Technology

Hippo Reports First Quarter 2026 Financial Results

Published

17 hours ago

April 30, 2026

SAN JOSE, Calif., April 30, 2026 /PRNewswire/ — Hippo Holdings Inc. (NYSE: HIPO), a technology-native insurance platform reported net income of $7 million, or $0.27 per diluted share and adjusted net income of $17 million, or $0.65 per diluted share, for the quarter ended March 31, 2026.

First Quarter Highlights

Gross Written Premium increased 58% to $332 million over 1Q25

Net Income of $7 million vs. a Net Loss of $48 million in 1Q25

Adjusted Net Income of $17 million vs. an Adjusted Net Loss of $35 million in 1Q25

Net Loss Ratio improved 58 percentage points to 48.0% compared to 1Q25

Combined Ratio improved 60 percentage points to 99.5% compared to 1Q25

Revenue grew 10% to $122 million compared to 1Q25

Book Value per share of $17.23 up 2% from year-end 2025

“We got off to a fast start in 2026, significantly advancing our strategies on both growth and operational efficiencies. The launch of our strategic distribution relationship with Progressive, when—combined with our existing Westwood partnership —creates a truly differentiated distribution network for Hippo’s homeowners product that is both tech-enabled and scaled. Technology, which has long been a source of strength for Hippo, is core to supporting these new expanded distribution channels. Our AI-powered transformation across claims, services and underwriting should both support growth and increase profitability for Hippo over time,” said Rick McCathron, Hippo President and CEO.

He continued, “For the quarter, Hippo grew gross written premium by 58%, significantly improved our underwriting results with a 60 point reduction in our combined ratio, and continued to deliver positive net income $7 million of and adjusted net income of $17 million for the quarter. We are operating as a unified, technology-native carrier platform that is driving profitable growth, broadening diversification, and positioning us for long-term success.”

Key Operating and Financial Metrics

Three Months Ended March 31,

2026

2025

($ in millions)

Gross Written Premium

$ 332.4

$ 210.9

Net Written Premium

101.4

100.3

Net Retention

31 %

48 %

Total Revenue

$ 121.5

$ 110.3

Net Income (Loss) (1)

7.1

(47.7)

Adjusted Net Income (Loss) (1) (2)

17.2

(35.1)

Basic Earnings (Loss) per Share (1)

0.27

(1.91)

Diluted Earnings (Loss) per Share (1)

0.27

(1.91)

Diluted Adjusted Earnings (Loss) per Share (1) (2)

0.65

(1.41)

Net Loss Ratio

48.0 %

105.9 %

Expense Ratio

51.5 %

53.3 %

Combined Ratio

99.5 %

159.2 %

As of

March 31, 2026

December 31, 2025

Book Value Per Share (BVPS)

$17.23

$16.97

Tangible Book Value Per Share (TBVPS) (2)

$15.09

$14.76

(1) Attributable to Hippo

(2) Indicates non-GAAP financial measure; see “Reconciliation of Non GAAP Financial Measures to Their Most Directly Comparable GAAP Financial
Measures”

First Quarter Operating Summary

Net income of $7 million, or $0.27 per diluted share, compared to a $48 million net loss in Q1 of last year. The improvement was driven primarily by stronger underwriting performance. The first quarter of 2025 included a $45 million loss from California wildfires, and the absence of a comparable event this period more than offset the reduction in fee income following the sale of the builders distribution network.

Adjusted net income of $17 million, or $0.65 a diluted share, compared to a $35 million net adjusted loss in Q1 of last year. This quarter’s results equate to a 16% annualized adjusted return on average shareholders equity.

Gross written premium of $332 million for the quarter increased 58% year over year, up from $211 million in Q1 of last year. Growth was driven by both the Casualty and Commercial Multi-Peril (CMP) lines which were up 193% and 89% over last year, to $101 million and $96 million, respectively. The overall growth strategy is focused on improving underwriting profitability and reducing volatility, including through greater portfolio diversification. For the quarter, Casualty accounted for 30% of gross written premium, compared to CMP which accounted for 29% and Homeowners which accounted for 26%.

Net written premium of $101 million increased by $1 million or 1% from Q1 of last year. Growth in net written premium was lower than the growth in gross written premium due to both a mix shift and a reduction in the Renters line, which contracted by $26 million year over year, on account of a change in retention rate in 2026 vs 2025, and an accompanying unearned premium adjustment related to this change. The 31% net retention rate in the quarter was slightly below our full-year guidance, and driven primarily by the one-time unearned premium adjustment noted above. We expect retention to normalize later in the year, though it may fluctuate quarter to quarter based on growth-related mix shifts.

