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Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (166,391)	$ 12,247
Other comprehensive income (loss):
Change in unrealized gain (loss) on marketable securities	(360)	125
Unrealized foreign currency translation loss	(189)	(119)
Total other comprehensive income (loss)	(549)	6
Comprehensive income (loss)	$ (166,940)	$ 12,253

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. 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

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+ Details

Commitments and Contingencies (Additional Information) (Details) - Unsecured [Member] $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Lessee, Lease, Description [Line Items]
Letter of credit	$ 30.0
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. As of March 31, 2026

Marketable Securities

3 Months Ended

Mar. 31, 2026

Marketable Securities [Abstract]

Marketable Securities

4. Marketable Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities as of March 31, 2026 and December 31, 2025 (in thousands):


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
March 31, 2026	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	17,101	$	—	$	(1	)	$	—	$	17,100
Corporate debt securities		65,224		49		(144	)		—		65,130
Commercial Paper		4,681		1		—			—		4,681
Agency bond		29,062		—		(78	)		—		28,984
Total investments	$	116,068	$	50	$	(223	)	$	—	$	115,895


	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

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 March 31, 2026 and December 31, 2025.

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 (in thousands):


	12 months or greater				Less than 12 months
March 31, 2026	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
U.S. government bonds	$	—	$	—	$	(1	)	$	17,100
Corporate debt securities		—		—		(144	)		48,749
Agency bond		—		—		(78	)		28,984
Total investments	$	—	$	—	$	(223	)	$	94,833


	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

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 March 31, 2026 and December 31, 2025, by contractual maturity, were as follows (in thousands):


March 31, 2026	Amortized Cost		Estimated Fair Value
Due in one year or less	$	36,707	$	36,692
Due after one year through five years		79,361		79,203
Total investments	$	116,068	$	115,895


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

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

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 condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Agent advances (1)	$	26,911	$	40,294
Deferred offering costs		—		7,241
Other assets		8,121		7,018
Total prepaid and other assets	$	35,032	$	54,553

(1) During the three months ended March 31, 2026, we updated our third-party agent compensation and persistency estimates to reflect both maturing cohort experience and the impact of recent operational improvements. The effect of this change in accounting estimate was an increase to operating expenses and net loss by $16.5 million for the three months ended March 31, 2026.

Schedule of Net Company's Property and Equipment

The components of the Company’s property and equipment, net as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026			December 31, 2025
Developed software	$	25,588		$	22,535
Computer equipment		4,143			3,798
System consulting		141			141
Furniture and fixtures		61			53
Leasehold improvements		7			7
Property and equipment		29,940			26,534
Accumulated depreciation and amortization		(19,652	)		(18,345	)
Total property and equipment, net	$	10,288		$	8,189

Schedule of the Company's Accrued Expenses

The Company’s accrued expenses recorded in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Accrued sales and marketing expenses	$	41,188	$	27,761
Accrued payroll and compensation		4,041		2,890
Accrued underwriting expenses		4,780		2,615
Accrued professional services expenses		1,205		1,004
Deferred offering costs payable		52		934
Other accrued expenses		1,760		4,020
Total accrued expenses	$	53,026	$	39,224

Schedule of the Company's Other Current Liabilities

The Company’s other current liabilities recorded in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Persistency reserve liability	$	21,862	$	4,879
Taxes payable		1,862		1,092
Other current liabilities		446		50
Total other current liabilities	$	24,170	$	6,021

Income Taxes (Additional Information) (Details)	3 Months Ended
Income Taxes (Additional Information) (Details)	Mar. 31, 2026	Mar. 31, 2025
Operating Loss Carryforwards [Line Items]
Total income tax expense percent	(2.40%)	6.60%

Marketable Securities - Schedule of Gross Unrealized Losses and Estimated Fair Value on Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
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	(223)	(3)
Estimated Fair Value, Less than 12 months	94,833	11,657
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	(144)	(1)
Estimated Fair Value, Less than 12 months	48,749	4,597
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	(1)
Estimated Fair Value, Less than 12 months	17,100
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	(78)	(2)
Estimated Fair Value, Less than 12 months	$ 28,984	$ 7,060

- 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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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Liabilities Related to Sale of Commissions Receivable (Tables)

3 Months Ended

Mar. 31, 2026

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 (in thousands):


	Three Months Ended March 31,
	2026			2025
Beginning balance	$	24,259		$	33,545
Non-cash interest expense		497			973
Repayment of liabilities related to sale of commissions receivable		(3,573	)		(2,173	)
Ending balance	$	21,183		$	32,345
Less: Liabilities related to sale of commissions receivable-current		10,724			11,150
Liabilities related to sale of commissions receivable, non-current	$	10,459		$	21,195

Balance Sheet Components - Schedule of the Company's Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Public Utilities, Inventory [Line Items]
Total other current liabilities	$ 24,170	$ 6,021
Persistency Reserve Liability [Member]
Public Utilities, Inventory [Line Items]
Total other current liabilities	21,862	4,879
Taxes Payable [Member]
Public Utilities, Inventory [Line Items]
Total other current liabilities	1,862	1,092
Other Current Liabilities [Member]
Public Utilities, Inventory [Line Items]
Total other current liabilities	$ 446	$ 50

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

11. Income Taxes

For the three months ended March 31, 2026 and 2025, the Company’s effective tax rates were (2.4)% and 6.6%, respectively, which differ from the U.S. statutory tax rate primarily due to income taxes in foreign jurisdictions, partially offset by valuation allowance in the U.S. jurisdictions where the Company does not benefit from losses and tax credits.

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 condensed consolidated financial statements

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Note 2 – Summary of Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 ("Annual Report"), which was filed with the Securities and Exchange Commission (“SEC”) on March 17, 2026. There have been no significant changes to these policies during the three months ended March 31, 2026.

Basis of Presentation and Principles of Consolidation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), consistent in all material respects with those applied in the Company's Annual Report. The accompanying condensed consolidated financial statements include the wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of the Company's quarterly results. The Company's condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company's Annual Report.

Initial Public Offering

On January 30, 2026, the Company completed its initial public offering (the “IPO”) of a total of 10.5 million shares of its Class A common stock, including 5.1 million shares of Class A common stock offered by the Company and 5.4 million 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 commissions and 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 18.5 million and 19.1 million shares of the Company’s Class A common stock and Class B common stock, respectively (see Note 9 for additional information). Included in this amount were 0.2 million incremental shares of Common Stock A issued in accordance with the contractual conversion rights of the Company's Series D and D-1 redeemable convertible preferred stock, and we recorded a $5.6 million deemed dividend to Series D and Series D1 redeemable convertible preferred stockholders upon the IPO.

Use of Estimates

The preparation of condensed 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 condensed 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 March 31, 2026 and 2025 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 three months ended March 31, 2026, three insurance carrier customers accounted for 45%, 33% and 10% of total revenue. For the three months ended March 31, 2025, three insurance carrier customers accounted for 38%, 33% and 17% of total revenue. As of March 31, 2026, three insurance carrier customers accounted for 67%, 13% and 12% of total accounts and commissions receivable. As of December 31, 2025, two insurance carrier customers accounted for 71% and 14% of total accounts and commissions receivable.

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting, and other fees and costs relating to the Company’s IPO are capitalized within prepaid and other assets on the condensed consolidated balance sheets. The deferred offering costs offset against the proceeds received by the Company upon the closing of the IPO. At the closing of the IPO, a total of $9.0 million of deferred offering costs were reclassified to additional paid-in capital within stockholders’ equity (deficit).

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 the adoption of the new standard on its consolidated financial statements.

