Earnings release
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Exhibit 99.1 Ethos Reports Third Quarter Fiscal Year 2026 Financial Results • Q3 Revenue grew 151% year-over-year to $235 million • Q3 Direct Channel Revenue grew 112% year-over-year to $119 million • Q3 Third-Party Channel Revenue grew 209% year-over-year to $116 million Austin, TX — November 2, 2026 — Ethos (Nasdaq: LIFE), a leading life insurance technology company on a mission to democratize access to life insurance, today announced its financial results for the third quarter ended September 30, 2026. "Q3 was a record quarter for Ethos. We grew revenue 151% year-over-year and delivered our third consecutive quarter of triple digit year-over-year growth," said Peter Colis, CEO and Co-Founder of Ethos. "In Q3 alone, we protected more than 140,000 additional families. Our results illustrate the power of growth at scale paired with disciplined execution, and continue to show that Ethos is a business that gets better as it gets bigger." Third Quarter 2026 Financial Highlights • Revenue: Grew 151% year-over-year to $235.2 million • Direct Channel Revenue: Grew 112% year-over-year to $118.8 million • Third-Party Channel Revenue: Grew 209% year-over-year to $116.4 million • Gross Profit: $230.8 million, representing a 98% gross profit margin • Contribution Profit: $66.4 million, a 28% contribution profit margin • Net Income: $4.7 million, representing a 2% margin • Net Income per Share: basic and diluted were $0.07 per share • Non-GAAP Net Income: $33.8 million, representing a 14% margin • Non-GAAP Net Income per Share: basic was $0.53 and diluted was $0.49 per share • Adjusted EBITDA: $34.9 million, representing a 15% margin • Cash Flow: $40.7 million net cash provided by operations Third Quarter 2026 Business Highlights • Families Protected: Activated 142,111 new policies in Q3, representing 189% year-over-year growth • Reported Average Revenue per Unit: $1,655, representing a 13% year-over-year decline due to a channel mix that skewed more heavily towards Ethos' Third-Party channel. Share Repurchase During the third quarter ended September 30, 2026, the Board of Directors of Ethos authorized a share repurchase program of up to $100 million of the Company’s outstanding Class A common stock. Since the announcement of such program no shares have been repurchased.
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Financial Outlook For the fourth quarter of 2026, Ethos expects the following: • Total Revenue: Between $220 million and $224 million, representing a 102% increase year-over-year at the midpoint • Adjusted EBITDA: Between $30 million and $32 million For the full fiscal year 2026, Ethos expects the following: • Total Revenue: Between $838 million and $842 million, representing a 117% increase year-over-year at the midpoint • Adjusted EBITDA: Between $134 million and $136 million Ethos’ financial outlook for the fourth quarter and full fiscal year 2026 are forward-looking, and actual results may differ materially as a result of many factors. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause the company's actual results to differ materially from these forward-looking statements. Reconciliation of Adjusted EBITDA on a forward-looking basis to net income, the most directly comparable GAAP measure, is not available without unreasonable efforts due to high variability and complexity and low visibility with respect to certain charges excluded from this non-GAAP measure, including interest expense, interest income, and income tax expenses. Ethos expects the variability of these items could have a significant, and potentially unpredictable, impact on its future GAAP financial results. Conference Call Information Ethos will host a conference call for analysts and investors to discuss its earnings results for the third quarter 2026 and outlook for its fourth fiscal quarter and fiscal year 2026 today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). A live webcast and accompanying presentation can be accessed through the events section of the Ethos investor relations website at investors.ethos.com. A recorded webcast of the event will also be available on the Ethos Investor Relations website. Non-GAAP Financial Information Ethos has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (GAAP). We believe that non-GAAP financial measures, among others, provide important supplemental information to management and investors, help evaluate our business, identify trends affecting our performance, formulate business plans, and make strategic decisions. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. For further information regarding these non-GAAP measures, including the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, please refer to the financial tables below.
