PRCH - Porch Group Q4 2023 Earnings Exceed Expectations

2024-03-08 07:33:25 ET

DENVER, Colo., Mar 08, 2024 ( 247marketnews.com )- Porch Group, Inc. (NASDAQ: PRCH ) reported, after yesterday’s market close, its fourth quarter results ended December 31, 2023, with a 79% year-over-year increase in total revenue to $114.6 million. Its GAAP net loss was reduced to $2.5 million, compared to a $35.5 million GAAP net loss in the prior year and Adjusted EBITDA of $11.7 million, which increased $25.0 million compared to the prior year.

Porch Group is trading at $3.78, up $0.67 (+21.54%), on 207K shares.

“We are excited to share our financial results, far exceeding the second half profitability target we provided around two years ago, with Adjusted EBITDA of $20.5 million in the second half 2023 ¹ . I am proud of the achievements and execution of the team over the last year, which improved profitability in our insurance business, launched important new SaaS products for our customers, and maintained strong cost control. We remain focused on improving profitability and further executing our strategy in 2024,” said Matt Ehrlichman, Chief Executive Officer, Chairman and Founder.

Use of Porch’s unique property data in insurance pricing, which improves risk accuracy to provide better priced policies for customers, was approved in 13 states.

Porch Group launched new products continues, with an important new title software product, HVAC micro-warranty and back-office software for small inspection companies introduced and additional a new utilities partnership.

Porch Group was admitted into Deloitte’s Technology Fast 500 2023.

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