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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________________

FORM 10-Q

___________________________________________________________

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ___________ to

Commission File Number: 001-39142

___________________________________________________________

Porch Group, Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________________


Delaware			84-2587663
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

411 1st Avenue S., Suite 501, Seattle, WA 98104

(Address of Principal Executive Offices) (Zip Code)

(855) 767-2400

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

___________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading symbol

Name of Exchange on which registered

Common Stock, par value $0.0001 per share

PRCH

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The number of outstanding shares of the registrant’s common stock as of April 23, 2026, was 127,715,478. This includes 18,312,208 shares of common stock held by Porch Reciprocal Exchange, the registrant’s affiliate. These shares held by our affiliate are considered treasury shares for GAAP accounting purposes and under Delaware law are not considered outstanding for quorum and are not entitled to vote.

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)			7
Notes to Condensed Consolidated Financial Statements (Unaudited)			8
Note 1. Description of Business and Summary of Significant Accounting Policies			8
Note 2. Segment Information			12
Note 3. Variable Interest Entity			16
Note 4. Revenue			17
Note 5. Investments			19
Note 6. Fair Value			23
Note 7. Property, Equipment, and Software			27
Note 8. Intangible Assets and Goodwill			27
Note 9. Debt			28
Note 10. Stockholders' Equity			31
Note 11. Stock-Based Compensation			31
Note 12. Reinsurance for the Reciprocal			32
Note 13. Unpaid Losses and Loss Adjustment Reserve			34
Note 14. Other Income (Expense), Net			34
Note 15. Income Taxes			34
Note 16. Commitments and Contingencies			35
Note 17. Net Income (Loss) Attributable To Porch Per Share			35
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			37
Business Overview			38
Recent Developments			40
Results of Operations			40
Consolidated Quarter-to-Date Results			41
Porch Shareholder Interest Quarter-to-Date Results (Non-GAAP)			46
Key Performance Measures and Operating Metrics			49
Liquidity and Capital Resources			50
Non-GAAP Financial Measures			54
Item 3. Quantitative and Qualitative Disclosures About Market Risk			58
Item 4. Controls and Procedures			59
PART II — OTHER INFORMATION			61
Item 1. Legal Proceedings			61
Item 1A. Risk Factors			61
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities			61
Item 3. Defaults Upon Senior Securities			61
Item 4. Mine Safety Disclosures			61
Item 5. Other Information			61
Item 6. Exhibits			62
SIGNATURES			63

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

PORCH GROUP, INC.

Condensed Consolidated Balance Sheets (Unaudited)

(all numbers in thousands unless otherwise stated, except per share data)


		March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	64,202	$	44,676
Accounts receivable, net		12,100		11,307
Short-term investments		4,215		12,616

Prepaid expenses		7,542		6,440

Restricted cash and cash equivalents		8,060		8,503
Other current assets		5,334		4,666
Total current assets		101,453		88,208
Property, equipment, and software, net		29,600		27,607

Goodwill		191,907		191,907
Long-term investments		57,597		55,412
Intangible assets, net		28,815		30,492

Other assets		6,381		6,541
Assets of Reciprocal:	(1)
Cash and cash equivalents, including restricted		107,094		115,932
Accounts receivable, net		10,396		9,054
Short-term investments		9,483		7,664
Reinsurance balance due		38,409		37,653
Prepaid expenses and other current assets		3,223		3,945
Deferred policy acquisition costs		28,469		26,707

Intangible assets, net		22,356		23,319
Long-term investments		171,399		172,978
Other assets		—		4
Total assets		$	806,582	$	797,423

______________________________________

(1)Porch Reciprocal Exchange (the “Reciprocal”) is a consolidated variable interest entity not owned by Porch Group, Inc. (see Note 3 in the unaudited Notes to Condensed Consolidated Financial Statements).

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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PORCH GROUP, INC.

Condensed Consolidated Balance Sheets (Unaudited) - Continued

(all numbers in thousands unless otherwise stated, except per share data)


		March 31, 2026		December 31, 2025
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable		$	3,431	$	4,046
Accrued expenses and other current liabilities		52,193		38,877
Deferred revenue		4,161		4,552
Refundable customer deposits		11,773		12,535
Current debt		7,782		7,772


Total current liabilities		79,340		67,782
Long-term debt		391,263		385,060




Other liabilities		12,046		14,987
Liabilities of Reciprocal:	(1)

Accounts payable and other current liabilities		7,768		13,838
Deferred revenue		215,235		219,559
Losses and loss adjustment expense reserves		47,448		49,159
Other insurance liabilities, current		26,357		23,834
Other liabilities		818		818
Total liabilities		780,275		775,037

Commitments and contingencies (Note 16)

Stockholders' equity
Common stock, $0.0001 par value per share		11		11


Additional paid-in capital		630,397		622,996
Accumulated other comprehensive income (loss)		(316)		642
Accumulated deficit		(655,492)		(648,268)
Porch stockholders' deficit		(25,400)		(24,619)
Noncontrolling interest related to the Reciprocal		51,707		47,005
Total stockholders' equity		26,307		22,386

Total liabilities and stockholders' equity		$	806,582	$	797,423

______________________________________

(1)The Reciprocal is a consolidated variable interest entity not owned by Porch Group, Inc. (see Note 3 in the unaudited Notes to Condensed Consolidated Financial Statements).

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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PORCH GROUP, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)

(all numbers in thousands unless otherwise state, except per share data)


	Three Months Ended March 31,
	2026		2025
Revenue	$	121,123	$	104,745
Cost of revenue	30,275		39,297
Gross profit	90,848		65,448
Operating expenses:
Selling and marketing	40,064		29,516
Product and technology	13,031		13,201
General and administrative	25,938		23,997


Operating income (loss)	11,815		(1,266)
Other income (expense):
Interest expense	(14,606)		(11,246)
Change in fair value of private warrant liability	—		(732)
Change in fair value of derivatives	1,767		6,673

Investment income and realized gains and losses, net of investment expenses	3,398		2,810
Other income, net	1,367		8,400
Total other income (expense)	(8,074)		5,905
Income before income taxes	3,741		4,639
Income tax expense	(1,805)		(903)
Net income	1,936		3,736
Less: Net income (loss) attributable to the Reciprocal	6,649		(4,659)
Net income (loss) attributable to Porch	$	(4,713)	$	8,395

Earnings Per Share - Basic
Net income (loss) attributable to Porch per share - basic	$	(0.04)	$	0.08
Weighted average shares outstanding used to compute net income (loss) attributable to Porch per share - basic	106,073		101,703

Earnings Per Share - Diluted
Net income (loss) attributable to Porch per share - diluted	$	(0.04)	$	0.07
Weighted average shares outstanding used to compute net income (loss) attributable to Porch per share - diluted	106,073		113,304

Comprehensive Income
Net income	$	1,936	$	3,736
Other comprehensive income (loss):
Change in net unrealized loss, net of tax	(2,911)		2,610
Comprehensive income (loss)	(975)		6,346
Less: Comprehensive income (loss) attributable to the Reciprocal	4,696		(2,277)
Comprehensive income (loss) attributable to Porch	$	(5,671)	$	8,623

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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PORCH GROUP, INC.

Condensed Consolidated Statements of Stockholders’ Equity (Deficit) and Noncontrolling Interest (Unaudited)

(all numbers in thousands unless otherwise stated, except per share data)


	Common Stock				Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Porch Stockholders' Equity (Deficit)		Noncontrolling Interest Related to the Reciprocal		Total Stockholders' Equity (Deficit)
	Shares		Amount
Balances as of December 31, 2025	105,809	(1)	$	11	$	622,996	$	642	$	(648,268)	$	(24,619)	$	47,005	$	22,386
Net income (loss)	—		—		—		—		(4,713)		(4,713)		6,649		1,936
Other comprehensive loss, net of tax	—		—		—		(958)		—		(958)		(1,953)		(2,911)
Repurchases of common stock	(334)		—		—		—		(2,511)		(2,511)		—		(2,511)


Stock-based compensation	330		—		7,283		—		—		7,283		—		7,283
Exercise of stock options	49		—		118		—		—		118		—		118


Reciprocal subscriber contributions	—		—		—		—		—		—		6		6


Balances as of March 31, 2026	105,854	(1)	$	11	$	630,397	$	(316)	$	(655,492)	$	(25,400)	$	51,707	$	26,307


	Common Stock				Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Porch Stockholders' Equity (Deficit)		Noncontrolling Interest Related to the Reciprocal		Total Stockholders' Equity (Deficit)
	Shares		Amount
Balances as of December 31, 2024	101,458	(2)	$	10	$	717,066	$	(5,446)	$	(754,855)	$	(43,225)	$	—	$	(43,225)
Net income (loss)	—		—		—		—		8,395		8,395		(4,659)		3,736
Other comprehensive income, net of tax	—		—		—		228		—		228		2,382		2,610
Formation of Reciprocal	—		—		(138,096)		5,502		109,948		(22,646)		22,646		—
Stock-based compensation	374		—		4,910		—		—		4,910		—		4,910


Exercise of stock options	41		—		93		—		—		93		—		93
Income tax withholdings	(36)		—		(173)		—		—		(173)		—		(173)


Balances as of March 31, 2025	101,837	(1)	$	10	$	583,800	$	284	$	(636,512)	$	(52,418)	$	20,369	$	(32,049)

______________________________________

(1)Excludes 18.3 million shares of common stock held by the Reciprocal (following the distribution of such shares to the Reciprocal in connection with the sale of Homeowners of America (“HOA”) to the Reciprocal in 2025).

(2)Excludes 18.3 million shares of common stock held by HOA as of December 31, 2024.

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements..

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PORCH GROUP, INC.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(all numbers in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities:
Net income	$	1,936	$	3,736
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	5,078		5,985
Provision for doubtful accounts	1,533		1,393



Change in fair value of private warrant liability	—		732

Change in fair value of derivatives	(1,767)		(6,673)
Stock-based compensation	7,283		4,910
Non-cash interest expense	14,856		11,334

Other operating activities	(1,007)		(38)
Change in operating assets and liabilities, net of acquisitions and divestitures
Accounts receivable	(3,660)		(753)
Reinsurance balance due	(764)		(2,081)
Deferred policy acquisition costs	(1,762)		1,544
Prepaid expenses and other current assets	(5,744)		(2,823)
Accounts payable	(355)		1,163
Accrued expenses and other current liabilities	(2,274)		99
Losses and loss adjustment expense reserves	(1,712)		4,027
Other insurance liabilities, current	2,523		(7,440)
Deferred revenue	(4,820)		(26,238)
Refundable customer deposits	(762)		138

Other assets and liabilities, net	4,440		(193)
Net cash provided by (used in) operating activities	13,022		(11,178)
Cash flows from investing activities:
Purchases of property and equipment	(176)		(65)
Capitalized internal use software development costs	(3,555)		(3,281)
Purchases of short-term and long-term investments	(30,093)		(40,901)
Maturities, sales of short-term and long-term investments	33,434		24,879


Net cash used in investing activities	(390)		(19,368)
Cash flows from financing activities:




Repayments of principal	—		(150)






Repurchase of stock	(2,511)		—
Other financing activities	124		(79)
Net cash used in financing activities	(2,387)		(229)
Net change in cash, cash equivalents, and restricted cash and cash equivalents	$	10,245	$	(30,775)
Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period	169,111		196,782
Cash, cash equivalents, and restricted cash and cash equivalents at end of period	$	179,356	$	166,007

Supplemental schedule of non-cash investing and financing activities


Non-cash additions of internally developed software	$	1,135	$	—

Supplemental disclosures
Cash paid for interest	$	41	$	12
Income taxes paid	$	8,259	$	89

The accompanying notes are an integral part of these unaudited Condensed Consolidated Financial Statements.

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PORCH GROUP, INC.