Fair Value Measurement - Schedule of Financial Instruments Measured at Fair Value (Details) - Fair value measurements recurring basis [member] - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 115,895	$ 66,344
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	17,100	9,234
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	98,795	57,110
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	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	17,100	9,234
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	17,100	9,234
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	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	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	65,130	45,173
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	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	65,130	45,173
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	0	0
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,681
Commercial Paper [Member] \| Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Commercial Paper [Member] \| Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	4,681
Commercial Paper [Member] \| Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0
Agency Bond [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	28,984	11,937
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	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	28,984	11,937
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	$ 0	$ 0

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue Recognition [Abstract]

Schedule of revenue disaggregated by product

The following table presents our revenue disaggregated by product (in thousands):


	Three Months Ended March 31,
	2026		2025
Commission revenue
Term life insurance	$	149,073	$	67,477
Other products		44,026		27,411
Total commission revenue	$	193,099	$	94,888

Schedule of accounts receivable balances

Accounts Receivable balances are summarized as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Beginning balance	$	36,498		$	30,303
Additions from commissions receivable		152,078			75,916
Other additions (1)		4,045			3,557
Collections		(139,277	)		(75,544	)
Change in allowance for doubtful accounts		(7	)		(2	)
Ending balance	$	53,337		$	34,230

(1)

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

Stockholders' Deficit

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Deficit

9. Stockholders’ Equity (Deficit)

As of December 31, 2025, 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 on December 31, 2025, is 1,040.0 million shares of common stock with a par value of $0.0001 and 37.4 million of preferred stock with a par value of $0.0001.

Upon the closing of the IPO on January 30, 2026, the Company has two classes of authorized common stock: Class A common stock and Class B common stock. The rights of the holders of Class A common stock and Class B common stock are identical, except with respect to voting, conversion, and transfer rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to 20 votes and is convertible at any time into one share of Class A common stock.

Redeemable Convertible Preferred Stock

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

          
         Shares

          
         Shares

         Issued and

         Carrying

         Liquidation

          
         Authorized

         Outstanding

         Value

         Value

Balance at December 31, 2025

37,400

37,228

4

404,801

Immediately prior to the closing of the IPO on January 30, 2026, all 37.2 million shares 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 an aggregate of 18.5 million shares and 19.1 million 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. Included in this amount were 0.2 million incremental shares of Common Stock A issued in accordance with the contractual conversion rights of the Company's Series D and D1 redeemable convertible preferred stock. We recorded a $5.6 million deemed dividend to Series D and D1 redeemable convertible preferred stockholders upon the IPO.

Immediately prior to the closing of the IPO, the Company authorized to issue 20.0 million shares of preferred stock. No shares of redeemable convertible preferred stock were outstanding following the IPO and as of March 31, 2026.

Common Stock

As of December 31, 2025, 16.6 million shares of authorized common stock were issued and outstanding, respectively, and each holder of common stock has one vote per share of common stock held on all matters that are submitted for stockholder vote. 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.

On January 30, 2026, the Company completed its IPO of a total of 10.5 million shares of its Class A common stock, including 5.1 million shares of Class A common stock offered by the Company and 5.4 million 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 commission and 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 18.5 million and 19.1 million shares of the Company’s Class A common stock and Class B common stock, respectively.

In connection with the closing of its IPO, the Company’s certificate of incorporation was amended and restated to authorize 1,000.0 million shares of Class A common stock, par value $0.0001 per share, 40.0 million shares of Class B common stock, par value $0.0001 per share, and 20.0 million shares of preferred stock, par value $0.0001 per share.

In connection with the IPO, the Company’s board of directors adopted, and its stockholders approved, the 2026 Equity Incentive 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 Equity Incentive Plan (the “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, 19.0 million shares of the Company’s common stock were initially reserved for issuance pursuant to a variety of stock-based compensation awards, consisting of 13.0 million new shares and up to 6.0 million 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 1.3 million shares of the Company’s Class A common stock.

The Company has reserved shares of common stock for future issuance for the following purposes at March 31, 2026 (in thousands):


	March 31, 2026
Warrants to purchase common stock		463
Common stock options outstanding and unvested RSUs		5,369
Shares available for grant under 2026 Plan		12,946
Shares available for grant under 2026 ESPP		1,300
Total shares of common stock reserved		20,078

- Definition

The entire disclosure for equity.

+ References

+ Details

Stock-Based Compensation - Schedule of Stock Based Compensation Related to Stock Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 1,500	$ 300
Stock Based Compensation Related To Stock Based Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	192,724	9,814
Capitalized stock-based compensation	1,495	259
Total stock-based compensation	194,219	10,073
Stock Based Compensation Related To Stock Based Awards [Member] \| Selling and Marketing Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	9,933	1,987
Stock Based Compensation Related To Stock Based Awards [Member] \| General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	166,555	5,474
Stock Based Compensation Related To Stock Based Awards [Member] \| Technology Sector [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 16,236	$ 2,353

Revenue - Summary of revenue disaggregated by product (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total commission revenue	$ 193,099	$ 94,888
Term Life Insurance [Member]
Disaggregation of Revenue [Line Items]
Total commission revenue	149,073	67,477
Other Products [Member]
Disaggregation of Revenue [Line Items]
Total commission revenue	$ 44,026	$ 27,411

- 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 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Balance Sheet Components - Schedule of the Company's Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Accrued sales and marketing expenses	$ 41,188	$ 27,761
Accrued payroll and compensation	4,041	2,890
Accrued underwriting expenses	4,780	2,615
Accrued professional services expenses	1,205	1,004
Deferred offering costs payable	52	934
Other accrued expenses	1,760	4,020
Total accrued expenses	$ 53,026	$ 39,224

Balance Sheet Components - Schedule of the Net Company's Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment	$ 29,940	$ 26,534
Accumulated depreciation and amortization	(19,652)	(18,345)
Total property and equipment, net	10,288	8,189
Developed software
Property, Plant and Equipment [Line Items]
Property and equipment	25,588	22,535
Accumulated depreciation and amortization	(300)		$ (200)
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment	4,143	3,798
System consulting
Property, Plant and Equipment [Line Items]
Property and equipment	141	141
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	61	53
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 7	$ 7

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock Option Awards

The following table summarizes the stock option activities under the Company’s stock plans for the three months ended March 31, 2026 (in thousands, except for per share data):


	Options			Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Exercise Term (Years)
Outstanding at December 31, 2025		1,136		$	3.18	$	20,715		4.38
Forfeited		—		NM		NM		NM
Exercised		(237	)		2.81		3,310		—
Outstanding at March 31, 2026		899		$	3.27	$	7,377		4.15
Vested and expected to vest at March 31, 2026		899		$	3.27	$	7,377		4.15
Exercisable at March 31, 2026		899		$	3.27	$	7,377		4.15

* NM - not meaningful

Schedule of Non-vested Restricted Stock Units

The following table summarizes the restricted stock units activity under the Company’s stock plans for the three months ended March 31, 2026 (in thousands, except for per share data):


	Shares			Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2025		10,451		$	26.10
Granted		145			12.56
Forfeited		(64	)		28.30
Vested		(6,062	)		22.90
Unvested outstanding at March 31, 2026		4,470		$	29.97

Schedule Of Stock-Based Compensation Related to Stock-Based Awards

The amount of stock-based compensation related to stock-based awards in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Sales and marketing	$	9,933	$	1,987
General and administrative		166,555		5,474
Technology (exclusive of amortization)		16,236		2,353
Stock-based compensation, net of amounts capitalized	$	192,724	$	9,814
Capitalized stock-based compensation		1,495		259
Total stock-based compensation	$	194,219	$	10,073

January 2025 Warrant and April 2025 Warrant [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

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

The grant date fair value of the 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

- 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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Deficit (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock

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

          
         Shares

          
         Shares

         Issued and

         Carrying

         Liquidation

          
         Authorized

         Outstanding

         Value

         Value

Balance at December 31, 2025

37,400

37,228

4

404,801

Schedule of Reserved Shares of Common Stock for Issuance

The Company has reserved shares of common stock for future issuance for the following purposes at March 31, 2026 (in thousands):


	March 31, 2026
Warrants to purchase common stock		463
Common stock options outstanding and unvested RSUs		5,369
Shares available for grant under 2026 Plan		12,946
Shares available for grant under 2026 ESPP		1,300
Total shares of common stock reserved		20,078

Fair Value Measurement

3 Months Ended

Mar. 31, 2026

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 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.

