8-K
EverQuote, Inc. (EVER)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): November 03, 2025 |
|---|
EverQuote, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-38549 | 26-3101161 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 141 Portland Street | ||
| Cambridge, Massachusetts | 02139 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: (855) 522-3444 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Class A Common Stock, $0.001 par value per share | EVER | The Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2025, the Company issued a press release reporting financial results for the fiscal quarter ended September 30, 2025. The full text of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in Item 2.02 in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 7.01 Regulation FD Disclosure.
On November 3, 2025, the Company posted an investor presentation to its website (www.everquote.com). A copy of the investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information contained in Item 7.01 in this Current Report on Form 8-K (including Exhibit 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
EXHIBIT INDEX
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release dated November 3, 2025 |
| 99.2 | Investor Presentation dated November 3, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EVERQUOTE, INC. | |||
|---|---|---|---|
| Date: | November 3, 2025 | By: | /s/ Jon Ayotte |
| Jon Ayotte<br>Chief Accounting Officer |
EX-99.1
Exhibit 99.1
EverQuote Announces Third Quarter 2025 Financial Results
- Third Quarter Revenue Growth of 20% Year-Over-Year to $173.9 million
- Record Third Quarter Net Income up 63% Year-Over-Year to $18.9 million
- Record Adjusted EBITDA Increases 33% Year-Over-Year to $25.1 million
CAMBRIDGE, Mass., November 3, 2025 (GLOBE NEWSWIRE) -- EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, today announced financial results for the third quarter ended September 30, 2025.
“In the third quarter, we achieved record top and bottom line performance and we are making steady progress towards our vision of becoming the leading growth partner to P&C insurance providers,” said Jayme Mendal, CEO of EverQuote. “We are innovating new products, releasing features and further embedding AI into our marketplace to accelerate our transformation from a lead generation vendor to a multi-product, AI-powered profitable growth solutions provider for carriers and agents. As we introduce machine learning and AI more broadly across the business, we continue making great progress, highlighted by a number of records this quarter.”
“We reported record financial performance across several metrics in the third quarter. We grew revenue 20% and Adjusted EBITDA 33%, year-over-year, by utilizing AI and other technology investments while delivering incremental operational leverage and efficiency,” said Joseph Sanborn, CFO of EverQuote. “During the quarter, EverQuote efficiently executed $21 million of our share buyback program without adversely impacting liquidity in our public float. This repurchase reiterates our confidence in EverQuote’s ability to generate long-term sustainable growth and free cash flow, while maintaining a strong balance sheet.”
Third Quarter 2025 Highlights:
(Unless otherwise noted, all comparisons are relative to the third quarter of 2024).
- Total revenue grew 20% to $173.9 million.
- Automotive insurance vertical revenue of $157.6 million, an increase of 21%.
- Home and renters insurance vertical revenue of $16.3 million, an increase of 15%.
- Variable Marketing Dollars grew to $50.1 million, compared to $43.9 million, an increase of 14%.
- GAAP net income increased 63% to $18.9 million, compared to a GAAP net income of $11.6 million.
- Adjusted EBITDA increased 33% to $25.1 million, compared to $18.8 million. Adjusted EBITDA margin expanded to 14.4%.
- Repurchased $21.0 million or 900,000 shares of Class A common stock, from Link Ventures and affiliated entities controlled by our Chairman and Co-Founder, David Blundin.
- Ended the quarter with $145.8 million in cash and cash equivalents.
Fourth Quarter 2025 Outlook:
- Revenue of $174.0 - $180.0 million, representing 20% year-over-year growth at the midpoint.
- Variable Marketing Dollars of $46.0 - $48.0 million, representing 7% year-over-year growth at the midpoint.
- Adjusted EBITDA of $21.0 - $23.0 million, representing 16% year-over-year growth at the midpoint.
