Porch Group, Inc.

Listed Company

PRCHCIK 0001784535NasdaqLarge AcceleratedServices-Prepackaged SoftwareFY ends Dec 31

Period

FY 2025

Revenue

$482.41M

Net Income

$-3.36M

Total Assets

$797.42M

Equity

$-24.62M

Shares Out

127.72M

Op. Cash Flow

$66.42M

Business

Porch Group, Inc. is a homeowners insurance and home services company that combines property-focused underwriting with software and consumer-facing services to protect and support homeowners. It offers homeowners insurance through its carrier and reciprocal exchange, home warranty products (including whole-home and 90-day warranties), moving and concierge services, and a suite of vertical SaaS products for inspectors, title, mortgage, roofing and contractors. The company operates through Insurance and Vertical Software businesses (including warranty, moving, data and measurement offerings). Porch distributes its products and services across the United States through partnerships with home inspectors, title and mortgage companies, utilities, direct-to-consumer marketing, third‑party agencies and subscription/transactional SaaS channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	482	438	430	—	—
Cost of revenue	142	236	229	108	59
Gross profit	340	202	201	—	—
Selling and marketing	140	123	144	114	84
Product and technology	53	48	51	60	47
General and administrative	105	95	101	110	85
Provision for doubtful accounts	5	239,000	37	805,000	1
Impairment loss on intangible assets and goodwill	0	0	57	61	0
Operating income (loss)	37	−65	−190	−177	−83
Interest expense	−52	−43	−32	−9	—
Change in fair value of earnout liability	0	0	44,000	14	−19
Change in fair value of private warrant liability	−4	691,000	−444,000	14	−15
Change in fair value of derivatives	20	6	−4	—	—
Gain on extinguishment of debt	395,000	27	81	0	5
Investment income and realized gains and losses, net of investment expenses	12	14	8	1	701,000
Other income, net	14	29	4	571,000	340,000
Total other income (expense)	−10	34	57	21	−34
Income (loss) before income taxes	27	−31	−133	−156	−117
Income tax expense	−11	−2	−622,000	−842,000	10
Net income (loss)	15	−33	−134	—	—
Less: Net income attributable to the Reciprocal	19	0	—	—	—
Net loss attributable to Porch	−3	−33	−134	−157	−107
Net income (loss) attributable to Porch per share - basic (in usd per share)	−0.03	−0.33	−1.39	−1.61	−1.14
Weighted average shares outstanding used to compute net income (loss) attributable to Porch per share - basic (in shares)	104	100	96	97	94
Net income (loss) attributable to Porch per share - diluted (in usd per share)	−0.03	−0.33	−1.39	−1.61	−1.14
Weighted average shares outstanding used to compute net income (loss) attributable to Porch per share - diluted (in shares)	104	100	96	97	94
Change in net unrealized loss, net of tax	6	−2	2	—	—
Comprehensive income (loss)	22	−34	−132	—	—
Less: Comprehensive income attributable to the Reciprocal	24	0	0	—	—
Comprehensive loss attributable to Porch	−3	−34	−132	−162	−107

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and cash equivalents	45	168	258	215	260
Accounts receivable, net	11	19	24	26	35
Short-term investments	13	24	36	37	7
Reinsurance balance due	0	92	84	299	300
Prepaid expenses	6	8	—	—	—
Deferred policy acquisition costs	0	18	27	9	—
Restricted cash and cash equivalents	9	29	—	14	16
Other current assets	5	7	—	—	—
Total current assets	88	365	481	611	639
Property, equipment, and software, net	28	23	17	12	11
Goodwill	192	192	192	245	252
Long-term investments	55	159	104	55	55
Intangible assets, net	30	69	87	108	112
Other assets	7	7	19	6	3
Cash and cash equivalents, including restricted	169	197	297	229	—
Total assets	797	814	899	1,049	1,089
Accounts payable	4	5	9	6	7
Accrued expenses and other current liabilities	39	41	59	40	37
Deferred revenue	5	249	249	271	278
Refundable customer deposits	13	13	18	20	23
Current debt	8	150,000	244,000	16	23
Losses and loss adjustment expense reserves	0	68	96	101	100
Other insurance liabilities, current	0	39	32	62	56
Total current liabilities	68	414	462	516	523
Long-term debt	385	404	435	425	425
Other liabilities	15	39	37	29	25
Total liabilities	775	857	935	970	977
Commitments and contingencies (Note 19)	—	—	—	—	—
Common stock	11,000	10,000	10,000	10,000	10,000
Additional paid-in capital	623	717	690	671	664
Accumulated other comprehensive income (loss)	642,000	−5	−4	−6	−7
Accumulated deficit	−648	−755	−722	−585	−545
Porch stockholders' deficit	−25	−43	−36	79	113
Noncontrolling interest related to the Reciprocal	47	0	—	—	—
Total stockholders' equity (deficit)	22	−43	−36	79	—
Total liabilities and stockholders' equity (deficit)	797	814	899	1,049	1,089

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	24	26	24	28	16
Loss on divestiture of business	0	5	0	0	—
Change in fair value of private warrant liability	4	−691,000	444,000	−14	—
Change in fair value of contingent consideration	−44,000	−3	−6	7	—
Change in fair value of derivatives	−20	−6	4	−14	—
Stock-based compensation	29	27	21	27	39
Non-cash interest expense	29	27	21	2	2
Gain on settlement of contingent consideration	0	−15	0	0	—
Other operating activities	−3	−4	1	4	—
Accounts receivable	−5	−155,000	1	−5	−3
Reinsurance balance due	54	−7	179	−71	−15
Deferred policy acquisition costs	−9	10	−18	−5	−4
Accounts payable	−162,000	−4	2	−697,000	−12
Accrued expenses and other current liabilities	4	−11	−1	−7	−16
Losses and loss adjustment expense reserves	−19	−28	−5	39	−22
Other insurance liabilities, current	−15	8	−30	22	14
Deferred revenue	−25	−437,000	−22	66	54
Refundable customer deposits	−94,000	−5	−14	7	−4
Other assets and liabilities, net	−2	11	−3	−9	−8
Net cash provided by (used in) operating activities	66	−32	34	−18	−35
Purchases of property and equipment	−454,000	−523,000	−851,000	−2	−972,000
Capitalized internal use software development costs	−14	−12	−9	−8	−4
Purchases of short-term and long-term investments	−148	−111	−91	—	—
Maturities, sales of short-term and long-term investments	90	68	47	22	22
Proceeds from sale of business	1	11	0	0	—
Acquisitions, net of cash acquired	0	0	−2	−39	−256
Net cash used in investing activities	−72	−45	−56	−80	−263
Proceeds from advance funding	0	0	319,000	19	0
Repayments of advance funding	0	0	−4	−23	0
Proceeds from issuance of debt	51	0	117	10	414
Repayments of principal	−68	−23	−10	−5	−47
Cash paid for debt issuance costs	−2	0	−5	0	—
Repurchase of stock	0	0	−6	−2	0
Other financing activities	−3	−339,000	−1	−3	4
Net cash used in financing activities	−22	−24	91	1	416
Net change in cash, cash equivalents, and restricted cash and cash equivalents	−28	−100	69	−96	117
Non-cash reduction in advance funding arrangement obligations	0	94,000	12	—	—
Non-cash reduction of convertible notes, net	15	0	0	—	—
Non-cash additions of internally developed software	434,000	0	0	—	—
Non-cash warrant exercises	4	0	0	—	—
Cash paid for interest	29	24	12	4	3
Income taxes paid (refunded)	562,000	621,000	−2	−674,000	0

Filings

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