Filing Flows › Mount Logan Capital (MLCI) › Q3 2025
Mount Logan Capital (MLCI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Mount Logan Capital (MLCI) reported revenue of $11.4M for the third quarter 2025 (Q3 2025), -10% from a year earlier and -33% from the quarter before. Operating margin was -152.8%, net loss $13.4M (117.5% of revenue).
Mount Logan Capital, Q3 2025: revenue $11.4M (-10% year over year), operating margin -152.8%, net loss $13.4M, operating cash flow −$18.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.4M | -33% | -10% |
| Operating profit | −$17.5M | — | — |
| Net earnings | −$13.4M | — | — |
| Operating cash flow | −$18.6M | -2463% | — |
What changed
Revenue was $11.4M in Q3 2025, down 10% year over year and down 33% from the previous quarter. Insurance Solutions was the largest line at 76% of revenue. Asset Management lost $816K year over year (down 23%), 64% of the total change.
Operating costs exceeded revenue by $17.5M, an operating margin of -152.8%. Total costs grew 89% against a revenue fall of 10%. The quarter ended with a net loss of $13.4M, wider than the previous quarter's $934K loss. Non-operating items added $6.3M, -57% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$18.6M. Non-cash charges added back $1.3M of share-based compensation. Working capital and other items used $6.5M.
Questions
What was Mount Logan Capital's revenue in the third quarter 2025?
Mount Logan Capital (MLCI) reported revenue of $11.4M for the third quarter 2025 (Q3 2025), -10% from a year earlier and -33% from the quarter before.
Was Mount Logan Capital profitable in the third quarter 2025?
Operating loss was $17.5M (-152.8% of revenue) and net loss $13.4M.