Porch Group, Inc.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 6, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | |
|---|---|
| PART I — FINANCIAL INFORMATION | 3 |
| Item 1. Financial Statements | 3 |
| Condensed Consolidated Balance Sheets (Unaudited) | 3 |
| Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | 5 |
| Condensed Consolidated Statements of Stockholders’ Equity (Deficit) and Noncontrolling Interest (Unaudited) | 6 |
| Condensed Consolidated Statements of Cash Flows (Unaudited) | 8 |
| Notes to Condensed Consolidated Financial Statements (Unaudited) | 9 |
| Note 1. Description of Business and Summary of Significant Accounting Policies | 9 |
| Note 2. Segment Information | 14 |
| Note 3. Variable Interest Entity | 20 |
| Note 4. Revenue | 21 |
| Note 5. Investments | 23 |
| Note 6. Fair Value | 27 |
| Note 7. Property, Equipment, and Software | 31 |
| Note 8. Intangible Assets and Goodwill | 31 |
| Note 9. Debt | 32 |
| Note 10. Stockholders' Equity and Warrants | 35 |
| Note 11. Stock-Based Compensation | 36 |
| Note 12. Reinsurance for the Reciprocal | 37 |
| Note 13. Unpaid Losses and Loss Adjustment Reserve | 38 |
| Note 14. Other Income (Expense), Net | 39 |
| Note 15. Income Taxes | 39 |
| Note 16. Commitments and Contingencies | 39 |
| Note 17. Net Income (Loss) Attributable To Porch Per Share | 40 |
| Note 18. Business Disposition | 41 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 42 |
| Business Overview | 43 |
| Recent Developments | 44 |
| Results of Operations | 45 |
| Consolidated Quarter-to-Date Results | 46 |
| Porch Shareholder Interest Quarter-to-Date Results (Non-GAAP) | 51 |
| Consolidated Year-to-Date Results | 55 |
| Porch Shareholder Interest Year-to-Date Results (Non-GAAP) | 60 |
| Key Performance Measures and Operating Metrics | 63 |
| Liquidity and Capital Resources | 64 |
| Non-GAAP Financial Measures | 69 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 71 |
| Item 4. Controls and Procedures | 72 |
| PART II — OTHER INFORMATION | 73 |
| Item 1. Legal Proceedings | 73 |
| Item 1A. Risk Factors | 73 |
| Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities | 74 |
| Item 3. Defaults Upon Senior Securities | 74 |
| Item 4. Mine Safety Disclosures | 74 |
| Item 5. Other Information | 74 |
| Item 6. Exhibits | 75 |
| SIGNATURES | 76 |
Introductory Note
On January 1, 2025, Porch Group, Inc., (“Porch”) sold its legacy homeowners insurance carrier, Homeowners of America, to the newly formed Porch Reciprocal Exchange (the “Reciprocal”), a separate entity which is owned by its policyholder-members and is accounted for as a variable interest entity. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of Porch and its subsidiaries as well as the Reciprocal. The Reciprocal is managed, but not owned, by Porch and is consolidated for reporting purposes. References to “Porch Shareholder Interest” include businesses the Company owns and exclude the Reciprocal.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.