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


March 31, 2026	Level 1		Level 2		Level 3		Total
U.S. government bonds	$	17,100	$	—	$	—	$	17,100
Corporate debt securities		—		65,130		—		65,130
Commercial paper		—		4,681		—		4,681
Agency bond		—		28,984		—		28,984
Total assets measured at fair value	$	17,100	$	98,795	$	—	$	115,895


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	$	9,234	$	57,110	$	—	$	66,344

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Income Taxes - Schedule of Reconciliation of Income Taxes Computed at the U.S. Federal Statutory Rate to the Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income tax expense	$ 3,845	$ 864

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Stockholders' Deficit - Schedule of Reserved Shares of Common Stock for Issuance (Details) shares in Thousands	Mar. 31, 2026 shares
Class of Stock [Line Items]
Warrants to purchase common stock	463
Shares available for grant under Equity Plan	12,946
Total shares of common stock reserved	20,078
Equity Plan [Member]
Class of Stock [Line Items]
Shares available for grant under Equity Plan	1,300
RSUs [Member]
Class of Stock [Line Items]
Common stock options outstanding and unvested RSUs	5,369

- 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

Subsequent Events (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	Jan. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Common Stock, Shares, Issued		0	16,647
Shares Issued, Price Per Share	$ 19
Shares Initially Reserved for Issuance		20,078
Underwriting Discounts	$ 5.8
Offering expenses paid	$ 9.0
2026 Incentive Award Plan [Member]
Subsequent Event [Line Items]
Shares Initially Reserved for Issuance	19,000
Shares Initially Reserved for Issuance, New Shares	13,000
Shares Initially Reserved for Issuance, Outstanding Awards Granted	6,000
2026 ESPP [Member]
Subsequent Event [Line Items]
Shares Initially Reserved for Issuance	1,300
Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	10,500	30,915	0
Common Class A [Member] \| Company [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	5,100
Common Class A [Member] \| Selling Stockholders [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	5,400
Common Class B [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued		32,079	0

Stockholders` Deficit - Summary Of Redeemable Convertible Preferred Stock Shares Authorized, Issued, And Outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Equity [Abstract]
Redeemable convertible preferred Shares Authorized	20,000	37,400
Redeemable convertible preferred Shares Issued	0	37,228
Redeemable convertible preferred Shares Outstanding	0	37,228
Carrying value		$ 4
Liquidation Value		$ 404,801

Organization

3 Months Ended

Mar. 31, 2026

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.

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Reconciliation of the Denominator Used in the calculation of Basic and Diluted Earnings Per Share (Parenthetical) (Details) - shares shares in Millions	Mar. 31, 2026	Jan. 30, 2026
Common Class A [Member]
Antidilutive Security, Excluded EPS Calculation [Table]
Redeemable convertible preferred stock	18.5	18.5
Common Class B [Member]
Antidilutive Security, Excluded EPS Calculation [Table]
Redeemable convertible preferred stock	19.1	19.1

Liabilities Related to Sale of Commissions Receivable - Activity of thel iabilities related to sale of commissions receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Instrument [Line Items]
Beginning balance	$ 24,259	$ 33,545
Non-cash interest expense	497	973
Repayment of liabilities related to sale of commissions receivable	(3,573)	(2,173)
Ending balance	21,183	32,345
Less: Liabilities related to sale of commissions receivable-current	10,724	11,150
Liabilities related to sale of commissions receivable, non-current	$ 10,459	$ 21,195

- 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

Consolidated Statements of Balance Sheets (Parenthetical) (Unaudited) - $ / shares shares in Thousands	Mar. 31, 2026	Jan. 30, 2026	Dec. 31, 2025
Preferred stock par value	$ 0.0001		$ 0.0001
Redeemable convertible preferred Shares Authorized	20,000		37,400
Redeemable convertible preferred Shares Issued	0		37,228
Redeemable convertible preferred Shares Outstanding	0		37,228
Common stock par value	$ 0.0001		$ 0.0001
Common stock shares authorized	0		1,040,000
Common Stock, Shares, Issued	0		16,647
Common stock share outstanding	0		16,647
Common Class A [Member]
Common stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized	1,000,000	1,000,000	0
Common Stock, Shares, Issued	30,915	10,500	0
Common stock share outstanding	30,915		0
Common Class B [Member]
Common stock par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock shares authorized	40,000	40,000	0
Common Stock, Shares, Issued	32,079		0
Common stock share outstanding	32,079		0

Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value

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


March 31, 2026	Level 1		Level 2		Level 3		Total
U.S. government bonds	$	17,100	$	—	$	—	$	17,100
Corporate debt securities		—		65,130		—		65,130
Commercial paper		—		4,681		—		4,681
Agency bond		—		28,984		—		28,984
Total assets measured at fair value	$	17,100	$	98,795	$	—	$	115,895


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	$	9,234	$	57,110	$	—	$	66,344

Revenue (Additional Information) (Details) $ in Millions	Mar. 31, 2026 USD ($)
Revenue Recognition [Abstract]
Contract liabilities	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Revenue

3 Months Ended

Mar. 31, 2026

Revenue Recognition [Abstract]

Revenue

3. Revenue

The following table presents our revenue disaggregated by product (in thousands):


	Three Months Ended March 31,
	2026		2025
Commission revenue
Term life insurance	$	149,073	$	67,477
Other products		44,026		27,411
Total commission revenue	$	193,099	$	94,888

Accounts Receivable, Net

Accounts Receivable balances are summarized as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Beginning balance	$	36,498		$	30,303
Additions from commissions receivable		152,078			75,916
Other additions (1)		4,045			3,557
Collections		(139,277	)		(75,544	)
Change in allowance for doubtful accounts		(7	)		(2	)
Ending balance	$	53,337		$	34,230

(1)

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

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 condensed 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.

+ References

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+ Details

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

6. Balance Sheet Components

The Company’s prepaid and other current assets recorded in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Agent advances (1)	$	26,911	$	40,294
Deferred offering costs		—		7,241
Other assets		8,121		7,018
Total prepaid and other assets	$	35,032	$	54,553

The components of the Company’s property and equipment, net as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026			December 31, 2025
Developed software	$	25,588		$	22,535
Computer equipment		4,143			3,798
System consulting		141			141
Furniture and fixtures		61			53
Leasehold improvements		7			7
Property and equipment		29,940			26,534
Accumulated depreciation and amortization		(19,652	)		(18,345	)
Total property and equipment, net	$	10,288		$	8,189

The Company recorded depreciation and amortization expense related to property and equipment, net, excluding developed software, of $0.3 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

The Company capitalized developed software costs of $3.1 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. Amortization expense related to developed software costs, included in depreciation and amortization in the condensed consolidated statements of operations and comprehensive income (loss), was $1.1 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively.

The Company’s accrued expenses recorded in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Accrued sales and marketing expenses	$	41,188	$	27,761
Accrued payroll and compensation		4,041		2,890
Accrued underwriting expenses		4,780		2,615
Accrued professional services expenses		1,205		1,004
Deferred offering costs payable		52		934
Other accrued expenses		1,760		4,020
Total accrued expenses	$	53,026	$	39,224

The Company’s other current liabilities recorded in the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows (in thousands):


	March 31, 2026		December 31, 2025
Persistency reserve liability	$	21,862	$	4,879
Taxes payable		1,862		1,092
Other current liabilities		446		50
Total other current liabilities	$	24,170	$	6,021

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (166,391)	$ 12,247

- Definition

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

+ References

+ Details

Revenue - Summary of Accounts Receivable Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue Recognition [Abstract]
Beginning balance	$ 36,498	$ 30,303
Additions from commissions receivable	152,078	75,916
Other additions	4,045	3,557
Collections	(139,277)	(75,544)
Change in allowance for doubtful accounts	(7)	(2)
Ending balance	$ 53,337	$ 34,230

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

The Board of Directors has authorized the 2016 Plan. Under the 2016 Plan, the Board of Directors may grant incentive stock awards to employees, and non-statutory stock options to employees, directors and consultants. The 2016 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 2016 Plan was amended to allow for a maximum of 12.4 million shares of unauthorized or unissued common stock to be available.