Notes to Condensed Consolidated Financial Statements (Unaudited)

(all numbers in thousands unless otherwise stated, except per share data)

Note 1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Porch Group, Inc., together with its consolidated subsidiaries, (“Porch,” the “Company,” “we,” “our,” “us”) is a new kind of homeowners insurance company—one designed to stand out in a massive and growing market. Our strategy is built on three differentiators that set us apart.

1.Advantaged Underwriting Through Proprietary Data

Leveraging unique property insights, we can assess risk with greater precision, enabling competitive pricing for low-risk customers and avoiding high-risk customers, while delivering superior underwriting performance.

2.Best Services for Homebuyers

We are committed to being the go-to partner during one of life’s most significant transitions—buying a home—by offering services that simplify moving and home setup.

3.More Protection

We combine homeowners insurance with home warranty, filling coverage gaps and reducing unexpected costs for consumers.

Beyond insurance, Porch is a leader in the home software-as-a-service (“SaaS”) space, serving approximately 22 thousand companies across industries essential to the home-buying process—home inspectors, title companies, mortgage providers, and more. Our deep relationships and proprietary data give us unique visibility into approximately 90% of U.S. homebuyers and approximately 90% of U.S. homes, enabling superior risk assessment and competitive pricing.

Our mission is to be the best homeowners insurance partner for homebuyers, offering more than just coverage. Through the Porch app, we provide a full moving concierge service, helping customers with moving logistics and essential home services like security, TV/Internet setup, and more.

Finally, we deliver greater home protection by pairing homeowners insurance with full home warranty, additional coverages, and appliance recall monitoring. This approach fills coverage gaps, reduces unexpected costs, and strengthens our value proposition—creating deeper, lasting relationships with our customers.

We operate under four reportable segments that are also our operating segments. Three of these segments are owned by Porch — Insurance Services, Software & Data, and Consumer Services. We collectively call these three segments, along with corporate functions, the “Porch Shareholder Interest.” The fourth segment, the Reciprocal Segment, is managed, but not owned, by Porch and, at this time, is consolidated for reporting purposes as described in the basis of presentation section below. See Note 2, Segment Information, for additional information on our reportable segments.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Porch Group, Inc. and its subsidiaries as well as the Reciprocal, a variable interest entity (“VIE”) in which the Company is considered the primary beneficiary. The Reciprocal is managed, but not owned by, Porch and is consolidated at this time as a VIE for reporting purposes. All significant intercompany accounts and transactions are eliminated in consolidation. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, these unaudited condensed consolidated financial statements and notes should be read in conjunction with the Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 20, 2026. The information as of December 31, 2025, included in the unaudited Condensed Consolidated Balance Sheets was derived from our audited consolidated financial statements. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Except for per share data or as otherwise indicated, all U.S. dollar amounts presented in the tables in these unaudited Notes to Condensed Consolidated Financial Statements are in thousands.

The unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Quarterly Report”) were prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments (all of which are of a normal recurring nature) considered necessary to present fairly

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our financial position, results of operations, comprehensive loss, stockholders’ equity (deficit), and cash flows for the periods and dates presented. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the year ending December 31, 2026, or any other interim period or future year due to various factors such as management estimates and the seasonal nature of some portions of our insurance business.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported of certain assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates and assumptions.

Concentrations

Financial instruments which potentially subject us to credit risk consist principally of cash, money market accounts on deposit with financial institutions, money market funds, certificates of deposit and fixed-maturity securities, as well as receivable balances in the course of collection.

The Reciprocal has exposure and remains liable in the event of insolvency of its reinsurers. The Reciprocal and its reinsurance intermediary regularly assess the credit quality and ratings of its reinsurer counterparties. As of March 31, 2026, five reinsurers represented more than 10% individually, and 79% in the aggregate, of the total reinsurance balance due line item on the unaudited Condensed Consolidated Balance Sheets. There are currently no material receivables on the unaudited Condensed Consolidated Balance Sheets related to the Reciprocal’s excess-of-loss catastrophe program. See Note 12, Reinsurance for the Reciprocal, for more information.

Approximately 57% of consolidated revenue for the three months ended March 31, 2026, was derived from customers in Texas and could be adversely affected by economic conditions, an increase in competition, local weather events, or environmental impacts and changes.

No individual customer represented more than 10% of total consolidated revenue for the three months ended March 31, 2026 or 2025. As of March 31, 2026, and December 31, 2025, no individual customer accounted for 10% or more of total accounts receivable, net, on the unaudited Condensed Consolidated Balance Sheets.

As of March 31, 2026, we held approximately $168.3 million of cash with five U.S. commercial banks.

Cash, Cash Equivalents and Restricted Cash and Cash Equivalents

We consider all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. We maintain cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. The reconciliation of cash, cash equivalents, and restricted cash and cash equivalents to amounts presented in the unaudited Condensed Consolidated Statements of Cash Flows are as follows:


	March 31, 2026		December 31, 2025
Cash and cash equivalents of Porch	$	64,202	$	44,676
Restricted cash and cash equivalents of Porch	8,060		8,503
Cash and cash equivalents of the Reciprocal	106,524		115,373
Restricted cash and cash equivalents of the Reciprocal	570		559
Total cash, cash equivalents, and restricted cash and cash equivalents	$	179,356	$	169,111

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The following table provides the components of restricted cash and cash equivalents on the unaudited Condensed Consolidated Balance Sheets:


		March 31, 2026		December 31, 2025
Held as collateral by captive reinsurer for benefit of the Reciprocal	(1)	$	52	$	7

Held for payment of possible warranty claims	(2)	7,008		7,496
Other		1,000		1,000
Restricted cash and cash equivalents		$	8,060	$	8,503
Restricted cash and cash equivalents of the Reciprocal:
Pledged to state departments of insurance	(3)	$	570	$	559
Restricted cash and cash equivalents		$	8,630	$	9,062

______________________________________

(1)Held by our captive reinsurance business as collateral for the benefit of the Reciprocal.

(2)Required under regulatory guidelines in 25 states and 26 states as of March 31, 2026, and December 31, 2025, respectively.

(3)Pledged to the Department of Insurance in certain states as a condition of our Certificate of Authority for the purpose of meeting obligations to policyholders and creditors.

Accounts Receivable

Accounts receivable for Porch consist primarily of amounts due from businesses, while accounts receivable for the Reciprocal consist of amounts due from individual policyholders. We estimate allowances for credit losses based on the creditworthiness of our customers, historical trend analysis, and macro-economic conditions. Consequently, an adverse change in those factors could affect our estimate of allowance for credit losses. The allowance for credit losses, which relates entirely to Porch, was $3.0 million and $2.7 million as of March 31, 2026, and December 31, 2025, respectively. The Reciprocal had no allowance as of either date.

Deferred Policy Acquisition Costs

The Reciprocal capitalizes deferred policy acquisitions costs (“DACs”) which consist primarily of commissions, premium taxes and policy underwriting and production expenses that are directly related to the successful acquisition by the Reciprocal of new or renewal insurance contracts. DACs are amortized on a straight-line basis over the terms of the policies to which they relate, which is generally one year. DACs are also reduced by ceding commissions paid by reinsurance companies which represent recoveries of acquisition costs. DACs are periodically reviewed for recoverability and adjusted if necessary. Future investment income is considered in determining the recoverability of DACs. Amortized deferred acquisition costs included in selling and marketing expense amounted to $11.7 million and $7.7 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses and Other Current Liabilities

The following table details the components of accrued expenses and other current liabilities on the unaudited Condensed Consolidated Balance Sheets.


	March 31, 2026		December 31, 2025
Accrued expenses	$	14,650	$	15,115
Payroll liabilities	14,291		8,858
Interest payable	15,809		7,183
Sales taxes payable	4,549		4,472

Other current liabilities	2,894		3,249
Accrued expenses and other current liabilities at Porch	$	52,193	$	38,877

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Other Insurance Liabilities, Current

The following table details the components of other insurance liabilities, current, on the unaudited Condensed Consolidated Balance Sheets. Other insurance liabilities were held by the Reciprocal as of March 31, 2026.


	March 31, 2026		December 31, 2025
Ceded reinsurance premiums payable	$	3,919	$	4,191
Commissions payable, reinsurers and agents	14,824		11,655
Advance premiums	5,859		5,961
Funds held under reinsurance treaty	1,211		1,335
General and accrued expenses payable	544		692
Other insurance liabilities, current	$	26,357	$	23,834

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires that public entities disclose, on an annual and interim basis, disaggregated information about specific expense categories (including employee compensation, depreciation, and amortization) presented on the face of the income statement. The guidance will first be effective in annual disclosures for the year ending December 31, 2027. Early adoption is permitted. We are in the process of assessing the impact of ASU 2024-03 on our disclosures.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (ASC Topic 805) and Consolidation (ASC Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which updates the guidance for determining the accounting acquirer in certain equity-based acquisitions of variable interest entities (“VIEs”). The guidance removes the presumption that the primary beneficiary is always the acquirer and instead requires the general guidance for identifying the acquirer under ASC Topic 805 to be applied. The guidance will first be effective beginning with our first quarter of 2027 and may be applied prospectively or retrospectively. Early adoption is permitted. We do not expect ASU 2025-03 to have a material impact on our consolidated financial statements or related disclosures.

In May 2025, the FASB issued ASU 2025-04, Compensation—Stock Compensation (ASC Topic 718) and Revenue from Contracts with Customers (ASC Topic 606), which clarifies the accounting for share-based payments granted to customers, including classification of performance conditions, treatment of forfeitures, and application of the variable consideration constraint. The guidance will first be effective beginning with our first quarter of 2027 and may be applied prospectively or retrospectively. Early adoption is permitted. We have not granted any share-based payments to customers. As such, we do not expect ASU 2025-04 to have a material impact on our consolidated financial statements or related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which aims to modernize the accounting for software costs that are accounted for under ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software. The updated guidance removes references to project stages and instead requires software costs to be capitalized when both of the following occur: 1) management has authorized and committed to funding the software project, and 2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the “probable-to-complete recognition threshold”). The guidance will first be effective in our interim disclosures beginning with the first quarter of 2028 and may be applied prospectively, retrospectively, or using a modified approach. Early adoption is permitted as of the beginning of an annual reporting period. We are in the process of assessing the impact of ASU 2025-06 on our consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which introduces targeted refinements to hedge accounting guidance under ASC Topic 815 to better align financial reporting with the economics of risk management activities. The guidance will first be effective in our first quarter of 2027 and should be applied prospectively. Early adoption is permitted. We do not expect ASU 2025-09 to have a material impact on our consolidated financial statements or related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which aims to clarify and improve the navigability of interim reporting guidance under ASC Topic 270 without changing the fundamental nature or extent of interim disclosure requirements. The guidance will first be effective in our first quarter of 2028 and can be applied prospectively or retrospectively. Early adoption is permitted. We are in the process of assessing the impact of ASU 2025-11 on our consolidated financial statements and related disclosures.

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In December 2025, the FASB issued ASU 2025-12, Codification Improvements, to make technical corrections, clarifications, and minor improvements across multiple areas of U.S. GAAP. The guidance will first be effective in our first quarter of 2027 and prospective or retrospective application will depend on the specific item being addressed. Early adoption is permitted. We are in the process of assessing the impact of ASU 2025-12 on our consolidated financial statements and related disclosures.

Accounting Standards Recently Adopted

On January 1, 2026, we adopted ASU 2024-04, Debt - Debt with Conversion and Other Options, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. We adopted ASU 2024-04 using a prospective method. ASU 2024-04 did not have a material impact on our consolidated financial statements and related disclosures.

On January 1, 2026, we adopted ASU 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient related to estimating expected credit losses. The practical expedient allows entities to assume that conditions that exist when expected credit losses are estimated do not change for the remaining life of the asset. We adopted ASU 2025-05 using a prospective method. ASU 2025-05 did not have a material impact on our consolidated financial statements and related disclosures.