With respect to the Company’s expectations under “Fourth Quarter 2025 Outlook” above, the Company has not reconciled the non-GAAP measure Adjusted EBITDA to the GAAP measure net income (loss) in this press release because the Company does not provide guidance for stock-based compensation expense, depreciation and amortization expense, legal settlement expense, interest income, and income taxes on a consistent basis as the Company is unable to quantify these amounts without unreasonable efforts, which would be required to include a
reconciliation of Adjusted EBITDA to GAAP net income (loss). In addition, the Company believes such a reconciliation would imply a degree of precision that could be confusing or misleading to investors.
Conference Call and Webcast Information
EverQuote will host a conference call and live webcast to discuss its third quarter 2025 financial results at 4:30 p.m. Eastern Time today, November 3, 2025. To access the conference call, dial Toll Free: +1 (800) 715-9871 for the US, or +1 (646) 307-1963 for international callers, and provide conference ID 8699350. The live webcast and replay will be available on the Investors section of the Company’s website at https://investors.everquote.com.
Safe Harbor Statement
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company's annual report on Form 10-Q for the quarter ended September 30, 2025, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our
operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; (16) any impacts of economic or legislative developments, including inflation, increased tariffs and the One Big Beautiful Bill Act; and (17) the future trading prices of our Class A common stock, including any impacts resulting from our share repurchase program.
About EverQuote
EverQuote operates a leading online marketplace for insurance shopping, connecting consumers with insurance provider customers, which includes both carriers and agents. Our vision is to be the leading growth partner for property and casualty, or P&C, insurance providers. Our results-driven marketplace, powered by our proprietary data and technology platform, is improving the way insurance providers attract and connect with consumers shopping for insurance.
For more information, visit https://investors.everquote.com and follow on LinkedIn.
Investor Relations Contact
Brinlea Johnson
The Blueshirt Group
(415) 269-2645
EVERQUOTE, INC.
STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (in thousands except per share) | ||||||||||||
| Revenue | $ | 173,940 | $ | 144,530 | $ | 497,201 | $ | 352,735 | ||||
| Cost and operating expenses(1): | ||||||||||||
| Cost of revenue | 4,712 | 5,450 | 14,934 | 15,502 | ||||||||
| Sales and marketing | 135,362 | 111,794 | 385,847 | 273,491 | ||||||||
| Research and development | 7,944 | 8,026 | 23,201 | 21,913 | ||||||||
| General and administrative | 8,382 | 7,594 | 25,282 | 22,105 | ||||||||
| Legal settlement | — | — | 8,232 | — | ||||||||
| Total cost and operating expenses | 156,400 | 132,864 | 457,496 | 333,011 | ||||||||
| Income from operations | 17,540 | 11,666 | 39,705 | 19,724 | ||||||||
| Other income (expense): | ||||||||||||
| Interest income | 992 | 554 | 2,618 | 1,396 | ||||||||
| Other income (expense), net | (12 | ) | 53 | (65 | ) | 154 | ||||||
| Total other income, net | 980 | 607 | 2,553 | 1,550 | ||||||||
| Income before income taxes | 18,520 | 12,273 | 42,258 | 21,274 | ||||||||
| Income tax benefit (expense) | 345 | (719 | ) | (702 | ) | (1,411 | ) | |||||
| Net income | $ | 18,865 | $ | 11,554 | $ | 41,556 | $ | 19,863 | ||||
| Net income per share: | ||||||||||||
| Basic | $ | 0.52 | $ | 0.33 | $ | 1.15 | $ | 0.57 | ||||
| Diluted | $ | 0.50 | $ | 0.31 | $ | 1.10 | $ | 0.54 | ||||
| Weighted average common shares outstanding, basic and diluted: | ||||||||||||
| Basic | 36,218 | 35,234 | 36,143 | 34,845 | ||||||||
| Diluted | 37,731 | 37,214 | 37,804 | 36,509 | ||||||||
| (1) Amounts include stock-based compensation expense, as follows: | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (in thousands) | ||||||||||||
| Cost of revenue | $ | 39 | $ | 51 | $ | 87 | $ | 129 | ||||
| Sales and marketing | 2,289 | 1,837 | 5,860 | 5,083 | ||||||||
| Research and development | 1,778 | 1,342 | 4,706 | 4,080 | ||||||||
| General and administrative | 2,622 | 2,216 | 8,055 | 6,012 | ||||||||
| $ | 6,728 | $ | 5,446 | $ | 18,708 | $ | 15,304 |
EVERQUOTE, INC.
