While Lemonade is still burning cash and reported a net loss on the bottom line of its third-quarter income statement, the insurtech expects both situations to reverse by year-end 2026.

The cash situation, in fact, will turn around by year-end 2025, Daniel Schreiber, co-CEO of Lemonade reported on an earnings conference call, echoing statements made by other executives and included in the shareholder letter accompanying third-quarter financial results. “We expect to become cashflow positive by end of year 2025 and to reach that point with hundreds of millions of unencumbered dollars in the bank.

“We expect to become adjusted EBITDA positive by year end 2026,” he added.

In Lemonade’s financial reports, “adjusted EBITDA losses” are net earnings (or losses) before interest, taxes, depreciation, and amortization adjusted for a few other items—the most significant of which is stock-based compensation expense. In thi

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