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Adjusted EBITDA - Ethos defines Adjusted EBITDA as net income excluding interest expense, interest income, income tax expense (benefit), depreciation and amortization, and stock-based compensation expense and related taxes as set forth in the table below. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA for a period by revenue for the same period. Ethos uses Adjusted EBITDA and Adjusted EBITDA Margin to assess performance, to inform the preparation of its annual operating budget and quarterly forecasts, to evaluate the effectiveness of its business strategies, and to assist its board of directors in monitoring its business and financial performance. Ethos believes that Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to investors about its business and financial performance, enhance their overall understanding of its past performance and future prospects, including by providing consistency and comparability with its past financial performance, and allow for greater transparency with respect to measures used by its management in investors’ financial and operational decision making. In addition, Ethos believes Adjusted EBITDA is widely used by investors, securities analysts, and other parties in evaluating companies in its industry as a measure of operational performance. Contribution Profit - Ethos defines Contribution Profit as gross profit less sales and marketing expense, which includes agent payments and underwriting costs for non-activated policies, plus stock-based compensation and related taxes related to its employees and overhead costs allocated to sales and marketing expenses. Gross profit is defined as revenue less cost of revenue. Cost of revenue primarily consists of underwriting costs associated with activated policies. Overhead costs allocated to sales and marketing expenses include professional fees, technology expenses, and other related expenses. Contribution Margin is calculated by dividing Contribution Profit for a period by revenue for the same period. Non-GAAP Net Income and Non-GAAP Net Income Per Share, Basic and Diluted - Ethos defines non-GAAP net income as net income/(loss), adjusted to exclude stock-based compensation and related taxes, to provide investors and management with greater visibility into the underlying performance of its recurring core business operations. Ethos defines non-GAAP net income per share, basic, as non-GAAP net income divided by the weighted-average shares outstanding. Ethos defines non- GAAP net income per share, diluted, as non-GAAP net income divided by the weighted-average shares outstanding, which includes the dilutive effect of potentially diluted common stock equivalents outstanding during the period, if any. About Ethos Ethos is a leading life insurance technology company on a mission to protect families by democratizing access to life insurance and empowering agents at scale. With its robust three-sided technology platform, Ethos is transforming the life insurance experience for consumers, agents, and carriers alike. Ethos offers instant, accessible products and a seamless online process that requires no medical exams and just a few health questions; it eliminates traditional barriers, making it easier than ever for everyone to protect their families. Ethos is redefining how life insurance is bought, sold, and underwritten. Learn more at ethos.com. Investor Relations Contact: Aaron Turner ir@ethos.com Press Contact: Allyson Savage press@ethos.com
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Forward-Looking Statements This press release and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding potential share repurchases, Ethos’ financial outlook for the fiscal quarter ending December 31, 2026 and the fiscal year ending December 31, 2026, the size of Ethos’ market opportunity, market trends, and Ethos’ business and financial strategy and plans. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These include, but are not limited to: Ethos’ limited operating history at its current scale, scope and complexity; the growth rate of the markets in which Ethos competes; Ethos’ ability to effectively manage and sustain its growth; Ethos’ ability to compete with existing competitors and new market entrants; Ethos’ ability to attract new and retain existing carriers and agency counterparties; adoption of and engagement with Ethos’ platform by individual agents; Ethos’ brand awareness and the success of its marketing efforts to grow its business; potential damage to Ethos’ reputation; disruptions or other business interruptions that affect the availability of Ethos’ platform. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements contained herein are included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Ethos’ most recent filings with the Securities and Exchange Commission, including in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026. Except as required by law, Ethos undertakes no obligation, and does not intend, to update these forward-looking statements.