BALANCE SHEET DATA
| September 30, | December 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | |||
| (in thousands) | ||||
| Cash and cash equivalents | $ | 145,766 | $ | 102,116 |
| Working capital | 144,466 | 99,131 | ||
| Total assets | 256,050 | 210,530 | ||
| Total liabilities | 81,119 | 75,162 | ||
| Total stockholders' equity | 174,931 | 135,368 |
EVERQUOTE, INC.
STATEMENTS OF CASH FLOWS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (in thousands) | ||||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net income | $ | 18,865 | $ | 11,554 | $ | 41,556 | $ | 19,863 | ||||
| Adjustments to reconcile net income to net cash<br> provided by operating activities: | ||||||||||||
| Depreciation and amortization expense | 811 | 1,618 | 2,950 | 4,117 | ||||||||
| Stock-based compensation expense | 6,728 | 5,446 | 18,708 | 15,304 | ||||||||
| Provision for bad debt | 10 | 8 | 10 | 16 | ||||||||
| Unrealized foreign currency transaction (gains) losses | (14 | ) | 59 | 96 | 56 | |||||||
| Litigation accrual settled with sale of assets | — | — | 7,841 | — | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (13,229 | ) | (219 | ) | (6,843 | ) | (27,079 | ) | ||||
| Prepaid expenses and other current assets | (3,693 | ) | (1,002 | ) | (4,688 | ) | 312 | |||||
| Commissions receivable, current and non-current | — | 1,078 | 1,873 | 3,722 | ||||||||
| Operating lease right-of-use assets | 285 | 590 | 833 | 1,842 | ||||||||
| Other assets | — | — | — | (291 | ) | |||||||
| Accounts payable | 8,955 | 5,220 | 7,937 | 29,703 | ||||||||
| Accrued expenses and other current liabilities | 1,599 | 75 | (689 | ) | 1,113 | |||||||
| Deferred revenue | (257 | ) | (120 | ) | (376 | ) | (93 | ) | ||||
| Operating lease liabilities | (292 | ) | (693 | ) | (837 | ) | (2,153 | ) | ||||
| Net cash provided by operating activities | 19,768 | 23,614 | 68,371 | 46,432 | ||||||||
| Cash flows from investing activities: | ||||||||||||
| Acquisition of property and equipment, including costs<br> capitalized for development of internal-use software | (1,302 | ) | (1,489 | ) | (3,896 | ) | (3,111 | ) | ||||
| Net cash used in investing activities | (1,302 | ) | (1,489 | ) | (3,896 | ) | (3,111 | ) | ||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from exercise of stock options | 1,059 | 288 | 3,394 | 2,902 | ||||||||
| Repurchase of common stock | (21,024 | ) | — | (21,024 | ) | — | ||||||
| Tax withholding payments related to net share settlement | (918 | ) | (507 | ) | (3,197 | ) | (1,350 | ) | ||||
| Net cash provided by (used in) financing activities | (20,883 | ) | (219 | ) | (20,827 | ) | 1,552 | |||||
| Effect of exchange rate changes on cash, cash equivalents<br> and restricted cash | (5 | ) | 16 | 2 | 12 | |||||||
| Net increase (decrease) in cash, cash equivalents<br> and restricted cash | (2,422 | ) | 21,922 | 43,650 | 44,885 | |||||||
| Cash, cash equivalents and restricted cash at beginning<br> of period | 148,188 | 60,919 | 102,116 | 37,956 | ||||||||
| Cash, cash equivalents and restricted cash at end<br> of period | $ | 145,766 | $ | 82,841 | $ | 145,766 | $ | 82,841 |
EVERQUOTE, INC.