Revenue in the quarter of $122 million increased 10% from $110 million in Q1 of last year. The increase was primarily driven by higher net earned premium up 13% to $99 million, which more than offset a $5.5 million decline in commissions following the sale of our homebuilder distribution network in Q3’25.

Net Loss ratio of 48.0% improved 58 percentage points over the prior year. This improvement was driven primarily by lower CAT losses this quarter compared to Q1 of last year, which was impacted by the California wildfires. The net accident year loss ratio excluding CAT losses of 46.3% improved by 2 percentage points over the Q1 of last year.

Expense ratio of 51.5% improved 2 percentage points over the prior year period driven by continued improvement of operating leverage, and despite prior year period benefiting from roughly 4.5 percentage point of profits generated by the homebuilder distribution network we sold in Q3’25.

Combined ratio of 99.5% improved 60 percentage points over the prior year, similarly driven by stronger underwriting performance and a lower expense ratio noted above.

Total Hippo shareholder equity of $449 million, or $17.23 per share, at March 31, 2026, was up 2%, from $436 million, or $16.97 per share, at year-end 2025. The increase was primarily driven by the first quarter net income.

Guidance Update

The following Guidance update is based on current expectations. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-looking statements safe harbor” below.

Prior

Updated

2026 FY

Guidance

2026 FY

Guidance

Gross Written Premium

$1.4 – 1.5B

$1.45 – $1.525B

Net Written Premium

$500 – $540M

$520 – $550M

Revenue

$560 – $570M

Combined Ratio

103% – 105%

CAT Loss Ratio

13 %

Adjusted Net Income (Loss)(1)

$45 – $55M

$48 – $56M

Stock-based compensation + Depreciation and Amortization

$41M

$42M

(1) Indicates non-GAAP financial measure; see “Reconciliation of Non GAAP Financial Measures to Their Most Directly Comparable GAAP Financial Measures”

First Quarter Earnings Conference Call and Webcast Information
Date: Thursday, April 30, 2026
Time: 8:00 a.m. Eastern Time / 5:00 a.m. Pacific Time
Dial In: +1 833 470 1428 / Global Dial-In Numbers
Access: 433055350
Webcast: https://events.q4inc.com/attendee/433055350

A replay of the webcast will be made available after the call in the investor relations section of the company’s website at https://investors.hippo.com/

About Hippo

Hippo is a technology-native insurance group that uses its carrier platform to diversify risk across both personal and commercial lines. Through the Hippo Homeowners Insurance Program, the company applies deep industry expertise and advanced underwriting to deliver proactive, tailored coverage for homeowners. Hippo Holdings Inc. subsidiaries include Hippo Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Wingsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, please visit http://www.hippo.com.

Consolidated Balance Sheet
(in millions, unaudited)

March 31,
2026

December 31,
2025

(unaudited)

Assets

Investments:

Fixed maturities available-for-sale, at fair value (amortized cost: $299.3 million
and $291.7 million, respectively)

$ 298.7

$ 293.4

Short-term investments, at fair value (amortized cost: $125.3 million and $152.5
million, respectively)

125.2

152.5

Total investments

423.9

445.9

Cash and cash equivalents

275.4

218.3

Restricted cash

29.4

31.8

Accounts receivable, net of allowance of $0.3 million and $0.2 million, respectively

282.1

250.1

Reinsurance recoverable on paid and unpaid losses and LAE

398.1

346.6

Prepaid reinsurance premiums

386.7

353.7

Ceding commissions receivable

132.8

98.7

Capitalized internal use software

42.3

43.0

Intangible assets

13.6

13.8

Other assets

77.6

103.6

Total assets

$ 2,061.9

$ 1,905.5

Liabilities and stockholders’ equity

Liabilities:

Loss and loss adjustment expense reserve

$ 482.6

$ 420.4

Unearned premiums

615.3

579.7

Reinsurance premiums payable

356.3

304.4

Provision for commission

39.3

36.3

Surplus note

47.9

Accrued expenses and other liabilities

71.8

80.7

Total liabilities

1,613.2

1,469.4

Commitments and contingencies (Note 12)

Stockholders’ equity:

Common stock, $0.0001 par value per share; 80,000,000 shares authorized as of
March 31, 2026 and December 31, 2025; 26,035,917 and 25,699,704 shares issued
and outstanding as of March 31, 2026 and December 31, 2025, respectively

—

Additional paid-in capital

1,659.4

1,651.5

Accumulated other comprehensive (loss) income

(0.6)

1.8

Accumulated deficit

(1,210.1)

(1,217.2)

Total stockholders’ equity

448.7

436.1

Total liabilities and stockholders’ equity

$ 2,061.9

$ 1,905.5

Consolidated Statement of Operations
(in millions, unaudited)

Three Months Ended March 31,

2026

2025

Revenue:

