The stock may react positively to the raised guidance and buyback, but the large SBC expense warrants scrutiny. Monitor Q2 for normalization of expenses and execution on the raised outlook.
Price Chart
Executive Summary
Neptune Insurance reported mixed Q1 2026 results: strong revenue growth and raised guidance offset by a 26% YoY net income decline and a large $6.9M stock-based compensation expense. The company also announced a $100M share buyback program.
Key Financial Metrics
Key Facts
- Q1 2026 revenue grew 28.8% YoY to $37.8M, beating consensus of $37.2M
- Net income declined 26.1% YoY to $7.3M, driven by $6.9M in stock-based compensation
- Adjusted EBITDA grew 26.0% YoY to $21.6M
- Company raised full-year 2026 revenue guidance to $195M from $189M
- Board approved $100M share repurchase program
Financial Impact
Revenue beat consensus by $0.6M, net income missed due to one-time $6.9M expense, full-year guidance raised by $6M
Risk Factors
- High stock-based compensation ($6.9M) is dilutive and unsustainable
- Net income decline despite revenue growth raises margin concerns
- Buyback may be offset by dilution from equity grants
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-026558 |
| Document: np-2026q1earningspresent.htm | 0001628280-26-026558 |
| Document: np-20260422.htm | 0001628280-26-026558 |
| Document: 0001628280-26-026558-index-headers.html | 0001628280-26-026558 |
| Document: 0001628280-26-026558-index.html | 0001628280-26-026558 |
| Document: 0001628280-26-026558.txt | 0001628280-26-026558 |
| 8-K Data (Synthetic) | 0001628280-26-026558 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $28.39 | awaiting T+5 | — | $29.47 (+3.80%) |
Jul 31, 2026 12w ago | Insider Cluster | $31.63 $31.17 | ▲ +1.45% | ▲ +3.48% | $29.47 (+6.83%) |
Jul 29, 2026 12w ago | 144 | $31.66 $32.83 | ▼ −3.70% | ▼ −0.07% | $29.47 (+6.92%) |
May 19, 2026 22w ago | Insider Cluster | $27.78 $27.91 | ▼ −0.47% | ▲ +1.33% | $29.47 (−6.08%) |
May 14, 2026 23w ago | 424B4 | $28.00 $27.87 | ▲ +0.46% | ▲ +1.43% | $29.47 (−5.25%) |
May 14, 2026 23w ago | EFFECT | $27.46 $27.27 | ▲ +0.69% | ▼ −0.03% | $29.47 (−7.32%) |
May 11, 2026 24w ago | S-1 | $28.54 $27.22 | ▼ −4.63% | ▼ −4.70% | $29.47 (+3.26%) |
May 11, 2026 24w ago | DEFA14A | $28.54 $27.22 | ▼ −4.63% | ▼ −4.70% | $29.47 (+3.26%) |
Apr 22, 2026 26w ago | 8-K | $27.18 $25.91 | ▼ −4.67% | ▼ −6.15% | $29.47 (+8.43%) |
Apr 17, 2026 27w ago | DEFA14A | $27.66 $26.81 | ▼ −3.07% | ▼ −3.63% | $29.47 (+6.54%) |
US Market Status
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