Reported Earnings • May 11
First quarter 2026 earnings released: EPS: US$0.60 (vs US$0.31 in 1Q 2025) First quarter 2026 results: EPS: US$0.60 (up from US$0.31 in 1Q 2025). Revenue: US$59.6m (down 17% from 1Q 2025). Net income: US$12.5m (up 94% from 1Q 2025). Profit margin: 21% (up from 9.0% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 09
NI Holdings, Inc., Annual General Meeting, May 19, 2026 NI Holdings, Inc., Annual General Meeting, May 19, 2026. Reported Earnings • Mar 08
Full year 2025 earnings released: US$0.50 loss per share (vs US$0.32 profit in FY 2024) Full year 2025 results: US$0.50 loss per share (down from US$0.32 profit in FY 2024). Revenue: US$285.1m (down 12% from FY 2024). Net loss: US$10.4m (down 258% from profit in FY 2024). Combined ratio: 109.9% (up from 100.7% in FY 2024). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 4 highly experienced directors. Independent Director Dave Stende was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 25
NI Holdings, Inc. Director Duaine C. Espegard Will Not Stand for Re-Election On February 17, 2026, Duaine C. Espegard, a director of NI Holdings, Inc., advised the Company's Board of Directors that he will not stand for re-election at the Company’s 2026 annual meeting of stockholders. Mr. Espegard’s decision to not stand for re-election is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Espegard will serve out the remainder of his term, which will end at the Company’s 2026 annual meeting of stockholders. Reported Earnings • Nov 09
Third quarter 2025 earnings released: US$0.079 loss per share (vs US$0.13 loss in 3Q 2024) Third quarter 2025 results: US$0.079 loss per share (improved from US$0.13 loss in 3Q 2024). Revenue: US$76.6m (down 14% from 3Q 2024). Net loss: US$1.67m (loss narrowed 38% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Aug 26
NI Holdings, Inc. (NasdaqCM:NODK) announces an Equity Buyback for $5 million worth of its shares. NI Holdings, Inc. (NasdaqCM:NODK) announces a share repurchase program. Under the program, the company will repurchase up to $5 million worth of its outstanding common shares. The purpose of the program is to support the company’s planned approach to capital deployment to create long-term value for its shareholders. As of July 31, 2025, the company had 20,675,337 shares of common stock outstanding. Reported Earnings • Aug 10
Second quarter 2025 earnings released: US$0.57 loss per share (vs US$0.36 loss in 2Q 2024) Second quarter 2025 results: US$0.57 loss per share (further deteriorated from US$0.36 loss in 2Q 2024). Revenue: US$76.1m (down 13% from 2Q 2024). Net loss: US$12.1m (loss widened 61% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jul 18
Kelly Dawson Joins NI Holdings, Inc. as Senior Vice President and Chief Human Resources Officer NI Holdings, Inc. announced a strategic leadership appointment to support the Company’s long-term growth and execution of its core business strategies. Kelly Dawson has recently joined the Company as Senior Vice President and Chief Human Resources Officer. In this newly created role, Kelly will have oversight of all aspects of human resources, including talent acquisition, employee engagement, compliance and organizational development. She brings over 20 years of human resources experience, including leadership roles at multiple companies. She holds a master’s degree from Claremont Graduate University and an undergraduate degree from Stetson University. New Risk • May 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.9% Last year net profit margin: 7.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 21% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • May 12
First quarter 2025 earnings released: EPS: US$0.31 (vs US$0.33 in 1Q 2024) First quarter 2025 results: EPS: US$0.31 (down from US$0.33 in 1Q 2024). Revenue: US$71.4m (down 4.1% from 1Q 2024). Net income: US$6.46m (down 6.8% from 1Q 2024). Profit margin: 9.0% (down from 9.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Apr 10
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. Independent Director Prakash Mathew was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 22
NI Holdings, Inc. Appoints Dave L. Stende as Independent Director and as Member of the Audit Committee, Effective April 1, 2025 On March 18, 2025, the Board of Directors (the “Board”) of NI Holdings, Inc. (the “Company”), increased the size of the Board to nine directors and appointed Dave L. Stende as a director effective April 1, 2025, to serve until the 2025 Annual Meeting of Stockholders, or until his earlier death, disqualification, resignation, or removal. The Board has determined that Mr. Stende is an independent director under the listing standards of the Nasdaq Capital Market. Mr. Stende will serve as a member of the Board’s Audit Committee. Announcement • Mar 10
NI Holdings, Inc., Annual General Meeting, May 20, 2025 NI Holdings, Inc., Annual General Meeting, May 20, 2025. Reported Earnings • Mar 09
