On August 31, 2026, Root, Inc. and Carvana Group, LLC entered into a Warrant Cancellation and Exchange Agreement to restructure existing equity instruments. Carvana surrendered all outstanding long-term warrants issued in October 2021, which Root cancelled simultaneously with the issuance of a new Common Stock Purchase Warrant (the "New Warrant"). If fully exercised for cash, the New Warrant allows Carvana to purchase up to 1,525,560 shares of Class A Common Stock, divided into five tranches of 305,112 shares each. Exercise is subject to conditions tied to insurance sales milestones through their Integrated Platform. Root also amended its Commercial Agreement, Investment Agreement, and Registration Rights Agreement with Carvana on the same date to reflect these changes. Root, Inc. operates in the automotive insurance industry, providing usage-based car insurance products.

Root, Inc. reported financial results for the quarter ended June 30, 2026, announcing net income of $25 million, a 15% year-over-year increase, and adjusted EBITDA of $44 million, up 16%. Revenue reached $389 million, rising 2%, while gross written premium declined 2% to $340 million. The company ended the quarter with 484 thousand policies in force, a 6% year-over-year increase, and achieved a net combined ratio of 92.1%. Root refinanced its existing $200 million debt into a new term loan facility led by The Huntington National Bank and repurchased more than $20 million of shares under its authorization. Additionally, the company launched in New Jersey, expanding to 37 states, and announced a partnership with insurance shopping platform Jerry. Root, Inc. operates as an insurtech company providing personalized auto insurance through data science and telematics.

At the 2026 Annual Meeting of Stockholders, Root, Inc. stockholders approved an amendment to the Certificate of Incorporation to allow for the exculpation of certain officers from monetary liability. Additionally, the company elected three Class III directors (Lawrence Hilsheimer, Alexander Timm, and Douglas Ulman) and ratified the appointment of Deloitte & Touche LLP as the independent auditor for 2026.