Trupanion, Inc. announced a strong start to 2025, with first-quarter results exceeding expectations across key metrics. Total revenue for the quarter ended March 31, 2025, was $342.0 million, a 12% increase year-over-year, while subscription business revenue grew 16% to $233.1 million.
The company reported a net loss of $(1.5) million, or $(0.03) per share, a significant improvement from a net loss of $(6.9) million, or $(0.16) per share, in the prior year period. Operating cash flow increased to $16.0 million from $2.4 million, and free cash flow improved to $14.0 million from $(0.6) million in Q1 2024.
Subscription adjusted operating income surged 53% year-over-year to $30.0 million, with the subscription adjusted operating margin expanding by 320 basis points to 12.9%. Average monthly retention improved sequentially to 98.28%, and the company acquired 63,700 new pets at a 31% internal rate of return. Trupanion raised its full-year 2025 guidance, now expecting total revenue between $1.39 billion and $1.425 billion, and total adjusted operating income between $122 million and $142 million.
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