SELECTQUOTE, INC.

Red flags

• Fiscal 2026 revenue was concentrated among three carrier groups: UHC 39%, Humana 13%, and Aetna 12%; contracts are typically terminable by carriers without cause on 30 days’ notice.
• Two insurance carrier customers represented 34% and 21% of accounts and commissions receivable as of June 30, 2026, creating collection and counterparty concentration risk.
• Cash and cash equivalents declined from $32.4 million at June 30, 2025 to $16.0 million at June 30, 2026, while the filing warns that additional capital may be required.
• The company identifies ongoing litigation, including a Department of Justice complaint alleging False Claims Act violations involving SelectQuote and other industry participants, as a potential material risk.