FINANCIAL AND OPERATING METRICS
Revenue by vertical:
| Three Months Ended September 30, | Change | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | % | |||||
| (in thousands) | |||||||
| Automotive | $ | 157,641 | $ | 130,005 | 21.3 | % | |
| Home and renters | 16,290 | 14,142 | 15.2 | % | |||
| Other | 9 | 383 | -97.7 | % | |||
| Total revenue | $ | 173,940 | $ | 144,530 | 20.3 | % | |
| Nine Months Ended September 30, | Change | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | % | |||||
| (in thousands) | |||||||
| Automotive | $ | 449,940 | $ | 310,165 | 45.1 | % | |
| Home and renters | 47,228 | 40,715 | 16.0 | % | |||
| Other | 33 | 1,855 | -98.2 | % | |||
| Total revenue | $ | 497,201 | $ | 352,735 | 41.0 | % |
Other financial and non-financial metrics:
| Three Months Ended September 30, | Change | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | % | |||||
| (in thousands) | |||||||
| Income from operations | $ | 17,540 | $ | 11,666 | 50.4 | % | |
| Net income | $ | 18,865 | $ | 11,554 | 63.3 | % | |
| Variable marketing dollars | $ | 50,140 | $ | 43,931 | 14.1 | % | |
| Adjusted EBITDA(1) | $ | 25,067 | $ | 18,783 | 33.5 | % | |
| Nine Months Ended September 30, | Change | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | % | |||||
| (in thousands) | |||||||
| Income from operations | $ | 39,705 | $ | 19,724 | 101.3 | % | |
| Net income | $ | 41,556 | $ | 19,863 | 109.2 | % | |
| Variable marketing dollars | $ | 142,520 | $ | 111,204 | 28.2 | % | |
| Adjusted EBITDA(1) | $ | 69,530 | $ | 39,299 | 76.9 | % |
(1) Adjusted EBITDA is a non-GAAP measure. Please see “EverQuote, Inc. Reconciliation of Non-GAAP Measures to GAAP” below for more information.
To supplement the Company’s financial statements presented in accordance with GAAP and to provide investors with additional information regarding EverQuote’s financial results, the Company has presented Adjusted EBITDA as a non-GAAP financial measure. This non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to similarly titled measures presented by other companies.
The Company defines Adjusted EBITDA as net income (loss), excluding the impact of stock-based
compensation expense; depreciation and amortization expense; legal settlement expense; interest income; and income taxes. The most directly comparable GAAP measure is net income (loss). The Company monitors and presents Adjusted EBITDA because it is a key measure used by management and the board of directors to understand and evaluate operating performance, to establish budgets and to develop operational goals for managing EverQuote’s business. In particular, the Company believes that excluding the impact of these items in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of EverQuote’s core operating performance.
The Company uses Adjusted EBITDA to evaluate EverQuote’s operating performance and trends and make planning decisions. The Company believes that this non-GAAP financial measure helps identify underlying trends in EverQuote’s business that could otherwise be masked by the effect of the items that the Company excludes in the calculations of Adjusted EBITDA. Accordingly, the Company believes that this financial measure provides useful information to investors and others in understanding and evaluating EverQuote’s operating results, enhancing the overall understanding of the Company’s past performance and future prospects.
The Company’s non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA rather than net income (loss), which is the most directly comparable financial measure calculated and presented in accordance with GAAP. In addition, other companies may use other measures to evaluate their performance, which could reduce the usefulness of the Company’s non-GAAP financial measures as tools for comparison.
The following table reconciles Adjusted EBITDA to net income (loss), the most directly comparable financial measure calculated and presented in accordance with GAAP.
EVERQUOTE, INC.
