 2025		37,400		37,228	$	4	$	404,801
Balance at December 31, 2024		37,228		37,228	$	4	$	404,801

Stockholders' Deficit (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Jan. 30, 2026	Jan. 29, 2026	Dec. 31, 2024
Class of Stock [Line Items]
Common stock shares authorized	1,040,000,000			62,390,000
Authorize to issue preferred shares	37,400,000			37,228,000
Redeemable convertible preferred Shares Outstanding	37,228,000			37,228,000
Common Stock, Shares, Issued	16,647,000			16,032,000
Common stock share outstanding	16,647,000			16,032,000
Common stock shares authorized	1,040,000,000			62,390,000
Redeemable convertible preferred Shares Authorized	37,400,000			37,228,000
Cash dividends rate of preferred stock	0.00%
Dividends declare	$ 0
IPO [Member]
Class of Stock [Line Items]
Authorize to issue preferred shares	20,000
Redeemable convertible preferred Shares Outstanding	0
Redeemable convertible preferred Shares Authorized	20,000
Capital Stock shares authorized	1,060,000
Common Class A [Member]
Class of Stock [Line Items]
Converted into common stock	18,449,000
Common Class A [Member] \| IPO [Member]
Class of Stock [Line Items]
Common stock share outstanding	30,479,000
Common Class A [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Common stock shares authorized		1,000,000,000
Common stock par value		$ 0.0001
Common Stock, Shares, Issued		10,526,000	10,526,000
Common stock shares authorized		1,000,000,000
Common Class B [Member]
Class of Stock [Line Items]
Converted into common stock	19,144,000
Common Class B [Member] \| IPO [Member]
Class of Stock [Line Items]
Common stock share outstanding	32,079,000
Common Class B [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Common stock shares authorized		40,000,000
Common stock par value		$ 0.0001
Common stock shares authorized		40,000,000
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Issue of shares	37,228,000
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	$ 0.302295
Series A-2 Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	0.665315
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	0.782705
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	3.310895
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	9.124325
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	36.2236
Series D-1 Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, price per share	$ 45.6162
Common Stock [Member]
Class of Stock [Line Items]
Common stock shares authorized	1,040,000,000			62,390,000
Common stock par value	$ 0.0001			$ 0.0001
Common stock shares authorized	1,040,000,000			62,390,000
Preferred Stock [Member]
Class of Stock [Line Items]
Authorize to issue preferred shares	37,400,000			37,228,000
Preferred stock par value	$ 0.0001			$ 0.0001
Redeemable convertible preferred Shares Authorized	37,400,000			37,228,000
Cash dividends rate of preferred stock	6.00%
Preferred Stock [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Common stock shares authorized		20,000,000
Preferred stock par value		$ 0.0001
Common stock shares authorized		20,000,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Net Income Before of Refunds Received

Income before income tax expense for the years ended December 31, 2025 and 2024 was as follows:


	Year Ended December 31,
	2025		2024
Domestic source	$	74,712	$	52,414
Foreign source		1,032		1,522
Income before income tax expense	$	75,744	$	53,936

Schedule of Reconciliation of Income Taxes Computed at the U.S. Federal Statutory Rate to the Income Taxes

A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
Income tax expense at U.S. federal statutory tax rate	$	15,906		21.0	%
State and local income tax, net of federal income tax effect (1)		1,102		1.5	%
Foreign tax effects		399		0.5	%
Effect of cross-border tax laws
Foreign tax credit		(547	)	(0.7	)%
Tax credits
Research and development tax credits		(334	)	(0.4	)%
Changes in valuation allowance		(12,111	)	(16.0	)%
Nontaxable and nondeductible items
Share-based payment awards		(1,060	)	(1.4	)%
Other		460		0.6	%
Changes in unrecognized tax benefits
Uncertain tax benefit on research and development tax credits		(235	)	(0.3	)%
Other
True-ups related to prior year adjustments		1,013		1.3	%
Total income tax expense	$	4,593		6.1	%

(1)

The majority of the impact of the state and local taxes line item relates to California, Colorado, Michigan, Minnesota, New Jersey and Texas.

The following is a reconciliation of income taxes computed at the U.S. federal statutory rate to the income taxes reported in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2024:


	Year Ended December 31,
		2024
Book income before tax		$	53,936
Federal tax at statutory rate			21.0	%
Stock-based compensation			0.1	%
Change in valuation allowance			(18.5	)%
State taxes			2.3	%
Research and development credits			2.8	%
Non-deductible expenses and other			0.1	%
Prior year true ups			1.6	%
Foreign taxes			0.0	%
Adjustments to net operating losses			0.0	%
Foreign tax credits			0.0	%
Tax expense		$	5,104

Schedule of Tax Effects of Temporary Differences Giving rise to Deferred Income Tax Assets and Liabilities

The tax effects of temporary differences giving rise to deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Deferred tax assets:
Accruals and reserves	$	34		$	21
Net operating loss carryforwards		65,331			62,001
Asset basis differences		2,239			7,358
Lease liability		586			670
Settlements		357			577
Credit carryforwards		3,584			2,480
Equity based compensation		3,061			2,794
		75,192			75,901
Valuation allowance		(25,724	)		(39,699	)
Deferred tax assets, net of valuation allowance		49,468			36,202
Deferred tax liabilities:
Other prepaids		(815	)		(432	)
Right-of-use asset		(544	)		(650	)
Commission receivable		(56,638	)		(39,027	)
		(57,997	)		(40,109	)
Net deferred tax liabilities	$	(8,529	)	$	(3,907	)

Schedule of Income Tax Paid

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
Federal taxes paid	$	400
States and local taxes paid
California		430
Texas		171
Other		209
Total state and local taxes paid		810
Foreign taxes paid
India		550
Total income taxes paid	$	1,760

Schedule of Components of the Company's Income Tax Expense

The components of the Company’s income tax expense (benefit) are as follows:


	Year Ended December 31,
	2025			2024
Current:
Federal	$	(190	)	$	61
State		(238	)		743
Foreign		399			393
Total current expense		(29	)		1,197
Deferred:
Federal		3,332			3,240
State		1,290			667
Total deferred expense		4,622			3,907
Total expense	$	4,593		$	5,104

Schedule of Tax Loss and Credit Carryforwards

The Company had the following tax loss and credit carryforwards as of December 31, 2025 and 2024:


	2025		Beginning Year of Expiration
U.S. federal loss carryforwards	$	269,993	2036
U.S. state and local loss carryforwards	$	158,410	2030
Federal research and development credit	$	4,216	2037
State research and development credit	$	1,757	Indefinite


	2024		Beginning Year of Expiration
U.S. federal loss carryforwards	$	255,959	2036
U.S. state and local loss carryforwards	$	146,636	2030
Federal research and development credit	$	3,653	2037
State research and development credit	$	1,778	Indefinite

Schedule of Company's Unrecognized Tax Benefit Activity

The following table summarizes the Company’s unrecognized tax benefit activity during the years ended December 31, 2025 and 2024, excluding the related accrual for interest:


	Year Ended December 31,
	2025			2024
Balance at beginning of period	$	3,002		$	3,383
Additions (reductions) for tax positions taken in prior years		(325	)		(515	)
Additions for tax positions taken in the current year		309			134
Balance at end of period	$	2,986		$	3,002

Revenue - Summary of Accounts Receivable Balances (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Revenue Recognition [Abstract]

Beginning Balance as of December 31

$ 30,303

$ 11,817

Additions from commissions receivable

313,972

188,684

Other additions

^[1]

14,516

5,434

Collections

(322,312)

(180,677)

Accounts receivable from the sale of commissions

^[2]

5,000

Change in allowance for doubtful accounts

Ending Balance, Balance as of December 31

$ 36,498

$ 30,303

[1]	Other additions is primarily comprised of amounts arising from revenue that does not flow through commission receivable along with other partnership related amounts.
[2]	Refer to Footnote 8 for additional discussion.

Summary of Significant Accounting Policies (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 29, 2026	Dec. 31, 2025	Dec. 31, 2024	Jan. 30, 2026
Concentration Risk [Line Items]
Common Stock, Shares, Issued		16,647,000	16,032,000
Allowance for credit loss		$ 0	$ 0
Deferred offering costs		7,241	0
Goodwill impairment loss		0	0
Goodwill balance		$ 2,238	2,238
Contract. Leases with an initial term		12 months
Cash dividends rate of preferred stock		0.00%
Advertising expenses		$ 99,963	63,366
Income tax interest and penalties expense		0	$ 0
Subsequent Event [Member]
Concentration Risk [Line Items]
Shares Issued, Price Per Share	$ 19
Proceeds from Issuance of Common Stock	$ 97,400
Proceeds from Debt, Net of Issuance Costs	$ 82,600
IPO [Member]
Concentration Risk [Line Items]
Deferred offering costs		8,813
Deferred and capitalized cost		$ 7,241
Common Class A [Member] \| Subsequent Event [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued	10,526,000			10,526,000
Shares Issued, Price Per Share				$ 19
Redeemable convertible preferred stock	18,449,000
Common Class B [Member] \| Subsequent Event [Member]
Concentration Risk [Line Items]
Redeemable convertible preferred stock	19,144,000
Investor [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued	5,399,000			5,399,000
Company [Member] \| Common Class A [Member] \| Subsequent Event [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued	5,127,000			5,127,000
Customer 1 [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		38.00%	63.00%
Customer 1 [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		71.00%	54.00%
Customer 2 [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		36.00%	19.00%
Customer 2 [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		14.00%	25.00%
Customer 3 [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		14.00%	11.00%
Customer 3 [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk			19.00%

Net Income Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Denominator Used in the calculation of Basic and Diluted Earnings Per Share

A reconciliation of the denominator used in the calculation of basic and diluted earnings per share is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Basic net income per share:
Net income attributable to common stockholders (numerator)	$	71,151	$	48,832
Shares used in computation (denominator):
Weighted-average common shares outstanding		16,490		16,007
Basic net income per share	$	4.31	$	3.05
Diluted net income per share:
Net income attributable to common stockholders (numerator)	$	71,151	$	48,832
Shares used in computation (denominator):
Weighted-average common shares outstanding		16,490		16,007
Effect of dilutive securities:
Stock options		1,112		1,274
Redeemable convertible preferred Stock		37,296		37,296
Warrants		130		110
Restricted stock units		3,388		2,913
Weighted-average diluted shares		58,416		57,600
Diluted net income per share	$	1.22	$	0.85

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive was as follows:

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Costs

The components of lease costs, which consist of rent expense for leased office space, during the years ended December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Fixed operating lease cost	$	1,046	$	668
Short-term lease cost		69		83
Sublease income		—		(14	)
Total lease cost	$	1,115	$	737

Schedule of Supplemental Cash Flow Information Related to Operating Lease

Supplemental cash flow information related to the Company’s operating leases as well as the weighted-average lease term and discount rate as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Cash paid for operating lease liabilities	$	959		$	613
Operating lease assets obtained in exchange for new operating lease obligations	$	596		$	2,663
Weighted-average remaining lease term (years)		2.28			3.26
Weighted-average discount rate		6.00	%		6.00	%

Schedule of Future Lease Payments

Future lease payments under the Company’s operating lease agreements as of December 31, 2025 were as follows:


2026	$	1,265
2027		794
2028		503
Total future lease payments		2,562
Less interest		(209	)
Present value of lease liabilities	$	2,353

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Supplemental cash flow information related to the Company’s operating leases as well as the weighted-average lease term and discount rate as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Cash paid for operating lease liabilities	$	959		$	613
Operating lease assets obtained in exchange for new operating lease obligations	$	596		$	2,663
Weighted-average remaining lease term (years)		2.28			3.26
Weighted-average discount rate		6.00	%		6.00	%