Full year 2024 earnings released: EPS: US$0.32 (vs US$0.93 in FY 2023) Full year 2024 results: EPS: US$0.32 (down from US$0.93 in FY 2023). Revenue: US$325.2m (up 7.0% from FY 2023). Net income: US$6.60m (down 66% from FY 2023). Profit margin: 2.0% (down from 6.4% in FY 2023). Combined ratio: 100.7% (up from 97.0% in FY 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Mar 04
Ni Holdings, Inc. Announces Departure of Stephen V. Marlow as Member of the Board of Directors NI Holdings, Inc. announced that Stephen V. Marlow, a member of the Board of Directors notified the Company that he will not stand for reelection at the Company’s 2025 annual meeting of stockholders. Mr. Marlow’s decision to not stand for reelection was not the result of a disagreement with the Company. Reported Earnings • Nov 07
Second quarter 2024 earnings released: US$0.36 loss per share (vs US$0.12 loss in 2Q 2023) Second quarter 2024 results: US$0.36 loss per share (further deteriorated from US$0.12 loss in 2Q 2023). Revenue: US$87.8m (up 8.3% from 2Q 2023). Net loss: US$7.48m (loss widened 204% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings released: US$0.36 loss per share (vs US$0.38 loss in 2Q 2023) Second quarter 2024 results: US$0.36 loss per share (improved from US$0.38 loss in 2Q 2023). Revenue: US$87.8m (down 9.5% from 2Q 2023). Net loss: US$7.48m (loss narrowed 7.9% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: US$0.31 (vs US$0.20 loss in 1Q 2023) First quarter 2024 results: EPS: US$0.31 (up from US$0.20 loss in 1Q 2023). Revenue: US$91.4m (up 12% from 1Q 2023). Net income: US$6.42m (up US$10.6m from 1Q 2023). Profit margin: 7.0% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Announcement • May 09
John Scott, Sr. entered into a stock purchase agreement to acquire Westminster American Insurance Company from NI Holdings, Inc. (NasdaqCM:NODK) for $10.5 million. John Scott, Sr. entered into a stock purchase agreement to acquire Westminster American Insurance Company from NI Holdings, Inc. (NasdaqCM:NODK) for $10.5 million on May 7, 2024. The consideration consists of $10.50 million in cash. The transaction was unanimously approved by the Board of Directors and is expected to close in 2024, subject to regulatory approval and other closing conditions, including, among others, approval of the North Dakota Insurance Department and Buyer obtaining reinsurance, buyer shall have received resignations of the directors and officers of Westminster. Proceeds planned to be used for general corporate purposes. Brian O’Connor and W. Bryan Rakes of Venable LLP acted as legal advisors to John Scott. David F. Marx of Dorsey & Whitney LLP acted as legal advisor to NI Holdings. Newport LLC acted as financial advisor to NI Holdings, Inc. Announcement • Apr 11
NI Holdings, Inc., Annual General Meeting, May 21, 2024 NI Holdings, Inc., Annual General Meeting, May 21, 2024, at 10:00 Central Standard Time. Location: the Jasper Hotel, 215 Broadway N, Fargo Fargo North Dakota United States Agenda: To consider Election of 8 Director Nominees Named in the Proxy Statement; to consider Ratification of Appointment of Mazars USA LLP as company's Independent Registered Public Accounting Firm for the Year ended December 31, 2024; and to consider Advisory Vote to Approve the Compensation of company's Named Executive Officers. Reported Earnings • Mar 17
Full year 2023 earnings released: US$0.26 loss per share (vs US$2.49 loss in FY 2022) Full year 2023 results: US$0.26 loss per share (improved from US$2.49 loss in FY 2022). Revenue: US$365.7m (up 13% from FY 2022). Net loss: US$5.48m (loss narrowed 90% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.011 (vs US$0.47 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.011 (up from US$0.47 loss in 3Q 2022). Revenue: US$92.7m (up 4.0% from 3Q 2022). Net income: US$231.0k (up US$10.2m from 3Q 2022). Profit margin: 0.2% (up from net loss in 3Q 2022). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Announcement • Nov 08
NI Holdings, Inc. to Report Q3, 2023 Results on Nov 08, 2023 NI Holdings, Inc. announced that they will report Q3, 2023 results on Nov 08, 2023 Reported Earnings • Aug 09
Second quarter 2023 earnings released: US$0.38 loss per share (vs US$2.15 loss in 2Q 2022) Second quarter 2023 results: US$0.38 loss per share (improved from US$2.15 loss in 2Q 2022). Revenue: US$97.0m (up 28% from 2Q 2022). Net loss: US$8.12m (loss narrowed 82% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Reported Earnings • May 10
First quarter 2023 earnings released: US$0.20 loss per share (vs US$0.089 profit in 1Q 2022) First quarter 2023 results: US$0.20 loss per share (down from US$0.089 profit in 1Q 2022). Revenue: US$81.6m (up 23% from 1Q 2022). Net loss: US$4.21m (down 321% from profit in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 10
