Filing Flows › NI Holdings (NODK) › Q3 2025
NI Holdings (NODK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
NI Holdings (NODK) reported revenue of $76.6M for the third quarter 2025 (Q3 2025), -14% from a year earlier and +0.7% from the quarter before. Operating margin was -2.4%, net loss $1.7M (2.2% of revenue).
NI Holdings, Q3 2025: revenue $76.6M (-14% year over year), operating margin -2.4%, net loss $1.7M, operating cash flow −$44.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $76.6M | +0.7% | -14% |
| Operating profit | −$1.9M | — | — |
| Net earnings | −$1.7M | — | — |
| Operating cash flow | −$44.8M | -800% | — |
What changed
Revenue was $76.6M in Q3 2025, down 14% year over year and up 1% from the previous quarter.
Gross margin was 20.5%, up 0.1 points from a year earlier. Operating costs exceeded revenue by $1.9M, an operating margin of -2.4%. Operating expenses fell 19% while revenue fell 14%. The quarter ended with a net loss of $1.7M, narrower than the previous quarter's $12.1M loss.
Operating cash flow was −$44.8M. Non-cash charges added back $175K of depreciation and amortization and $304K of share-based compensation. Working capital and other items used $43.6M. Capital expenditures of $35K exceeded it, leaving free cash flow of −$44.8M.
Questions
What was NI Holdings' revenue in the third quarter 2025?
NI Holdings (NODK) reported revenue of $76.6M for the third quarter 2025 (Q3 2025), -14% from a year earlier and +0.7% from the quarter before.
Was NI Holdings profitable in the third quarter 2025?
Operating loss was $1.9M (-2.4% of revenue) and net loss $1.7M.
Source: NI Holdings 10-Q on SEC EDGAR.