Revenue (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Accounts Receivable, [Line Item]
Balances of allowance for credit losses	$ 0	$ 0
Increase (or net cash outflow)	11,195	13,626
Contract liabilities	0
Finance Receivables [Member]
Accounts Receivable, [Line Item]
Increase (or net cash outflow)	6,200	18,500
Net cash outflow	11,200	13,600
Proceeds from liabilities related to sale of commissions receivable	$ 5,000	$ 5,000

Marketable Securities (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Investments and Cash [Abstract]
Investments And Cash	$ 93,554	$ 103,873
Short Term Investments	34,876	68,279
Long Term Investments	31,468	35,002
Investments Classified as Cash and Cash Equivalents	27,210	592
Interest Income	$ 5,831	$ 5,599

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

Financial instruments measured at fair value are as follows (in thousands):


December 31, 2025	Level 1		Level 2		Level 3		Total
U.S. government bonds	$	9,234	$	—	$	—	$	9,234
Corporate debt securities		—		45,173		—		45,173
Agency bond		—		11,937		—		11,937
Total assets measured at fair value on a recurring basis	$	9,234	$	57,110	$	—	$	66,344


December 31, 2024	Level 1		Level 2		Level 3		Total
U.S. government bonds	$	32,564	$	—	$	—	$	32,564
Corporate debt securities		—		48,352		—		48,352
Municipal bond		—		3,977		—		3,977
Agency bond		—		18,388		—		18,388
Total investments	$	32,564	$	70,717	$	—	$	103,281

Stock-Based Compensation - Schedule of Stock Option Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Outstanding, beginning balance (in shares)	1,466	1,577
Forfeited	(13)	(39)
Exercised	(317)	(72)
Outstanding, ending balance (in shares)	1,136	1,466	1,577
Vested and expected to vest	1,136
Exercisable	1,136
Outstanding, beginning balance (in USD per share)	$ 3.21	$ 3.29
Forfeited (in USD per share)	2.97	7.15
Exercised (in USD per share)	3.32	2.88
Outstanding, ending balance (in USD per share)	3.18	$ 3.21	$ 3.29
Vested and expected to vest (in USD per share)	3.18
Exercisable (in USD per share)	$ 3.18
Outstanding, aggregate intrinsic value	$ 20,715	$ 47,531	$ 11,284
Exercised, Aggregate Intrinsic Value	10,590	$ 1,250
Vested and expected to vest, Aggregate Intrinsic Value	20,715
'Exercisable, Aggregate Intrinsic Value	$ 20,715
Weighted-Average Exercise Term (Years)	4 years 4 months 17 days	5 years 4 months 2 days	6 years 4 months 17 days
Vested and expected to vest, Weighted-Average Exercise Term (Years)	4 years 4 months 17 days
Exercisable, Weighted-Average Exercise Term (Years)	4 years 4 months 17 days

Income Taxes - Schedule of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
Domestic source	$ 74,712	$ 52,414
Foreign source	1,032	1,522
Net income before income tax expense	$ 75,744	$ 53,936

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

On January 30, 2026, the Company completed its initial public offering (the “IPO”) of a total of 10,526 shares of its Class A common stock, including 5,127 shares of Class A common stock offered by the Company and 5,399 shares of Class A common stock sold by existing investors (“Selling Stockholders”), at a price to the public of $19.00 per share. The gross proceeds to the Company from the IPO were $97.4 million and the net proceeds amounted to $82.6 million, after deducting $5.8 million underwriting discounts and $9.0 million offering expenses paid or payable by the Company. The Company did not receive any proceeds from the sale of shares of Class A common stock by the Selling Stockholders. Immediately prior to the closing of the IPO, each outstanding share of the Company’s Series A-1, Series A-2, Series A, Series B, Series C, Series D, Series D-1 redeemable convertible preferred stock converted into 18,449 and 19,144 shares of the Company’s Class A common stock and Class B common stock, respectively (see Note 9 for additional information).

In connection with the IPO, the Company’s board of directors adopted, and its stockholders approved, the 2026 Incentive Award Plan (the “2026 Plan”), which became effective upon the effectiveness of the Company’s Registration Statement on Form S-1. In connection with the effectiveness of the 2026 Plan, the Company’s 2016 Plan terminated, and no further awards will be granted under the 2016 Plan. However, all outstanding awards will continue to be governed by their existing terms. Under the 2026 Plan, 18,962 shares of the Company’s common stock were initially reserved for issuance pursuant to a variety of stock-based compensation awards, consisting of 13,000 new shares and up to 5,962 shares underlying outstanding awards granted under our 2016 Plan that, after the date the 2026 Plan became effective. Additionally, the Company’s board of directors adopted, and its stockholders approved, the 2026 Employee Stock Purchase Plan (the “2026 ESPP”), which became effective upon the effectiveness of the Company’s Registration Statement on Form S-1, with an initial reserve of 1,300 shares of the Company’s Class A common stock.

There were no other events or transactions requiring disclosure in the accompanying consolidated financial statements.

Revenue - Summary of revenue disaggregated by product (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Total commission revenue	$ 387,608	$ 254,926
Term Life Insurance [Member]
Disaggregation of Revenue [Line Items]
Total commission revenue	262,614	204,301
Other Products [Member]
Disaggregation of Revenue [Line Items]
Total commission revenue	$ 124,994	$ 50,625

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stock-Based Compensation - Schedule of Warrant Determined Using the Black-Scholes Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares
April Two Thousand Twenty Four Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	68.00%
Expected risk-free interest rate	4.80%
Expected term (in years)	2 years 8 months 8 days
Fair value	$ 12.65
January Two Thousand Twenty Five Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	63.60%
Expected risk-free interest rate	4.30%
Expected term (in years)	2 years 6 months
Fair value	$ 40.25
April Two Thousand Twenty Five Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	64.20%
Expected risk-free interest rate	3.70%
Expected term (in years)	1 year 8 months 23 days
Fair value	$ 14.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurement - Schedule of Financial Instruments Measured at Fair Value (Details) - Fair value measurements recurring basis [member] - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	$ 66,344	$ 103,281
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	9,234	32,564
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	57,110	70,717
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	0	0
U.S. Government Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	9,234	32,564
U.S. Government Bonds [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	9,234	32,564
U.S. Government Bonds [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	0	0
U.S. Government Bonds [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	0	0
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	45,173	48,352
Corporate Debt Securities [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	0	0
Corporate Debt Securities [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	45,173	48,352
Corporate Debt Securities [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	0	0
Agency Bond [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	11,937	18,388
Agency Bond [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	0	0
Agency Bond [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	11,937	18,388
Agency Bond [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis	$ 0	0
Municipal Bond [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis		3,977
Municipal Bond [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis		0
Municipal Bond [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis		3,977
Municipal Bond [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value on a recurring basis		$ 0

Stockholders' Deficit

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Stockholders' Deficit

9. Stockholders’ Deficit

As of December 31, 2025 and 2024, the Company was authorized to issue two classes of stock: common stock and redeemable convertible preferred stock. The total number of shares that the Company is authorized to issue at December 31, 2025, is 1,040,000 shares of common stock with a par value of $0.0001 and 37,400 of preferred stock with a par value of $0.0001. The total number of shares that the Company is authorized to issue at December 31, 2024, is 62,390 shares of common stock with a par value of $0.0001 and 37,228 of preferred stock with a par value of $0.0001.

The Company has reserved shares of common stock for issuance for the following purposes at December 31, 2025 and 2024:


	December 31, 2025		December 31, 2024
Series A-1 preferred stock		1,996		1,996
Series A-2 preferred stock		3,156		3,156
Series A preferred stock		7,361		7,361
Series B preferred stock		10,371		10,371
Series C preferred stock		6,576		6,576
Series D preferred stock		5,576		5,576
Series D-1 preferred stock		2,192		2,192
Warrants to purchase common stock		548		86
Common stock options outstanding and unvested RSUs		11,587		6,977
Shares available for grant under Equity Plan		474		1,385
Total shares of common stock reserved		49,837		45,676

Common Stock

Each holder of common stock has one vote per share of common stock held on all matters that are submitted for stockholder vote. As of December 31, 2025 and 2024, 16,647 and 16,032 shares of authorized common stock were issued and outstanding, respectively. The majority of the outstanding common stock has been issued as founder’s stock. Holders of the Company’s common stock are entitled to dividends if and when declared by the Board of Directors. The Company did not hold any shares as treasury shares as of December 31, 2025 and 2024.

On January 30, 2026, in connection with the closing of its IPO, the Company’s certificate of incorporation was amended and restated to authorize 1,000,000 shares of Class A common stock, par value $0.0001 per share, 40,000 shares of Class B common stock, par value $0.0001 per share, and 20,000 shares of preferred stock, par value $0.0001 per share.

The holders of Class A common stock are entitled to vote on all corporate matters together with the holders of common stock at a ratio of one vote per share. The holders of Class B common stock are entitled to vote on all corporate matters together with the holders of common stock at a ratio of twenty votes per share. Each holder of preferred stock shall be entitled to the number of votes equal to the number of shares of common stock into which such preferred stock could then be converted. Immediately following the IPO, 30,479 and 32,079 shares of Class A and Class B common stock were outstanding, respectively.

Redeemable Convertible Preferred Stock

A summary of the redeemable convertible preferred stock shares authorized, issued, and outstanding as of December 31, 2025 and 2024 is as follows:


			Shares
	Shares		Issued and		Carrying		Liquidation
	Authorized		Outstanding		Value		Value
Balance at December 31, 2025		37,400		37,228	$	4	$	404,801
Balance at December 31, 2024		37,228		37,228	$	4	$	404,801

The Company previously issued shares of redeemable convertible preferred stock. Immediately prior to the closing of the IPO on January 30, 2026 all 37,228 shares of the Company’s Series A-1, Series A-2, Series A, Series B, Series C, Series D, Series D-1 redeemable convertible preferred stock converted into an aggregate of 18,449 shares and 19,144 shares of the Company’s Class A and Class B common stock after adjusting the conversion ratios of the redeemable convertible preferred stock, respectively, and such shares of redeemable convertible preferred stock were cancelled, retired, and eliminated from the shares of stock that the Company is authorized to issue and shall not be reissued by the Company.

Immediately prior to the closing of the IPO, the Company authorized capital stock of a total of 1,060,000 shares, in which 20,000 shares are designated as preferred stock. No shares of redeemable convertible preferred stock were outstanding following the IPO.

Dividends

Holders of the redeemable convertible preferred stock, in preference to the holders of common stock, shall be entitled to receive, but only out of funds that are legally available therefore, cash dividends at the rate of 6% of the applicable original issue price per annum on each outstanding share of preferred stock. The original issue price for Series A-1 is $0.302295 per share, Series A-2 is $0.665315 per share, Series A is $0.782705 per share, Series B is $3.310895 per share, Series C is $9.124325 per share, Series D $36.2236 per share, and Series D-1 $45.6162 per share. Such dividends shall be payable only when, as and if declared by the Board of Directors and shall be non-cumulative. As of December 31, 2025 and 2024, no dividends have been declared.

Liquidation Preference

Upon any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary (a Liquidation Event), before any distribution or payment shall be made to the holders of any common stock, the holders of redeemable convertible preferred stock shall be entitled to be paid out of the assets of the Company legally available for distribution (or the consideration received by the Company or its stockholders in an acquisition) for each share of redeemable convertible preferred stock held by them, an amount per share of redeemable convertible preferred stock equal to the applicable original issue price plus all declared and unpaid dividends on the redeemable convertible preferred stock. If, upon any such liquidation event, the assets of the Company shall be insufficient to make payment in full to all holders of redeemable convertible preferred stock of the liquidation preference set forth above, then such assets (or consideration) shall be distributed among the holders of redeemable convertible preferred stock at the time outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled.