RECONCILIATION OF NON-GAAP MEASURES TO GAAP
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (in thousands) | ||||||||||||
| Net income | $ | 18,865 | $ | 11,554 | $ | 41,556 | $ | 19,863 | ||||
| Stock-based compensation | 6,728 | 5,446 | 18,708 | 15,304 | ||||||||
| Depreciation and amortization | 811 | 1,618 | 2,950 | 4,117 | ||||||||
| Legal settlement | — | — | 8,232 | — | ||||||||
| Interest income | (992 | ) | (554 | ) | (2,618 | ) | (1,396 | ) | ||||
| Income tax (benefit) expense | (345 | ) | 719 | 702 | 1,411 | |||||||
| Adjusted EBITDA | $ | 25,067 | $ | 18,783 | $ | 69,530 | $ | 39,299 |
Investor Presentation November 2025
Disclaimer This presentation contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this presentation are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition liquidity and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this presentation and are subject to a number of risks, uncertainties and assumptions described in our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (“SEC”) from time to time. Additional information will also be set forth in the Company’s annual report on Form 10-Q for the fiscal quarter ended September 30, 2025, which will be filed with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. Some of the key factors that could cause actual results to differ include: (1) our dependence on revenue from the property and casualty insurance industries, and specifically automotive insurance, and exposure to risks related to those industries; (2) our dependence on our relationships with insurance providers with no long-term minimum financial commitments; (3) our reliance on a small number of insurance providers for a significant portion of our revenue; (4) our dependence on third-party media sources for a significant portion of visitors to our websites and marketplace; (5) our ability to attract consumers searching for insurance to our websites and marketplace through Internet search engines, display advertising, social media, content-based online advertising and other online sources; (6) any limitations restricting our ability to market to users or collect and use data derived from user activities; (7) risks related to cybersecurity incidents or other network disruptions; (8) risks related to the use of artificial intelligence; (9) our ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and to successfully monetize them; (10) the impact of competition in our industry and innovation by our competitors; (11) our ability to hire and retain necessary qualified employees to expand our operations; (12) our ability to stay abreast of and comply with new or modified laws and regulations that currently apply or become applicable to our business, including with respect to the insurance industry, telemarketing restrictions and data privacy requirements; (13) our ability to protect our intellectual property rights and maintain and build our brand; (14) our future financial performance, including our expectations regarding our revenue, cost of revenue, variable marketing dollars, operating expenses, cash flows and ability to achieve, and maintain, future profitability; (15) our ability to properly collect, process, store, share, disclose and use consumer information and other data; (16) any impacts of economic or legislative developments, including inflation, increased tariffs and the One Big Beautiful Bill Act, or OBBBA; and (17) the future trading prices of our Class A common stock, including any impacts resulting from our share repurchase program. The Company’s presentation also contains estimates, projections, & other information concerning the Company’s industry, the Company’s business & the markets for certain of the Company’s products & services, including data regarding the estimated size of those markets. The information concerning our industry contained in this presentation is based on our general knowledge of and expectations concerning the industry. The Company’s market position, market share and industry market size are based on estimates using our internal data and estimates, data from various industry analyses, our internal research and adjustments and assumptions that we believe to be reasonable. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties & actual events or circumstances may differ materially from events & circumstances reflected in this information. Unless otherwise expressly stated, the Company obtained this industry, business, market & other data from reports, research surveys, studies & similar data prepared by market research firms & other third parties, from industry, general publications, & from government data & similar sources. We have not independently verified data from these sources and cannot guarantee their accuracy or completeness. The Company presents Adjusted EBITDA as a non-GAAP measure, which is not a substitute for or superior to, other measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation to the most directly comparable GAAP measures is included in the Appendix to these slides.
