Filing Flows › Octave Specialty Group (OSG) › Q2 2025
Octave Specialty Group (OSG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Octave Specialty Group (OSG) reported revenue of $55.0M for the second quarter 2025 (Q2 2025), +8% from a year earlier and -12% from the quarter before. Operating margin was -41.8%, net loss $20.8M (37.9% of revenue).
Octave Specialty Group, Q2 2025: revenue $55.0M (+8% year over year), operating margin -41.8%, net loss $20.8M, operating cash flow $2.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $55.0M | -12% | +8% |
| Operating profit | −$23.0M | — | — |
| Net earnings | −$20.8M | — | — |
| Operating cash flow | $2.1M | — | -89% |
What changed
Revenue was $55.0M in Q2 2025, up 8% year over year and down 12% from the previous quarter. Managing General Agency Underwriter was the largest line at 60% of revenue. Managing General Agency Underwriter added $19.7M year over year (up 148%), 503% of the total change. Corporate Segment and Other Operating Segment declined 91%.
Operating costs exceeded revenue by $23.0M, an operating margin of -41.8%. Total costs grew 18% against revenue growth of 8%. The fastest-growing cost line was General & admin (+46%). The quarter ended with a net loss of $20.8M, wider than the previous quarter's $14.5M loss.
Operating cash flow was $2.1M (down 89% year over year). Non-cash charges added back $9.7M of depreciation and amortization and $14.6M of share-based compensation. Working capital and other items used $1.4M.
Questions
What was Octave Specialty Group's revenue in the second quarter 2025?
Octave Specialty Group (OSG) reported revenue of $55.0M for the second quarter 2025 (Q2 2025), +8% from a year earlier and -12% from the quarter before.
Was Octave Specialty Group profitable in the second quarter 2025?
Operating loss was $23.0M (-41.8% of revenue) and net loss $20.8M.