Voting Rights

The holders of redeemable convertible preferred stock are entitled to vote on all corporate matters together with the holders of common stock. Each holder of redeemable convertible preferred stock shall be entitled to the number of votes equal to the number of shares of common stock into which such redeemable convertible preferred stock could then be converted.

Conversion Rights

Each share of redeemable convertible preferred stock shall be convertible, at the option of the holder thereof, into such number of fully paid non-assessable shares of common stock as determined by multiplying the series preferred conversion rate then in effect by the number of shares of series preferred being converted. The conversion rate shall be obtained by dividing the original issue price of the series preferred by the series preferred conversion price. The series preferred conversion price shall initially be the original issue price.

Redemption Rights

The holders of the Company’s redeemable convertible preferred stock have no voluntary rights to redeem shares. A liquidation or winding up of the Company, a change in control, or a sale of substantially all of the Company’s assets would constitute a redemption event, which may be outside of the Company’s control. Accordingly, these shares are considered contingently redeemable and are classified as temporary equity in the consolidated balance sheets.

- Definition

The entire disclosure for equity.

+ References

+ Details

Stockholders' Deficit - Schedule of Reserved Shares of Common Stock for Issuance (Details) - shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Shares available for grant under Equity Plan	0	0
Total shares of common stock reserved	49,837	45,676
Warrant [Member]
Class of Stock [Line Items]
Warrants to purchase common stock	548	86
Equity Plan [Member]
Class of Stock [Line Items]
Shares available for grant under Equity Plan	474	1,385
RSUs [Member]
Class of Stock [Line Items]
Common stock options outstanding and unvested RSUs	11,587	6,977
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	1,996	1,996
Series A-2 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	3,156	3,156
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	7,361	7,361
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	10,371	10,371
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	6,576	6,576
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	5,576	5,576
Series D-1 Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock	2,192	2,192

Liabilities Related to Sale of Commissions Receivable (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Liabilities related to sale of commissions receivable		$ 28,550
Liabilities related to sale of commissions receivable-current	$ 11,750
Liabilities related to sale of commissions receivable-non-current	12,509
Sale Of Future Commissions Receivable
Debt Instrument [Line Items]
Liabilities related to sale of commissions receivable	28,550
Liabilities related to sale of commissions receivable-current	8,043
Liabilities related to sale of commissions receivable-non-current	20,507
Proceeds from liabilities related to sale of commissions receivable	$ 5,000	$ 23,550
Company''s estimated effective annual interest rate	8.31%	8.64%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Balance Sheet Components - Schedule of the Company's Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Public Utilities, Inventory [Line Items]
Total other current liabilities	$ 6,021	$ 13,945
Persistency Reserve Liability [Member]
Public Utilities, Inventory [Line Items]
Total other current liabilities	4,879	12,170
Taxes Payable [Member]
Public Utilities, Inventory [Line Items]
Total other current liabilities	1,092	1,709
Other Current Liabilities [Member]
Public Utilities, Inventory [Line Items]
Total other current liabilities	$ 50	$ 66

Commitments and Contingencies - Supplemental Cash Flow Information Related to Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating lease liabilities	$ 959	$ 613
Operating lease liabilities arising from obtaining operating lease right-of-use assets	$ 596	$ 2,663
Weighted-average remaining lease term (years)	2 years 3 months 10 days	3 years 3 months 3 days
Weighted-average discount rate	6.00%	6.00%

Balance Sheet Components - Schedule of the Net Company's Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 26,534	$ 20,696
Accumulated depreciation and amortization	(18,345)	(13,272)
Total property and equipment, net	8,189	7,424
Developed software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	22,535	18,141
Accumulated depreciation and amortization	(793)	(436)
Computer equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,798	2,360
System consulting
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	141	141
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	53	53
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 7	$ 1

Fair Value Measurement

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. Fair Value Measurement

Certain assets and liabilities are required to be recorded at fair value on a recurring basis.

The accounting guidance for fair value measurements prioritizes valuation methodologies based on the reliability of the inputs in the following three-tier value hierarchy:

Level 1 Quoted prices in active markets for identical assets or liabilities.

Level 2 Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities.

Level 3 Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require.

The Company applied the following methods and assumptions in estimating its fair value measurements. The Company’s investments in U.S. Government bonds are classified as Level 1 within the fair value hierarchy given that they are valued based on quoted market prices for identical assets in active markets. Agency bonds, municipal bonds, and corporate bonds are classified as Level 2 within the fair value hierarchy because they are valued using inputs other than quoted prices in active markets that are observable directly or indirectly. Accounts receivable and accounts payable balances approximate fair value due to their generally short-term maturities.

Financial instruments measured at fair value are as follows (in thousands):


December 31, 2025	Level 1		Level 2		Level 3		Total
U.S. government bonds	$	9,234	$	—	$	—	$	9,234
Corporate debt securities		—		45,173		—		45,173
Agency bond		—		11,937		—		11,937
Total assets measured at fair value on a recurring basis	$	9,234	$	57,110	$	—	$	66,344


December 31, 2024	Level 1		Level 2		Level 3		Total
U.S. government bonds	$	32,564	$	—	$	—	$	32,564
Corporate debt securities		—		48,352		—		48,352
Municipal bond		—		3,977		—		3,977
Agency bond		—		18,388		—		18,388
Total investments	$	32,564	$	70,717	$	—	$	103,281

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2025	Feb. 28, 2026	Jan. 30, 2026
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Central Index Key	0001788451
Document Fiscal Period Focus	FY
Trading Symbol	LIFE
Entity Registrant Name	ETHOS TECHNOLOGIES INC.
Entity Central Index Key	0001788451
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Public Float			$ 351.8
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Entity Well-known Seasoned Issuer	No
Security Exchange Name	NASDAQ
Entity File Number	001-43065
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3181024
Entity Address, Address Line One	90 New Montgomery Street
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	915-0665
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference [Text Block]	Portions of the Registrant’s definitive Proxy Statement related to the 2026 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates.
Auditor Name	Ernst & Young LLP
Auditor Location	San Francisco, California
Auditor Firm ID	42
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Ethos Technologies Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive income (loss), redeemable convertible preferred stock and stockholders’ deficit and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
Document Financial Statement Error Correction [Flag]	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,790,388
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,079,265

Marketable Securities - Schedule of Gross Unrealized Losses and Estimated Fair Value on Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Unrealized Losses, 12 months or greater	$ 0	$ 0
Estimated Fair Value, 12 months or greater	0	0
Unrealized Losses, Less than 12 months	(3)	(98)
Estimated Fair Value, Less than 12 months	11,657	69,152
Corporate Debt Securities
Debt Securities, Available-for-Sale [Line Items]
Unrealized Losses, 12 months or greater	0	0
Estimated Fair Value, 12 months or greater	0	0
Unrealized Losses, Less than 12 months	(1)	(67)
Estimated Fair Value, Less than 12 months	4,597	32,852
US Government Bonds
Debt Securities, Available-for-Sale [Line Items]
Unrealized Losses, 12 months or greater		0
Estimated Fair Value, 12 months or greater		0
Unrealized Losses, Less than 12 months		(12)
Estimated Fair Value, Less than 12 months		16,184
Agency bond
Debt Securities, Available-for-Sale [Line Items]
Unrealized Losses, 12 months or greater	0	0
Estimated Fair Value, 12 months or greater	0	0
Unrealized Losses, Less than 12 months	(2)	(18)
Estimated Fair Value, Less than 12 months	$ 7,060	16,139
Municipal bond
Debt Securities, Available-for-Sale [Line Items]
Unrealized Losses, 12 months or greater		0
Estimated Fair Value, 12 months or greater		0
Unrealized Losses, Less than 12 months		(1)
Estimated Fair Value, Less than 12 months		$ 3,977

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Liabilities Related to Sale of Commissions Receivable

12 Months Ended

Dec. 31, 2025

Receivables [Abstract]

8. Liabilities Related to Sale of Commissions Receivable

From time to time, the Company has entered into agreements to sell a portion of its commissions receivable. These transactions are accounted for as debt. In December 2024, the Company entered into an agreement with an unaffiliated third-party to sell a portion of its commissions receivable. Specifically, the Company sold the cash flows associated with one carrier that were expected to be collected during renewals years two through ten for policies placed between January 2023 and October 2024 that were in-force as of the date of the sale. If the buyer receives cash payments that satisfy an internal rate of return established in the agreement, the Company has the right to repurchase the remaining commissions receivable. At the time of execution, the transaction was considered a sale of future revenue under U.S. GAAP, and as such, the proceeds of $28,550 were recorded as liabilities related to sale of commissions receivable, with $8,043 recorded in liabilities related to sale of commissions receivable-current and $20,507 recorded in liabilities related to sale of commissions receivable-non-current in the Company’s consolidated balance sheets. From the total proceeds, $23,550 was received during the year ended December 31, 2024, and the remaining $5,000 was received during January 2025.

The aggregate future estimated payments less proceeds received will be recognized as interest expense over the life of the agreement. The Company’s estimated effective annual interest rate was 8.31% and 8.64% for the year ended December 31, 2025 and December 31, 2024, respectively.

The table below shows the activity of the liabilities related to sale of commissions receivable for the years ended December 31, 2025 and 2024:


Liabilities related to sale of commissions receivable Reconciliation
Balance as of December 31, 2023	$	6,302
Proceeds from liabilities related to sale of commissions receivable		28,550
Non-cash interest expense		595
Repayment of liabilities related to sale of commissions receivable		(1,902	)
Balance as of December 31, 2024	$	33,545
Non-cash interest expense		2,666
Repayment of liabilities related to sale of commissions receivable		(11,952	)
Balance as of December 31, 2025	$	24,259
Less: Liabilities related to sale of commissions receivable-current		11,750
Liabilities related to sale of commissions receivable-non-current	$	12,509

Balance Sheet Components - Schedule of the Company's Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Agent advances	$ 40,294	$ 22,527
Deferred offering costs	7,241	0
Other assets	7,018	3,543
Total prepaid and other assets	$ 54,553	$ 26,070

Net Income Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Income Per Share Attributable to Common Stockholders

12. Net Income Per Share Attributable to Common Stockholders

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the period without consideration for common stock equivalents. Diluted net income per share attributable to common stockholders is computed by dividing net income by the weighted-average number of common shares outstanding during the period and potentially dilutive common stock equivalents. For periods of net loss, basic and diluted earnings per share are the same as the effect of potential common stock is anti-dilutive.

A reconciliation of the denominator used in the calculation of basic and diluted earnings per share is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Basic net income per share:
Net income attributable to common stockholders (numerator)	$	71,151	$	48,832
Shares used in computation (denominator):
Weighted-average common shares outstanding		16,490		16,007
Basic net income per share	$	4.31	$	3.05
Diluted net income per share:
Net income attributable to common stockholders (numerator)	$	71,151	$	48,832
Shares used in computation (denominator):
Weighted-average common shares outstanding		16,490		16,007
Effect of dilutive securities:
Stock options		1,112		1,274
Redeemable convertible preferred Stock		37,296		37,296
Warrants		130		110
Restricted stock units		3,388		2,913
Weighted-average diluted shares		58,416		57,600
Diluted net income per share	$	1.22	$	0.85

The weighted-average impact of potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive was as follows:

Revenue - Summary of commissions receivable activities (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Revenue Recognition [Abstract]

Opening Balance as of December 31

$ 188,175

$ 125,158

Commission revenue from activated policies during the period

382,608

249,871

Adjustments to commission revenue from policies activated in current period

(3,603)

Net commission revenue from activated policies in period

^[1]

(3,806)

5,433

Amounts recognized as accounts receivable

(313,972)

(188,684)

End Balance as of December 31

$ 253,005

$ 188,175

[1]

Stockholders` Deficit - Summary Of Redeemable Convertible Preferred Stock Shares Authorized, Issued, And Outstanding (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Equity [Abstract]
Redeemable convertible preferred Shares Authorized	37,400,000	37,228,000
Redeemable convertible preferred Shares Issued	37,228,000	37,228,000
Redeemable convertible preferred Shares Outstanding	37,228,000	37,228,000
Carrying value	$ 4,000	$ 4,000
Liquidation Value	$ 404,801,000	$ 404,801,000

Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

6. Balance Sheet Components

The Company’s prepaid and other current assets recorded in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Agent advances	$	40,294	$	22,527
Deferred offering costs		7,241		—
Other assets		7,018		3,543
Total prepaid and other assets	$	54,553	$	26,070

The components of the Company’s property and equipment, net as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Developed software	$	22,535		$	18,141
Computer equipment		3,798			2,360
System consulting		141			141
Furniture and fixtures		53			53
Leasehold improvements		7			1
Property and equipment		26,534			20,696
Accumulated depreciation and amortization		(18,345	)		(13,272	)
Total property and equipment, net	$	8,189		$	7,424

The Company recorded depreciation and amortization expense related to property and equipment, net, excluding developed software, of $793 and $436 for the years ended December 31, 2025 and 2024, respectively.

