Filing Flows › NI Holdings (NODK) › Q2 2025
NI Holdings (NODK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
NI Holdings (NODK) reported revenue of $76.1M for the second quarter 2025 (Q2 2025), -13% from a year earlier and +6% from the quarter before. Operating margin was -20.1%, net loss $12.1M (15.8% of revenue).
NI Holdings, Q2 2025: revenue $76.1M (-13% year over year), operating margin -20.1%, net loss $12.1M, operating cash flow $6.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.1M | +6% | -13% |
| Operating profit | −$15.3M | -298% | — |
| Net earnings | −$12.1M | -287% | — |
| Operating cash flow | $6.4M | -35% | -65% |
| Free cash flow | $6.2M | -37% | -64% |
What changed
Revenue was $76.1M in Q2 2025, down 13% year over year and up 6% from the previous quarter.
Gross margin was 8.4%, down 9.6 points from a year earlier. Operating costs exceeded revenue by $15.3M, an operating margin of -20.1%. Operating expenses fell 13% while revenue fell 13%. The quarter ended with a net loss of $12.1M, after a profit of $6.5M the previous quarter.
Operating cash flow was $6.4M (down 65% year over year). Non-cash charges added back $171K of depreciation and amortization and $244K of share-based compensation. Working capital and other items added $18.0M. Capital expenditures of $162K left free cash flow of $6.2M.
Questions
What was NI Holdings' revenue in the second quarter 2025?
NI Holdings (NODK) reported revenue of $76.1M for the second quarter 2025 (Q2 2025), -13% from a year earlier and +6% from the quarter before.
Was NI Holdings profitable in the second quarter 2025?
Operating loss was $15.3M (-20.1% of revenue) and net loss $12.1M.
Source: NI Holdings 10-Q on SEC EDGAR.