Ethos Q1 Revenue Soars 104% to $193M, Adjusted EBITDA at $33.6M
LIFE•Ethos posted 104% year-over-year Q1 revenue growth to $193.1 million, driven by 136% direct channel growth to $146.0 million and 42% third-party growth to $47.1 million, delivering $33.6 million adjusted EBITDA. The company activated 88,373 new policies (84% growth) and forecasts Q2 revenue of $114–118 million.
1. Q1 2026 Financial Performance
Ethos reported Q1 revenue of $193.1 million, up 104% year-over-year, with a $166.4 million GAAP net loss (86% margin) reflecting ongoing investments. Non-GAAP net income reached $29.1 million and adjusted EBITDA was $33.6 million, representing a 17% margin.
2. Channel Revenue Breakdown
Direct channel revenue climbed 136% to $146.0 million with stable unit economics, while third-party channel revenue rose 42% to $47.1 million. A one-time, non-cash $16.5 million charge increased agent compensation expense due to better-than-expected policy persistency in maturing cohorts.
3. Policy Growth and Product Innovation
The company activated 88,373 new policies in Q1, marking 84% year-over-year growth and lifting average revenue per unit to $2,185 (11% increase). Ethos also launched two new Whole Life products, expanding its protection portfolio.
4. Outlook for Q2 and Full Year 2026
For Q2, Ethos expects revenue between $114.0 million and $118.0 million (31% growth) and adjusted EBITDA of $20.0–22.0 million. Full-year guidance calls for $561.0–565.0 million in revenue (45% growth) and $103.0–107.0 million in adjusted EBITDA.