In connection with the IPO, the Company’s board of directors and its stockholders:

•

Adopted and approved the 2026 Plan. Under the 2026 Plan, 19.0 million 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. 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 2026 Plan provides that the initial aggregate number of shares that may be issued pursuant to Awards will not exceed 13.0 million plus up to 6.0 million returning shares, as they become available from time to time. In addition, subject to any adjustments as necessary to implement any Capitalization Adjustments (as defined therein), the aggregate number of Shares will automatically increase on January 1 of each year for a period of ten years commencing 2027 and ending on (and including) 2036, in an amount equal to 5% of the total number of shares of capital stock outstanding on the preceding December 31. The aggregate maximum number of shares that may be issued pursuant to the exercise of Incentive Stock Options is 39.0 million shares.

•

Adopted and approved the 2026 Employee Stock Purchase Plan (the “2026 ESPP”). The 2026 ESPP provides that the maximum number of Shares may be issued under the Plan will not exceed 1.3 million shares of the Company’s Class A common stock, plus the number of shares that are automatically added on January 1 of each calendar year for a period of up to ten years, commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to the lesser of (a) 1% of the total number of shares of capital stock outstanding on the last day of the preceding calendar year, or (b) 2.6 million shares.

The Company capitalized stock-based compensation expenses as website and software development costs of $1.5 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

Stock Options

The following table summarizes the stock option activities under the Company’s stock plans for the three months ended March 31, 2026 (in thousands, except for per share data):


	Options			Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Exercise Term (Years)
Outstanding at December 31, 2025		1,136		$	3.18	$	20,715		4.38
Forfeited		—		NM		NM		NM
Exercised		(237	)		2.81		3,310		—
Outstanding at March 31, 2026		899		$	3.27	$	7,377		4.15
Vested and expected to vest at March 31, 2026		899		$	3.27	$	7,377		4.15
Exercisable at March 31, 2026		899		$	3.27	$	7,377		4.15

* NM - not meaningful

On January 29, 2026, 0.2 million fully vested stock options were exercised resulting in issuance of 0.2 million shares of common stock which immediately converted into 0.2 million shares of Class A common stock upon the closing of the IPO. The Company recorded compensation expense for stock options of nil and $10.1 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, all outstanding options were fully vested and there was no unrecognized compensation cost.

Restricted Stock Units

The following table summarizes the restricted stock units activity under the Company’s stock plans for the three months ended March 31, 2026 (in thousands, except for per share data):


	Shares			Weighted- Average Grant Date Fair Value
Outstanding at December 31, 2025		10,451		$	26.10
Granted		145			12.56
Forfeited		(64	)		28.30
Vested		(6,062	)		22.90
Unvested outstanding at March 31, 2026		4,470		$	29.97

Share-based compensation expense for awards with only service conditions is recognized on a straight-line basis over the requisite service period of the related award. For stock-based awards with both service and performance conditions, the Company records compensation expense when it is deemed probable that the performance condition will be met and records compensation expenses for each vesting tranche for awards subject to graded vesting method.

During the three months ended March 31, 2025, the performance triggers were lifted for 0.3 million RSUs, the awards were vested and $8.0 million was recognized as compensation expense. On January 29, 2026, 5.7 million 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 3.1 million shares of common stock after considering the withholding tax impact, which subsequently converted into 2.0 million and 1.1 million shares of Class A and Class B common stock, respectively, upon the closing of the IPO. During the three months ended March 31, 2026, the Company recorded total $193.3 million compensation expense for restricted stock awards.

As of March 31, 2026, unrecognized compensation costs related to unvested RSUs and PRSUs were $1.1 million and $72.1 million, respectively. The remaining unrecognized compensation costs for RSUs and PRSUs are expected to be recognized over a weighted-average period of 3.6 years and 1.8 years, respectively, excluding additional stock-based compensation expense related to any future grants of share-based awards.

Stock-based Compensation— The Company recognizes stock-based compensation expense for awards with only service conditions on a straight-line basis over the requisite service period of the related award and recognizes stock-based compensation expenses for awards with performance conditions 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.


	Three Months Ended March 31,
	2026		2025
Sales and marketing	$	9,933	$	1,987
General and administrative		166,555		5,474
Technology (exclusive of amortization)		16,236		2,353
Stock-based compensation, net of amounts capitalized	$	192,724	$	9,814
Capitalized stock-based compensation		1,495		259
Total stock-based compensation	$	194,219	$	10,073

Common Stock Warrants

April 2024 Warrant

In April 2024, the Company issued warrants to a third party to purchase an aggregate of up to 0.4 million shares of common stock at an exercise price of $10.15 per share (“April 2024 Warrant”). The April 2024 Warrant expires in 2027, and none vested during the three months ended March 31, 2026. 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 three months ended March 31, 2026 and 2025, the Company recognized nil and $0.2 million, 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 0.03 million shares of common stock at an exercise price of $0.07 per share (“January 2025 Warrant”). The January 2025 Warrant expires in 2030. During the three months ended March 31, 2026 and 2025, the Company recognized nil and $1.3 million, related to the issuance of the January 2025 Warrant. In October 2025, all the 0.03 million warrants were exercised and became outstanding Class A Common Stock.

April 2025 Warrant

In April 2025, the Company issued warrants to a third party to purchase an aggregate of up to 0.08 million shares of common stock at an exercise price of $40.32 per share (“April 2025 Warrant”). The April 2025 Warrant expires in 2027, and no warrants vested during the three months ended March 31, 2026. 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. The Company did not recognize any expenses related to the issuance of the April 2025 Warrant during the three months ended March 31, 2026 and 2025. 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 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 0.5 million 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, shares in Thousands, $ in Millions		3 Months Ended
	Jan. 29, 2026	Mar. 31, 2026	Mar. 31, 2025	Oct. 31, 2025	Apr. 30, 2025	Feb. 28, 2025	Jan. 31, 2025	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for future issuance		12,946
Employee Stock Purchase Plan, Description		Adopted and approved the 2026 Plan. Under the 2026 Plan, 19.0 million 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. 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 2026 Plan provides that the initial aggregate number of shares that may be issued pursuant to Awards will not exceed 13.0 million plus up to 6.0 million returning shares, as they become available from time to time. In addition, subject to any adjustments as necessary to implement any Capitalization Adjustments (as defined therein), the aggregate number of Shares will automatically increase on January 1 of each year for a period of ten years commencing 2027 and ending on (and including) 2036, in an amount equal to 5% of the total number of shares of capital stock outstanding on the preceding December 31. The aggregate maximum number of shares that may be issued pursuant to the exercise of Incentive Stock Options is 39.0 million shares.•Adopted and approved the 2026 Employee Stock Purchase Plan (the “2026 ESPP”). The 2026 ESPP provides that the maximum number of Shares may be issued under the Plan will not exceed 1.3 million shares of the Company’s Class A common stock, plus the number of shares that are automatically added on January 1 of each calendar year for a period of up to ten years, commencing on January 1, 2027 and ending on (and including) January 1, 2036, in an amount equal to the lesser of (a) 1% of the total number of shares of capital stock outstanding on the last day of the preceding calendar year, or (b) 2.6 million shares.
Warrants outstanding (in shares)		463
Capitalized Stock-Based Compensation Expense		$ 1.5	$ 0.3
Secondary sale of common stock, shares						500
IPO [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options	200
Issuance of common stock, shares	200
Compensation Expense for Stock Options		0.0	$ 10.1
Total unrecognized stock-based compensation cost		0.0
IPO [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares	200
RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options	5,700		300
Issuance of common stock, shares	3,100
Compensation Expense for Stock Options	$ 181.7	$ 193.3	$ 8.0
Granted (shares)		145
Total unrecognized stock-based compensation cost		$ 1.1
Unrecognized stock based compensation expense, Weighted average recognition period		3 years 7 months 6 days
RSUs [Member] \| Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares	2,000
RSUs [Member] \| Common Class B [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Issuance of common stock, shares	1,100
PRSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized stock-based compensation cost		$ 72.1
Unrecognized stock based compensation expense, Weighted average recognition period		1 year 9 months 18 days
Common Stock Warrants [Member] \| April 2024 Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options		0
Warrants outstanding (in shares)								400
Exercise price of warrants (in dollars per share)								$ 10.15
Issuance of warrants		$ 0.0	0.2
Common Stock Warrants [Member] \| January 2025 Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants outstanding (in shares)				30			30
Exercise price of warrants (in dollars per share)							$ 0.07
Issuance of warrants		$ 1.3	0.0
Common Stock Warrants [Member] \| April 2025 Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fully Vested Stock Options		0
Warrants outstanding (in shares)					80
Exercise price of warrants (in dollars per share)					$ 40.32
Issuance of warrants		$ 0.0	$ 0.0
Maximum [Member] \| 2016 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unissued Common Stock		12,400