Net earned premium

$ 98.9

$ 87.3

Commission income, net

12.7

14.4

Service and fee income

3.2

2.8

Net investment income

6.7

5.8

Total revenue

121.5

110.3

Expenses:

Losses and loss adjustment expenses

47.5

92.4

Insurance related expenses

34.9

30.2

Technology and development expenses

9.4

8.1

Sales and marketing expenses

6.3

8.9

General and administrative expenses

16.2

16.5

Interest and other (income) expense, net

—

(0.2)

Total expenses

114.3

155.9

Income (loss) before income taxes

7.2

(45.6)

Income tax expense (benefit)

0.1

(0.2)

Net income (loss)

7.1

(45.4)

Net income attributable to noncontrolling interests, net of tax

—

2.3

Net income (loss) attributable to Hippo

$ 7.1

$ (47.7)

Other comprehensive income (loss):

Change in net unrealized gain (loss) on investments, net of tax

(2.4)

2.1

Comprehensive income (loss) attributable to Hippo

$ 4.7

$ (45.6)

Per share data:

Net income (loss) attributable to Hippo – basic and diluted

$ 7.1

$ (47.7)

Weighted-average shares used in computing net income (loss) per
share attributable to Hippo

Basic

25,840,004

24,978,901

Diluted

26,354,271

24,978,901

Net income (loss) per share attributable to Hippo

Basic

$ 0.27

$ (1.91)

Diluted

$ 0.27

$ (1.91)

Consolidated Statement of Cash Flow
(in millions, unaudited)

Three Months Ended March 31,

2026

2025

Cash flows from operating activities:

Net cash provided by (used in) operating activities

$ 8.5

$ (35.6)

Cash flows from investing activities:

Capitalized internal use software costs

(3.1)

(2.8)

Purchases of property and equipment

(0.1)

Purchases of fixed maturities

(29.4)

(15.7)

Maturities of fixed maturities

20.9

11.2

Sales of fixed maturities

1.1

—

Purchases of short-term investments

(65.3)

(50.4)

Maturities of short-term investments

91.4

46.8

Sales of short-term investments

2.0

—

Proceeds from deferred consideration

25.0

—

Net cash provided by (used in) investing activities

42.5

(11.0)

Cash flows from financing activities:

Taxes paid related to net share settlement of equity awards

—

(3.3)

Proceeds from issuance of common stock

1.0

Payments of contingent consideration

—

(0.2)

Distributions to noncontrolling interests

—

(2.5)

Other

2.7

(1.0)

Net cash provided by (used in) financing activities

3.7

(6.0)

Net increase (decrease) in cash, cash equivalents, and restricted cash

54.7

(52.6)

Cash, cash equivalents, and restricted cash at the beginning of the period

250.1

232.8

Cash, cash equivalents, and restricted cash at the end of the period

$ 304.8

$ 180.2

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO THEIR MOST DIRECTLY

COMPARABLE GAAP FINANCIAL MEASURES

(in millions, unaudited)

Adjusted Net Income (Loss)

Three Months Ended March 31,

2026

2025

Net income (loss) attributable to Hippo

$ 7.1

$ (47.7)

Adjustments:

Depreciation and amortization

4.8

5.6

Stock-based compensation

6.5

7.7

Fair value adjustments

—

(0.5)

Other one-off transactions

(1.2)

(0.2)

Adjusted net income (loss)

$ 17.2

$ (35.1)

Diluted Adjusted Earnings (Loss) per Share

Three Months Ended March 31,

2026

2025

Adjusted net income (loss)

$ 17.2

$ (35.1)

Weighted-average common shares
outstanding, diluted

26,354,271

24,978,901

Diluted Adjusted Earnings (Loss) per Share

$ 0.65

$ (1.41)

Annualized Adjusted Return on Equity

Three Months Ended March 31,

2026

2025

Annualized Adjusted net income (loss)

$ 68.8

$ (140.4)

Average Hippo Stockholders’ Equity

442.4

342.5

Annualized Adjusted Return on Equity

16 %

(41) %

Tangible Book Value Per Share

As of March 31, 2026

As of December 31, 2025

Hippo Stockholders’ Equity

$ 448.7

$ 436.1

Less: Intangible assets

13.6

13.8

Less: Capitalized Internal Use Software

$ 42.3

$ 43.0

Tangible stockholders’ equity

$ 392.8

$ 379.3

Shares outstanding

26,035,917

25,699,704

Tangible book value per share

$ 15.09

$ 14.76

SUPPLEMENTAL FINANCIAL INFORMATION

(in millions, unaudited)