The Company capitalized developed software costs of $4,591 and $3,070 for the years ended December 31, 2025 and 2024, respectively. Amortization expense related to developed software costs, included in depreciation and amortization in the consolidated statements of operations and comprehensive income (loss), was $4,474 and $5,002 for the years ended December 31, 2025 and 2024, respectively.

The Company’s accrued expenses recorded in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Accrued sales and marketing expenses	$	27,761	$	14,083
Accrued payroll and compensation		2,890		1,451
Accrued underwriting expenses		2,615		1,577
Accrued professional services expenses		1,004		701
Deferred offering costs payable		934		—
Other accrued expenses		4,020		1,405
Total accrued expenses	$	39,224	$	19,217

The Company’s other current liabilities recorded in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Persistency reserve liability	$	4,879	$	12,170
Taxes payable		1,092		1,709
Other current liabilities		50		66
Total other current liabilities	$	6,021	$	13,945

The persistency reserve liability represents amounts received in excess of revenue recognized related to certain insurance carriers.

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of the Company's Prepaid and Other Current Assets

The Company’s prepaid and other current assets recorded in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Agent advances	$	40,294	$	22,527
Deferred offering costs		7,241		—
Other assets		7,018		3,543
Total prepaid and other assets	$	54,553	$	26,070

Schedule of Net Company's Property and Equipment

The components of the Company’s property and equipment, net as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Developed software	$	22,535		$	18,141
Computer equipment		3,798			2,360
System consulting		141			141
Furniture and fixtures		53			53
Leasehold improvements		7			1
Property and equipment		26,534			20,696
Accumulated depreciation and amortization		(18,345	)		(13,272	)
Total property and equipment, net	$	8,189		$	7,424

Schedule of the Company's Accrued Expenses

The Company’s accrued expenses recorded in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Accrued sales and marketing expenses	$	27,761	$	14,083
Accrued payroll and compensation		2,890		1,451
Accrued underwriting expenses		2,615		1,577
Accrued professional services expenses		1,004		701
Deferred offering costs payable		934		—
Other accrued expenses		4,020		1,405
Total accrued expenses	$	39,224	$	19,217

Schedule of the Company's Other Current Liabilities

The Company’s other current liabilities recorded in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Persistency reserve liability	$	4,879	$	12,170
Taxes payable		1,092		1,709
Other current liabilities		50		66
Total other current liabilities	$	6,021	$	13,945

Organization

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

1. Organization

Ethos Technologies Inc., a Delaware corporation, and its wholly owned subsidiaries (collectively referred to as the Company) is a technology-driven, direct-to-consumer platform that makes life insurance accessible and easy to apply for. Through its advanced digital underwriting, data analytics, and proprietary technology, the Company provides a streamlined process for consumers to explore, compare, and purchase life insurance policies entirely online. The Company contracts with top-rated insurance carriers to offer life insurance to families throughout the United States through the use of multi-channel marketing and advertising campaigns and independent third-party agents. The Company is a licensed agent in 49 states and serves as a third-party administrator (TPA). The streamlined application process is achieved through the Company’s full stack technology and predictive modeling platform which simplifies and automates the underwriting process allowing families to obtain same-day coverage. The Company primarily earns revenue in the form of commission payments from the contracted insurance carriers. Commission payments are received both when the initial policy is sold (first year) and when the underlying policyholder renews their policy in subsequent years.

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating Loss Carryforwards [Line Items]
Current income tax expense (benefit)	$ (29)	$ 1,197
Deferred income tax expense (benefit)	4,622	3,907
Decrease in valuation allowance	13,975	10,603
Operating loss credits	2,600
Interest expense and penalties	0	$ 0
Research and development credit
Operating Loss Carryforwards [Line Items]
Operating loss credits	$ 1,200

Balance Sheet Components - Schedule of the Company's Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued sales and marketing expenses	$ 27,761	$ 14,083
Accrued payroll and compensation	2,890	1,451
Accrued underwriting expenses	2,615	1,577
Accrued professional services expenses	1,004	701
Deferred offering costs payable	934	0
Other accrued expenses	4,020	1,405
Total accrued expenses	$ 39,224	$ 19,217

Income Taxes - Schedule of Components of the Company's Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Current:
Federal	$ (190)	$ 61
State	(238)	743
Foreign	399	393
Total current expense	(29)	1,197
Deferred:
Federal	3,332	3,240
State	1,290	667
Total deferred expense	4,622	3,907
Total income tax expense amount	$ 4,593	$ 5,104

Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Capitalized Developed Software cost	$ 4,591	$ 3,070
Depreciation and Amortization Expense	18,345	13,272
Developed software
Property, Plant and Equipment [Line Items]
Amortization expense	4,474	5,002
Depreciation and Amortization Expense	$ 793	$ 436

Commitments and Contingencies - Schedule of Future Lease Payments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 1,265
2027	794
2028	503
Total future lease payments	2,562
Less interest	(209)
Present value of lease liabilities	$ 2,353

Consolidated Statements of Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and Cash Equivalent	$ 91,091	$ 35,075
Short Term Investments	34,876	68,279
Accounts receivable, net	36,498	30,303
Commissions receivable-current, net	28,786	15,079
Prepaid and other current assets	54,553	26,070
Total current assets	245,804	174,806
Long-term assets:
Commissions receivable, net	224,219	173,096
Property and equipment, net	8,189	7,424
Operating lease right-of-use assets	2,183	2,536
Goodwill	2,238	2,238
Acquired intangible assets, net of amortization	662	221
Long Term Investments	31,468	35,002
Other long-term assets	574	558
Total long-term assets	269,533	221,075
Total assets	515,337	395,881
Current liabilities:
Accounts Payable	55,070	24,303
Accrued expenses	39,224	19,217
Liabilities related to sale of commissions receivable-current	11,750	9,382
Operating lease liabilities-current	1,125	753
Other current liabilities	6,021	13,945
Total current liabilities	113,190	67,600
Long-term liabilities:
Liabilities related to sale of commissions receivable-non-current	12,509	24,163
Operating lease liabilities-non-current	1,228	1,864
Deferred tax liability	8,529	3,907
Other long-term liabilities	0	1,500
Total long-term liabilities	22,266	31,434
Total liabilities	135,456	99,034
Commitments and contingencies (Note 7)
Liabilities and Equity [Abstract]
Redeemable convertible preferred stock, par value $0.0001 - 37,400 and 37,228 shares authorized, 37,228 issued, and outstanding (liquidation preference of $404,801) as of December 31, 2025 and December 31, 2024	403,997	403,997
Common stock, $0.0001 par value, 1,040,000 and 62,390 shares authorized, 16,647 and 16,032 issued and outstanding at December 31, 2025 and December 31, 2024, respectively	2	2
Additional paid-in capital	78,950	66,991
Accumulated other comprehensive loss	(554)	(478)
Accumulated deficit	(102,514)	(173,665)
Total stockholders' deficit	(24,116)	(107,150)
Total liabilities, redeemable convertible preferred stock and stockholders' deficit	$ 515,337	$ 395,881

Commitments and Contingencies (Additional Information) (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Jun. 30, 2025	May 31, 2024 ft²	Sep. 30, 2023	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Lessee, Lease, Description [Line Items]
Extending operating lease				the Company has the option to extend the lease terms
Contingency related loss					$ 2,000
Unsecured [Member]
Lessee, Lease, Description [Line Items]
Letter of credit				$ 30,000
Letter of credit information				If there is a draw on the letter of credit, the Company must reimburse the bank in cash, in immediately available funds, within one business day following notice of such draw from the lender. The letter of credit expires in June 2026.
San Francisco, CA
Lessee, Lease, Description [Line Items]
Lease agreement		the Company entered into a lease agreement in San Francisco, CA.
Area of land for office space \| ft²		9,079
Ethos Life Technologies (India) Pvt. Ltd [Member] \| Bangalore, Karnataka, India
Lessee, Lease, Description [Line Items]
Extending operating lease	The lease was modified in June 2025 to extend the lease term through April 2027
Lease agreement			In September 2023, Ethos Life Technologies (India) Pvt. Ltd. entered into a lease agreement in Bangalore, Karnataka, India

Income Taxes - Schedule of Reconciliation of Income Taxes Computed at the U.S. Federal Statutory Rate to the Income Taxes (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Effective Income Tax Rate Reconciliation, Percent [Abstract]

Book income before tax

$ 53,936

Federal tax at statutory rate

21.00%

Stock-based compensation

(1.40%)

0.10%

Change in valuation allowance

(16.00%)

(18.50%)

State taxes

1.50%

^[1]

2.30%

Research and development credits

0.40%

2.80%

Non-deductible expenses and other

0.60%

0.10%

Prior year true ups

1.60%

Foreign taxes

0.50%

0.00%

Adjustments to net operating losses

1.30%

0.00%

Foreign tax credits

0.00%

Income tax expense

$ 4,593

$ 5,104

[1]	The majority of the impact of the state and local taxes line item relates to California, Colorado, Michigan, Minnesota, New Jersey and Texas.

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue:
Commission	$ 387,608	$ 254,926
Total revenue	387,608	254,926
Costs and expenses:
Sales and marketing	229,318	148,664
General and administrative	39,647	22,417
Technology (exclusive of amortization)	33,629	23,133
Cost of revenue	6,733	6,527
Depreciation and amortization	5,359	5,438
Total costs and expenses	314,686	206,179
Income from operations	72,922	48,747
Other income (expense):
Interest expense	(3,170)	(595)
Interest income	5,831	5,599
Other income, net	161	185
Total other income (expense), net	2,822	5,189
Net income before income tax expense	75,744	53,936
Income tax expense	(4,593)	(5,104)
Net income	71,151	48,832
Other comprehensive income (loss):
Change in unrealized gain (loss) on marketable securities	253	(121)
Unrealized foreign currency translation loss	(329)	(199)
Total other comprehensive income (loss)	(76)	(320)
Comprehensive income	$ 71,075	$ 48,512
Per share data:
Basic net income per share	$ 4.31	$ 3.05
Diluted net income per share	$ 1.22	$ 0.85
Weighted-average shares used in computing basic net income per share	16,490	16,007
Weighted-average shares used in computing diluted net income per share	58,416	57,600

Marketable Securities

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

The Company invests surplus cash in short-term and long-term investments to generate a return until the cash is required to fund the Company’s ongoing operations. As of December 31, 2025, the Company held investments of $93,554, of which $34,876 were classified as short-term investments and $31,468 were classified as long-term investments with $27,210 classified as cash and cash equivalents. As of December 31, 2024, the Company held investments of $103,873, of which $68,279 were classified as short-term investments and $35,002 were classified as long-term investments with $592 classified as cash and cash equivalents. For the years ended December 31, 2025 and 2024, the Company generated $5,831 and $5,599, respectively, in interest income. The Company has classified these investments as available for sale and has reported the investments at fair value.

