The strong beat on adjusted EPS and 57% revenue growth, combined with maintained FY guidance implying 53% fee-based EBITDA growth, should drive positive momentum. Watch for continued third-party premium mix expansion toward 35-40% of exchange volume, which reduces capital intensity and should support margin expansion. The $200M buyback provides downside support.
Price Chart
Executive Summary
Accelerant reported Q1 2026 operating revenue of $273.2M (+57% YoY) and adjusted EBITDA of $66.1M (+70% YoY), driven by 16% Exchange Written Premium growth to $1.14B and continued shift to capital-light fee-based segments. GAAP net loss was $4.1M ($0.02/diluted share) due to $32.1M in share-based compensation and $17.7M in other expenses, while adjusted EPS of $0.17 beat the $0.16 consensus. FY2026 guidance was maintained: at least $5.2B Exchange Written Premium and at least $285M adjusted EBITDA.
Key Financial Metrics
Key Facts
- Q1 2026 operating revenue $273.2M, +57% YoY from $174.0M
- Adjusted EBITDA $66.1M, +70% YoY from $38.8M; margin 24% vs 22%
- Adjusted EPS $0.17, +113% YoY from $0.08; consensus was $0.16
- Exchange Written Premium $1.14B, +16% YoY; +22% excluding terminated Canadian member
- Third-party direct written premium 41% of exchange volume, up from 19% a year ago
- Fee-based adjusted EBITDA $60M, +112% YoY
- GAAP net loss $4.1M ($0.02/diluted) vs net income $7.8M a year ago, driven by $32.1M SBC and $17.7M other expenses
- Repurchased 828,333 shares for $11M under $200M buyback program
- FY2026 guidance maintained: at least $5.2B exchange written premium, at least $285M adjusted EBITDA
- Q2 2026 guidance: exchange written premium $1.27B-$1.32B, adjusted EBITDA $60M-$66M
Financial Impact
Operating revenue grew 57% YoY to $273.2M; adjusted EBITDA grew 70% to $66.1M; adjusted EPS of $0.17 beat consensus of $0.16 by 6.3%
Risk Factors
- GAAP net loss persists due to high share-based compensation ($32.1M in Q1 alone)
- Net revenue retention declined to 116% from 157% a year ago, partly due to a terminated Canadian member
- Operating cash flow was negative $21.4M in Q1 vs positive $91.8M a year ago, driven by working capital growth
- Third-party premium mix shift may introduce new counterparty risk as non-Hadron insurers ramp
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001997350-26-000009 |
| Document: a1q2026accelerantpresent.htm | 0001997350-26-000009 |
| Document: arx-20260513.htm | 0001997350-26-000009 |
| Document: 0001997350-26-000009-index-headers.html | 0001997350-26-000009 |
| Document: 0001997350-26-000009-index.html | 0001997350-26-000009 |
| Document: 0001997350-26-000009.txt | 0001997350-26-000009 |
| 8-K Data (Synthetic) | 0001997350-26-000009 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | DEFA14A / 8-K | $19.58 $19.83 | ▲ +1.28% | ▲ +3.27% | $19.73 (+0.77%) |
Aug 14, 2026 7w ago | Insider Cluster | $19.58 $19.83 | ▼ −1.28% | ▼ −3.27% | $19.73 (−0.77%) |
Aug 13, 2026 7w ago | DEFA14A | $19.51 $19.84 | ▲ +1.69% | ▲ +3.44% | $19.73 (+1.13%) |
Aug 13, 2026 7w ago | 8-K | $19.51 $19.84 | ▲ +1.69% | ▲ +3.44% | $19.73 (+1.13%) |
Aug 12, 2026 7w ago | Insider Cluster | $13.61 $19.84 | ▲ +45.78% | ▲ +47.67% | $19.73 (+44.97%) |
Aug 5, 2026 8w ago | Insider Cluster | $12.26 $19.70 | ▼ −60.69% | ▼ −61.29% | $19.73 (−60.93%) |
Jul 29, 2026 9w ago | Insider Cluster | $11.20 $19.69 | ▲ +75.80% | ▲ +71.84% | $19.73 (+76.16%) |
Jul 29, 2026 9w ago | Insider Cluster | $12.40 $19.67 | ▲ +58.63% | ▲ +53.61% | $19.73 (+59.11%) |
Jul 28, 2026 9w ago | Insider Cluster | $14.72 $19.67 | ▼ −33.63% | ▼ −30.25% | $19.73 (−34.04%) |
Jul 24, 2026 10w ago | 144 | $14.23 $19.59 | ▼ −37.67% | ▼ −34.04% | $19.73 (−38.65%) |
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