Net Loss, Expense, and Combined Ratio

Three Months Ended March 31,

2026

2025

Net Earned Premium

$ 98.9

$ 87.3

Catastrophe losses

4.3

53.4

Non-catastrophe losses

43.2

39.0

Loss and loss adjustment expenses

$ 47.5

$ 92.4

Catastrophe losses ratio

4.3 %

61.2 %

Non-catastrophe losses ratio

43.7 %

44.7 %

Net loss ratio

48.0 %

105.9 %

Insurance related expenses

$ 34.9

$ 30.2

Technology and development

9.4

8.1

Sales and marketing

6.3

8.9

General and administrative

16.2

16.5

Less: commission income, net and service and

(15.9)

(17.2)

Total net expenses

$ 50.9

$ 46.5

Expense Ratio

51.5 %

53.3 %

Combined Ratio

99.5 %

159.2 %

Prior accident year developments

Loss and loss adjustment expenses

(2.5)

(3.1)

Net loss ratio

(2.6) %

(3.6) %

Net accident year loss ratio

50.6 %

109.5 %

Net accident year loss ratio x catastrophe

46.3 %

48.3 %

Gross and Net Loss Ratio

Three Months Ended March 31,

2026

2025

Gross Losses and LAE

$ 147.2

$ 211.8

Gross Earned Premium

297.3

222.8

Gross Loss Ratio

49.5 %

95.1 %

Net Losses and LAE

$ 47.5

$ 92.4

Net Earned Premium

98.9

87.3

Net Loss Ratio

48.0 %

105.9 %

Underwriting Data

The Company has a single reportable segment and offers property & casualty insurance products. Gross written premiums (GWP), Net written premiums (NWP), and Net earned premiums (NEP) by line of business are presented below:

Gross Written Premium (GWP) by State

Three Months Ended March 31,

2026

2025

Amount

% of GWP

Amount

% of GWP

State

California

$ 66.0

19.9 %

$ 46.0

21.8 %

New York

44.2

13.3 %

12.2

5.8 %

Florida

42.9

12.9 %

32.0

15.2 %

Texas

36.2

10.9 %

26.0

12.3 %

Illinois

12.9

3.8 %

6.0

2.8 %

Georgia

9.7

2.9 %

5.6

2.7 %

Ohio

7.2

2.2 %

4.6

2.2 %

Colorado

7.0

2.1 %

4.5

2.1 %

New Jersey

6.6

2.0 %

4.2

2.0 %

Arizona

6.5

2.0 %

4.3

2.0 %

Other

93.2

28.0 %

65.5

31.1 %

Total

$ 332.4

100.0 %

$ 210.9

100 %

Gross Written Premium (GWP) by Line of Business

Three Months Ended March 31,

2026

2025

Amount

% of
GWP

Amount

% of
GWP

Change

% Change

Line of Business

Homeowners

$ 87.3

26 %

$ 87.1

41 %

$ 0.2

0.2 %

Renters

40.8

12 %

35.0

17 %

5.8

16.6 %

Commercial Multi-Peril

95.8

29 %

50.7

24 %

45.1

89.0 %

Casualty

100.6

30 %

34.3

16 %

66.3

193.3 %

Other

7.9

3 %

3.8

2 %

4.1

107.9 %

Total

$ 332.4

100 %

$ 210.9

100 %

$ 121.5

57.6 %

Net Written Premium (NWP) by Line of Business

Three Months Ended March 31,

2026

2025

Amount

% of
NWP

Amount

% of
NWP

Change

%
Change

Line of Business

Homeowners

$ 60.8

60 %

$ 52.7

52.5 %

$ 8.1

15.4 %

Renters

10.8

11 %

37.2

37.1 %

(26.4)

(71.0) %

Commercial Multi-Peril

17.6

17 %

12.5

12.5 %

5.1

40.8 %

Casualty

12.9

13 %

1.1

1.1 %

11.8

1072.7 %

Other

(0.7)

(1) %

(3.2)

(3.2) %

2.5

(78.1) %

Total

$ 101.4

100 %

$ 100.3

100.0 %

$ 1.1

1.1 %

Net Earned Premium (NEP) by Line of Business

Three Months Ended March 31,

2026

2025

Amount

% of
NEP

Amount

% of
NEP

Change

%
Change

Line of Business

Homeowners

$ 62.7

63.4 %

$ 61.6

70.6 %

$ 1.1

1.8 %

Renters

17.0

17.2 %

16.6

19.0 %

0.4

2.4 %

Commercial Multi-Peril

15.9

16.1 %

6.6

7.6 %

9.3

140.9 %

Casualty

3.2

3.2 %

0.5

0.6 %

2.7

540.0 %

Other

0.1

0.1 %

2.0

2.2 %

(1.9)

(95.0) %

Total

$ 98.9

100.0 %

$ 87.3

100.0 %

$ 11.6

13.3 %

Information about Key Operating Metrics/Non-GAAP Financial Measures

We define adjusted net income, a Non-GAAP financial measure, as net income excluding the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We calculate the tax impact only on adjustments which would be included in calculating our income tax expense using the estimated tax rate at which the company received a deduction for these adjustments. We use adjusted net income as an internal performance measure in the management of our operations because we believe it gives our management and financial statement users useful insight into our results of operations and our underlying business performance. Adjusted net income does not reflect the overall profitably of our business and should not be viewed as a substitute for net income calculated in accordance with GAAP. Other companies may define adjusted net income differently.