The cost or amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities was as follows:


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
December 31, 2025	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	9,230	$	4	$	—		$	—	$	9,234
Corporate debt securities		44,994		180		(1	)		—		45,173
Agency bond		11,935		4		(2	)		—		11,937

Total investments	$	66,159	$	188	$	(3	)	$	—	$	66,344


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
December 31, 2024	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	32,564	$	12	$	(12	)	$	—	$	32,564
Corporate debt securities		48,400		19		(67	)		—		48,352
Agency bond		18,405		1		(18	)		—		18,388
Municipal bond		3,978		—		(1	)		—		3,977

Total investments	$	103,347	$	32	$	(98	)	$	—	$	103,281

The Company examined its securities at each balance sheet date to determine if there was a need to recognize an allowance for credit loss pertaining to these securities. Upon review of all holdings, it was concluded that the unrealized losses on the fixed maturity securities were chiefly attributable to the interest rate environment, rather than the credit quality of the issuers. The Company has no plans to liquidate these investments, and it is unlikely for a necessary sale to occur before the recovery of their amortized cost basis. Therefore, no allowance for credit loss was recognized as of December 31, 2025 and 2024.

The gross unrealized losses and estimated fair values on investments aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position were as follows:


	12 months or greater				Less than 12 months
December 31, 2025	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
Corporate debt securities	$	—	$	—	$	(1	)	$	4,597
Agency bond		—		—		(2	)		7,060

Total investments	$	—	$	—	$	(3	)	$	11,657


	12 months or greater				Less than 12 months
December 31, 2024	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
U.S. government bonds	$	—	$	—	$	(12	)	$	16,184
Corporate debt securities		—		—		(67	)		32,852
Agency bond		—		—		(18	)		16,139
Municipal bond		—		—		(1	)		3,977

Total investments	$	—	$	—	$	(98	)	$	69,152

Net realized and unrealized gains and losses on investments are a function of the difference between the amount received by us on the sale of a security and the security’s cost-basis, mark-to-market adjustments, credit losses recognized in earnings, and unrealized gains and losses on equity securities. Unrealized gains and losses on fixed maturity securities are recognized as a component of other comprehensive income and do not impact the Company’s net income.

The estimated fair value of debt securities as of December 31, 2025 and 2024, by contractual maturity, were as follows:


December 31, 2025	Amortized Cost		Estimated Fair Value
Due in one year or less	$	34,849	$	34,876
Due after one year through five years		31,310		31,468

Total investments	$	66,159	$	66,344


December 31, 2024	Amortized Cost		Estimated Fair Value
Due in one year or less	$	68,276	$	68,279
Due after one year through five years		35,071		35,002

Total investments	$	103,347	$	103,281

Net Income Per Share Attributable to Common Stockholders - Schedule of Reconciliation of the Denominator Used in the calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Basic net income per share:
Net Income (Loss)	$ 71,151	$ 48,832
Shares used in computation (denominator):
Weighted-average shares used in computing basic net income per share	16,490	16,007
Basic net income per share	$ 4.31	$ 3.05
Diluted net income per share:
Net income	$ 71,151	$ 48,832
Shares used in computation (denominator):
Weighted-average shares used in computing diluted net income per share	58,416	57,600
Weighted-average common shares outstanding	16,490	16,007
Effect of dilutive securities:
Weighted-average diluted shares	58,416	57,600
Diluted net income per share	$ 1.22	$ 0.85
Stock options
Shares used in computation (denominator):
Weighted-average shares used in computing diluted net income per share	1,112	1,274
Effect of dilutive securities:
Weighted-average diluted shares	1,112	1,274
Redeemable convertible preferred Stock
Shares used in computation (denominator):
Weighted-average shares used in computing diluted net income per share	37,296	37,296
Effect of dilutive securities:
Weighted-average diluted shares	37,296	37,296
Warrants
Shares used in computation (denominator):
Weighted-average shares used in computing diluted net income per share	130	110
Effect of dilutive securities:
Weighted-average diluted shares	130	110
Restricted stock units
Shares used in computation (denominator):
Weighted-average shares used in computing diluted net income per share	3,388	2,913
Effect of dilutive securities:
Weighted-average diluted shares	3,388	2,913

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Reclassifications

Certain prior-period amounts have been reclassified in the accompanying Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation.

Reverse Stock Split

Initial Public Offering

Use of Estimates

Segment Reporting

Concentration of Credit Risk

Cash and Cash Equivalents

Marketable Securities

Accounts Receivable and Commissions Receivable, Net

See Note 3, Revenue, below for a description of the Company’s accounts and commissions receivable accounting policy.

Deferred Offering Costs

Website and Software Development Costs

Property and Equipment, Net

Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows:


	Estimated Useful Life
Computer equipment	2 years
Developed software	3 years
Furniture and fixtures	7 years
Leasehold improvements	Shorter of expected useful life or lease term

Intangible Assets

Goodwill

The Company had a goodwill balance of $2,238 as of December 31, 2025 and 2024.

Liabilities Related to Sale of Commissions Receivable

Lease Obligations

Redeemable Convertible Preferred Stock

Common Stock Warrants

Accumulated Other Comprehensive Loss

Revenue Recognition

See Note 3, Revenue, below for a description of the Company’s revenue recognition policy.

Advertising Costs

Stock-Based Compensation

These variables are summarized as follows:

•

Expected dividend yield - The dividend yield is zero as the Company has not declared or paid any dividends to date and does not currently expect to do so in the future.

The Company accounts for forfeitures when they occur.

Income Tax Expense

Fair Value

Recently Issued Accounting Pronouncements Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted

Stock-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

The Board of Directors has authorized the 2016 Equity Incentive Plan (the Plan). Under the Plan, the Board of Directors may grant incentive stock awards to employees, and non-statutory stock options to employees, directors and consultants. The Plan provides for the grant of stock options, restricted stock, and other stock-related and performance awards that may be settled in cash, stock, or other property. During 2023, the plan was amended to allow for a maximum of 12,351 shares of unauthorized or unissued common stock to be available.

For all stock options outstanding as of December 31, 2025 and 2024, the exercise price of the stock options equals the fair value of the stock option on the grant date. The stock options and restricted stock units vest over different lengths of time, but generally over four years, and are subject to forfeiture upon termination of employment prior to vesting. The maximum term for stock options issued to employees under the 2016 Plan is ten years (five years for incentive stock options granted to stockholders owning greater than 10% of all classes.), and they expire ten years from the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. For stock awards with performance conditions, the Company records compensation expense when it is deemed probable that the performance condition will be met and record compensation expenses for each vesting tranche for awards subject to graded vesting method.

Ethos Technologies Inc. has granted Participant Restricted Stock Units (RSUs) under the Plan, as per the terms specified in the Notice of Restricted Stock Unit Grant, the Plan, and the Restricted Stock Unit Agreement. The conditions for vesting include a service-based requirement and a liquidity event requirement, both of which must be met or the RSUs will lapse without cost to the Company. Under the service-based requirement, RSUs start vesting from the first year anniversary of the vesting commencement date, provided that the participant’s continuous service status is intact, and if terminated, unvested RSUs are forfeited without cost to the Company. The liquidity event requirement is satisfied on the occurrence of the effective date of a Company registration statement for public sale or immediately prior to the closing of a corporate transaction. Upon vesting, the Company will issue one share of common stock for each vested RSU according to a set schedule. The rights granted to the recipient of a restricted stock unit generally accrue over the vesting period. Participants holding restricted stock units are not entitled to any ordinary cash dividends paid by the Company with respect to such shares. The Company does not expect to pay any dividends in the foreseeable future.

Excess tax benefits reflect the total realized value of the Company’s tax deductions from individual stock option exercise transactions and the vesting of restricted stock awards and restricted stock units in excess of the deferred tax assets that were previously recorded. During the years ended December 31, 2025 and 2024, the Company recognized excess tax benefits from stock-based compensation of $4,816 and nil, respectively, within income tax expense in the consolidated

statements of operations and comprehensive income (loss) and within cash flows from operating activities in the consolidated statements of cash flows.

The Company’s 2016 Equity Incentive Plan (the “2016 Plan”) provides for granting stock options, restricted stock, and other stock-related and performance awards to employees, and non-statutory stock options to employees, directors and consultants.

In connection with the IPO, the Company’s board of directors adopted, and its stockholders approved, the 2026 Incentive Award Plan (the “2026 Plan”), which became effective on the day prior to the effectiveness of the Company’s Registration Statement on Form S-1. Under the 2026 Plan, 18,962 shares of the Company’s common stock were initially reserved for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit (“RSU”) awards, and other stock-based awards. Additionally, the Company’s board of directors adopted, and its stockholders approved, the 2026 Employee Stock Purchase Plan (the “2026 ESPP”), which became effective on the day prior to the effectiveness of the Company’s Registration Statement on Form S-1, with an initial reserve of 1,300 shares of the Company’s Class A common stock.

In connection with the effectiveness of the 2026 Plan, the Company’s 2016 Plan terminated, and no further awards will be granted under the 2016 Plan. However, all outstanding awards will continue to be governed by their existing terms.

The Company capitalized stock-based compensation expense as website and software development costs of $305 and $143 for the years ended December 31, 2025 and 2024, respectively.

Stock Options

The fair value of each stock option award was estimated based on the assumptions below as of the grant date using the Black-Scholes-Merton option pricing model. Expected volatility is based on the historical and implied volatilities of the Company’s own common stock. Separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term calculation for option awards considers a combination of the Company’s historical and estimated future exercise behavior. The risk-free rate for the period within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant.

The Company did not grant any stock options during the years ended December 31, 2025 and 2024.

Stock option awards as of December 31, 2025 and 2024 and changes during the years ended December 31, 2025 and 2024, were as follows:


	Options			Weighted- Average Exercise Price		Aggregate Intrinsic Value			Weighted- Average Exercise Term (Years)
Outstanding at December 31, 2023		1,577		$	3.29	$	11,284			6.38
Forfeited		(39	)		7.15	NM		*	NM		*
Exercised		(72	)		2.88		1,250			—
Outstanding at December 31, 2024		1,466		$	3.21	$	47,531			5.34
Forfeited		(13	)		2.97	NM			NM
Exercised		(317	)		3.32		10,590			—
Outstanding at December 31, 2025		1,136		$	3.18	$	20,715			4.38
Vested and expected to vest at December 31, 2025		1,136		$	3.18	$	20,715			4.38
Exercisable at December 31, 2025		1,136		$	3.18	$	20,715			4.38

* NM - not meaningful

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the fair value of the common stock and the exercise price, multiplied by the number of in-the-money options) that would have

been received by the option holders had all option holders exercised their in-the-money options on each date. This amount will change in future periods based on the fair value of the Company’s stock and the number of options outstanding.

The Company recorded compensation expense for stock options of $1,532 and $3,833 for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, all outstanding options were fully vested and there was no unrecognized compensation cost.

On January 29, 2026, 159 fully vested stock options were exercised resulting in issuance of 159 shares of common stock which immediately converted into 159 shares of Class A common stock upon the closing of the IPO. Following the closing of the IPO, there were 977 stock options outstanding.

