Lemonade, Inc.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-43.4M | $-35.8M | $-21.7M | $-37.5M | $-43.9M | $-62.4M | $-30.0M | $-67.7M |
| Depreciation & Amortization | $2.4M | $2.7M | $2.6M | $3.4M | $4.7M | $4.5M | $4.7M | $5.1M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $24.5M | $21.2M | $18.5M | $17.1M | $15.4M | $10.3M | $17.3M | $16.9M |
| Net Cash from Operating Activities | $-3.4M | $-600.0K | $20.7M | $4.5M | $5.5M | $-47.2M | $13.8M | $16.3M |
| Investing Activities | ||||||||
| Capital Expenditures | $4.6M | $3.5M | $3.1M | $1.9M | $2.1M | $2.3M | $3.2M | $2.2M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-32.2M | $-34.6M | $-18.9M | $-59.4M | $29.5M | $-40.3M | $2.5M | $-54.1M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | — | — | — | — | — | — | — | — |
| Net Cash from Financing Activities | $28.2M | $26.2M | $38.5M | $24.0M | $24.1M | $20.0M | $35.0M | $23.6M |
| Net Change in Cash | $-6.2M | $-10.3M | $41.3M | $-30.5M | $66.3M | $-66.0M | $47.9M | $-11.9M |
| Free Cash Flow | $-8.0M | $-4.1M | $17.6M | $2.6M | $3.4M | $-49.5M | $10.6M | $14.1M |