We define diluted adjusted earnings (loss) per share, a Non-GAAP financial measure, as adjusted net income divided by the weighted-average common shares outstanding for the period, reflecting the dilution which could occur if equity-based awards are converted into common share equivalents as calculated using the treasury stock method. Diluted adjusted earnings (loss) per share should not be viewed as a substitute for diluted earnings (loss) per share calculated in accordance with GAAP. Other companies may define diluted adjusted earnings (loss) per share differently.

We define annualized adjusted return on equity, a Non-GAAP financial measure, as adjusted net income (loss) expressed on an annualized basis as a percentage of average beginning and ending Hippo stockholders’ equity during the period. We use annualized adjusted return on equity as an internal performance measure in the management of our operations because we believe it gives our management and financial statement users useful insight into our results of operations and our underlying business performance. Annualized adjusted return on equity should not be viewed as a substitute for return on equity calculated in accordance with GAAP. Other companies may define annualized adjusted return on equity differently.

We define tangible book value per share, a Non-GAAP financial measure, as total stockholders’ equity, less intangible assets, divided by the outstanding number of shares of our common stock at the end of the relevant period. Our definition of tangible book value per share may not be comparable to that of other companies, and it should not be viewed as a substitute for book value per share calculated in accordance with GAAP. We use tangible book value per share internally to evaluate changes from period to period in book value per share exclusive of changes in intangible assets.

These Non-GAAP financial measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with GAAP. Reconciliations of these Non-GAAP financial measures to their most directly comparable GAAP counterpart is included above. We believe that these non-GAAP measures of financial results provide useful supplemental information to investors about Hippo.

Cautionary Note Regarding Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These statements include, without limitation, statements regarding the financial position, business strategy, and the plans and objectives of management for Hippo Holdings Inc. (together with its subsidiaries, “Hippo,” the “Company,” “we,” “us” and “our”) for future operations. These statements constitute projections, forecasts, and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts.

Forward-looking statements generally are accompanied by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “seem,” “should,” “strive,” “will,” “would,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements in this press release include, for example, statements about:

our future results of operations and financial condition, including estimates and forecasts of financial and operating results and performance metrics, and our ability to attain and maintain profitability;

our business strategy, including our cost reduction efforts, our diversified distribution strategy, and our plans to expand into new markets and new products;

our ability to grow our business and, if such growth occurs, to effectively manage such growth, including the growth and development of our builder network and other distribution channels;

customer satisfaction and our ability to attract, retain, and expand our customer base;

our ability to maintain and enhance our brand and reputation, including the quality of our products and services;

our expectations about our book of business, including our ability to cross-sell and to attain greater value from each customer;

the effects of seasonal and cyclical trends on our results of operations;

our ability to compete effectively in the segments of the insurance industry in which we operate;

our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers, and the sufficiency of the analytical models we use to assess and predict exposure to catastrophe losses;

our ability to maintain reinsurance contracts and our near- and long-term strategies and expectations with respect to the availability, adequacy, coverage, limits, pricing, and cession of insurance risk;

our ability to utilize, develop, and protect our proprietary technology, digital platform, and intellectual property;

our ability to leverage our data, technology, and geographic diversity to help manage risk;

our ability to expand our product offerings or improve existing ones;

our ability to attract and retain personnel, including our officers and key employees;

potential harm caused by outages or interruptions in, or delays to, services provided by our third-party providers, including our data vendors;

potential harm caused by misappropriation of our data and compromises in cybersecurity, and our ability to receive, process, store, use, and share data in compliance with laws and regulations related to data privacy and data security;

potential harm caused by changes in internet search engines’ methodologies;

our denial of claims or our failure to accurately and timely pay claims;

the effects of severe weather events and other natural or man-made catastrophes, including the effects of climate change, global pandemics, and terrorism;

any overall decline in economic activity;

regulators’ identification of errors in the policy forms we use, the rates we charge, and our customer communications, including cancellations, non-renewals, and reinstatements, through market conduct exams, complaints, or other inquiries;

our ability to navigate extensive insurance industry regulations and the scrutiny of state insurance regulators, and the effects of existing or new legal or regulatory requirements on our business, including with respect to maintenance of risk-based capital and financial strength ratings, the insurance industry generally, and data privacy and cybersecurity, in the United States and internationally;

our expected use of cash on our balance sheet, our future capital needs, and our ability to raise additional capital;

fluctuations in our results of operations and operating metrics; and

our public securities’ liquidity and trading.