Restricted Stock Units

Non-vested restricted stock units as of December 31, 2025 and 2024 and changes during the years ended December 31, 2025 and 2024 were as follows:


	Shares			Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2023		4,954		$	10.64
Granted		1,047			23.75
Forfeited		(491	)		15.19
Vested		—			—
Outstanding at December 31, 2024		5,510		$	12.73
Granted		5,403			38.92
Forfeited		(194	)		24.30
Vested		(268	)		10.76
Outstanding at December 31, 2025		10,451		$	26.10

There was no compensation expense related to restricted stock units for the year ended December 31, 2024 due to the related performance triggers not having been met. In February 2025, the performance triggers were lifted for 268 RSUs, the awards were vested and $7,964 was recognized as compensation expense. For the remaining restricted stock units, had the performance triggers been met, compensation expense related to restricted stock units would have been $175,782 for the year ended December 31, 2025, with $90,794 of total unrecognized compensation cost to be recognized over a weighted-average period of 1.92 years. The weighted-average grant date fair value of restricted stock granted during the year ended December 31, 2025 was $38.92, which was determined based on the Company’s stock price at the grant date and assuming no expected dividend payments during the vesting period.

On January 29, 2026, 5,675 restricted stock units meeting both service and performance triggers became vested and released, resulting in the recognition of $181.7 million in compensation cost and net issuance of 3,092 shares of common stock after considering the withholding tax impact, which subsequently converted into 1,980 and 1,112 shares of Class A and Class B common stock, respectively, upon the closing of the IPO. Following the closing of the IPO, 4,804 RSUs remained outstanding including 28 RSUs newly granted in January 2026.

Common Stock Warrants

April 2024 Warrant

In April 2024, the Company issued warrants to a third party to purchase an aggregate of up to 385 shares of common stock at an exercise price of $10.15 per share (“April 2024 Warrant”). The April 2024 Warrant expires in 2027, and 21 warrants vested during the year ended December 31, 2025. The remainder of the shares underlying the April 2024 Warrant may vest and become exercisable over the contractual term, contingent upon the achievement of certain performance conditions. For the year ended December 31, 2025 and 2024, the Company recognized $54 and $200, respectively, related to the issuance of the April 2024 Warrant. The April 2024 warrant remained outstanding following the closing of the IPO and will convert to Class A common stock upon exercise of this warrant.

January 2025 Warrant

In January 2025, the Company issued fully vested warrants to a third party to purchase an aggregate of up to 32 shares of common stock at an exercise price of $0.07 per share (“January 2025 Warrant”). The January 2025 Warrant expires in 2030. In October 2025, all the 32 warrants were exercised and issued as outstanding common stock.

For the year ended December 31, 2025, the Company recognized $1,292, related to the issuance of the January 2025 Warrant.

April 2025 Warrant

In April 2025, the Company issued warrants to a third party to purchase an aggregate of up to 77 shares of common stock at an exercise price of $40.32 per share (“April 2025 Warrant”). The April 2025 Warrant expires in 2027, and 4 warrants vested during the year ended December 31, 2025. The remainder of the shares underlying the April 2025 Warrant may vest and become exercisable over the contractual term, contingent upon the achievement of certain performance conditions. For the year ended December 31, 2025, the Company recognized $46, related to the issuance of the April 2025 Warrant. The April 2025 warrant remained outstanding following the closing of the IPO and will convert to Class A common stock upon exercise of this warrant.

The grant date fair value of the April 2024 Warrant, January 2025 Warrant, and April 2025 Warrant were determined using the Black-Scholes option pricing model using the following assumptions:


	April 2024 Warrant			January 2025 Warrant			April 2025 Warrant
Expected volatility		68.0	%		63.6	%		64.2	%
Expected risk-free interest rate		4.8	%		4.3	%		3.7	%
Expected term (in years)		2.69			2.50			1.73
Expected dividend yield	N/A			N/A			N/A
Fair value	$	12.65		$	40.25		$	14.14

Secondary Sale of Stock

In February 2025, the Company completed a secondary sale of 496 shares of common stock from employees to new investors. The secondary sale price was based on an independent appraisal of the Company’s fair market value.

Stock-Based Compensation (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Jan. 31, 2026	Jan. 29, 2026	Feb. 28, 2025	Jan. 29, 2025	Dec. 31, 2025	Dec. 31, 2024	Oct. 31, 2025	Apr. 30, 2025	Jan. 31, 2025	Apr. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for future issuance					0	0
Compensation Expense for Stock Options					$ 1,532	$ 3,833
Total unrecognized stock-based compensation cost					$ 90,794
Unrecognized stock based compensation expense, Weighted average recognition period					1 year 11 months 1 day
Recognized excess tax benefits from stock-based compensation					$ 4,816	0
Capitalized Stock-Based Compensation Expense					305	$ 143
Secondary sale of common stock, shares			496,000
IPO [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options		159,000
Issuance of common stock, shares		159,000
Stock Option Outstanding		977,000
IPO [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares		159,000
RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options		5,675,000	268,000
Issuance of common stock, shares				3,092,000
Compensation Expense for Stock Options		$ 181,700	$ 7,964		$ 175,782
Stock Option Outstanding				4,804,000
Granted (shares)	28,000				5,403,000	1,047,000
Fair value of common stock					$ 38.92
RSUs [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares				1,980,000
RSUs [Member] \| Common Class B [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares				1,112,000
Common Stock Warrants [Member] \| April 2024 Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options					21,000
Warrants outstanding (in shares)										385,000
Exercise price of warrants (in dollars per share)										$ 10.15
Issuance of warrants					$ 54	$ 200
Common Stock Warrants [Member] \| January 2025 Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding (in shares)							32,000		32,000
Exercise price of warrants (in dollars per share)									$ 0.07
Issuance of warrants					$ 1,292
Common Stock Warrants [Member] \| April 2025 Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options						4,000
Warrants outstanding (in shares)								77,000
Exercise price of warrants (in dollars per share)								$ 40.32
Issuance of warrants						$ 46
2016 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment award, expiration period					10 years
Award vesting period					4 years
Combined voting power on all classes of stock threshold					10.00%
2026 Incentive Award Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares					18,962,000
2026 Incentive Award Plan [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares					1,300,000
Maximum [Member] \| 2016 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unissued Common Stock											12,351

Summary of Significant Accounting Policies - Useful Life of Property and Equipment (Details)	Dec. 31, 2025
Computer equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (Year)	2 years
Developed software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (Year)	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life (Year)	7 years

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Awards

Stock option awards as of December 31, 2025 and 2024 and changes during the years ended December 31, 2025 and 2024, were as follows:


	Options			Weighted- Average Exercise Price		Aggregate Intrinsic Value			Weighted- Average Exercise Term (Years)
Outstanding at December 31, 2023		1,577		$	3.29	$	11,284			6.38
Forfeited		(39	)		7.15	NM		*	NM		*
Exercised		(72	)		2.88		1,250			—
Outstanding at December 31, 2024		1,466		$	3.21	$	47,531			5.34
Forfeited		(13	)		2.97	NM			NM
Exercised		(317	)		3.32		10,590			—
Outstanding at December 31, 2025		1,136		$	3.18	$	20,715			4.38
Vested and expected to vest at December 31, 2025		1,136		$	3.18	$	20,715			4.38
Exercisable at December 31, 2025		1,136		$	3.18	$	20,715			4.38

* NM - not meaningful

Schedule of Non-vested Restricted Stock Units

Non-vested restricted stock units as of December 31, 2025 and 2024 and changes during the years ended December 31, 2025 and 2024 were as follows:


	Shares			Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2023		4,954		$	10.64
Granted		1,047			23.75
Forfeited		(491	)		15.19
Vested		—			—
Outstanding at December 31, 2024		5,510		$	12.73
Granted		5,403			38.92
Forfeited		(194	)		24.30
Vested		(268	)		10.76
Outstanding at December 31, 2025		10,451		$	26.10

Schedule of Warrant Determined Using the Black-Scholes Option Pricing Model

The grant date fair value of the April 2024 Warrant, January 2025 Warrant, and April 2025 Warrant were determined using the Black-Scholes option pricing model using the following assumptions:


	April 2024 Warrant			January 2025 Warrant			April 2025 Warrant
Expected volatility		68.0	%		63.6	%		64.2	%
Expected risk-free interest rate		4.8	%		4.3	%		3.7	%
Expected term (in years)		2.69			2.50			1.73
Expected dividend yield	N/A			N/A			N/A
Fair value	$	12.65		$	40.25		$	14.14

Net Income Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Earnings Per Share [Abstract]
Restricted stock units	4,216	122

Liabilities Related to Sale of Commissions Receivable - Activity of thel iabilities related to sale of commissions receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Beginning balance	$ 33,545	$ 6,302
Proceeds liabilities related to sale of commissions receivable		28,550
Non-cash interest expense	2,666	595
Repayment of liabilities related to sale of commissions receivable	(11,952)	(1,902)
Ending balance	24,259	$ 33,545
Less: Liabilities related to sale of commissions receivable-current	11,750
Liabilities related to sale of commissions receivable-non-current	$ 12,509

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
Cybersecurity Risk Management, Strategy, and Governance	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Item 1C. Cybersecurity Risk Management and Strategy Our cybersecurity policies, standards, processes, and practices are integrated into the Company’s risk management and incident response program and are based on recognized frameworks, for example, those established by the National Institute of Standards and Technology (NIST), the International Organization for Standardization (ISO) and other applicable industry standards. We use these frameworks as a guide in principle. Our cybersecurity program is focused on the following key areas: Identifying and Managing Risk: The Company has implemented a comprehensive, cross-functional approach designed to identify, prevent and mitigate material cybersecurity threats and incidents. We identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example manual and automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, conducting scans of the threat environment, evaluating and assessing threats reported to us, coordinating with law enforcement about certain threats as may be appropriate, conducting internal and external audits and conducting risk and threat assessments. Physical, Administrative, and Technical Safeguards: The Company deploys safeguards that are designed to protect the Company’s information systems and data from cybersecurity threats. Depending on the nature and sensitivity of our information systems and data, these safeguards may include endpoint security, intrusion prevention and detection systems, anti-malware functionality, and access controls, which are evaluated through vulnerability assessments, penetration tests, and cybersecurity threat intelligence. Incident Response and Recovery Planning: We have incident response and recovery and disaster recovery and business continuity policies and procedures that are designed to guide the Company’s response to cybersecurity incidents, and other cybersecurity threats to our systems and data. Such plans are tested and evaluated as appropriate. Third-Party Risk Management: We use third-party service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, and third parties associated with products and services. We also use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example cybersecurity consultants, outside counsel, managed cybersecurity providers, third-party penetration testers, and cyber threat intelligence providers. We maintain a risk-based approach to identifying and overseeing material cybersecurity risks presented by third-party users of the Company’s systems, including those described above. For example, depending on the nature and sensitivity of the information systems and the data that the third party may have access to, we may require diligence questionnaires and include contractual obligations related to cybersecurity. Education and Awareness: We require our employees to undertake security awareness training. Our Security organization updates the training periodically to address emerging threats and trends. We also conduct periodic phishing and other social engineering simulations in certain cases. Despite our efforts, we cannot eliminate all risks from cybersecurity threats. For additional information about our cybersecurity-related risks, see “Cyber attacks, data breaches, security incidents, systems failures, and resulting interruptions in the availability of our websites, mobile applications, platform, or services could adversely affect our business, financial condition, and results of operations,” Item 1A. Risk Factors in this Annual Report on Form 10-K. Governance: Our board of directors, in coordination with the audit committee, oversees the Company’s risk management process, including the management of risks arising from cybersecurity threats. The audit committee that has representation from Ethos executive leadership and board of directors receive regular presentations and reports on cybersecurity risks, which may address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company, its peers and third parties. Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. Management works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the board of directors and the audit committee also receive prompt and timely information regarding cybersecurity incidents that meet established reporting thresholds defined in our incident response plan. Our Chief Information Security Officer (CISO) oversees our Security organization, which is a team of people dedicated to assessing and managing our cyber risk and keeping company and personal information and systems safe from unauthorized alteration, disclosure, destruction and intrusion. Our CISO, who has over twenty-five years of experience in engineering leadership, cybersecurity and product development, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, managing budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity policies, standards, processes, and practices are integrated into the Company’s risk management and incident response program and are based on recognized frameworks, for example, those established by the National Institute of Standards and Technology (NIST), the International Organization for Standardization (ISO) and other applicable industry standards. We use these frameworks as a guide in principle.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	Despite our efforts, we cannot eliminate all risks from cybersecurity threats. For additional information about our cybersecurity-related risks, see “Cyber attacks, data breaches, security incidents, systems failures, and resulting interruptions in the availability of our websites, mobile applications, platform, or services could adversely affect our business, financial condition, and results of operations
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance: Our board of directors, in coordination with the audit committee, oversees the Company’s risk management process, including the management of risks arising from cybersecurity threats. The audit committee that has representation from Ethos executive leadership and board of directors receive regular presentations and reports on cybersecurity risks, which may address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company, its peers and third parties. Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. Management works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the board of directors and the audit committee also receive prompt and timely information regarding cybersecurity incidents that meet established reporting thresholds defined in our incident response plan. Our Chief Information Security Officer (CISO) oversees our Security organization, which is a team of people dedicated to assessing and managing our cyber risk and keeping company and personal information and systems safe from unauthorized alteration, disclosure, destruction and intrusion. Our CISO, who has over twenty-five years of experience in engineering leadership, cybersecurity and product development, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, managing budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors, in coordination with the audit committee, oversees the Company’s risk management process, including the management of risks arising from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee that has representation from Ethos executive leadership and board of directors receive regular presentations and reports on cybersecurity risks, which may address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company, its peers and third parties. Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances. Management works with the Company’s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the board of directors and the audit committee also receive prompt and timely information regarding cybersecurity incidents that meet established reporting thresholds defined in our incident response plan.
Cybersecurity Risk Role of Management [Text Block]	Our Chief Information Security Officer (CISO) oversees our Security organization, which is a team of people dedicated to assessing and managing our cyber risk and keeping company and personal information and systems safe from unauthorized alteration, disclosure, destruction and intrusion. Our CISO, who has over twenty-five years of experience in engineering leadership, cybersecurity and product development, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, managing budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Information Security Officer (CISO) oversees our Security organization, which is a team of people dedicated to assessing and managing our cyber risk and keeping company and personal information and systems safe from unauthorized alteration, disclosure, destruction and intrusion.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO, who has over twenty-five years of experience in engineering leadership, cybersecurity and product development, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISOis responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, managing budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. To facilitate the Company’s cybersecurity risk management program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 71,151	$ 48,832