Full year 2022 earnings released: US$2.49 loss per share (vs US$0.39 profit in FY 2021) Full year 2022 results: US$2.49 loss per share (down from US$0.39 profit in FY 2021). Revenue: US$324.4m (flat on FY 2021). Net loss: US$53.1m (down US$61.5m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Jan 11
NI Holdings, Inc. Appoints Prakash Mathew as Class II Director, Effective February 1, 2023 On January 10, 2023, the Board of Directors of NI Holdings, Inc. increased the number of directors on the Board to eight directors and appointed Prakash Mathew as a Class II director of the Company to fill the resulting vacancy, effective February 1, 2023, to serve until the 2024 Annual Meeting of Stockholders, or until his earlier death, disqualification, resignation, or removal. The Board has determined that Mr. Mathew is an independent director under the listing standards of the Nasdaq Capital Market. As of the date of this Current Report on Form 8-K the Board has not appointed Mr. Mathew to any committees of the Board. The Company will amend this Report when Mr. Mathew is appointed to any Board committees. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 3 highly experienced directors. Independent Director Cindy Launer was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • Nov 08
Third quarter 2022 earnings released: US$0.47 loss per share (vs US$0.22 loss in 3Q 2021) Third quarter 2022 results: US$0.47 loss per share (further deteriorated from US$0.22 loss in 3Q 2021). Revenue: US$89.2m (up 5.4% from 3Q 2021). Net loss: US$9.99m (loss widened 111% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Board Change • Oct 22
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Cindy Launer was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: US$0.089 (vs US$0.45 in 1Q 2021) First quarter 2022 results: EPS: US$0.089 (down from US$0.45 in 1Q 2021). Revenue: US$66.1m (down 6.6% from 1Q 2021). Net income: US$1.91m (down 80% from 1Q 2021). Profit margin: 2.9% (down from 14% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. Independent Director Cindy Launer was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.39 (down from US$1.86 in FY 2020). Revenue: US$324.0m (up 5.8% from FY 2020). Net income: US$8.42m (down 79% from FY 2020). Profit margin: 2.6% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Combined ratio: 104.4% (up from 89.4% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Cindy Launer was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 08
Third quarter 2021 earnings released: US$0.22 loss per share (vs US$0.17 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$84.6m (up 4.6% from 3Q 2020). Net loss: US$4.74m (down 229% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 06
Second quarter 2021 earnings released: US$0.12 loss per share (vs US$0.86 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$83.2m (down 13% from 2Q 2020). Net loss: US$2.64m (down 114% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Executive Departure • Jun 04
CFO, Executive VP, Secretary & Treasurer Brian Doom has left the company During their tenure, earnings grew by 105% annually compared to the industry average of 11%. On the 25th of May, Brian Doom left the company after 4.2 in the role. As of March 2021, Brian still personally held 51.79k shares (US$957k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.17 years. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS US$1.86 (vs US$1.19 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$306.4m (up 13% from FY 2019). Net income: US$40.4m (up 53% from FY 2019). Profit margin: 13% (up from 9.8% in FY 2019). The increase in margin was driven by higher revenue. Combined ratio: 89.4% (down from 96.2% in FY 2019). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 25
New 90-day high: US$18.35 The company is up 4.0% from its price of US$17.64 on 25 November 2020. The American market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 9.0% over the same period. Is New 90 Day High Low • Jan 04
New 90-day low: US$16.17 The company is down 2.0% from its price of US$16.51 on 06 October 2020. The American market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: US$17.98 The company is up 14% from its price of US$15.76 on 16 September 2020. The American market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 13% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: US$17.60 The company is up 3.0% from its price of US$17.05 on 12 August 2020. The American market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 5.0% over the same period. Reported Earnings • Nov 06
Third quarter 2020 earnings released: EPS US$0.17 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$80.9m (up 15% from 3Q 2019). Net income: US$3.66m (up US$10.6m from 3Q 2019). Profit margin: 4.5% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Oct 10
New 90-day high: US$17.10 The company is up 10.0% from its price of US$15.49 on 10 July 2020. The American market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Insurance industry, which is up 7.0% over the same period.