Porch Group, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Schedule I: Condensed Financial Information of Registrant
Condensed Balance Sheets
(all numbers in thousands, except share amounts)
| December 31, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Assets | |||
| Investment in subsidiary | $377,781 | $394,953 | |
| Total assets | $377,781 | $394,953 | |
| Liabilities and Stockholders’ Equity | |||
| Current liabilities | |||
| Current debt | 7,772 | 150 | |
| Interest payable | 7,183 | 6,015 | |
| Private warrant liability, at fair value | — | 460 | |
| Accrued expenses and other current liabilities | 400 | 57 | |
| Total current liabilities | 15,355 | 6,682 | |
| Long-term debt | 385,060 | 403,788 | |
| Derivative liability, at fair value | (1) | 2,627 | 22,262 |
| Private warrant liability, at fair value | — | — | |
| Total liabilities | 403,042 | 432,732 | |
| Commitments and contingencies | (2) | ||
| Stockholders’ equity | |||
| Common stock, $0.0001 par value: | 11 | 10 | |
| Authorized shares – 400 million and 400 million, at December 31, 2025 and 2024, respectively | |||
| Issued and outstanding shares – 124.1 million and 119.8 million, at December 31, 2025 and 2024, respectively | |||
| Additional paid-in capital | 622,996 | 717,066 | |
| Accumulated deficit | (648,268) | (754,855) | |
| Total stockholders’ equity | (25,261) | (37,779) | |
| Total liabilities and stockholders’ equity | $377,781 | $394,953 | |
(1)See Note 6, Fair Value, and Note 9, Debt, in the notes to the accompanying consolidated financial statements included in Item 8 of this Annual Report.
(2)See Note 19, Commitments and Contingencies, in the notes to the accompanying consolidated financial statements included in Item 8 of this Annual Report.
Condensed Statements of Comprehensive Income (Loss)
(all numbers in thousands)
| Year Ended December 31, | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | |||||||||
| Operating expenses: | |||||||||
| General and administrative | $3,131 | $3,246 | $2,863 | ||||||
| Operating loss | (3,131) | (3,246) | (2,863) | ||||||
| Other income (expense): | |||||||||
| Interest expense | (52,184) | (43,174) | (29,946) | ||||||
| Change in fair value of earnout liability | — | — | 44 | ||||||
| Change in fair value of private warrant liability | (1) | (4,013) | 691 | (444) | |||||
| Change in fair value of derivatives | (1) | 19,635 | 5,869 | (4,261) | |||||
| Gain on extinguishment of debt | 395 | 27,436 | 81,354 | ||||||
| Equity in net income (loss) of subsidiary | 54,616 | (20,405) | (177,817) | ||||||
| Total other income (expense) | 18,449 | (29,583) | (131,070) | ||||||
| Loss before income taxes | 15,318 | (32,829) | (133,933) | ||||||
| Income tax benefit (expense) | — | — | — | ||||||
| Net loss and comprehensive loss | $15,318 | $(32,829) | $(133,933) | ||||||
(1)See Note 6, Fair Value, in the notes to the accompanying consolidated financial statements included in Item 8 of this Annual Report.
Condensed Statements of Cash Flows
(all numbers in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $15,318 | $(32,829) | $(133,933) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Equity in net loss of subsidiary | (54,616) | 20,405 | 177,817 |
| Gain on extinguishment of debt | (395) | (27,436) | (81,354) |
| Stock-based compensation | 1,053 | 1,160 | 583 |
| Loss (gain) on remeasurement of earnout liability | — | — | (44) |
| Loss (gain) on remeasurement of private warrant liability | 4,013 | (691) | 444 |
| Change in fair value of derivatives | (19,635) | (5,869) | 4,261 |
| Non-cash interest expense | 29,246 | 25,107 | 18,264 |
| Change in operating assets and liabilities, net of acquisitions and divestitures | |||
| Accrued expenses and other current liabilities | 343 | (162) | 166 |
| Interest payable | (6,018) | (6,116) | (939) |
| Net cash used in operating activities | (30,691) | (26,431) | (14,735) |
| Cash flows from investing activities: | |||
| Net (investment) return of capital in subsidiary | 52,860 | 50,138 | (90,457) |
| Net cash provided by (used in) investing activities | 52,860 | 50,138 | (90,457) |
| Cash flows from financing activities: | |||
| Repayments of principal and related fees | (68,164) | (23,368) | (150) |
| Cash paid for issuance costs | (2,206) | — | (4,694) |
| Proceeds from debt issuance, net of fees | 51,000 | — | 116,667 |
| Proceeds from exercises of warrants | 104 | — | — |
| Proceeds from exercises of stock options | 1,521 | 1,137 | 26 |
| Proceeds from sale of common stock | — | — | 190 |
| Income tax withholdings paid upon vesting of restricted stock units | (4,424) | (1,476) | (1,239) |
| Repurchases of stock | — | — | (5,608) |
| Net cash provided by (used in) financing activities | (22,169) | (23,707) | 105,192 |
| Net change in cash, cash equivalents, and restricted cash | — | — | — |
| Cash, cash equivalents, and restricted cash, beginning of period | — | — | — |
| Cash, cash equivalents, and restricted cash end of period | $— | $— | $— |
| Supplemental schedule of non-cash investing and financing activities | |||
| Non-cash reduction of convertible notes, net | $14,958 | $— | $— |
| Non-cash warrant exercises | 4,473 | — | — |
| Supplemental disclosures | |||
| Cash paid for interest | $29,006 | $23,763 | $12,212 |
Notes to Condensed Financial Statements
The accompanying condensed financial statements of Porch Group, Inc. (referred to in this section as the “Parent Company”) should be read in conjunction with the consolidated financial statements and notes thereto included in this Annual Report on Form 10-K. These condensed Parent Company only financial statements have been prepared using the same accounting principles and policies described in the notes to the accompanying consolidated financial statements included in Item 8 of this Annual Report, with the only exception being that the Parent Company accounts for investments in its subsidiaries using the equity method.
Debt
The information relating to current debt, long-term debt, and interest expense relates to our convertible senior notes and is described in Note 9, Debt, in the notes to the accompanying consolidated financial statements.
Condensed Statements of Cash Flows
The Parent Company does not hold any cash but has access to funds maintained in Porch.com, Inc., to meet its holding company obligation.
Commitments and Contingencies
See Note 19, Commitments and Contingencies, to the accompanying consolidated financial statements included in Item 8 of this Annual Report for information regarding pending and threatened litigation.
Income Taxes
The Parent Company’s financial statements recognize the current and deferred income tax consequences that result from its activities pursuant to the provisions of ASC Topic 740, Accounting for Income Taxes, as if it were a separate taxpayer rather than a member of the Parent Company’s consolidated income tax group. No income tax benefit would be recognized for its net operating loss and other deferred tax assets because realization of these future deductions would not meet the more likely than not standard such that they would be subject to a full valuation allowance.
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