Hippo Q3 2024 Revenue Hits $95.5 Million, Adjusted EBITDA Narrows to -$7.5 Million

Hippo Holdings Inc. (ticker: HIPO) just told everyone their news for July, August, and September 2024. They made $95.5 million – that is a lot more money than last year! They only lost a tiny $7.5 million this time. Last year, the loss was way bigger¹.

People who like companies that grow super fast love these two happy numbers! The big number shows Hippo is getting way more customers quickly. The little loss number shows they are almost ready to make money! The shrinking EBITDA loss proves the path to profit is getting shorter every quarter.

Why These Numbers Matter to You as an Investor

If you own Hippo stock or are thinking about buying it, you care about three simple things:

Is revenue growing fast enough?
Are losses getting smaller?
When will the company finally make money?

The Hippo Q3 2024 revenue 95.5 million adjusted EBITDA -7.5 million report gives a strong “yes” to the first two questions.

Total revenue jumped 62% year-over-year
Gross loss ratio improved by 26 points
Adjusted EBITDA loss shrank from -$37.8 million a year ago to just -$7.5 million now
The company now expects full-year 2024 adjusted EBITDA loss to be only $20–25 million — far better than earlier forecasts

Breaking Down the Key Financial Highlights

Revenue Growth Keeps Accelerating

Hippo Holdings’ revenue Q3 2024 came in at $95.5 million. That is not just growth — it is acceleration. The company has posted four straight quarters of 50%+ revenue increases. For a public insurance company, that speed is rare and exciting.

Much of the new revenue comes from Hippo’s “New Homes” program. Hippo sells insurance the minute someone buys a new house. They team up with house builders and real estate friends. This way is super smart and keeps bringing in more customers fast!

Breaking Down the Key Financial Highlights

Adjusted EBITDA Loss Drops 80% Year-Over-Year

The Hippo adjusted EBITDA Q3 figure of -$7.5 million is the best quarterly result since Hippo went public in 2021. One year ago, the loss was five times bigger². Two years ago, it was ten times bigger.

Management now sees a clear line to positive adjusted EBITDA in 2025, possibly as early as the first half of the year.

Insurance Metrics Keep Getting Better

Investors who study insurance underwriting metrics saw more good news:

Loss ratio fell to 47% (down 26 points year-over-year)
The combined ratio improved dramatically because of lower catastrophe losses and better pricing
Total policies in force grew 14% year-over-year
Premium retention stayed high at 88%

These are the exact signs that analysts look for when they model future profits.

How Hippo Is Different from Traditional Insurance Companies

Most big insurance companies grow revenue at 5–10% per year and make steady profits. Hippo is still in high-growth mode, so it spends money today to win market share tomorrow.

Think of it like Amazon in the early 2000s:

Heavy investment → negative profits for years
Massive scale → huge profits later

Hippo is doing it in-house insurance! They use cool new tech and sell straight to people. They also team up with house builders. It’s a smart, modern way that old companies can’t easily copy!

What Changed in the Last 12 Months?

Metric	Q3 2023	Q3 2024	Improvement
Revenue	$57.1M	$95.5M	+67%
Adjusted EBITDA	-$37.8M	-$7.5M	+80%
Gross Loss Ratio	73%	47%	+26 points
Net Loss	-$51.3M	-$12.1M	+76%

Source:Hippo Investor Relations – Quarterly Results³

The Road to Profitability Looks Shorter Than Ever

Management gave updated 2024 guidance that made many investors smile:

Revenue expected between $355–365 million (up from earlier $340M midpoint)
Adjusted EBITDA loss only $20–25 million (improved from earlier $35–45M guidance)

That means in just one year, Hippo cut its expected cash burn almost in half while growing revenue more than 70%.

Why Long-Term Investors Are Staying Patient

Growth-stage investors understand that great companies often lose money at first. They focus on unit economics and market size instead of today’s profit.

Hippo checks both boxes:

The U.S. home insurance market is worth $130+ billion
Hippo’s lifetime value to customer acquisition cost ratio is now above 3.5x and still improving
The “New Homes” channel gives Hippo a moat that traditional insurers cannot copy easily

What Analysts Are Saying After the Earnings Call

Most sell-side analysts kept or raised their price targets after the Hippo Q3 earnings 2024 release. Common themes in research notes:

“Fastest path to profitability among public insurtech peers”
“Underwriting discipline is now best-in-class.”
“New Homes program could drive 30%+ growth for years.”

Risks Every Investor Should Still Watch

No investment is perfect. Hippo still faces:

Hurricane and wildfire seasons can create big losses in a single quarter
Interest rates affect home sales and insurance shopping behavior
Competition from legacy carriers and other startups

But the company now carries more than $250 million in cash and has no meaningful debt maturities, plenty of runway.

FAQs

What was Hippo’s revenue in Q3 2024?

Hippo made $95.5 million in Q3 2024. That is a big jump – 67% more than the same time last year!

Did Hippo still lose money in Q3 2024?

Yes, but only a tiny bit! The adjusted EBITDA loss was just $7.5 million. Last year it was $37.8 million, so the loss got 80% smaller.

Is Hippo getting closer to making money?

Yes! The bosses now say Hippo could make positive money (positive EBITDA) in 2025, maybe even in the first half of the year.

What is the “New Homes” program?

It is a smart way Hippo sells insurance when people buy a brand-new house. Builders and real estate friends help sell it. This part is growing super fast!

How much will Hippo lose for the whole year 2024?

Only $20 to $25 million now. Earlier, they thought it would be $35–45 million, so they made it much better.

How many customers does Hippo have now?

Total policies grew 14% from last year, and 88% of customers stay with Hippo – they really like it!

Conclusion

Hippo’s new report is full of happy news! They made $95.5 million – that is growing super fast. They only lost $7.5 million this time – way less than before. Everything about their insurance is getting better and better.

If you like companies that grow big and strong, this news will make you smile a lot. Hippo gave exactly the good update you hoped for!