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities
Net income	$ 71,151	$ 48,832
Adjustments to reconcile net income to net cash used in operating activities:
Total deferred expense	4,622	3,907
Depreciation and amortization	5,359	5,438
Non-cash interest expense	3,170	595
Accretion (amortization) of discounts and premium, investments	(1,211)	(3,133)
Stock-based compensation expense	10,596	3,166
Operating lease right-of-use asset amortization	903	42
Unrealized foreign currency translation	(303)	(199)
Changes in operating assets and liabilities:
Prepaid and other assets	(21,350)	(24,280)
Accounts payable	30,631	12,691
Accounts receivable	(11,195)	(13,626)
Commissions receivable	(13,707)	(9,166)
Long-term commissions receivable	(51,123)	(53,851)
Accrued expenses	18,920	7,298
Other current liabilities	(8,738)	12,378
Other long-term liabilities	(1,500)	(1,000)
Net cash provided by (used in) operating activities	36,225	(10,908)
Cash flows from investing activities
Purchase of property and equipment	(1,491)	(776)
Purchase of domain name	(500)	(250)
Purchase of investments	(66,709)	(154,675)
Proceeds from maturity of investments	99,870	145,003
Sales of investments	4,983	13,360
Investment in software development costs	(4,286)	(3,558)
Net cash provided by (used in) investing activities	31,867	(896)
Cash flows from financing activities
Proceeds from liabilities related to sale of commissions receivable	5,000	23,550
Repayment of liabilities related to sale of commissions receivable	(11,952)	(1,902)
Proceeds from exercise of stock options and warrants	1,058	209
Payment of deferred offering costs	(6,155)	0
Net cash provided by (used in) financing activities	(12,049)	21,857
Net increase in cash and cash equivalents	56,043	10,053
Effect of exchange rates on cash	(27)	2
Cash and cash equivalents, beginning of year	35,075	25,020
Cash and cash equivalents, end of period	91,091	35,075
Supplemental disclosure of non-cash items:
Capitalized Property And Equipment Costs In Accounts Payable	26	44
Cash paid for income taxes	1,760	517
Operating lease liabilities arising from obtaining operating lease right-of-use assets	596	2,663
Stock-based compensation capitalized as software development costs	305	143
Deferred offering costs in accounts payable and accrued expenses	$ 1,087	$ 0

Income Taxes - Schedule Of Tax Loss And Credit Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
U.S. federal
Tax Credit Carryforward [Line Items]
Tax credit carryforward, Amount	$ 269,993	$ 255,959
Tax credit carryforward, Expiration date	Jan. 31, 2036	Jan. 31, 2036
U.S. state and local
Tax Credit Carryforward [Line Items]
Tax credit carryforward, Amount	$ 158,410	$ 146,636
Tax credit carryforward, Expiration date	Jan. 31, 2030	Jan. 31, 2030
Research and development credit \| U.S. federal
Tax Credit Carryforward [Line Items]
Tax credit carryforward, Amount	$ 4,216	$ 3,653
Tax credit carryforward, Expiration date	Jan. 31, 2037	Jan. 31, 2037
Research and development credit \| U.S. state and local
Tax Credit Carryforward [Line Items]
Tax credit carryforward, Amount	$ 1,757	$ 1,778

Consolidated Statements of Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Redeemable convertible preferred stock, par value	$ 0.0001	$ 0.0001
Redeemable convertible preferred Shares Authorized	37,400,000	37,228,000
Redeemable convertible preferred Shares Issued	37,228,000	37,228,000
Redeemable convertible preferred Shares Outstanding	37,228,000	37,228,000
Liquidation Value	$ 404,801,000	$ 404,801,000
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	1,040,000,000	62,390,000
Common Stock, Shares, Issued	16,647,000	16,032,000
Common stock share outstanding	16,647,000	16,032,000

Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2025

Marketable Securities [Abstract]

Schedule of Amortized Costs And Estimated Fair Values Of Debt Securities

The cost or amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities was as follows:


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
December 31, 2025	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	9,230	$	4	$	—		$	—	$	9,234
Corporate debt securities		44,994		180		(1	)		—		45,173
Agency bond		11,935		4		(2	)		—		11,937

Total investments	$	66,159	$	188	$	(3	)	$	—	$	66,344


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
December 31, 2024	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	32,564	$	12	$	(12	)	$	—	$	32,564
Corporate debt securities		48,400		19		(67	)		—		48,352
Agency bond		18,405		1		(18	)		—		18,388
Municipal bond		3,978		—		(1	)		—		3,977

Total investments	$	103,347	$	32	$	(98	)	$	—	$	103,281

Schedule of Gross Unrealized Losses And Estimated Fair Value on Investments


	12 months or greater				Less than 12 months
December 31, 2025	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
Corporate debt securities	$	—	$	—	$	(1	)	$	4,597
Agency bond		—		—		(2	)		7,060

Total investments	$	—	$	—	$	(3	)	$	11,657


	12 months or greater				Less than 12 months
December 31, 2024	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
U.S. government bonds	$	—	$	—	$	(12	)	$	16,184
Corporate debt securities		—		—		(67	)		32,852
Agency bond		—		—		(18	)		16,139
Municipal bond		—		—		(1	)		3,977

Total investments	$	—	$	—	$	(98	)	$	69,152

Schedule of Debt Securities by Contractual Maturity

The estimated fair value of debt securities as of December 31, 2025 and 2024, by contractual maturity, were as follows:


December 31, 2025	Amortized Cost		Estimated Fair Value
Due in one year or less	$	34,849	$	34,876
Due after one year through five years		31,310		31,468

Total investments	$	66,159	$	66,344


December 31, 2024	Amortized Cost		Estimated Fair Value
Due in one year or less	$	68,276	$	68,279
Due after one year through five years		35,071		35,002

Total investments	$	103,347	$	103,281

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies useful lives of the related assets (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Useful Life of Property and Equipment

Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets. The useful lives are as follows:


	Estimated Useful Life
Computer equipment	2 years
Developed software	3 years
Furniture and fixtures	7 years
Leasehold improvements	Shorter of expected useful life or lease term

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Leases

As of December 31, 2025 and 2024, the Company had operating lease agreements for its office facilities in San Francisco, California, as well as in India, which expire at various dates through November 2028. For its primary operating leases, the Company has the option to extend the lease terms.

In September 2023, Ethos Life Technologies (India) Pvt. Ltd. entered into a lease agreement in Bangalore, Karnataka, India. The lease agreement was canceled as of November 2024 and replaced with a new agreement that expires November 2026. The lease was modified in June 2025 to extend the lease term through April 2027 and expand the leased space. The Company accounted for this amendment as a lease modification. The terms of the lease agreement provide for fixed rental payments on a graduated basis.

In May 2024, the Company entered into a lease agreement in San Francisco, CA. The lease was for the same space leased in 2022, which consisted of 9,079 square feet of office space. The terms of the lease agreement provides for fixed rental payments on a graduated basis and contains an option to extend the terms of the lease.

The components of lease costs, which consist of rent expense for leased office space, during the years ended December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025		2024
Fixed operating lease cost	$	1,046	$	668
Short-term lease cost		69		83
Sublease income		—		(14	)
Total lease cost	$	1,115	$	737

Supplemental cash flow information related to the Company’s operating leases as well as the weighted-average lease term and discount rate as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Cash paid for operating lease liabilities	$	959		$	613
Operating lease assets obtained in exchange for new operating lease obligations	$	596		$	2,663
Weighted-average remaining lease term (years)		2.28			3.26
Weighted-average discount rate		6.00	%		6.00	%

Future lease payments under the Company’s operating lease agreements as of December 31, 2025 were as follows:


2026	$	1,265
2027		794
2028		503
Total future lease payments		2,562
Less interest		(209	)
Present value of lease liabilities	$	2,353

Contingencies

During 2022 the Company experienced a cyber incident related to its website. The Company did not identify any unauthorized access to or exfiltration of customer data stored on its systems. During the year ended December 31, 2024, the Company reversed a prior accrual of a $2,000 loss contingency related to costs, fees, and potential fines associated with the incident, as prior civil litigation has been resolved and it is more likely than not that no regulatory fine will result.

Letter of Credit

As of December 31, 2025, we had an unsecured letter of credit of $30.0 million with Citizens Bank in favor of two carrier partners. The line of credit cannot be drawn upon in the normal course of business and will only be drawn upon automatically to fund the letter of credit obligation if the carrier partner calls on the letter of credit. If there is a draw on the letter of credit, the Company must reimburse the bank in cash, in immediately available funds, within one business day following notice of such draw from the lender. The letter of credit expires in June 2026. As of December 31, 2025, there were no borrowings outstanding under the senior unsecured letter of credit or the unsecured line of credit.

