Ethos Technologies Inc.

Good day and thank you for standing by. Welcome to the Ethos Technologies Q1 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Aaron Turner, Vice President of Investor Relations. Please go ahead.

Good afternoon, and welcome, everyone, to Ethos Technologies' first quarter of fiscal year 2026 earnings call. We will be discussing the results announced in a press release issued after the market closed today. With me today are Ethos CEO, Peter Kolas, and our CFO, Chris Capozzi. Today's call is being webcast. and will also be available for replay on our investor relations website at investors.ethos.com. A slide presentation accompanies this call and can be viewed in the events section of our investor relations website. During this call, we will make forward-looking statements within the meaning of the federal securities laws, including statements regarding our financial outlook for the second quarter of full fiscal year 2026, our expectations regarding financial and business trends, impacts from go-to-market initiatives, growth strategy and business aspirations, and product initiatives, including future product releases and white label platform arrangements, and the expected benefits of such initiatives. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends. These forward-looking statements are subject to a number of risks and other factors, For a discussion of these risks and other factors, please see the information under forward-looking statements in our financial results press release issued today and our presentation materials, as well as the more detailed discussion in our SEC filings available on our investor relations website and on the SEC website at www.sec.gov. Although we believe that the expectations reflected in the forward-looking statements are reasonable, our actual results may differ materially. All forward-looking statements made during this call are based on information available to us as of today, and we do not assume any obligation to update these statements as a result of new information or future events except as required by law. In addition to the U.S. GAAP financials, we will discuss certain non-GAAP financial measures. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. A reconciliation to the most directly comparable U.S. GAAP measures is available in the presentation that accompanies this call, which can be found on our investor relations website. Now, let me turn the call over to Peter.

Good afternoon, everyone, and welcome to our first quarter 2026 earnings call. Q1 is our seasonally strongest quarter, and this was an exceptional one. we delivered $193 million in revenue, representing 104% year-over-year growth, more than doubling our top line year-over-year. This is on the back of three straight years of over 50% revenue growth. We generated adjusted EBITDA of $34 million, and we protected over 88,000 new families, bringing our cumulative total to over 600,000 activated policies to date. We also achieved a Rule of 40 score of 121, a result that reflects both the velocity of our growth and the discipline of our execution. Put simply, this quarter demonstrated that Ethos is a business that gets better as it gets bigger. Our goal at Ethos is to become the largest provider of life insurance in the world, and we built a vertically integrated platform that owns the full consumer journey from marketing and application through underwriting, policy issuance, policy administration, and long-term servicing. And that control lets us deliver a level of speed, accessibility, and approval rates that simply do not exist in the legacy life insurance industry. Turning to the business highlights that drove this quarter's performance. In our direct channel, the virtuous data cycle is spinning faster than ever. By continuing to refine every layer of our vertical stack, from initial user experience to our core underwriting algorithms, We've driven meaningful compounding improvements in our conversion rates and maintained strong unit economics at higher levels of ad spend. Q1's direct revenue growth of 136% reflects that compounding advantage. In our third-party channel, the agencies we added through 2025 are now ramping in a meaningful way. Those newer agencies now represent a double-digit percentage of third-party revenue and their contributions are accelerating. Revenue in the third-party channel reached $47 million in Q1, representing 42% year-over-year growth, demonstrating that our agency recruitment strategy and onboarding is translating directly to results. On the product front, we saw early indicators of product market fit for our accumulation indexed universal life insurance product, which continues to exhibit healthy growth in our third-party channel. And we deepened our relationship with Banner Life to launch two new whole life products, a simplified issue whole life, and guaranteed issue whole life. These products expand our coverage of the final expense market. We also demonstrated our ability to rapidly launch new products as we went from concept to launching in market in under five months. With these additions, Ethos now offers 12 products across six carriers, including multiple term life, multiple whole life, and multiple IUL products. That breadth strengthens our value proposition to both consumers and agents and expands our addressable market and improves the redundancy of our product portfolio. We also announced our new partnership with Liberty Mutual, one of the most recognized insurance brands in the country. Liberty Mutual will leverage Ethos' proprietary underwriting engine and platform to deliver a digital-first life insurance experience, instant decisions, no medical exams, and just a few simple health questions. When companies with the scale, resources, and brand recognition of Liberty Mutual select Ethos as their partner, it speaks directly to the strength of what we have built. And most recently, we became the first life insurance provider to build a dedicated experience directly inside the world's most used AI assistant, ChatGPT. We're focused on removing the friction that people experience throughout the life insurance purchase process and meeting people where they are to initiate that purchase. As more consumers turn to AI to get answers, ethos will be there for them. As we look to the rest of 2026, we remain focused on three durable growth vectors. First, growing our ecosystem by bringing more consumers into our direct channel and recruiting more agents to our platform. Second, enhancing our platform by making agents more productive and increasing our share of their sales. And third, expanding our product portfolio to broaden our addressable market. Every new client improves our risk models, client and agent experience, and the machine learning models that power our advertising spend. Better risk models improve our pricing and unit economics for our clients, our carrier partners, and ethos. More scale and underwriting experience allows us to grow our product portfolio and carrier panel. A broader product portfolio enables us to capture more of an agent's sales and recruit different types of agencies, Our unified end-to-end platform captures and analyzes granular data across the consumer and agent journeys. And while the legacy industry is hindered by on-prem technology and manual processes, our vertically integrated digital platform fuels a virtuous data cycle that is spinning faster and faster. With that, I'll pass it to Chris for a review of our first quarter 2026 financial results.