Note 2. Segment Information

We have four reportable segments that are also our operating segments: Insurance Services, Software & Data, Consumer Services, and Reciprocal Segment. The Reciprocal Segment, is managed, but not owned, by Porch and is consolidated for reporting purposes. Reportable segments were identified based on how the chief operating decision-maker (“CODM”) manages the business, makes operating decisions, and evaluates operating and financial performance. Our chief executive officer acts as the CODM and reviews financial and operational information for our reportable segments. Operating segments are components of an enterprise for which separate discrete financial information is available and operational results are regularly evaluated by the CODM for the purposes of making decisions regarding resource allocation and assessing performance.

Our Insurance Services segment manages and operates the Reciprocal, providing services related, but not limited, to underwriting, policy renewal, risk management, insurance portfolio management, financial management, and setting investment guidelines in exchange for commissions and fees. The Insurance Services segment also holds the surplus notes issued by the Reciprocal and includes our captive reinsurer which provides reinsurance support to improve capital efficiency for the Reciprocal. Our captive reinsurer only provides reinsurance coverage for risks with low earnings volatility, such as non-catastrophic weather quota share.

Our Software & Data segment provides, on a subscription and predominantly transactional basis, software to inspection, mortgage, title, and roofing companies and data products to insurance and other types of companies. This segment includes several strategically important businesses, including home inspection software, title and mortgage software, Home Factors (our unique property insights product), and mover marketing products.

Our Consumer Services segment provides warranty products through Porch Warranty and other warranty brands to protect the whole home. Our Consumer Services segment also provides moving-related services such as movers, TV/Internet, and security.

The Reciprocal Segment includes HOA and its parent, Porch Reciprocal Exchange, which is a member-owned reciprocal exchange, owned by policyholder members rather than Porch. The Reciprocal Segment provides consumers with insurance to protect their homes, earning revenue primarily through premiums collected on policies.

Our segment operating and financial performance measures are gross profit and Adjusted EBITDA (Loss) for the Insurance Services, Software & Data, and Consumer Services segments. Adjusted EBITDA (Loss) is defined as Gross Profit less the following expenses associated with each segment: selling and marketing, product and technology, and general and administrative. Adjusted EBITDA (Loss) also excludes non-cash items or items that management does not consider reflective of ongoing core operations, such as depreciation, amortization, and stock-based compensation expense. The CODM uses gross profit and Adjusted EBITDA (Loss) to allocate resources for these segments (including employees, property, and financial or capital resources) predominately in the annual budget and forecasting process. Both of these measures are also used to provide guidance to investors.

Our segment operating financial performance measures for the Reciprocal Segment are gross profit and Net Income (Loss). These measures are consistent with the information that is regularly provided to and reviewed by the CODM in assessing segment performance and allocating resources. The CODM utilizes Net Income (Loss) rather than Adjusted EBITDA (Loss) for the Reciprocal Segment because Net Income (Loss) includes interest expense associated with the surplus note

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issued in connection with the formation of the Reciprocal. This interest is a significant component of the Reciprocal Segment’s financial performance, is regularly provided to the CODM, and is therefore considered in his evaluation. Adjusted EBITDA (Loss), by definition, excludes interest expense.

The following tables present revenue and significant expenses by segment that are regularly provided to the CODM. Other segment items that the CODM does not consider in assessing segment performance are presented to reconcile to each segment’s measure of profit or loss.

The “Corporate” column includes shared expenses that are not allocated to the reportable segments. These consist primarily of selling and marketing, product and technology, accounting, human resources, legal, general and administrative, and other income, expenses, gain and losses.

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		Three Months Ended March 31, 2026
		Insurance Services		Software & Data		Consumer Services		Corporate		Reciprocal Segment		Eliminations		Total


Revenue	(1)	$	74,671	$	21,932	$	15,141	$	—	$	51,283	$	(41,904)	$	121,123
Cost of revenue		10,887		5,404		1,972		—		14,985		(2,973)		30,275
Gross Profit		63,784		16,528		13,169		—		36,298		(38,931)		90,848

Significant expenses:
Selling and marketing		35,664		8,565		10,252		370		7,069		(21,856)		40,064
Product and technology		2,754		4,747		626		4,139		765		—		13,031
General and administrative		4,425		1,837		3,620		14,040		19,088		(17,072)		25,938

Other segment items:
Depreciation and amortization	(2)	(109)		(2,529)		(851)
Stock-based compensation expense	(2)	(977)		(541)		(408)
Interest income on intercompany surplus notes		(3,500)		—		—
Change in fair value of contingent consideration		—		—		13
Other gains and losses	(3)	(1,968)		—		—


Other items		4		(119)		(77)
Adjusted EBITDA (Loss)		$	27,491	$	4,568	$	(6)

Other income (expense):
Interest expense										(4)				(14,606)


Change in fair value of derivatives										—				1,767

Investment income and realized gains and losses, net of investment expenses										2,548				3,398
Other income										—				1,367
Interest expense on intercompany surplus notes										(3,500)				—
Income tax expense										(1,768)				(1,805)
Net income										6,652				1,936
Net income attributable to the Reciprocal														6,649
Net loss attributable to Porch														$	(4,713)

______________________________________

(1)Revenue includes intersegment revenues of $66.4 million in Insurance Services (which includes fees, commissions, and reinsurance premiums paid by the Reciprocal to Insurance Services), $2.3 million in Software & Data, and $(26.8) million in revenue offsets in the Reciprocal Segment.

(2)Depreciation, amortization, and stock-based compensation are included in Cost of revenue, Selling and marketing, Product and technology, and General and administrative lines above and are excluded from Adjusted EBITDA (Loss).

(3)Other gains and losses primarily includes investment income and some recoveries of reinsurance losses.

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		Three Months Ended March 31, 2025
		Insurance Services		Software & Data		Consumer Services		Corporate		Reciprocal Segment		Eliminations		Total


Revenue	(1)	$	49,806	$	21,999	$	14,721	$	—	$	39,938	$	(21,719)	$	104,745
Cost of revenue		7,481		5,506		2,490		—		26,249		(2,429)		39,297
Gross Profit		42,325		16,493		12,231		—		13,689		(19,290)		65,448

Significant expenses:
Selling and marketing		15,527		9,169		9,798		408		7,411		(12,797)		29,516
Product and technology		2,451		4,288		1,131		4,196		1,135		—		13,201
General and administrative		4,377		2,508		3,301		12,701		7,603		(6,493)		23,997
Other segment items:
Depreciation and amortization	(2)	(91)		(3,479)		(885)
Stock-based compensation expense	(2)	(679)		(556)		(388)
Interest income on intercompany surplus notes		(3,674)		—		—
Change in fair value of contingent consideration		—		—		28

Other gains and losses	(3)	(1,320)		—		—

Other		(75)		(8)		(84)
Adjusted EBITDA (Loss)		25,809		4,571		(670)

Other income (expense):
Interest expense										(51)				(11,246)

Change in fair value of private warrant liability										—				(732)
Change in fair value of derivatives										—				6,673

Investment income and realized gains and losses, net of investment expenses										2,415				2,810
Other income										—				8,400
Interest expense on intercompany surplus notes										(3,674)				—
Income tax expense										(889)				(903)
Net income (loss)										(4,659)				3,736
Net loss attributable to the Reciprocal														(4,659)
Net income attributable to Porch														$	8,395

______________________________________

(1)Revenue includes intersegment revenues of $45.4 million in Insurance Services (which includes fees, commissions, and reinsurance premiums paid by the Reciprocal Segment to Insurance Services), $2.0 million in Software & Data, and $(25.6) million in revenue offsets in the Reciprocal Segment.

(3)Other gains and losses primarily includes investment income and some recoveries of reinsurance losses.

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The following table presents a reconciliation of segment profitability measures to consolidated net income (loss).


	Three Months Ended March 31,
	2026		2025
Segment Profitability Measures:
Insurance Services Adjusted EBITDA	$	27,491	$	25,809
Software & Data Adjusted EBITDA	4,568		4,571
Consumer Services Adjusted EBITDA Loss	(6)		(670)
Reciprocal Segment Net Income (Loss)	6,652		(4,659)
Subtotal	38,705		25,051
Reconciling items:
Corporate expenses	(12,351)		(12,849)

Interest expense	(14,602)		(11,195)
Income tax provision	(37)		(14)
Depreciation and amortization	(4,115)		(5,024)

Other income, net	17		7,162



Stock-based compensation expense	(7,283)		(4,910)
Mark-to-market gains	1,780		5,969

Other	(178)		(454)

Net income	$	1,936	$	3,736

The CODM does not review assets on a segment basis other than the assets of the Reciprocal Segment that are presented on the unaudited Condensed Consolidated Balance Sheets as required for VIE disclosure.

All of our revenue is generated in the United States except for an immaterial amount. As of March 31, 2026, and December 31, 2025, we did not have material assets located outside of the United States.

Note 3. Variable Interest Entity

A VIE is a legal entity that is structured such that equity investors lack the ability to make significant decisions relating to the entity's operations through voting rights, do not substantively participate in the gains and losses of the entity, or the entity does not have sufficient equity at risk to finance its activities without additional subordinated financial support. We consolidate VIEs in which we are deemed the primary beneficiary. The primary beneficiary is the entity that has both (1) the power to direct the activities of the VIE that most significantly affect that entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE.

In 2025, we completed the formation of the Reciprocal, a Texas-domiciled reciprocal insurance exchange. In connection with the formation, we completed the sale of our legacy homeowners insurance carrier, HOA, to the Reciprocal and formed a management company that acts as the operator for the Reciprocal. The Reciprocal, now the owner of HOA, writes homeowners insurance policies that are sold to its subscribers. Following the sale, HOA became a wholly owned subsidiary of the Reciprocal.

We consolidate the Reciprocal since (1) we have provided surplus notes to the Reciprocal and would absorb any expected losses that could potentially be significant to the Reciprocal, including through the interest associated with surplus notes due to Porch from the Reciprocal and (2) we manage the business operations of the Reciprocal and therefore have the power to direct the activities that most significantly impact the economic performance of the Reciprocal. The Reciprocal’s anticipated economic performance is driven by its underwriting and investment results. We receive a management fee for the services provided to the Reciprocal. The management fee revenues are based upon all premiums written or assumed by the Reciprocal (including HOA).

The assets of the Reciprocal can be used only to settle the obligations of the Reciprocal for which creditors and other beneficial owners have no recourse to Porch. We have no obligation related to any underwriting and/or investment losses experienced by the Reciprocal. There were $106 million of surplus notes outstanding as of March 31, 2026, and December 31, 2025. The effects of the transactions between Porch and the Reciprocal are eliminated in consolidation to

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derive consolidated net income. However, the management fee income earned is reported in net income (loss) attributable to Porch and is included in basic and diluted earnings per share.

Note 4. Revenue

Disaggregation of Revenue

The following table provides detail of total revenue. Transactional revenue consists of revenue recognized from non-recurring sales or services that do not generate ongoing revenue and primarily includes revenue generated from moving services. Recurring revenue refers to revenue streams that are more predictable and generate revenue from customers on an ongoing basis, including revenue from insurance services management, inspection software, title insurance software, mortgage software, warranty products, and marketing services. Insurance carrier revenue consists of revenue earned through premiums collected on policies, policy fees, and commissions by the Reciprocal.


		Three Months Ended March 31,
		2026		2025
Transactional		$	6,344	$	6,388
Recurring	(1)	105,400		80,138
Intercompany revenue		(2,306)		(1,980)
		109,438		84,546
Insurance carrier		51,283		39,938
Intercompany revenue		(39,598)		(19,739)
Total revenue	(2)	$	121,123	$	104,745

______________________________________

(1)Revenue recognized during the three months ended March 31, 2026 and 2025, includes revenue that is accounted for in accordance with ASC Topic 460, Guarantees, separately from revenue from contracts with customers. Revenue accounted for under ASC Topic 460 was $8.7 million and $8.2 million for the three months ended March 31, 2026 and 2025, respectively.

(2)Revenue recognized during the three months ended March 31, 2026 and 2025, includes revenue that is accounted for in accordance with ASC Topic 944, Financial Services-Insurance, separately from the revenue from contracts with customers. Revenue accounted for under ASC Topic 944 was $19.6 million and $65.6 million for the three months ended March 31, 2026 and 2025, respectively.

