Exzeo, the Tampa insurance technology company, reported third-quarter 2026 revenue of $55.2 million on 4 November 2026, in line with a year earlier, with net income of $22.3 million and annual recurring revenue of $205.8 million, up from $192.4 million a year earlier, according to its results release. Fintechbits compared the figure with Exzeo’s second-quarter release, which reported annual recurring revenue of $210.7 million, so the third quarter’s $205.8 million is a sequential fall of about $4.9 million. Managed premium, the value of policies running on its platform, rose to $1.4 billion from $1.2 billion a year earlier.

What Exzeo Reported

Adjusted revenue, which strips out catastrophe-driven claims work, rose to $53.9 million from $52.4 million. Adjusted EBITDA fell to $27.6 million from $28.7 million, and the margin narrowed to 51% from 55% as Exzeo hired and built infrastructure. The company held $350.2 million in cash and investments and bought back 410,585 shares in the quarter.

Paresh Patel, chairman and chief executive, said AI “will reshape the insurance industry” and creates an opening for new offerings with carrier partners. Exzeo’s ARR depends on managed premium and fee rates, so a quarterly dip may reflect pricing or policy mix rather than lost customers. The release does not explain it. Fintechbits has looked at how AI is changing compliance work in financial services.

For the first nine months, revenue rose to $168.5 million from $163.7 million, and adjusted revenue to $164.2 million from $154.8 million. The adjusted EBITDA margin has also slipped quarter on quarter: the second-quarter release put it at 53%, against 51% in the third. The company completed its May 2026 buyback programme on 8 July and had about $20.0 million left under its August programme at the end of September. The company is profitable and cash-rich, so the questions are about growth rather than survival.