Liabilities Related to Sale of Commissions Receivable (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Liabilities related to sale of commissions receivable-current	$ 10,724	$ 11,150
Liabilities related to sale of commissions receivable, non-current	$ 10,459	$ 21,195
Company''s estimated effective annual interest rate	8.48%		8.31%

- 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

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net income (loss)	$ (166,391)	$ 12,247
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred taxes	3,174	644
Depreciation and amortization	1,347	1,337
Non-cash interest expense	661	973
Amortization of discounts and premium, investments	(182)	(432)
Stock-based compensation expense	192,724	9,814
Operating lease right-of-use asset amortization	256	227
Unrealized foreign currency translation	(112)	(119)
Changes in operating assets and liabilities:
Prepaid and other assets	12,389	(7,963)
Accounts payable	9,952	10,178
Accounts receivable	(16,839)	(8,927)
Commissions receivable	2,404	(1,251)
Long-term commissions receivable	(40,802)	(16,483)
Accrued expenses	14,746	5,949
Other current liabilities	17,882	4,616
Net cash provided by (used in) operating activities	31,209	10,810
Cash flows from investing activities
Purchase of property and equipment	(353)	(278)
Purchase of investments	(77,187)	(22,210)
Proceeds from maturity of investments	27,015	25,200
Investment in software development costs	(1,573)	(737)
Net cash provided by (used in) investing activities	(52,098)	1,975
Cash flows from financing activities
Proceeds from issuance of Class A common stock in initial public offering, net of underwriting discounts and commissions	91,580	0
Proceeds from liabilities related to sale of commissions receivable	0	5,000
Taxes paid related to net share settlement of restricted stock units	(49,085)
Repayment of liabilities related to sale of commissions receivable	(3,573)	(2,172)
Proceeds from exercise of stock options and warrants	666	719
Payment of deferred offering costs	(1,804)	(156)
Net cash provided by (used in) financing activities	37,784	3,391
Net increase in cash and cash equivalents	16,895	16,176
Effect of exchange rates on cash	(77)	(4)
Cash and cash equivalents, beginning of period	91,091	35,075
Cash and cash equivalents, end of period	107,909	51,247
Supplemental disclosure of non-cash items:
Conversion of convertible preferred stock into common stock upon initial public offering	403,997	0
Reclassification of Deferred Offering Costs to Additional Paid-in Capital Upon Initial Public Offering	8,998	0
Deemed dividend on the conversion of Series F redeemable convertible preferred stock	5,642	0
Capitalized Property And Equipment Costs In Accounts Payable	26	79
Cash paid for income taxes	0	146
Stock-based compensation capitalized as software development costs	1,495	259
Deferred offering costs in accounts payable and accrued expenses	$ 1,039	$ 238

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2026

Marketable Securities [Abstract]

Schedule of Amortized Costs And Estimated Fair Values Of Debt Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities as of March 31, 2026 and December 31, 2025 (in thousands):


	Cost or Amortized		Gross Unrealized					Allowance for Credit		Estimated Fair
March 31, 2026	Cost		Gains		Losses			Loss		Value
U.S. government bonds	$	17,101	$	—	$	(1	)	$	—	$	17,100
Corporate debt securities		65,224		49		(144	)		—		65,130
Commercial Paper		4,681		1		—			—		4,681
Agency bond		29,062		—		(78	)		—		28,984
Total investments	$	116,068	$	50	$	(223	)	$	—	$	115,895


	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

Schedule of Gross Unrealized Losses And Estimated Fair Value on Investments


	12 months or greater				Less than 12 months
March 31, 2026	Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value
U.S. government bonds	$	—	$	—	$	(1	)	$	17,100
Corporate debt securities		—		—		(144	)		48,749
Agency bond		—		—		(78	)		28,984
Total investments	$	—	$	—	$	(223	)	$	94,833


	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

Schedule of Debt Securities by Contractual Maturity

The estimated fair value of debt securities as of March 31, 2026 and December 31, 2025, by contractual maturity, were as follows (in thousands):


March 31, 2026	Amortized Cost		Estimated Fair Value
Due in one year or less	$	36,707	$	36,692
Due after one year through five years		79,361		79,203
Total investments	$	116,068	$	115,895


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

- 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

Stock-Based Compensation - Schedule of Non-vested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding, beginning balance (in shares) \| shares	10,451
Granted (in shares) \| shares	145
Forfeited (in shares) \| shares	(64)
Vested (in shares) \| shares	(6,062)
Outstanding, ending balance (in shares) \| shares	4,470
Outstanding, beginning balance (in USD per share) \| $ / shares	$ 26.1
Granted (in USD per share) \| $ / shares	12.56
Forfeited (in USD per share) \| $ / shares	28.3
Vested (in USD per share) \| $ / shares	22.9
Outstanding, ending balance (in USD per share) \| $ / shares	$ 29.97

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Trading Symbol	LIFE
Entity Registrant Name	Ethos Technologies Inc.
Entity Central Index Key	0001788451
Entity Current Reporting Status	Yes
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 Interactive Data Current	Yes
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
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 Quarterly Report	true
Document Transition Report	false
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		30,914,997
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,079,265

Balance Sheet Components (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation and Amortization Expense	$ 19,652		$ 18,345
Capitalized Developed Software cost	3,100	$ 1,000
Developed software
Property, Plant and Equipment [Line Items]
Depreciation and Amortization Expense	300	200
Amortization expense	$ 1,100	$ 1,200

Balance Sheet Components - Schedule of the Company's Prepaid and Other Current Assets (Details) (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Balance Sheet Related Disclosures [Abstract]
Operating expenses and net loss	$ 16.5

Net Income (Loss) Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2026

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 net income (loss) per share is as follows (in thousands, except for per share data):


	Three Months Ended March 31,
	2026									2025
	Class A			Class B			Consolidated			Common
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	(77,768	)	$	(88,623	)	$	(166,391	)	$	12,247
Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock		(2,637	)		(3,005	)		(5,642	)		—
Net income (loss) attributable to common stockholders	$	(80,405	)	$	(91,628	)	$	(172,033	)	$	12,247
Denominator:
Weighted-average common shares outstanding (1)		22,495			25,635			48,130			16,260
Basic net income (loss) per share	$	(3.57	)	$	(3.57	)	$	(3.57	)	$	0.75

Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(80,405	)	$	(91,628	)	$	(172,033	)	$	12,247
Denominator:
Weighted-average common shares outstanding (1)		22,495			25,635			48,130			16,260
Effect of dilutive securities:
Stock options		—			—			—			1,248
Redeemable convertible preferred Stock		—			—			—			37,296
Warrants		—			—			—			162
Restricted stock units		—			—			—			3,795
Weighted-average diluted shares		22,495			25,635			48,130			58,762
Diluted net income (loss) per share	$	(3.57	)	$	(3.57	)	$	(3.57	)	$	0.21

(1)

In connection with our IPO, our Series A-1, Series A-2, Series A, Series B, Series C, Series D, Series D-1 redeemable convertible preferred stock converted into 18.5 million and 19.1 million shares of the Company's Class A common stock and Class B common stock. For the three months ended March 31, 2026, these shares were weighted in the denominator of net income (loss) per share for Class A and Class B common stock for the portion of the time outstanding subsequent to our IPO.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Restricted stock units		4,470		417
Stock Optioms		899		-
Warrants		463		-
Total		5,832		417