Disclosures Related to Contracts with Customers

Timing may differ between the satisfaction of performance obligations and the invoicing and collection of amounts related to contracts with customers. Liabilities are recorded for amounts that are collected in advance of the satisfaction of performance obligations. To the extent a contract exists, as defined by ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), these liabilities are classified as deferred revenue. To the extent that a contract does not exist, as defined by ASC 606, these liabilities are classified as refundable customer deposits.

Insurance Commissions Receivable

A summary of the activity impacting the contract assets during the three months ended March 31, 2026, is presented below:


Balance at December 31, 2025	$	3,117
Estimated lifetime value of commissions on insurance policies sold by carriers	495
Cash receipts	(176)

Balance at March 31, 2026	$	3,436

As of March 31, 2026, and December 31, 2025, $0.7 million and $0.6 million, respectively, of contract assets were expected to be collected within the immediately following 12 months and therefore were included in accounts receivable, net, on the unaudited Condensed Consolidated Balance Sheets. The remaining $2.8 million and $2.5 million of contract assets as of March 31, 2026, and December 31, 2025, respectively, are expected to be collected after the immediately following 12 months and were included in other assets on the unaudited Condensed Consolidated Balance Sheets.

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Deferred Revenue

A summary of the activity impacting Software & Data segment deferred revenue balances during the three months ended March 31, 2026, is presented below:


Balance at December 31, 2025	$	2,699
Revenue recognized	(3,609)
Additional amounts deferred	3,017
Balance at March 31, 2026	$	2,107

Revenue recognized for performance obligations satisfied during the three months ended March 31, 2026, includes $2.7 million that was included in the deferred revenue balances as of December 31, 2025.

Deferred revenue on the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026, and December 31, 2025, includes $215.2 million and $219.6 million, respectively, of deferred revenue related to the Reciprocal Segment. The portion of insurance premiums related to the unexpired term of policies in force as of the end of the reporting period and to be earned over the remaining term of these policies is deferred and reported as deferred revenue.

Remaining Performance Obligations

The amount of the transaction price allocated to performance obligations to be satisfied at a later date, which is not recorded in the unaudited Condensed Consolidated Balance Sheets, is immaterial as of March 31, 2026, and December 31, 2025.

We have applied the practical expedients not to present unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts with variable consideration that is allocated entirely to unsatisfied performance obligations or to a wholly unsatisfied promise accounted for under the series guidance, and (iii) contracts for which we recognize revenue at the amount which it has the right to invoice for services performed.

Warranty Revenue and Related Balance Sheet Disclosures

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. As of March 31, 2026, and December 31, 2025, we had $0.2 million and $0.2 million, respectively, of capitalized costs in prepaid expenses and other current assets. As of March 31, 2026, and December 31, 2025, we had $0.4 million and $0.5 million, respectively, in other assets on the unaudited Condensed Consolidated Balance Sheets.

Payments received in advance of warranty services provided are included in refundable customer deposits or deferred revenue based upon the cancellation and refund provisions within the respective agreement. The following table provides balances as of the dates shown.


		March 31, 2026		December 31, 2025
Refundable customer deposits		$	11,480	$	12,379
Deferred revenue		$	2,054	$	1,853
Non-current deferred revenue	(1)	$	1,904	$	2,010

____________________________________

(1)Non-current deferred revenue is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets.

For the three months ended March 31, 2026 and 2025, we incurred $0.5 million and $1.1 million, respectively, in expenses related to warranty claims.

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Note 5. Investments

The following table summarizes investment income and realized gains and losses on investments during the periods presented.


	Three Months Ended March 31,
	2026		2025
Investment income, net of investment expenses	$	3,358	$	2,838
Realized gains on investments	85		74
Realized losses on investments	(45)		(102)
Investment income and realized gains and losses, net of investment expenses	$	3,398	$	2,810

Investments Held by Porch

The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities.


		March 31, 2026
		Amortized Cost		Gross Unrealized				Fair Value
				Gains		Losses
U.S. Treasuries		$	3,489	$	10	$	—	$	3,499
Obligations of states, municipalities and political subdivisions		1,830		17		—		1,847
Corporate bonds		37,571		90		(322)		37,339
Residential and commercial mortgage-backed securities		19,157		73		(103)		19,127
Other loan-backed and structured securities		—		—		—		—
Total investment securities	(1)	$	62,047	$	190	$	(425)	$	61,812

____________________________________

(1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of the Reciprocal.


	December 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	13,330	$	43	$	(3)	$	13,370
Obligations of states, municipalities and political subdivisions	2,039		31		—		2,070
Corporate bonds	31,123		202		(46)		31,279
Residential and commercial mortgage-backed securities	20,812		520		(23)		21,309
Other loan-backed and structured securities	—		—		—		—
Total investment securities	$	67,304	$	796	$	(72)	$	68,028

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The amortized cost and fair value of securities held by our captive reinsurance business at March 31, 2026, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


		March 31, 2026
Remaining Time to Maturity		Amortized Cost		Fair Value
Due in one year or less		$	3,077	$	3,082
Due after one year through five years		33,766		33,676
Due after five years through ten years		6,047		5,927
Due after ten years		—		—
Residential and commercial mortgage-backed securities		19,157		19,127
Other loan-backed and structured securities		—		—
Total	(1)	$	62,047	$	61,812

____________________________________

(1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of HOA.

Securities held by our captive reinsurance business with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


		Less Than Twelve Months				Twelve Months or Greater				Total
As of March 31, 2026		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries		$	—	$	2,518	$	—	$	—	$	—	$	2,518
Obligations of states, municipalities and political subdivisions		—		—		—		—		—		—
Corporate bonds		(322)		25,369		—		—		(322)		25,369
Residential and commercial mortgage-backed securities		(103)		11,727		—		—		(103)		11,727
Other loan-backed and structured securities		—		—		—		—		—		—
Total securities	(1)	$	(425)	$	39,614	$	—	$	—	$	(425)	$	39,614

____________________________________

(1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of the Reciprocal.

At March 31, 2026, there were 72 securities, held by our captive reinsurance business as collateral for the benefit of the Reciprocal, in an unrealized loss position. Of these securities, none had been in an unrealized loss position for 12 months or longer.

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		Less Than Twelve Months				Twelve Months or Greater				Total
As of December 31, 2025		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries		$	(3)	$	6,954	$	—	$	—	$	(3)	$	6,954
Obligations of states, municipalities and political subdivisions		—		—		—		—		—		—
Corporate bonds		(46)		14,563		—		—		(46)		14,563
Residential and commercial mortgage-backed securities		(23)		3,425		—		—		(23)		3,425
Other loan-backed and structured securities		—		—		—		—		—		—
Total securities	(1)	$	(72)	$	24,942	$	—	$	—	$	(72)	$	24,942

____________________________________

(1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of the Reciprocal.

At December 31, 2025, there were thirty-nine securities in an unrealized loss position.

Investments Held by the Reciprocal (Consolidated VIE)

The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities held by the Reciprocal.


	March 31, 2026
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	8,656	$	14	$	(135)	$	8,535
Obligations of states, municipalities and political subdivisions	11,710		48		(366)		11,392
Corporate bonds	65,052		403		(998)		64,457
Residential and commercial mortgage-backed securities	77,946		503		(1,185)		77,264
Other loan-backed and structured securities	19,247		112		(125)		19,234
Total investment securities held by the consolidated VIE	$	182,611	$	1,080	$	(2,809)	$	180,882


	December 31, 2025
	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
U.S. Treasuries	$	9,695	$	40	$	(102)	$	9,633
Obligations of states, municipalities and political subdivisions	12,688		112		(406)		12,394
Corporate bonds	62,808		1,078		(777)		63,109
Residential and commercial mortgage-backed securities	77,824		1,017		(873)		77,968
Other loan-backed and structured securities	17,396		196		(54)		17,538
Total investment securities	$	180,411	$	2,443	$	(2,212)	$	180,642

The amortized cost and fair value of securities held by the Reciprocal at March 31, 2026, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the

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right to call or prepay obligations with or without call or prepayment penalties.


	March 31, 2026
Remaining Time to Maturity	Amortized Cost		Fair Value
Due in one year or less	$	7,429	$	7,356
Due after one year through five years	40,310		39,870
Due after five years through ten years	34,623		34,232
Due after ten years	3,056		2,926
Residential and commercial mortgage-backed securities	77,946		77,264
Other loan-backed and structured securities	19,247		19,234
Total	$	182,611	$	180,882

Securities held by the Reciprocal with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:


	Less Than Twelve Months				Twelve Months or Greater				Total
As of March 31, 2026	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(4)	$	1,902	$	(131)	$	3,862	$	(135)	$	5,764
Obligations of states, municipalities and political subdivisions	(7)		51		(359)		6,981		(366)		7,032
Corporate bonds	(95)		8,098		(903)		19,898		(998)		27,996
Residential and commercial mortgage-backed securities	(64)		7,195		(1,121)		24,900		(1,185)		32,095
Other loan-backed and structured securities	(72)		5,440		(53)		2,459		(125)		7,899
Total securities held by the consolidated VIE	$	(242)	$	22,686	$	(2,567)	$	58,100	$	(2,809)	$	80,786

At March 31, 2026, there were 253 securities in an unrealized loss position held by the Reciprocal. Of these securities, 186 had been in an unrealized loss position for 12 months or longer as of March 31, 2026.


	Less Than Twelve Months				Twelve Months or Greater				Total
As of December 31, 2025	Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value
U.S. Treasuries	$	(102)	$	3,011	$	—	$	—	$	(102)	$	3,011
Obligations of states, municipalities and political subdivisions	$	(361)	$	5,250	$	(45)	$	1,127	(406)		6,377
Corporate bonds	$	(681)	$	13,179	$	(96)	$	1,300	(777)		14,479
Residential and commercial mortgage-backed securities	$	(661)	$	15,453	$	(212)	$	1,346	(873)		16,799
Other loan-backed and structured securities	$	(54)	$	1,525	$	—	$	—	(54)		1,525
Total securities held by the consolidated VIE	$	(1,859)	$	38,418	$	(353)	$	3,773	$	(2,212)	$	42,191

At December 31, 2025, there were 250 securities in an unrealized loss position.

We believe there were no fundamental issues, such as credit losses or other factors, with respect to any of our available-for-sale securities. The unrealized losses on investments in fixed-maturity securities were caused primarily by interest rate changes. We expect that the securities will not be settled at a price less than par value of the investments. Because the declines in fair value are attributable to changes in interest rates or market conditions and not credit quality, and because

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we have the ability and intent to hold our available-for-sale investments until a market price recovery or maturity, we do not consider any of our investments to have any decline in fair value due to expected credit losses at March 31, 2026.

Note 6. Fair Value

The following tables summarize the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis.


		Fair Value Measurement as of March 31, 2026
		Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds		$	132	$	—	$	—	$	132
Debt securities:
U.S. Treasuries		—		3,499		—		3,499
Obligations of states, municipalities and political subdivisions		—		1,847		—		1,847
Corporate bonds		—		37,339		—		37,339
Residential and commercial mortgage-backed securities		—		19,127		—		19,127
Other loan-backed and structured securities		—		—		—		—
Asset of Reciprocal (a consolidated variable interest entity):
Money market mutual funds		18,111		—		—		18,111
Debt securities:
U.S. Treasuries		—		8,535		—		8,535
Obligations of states, municipalities and political subdivisions		—		11,392		—		11,392
Corporate bonds		—		64,457		—		64,457
Residential and commercial mortgage-backed securities		—		77,264		—		77,264
Other loan-backed and structured securities		—		19,234		—		19,234
		$	18,243	$	242,694	$	—	$	260,937
Liabilities
Contingent consideration - business combinations	(1)	$	—	$	—	$	26	$	26

Embedded derivatives	(2)	—		—		860		860
		$	—	$	—	$	886	$	886

______________________________________

(1)The liability for contingent considerations related to business combinations is included in accrued expenses and other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026.

