Florida-based flood insurance group Neptune Insurance Holdings Inc., parent of Neptune Flood, has disclosed strong top-line growth for Q1 2026, with revenues rising nearly 29% year-on-year and adjusted EBITDA also posting solid gains.
For the opening quarter of this year, Neptune’s total revenues reached $37.8 million, up 28.8% from $29.4 million in the same period of 2025, reportedly reflecting the continued expansion of the firm’s flood insurance platform.
Profitability on an operational basis also improved in Q1 2026, with adjusted EBITDA increasing 26% to $21.6 million, compared with $17.1 million a year earlier.
With this in mind, the adjusted EBITDA margin remained robust at 57.1%, only slightly below the 58.3% recorded in Q1 2025.
Despite the strong operating performance, net income declined 26.1% year-on-year to $7.35 million in the opening quarter of the year, down from $9.94 million in Q1 2025.
Higher non-cash and financing-related costs primarily drove the reduction.
Margins reflected the pressure on net income, with the net income margin falling to 19.4%, compared with 33.9% in Q1 2025.
In related news, Neptune Flood launched a digital flood insurance app within ChatGPT back in March, allowing property owners to receive real-time preliminary flood insurance quotes from Neptune directly through the platform.
According to Neptune Flood, customers can now ask questions about coverage and receive an instant preliminary quote through a conversational AI interface, “simplifying the way flood protection is understood and purchased.”