Our vision: To be the leading growth partner for P&C insurance providers
Extensive distribution channels with Carriers and Local Agent Network3 Asset-Light model, with strong operating leverage, driving scale, growing profitability and cash flow Key Investment Highlights Insurance Marketplace Leader Massive Market Opportunity Proprietary AI Tech and Data Extensive Distribution Compelling Business Model Leading Property and Casualty1 (”P&C”) online insurance marketplace providing compelling benefits for consumers and insurance providers $117b in annual P&C insurance distribution and advertising spend continuing to shift online provides multi-year tailwind2 Proprietary platforms improving the way insurance providers attract and connect with consumers shopping for insurance Includes auto, home, renters and other related insurance products Source: S&P Global Market Intelligence as of 2023 Also referred to as 3rd party agent network
Company Overview One of the largest online insurance customer acquisition and distribution platforms Highly scalable, data and AI proprietary platform leveraging 4.0b+ consumer data points amassed over a decade1 Diversified distribution model: ~60 carriers and ~6,000 3rd party agents across multiple P&C insurance markets Founded in 2011 with headquarters in Cambridge, MA Company Snapshot Compelling Value Proposition Providers: efficiently acquire consumers Large volume of high intent consumers Higher ROI from target-based consumer attributes Opportunity to acquire consumer referrals Source: estimated using Company data as of December 31, 2024 Consumers: saving time and money Single destination for P&C insurance needs Personalized shopping experience Provide multiple quotes, fitting the consumer’s needs
Large & Expanding TAM Growth Drivers U.S. P&C Insurance Market: Distribution and Advertising Spend1 ~15% Estimated Digital Advertising Spend Growth3 Increased carrier focus on growing policies in force Continued shift of acquisition spend online Continued shift to digitization of insurance products and workflows Estimated share of P&C Digital Advertising Spend Market ~7% Estimated share of P&C Distribution and Advertising Spend Market <1% Source: S&P Global Market Intelligence, Insider Intelligence, and Company’s own estimates. Includes commissions and advertising spend 2023 Market share based on EverQuote’s FY 2024 revenue, which was $500.2 million Estimated compound annual growth rate for 2023 to 2026 for all insurance verticals. Source: Insider Intelligence Highlights2 $7b P&C Digital Advertising Spend $117b P&C Distribution and Advertising Spend Market
Proprietary Platforms Strengthen Competitive Moat Minimize Cost per Acquisition Omni-channel Automated Bidding Marketing Maximize Conversion Rates Consumer Personalized User Experiences Maximize Bind Performance Consumer Alignment Algorithms Distribution Maximize Value per Acquisition Enterprise & Agency Campaign Management B2B Highly integrated AI, machine learning and data assets to support growth of all verticals Source: estimated using Company data as of December 31, 2024 4.0b+ Consumer Submitted Data Points Since Inception1
Distribution The Consumer Journey Traffic Channels Provider Engagement Consumer Arrival Provider Matching Partnerships Performance Media Other1 SEM Clicks Calls Consumer Routing Consumer Acquisition Performance Alignment Bidding Carriers Enterprise Distribution Agent Distribution Local Agent Network Other includes organic search, direct-to-site, partner exchange & other traffic sources Based on Company data & representative of the insurance provider partners on the platform as of December 31, 2024 Representative Carriers2
Multiple Levers to Drive Future Growth Attract More High-Intent Consumers Explore Acquisition Opportunities Increase Provider Coverage and Budget Grow Non-Auto Verticals Expand Product Offerings Leverage Technology Advantage
Financial Highlights
Q3 2025 Results Quarterly Revenue ($m) Year-over-Year Comparison Quarterly Adjusted EBITDA ($m) Quarterly Variable Marketing Dollars ($m) $m Q3 2024 Q3 2025 YoY Growth % Revenue $144.5 $173.9 20% Variable Marketing Dollars $43.9 $50.1 14% Adjusted EBITDA $18.8 $25.1 33% Adjusted EBITDA Margin % 13.0% 14.4% 1.4% pts.