Marketable Securities - Schedule of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 36,707	$ 34,849
Due after one year through five years	79,361	31,310
Total investments	116,068	66,159
Estimated Fair Value
Due in one year or less	36,692	34,876
Due after one year through five years	79,203	31,468
Total investments	$ 115,895	$ 66,344

- 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

Income Taxes - Schedule of Income Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest [Abstract]
Net income (loss) before income tax expense	$ (162,546)	$ 13,111

- 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

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Lease Payments

As of March 31, 2026, future lease payments under the Company’s operating lease agreements were as follows (in thousands):


Remainder of 2026	$	905
2027		771
2028		503
Total future lease payments		2,179
Less interest		(128	)
Present value of lease liabilities	$	2,051

Balance Sheet Components - Schedule of the Company's Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Agent advances

^[1]

$ 26,911

$ 40,294

Deferred offering costs

7,241

Other assets

8,121

7,018

Total prepaid and other assets

$ 35,032

$ 54,553

[1]

During the three months ended March 31, 2026, we updated our third-party agent compensation and persistency estimates to reflect both maturing cohort experience and the impact of recent operational improvements. The effect of this change in accounting estimate was an increase to operating expenses and net loss by $16.5 million for the three months ended March 31, 2026.

Stock-Based Compensation - Schedule of Warrant Determined Using the Black-Scholes Option Pricing Model (Details)	3 Months Ended
	Mar. 31, 2026 $ / 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.

+ References

+ Details

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (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, 2024		16,032	37,228
Beginning Balance at Dec. 31, 2024	$ (107,150)	$ 2	$ 403,997	$ 66,991	$ (478)	$ (173,665)
Issuance of common stock, shares		500
Issuance of common stock	719	$ 1		718
Stock-based compensation expense	10,073			10,073
Comprehensive income (loss)	6				6
Net Income (Loss)	12,247					12,247
Ending Balance, shares at Mar. 31, 2025		16,532	37,228
Ending Balance at Mar. 31, 2025	(84,105)	$ 3	$ 403,997	77,782	(472)	(161,418)
Beginning Balance, shares at Dec. 31, 2025		16,647	37,228
Beginning Balance at Dec. 31, 2025	(24,116)	$ 2	$ 403,997	78,950	(554)	(102,514)
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding, Shares		3,545
Issuance of common stock in connection with employee equity incentive plans, net of tax withholding	(48,419)			(48,419)
Issuance of common stock upon exercise of warrants, Shares		81
Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock	(5,642)			(5,642)
Convertible Preferred Stock Shares Issued Upon		37,593	(37,228)
Convertible Preferred Stock Value Issued Upon Conversion	409,639	$ 4	$ (403,997)	409,635
Issuance of Common Stock in Connection With Initial Public Offering		5,128
Issuance of Common Stock in Connection With Initial Public Offering Value	82,582			82,582
Stock-based compensation expense	194,219			194,219
Comprehensive income (loss)	(549)				(549)
Net Income (Loss)	(166,391)					(166,391)
Ending Balance, shares at Mar. 31, 2026		62,994	0
Ending Balance at Mar. 31, 2026	$ 441,323	$ 6	$ 0	$ 711,325	$ (1,103)	$ (268,905)

Net Income (Loss) Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,832	417
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,470	417
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	899	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	463	0

Consolidated Statements of Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 107,909	$ 91,091
Short-term investments	36,692	34,876
Accounts receivable, net	53,337	36,498
Commissions receivable-current, net	26,382	28,786
Prepaid and other current assets	35,032	54,553
Total current assets	259,352	245,804
Long-term assets:
Commissions receivable, net	265,021	224,219
Property and equipment, net	10,288	8,189
Operating lease right-of-use assets	1,892	2,183
Goodwill	2,238	2,238
Acquired intangible assets, net of amortization	637	662
Long-term investments	79,203	31,468
Other long-term assets	733	574
Total long-term assets	360,012	269,533
Total assets	619,364	515,337
Current liabilities:
Accounts Payable	65,908	55,070
Accrued expenses	53,026	39,224
Liabilities related to sale of commissions receivable-current	10,724	11,750
Operating lease liabilities-current	1,129	1,125
Other current liabilities	24,170	6,021
Total current liabilities	154,957	113,190
Long-term liabilities:
Liabilities related to sale of commissions receivable-non-current	10,459	12,509
Operating lease liabilities-non-current	922	1,228
Deferred tax liability	11,703	8,529
Total long-term liabilities	23,084	22,266
Total liabilities	178,041	135,456
Commitments and contingencies (Note 7)
Liabilities and Equity [Abstract]
Redeemable convertible preferred stock, par value $0.0001, 20,000 and 37,400 shares authorized, nil and 37,228 shares issued, and outstanding as of March 31, 2026 and December 31, 2025	0	403,997
Common stock, $0.0001 par value, nil and 1,040,000 shares, Class A Common Stock, $0.0001 par value, 1,000,000 and nil shares, and Class B Common Stock, $0.0001 par value, 40,000 and nil shares authorized at March 31, 2026 and December 31, 2025, respectively; nil and 16,647 shares Common Stock, 30,915 and nil shares of Common Stock Class A, and 32,079 and nil shares of Class B Common Stock issued and outstanding at March 31, 2026 and December 31, 2025, respectively	6	2
Additional paid-in capital	711,325	78,950
Accumulated other comprehensive loss	(1,103)	(554)
Accumulated deficit	(268,905)	(102,514)
Total stockholders' equity (deficit)	441,323	(24,116)
Total liabilities, redeemable convertible preferred stock and stockholders' equity	$ 619,364	$ 515,337

Marketable Securities - Schedule of Amortised Cost Fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Marketable Securities [Line Items]
Total investments	$ 116,068	$ 66,159
Gross Unrealized Gains	50	188
Gross Unrealized Losses	(223)	(3)
Allowance for Credit Loss	0	0
Estimated Fair Value	115,895	66,344
US Government Bonds
Marketable Securities [Line Items]
Total investments	17,101	9,230
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(1)	0
Allowance for Credit Loss	0	0
Estimated Fair Value	17,100	9,234
Corporate Debt Securities
Marketable Securities [Line Items]
Total investments	65,224	44,994
Gross Unrealized Gains	49	180
Gross Unrealized Losses	(144)	(1)
Allowance for Credit Loss	0	0
Estimated Fair Value	65,130	45,173
Commercial Paper [Member]
Marketable Securities [Line Items]
Total investments	4,681
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Allowance for Credit Loss	0
Estimated Fair Value	4,681
Agency bond
Marketable Securities [Line Items]
Total investments	29,062	11,935
Gross Unrealized Gains	0	4
Gross Unrealized Losses	(78)	(2)
Allowance for Credit Loss	0	0
Estimated Fair Value	$ 28,984	$ 11,937

