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SEATTLE - Porch Group, Inc. (NASDAQ:PRCH) reported fourth quarter 2024 results that were well-received despite missing revenue estimates, sending shares soaring over 20% in after-hours trading on Tuesday.
The homeowners insurance and vertical software platform posted revenue of $100.4 million for the quarter, down 12% YoY and missing estimates of $110.26M, but ahead of the company’s guidance. While revenue fell short of analyst estimates of $110.26 million, Porch Group delivered a surprise profit for the quarter.
The company reported GAAP net income of $30.5 million, a significant improvement from a net loss of $2.5 million in the same quarter last year. Adjusted EBITDA came in at $41.8 million, up from $11.7 million YoY and well above expectations.
"We had a strong finish to the year, and delivered our full year positive Adjusted EBITDA target," said Matt Ehrlichman, CEO of Porch Group. "We delivered record quarterly Adjusted EBITDA in Q4 2024, which we believe marks a pivotal shift toward sustainable profitable growth for Porch Group shareholders."
For the full year 2025, Porch Group provided revenue guidance of $390-410 million, below the consensus estimate of $426.4 million. However, the company raised its 2025 Adjusted EBITDA outlook to $60 million at the midpoint.
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