• Management attributes record Q1 performance to the ‘widening gap’ between Neptune’s AI-native platform and traditional legacy insurance systems.

• The ‘No Humans’ philosophy drives a model where technology performs underwriting and distribution tasks faster and more consistently than manual processes.

• Revenue per employee reached $2.8 million, a metric management uses to validate the company’s structural efficiency and AI-native status.

• The launch of Atlas+ aims to convert independent agents into ‘super agents’ by using conversational AI to generate sales materials, answer questions, and interact directly with quotes in real time.

• Proprietary data from tens of millions of quotes and 1 million policies is cited as a compounding structural barrier to entry for competitors.

• The asset-light MGA model allows Neptune to scale by writing code rather than adding capital or hiring traditional underwriters.

• Full-year 2026 revenue guidance was increased to $195 million, reflecting strong Q1 momentum and high visibility into April sales trends.

• Management expects full-year adjusted EBITDA margins of 60% to 61%, viewing the current 60% level as a ‘floor’ rather than a ceiling.

• Revenue guidance assumes a standard hurricane season with approximately 1.8 landfall hurricanes, based on long-term historical averages.

• The company anticipates a significant ‘tailwind’ if the U.S. housing market recovers, as property turnover typically triggers private flood insurance adoption.

• Internal engineering velocity is expected to double or triple through the deployment of Proteus, an AI software developer responsible for 30% of recent code tickets.

• A new $100 million stock repurchase program was authorized, to be funded via free cash flow over the next two years.

• Q1 margin compression to 57.1% was characterized as a timing issue due to front-loaded public company audit and compliance costs.

• The company reduced total debt to $222 million post-quarter, targeting a medium-term leverage ratio below 2.5x adjusted EBITDA.

• Management noted that while they are beta-testing earthquake insurance, flood remains the core focus due to the 20 million uninsured U.S. properties.

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• Management dismissed concerns regarding new startups, noting that flood is a difficult peril to underwrite through multiple landfall hurricanes.

• The NFIP remains the primary competitor, holding 85% market share, which Neptune views as a massive acquisition opportunity.