Stockholders' Deficit (Additional Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Jan. 30, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Class of Stock [Line Items]
Common stock shares authorized		0		1,040,000
Common stock par value		$ 0.0001		$ 0.0001
Authorize to issue preferred shares		20,000		37,400
Incremental shares of Common Stock			$ 719
Redeemable convertible preferred Shares Outstanding		0		37,228
Preferred stock par value		$ 0.0001		$ 0.0001
Common Stock, Shares, Issued		0		16,647
Shares Issued, Price Per Share	$ 19
Proceeds from Issuance of Common Stock	$ 97,400
Proceeds from Debt, Net of Issuance Costs	82,600
Underwriting Discounts	5,800
Offering expenses paid	$ 9,000
Common stock share outstanding		0		16,647
Common stock shares authorized		0		1,040,000
Redeemable convertible preferred Shares Authorized		20,000		37,400
Total shares of common stock reserved		20,078
IPO [Member]
Class of Stock [Line Items]
Authorize to issue preferred shares		20,000
Redeemable convertible preferred Shares Authorized		20,000
2026 Incentive Award Plan [Member]
Class of Stock [Line Items]
Total shares of common stock reserved	19,000
Shares Initially Reserved for Issuance, New Shares	13,000
Shares Initially Reserved for Issuance, Outstanding Awards Granted	6,000
2026 ESPP [Member]
Class of Stock [Line Items]
Total shares of common stock reserved	1,300
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized	1,000,000	1,000,000		0
Common stock par value	$ 0.0001	$ 0.0001		$ 0.0001
Incremental shares of Common Stock	$ 200	$ 200
Deemed Dividend		$ 2,637
Common Stock, Shares, Issued	10,500	30,915		0
Common stock share outstanding		30,915		0
Common stock shares authorized	1,000,000	1,000,000		0
Converted into common stock		18,500
Common Class A [Member] \| Company [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued	5,100
Common Class A [Member] \| Investor [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued	5,400
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized	40,000	40,000		0
Common stock par value	$ 0.0001	$ 0.0001		$ 0.0001
Deemed Dividend		$ 3,005
Common Stock, Shares, Issued		32,079		0
Common stock share outstanding		32,079		0
Common stock shares authorized	40,000	40,000		0
Converted into common stock		19,100
Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Issue of shares		37,200
Series D and Series D1 Redeemable Convertible Preferred Stockholder [Member]
Class of Stock [Line Items]
Deemed Dividend	$ 5,600	$ 5,600
Common Stock [Member]
Class of Stock [Line Items]
Common stock shares authorized				1,040,000
Common stock par value				$ 0.0001
Incremental shares of Common Stock			$ 1
Common Stock, Shares, Issued				16,600
Common stock shares authorized				1,040,000
Common Stock [Member] \| Common Class A [Member]
Class of Stock [Line Items]
Converted into common stock	18,500
Common Stock [Member] \| Common Class B [Member]
Class of Stock [Line Items]
Converted into common stock	19,100
Preferred Stock [Member]
Class of Stock [Line Items]
Common stock shares authorized	20,000
Common stock par value	$ 0.0001
Authorize to issue preferred shares				37,400
Preferred stock par value				$ 0.0001
Common stock shares authorized	20,000
Redeemable convertible preferred Shares Authorized				37,400

Commitments and Contingencies - Schedule of Future Lease Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2026	$ 905
2027	771
2028	503
Total future lease payments	2,179
Less interest	(128)
Present value of lease liabilities	$ 2,051

Income Taxes - Summary of Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other
Total income tax expense amount	$ 3,845	$ 864
Other
Total income tax expense percent	(2.40%)	6.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Commission	$ 193,099	$ 94,888
Total revenue	193,099	94,888
Costs and expenses:
Sales and marketing	144,107	56,383
General and administrative	180,644	13,396
Technology (exclusive of amortization)	27,063	9,658
Cost of revenue	3,230	1,575
Depreciation and amortization	1,369	1,337
Total costs and expenses	356,413	82,349
Income (loss) from operations	(163,314)	12,539
Other income (expense):
Interest expense	(662)	(973)
Interest income	1,377	1,513
Other income, net	53	32
Total other income, net	768	572
Net income (loss) before income tax expense	(162,546)	13,111
Income tax expense	(3,845)	(864)
Net income (loss)	(166,391)	12,247
Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock	(5,642)	0
Net income (loss) attributable to common stockholders	$ (172,033)	$ 12,247
Per share data:
Basic net income (loss) per share	$ (3.57)	$ 0.75
Diluted net income (loss) per share	$ (3.57)	$ 0.21
Weighted-average shares used in computing basic net income (loss) per share	48,130	16,260
Weighted-average shares used in computing diluted net income (loss) per share	48,130	58,762

Net Income (Loss) Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share Attributable to Common Stockholders

12. Net Income (Loss) Per Share Attributable to Common Stockholders

Basic earnings per share is computed by dividing net income (loss) 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 attributable to common stockholders 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.

The rights, including the liquidation and dividend rights, of the holders of our Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net loss per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis.

A reconciliation of the denominator used in the calculation of basic and diluted net income (loss) per share is as follows (in thousands, except for per share data):


	Three Months Ended March 31,
	2026									2025
	Class A			Class B			Consolidated			Common
Basic net income (loss) per share:
Numerator:
Net income (loss)	$	(77,768	)	$	(88,623	)	$	(166,391	)	$	12,247
Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock		(2,637	)		(3,005	)		(5,642	)		—
Net income (loss) attributable to common stockholders	$	(80,405	)	$	(91,628	)	$	(172,033	)	$	12,247
Denominator:
Weighted-average common shares outstanding (1)		22,495			25,635			48,130			16,260
Basic net income (loss) per share	$	(3.57	)	$	(3.57	)	$	(3.57	)	$	0.75

Diluted net income (loss) per share:
Numerator:
Net income (loss) attributable to common stockholders	$	(80,405	)	$	(91,628	)	$	(172,033	)	$	12,247
Denominator:
Weighted-average common shares outstanding (1)		22,495			25,635			48,130			16,260
Effect of dilutive securities:
Stock options		—			—			—			1,248
Redeemable convertible preferred Stock		—			—			—			37,296
Warrants		—			—			—			162
Restricted stock units		—			—			—			3,795
Weighted-average diluted shares		22,495			25,635			48,130			58,762
Diluted net income (loss) per share	$	(3.57	)	$	(3.57	)	$	(3.57	)	$	0.21

(1)


	Three Months Ended March 31,
	2026		2025
Restricted stock units		4,470		417
Stock Optioms		899		-
Warrants		463		-
Total		5,832		417

Marketable Securities (Additional Information) (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments and Cash [Abstract]
Short-term investments	$ 36,692	$ 34,876
Long-term investments	$ 79,203	$ 31,468

Stock-Based Compensation - Schedule of Stock Option Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]
Outstanding, beginning balance (in shares)	1,136
Forfeited	0
Exercised	(237)
Outstanding, ending balance (in shares)	899	1,136
Vested and expected to vest	899
Exercisable	899
Outstanding, beginning balance (in USD per share)	$ 3.18
Exercised (in USD per share)	2.81
Outstanding, ending balance (in USD per share)	3.27	$ 3.18
Vested and expected to vest (in USD per share)	3.27
Exercisable (in USD per share)	$ 3.27
Outstanding, aggregate intrinsic value	$ 7,377	$ 20,715
Exercised, Aggregate Intrinsic Value	3,310
Vested and expected to vest, Aggregate Intrinsic Value	7,377
'Exercisable, Aggregate Intrinsic Value	$ 7,377
Weighted-Average Exercise Term (Years)	4 years 1 month 24 days	4 years 4 months 17 days
Vested and expected to vest, Weighted-Average Exercise Term (Years)	4 years 1 month 24 days
Exercisable, Weighted-Average Exercise Term (Years)	4 years 1 month 24 days

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Operating Lease

The Company has non-cancellable contractual obligations and commitments primarily related to 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.