(2)The embedded derivatives liability is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026.

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		Fair Value Measurement as of December 31, 2025
		Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds		$	7	$	—	$	—	$	7
Debt securities:
U.S. Treasuries		13,370		—		—		13,370
Obligations of states, municipalities and political subdivisions		—		2,070		—		2,070
Corporate bonds		—		31,279		—		31,279
Residential and commercial mortgage-backed securities		—		21,309		—		21,309
Other loan-backed and structured securities		—		—		—		—
Asset of Reciprocal (a consolidated variable interest entity):
Money market mutual funds		25,047		—		—		25,047
Debt securities:								—
U.S. Treasuries		9,633		—		—		9,633
Obligations of states, municipalities and political subdivisions		—		12,394		—		12,394
Corporate bonds		—		63,109		—		63,109
Residential and commercial mortgage-backed securities		—		77,968		—		77,968
Other loan-backed and structured securities		—		17,538		—		17,538
		$	48,057	$	225,667	$	—	$	273,724
Liabilities
Contingent consideration - business combinations	(1)	$	—	$	—	$	39	$	39

Embedded derivatives	(2)	—		—		2,627		2,627
		$	—	$	—	$	2,666	$	2,666

______________________________________

(2)The embedded derivatives liability is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2025.

Financial Assets

Money market mutual funds are valued at the closing price reported by the fund sponsor from an actively traded exchange. As the funds are generally maintained at a net asset value which does not fluctuate, cost approximates fair value. These are included as a Level 1 measurement in the table above. The fair values for available-for-sale fixed-maturity securities are based upon prices provided by an independent pricing service. We have reviewed these prices for reasonableness and have not adjusted any prices received from the independent provider. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2.

Contingent Consideration – Business Combinations

We estimated the fair value of the business combination contingent consideration based on specific metrics related to the acquisition of Residential Warranty Services (“RWS”) in April 2022, using the discounted cash flow method. The fair value is based on a percentage of revenue of the contingent consideration through the maturity date of August 2026. As of March 31, 2026, the key inputs used to determine the fair value of less than $0.1 million were management’s cash flow estimate through the remaining term of less than one year. As of December 31, 2025, the key inputs used to determine the fair value of $0.1 million were management’s cash flow estimate through the remaining term of less than one year.

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Embedded Derivatives

In connection with the issuance of senior secured convertible notes in April 2023 (the “2028 Notes”) and in accordance with Accounting Standards Codification 815-15, Derivatives and Hedging – Embedded Derivatives, (“ASC 815-15”) certain features of the 2028 Notes were bifurcated and accounted for separately from the notes. The following features are recorded as derivatives.

•Repurchase option. This derivative had no value at March 31, 2026 or December 31, 2025, because in May 2025 we reduced the outstanding principal of the 2026 Notes (see Note 9, Debt) to below the $30 million threshold described in this paragraph. If more than $30 million aggregate principal amount of the 2026 Notes were to remain outstanding on June 14, 2026, the 2028 Note holders would have the right to require us to repurchase for cash on June 15, 2026, all or any portion of their 2028 Notes, in principal amounts of one thousand dollars or an integral number thereof, at a repurchase price equal to 106.5% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date.

•Fundamental change option. If we undergo a fundamental change, as defined in the indenture governing the 2028 Notes and subject to certain conditions, holders of the 2028 Notes have the right to require us to repurchase for cash all or any portion of their 2028 Notes, in principal amounts of one thousand dollars or an integral multiple thereof, at a repurchase price equal to 105.25% of the principal amount of the 2028 Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the repurchase date. A fundamental change includes events such as a change in control, recapitalization, liquidation, dissolution, or delisting.

•Asset sale repurchase option. If we sell assets and receive net cash proceeds of $2.5 million in excess of the Asset Sale Threshold (as defined below) (such excess net cash proceeds, the “Excess Proceeds”), we must offer to all holders of 2028 Notes to repurchase their 2028 Notes for an aggregate amount of cash equal to 50% of such Excess Proceeds at a repurchase price per 2028 Note equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the relevant purchase date, if any. “Asset Sale Threshold” means $20.0 million in the aggregate, provided that on and after the date on which the cumulative net cash proceeds received by the Company and its restricted subsidiaries from the sale of assets after April 20, 2023, exceeds $20.0 million in the aggregate, the “Asset Sale Threshold” means $0. As of March 31, 2026, our remaining Asset Sale Threshold was $9.1 million.

In connection with the issuance of senior unsecured convertible notes in May 2025 (the “2030 Notes,” see Note 9) and in accordance with ASC 815-15, certain features of the 2030 Notes were bifurcated and accounted for separately from the notes. The following features are recorded as derivatives.

•Additional interest. If at any time after November 27, 2025, we fail to file all reports required under the Securities Exchange Act of 1934, as amended, (after giving effect to applicable grace periods and other than Form 8-Ks) during the preceding 12-month period, or the 2030 Notes are not otherwise freely tradable under Rule 144 other than with respect to holders that are affiliates, we will be required to pay additional interest at a rate of 0.50% per annum on the outstanding principal amount to noteholders for each day we are out of compliance with these requirements (the “Additional Interest”). The value of the Additional Interest derivative was $0 at the issuance date and $0 as of March 31, 2026.

•Participation feature. If the fair market value of a distribution (arising from a spin-off, distribution of capital stock, other asset or property distribution, or distribution of securities) made to stockholders is equal to or greater than the average of the last reported sale price of our common stock over the ten consecutive trading day period ending on, and including, the trading day immediately preceding the ex-dividend date for such distribution, then each holder of the 2030 Notes will directly receive, in respect of each $1,000 principal amount thereof, the same type and amount of property that they would have received if they had already converted their senior unsecured convertible notes into shares at the then-current conversion rate. This payment will be made at the same time and on the same terms as it is made to common stockholders. If the amount of any cash dividend per share is equal to or greater than the last reported sale price of our common stock immediately before the dividend, then the holders of the 2030 Notes are entitled to receive, for each $1,000 principal amount of notes, a cash payment (without needing to convert the notes) in the amount of cash they would have received as if they owned a number of shares of common stock equal to the number of 2030 Notes held multiplied by the conversion rate on the ex-dividend date for such cash dividend or distribution. The value of the participation feature derivative was $0 at the issuance date and $0 as of March 31, 2026.

The inputs for determining fair value of the embedded derivatives are classified as Level 3 inputs. Level 3 fair value is based on unobservable inputs based on the best information available. These inputs include the probabilities of a

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repurchase, a fundamental change, qualifying asset sales, maintaining compliance with SEC regulations relative to the notes, and certain distributions to shareholders, ranging from 1% to 59%.

Level 3 Rollforward

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value, and such changes could result in a significant increase or decrease in the fair value.

The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:


		Contingent Consideration - Business Combinations		Embedded Derivatives
Fair value as of December 31, 2025		$	39	$	2,627


Change in fair value, loss (gain) included in net income	(1)	(13)		(1,767)
Fair value as of March 31, 2026		$	26	$	860


		Contingent Consideration - Business Combinations		Embedded Derivatives		Private Warrant Liability
Fair value as of December 31, 2024		$	83	$	22,262	$	460


Change in fair value, loss (gain) included in net income	(1)	(28)		(6,673)		732
Fair value as of March 31, 2025		$	55	$	15,589	$	1,192

______________________________________

(1)Changes in fair value of contingent consideration related to business combinations are included in general and administrative expenses in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) operations. Changes in fair value of the private warrant liability and embedded derivatives are disclosed separately in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Fair Value of Fixed Rate Debt

The following table summarizes the fair value of convertible senior notes (see Note 9, Debt, for more information):


	March 31, 2026		December 31, 2025
Convertible senior unsecured notes, due 2026	$	7.6	$	7.6
Convertible senior secured notes, due 2028	$	333.3	$	332.7
Convertible senior unsecured notes, due 2030	$	141.7	$	151.8

The fair value of the other notes approximate the unpaid principal balance. All debt, other than the convertible notes which are Level 2, is considered a Level 3 measurement.

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Note 7. Property, Equipment, and Software

Property, equipment, and software, net, consists of the following:


	March 31, 2026		December 31, 2025
Software and computer equipment	$	7,324	$	7,415
Furniture, office equipment, and other	569		641
Internally developed software	53,694		49,436
Leasehold improvements	379		392
	61,966		57,884
Less: Accumulated depreciation and amortization	(32,366)		(30,277)
Property, equipment, and software, net	$	29,600	$	27,607

Depreciation and amortization expense related to property, equipment, and software was $2.4 million and $1.6 million for the three months ended March 31, 2026 and 2025, respectively.

Note 8. Intangible Assets and Goodwill

Intangible Assets

Intangible assets are stated at cost or acquisition-date fair value less accumulated amortization and impairment. The following tables summarize intangible asset balances.


As of March 31, 2026		Weighted Average Useful Life (in years)	Intangible Assets, Gross		Accumulated Amortization and Impairment		Intangible Assets, Net
Customer relationships	(1)	9.0	$	57,833	$	(30,265)	$	27,568
Acquired technology		8.0	7,980		(5,032)		2,948
Trademarks and tradenames	(2)	11.0	22,025		(9,797)		12,228
Non-compete agreements		7.0	180		(103)		77
Renewal rights	(3)	6.0	9,734		(6,344)		3,390
Insurance licenses	(4)	Indefinite	4,960		—		4,960
Total intangible assets			$	102,712	$	(51,541)	$	51,171

______________________________________

(1)Balance includes $8.4 million of customer relationships that are included in intangible assets, net, in Assets of Reciprocal section of the Consolidated Balance Sheets as of March 31, 2026.

(2)Balance includes $6.1 million of trademarks and tradenames that are included in intangible assets, net, in Assets of Reciprocal section of the Consolidated Balance Sheets as of March 31, 2026.

(3)Balance includes $2.9 million of renewal rights that are included in intangible assets, net, in Assets of Reciprocal section of the Consolidated Balance Sheets as of March 31, 2026.

(4)The entire insurance licenses balance is included in intangible assets, net, in Assets of Reciprocal section of the Consolidated Balance Sheets as of March 31, 2026.

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As of December 31, 2025		Weighted Average Useful Life (in years)	Intangible Assets, Gross		Accumulated Amortization and Impairment		Intangible Assets, Net
Customer relationships	(1)	9.0	$	57,833	$	(28,725)	$	29,108
Acquired technology		8.0	7,980		(4,765)		3,215
Trademarks and tradenames	(2)	11.0	22,025		(9,296)		12,729
Non-compete agreements		7.0	180		(96)		84
Renewal rights	(3)	6.0	9,734		(6,019)		3,715
Insurance licenses	(4)	Indefinite	4,960		—		4,960
Total intangible assets			$	102,712	$	(48,901)	$	53,811

______________________________________

(1)Balance includes $8.8 million of customer relationships that are included in intangible assets, net, in Assets of Reciprocal section of the unaudited Condensed Consolidated Balance Sheets as of December 31, 2025.

(2)Balance includes $6.4 million of trademarks and tradenames that are included in intangible assets, net, in Assets of Reciprocal section of the unaudited Condensed Consolidated Balance Sheets as of December 31, 2025.

(3)Balance includes $3.1 million of renewal rights that are included in intangible assets, net, in Assets of Reciprocal section of the unaudited Condensed Consolidated Balance Sheets as of December 31, 2025.

(4)The entire insurance licenses balance is included in intangible assets, net, in Assets of Reciprocal section of the unaudited Condensed Consolidated Balance Sheets as of December 31, 2025.

The aggregate amortization expense related to intangibles was $2.6 million and $4.4 million for the three months ended March 31, 2026 and 2025, respectively.

Goodwill

The following table summarizes goodwill balances by segment as of March 31, 2026.


	March 31, 2026
Software & Data	$	157,364
Consumer Services	34,543
Total	$	191,907

We had no changes in the carrying amount of goodwill for the three months ended March 31, 2026.

