ASICHIGH SIGNALFINANCIAL10-Q

ASIC reported exceptional financial performance with net income surging 87% to $48.7M and revenue jumping 63% to $301M, accompanied by substantial improvements in stockholders' equity.

The dramatic acceleration in both revenue and profitability suggests either significant organic growth, major new business wins, or possible acquisition activity that is driving outsized performance. The 81% increase in operating cash flow to $91.9M demonstrates the earnings quality is strong and cash-generative, which should support continued growth investments and shareholder returns.

Comparing 2025-11-12 vs 2025-08-14View on EDGAR →
FINANCIAL ANALYSIS

ASIC delivered outstanding financial results across all key metrics, with net income nearly doubling to $48.7M while revenue grew 63% to $301M, indicating strong operational leverage. Operating cash flow surged 81% to $91.9M and cash reserves increased 46% to $34.3M, demonstrating robust cash generation and improving financial flexibility. The balance sheet strengthened significantly with stockholders' equity rising from $559.7M to $588.6M, driven by retained earnings growth from $60.7M to $83.3M, signaling a company in rapid expansion mode with strong fundamentals.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+86.9%
$26.1M→$48.7M

Net income grew 86.9% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+80.8%
$50.8M→$91.9M

Operating cash flow surged 80.8% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+62.8%
$184.9M→$301.0M

Strong top-line growth of 62.8% — accelerating demand or successful expansion into new markets.

Cash & Equivalents
Balance Sheet
+45.9%
$23.5M→$34.3M

Cash position surged 45.9% — strong cash generation or capital raise providing significant financial cushion.

Interest Expense
P&L
+43.8%
$894K→$1.3M

Interest expense surged 43.8% — significant debt increase or rising rates materially impacting earnings.

LANGUAGE CHANGES
NEW — 2025-11-12
PRIOR — 2025-08-14
ADDED
48 38 Additional paid-in capital 496,222 360,703 Retained earnings 83,316 34,569 Accumulated other comprehensive income 8,974 2,997 Total stockholders' equity 588,560 398,307 Non-controlling interest - General Partner 1,436 500 Total stockholders' equity and non-controlling interest 589,996 398,807 Total liabilities, stockholders' equity and non-controlling interest $ 1,446,427 $ 1,123,438 See accompanying Notes to the Condensed Consolidated Financial Statements.
As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Ategrity Specialty Holdings LLC and its subsidiaries for the year ended December 31, 2024.
The guidance is effective for fiscal years beginning after December 15, 2024, however, these disclosures are not required for interim periods.
In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40).
The standard eliminates the previous stage-based model for capitalization, introduces a probable-to-complete threshold that defers capitalization if significant development uncertainty exists, and aligns disclosure requirements with those for software developed for external use, as described in ASC 360-10, Property, Plant and Equipment .
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REMOVED
48 38 Additional paid-in capital 495,954 360,703 Retained earnings 60,652 34,569 Accumulated other comprehensive income 3,035 2,997 Total stockholders' equity 559,689 398,307 Non-controlling interest - General Partner 484 500 Total stockholders' equity and non-controlling interest 560,173 398,807 Total liabilities, stockholders' equity and non-controlling interest $ 1,363,152 $ 1,123,438 See accompanying Notes to the Condensed Consolidated Financial Statements.
As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Ategrity Specialty Holdings LLC.
The guidance is effective for fiscal years beginning after December 15, 2024.
Consolidated Variable Interest Entity The Company has entered into the Amended and Restated Limited Partnership Agreement of the ZP Utility Insurance Fund, L.P.
The Utility Limited Partnership was formed on March 19, 2018 under the laws of the State of Delaware and commenced operations on April 1, 2018.
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