Recent Updates — PRCH
Porch Group, Inc. and its affiliate, Porch Reciprocal Exchange, entered into a distribution agreement with StoneX Financial Inc. as sales agent. The agreement establishes an at-the-market (ATM) offering program allowing the sale of up to 15 million shares in aggregate: up to 5 million newly issued shares by Porch Group and up to 10 million existing shares held by the Reciprocal. Sales may be made from time to time, subject to market conditions and specific instructions. The Company will not receive proceeds from the sale of shares held by the Reciprocal, which aims to convert holdings into admitted assets under Texas insurance law. Porch Group intends to use net proceeds for general corporate purposes. Porch Group operates in the technology sector, providing digital infrastructure and solutions for the property and casualty insurance industry.
Porch Group reported third-quarter consolidated revenue of $143.9 million, a 13% increase year-over-year, driven by Insurance Services revenue growth of 39%. Net income attributable to the company was $12.2 million, and Adjusted EBITDA (Excluding Reciprocal) more than doubled to $44.5 million. The company raised its full-year Porch-Owned Segments guidance, projecting revenue between $518 million and $523 million. Additionally, management announced a pending acquisition of Allied Trust for approximately $150 million in cash and stock, expected to close in early 2027. Porch Group operates as a technology-driven homeowners insurance company.
Porch Group entered into a definitive agreement to acquire Allied Trust Insurance Company, its managing general agent, and captive reinsurer for total consideration of $200 million. The Reciprocal will pay $105 million for the insurance carrier, comprising $55 million at closing and $50 million in deferred payments potentially settled in Porch shares. Porch Group’s subsidiary will pay $95 million for the MGA and reinsurer, with up to $20 million payable in newly issued common stock. The transaction is expected to close in Q1 2027, adding approximately $200 million in written premium and $25 million in Adjusted EBITDA. Porch Group operates a technology-enabled homeowners insurance platform.
Porch Group, Inc. reported second quarter 2026 financial results for the period ended June 30, 2026, announcing consolidated revenue of $140.9 million, a 12% year-over-year increase, and net income attributable to Porch of $5.6 million. Adjusted EBITDA (Excluding Reciprocal) grew 150% year-over-year to $39.1 million, driven by Insurance Services revenue of $92.9 million, which rose 38%, and Reciprocal Written Premium reaching $139.8 million. The company raised its full-year 2026 guidance for Porch-Owned Segments Revenue (Excluding Reciprocal) to a range of $506 million to $517 million, representing 21% to 23% year-over-year growth. Additionally, the filing disclosed that outstanding convertible debt stood at $475.1 million as of June 30, 2026. Porch Group operates in the homeowners insurance and technology services industry.
On June 10, 2026, Porch Group, Inc. subsidiary Porticus Reinsurance Ltd. entered into a Securities Purchase Agreement with Porch Reciprocal Exchange. Porticus purchased 2,092,050 shares of common stock for an aggregate price of $14,999,998.50, representing $7.17 per share. The transaction follows regulatory approvals from the Texas Department of Insurance and the Cayman Islands Monetary Authority. This exchange of common stock for cash aims to increase the Reciprocal's statutory surplus by converting non-admitted assets into cash. The Reciprocal retains approximately 16.2 million shares. Porch Group, Inc. provides technology-enabled insurance and home services.