Note 9. Debt

The following tables summarize outstanding debt as of March 31, 2026, and December 31, 2025.


		Principal		Unamortized Debt Issuance Costs & Discount		Carrying Value
Convertible senior unsecured notes, due 2026	(1)	$	7,799	$	(17)	$	7,782
Convertible senior secured notes, due 2028		333,334		(74,138)		259,196
Convertible senior unsecured notes, due 2030		134,000		(1,933)		132,067

Balance as of March 31, 2026		$	475,133	$	(76,088)	$	399,045

______________________________________

(1)The 2026 Notes are included in current debt in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026.

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	Principal		Unamortized Debt Issuance Costs & Discount		Carrying Value
Convertible senior unsecured notes, due 2026	$	7,799	$	(27)	$	7,772
Convertible senior secured notes, due 2028	333,334		(80,247)		253,087
Convertible senior unsecured notes, due 2030	134,000		(2,027)		131,973

Balance as of December 31, 2025	$	475,133	$	(82,301)	$	392,832

2026 Convertible Senior Unsecured Notes

As of March 31, 2026, the outstanding principal on our 0.75% Convertible Senior Unsecured Notes due on September 15, 2026 (the “2026 Notes”) was $7.8 million and is included in current debt on the unaudited Condensed Consolidated Balance Sheets. We may redeem for cash all or any portion of the 2026 Notes, at our option, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide a notice of redemption, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes. The 2026 Notes are convertible at an initial conversion rate of 39.9956 shares of common stock per one thousand dollars principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $25.00 per share of common stock (the “2026 Note Conversion Rate”). The 2026 Note Conversion Rate is subject to customary adjustments for certain events as described in the indenture governing the 2026 Notes. We may settle the conversion option obligation with cash, shares of our common stock, or any combination of cash and shares of our common stock. Holders of the 2026 Notes may convert the 2026 Notes at their option (in whole or in part) on or after June 15, 2026, until the close of business on the second trading day immediately preceding the maturity date of September 15, 2026. In addition, holders of the 2026 Notes may convert the 2026 Notes at their option (in whole or in part) at any time prior to the close of business on the business day immediately preceding June 15, 2026, only under certain circumstances described in our Annual Report for the year ended December 31, 2025.

2028 Convertible Senior Secured Notes

As of March 31, 2026, the outstanding principal was $333.3 million on our 6.75% Convertible Senior Secured Notes due in 2028 (the “2028 Notes”). The 2028 Notes are convertible into cash, shares of common stock, or a combination of cash and shares of common stock at our election at an initial conversion rate of 39.9956 shares of common stock per one thousand dollars principal amount of the 2028 Notes, which is equivalent to an initial conversion price of approximately $25.00 per share.

The 2028 Notes are senior secured obligations, accrue interest at a fixed rate of 6.75%, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2023, and were initially issued at 95% of par value. The 2028 Notes will mature on October 1, 2028, unless earlier repurchased, redeemed or converted. Each note holder has the right to require us to repurchase for cash at 100% of par value, plus accrued and unpaid interest, all of such holder’s notes on each of September 15, 2027, and March 15, 2028; provided, however, that the aggregate principal amount repurchased on each such date by all holders shall not exceed the lesser of (i) $15.0 million and (ii) 5.0% of the aggregate principal amount of the 2028 Notes outstanding on such date.

Prior to the close of business on the business day immediately preceding July 1, 2028, the 2028 Notes will be convertible at the option of the holders only upon the satisfaction of certain conditions and during certain periods. Thereafter, until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2028 Notes will be convertible at the option of the holders at any time regardless of these conditions

2030 Convertible Senior Unsecured Notes

As of March 31, 2026, the outstanding principal was $134.0 million on our 9.00% Convertible Senior Unsecured Notes due in 2030 (the “2030 Notes”). The 2030 Notes are convertible in cash, shares of common stock, or a combination of cash and shares of common stock at our election at an initial conversion rate of 63.6333 shares of common stock per one thousand dollars principal amount of the 2030 Notes, which is equivalent to an initial conversion price of $15.72 per share (the “2030 Note Conversion Rate”). The 2030 Note Conversion Rate is subject to customary adjustments for certain events as described in the indenture governing the 2030 Notes.

Interest on the 2030 Notes is payable semi-annually in arrears on May 15 and November 15 of each year. The 2030 Notes will mature on May 15, 2030, unless earlier repurchased, redeemed, or converted. Holders of the 2030 Notes may convert the 2030 Notes at their option (in whole or in part) on or after February 15, 2030, until the close of business on the second

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trading day immediately preceding the maturity date of May 15, 2030. In addition, holders of the 2030 Notes may convert the 2030 Notes at their option (in whole or in part) at any time prior to the close of business on the business day immediately preceding February 15, 2030, only under certain circumstances described 120% (or $18.85) of the conversion price for at least 20 trading days during the 30 consecutive trading days at the end of the prior calendar quarter;

•during five business days after any five consecutive trading days in which the trading price per one thousand dollars of 2030 Notes was less than 98% of the product of the closing sale price of our common stock and the then current conversion rate;

•upon the occurrence of certain corporate actions;

•upon the occurrence of a fundamental change, a make-whole fundamental change or any share exchange event; or

•prior to the related redemption date if we elect to exercise the company call option.

Upon the occurrence of a make-whole fundamental change or the exercise of our redemption option as described below, we would, under certain circumstances, increase the applicable conversion rate for a holder that elects to convert its 2030 Notes in connection with such make-whole fundamental change or exercise of redemption (not to exceed 101.8132 shares of common stock per one thousand dollars of principal amount of the 2030 Notes). As of March 31, 2026, none of the conditions of the 2030 Notes to early convert were met.

The 2030 Notes are also redeemable at the option of the Company on or after November 20, 2026, if the last reported sale price of Porch’s common stock has been at least 120% (or $18.85) of the conversion price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period.

Interest on Convertible Notes

Interest expense for our convertible senior notes includes both contractual interest expense and amortization of debt issuance costs and discount. The following table details interest expense recognized for our convertible senior notes.


	Three Months Ended March 31,
	2026		2025
Contractual interest expense for 2026 Notes	$	15	$	326
Contractual interest expense for 2028 Notes	5,625		5,625
Contractual interest expense for 2030 Notes	3,015		—
Amortization of debt issuance costs and discount for 2026 Notes	10		235
Amortization of debt issuance costs and discount for 2028 Notes	6,110		5,137
Amortization of debt issuance costs for 2030 Notes	94		—
	$	14,869	$	11,323

The effective interest rates for the 2026 Notes, 2028 Notes, and 2030 Notes are 1.3%, 17.9%, and 9.2%, respectively.

We capitalized interest expense related to our convertible senior notes for internally developed software projects. During the three months ended March 31, 2026, and 2025, we capitalized interest of $0.3 million and $0.1 million, respectively.

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Note 10. Stockholders' Equity

Common Shares Outstanding and Common Stock Equivalents

The following table shows the number of our common shares that could be issued for each component of our capital structure.


		March 31, 2026	December 31, 2025
Outstanding common shares, excluding shares held by the Reciprocal		105,854	105,809
Outstanding common shares held by the Reciprocal		18,312	18,312
Outstanding common shares, total		124,166	124,121

Common shares reserved for future issuance:

Stock options		2,765	2,815
Restricted and performance stock units and awards (Note 11)		12,176	12,469
2020 Equity Plan pool reserved for future issuance (Note 11)		16,183	10,931
Convertible senior unsecured notes, due 2026	(1)	312	312
Convertible senior secured notes, due 2028		13,332	13,332
Convertible senior unsecured notes, due 2030		8,527	8,527
Total shares of common stock outstanding and reserved for future issuance		177,461	172,507

______________________________________

(1)In connection with the September 16, 2021, issuance of the 2026 Notes, we used a portion of the proceeds to pay for the capped call transactions, which are expected to generally reduce the potential dilution to our common stock. The capped call transactions impact the number of shares that may be issued by effectively increasing our conversion price from $25 per share to approximately $37.74, which would result in approximately 0.2 million potentially dilutive shares instead of the shares reported in this table as of March 31, 2026. The capped calls expire on September 15, 2026.

Repurchase of Common Shares

As previously disclosed on February 11, 2026, our Board of Directors authorized us to repurchase shares of our common stock in 2026, up to an aggregate amount not to exceed $2.5 million. This is the maximum annual amount permitted under the 2028 Notes indenture.

During the three months ended March 31, 2026, we exhausted the amount authorized by our Board of Directors. We repurchased and retired 0.3 million common shares with a total cost of $2.5 million (including commissions). The cost paid in excess of the par value is included in accumulated deficit in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2026.

Note 11. Stock-Based Compensation

Under our 2020 Stock Incentive Plan, employees, directors and consultants are eligible for grants of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance restricted stock units (“PRSUs”), and other stock awards, collectively referred to as “Equity Awards.” All Equity Awards granted during the three months ended March 31, 2026, were to employees and directors.

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The following table summarizes the classification of stock-based compensation expense in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	42	$	34
Selling and marketing	$	380	$	303
Product and technology	758		692
General and administrative	6,103		3,881
Total stock-based compensation expense	$	7,283	$	4,910

The following table summarizes Equity Award activity for the three months ended March 31, 2026.


	Number of Options	Number of Restricted Stock Units	Number of Performance Restricted Stock Units
Balances as of December 31, 2025	2,815	5,661	6,808
Granted	—	95	—
Vested	—	(329)	—
Exercised	(49)	—	—
Forfeited, canceled or expired	(1)	(59)	—
Balances as of March 31, 2026	2,765	5,368	6,808

The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2026, was $8.24.

The PRSUs granted in 2023 vested on April 7, 2026. The award was subject to three distinct performance goals of share price, revenue, and Adjusted EBITDA. The total number of shares that are expected to be issued upon settlement of these awards during the second quarter of 2026 is 5.5 million. We have adopted the sell-to-cover method (shares sold will be sold by the Company at its election, and without any discretion by the participant) as the sole means for plan participants to satisfy tax withholding obligations upon the vesting and settlement of awards.

Note 12. Reinsurance for the Reciprocal

2026 Program

As of April 1, 2026, coverage for excess-of-loss catastrophe reinsurance from a panel of third-party reinsurers started at $35.0 million for per occurrence for all perils, up to a loss of $365.0 million. We also purchased reinstatement premium protection for the first three layers of our third-party placed excess-of-loss program. In addition, our captive reinsurance entity provides reinsurance support to improve capital efficiency for the Reciprocal. Our captive reinsurer provides reinsurance coverage for risks with low earnings volatility.

2025 Program

As of April 1, 2025, coverage for excess-of-loss catastrophe reinsurance started at $25.0 million per occurrence up to a loss of $410.0 million. Additionally, the third party quota share reinsurance contracts started at 7.5% of property and casualty losses, which includes catastrophe events, bringing the effective retention for the Reciprocal from $25.0 million per occurrence to $23.1 million per occurrence. We also placed reinstatement premium protection to cover any reinstatement premiums due on the second through fourth layers.

Additionally, our captive reinsurance entity provided reinsurance support to improve capital efficiency for the Reciprocal. Our captive reinsurer only provided reinsurance coverage for risks with low earnings volatility, such as non-catastrophic weather quota share. This contract was approved for an initial period of 10 years but can be cancelled by Porch or the Reciprocal each year.