These statements are based on the current expectations of Hippo’s management and are not predictions of actual performance. You should not rely upon forward-looking statements as predictions of future events. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions, and many actual events and circumstances are beyond the control of Hippo. Although we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we cannot guarantee that the future results, levels of activity, performance, events, and circumstances reflected in the forward-looking statements will be achieved or occur at all.

These forward-looking statements are subject to a number of risks, uncertainties, and other factors, including those described above and other risks set forth in the sections entitled “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and in other documents that may be filed by the Company from time to time with the Securities and Exchange Commission (the “SEC”). Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Hippo does not presently know or that Hippo currently believes are immaterial that could also cause actual results, events, or circumstances to differ materially from those described in the forward-looking statements.

These forward-looking statements are based on information available as of the date of this press release and reflect Hippo’s expectations, plans, forecasts, and views of future events as of that date. Accordingly, forward-looking statements should not be relied upon as representing Hippo’s views as of any subsequent date, and Hippo does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. While Hippo may elect to update these forward-looking statements at some point in the future, Hippo specifically disclaims any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Rounding

Certain monetary amounts, percentages, and other figures included in this release have been subject to rounding adjustments. The sum of individual metrics may not always equal total amounts indicated due to rounding.

Contacts
Investors:
Charles Sebaski
Investors@hippo.com

Press:
Mark Olson
press@hippo.com

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SOURCE Hippo Holdings Inc.

Technology

Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026

Published

3 hours ago

May 1, 2026

BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Reach officially unveiled its full-stack product portfolio designed to accelerate the intelligent evolution of AI vehicles. Industry leaders and experts, along with executives and representatives from Honda, Toyota, FAW, Geely, GAC, Dongfeng Voyah, FAW Jiefang, BMW, Volkswagen CARIAD, Chery, Nissan, Mazda, Hitachi Astemo, Bosch, UAES, ZTE Microelectronics and other global OEMs and industry partners, visited the booth for in-depth discussions on the future of AI-powered mobility and intelligent vehicle evolution.

At the show, Reach demonstrated how AI vehicles are moving from “responding to commands” to “understanding intent and proactively serving users.” Human-vehicle interaction is evolving from isolated smart functions to integrated intelligent experiences, creating a new vision for future mobility.

Supporting this transformation is Reach’s full-stack portfolio covering five key areas: AI Vehicle Neural Foundation, Emotional Cognition, Intelligent Driving Brain, Vehicle-Cloud Computational Brain, and Energy Heart.

At the core is NeuSAR OS, the digital foundation for AI vehicles. Backed by over 10 million production deployments, it provides secure, reliable, and scalable support for AI applications, enabling unified management of vehicle-wide capabilities, cross-domain resources, and AI Agents while improving development efficiency by 30%–50%.

Cloud OS introduces a vehicle-cloud collaborative computing architecture that allows flexible scheduling between onboard small models and cloud-based large models, reducing hardware dependency and optimizing computing costs.

For intelligent driving, Reach’s full-stack AI solution and fifth-generation architecture NeuAUTO support faster mass production across passenger and commercial vehicles through unified software architecture and end-to-end AI models.

Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.

Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.

As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.

Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.

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SOURCE Reach

Technology

Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale

Published

3 hours ago

May 1, 2026

Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with $15.7M in cash

VANCOUVER, BC and LAS VEGAS, April 30, 2026 /PRNewswire/ – Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a U.S.-focused digital health infrastructure platform, is pleased to report its audited financial results for the year ended December 31, 2025. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures1 2 are as reported in the Company’s amended and restated Management Discussion and Analysis dated April 30, 2026 (“MD&A”).

Revenue reached $35.4M in 2025, with $43.6M in Adjusted Revenue1 (non-GAAP) and $2.5M in Adjusted EBITDA2 (non-GAAP), reflecting strong growth and improving operating leverage.

The Company achieved net income of $1.69M and continued to scale its platform, driven by accelerating adoption of VSDHOne and expanding transaction volumes across its national healthcare network.

FULL YEAR 2025 HIGHLIGHTS

All comparisons below are to the year ended December 31, 2024, unless otherwise noted.