Financial Highlights Quarterly Revenue (Q1 ‘24 – Q3 ‘25) ($m) Q3 Highlights EVER’s Q3 2025 total revenue grew 20% YoY to $173.9m Auto Q3 2025 revenue increased 21% YoY to $157.6m Home/Renters Q3 2025 revenue increased 15% YoY to $16.3m Executed $21m of share repurchase program $146m of cash and cash equivalents as of September 30, 2025 $147.5 $144.5 $156.6 Total: Other revenue consists of life, health and other insurance verticals. The health insurance vertical was exited on June 30, 2023, causing a significant decline in Other revenue Note: Due to rounding within the individual revenue vertical amount, summation of verticals to total revenue may not agree. $500.2 $248.8 $346.9 $418.5 $404.1 Total: $287.9 Annual Revenue (2019 – 2024) ($m) $91.1 $117.1 $166.6 $173.9
Financial Overview Since 2018 Variable Marketing Dollars ($m) Revenue ($m) Note: Auto insurance market downturn began in the late summer of 2021 Note: Historical financials include health insurance vertical financials, which was exited on June 30, 2023. Note: The health insurance vertical revenue was: $29.7m in 2021, $38.7m in 2022, and $15.0m in 2023. Operating Cash Flow ($m) Adjusted EBITDA ($m) Auto Downturn Begins in Late Summer 2021 CAGR 2018 - 2024: ~22% CAGR 2018 - 2024: ~21%
NASDAQ: EVER
Appendix
Key Metrics Definitions Variable Marketing Dollars & Margin We define variable marketing dollars, or VMD, as revenue, as reported in our consolidated statements of operations and comprehensive income (loss), less advertising costs (a component of sales and marketing expense, as reported in our consolidated statements of operations and comprehensive income (loss)). We define variable marketing margin, or VMM, as VMD divided by revenue. We use VMD and VMM to measure the efficiency of individual advertising and consumer acquisition sources and to make trade-off decisions to manage our return on advertising. We do not use VMD or VMM as a measure of profitability. Adjusted EBITDA We define Adjusted EBITDA as net income (loss), adjusted to exclude: stock-based compensation expense, depreciation and amortization expense, restructuring and other charges, acquisition-related costs, legal settlement expense, one-time severance charges, interest income and the provision for (benefit from) income taxes. We monitor & present Adjusted EBITDA because it is a key measure used by our management & board of directors to understand & evaluate our operating performance, to establish budgets & to develop operational goals for managing our business.
Reconciliation of Adjusted EBITDA - 12 Months Ended 12 Months Ended December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 December 31, 2019 Net Income (Loss) $32,169 ($51,287) ($24,416) ($19,434) ($11,202) ($7,117) Stock-based compensation $20,614 $22,808 $28,986 $30,020 $24,179 $12,721 Depreciation & amortization $5,672 $6,196 $5,848 $5,072 $3,350 $2,186 Legal settlement - - - - - $1,227 Acquisition-related costs/earnout - ($150) ($4,135) $1,065 $2,258 - Restructuring and Other Charges - $23,568 - $440 - - Interest (income) expense, net ($2,079) ($1,251) ($349) ($37) ($189) ($669) Provision for (benefit from) income taxes $1,839 $577 - ($2,510) - - Adjusted EBITDA $58,215 $461 $5,934 $14,616 $18,396 $8,348 ($ in Thousands)
Reconciliation of Adjusted EBITDA - 3 Months Ended 3 Months Ended September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 Net Income (Loss) $18,865 $14,701 $7,990 $12,306 $11,554 Stock-based compensation $6,728 $6,560 $5,420 $5,310 $5,446 Depreciation & amortization $811 $918 $1,221 $1,555 $1,618 Legal settlement - $332 $7,900 - - Acquisition-related costs/earnout - - - - - Restructuring and Other Charges - - - - - Interest (income) expense, net ($992) ($918) ($708) ($683) ($554) Provision for (benefit from) income taxes ($345) $363 $684 $428 $719 Adjusted EBITDA $25,067 $21,956 $22,507 $18,916 $18,783 ($ in Thousands)