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Reinsurance Impact

The effects of reinsurance on premiums written by the Reciprocal and earned for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
	2026				2025
	Written		Earned		Written		Earned
Direct premiums	$	93,554	$	97,652	$	75,496	$	102,380
Ceded premiums	(20,548)		(20,826)		(31,641)		(39,066)
Net premiums	$	73,006	$	76,826	$	43,855	$	63,314

The effects of reinsurance on incurred losses and loss adjustment expense (“LAE”) for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
	2026		2025
Direct losses and LAE	$	22,768	$	44,692
Ceded losses and LAE	(1,584)		(15,557)
Net losses and LAE	$	21,184	$	29,135

The detail of reinsurance balances due is as follows:


	March 31, 2026		December 31, 2025
Ceded unearned premium	$	28,353	$	24,654
Losses and LAE reserve	7,389		9,509
Reinsurance recoverable	3,380		3,411
Other	(713)		79
Reinsurance balance due	$	38,409	$	37,653

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Note 13. Unpaid Losses and Loss Adjustment Reserve

The following table summarizes the changes in the reserve balances for unpaid losses and LAE, gross of reinsurance, for the three months ended March 31, 2026:


Reserve for unpaid losses and LAE at December 31, 2025	$	49,159
Plus: Reinsurance recoverables on losses and LAE at December 31, 2025	(8,424)
Reserve for unpaid losses and LAE reserve, net of reinsurance recoverables at December 31, 2025	40,735
Add provisions (reductions) for losses and LAE occurring in:
Current year	22,595
Prior years	(1,409)
Net incurred losses and LAE during the current year	21,186
Deduct payments for losses and LAE occurring in:
Current year	(8,012)
Prior years	(13,850)
Net claim and LAE payments during the current year	(21,862)

Reserve for losses and LAE, net of reinsurance recoverables at March 31, 2026	40,059
Less: Reinsurance recoverables on losses and LAE at March 31, 2026	(7,389)
Reserve for unpaid losses and LAE at March 31, 2026	$	47,448

As a result of additional information on claims occurring in prior years becoming available to management, changes in estimates of provisions of losses and loss adjustment expenses were made resulting in a decrease of $1.4 million for the three months ended March 31, 2026.

Note 14. Other Income (Expense), Net

The following table details the components of other income, net, on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


	Three Months Ended March 31,
	2026		2025
Interest income	$	318	$	418


Recoveries of losses on reinsurance contracts	924		8,024
Other, net	125		(42)
Other income, net	$	1,367	$	8,400

Note 15. Income Taxes

Benefit or provision for income taxes for the three months ended March 31, 2026, and 2025, was a provision of $1.8 million and $0.9 million, respectively, and the effective tax rates for these periods were 48.2% and 19.5%, respectively. The difference between our effective tax rates for the three months ended March 31, 2026 and 2025, and the U.S. statutory rate of 21% was primarily attributable to the impact of a full valuation allowance on our net deferred tax assets. Our consolidated effective tax rate increased for the three months ended March 31, 2026, compared to the same period in the prior year primarily due to a change in the mix of income between the Reciprocal and Porch, which are treated as separate reporting entities for income tax accounting purposes.

Our income tax provision for the three months ended March 31, 2025, includes deferred federal income tax expense of $0.9 million, which was recognized in conjunction with the formation of the Reciprocal and subsequent sale of HOA to the Reciprocal. The deferred tax expense associated with this event is driven by changes to our scheduled reversal of deferred

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tax liabilities and assets, which is a function of the underlying impact the event has on our Federal consolidated income tax filing group.

Note 16. Commitments and Contingencies

From time to time we are or may become subject to various legal proceedings arising in the ordinary course of business, including proceedings initiated by users, other entities, or regulatory bodies. Estimated liabilities are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from a matter may differ from the amount of estimated liabilities we have recorded in the financial statements covering these matters. We review our estimates periodically and make adjustments to reflect negotiations, estimated settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter

Cases under Telephone Consumer Protection Act

Porch and/or an acquired entity, GoSmith.com, are party to a legal proceeding alleging violations of the automated calling and/or internal and National Do Not Call restrictions of the Telephone Consumer Protection Act of 1991 and a related Washington state law claim. The proceedings were commenced as thirteen separate mass tort actions brought by a single plaintiffs’ law firm in December 2019 and April/May 2020 in federal district courts throughout the United States. After an initial round of discovery, in November 2025 the United States District Court for the Western District of Washington granted the parties’ motion to dismiss 589 of the original plaintiffs, leaving approximately 350 plaintiffs remaining. This is the only remaining case, and it is subject to ongoing procedural matters. Plaintiffs seek actual, statutory, and/or treble damages, and reasonable attorneys’ fees and costs from the respective Defendants.

Other

In addition, in the ordinary course of business, we and our subsidiaries are (or may become) parties to litigation involving property, personal injury, contract, intellectual property and other claims, stockholder derivative actions, class action lawsuits and other matters. The amounts that may be recovered in such matters may be subject to insurance coverage. Although the results of legal proceedings and claims cannot be predicted with certainty, neither we nor any of our subsidiaries are currently a party to any legal proceedings the outcome of which, we believe, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business, financial condition or results of operations.

Note 17. Net Income (Loss) Attributable To Porch Per Share

Earnings per share (“EPS”) is calculated using the two-class method unless the treasury stock method results in lower EPS. Basic EPS is calculated by dividing net income or loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, RSUs, PRSUs, convertible notes, and warrants using the more dilutive result of the treasury stock method or the if-converted method. All potentially dilutive securities are antidilutive to periods with net losses, and basic EPS equals diluted EPS in those periods.

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The following table summarizes the computation of basic and diluted net income (loss) attributable to Porch per share for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income (loss) attributable to Porch used to compute net income (loss) attributable to Porch per share - basic	$	(4,713)	$	8,395



Net income (loss) attributable to Porch used to compute net income (loss) attributable to Porch per share - diluted	$	(4,713)	$	8,395
Denominator:
Weighted average shares outstanding used to compute net income (loss) attributable to Porch per share - basic	106,073		101,703
Effect of dilutive securities:
Stock Options	—		1,516
RSUs	—		4,202
PRSUs	—		5,883



Weighted average shares outstanding used to compute net income (loss) attributable to Porch per share - diluted	106,073		113,304

Net income (loss) attributable to Porch per share - basic	$	(0.04)	$	0.08
Net income (loss) attributable to Porch per share - diluted	$	(0.04)	$	0.07

The following table discloses securities that were not included in the computation of diluted net loss per share


		Three Months Ended March 31,
		2026	2025
Stock options		2,765	305
Restricted stock units and awards		5,368	—
Performance restricted stock units	(1)	6,808	1,561
Private warrants		—	1,796
Convertible debt - 2026 Notes	(2)	312	6,950
Convertible debt - 2028 Notes		13,332	13,332
Convertible debt - 2030 Notes		8,527	—

______________________________________.

(1)For the three months ending March 31, 2026 and March 31, 2025, this represents the number of performance restricted stock units at the end of the period that were excluded from the computation of diluted earnings per share because the performance conditions associated with these awards were not met assuming the end of the reporting period was the end of the performance period.

(2)In connection with the September 16, 2021, issuance of the 2026 Notes, we used a portion of the proceeds to pay for the capped call transactions, which are expected to generally reduce the potential dilution to our common stock. The capped call transactions impact the number of shares that may be issued by effectively increasing our conversion price from $25 per share to approximately $37.74, which would result in approximately 0.2 million potentially dilutive shares instead of the shares reported in this table as of March 31, 2026. The capped calls expire on September 15, 2026.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report on Form 10-Q (this “Quarterly Report”) and the documents incorporated herein by reference contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management. Although we believe that our plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believe,” “estimate,” “expect,” “project,” “forecast,” “may,” “will,” “should,” “seek,” “plan,” “scheduled,” “anticipate,” “intend,” or similar expressions.

Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors, among others, could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our forward-looking statements:

•expansion plans and opportunities, and managing growth, to build a consumer brand;

•the incidence, frequency, and severity of weather events, extensive wildfires, and other catastrophes;

•economic conditions, especially those affecting the housing, insurance, and financial markets;

•expectations regarding revenue, cost of revenue, operating expenses, and the ability to achieve and maintain future profitability;

•existing and developing federal and state laws and regulations, including with respect to insurance, warranty, privacy, information security, data protection, and taxation, and management’s interpretation of and compliance with such laws and regulations;

•the structure, availability, and performance of Porch Reciprocal Exchange (the “Reciprocal”)’s and Homeowners of America (“HOA”)’s reinsurance programs to protect against loss and maintain their financial stability ratings and a healthy surplus, the success of which are dependent on a number of factors outside management’s control;

•the possibility that a decline in our share price would result in a negative impact to the Reciprocal’s surplus position and may require further financial support to enable the Reciprocal to meet applicable regulatory requirements and maintain financial stability rating;

•uncertainties related to regulatory approval of insurance rates, policy forms, insurance products, license applications, acquisitions of businesses, or strategic initiative, and other matters within the purview of insurance regulators (including the discount associated with the shares contributed to HOA that were subsequently transferred to the Reciprocal in connection with the closing of the sale of HOA to the Reciprocal);

•the ability of the Company and its affiliates to successfully operate and manage the Reciprocal and our ability to successfully operate our businesses alongside a reciprocal exchange;

•our ability to implement our plans, forecasts and other expectations with respect to the Reciprocal and to realize expected synergies and/or convert policyholders from our existing insurance carrier business into policyholders of the Reciprocal;

•reliance on strategic, proprietary relationships to provide us with access to personal data and product information, and the ability to use such data and information to increase transaction volume and attract and retain customers;

•the ability to develop new, or enhance existing, products, services, and features and bring them to market in a timely manner;

•changes in capital requirements, and the ability to access capital when needed to provide statutory surplus;

•our ability to timely repay our outstanding indebtedness;

•the increased costs and initiatives required to address new legal and regulatory requirements arising from developments related to cybersecurity, privacy, and data governance and the increased costs and initiatives to protect against data breaches, cyber-attacks, virus or malware attacks, or other infiltrations or incidents affecting system integrity, availability, and performance;

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•retaining and attracting skilled and experienced employees;

•costs related to being a public company; and

•other risks and uncertainties discussed in Part II, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports filed with the Securities and Exchange Commission (“SEC”), all of which are available on the SEC’s website at www.sec.gov.

We caution you that the foregoing list may not contain all the risks to forward-looking statements made in this Quarterly Report on Form 10-Q.

You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends we believe may affect our business, financial condition, results of operations and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described above and elsewhere in this Quarterly Report on Form 10-Q. We disclaim any obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise, except as required by applicable law.

Business Overview

1.Advantaged Underwriting Through Proprietary Data

2.Best Services for Homebuyers

We are committed to being the go-to partner during one of life’s most significant transitions—buying a home—by offering services that simplify moving and home setup.

3.More Protection

We combine homeowners insurance with home warranty, filling coverage gaps and reducing unexpected costs for consumers.

We utilize artificial intelligence (“AI”) and machine learning tools to support and enhance certain operational activities and platform workflows across our businesses, with an emphasis on improving productivity and reducing errors while maintaining appropriate governance and regulatory compliance. For purposes of this document, AI refers to a category of technologies that enable systems to learn from data, identify patterns, automate processes, or augment human decision-making. AI may improve efficiency and accuracy in certain workflows across our software suite and insurance operations (for example, assisting with inspection report quality and speed in our home inspection business; supporting reconciliation, verification, and fraud monitoring in our real estate title and settlement software business; and enhancing insurance pricing, underwriting, claims handling, and customer service workflows). The use of these tools is subject to internal policies designed to address data security, confidentiality, and appropriate use, and outputs are reviewed by employees and are not relied upon as the sole basis for decisions where human judgment is required. Management oversees the evaluation and use of AI tools as part of our broader risk management and information security processes. We continue to evaluate the

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appropriate scope of our AI use and related governance as these technologies and applicable regulations evolve. While we believe responsible use of AI may create opportunities for improved efficiency and scalability over time, the development and implementation of these technologies involve risks and uncertainties, including data privacy, cybersecurity, regulatory compliance, model accuracy, and reliance on third‑party systems. See risks and uncertainties discussed in Part II, Item 1A, “Risk Factors,” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Segments

We operate under four reportable segments that are also our operating segments. Three of these segments are owned by Porch — Insurance Services, Software & Data, and Consumer Services. We collectively call these three segments, along with corporate functions, the “Porch Shareholder Interest.” The fourth segment, the Reciprocal Segment, is managed, but not owned, by Porch and, at this time, is consolidated for reporting purposes as described in the basis of presentation section in Note 1 of the unaudited Notes to Condensed Consolidated Financial Statements.

