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Operating Expense Breakdown
Details spending on customer acquisition, technology and product, and corporate overhead so you can see how efficiently Lemonade scales, where it’s investing to grow, and which cost lines could pressure margins if growth slows.Lemonade is deliberately ramping sales & marketing to accelerate IFP and revenue—management backs the spend with an LTV:CAC >3x and a sizable 2026 gross‑spend plan—so higher marketing is strategic, not random. Technology spend rises steadily to support AI automation and lower LAE, while G&A growth is being driven by stock‑based comp and founder grants, creating near‑term GAAP expense and dilution risk. The key tradeoff for investors: sustained top‑line and margin improvement versus elevated operating‑expense cadence and SBC run‑rate that could delay full GAAP profitability.
Date | Sales and Marketing | General and Administrative | Technology and Development |
|---|---|---|---|
Jun 30, 2026 | $77.70M | $47.80M | $30.00M |
Mar 31, 2026 | $66.10M | $42.20M | $26.90M |
Dec 31, 2025 | $64.20M | $43.10M | $24.80M |
Sep 30, 2025 | $57.40M | $35.00M | $24.70M |
Jun 30, 2025 | $59.60M | $25.80M | $22.40M |
Mar 31, 2025 | $43.20M | $35.90M | $22.00M |
Dec 31, 2024 | $47.70M | $33.50M | $21.80M |
Sep 30, 2024 | $51.40M | $31.40M | $21.90M |
Jun 30, 2024 | $36.80M | $29.80M | $21.20M |
Mar 31, 2024 | $30.40M | $29.80M | $20.90M |