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ETHOS TECHNOLOGIES INC. Condensed Consolidated Statements of Operations (In Thousands, Except Per Share Data) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue: Commission $ 235,215 $ 93,794 $ 617,876 $ 277,531 Total revenue 235,215 93,794 617,876 277,531 Costs and expenses: Sales and marketing 169,423 57,074 441,616 165,205 General and administrative 39,176 8,871 243,730 30,414 Technology (exclusive of amortization) 16,480 7,769 57,414 24,711 Cost of revenue 4,451 1,677 11,707 4,674 Depreciation and amortization 1,838 1,332 4,757 4,075 Total costs and expenses 231,368 76,723 759,224 229,079 Income (loss) from operations 3,847 17,071 (141,348) 48,452 Other income (expense): Interest expense (358) (786) (1,636) (2,405) Interest income 1,908 1,410 5,050 4,472 Other income, net 65 42 170 100 Total other income, net 1,615 666 3,584 2,167 Net income (loss) before income tax expense 5,462 17,737 (137,764) 50,619 Income tax expense 790 1,863 4,424 4,029 Net income (loss) 4,672 15,874 (142,188) 46,590 Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock — — (5,642) — Net income (loss) attributable to common stockholders $ 4,672 $ 15,874 $ (147,830) $ 46,590 Per share data: Basic net income (loss) per share $ 0.07 $ 0.96 $ (2.52) $ 2.83 Diluted net income (loss) per share $ 0.07 $ 0.27 $ (2.52) $ 0.80 Weighted-average shares used in computing basic net income (loss) per share 64,396 16,556 58,669 16,453 Weighted-average shares used in computing diluted net income (loss) per share 69,207 58,222 58,669 58,593
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ETHOS TECHNOLOGIES INC. Condensed Consolidated Balance Sheets (In Thousands)(Unaudited) September 30, December 31, 2026 2025 Assets Current assets: Cash and cash equivalents $ 149,800 $ 91,091 Short-term investments 71,656 34,876 Accounts receivable, net 83,464 36,498 Commissions receivable-current, net 33,936 28,786 Prepaid and other current assets 68,752 54,553 Total current assets 407,608 245,804 Long-term assets: Commissions receivable, net 315,389 224,219 Property and equipment, net 12,097 8,189 Operating lease right-of-use assets 1,354 2,183 Goodwill 2,238 2,238 Acquired intangible assets, net of amortization 587 662 Long-term investments 68,613 31,468 Other long-term assets 633 574 Total long-term assets 400,911 269,533 Total assets $ 808,519 $ 515,337 Liabilities, redeemable preferred stock and stockholders’ equity Current liabilities: Accounts payable $ 77,558 $ 55,070 Accrued expenses 109,384 39,224 Liabilities related to sale of commissions receivable, current 8,314 11,750 Operating lease liabilities, current 875 1,125 Other current liabilities 80,692 6,021 Total current liabilities 276,823 113,190 Long-term liabilities: Liabilities related to sale of commissions receivable, non-current 7,061 12,509 Operating lease liabilities, non-current 619 1,228 Deferred tax liability 11,867 8,529 Total long-term liabilities 19,547 22,266 Total liabilities 296,370 135,456 Commitments and contingencies Redeemable convertible preferred stock, par value $0.0001 — 403,997 Stockholders’ deficit: Common stock, $0.0001 par value 6 2 Additional paid-in capital 759,000 78,950 Accumulated other comprehensive loss (2,155) (554) Accumulated deficit (244,702) (102,514) Total stockholders’ equity (deficit) 512,149 (24,116) Total liabilities, redeemable convertible preferred stock and stockholders’ equity $ 808,519 $ 515,337
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ETHOS TECHNOLOGIES INC. Condensed Consolidated Statements of Cash Flows (In Thousands)(Unaudited) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities Net income (loss) $ (142,188) $ 46,590 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Deferred taxes 3,338 3,483 Depreciation and amortization 4,757 4,075 Non-cash interest expense 1,636 2,405 Amortization of discounts and premium, investments (962) (994) Stock-based compensation expense 237,296 10,564 Operating lease right-of-use asset amortization 828 635 Unrealized foreign currency translation (205) (244) Changes in operating assets and liabilities: Prepaid and other assets (21,183) (15,889) Accounts payable 22,641 35,266 Accounts receivable (46,966) (5,636) Commissions receivable (5,150) (11,014) Long-term commissions receivable (91,170) (35,507) Accrued expenses 71,119 10,517 Other current liabilities 73,813 (12,220) Other long-term liabilities — (750) Net cash provided by operating activities 107,604 31,281 Cash flows from investing activities Purchase of property and equipment (1,350) (1,101) Purchase of investments (145,532) (52,509) Proceeds from maturity of investments 70,615 79,870 Investment in software development costs (5,328) (3,145) Net cash provided by (used in) investing activities (81,595) 23,115 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 — Proceeds from liabilities related to sale of commissions receivable — 5,000 Taxes paid related to net share settlement of restricted stock units (49,085) — Repayment of liabilities related to sale of commissions receivable (10,196) (7,802) Proceeds from equity incentive plans and warrant exercise 3,352 794 Payment of deferred offering costs (2,843) (3,175) Net cash provided by (used in) financing activities 32,808 (5,183) Net increase in cash and cash equivalents 58,817 49,213 Effect of exchange rates on cash (108) (19) Cash and cash equivalents, beginning of period 91,091 35,075 Cash and cash equivalents, end of period $ 149,800 $ 84,269
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ETHOS TECHNOLOGIES INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In Thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Gross profit $ 230,764 $ 92,117 $ 606,169 $ 272,857 Less: sales and marketing (169,423) (57,074) (441,616) (165,205) Add: stock-based compensation and related taxes allocated to sales and marketing (170) 23 11,413 2,043 Add: professional fees allocated to sales and marketing 1,806 258 3,156 1,174 Add: technology expenses allocated to sales and marketing 2,137 750 4,823 2,197 Add: other expenses allocated to sales and marketing 1,310 620 3,392 1,746 Contribution profit $ 66,424 $ 36,694 $ 187,337 $ 114,812 Gross profit margin 98% 98% 98% 98% Contribution profit margin 28% 39% 30% 41% Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Net income (loss) $ 4,672 $ 15,874 $ (142,188) $ 46,590 Stock-based compensation and related taxes 29,170 272 240,163 10,564 Non-GAAP net income $ 33,842 $ 16,146 $ 97,975 $ 57,154 Interest expense 358 786 1,636 2,405 Interest income (1,908) (1,410) (5,050) (4,472) Income tax expense 790 1,863 4,424 4,029 Depreciation and amortization 1,838 1,332 4,757 4,075 Adjusted EBITDA $ 34,920 $ 18,717 $ 103,742 $ 63,191 Net income (loss) margin 2% 17% -23% 17% Non-GAAP net income margin 14% 17% 16% 21% Adjusted EBITDA margin 15% 20% 17% 23% Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands) Stock-based compensation and related taxes Sales and marketing $ (170) $ 23 $ 11,413 $ 2,043 General and administrative 25,603 137 205,538 5,905 Technology (exclusive of amortization) 3,737 112 23,212 2,616 Total $ 29,170 $ 272 $ 240,163 $ 10,564
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Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 (in thousands, except per share data) GAAP net income (loss) $ 4,672 $ 15,874 $ (142,188) $ 46,590 Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock — — (5,642) — GAAP net income (loss) attributable to common stockholders $ 4,672 $ 15,874 $ (147,830) $ 46,590 GAAP net income (loss) $ 4,672 $ 15,874 $ (142,188) $ 46,590 Add back: Stock-based compensation expense and related taxes 29,170 272 240,163 10,564 Non-GAAP net income $ 33,842 $ 16,146 $ 97,975 $ 57,154 Deemed dividend on the conversion of Series D and D-1 redeemable convertible preferred stock — — (5,642) — Non-GAAP net income attributable to common stockholders $ 33,842 $ 16,146 $ 92,333 $ 57,154 Per share data: Weighted-average shares used in computing GAAP net income (loss) per share, basic 64,396 16,556 58,669 16,453 Weighted-average shares used in computing GAAP net income (loss) per share, diluted 69,207 58,222 58,669 58,593 Weighted-average shares used in computing non-GAAP net income per share, basic 64,396 16,556 58,669 16,453 Weighted-average shares used in computing non-GAAP net income per share, diluted 69,207 58,222 65,707 58,593 GAAP net income (loss) per share attributable to common stockholders, basic $ 0.07 $ 0.96 $ (2.52) $ 2.83 GAAP net income (loss) per share attributable to common stockholders, diluted $ 0.07 $ 0.27 $ (2.52) $ 0.80 Non-GAAP net income per share attributable to common stockholders, basic $ 0.53 $ 0.98 $ 1.57 $ 3.47 Non-GAAP net income per share attributable to common stockholders, diluted $ 0.49 $ 0.28 $ 1.41 $ 0.98