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition [Abstract]

Schedule of revenue disaggregated by product

The table below presents revenue disaggregated by product:


	Year Ended December 31,
	2025		2024
Commission revenue
Term life insurance	$	262,614	$	204,301
Other products		124,994		50,625
Total commission revenue	$	387,608	$	254,926

Schedule of accounts receivable balances

Accounts Receivable balances are summarized as follows:


Balance as of December 31, 2023	$	11,817
Additions from commissions receivable		188,684
Other additions (1)		5,434
Collections		(180,677	)
Accounts receivable from the sale of commissions (2)		5,000
Change in allowance for doubtful accounts		45
Balance as of December 31, 2024	$	30,303
Additions from commissions receivable		313,972
Other additions (1)		14,516
Collections		(322,312	)
Change in allowance for doubtful accounts		19
Balance as of December 31, 2025	$	36,498

(1)

Other additions is primarily comprised of amounts arising from revenue that does not flow through commission receivable along with other partnership related amounts.

(2)

Refer to Footnote 8 for additional discussion.

Schedule of commissions receivable activities

Commissions receivable activities (current and long-term) are summarized as follows:


Balance as of December 31, 2023	$	125,158
Commission revenue from activated policies during the period		249,871
Adjustments to commission revenue from policies activated in current period		(3,603	)
Net commission revenue from activated policies in period (1)		5,433
Amounts recognized as accounts receivable		(188,684	)
Balance as of December 31, 2024	$	188,175
Commission revenue from activated policies during the period		382,608
Net commission revenue from activated policies in period (1)		(3,806	)
Amounts recognized as accounts receivable		(313,972	)
Balance as of December 31, 2025	$	253,005

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock [Member] Redeemable convertible preferred Stock	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balance, shares at Dec. 31, 2023		15,959,000	37,228,000
Beginning Balance at Dec. 31, 2023	$ (159,180)	$ 2	$ 403,997	$ 63,473	$ (158)	$ (222,497)
Issuance of common stock, shares		73,000
Issuance of common stock	209			209
Stock-based compensation expense	3,309			3,309
Other comprehensive loss	(320)				(320)
Net income	48,832					48,832
Ending Balance, shares at Dec. 31, 2024		16,032,000	37,228,000
Ending Balance at Dec. 31, 2024	(107,150)	$ 2	$ 403,997	66,991	(478)	(173,665)
Issuance of common stock, shares		615,000
Issuance of common stock	1,058			1,058
Stock-based compensation expense	10,901			10,901
Other comprehensive loss	(76)				(76)
Net income	71,151					71,151
Ending Balance, shares at Dec. 31, 2025		16,647,000	37,228,000
Ending Balance at Dec. 31, 2025	$ (24,116)	$ 2	$ 403,997	$ 78,950	$ (554)	$ (102,514)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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+ Details

Liabilities Related to Sale of Commissions Receivable (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of liabilities related to sale of commissions receivable

The table below shows the activity of the liabilities related to sale of commissions receivable for the years ended December 31, 2025 and 2024:


Liabilities related to sale of commissions receivable Reconciliation
Balance as of December 31, 2023	$	6,302
Proceeds from liabilities related to sale of commissions receivable		28,550
Non-cash interest expense		595
Repayment of liabilities related to sale of commissions receivable		(1,902	)
Balance as of December 31, 2024	$	33,545
Non-cash interest expense		2,666
Repayment of liabilities related to sale of commissions receivable		(11,952	)
Balance as of December 31, 2025	$	24,259
Less: Liabilities related to sale of commissions receivable-current		11,750
Liabilities related to sale of commissions receivable-non-current	$	12,509

Income Taxes - Schedule of Net Income tax Refund Received (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]
Federal taxes paid	$ 400
States and local taxes paid	810
Total income taxes paid	1,760
California
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local taxes paid	430
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign taxes paid	550
Other
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local taxes paid	209
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
States and local taxes paid	$ 171

Commitments and Contingencies - Components of Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Fixed operating lease cost	$ 1,046	$ 668
Short-term lease cost	69	83
Sublease income	0	(14)
Total lease cost	$ 1,115	$ 737

Income Taxes - Summary of Effective Income Tax Rate (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Amount

Income tax expense at U.S. federal statutory tax rate, Amount

$ 15,906

State and local income tax, net of federal income tax effect, amount

^[1]

1,102

Foreign tax effects, amount

399

Effect of cross-border tax laws, Amount

Foreign tax credit, amount

(547)

Tax credits

Research and development tax credits

(334)

Changes in valuation allowance, amount

(12,111)

Nontaxable and nondeductible items

Share-based payment awards amount

(1,060)

Other amount

460

Changes in Unrecognized Tax Benefits

Uncertain tax benefit on research and development tax credits, amount

(235)

Other

1,013

Total income tax expense amount

$ 4,593

$ 5,104

Percent

Income tax expense at U.S. federal statutory tax rate percent

21.00%

State and local income tax, net of federal income tax effect, percent

1.50%

^[1]

2.30%

Foreign tax effects, percent

0.50%

0.00%

Effect of cross-border tax laws

Foreign tax credit, percent

(0.70%)

Tax credits

Research and development credits

(0.40%)

(2.80%)

Changes in valuation allowance, percent

(16.00%)

(18.50%)

Nontaxable and nondeductible items

Share-based payment awards percent

(1.40%)

0.10%

Other percent

0.60%

0.10%

Changes in unrecognized tax benefits

Uncertain tax benefit on research and development tax credits, percent

(0.30%)

Other

1.30%

0.00%

Total income tax expense percent

6.10%

[1]	The majority of the impact of the state and local taxes line item relates to California, Colorado, Michigan, Minnesota, New Jersey and Texas.

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

The Company files income tax returns in the U.S. federal, Singapore, India and various state jurisdictions.

Income before income tax expense for the years ended December 31, 2025 and 2024 was as follows:


	Year Ended December 31,
	2025		2024
Domestic source	$	74,712	$	52,414
Foreign source		1,032		1,522
Income before income tax expense	$	75,744	$	53,936

The components of the Company’s income tax expense (benefit) are as follows:


	Year Ended December 31,
	2025			2024
Current:
Federal	$	(190	)	$	61
State		(238	)		743
Foreign		399			393
Total current expense		(29	)		1,197
Deferred:
Federal		3,332			3,240
State		1,290			667
Total deferred expense		4,622			3,907
Total expense	$	4,593		$	5,104

Beginning in the fiscal year ended December 31, 2025 annual reporting, the Company adopted ASU 2023-09 prospectively. See Note 2 for additional details on the adoption of ASU 2023-09. A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
Income tax expense at U.S. federal statutory tax rate	$	15,906		21.0	%
State and local income tax, net of federal income tax effect (1)		1,102		1.5	%
Foreign tax effects		399		0.5	%
Effect of cross-border tax laws
Foreign tax credit		(547	)	(0.7	)%
Tax credits
Research and development tax credits		(334	)	(0.4	)%
Changes in valuation allowance		(12,111	)	(16.0	)%
Nontaxable and nondeductible items
Share-based payment awards		(1,060	)	(1.4	)%
Other		460		0.6	%
Changes in unrecognized tax benefits
Uncertain tax benefit on research and development tax credits		(235	)	(0.3	)%
Other
True-ups related to prior year adjustments		1,013		1.3	%
Total income tax expense	$	4,593		6.1	%

(1)

The majority of the impact of the state and local taxes line item relates to California, Colorado, Michigan, Minnesota, New Jersey and Texas.


	Year Ended December 31,
		2024
Book income before tax		$	53,936
Federal tax at statutory rate			21.0	%
Stock-based compensation			0.1	%
Change in valuation allowance			(18.5	)%
State taxes			2.3	%
Research and development credits			2.8	%
Non-deductible expenses and other			0.1	%
Prior year true ups			1.6	%
Foreign taxes			0.0	%
Adjustments to net operating losses			0.0	%
Foreign tax credits			0.0	%
Tax expense		$	5,104

The tax effects of temporary differences giving rise to deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows:


	Year Ended December 31,
	2025			2024
Deferred tax assets:
Accruals and reserves	$	34		$	21
Net operating loss carryforwards		65,331			62,001
Asset basis differences		2,239			7,358
Lease liability		586			670
Settlements		357			577
Credit carryforwards		3,584			2,480
Equity based compensation		3,061			2,794
		75,192			75,901
Valuation allowance		(25,724	)		(39,699	)
Deferred tax assets, net of valuation allowance		49,468			36,202
Deferred tax liabilities:
Other prepaids		(815	)		(432	)
Right-of-use asset		(544	)		(650	)
Commission receivable		(56,638	)		(39,027	)
		(57,997	)		(40,109	)
Net deferred tax liabilities	$	(8,529	)	$	(3,907	)

The Company records a valuation allowance to reduce deferred tax assets to the amount management believes is more likely than not to be realized. The utilization of deferred tax assets is limited by the amount of taxable income expected to be generated within the allowable carryforward period and other factors. Management also considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The net decrease in the total valuation allowance for the year ending December 31, 2025 was $13,975, primarily from changes in temporary differences and current year pre-tax book income. The net decrease in the total valuation allowance for the year ending December 31, 2024 is $10,603, primarily from the net operating losses generated.

Cash paid for income taxes, net of refunds received, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:


	Year Ended December 31,
	2025
Federal taxes paid	$	400
States and local taxes paid
California		430
Texas		171
Other		209
Total state and local taxes paid		810
Foreign taxes paid
India		550
Total income taxes paid	$	1,760

The Company had the following tax loss and credit carryforwards as of December 31, 2025 and 2024:


	2025		Beginning Year of Expiration
U.S. federal loss carryforwards	$	269,993	2036
U.S. state and local loss carryforwards	$	158,410	2030
Federal research and development credit	$	4,216	2037
State research and development credit	$	1,757	Indefinite


	2024		Beginning Year of Expiration
U.S. federal loss carryforwards	$	255,959	2036
U.S. state and local loss carryforwards	$	146,636	2030
Federal research and development credit	$	3,653	2037
State research and development credit	$	1,778	Indefinite

Federal and state tax laws impose substantial restrictions on the utilization of net operating loss and credit carryforwards in the event of an "ownership change" for tax purposes, as defined in Section 382 of the Internal Revenue code. Accordingly, the Company's ability to utilize these carryforwards may be limited as a result of such ownership changes. Such a limitation could result in limitation in the use of the net operating losses in future years and possibly a reduction of the net operating losses available. Based on ownership changes that have occurred through December 31, 2025, the Company has reduced net operating losses available by $2,600 and research and development tax credits by $1,200. This reduction had no impact on tax expense due to the offsetting impact of the valuation allowance.

The Company’s tax returns are subject to the normal statute of limitations, three years from the filing date for federal income tax purposes. The federal and state statute of limitations generally remain open for years in which tax losses are generated until three years from the year those losses are utilized. Under these rules, the 2016 and later year NOLs of Ethos Technologies Inc. are still subject to audit by the IRS and state and local jurisdictions. The December 31, 2022 and later period Singapore returns of Ethos Singapore Pte Ltd. are subject to exam by the Singapore tax authorities. The March 31, 2023 and later period India returns of Ethos International Holdings LLC are subject to exam by the Indian tax authorities.

The following table summarizes the Company’s unrecognized tax benefit activity during the years ended December 31, 2025 and 2024, excluding the related accrual for interest:


	Year Ended December 31,
	2025			2024
Balance at beginning of period	$	3,002		$	3,383
Additions (reductions) for tax positions taken in prior years		(325	)		(515	)
Additions for tax positions taken in the current year		309			134
Balance at end of period	$	2,986		$	3,002

The Company records interest and penalties, if any, as a component of its income tax expense in the consolidated statements of operations and comprehensive income (loss). No interest expense or penalties were recognized during the years ended December 31, 2025 and 2024.

On July 4, 2025, the One Big Beautiful Bill Act was signed into law. The legislation did not have a material impact on the Company’s income tax expense for the year ended December 31, 2025, nor did it materially change the Company’s effective income tax rate for 2025.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Year Ended December 31,

Restricted stock units