Lemonade Inc. (NYSE: LMND) reported its first results since coming public as one of the hot initial public offerings over the summer. On Wednesday morning, the insurance firm said that it had a net loss of $2.09 per share and $29.9 million in revenue. Analysts had expected a net loss of $0.95 per share on $29.31 million in revenue.

In the second quarter, Lemonade noted 814,160 customers, almost doubling from 442,752 customers at the end of the same period last year. Net earned premium for the quarter was $29.2 million, more than doubling from $13.3 million last year.

In Force Premium (IFP), which the company defines as the aggregate annualized premium for customers as of the period end date, increased 115% to $155.1 million from the second quarter of last year. This increase was due primarily to an 84% increase in the number of customers, as well as an increase in premium per customer.

Premium per customer, which is the IFP divided by number of customers, increased 17% year over year to $190, primarily due to a continued shift of product mix toward higher value homeowner policies, as well as growth in the overall average policy value.

On the books, cash, cash equivalents and investments totaled $295.4 million at the end of the quarter, down from $330.9 million at the end of the previous fiscal year.

Looking ahead to the third quarter, the company expects to see revenue in the range of $14 million to $15 million, with an IFP of $170 million to $175 million. Analysts are calling for a net loss of $0.55 per share and $15.2 million in revenue for the coming quarter.

Lemonade stock traded down about 5% on Wednesday, at $59.56 in a post-IPO range of $49.02 to $96.51. The consensus price target is $80.75.

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