As of March 31, 2026, future lease payments under the Company’s operating lease agreements were as follows (in thousands):


Remainder of 2026	$	905
2027		771
2028		503
Total future lease payments		2,179
Less interest		(128	)
Present value of lease liabilities	$	2,051

Letter of Credit

As of March 31, 2026, the Company 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 March 31, 2026, there were no borrowings outstanding under the senior unsecured letter of credit or the unsecured line of credit.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), consistent in all material respects with those applied in the Company's Annual Report. The accompanying condensed consolidated financial statements include the wholly-owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited but include all adjustments of a normal recurring nature necessary for a fair presentation of the Company's quarterly results. The Company's condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in the Company's Annual Report.
Initial Public Offering	Initial Public Offering On January 30, 2026, the Company completed its initial public offering (the “IPO”) of a total of 10.5 million shares of its Class A common stock, including 5.1 million shares of Class A common stock offered by the Company and 5.4 million 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 commissions and 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 18.5 million and 19.1 million shares of the Company’s Class A common stock and Class B common stock, respectively (see Note 9 for additional information). Included in this amount were 0.2 million incremental shares of Common Stock A issued in accordance with the contractual conversion rights of the Company's Series D and D-1 redeemable convertible preferred stock, and we recorded a $5.6 million deemed dividend to Series D and Series D1 redeemable convertible preferred stockholders upon the IPO.
Use of Estimates	Use of Estimates The preparation of condensed 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 condensed consolidated financial statements will be affected.
Segment Reporting	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	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 March 31, 2026 and 2025 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 three months ended March 31, 2026, three insurance carrier customers accounted for 45%, 33% and 10% of total revenue. For the three months ended March 31, 2025, three insurance carrier customers accounted for 38%, 33% and 17% of total revenue. As of March 31, 2026, three insurance carrier customers accounted for 67%, 13% and 12% of total accounts and commissions receivable. As of December 31, 2025, two insurance carrier customers accounted for 71% and 14% of total accounts and commissions receivable.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, consisting of legal, accounting, and other fees and costs relating to the Company’s IPO are capitalized within prepaid and other assets on the condensed consolidated balance sheets. The deferred offering costs offset against the proceeds received by the Company upon the closing of the IPO. At the closing of the IPO, a total of $9.0 million of deferred offering costs were reclassified to additional paid-in capital within stockholders’ equity (deficit).
Recently Issued Accounting Pronouncements Not Yet Adopted	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 the adoption of the new standard on its consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Liabilities Related to Sale of Commissions Receivable

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

8. Liabilities Related to Sale of Commissions Receivable

The table below shows the activity of the liabilities related to sale of commissions receivable (in thousands):


	Three Months Ended March 31,
	2026			2025
Beginning balance	$	24,259		$	33,545
Non-cash interest expense		497			973
Repayment of liabilities related to sale of commissions receivable		(3,573	)		(2,173	)
Ending balance	$	21,183		$	32,345
Less: Liabilities related to sale of commissions receivable-current		10,724			11,150
Liabilities related to sale of commissions receivable, non-current	$	10,459		$	21,195

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 8.48% and 8.31% as of March 31, 2026 and December 31, 2025, respectively.

Net Income (Loss) 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

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Basic net income (loss) per share:

Net income (loss)

$ (166,391)

$ 12,247

Net Income (Loss)

$ (166,391)

$ 12,247

Denominator:

Weighted-average shares used in computing basic net income (loss) per share

48,130

16,260

Basic net income (loss) per share

$ (3.57)

$ 0.75

Diluted net income (loss) per share:

Net income (loss) attributable to common stockholders

$ (166,391)

$ 12,247

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

48,130

58,762

Weighted-average common shares outstanding

48,130

16,260

Effect of dilutive securities:

Weighted-average diluted shares

48,130

58,762

Diluted net income (loss) per share

$ (3.57)

$ 0.21

Common Class A [Member]

Basic net income (loss) per share:

Net income (loss)

$ (77,768)

Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock

(2,637)

Net Income (Loss)

$ (80,405)

Denominator:

Weighted-average shares used in computing basic net income (loss) per share

^[1]

22,495

Basic net income (loss) per share

$ (3.57)

Diluted net income (loss) per share:

Net income (loss) attributable to common stockholders

$ (80,405)

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

22,495

Weighted-average common shares outstanding

^[1]

22,495

Effect of dilutive securities:

Weighted-average diluted shares

22,495

Diluted net income (loss) per share

$ (3.57)

Common Class B [Member]

Basic net income (loss) per share:

Net income (loss)

$ (88,623)

Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock

(3,005)

Net Income (Loss)

$ (91,628)

Denominator:

Weighted-average shares used in computing basic net income (loss) per share

^[1]

25,635

Basic net income (loss) per share

$ (3.57)

Diluted net income (loss) per share:

Net income (loss) attributable to common stockholders

$ (91,628)

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

25,635

Weighted-average common shares outstanding

^[1]

25,635

Effect of dilutive securities:

Weighted-average diluted shares

25,635

Diluted net income (loss) per share

$ (3.57)

Consolidated [Member]

Basic net income (loss) per share:

Net income (loss)

$ (166,391)

Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock

(5,642)

Net Income (Loss)

$ (172,033)

$ 12,247

Denominator:

Weighted-average shares used in computing basic net income (loss) per share

^[1]

48,130

Basic net income (loss) per share

$ (3.57)

Diluted net income (loss) per share:

Net income (loss) attributable to common stockholders

$ (172,033)

12,247

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

48,130

Weighted-average common shares outstanding

^[1]

48,130

Effect of dilutive securities:

Weighted-average diluted shares

48,130

Diluted net income (loss) per share

$ (3.57)

Common Stock [Member]

Basic net income (loss) per share:

Net income (loss)

12,247

Deemed dividend on the conversion of Series D and D1 redeemable convertible preferred stock

Net Income (Loss)

$ 12,247

Denominator:

Weighted-average shares used in computing basic net income (loss) per share

^[1]

16,260

Basic net income (loss) per share

$ 0.75

Diluted net income (loss) per share:

Net income (loss) attributable to common stockholders

$ 12,247

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

58,762

Weighted-average common shares outstanding

^[1]

16,260

Effect of dilutive securities:

Weighted-average diluted shares

58,762

Diluted net income (loss) per share

$ 0.21

Stock options | Common Class A [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Stock options | Common Class B [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Stock options | Consolidated [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Stock options | Common Stock [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

1,248

Effect of dilutive securities:

Weighted-average diluted shares

1,248

Redeemable convertible preferred Stock | Common Class A [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Redeemable convertible preferred Stock | Common Class B [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Redeemable convertible preferred Stock | Consolidated [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Redeemable convertible preferred Stock | Common Stock [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

37,296

Effect of dilutive securities:

Weighted-average diluted shares

37,296

Warrants | Common Class A [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Warrants | Common Class B [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Warrants | Consolidated [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Warrants | Common Stock [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

162

Effect of dilutive securities:

Weighted-average diluted shares

162

Restricted stock units | Common Class A [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Restricted stock units | Common Class B [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Restricted stock units | Consolidated [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

Effect of dilutive securities:

Weighted-average diluted shares

Restricted stock units | Common Stock [Member]

Denominator:

Weighted-average shares used in computing diluted net income (loss) per share

3,795

Effect of dilutive securities:

Weighted-average diluted shares

3,795

[1]

Summary of Significant Accounting Policies (Additional Information) (Details) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 30, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) Segment shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares
Concentration Risk [Line Items]
Common Stock, Shares, Issued \| shares		0		16,647
Shares Issued, Price Per Share \| $ / shares	$ 19
Proceeds from Issuance of Common Stock	$ 97,400
Proceeds from Debt, Net of Issuance Costs	82,600
Underwriting discount	5,800
Commissions and offering expenses	$ 9,000
Incremental shares of Common Stock			$ 719
Deferred offering costs		$ 0		$ 7,241
Number of Reportable Segments \| Segment		1
IPO [Member]
Concentration Risk [Line Items]
Deferred offering costs		$ 9,000
Common Class A [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued \| shares	10,500	30,915		0
Redeemable convertible preferred stock \| shares	18,500	18,500
Incremental shares of Common Stock	$ 200	$ 200
Deemed Dividend		$ 2,637
Common Class B [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued \| shares		32,079		0
Redeemable convertible preferred stock \| shares	19,100	19,100
Deemed Dividend		$ 3,005
Series D and Series D1 Redeemable Convertible Preferred Stockholder [Member]
Concentration Risk [Line Items]
Deemed Dividend	$ 5,600	$ 5,600
Investor [Member] \| Common Class A [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued \| shares	5,400
Company [Member] \| Common Class A [Member]
Concentration Risk [Line Items]
Common Stock, Shares, Issued \| shares	5,100
Customer 1 [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		45.00%	38.00%
Customer 1 [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		67.00%		71.00%
Customer 2 [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		33.00%	33.00%
Customer 2 [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		13.00%		14.00%
Customer 3 [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		10.00%	17.00%
Customer 3 [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Concentration Risk [Line Items]
Concentration risk		12.00%