Revenue: $35.4M vs. $16.04M (+121% YoY)Adjusted Revenue:(1) $43.56M vs. $22.32M (+95% YoY)Adjusted EBITDA:(2) $2.5M vs. $136K (+1,765% YoY)Rising Operating Leverage: OPEX as a % of revenue fell from 38% to 22%2025 Year-end Cash Position: $15.65M vs. $1.19M (strong balance sheet improvement)Positive Adjusted EBITDA2 across the year, reflecting improving operating leverageOver 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption

4th QUARTER 2025 HIGHLIGHTS

All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted

Revenue: $14.95M vs. $4.04M (+270% YoY)Adjusted Revenue:(1) $16.85M vs. $5.74M (+193% YoY)Adjusted EBITDA:(2) $1.58M vs. ($0.1M)Rising Operating Leverage: OPEX as a % of revenue fell to 15% in Q4 2025, versus 34% in Q4 2024

The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.

Notes:

(1) “Adjusted Revenue” is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company’s platform and should not be considered revenue recognized under IFRS. See “Non-GAAP Financial Measures” section below for definition.

(2) “Adjusted EBITDA” is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See “Non-GAAP Financial Measures” section below for definition.

The following table is included to provide a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company’s financial performance for investors.

Three months ended December 31,

Twelve months ended December 31,

2025

2024

%
change

2025

2024

%
change

Adjusted Revenue

$ 16,853,102

$ 5,742,523

193 %

$ 43,563,753

$ 22,321,265

95 %

Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

Deduct – business partner payouts on app
service gross revenue

2,218,121

1,493,509

7,752,770

6,321,866

GAAP Revenue

$ 14,948,859

$ 4,040,578

270 %

$ 35,385,038

$ 16,044,716

121 %

Adjusted Gross Margin

$ 2,924,341

$ 1,580,387

85 %

$ 9,429,151

$ 5,650,936

67 %

Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

GAAP Gross Margin

$ 3,238,219

$ 1,371,951

136 %

$ 9,003,206

$ 5,696,253

58 %

Adjusted EBITDA

$ 1,577,760

$ (83,191)

$ 2,542,895

$ 136,334

1765 %

Deduct – amortization and depreciation

127,982

62,853

452,772

181,136

Deduct – share-based payments

8,843

87,889

82,385

614,877

Deduct – interest and accretion

452,209

–

586,354

–

Deduct – sales tax provision, net cash paid

252,603

(254,510)

252,603

(254,510)

Deduct – impairment charge

54,814

–

54,814

–

Deduct – income tax expense

(119,249)

–

(119,249)

–

Deduct – deferred tax recovery

699,586

–

699,586

–

GAAP Net Income (Loss)

$ 1,261,646

$ 20,577

6031 %

$ 1,694,304

$ (405,169)

518 %

Shane Madden, CEO of Hydreight, commented:

“2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.

The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.

As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in the United States.”

BUSINESS PERFORMANCE & DRIVERS

VSDHOne – Core Growth Engine

The Company’s VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:

Rapid onboarding of new partnersExpansion of direct-to-consumer healthcare brandsIncreased transaction volume across telehealth and pharmacy services

Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.

The platform ramped significantly through the second half of the year, with Q4 alone contributing $14.9M in revenue, representing approximately 270% growth compared to the same period in 2024. This acceleration reflects strong demand from partners seeking compliant, turnkey solutions and demonstrates the Company’s ability to scale transaction volume efficiently across its infrastructure.

OPERATING METRICS & VOLUME GROWTH

Operational performance across the Company’s core verticals continued to strengthen throughout 2025.

The Company’s first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight’s proprietary platform structure.

Completed Services revenue in Q4 2025 for the first vertical increased by approximately 44% compared to the same period in 2024Completed Services revenue for the first vertical in 2025 increased by approximately 17% compared to 2024New nurse sign-ups increased by approximately 45% in 2025 compared to 2024

These metrics reflect continued growth in the Company’s core service offerings, expansion of its provider network, and increasing utilization across the platform.

PLATFORM SCALE & NETWORK EFFECTS

Hydreight continues to expand its position as a leading healthcare infrastructure platform:

11,000+ licenses signed across VSDHOneNational footprint across all 50 U.S. statesNetwork of healthcare providers, pharmacies, and partners

The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the U.S. healthcare market.

MULTI-VERTICAL REVENUE MODEL

Hydreight generates revenue across three primary streams:

Business partner subscription contractsTelehealth consultation and platform commissionsPharmacy sales

Growth was supported by:

Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)Increased partner utilizationBroader adoption across wellness verticals

PROFITABILITY & OPERATING LEVERAGE

Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:

Adjusted EBITDA: $2.5M in 2025 vs. $0.14M in 2024 (+1,765% YoY)Net income (loss): $1.69M in 2025 vs. $(0.41)M in 2024

Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.

Q4 Adjusted EBITDA: $1.58M vs. ($0.10M) in Q4 2024

This reflects:

Platform scalabilityRevenue growth outpacing cost increasesImproved operational efficiency

This improvement reflects the operating leverage inherent in the Company’s platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company’s platform.

¹ See “Non-GAAP Financial Measures and Reconciliation”.

BALANCE SHEET & LIQUIDITY

Cash: $15.65M (vs. $1.2M in 2024)Working Capital: ~$15.7M (vs. deficiency of $2.5M in 2024)Strong capital position to support ongoing operations

The Company also completed a $15M financing in January 2026, subsequent to year‑end, further strengthening its ability to scale operations and pursue strategic initiatives.

Including the $15M financing completed in January 2026, the Company has access to over $30.7M in capital to support growth initiatives.

Please see SEDAR+ for the Company’s consolidated audited financial statements and MD&A for the year ended December 31, 2025.

STRATEGIC INITIATIVES & MILESTONES

Hydreight continues to expand its platform through strategic initiatives and partnerships.

During 2025, the Company:

Strengthened its vertically integrated healthcare infrastructureExpanded its national pharmacy networkInvested in next-generation platform capabilities (VSDHOne 2.0)Established strategic relationships to enhance product innovation and distribution

In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight’s long-term strategy of supporting next-generation treatments across its platform.

OUTLOOK

Hydreight is entering 2026 with strong momentum, supported by:

Continued onboarding of new partnersIncreasing transaction volumes across VSDHOneRecent capital deployment initiativesExpansion into new healthcare verticals

As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.

Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.

“We look forward to discussing these results in more detail on our upcoming earnings call.” -Shane Madden

ANNUAL FILINGS

The Company’s audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.

UPCOMING EARNINGS CALL

Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company’s strategic priorities heading into 2026.

Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST

Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ

The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight’s growth strategy and platform expansion.

Clarification on Engagement of GRA Enterprises

Further to the Company’s news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) (“GRA”) was not renewed and as such was terminated effective May 27, 2025.

Under the engagement, the Company paid GRA an aggregate fee of USD $30,000 in cash pursuant to the GRA Engagement. The fee was paid from general working capital at the commencement of the engagement. No securities, stock options, or other equity-based compensation were issued or granted in connection with the engagement.

The engagement was conducted at arm’s length and has been fully concluded, with no ongoing obligations or amounts payable by the Company. To the Company’s knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.

On behalf of the Board of Directors

Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.

Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™

Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company

About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.

About VSDHOne – Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including “Adjusted Revenue” and “Adjusted EBITDA”. These measures are not recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS or GAAP.

The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities.

Adjusted Revenue reflects the gross economic activity processed through the Company’s platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS. As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.

The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company’s platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the Company’s 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.

Forward‑looking information is based on management’s expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in the United States, availability of capital, and general economic conditions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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SOURCE Hydreight Technologies Inc.

Technology

Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step

Published

3 hours ago

May 1, 2026

KUALA LUMPUR, Malaysia and WUHU, China, May 1, 2026 /PRNewswire/ — In response to steady advancement of smart city construction and the actual demand for efficient, low-cost urban public service equipment, OMODA & JAECOO officially launched the full-scale commercial layout of AiMOGA Robotics at the 2026 Chery International Business Summit in Wuhu. Centering on the theme “Driven by Scenarios, United for Growth”, the event witnessed a key industrial breakthrough: AiMOGA Intelligent Police Robots secured 1,000 intentional signing orders and completed an official concentrated delivery of 100 units, laying a solid foundation for orderly large-scale promotion and practical scenario operation in urban roads, traffic hubs and daily public governance links.

Jointly developed by OMODA & JAECOO and the professional AiMOGA technical team, the robotic product lineup covers humanoid robots, quadruped robots and core intelligent patrol robots. Drawing on the brand’s mature intelligent vehicle underlying technologies in perception, planning and control, the equipment retains high operational stability. It can well adapt to daily road conditions and climatic environments, independently completing core practical tasks such as real-time traffic guidance, illegal parking identification and fixed-route auxiliary patrols, effectively assisting local frontline staff and optimizing urban refined management efficiency.

Chery Group pointed out that intelligent vehicles and robots share core technological homology, and the batch signing and delivery officially means AiMOGA enters the stage of large-scale standardized commercialization. The products have been iteratively optimized in more than 100 real scenarios across 50 countries including Malaysia, with reliable performance that meets local application standards. Relying on supporting facilities such as university talent cooperation projects, 31 innovation laboratories and a special robot leasing platform launched at the conference, OMODA & JAECOO will steadily improve local supporting service capabilities. The brand will rely on its global channel advantages to accelerate the localized landing of embodied intelligent equipment, pragmatically empower the steady development of smart urban governance industry, and jointly build a complete regional intelligent service ecology with local partners.

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SOURCE OMODA & JAECOO