Insurance Services — Our Insurance Services segment manages and operates the Reciprocal, providing services related, but not limited, to underwriting, policy renewal, risk management, insurance portfolio management, financial management, and setting investment guidelines in exchange for commissions and fees. The Insurance Services segment also holds the surplus notes issued by the Reciprocal and includes our captive reinsurer which provides reinsurance support to improve capital efficiency for the Reciprocal. Our captive reinsurer only provides reinsurance coverage for risks with low earnings volatility, such as non-catastrophic weather quota share.

Software & Data — Our Software & Data segment provides, on a subscription and predominantly transactional basis, software to inspection, mortgage, title, and roofing companies and data products to insurance and other types of companies. This segment includes several strategically important businesses, including home inspection software, title and mortgage software, Home Factors (our unique property insights product), and mover marketing products.

Consumer Services — Our Consumer Services segment provides warranty products through Porch Warranty and other warranty brands to protect the whole home. Our Consumer Services segment also provides moving-related services such as movers, TV/Internet, and security.

Reciprocal Segment — The Reciprocal Segment includes HOA and its parent, Porch Reciprocal Exchange, which is a member-owned reciprocal exchange, owned by policyholder members rather than Porch. The Reciprocal Segment provides consumers with insurance to protect their homes, earning revenue primarily through premiums collected on policies.

Relationship with Reciprocal

Porch manages and operates the Reciprocal for its subscribers, providing services related, but not limited, to underwriting, policy renewal, risk management, insurance portfolio management, financial management, and setting investment guidelines. The Reciprocal is a subscriber-owned reciprocal insurance exchange organized under the Texas Insurance Code under which individuals, partnerships, and corporations are authorized to exchange reciprocal or inter-insurance contracts with each other, or with individuals, partnerships, and corporations of other states and countries, providing indemnity among themselves from any loss which may be insured against under any provision of the insurance laws. In exchange for these services, Porch receives policy fees from policyholders and ongoing commissions from the Reciprocal.

Porch Shareholder Interest is, in large part, tied to the growth and financial condition of the Reciprocal. If any events occurred that impaired the Reciprocal's ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Reciprocal could find it more difficult to retain its existing business and attract new business. A decline in the business of the Reciprocal almost certainly could have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees received by our Insurance Services segment.

Basis of Presentation

The financial information herein should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025, contained in our Annual Report on Form 10-K for the year ended December 31, 2025, and the unaudited Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report. Unless otherwise noted herein, all numbers are in thousands, except per share amounts.

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Recent Developments

Porch Insurance

In January 2026, the Reciprocal launched Porch Insurance, a new homeowners insurance offering that expands upon the historical HOA insurance product. While the HOA product is primarily designed to provide standard coverage, Porch Insurance is structured as a more comprehensive home protection solution that combines expanded insurance coverage with a membership‑based model. The new Porch Insurance product includes broader protections intended to address common household incidents that can result in unexpected out‑of‑pocket expenses and is designed to support faster recovery from everyday losses.

In addition to enhanced coverage, Porch Insurance includes membership benefits that extend value beyond traditional insurance by providing ongoing support related to homeownership, including maintenance, repairs, and life events such as product recalls and moving. These benefits are designed to complement the insurance coverage and are fulfilled through other Porch service offerings. Together, the combination of expanded coverage and service‑based benefits differentiates Porch Insurance from the legacy HOA product and aligns with our strategy to deliver a more integrated home services experience.

As Porch Insurance grows, this new product may provide opportunities to grow Reciprocal Written Premium (“RWP”, see Key Performance Measures and Operating Metrics section for definition), which indirectly affects the Insurance Services segment’s results through commissions and fees earned by Porch. Porch Insurance is designed to support faster premium growth by improving conversion through a differentiated product offering and pricing for good risks, alongside continued expansion in agencies and quote volume that drives the top of the funnel.

Results of Operations

Key Factors Affecting Operating Results

The following key factors affected our operating results in the three months ended March 31, 2026:

•Top-of-funnel momentum continued in our insurance business with the number of producing third-party agency branch locations increasing by 181% and quote volumes rising by 69% from the same quarter last year. Activation translated into outcomes as the higher quote volume and stronger conversion drove 196% year-over-year growth in RWP from new customers.

•Reciprocal Policies Written grew 33% year-over-year.

•In Software and Data, we implemented a price increase in our title insurance software.

•In Consumer Services, our warranty business experienced lower claims expense compared to the same period last year.

•Statutory surplus at the Reciprocal rose to $164.6 million as of March 31, 2026, an increase of $9.5 million from December 31, 2025. Capacity continues to build, supporting our ability to scale premiums while maintaining a healthy Reciprocal with $268.8 million of surplus combined with non-admitted assets as of March 31, 2026.

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Three Months Ended March 31, 2026, compared to the Three Months Ended March 31, 2025

Consolidated Quarter-to-Date Results


		Three Months Ended March 31,
		2026			2025			$ Change		% Change

		(dollar amounts in thousands)
Revenue		$	121,123		$	104,745		$	16,378	16	%
Cost of revenue		30,275			39,297			(9,022)		(23)	%
Gross Profit		90,848			65,448			25,400		39	%

Operating expenses:
Selling and marketing		40,064			29,516			10,548		36	%
Product and technology		13,031			13,201			(170)		(1)	%
General and administrative		25,938			23,997			1,941		8	%


Total operating expenses		79,033			66,714			12,319		18	%
Operating income (loss)		11,815			(1,266)			13,081		(1,033)	%
Other income (expense):
Interest expense		(14,606)			(11,246)			(3,360)		30	%

Change in fair value of private warrant liability		—			(732)			732		(100)	%
Change in fair value of derivatives		1,767			6,673			(4,906)		(74)	%

Investment income and realized gains and losses, net of investment expenses		3,398			2,810			588		21	%
Other income, net		1,367			8,400			(7,033)		(84)	%
Total other income (expense)		(8,074)			5,905			(13,979)		(237)	%
Income before income taxes		3,741			4,639			(898)		(19)	%
Income tax expense		(1,805)			(903)			(902)		100	%
Net income		1,936			3,736			(1,800)		(48)	%
Less: Net income (loss) attributable to the Reciprocal		6,649			(4,659)			11,308		(243)	%
Net income (loss) attributable to Porch		$	(4,713)		$	8,395		$	(13,108)	(156)	%

Net income		$	1,936		$	3,736		$	(1,800)	(48)	%
Net loss (income) attributable to the Reciprocal		(6,652)			4,659			(11,311)		(243)	%
Interest expense		14,602			11,195			3,407		30	%
Income tax expense		37			14			23		164	%
Depreciation and amortization		4,115			5,024			(909)		(18)	%

Other income, net		(17)			(7,162)			7,145		(100)	%



Stock-based compensation expense		7,283			4,910			2,373		48	%
Mark-to-market gains		(1,780)			(5,969)			4,189		(70)	%

Other		178			454			(276)		(61)	%

Adjusted EBITDA	(1)	$	19,702		$	16,861		$	2,841	17	%
Adjusted EBITDA Margin	(1)	18		%	20		%

______________________________________

(1)Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Porch Shareholder Interest Revenue. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. See Non-GAAP Financial Measures section for definitions.

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Revenue. Total consolidated revenue including the Reciprocal increased by $16.4 million, or 16%, from $104.7 million in the three months ended March 31, 2025, to $121.1 million in the three months ended March 31, 2026. The increase in revenue resulted from more Reciprocal Policies Written, partially offset by a slight reduction in RWP per Policy Written. See Key Performance Measures and Operating Metrics for definition of Reciprocal Policies Written and RWP per Policy Written metrics. Revenue related to the Porch Shareholder Interest was $109.4 million in the three months ended March 31, 2026, as detailed in the following table.

Cost of revenue. Total consolidated cost of revenue including the Reciprocal decreased by $9.0 million, or 23%, from $39.3 million in the three months ended March 31, 2025, to $30.3 million in the three months ended March 31, 2026. The decrease was primarily the result of lower direct losses in the Reciprocal Segment. As a percentage of revenue, cost of revenue represented 25% of revenue in the three months ended March 31, 2026, compared with 38% in the three months ended March 31, 2025. Cost of revenue related to Porch Shareholder Interest was $18.3 million in the three months ended March 31, 2026, as detailed in the table below. Porch Shareholder Interest Cost of Revenue is a non-GAAP measure. See Non-GAAP Financial Measures section for definition.

Selling and marketing. Total consolidated selling and marketing expenses including the Reciprocal increased by $10.5 million, or 36%, from $29.5 million in the three months ended March 31, 2025, to $40.1 million in the three months ended March 31, 2026. The increase is primarily driven by higher commission rates to third-party insurance agencies. As a percentage of revenue, selling and marketing expenses represented 33% of revenue in the three months ended March 31, 2026, compared with 28% in the three months ended March 31, 2025. Selling and marketing expense related to Porch Shareholder Interest was $52.5 million in the three months ended March 31, 2026, as detailed in the table below. Porch Shareholder Interest selling and marketing expense is greater than the consolidated amount because it includes fees and expenses related to reinsurance contracts with the Reciprocal, which are eliminated during the consolidation process. Porch Shareholder Interest Selling and Marketing is a non-GAAP measure. See Non-GAAP Financial Measures section for definition.

Interest expense. Interest expense increased by $3.4 million, or 30%, from $11.2 million in the three months ended March 31, 2025, to $14.6 million in the three months ended March 31, 2026. The increase was primarily driven by the May 2025 exchange of our 0.75% 2026 Notes for newly issued 9.00% 2030 Notes. The higher coupon rate associated with the 2030 Notes contributed to the overall increase in interest expense during the period. The following table details the components of interest expense on the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss):


	Three Months Ended March 31,
	2026		2025		$ Change
Contractual interest expense	$	8,655	$	5,951	$	2,704
Amortization of debt issuance costs and discount	6,214		5,372		842
Capitalized interest and other	(263)		(77)		(186)
Total interest expense	$	14,606	$	11,246	$	3,360

Change in fair value of derivatives. The gain recognized for the change in fair value of derivatives decreased in the three months ended March 31, 2026, compared to the three months ended March 31, 2025. The fair value of derivatives is driven by various factors, including the fair value of the underlying debt, stock price, and assumptions regarding timing of possible repurchase events. See Note 6 in the unaudited Notes to Condensed Consolidated Financial Statements. The change in fair value of derivatives relates entirely to Porch Shareholder Interest.

Other income, net. Total consolidated other income, net, including the Reciprocal, decreased by $7.0 million from $8.4 million in the three months ended March 31, 2025, to $1.4 million in the three months ended March 31, 2026. The decrease is primarily due to non-recurring recovery on reinsurance contracts that occurred in the three months ended March 31, 2025. Other income, net, related to Porch Shareholder Interest was $4.9 million in the three months ended March 31, 2026. Porch Shareholder Interest other income, net, is greater than the consolidated amount because it includes interest income on surplus notes with the Reciprocal, which is eliminated during the consolidation process. Porch Shareholder Interest Other Income is a non-GAAP measure. See Non-GAAP Financial Measures section for definition.

Income tax expense. Income tax provision of $1.8 million and income tax provision of $0.9 million were recognized for the three months ended March 31, 2026 and 2025, respectively, and the effective tax rates for these periods were 48.2% and 19.5%, respectively. The difference between our effective tax rates for the three months ended March 31, 2026 and 2025, and the U.S. statutory rate of 21% was primarily attributable to the impact of a full valuation allowance on our net deferred tax assets. Our consolidated effective tax rate increased for the three months ended March 31, 2026, compared to the same

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period in the prior year primarily due to a change in the mix of income between the Reciprocal and Porch, which are treated as separate reporting entities for income tax accounting purposes.

Adjusted EBITDA. Adjusted EBITDA (Loss) for the three months ended March 31, 2026, was $19.7 million, a $2.8 million improvement from Adjusted EBITDA (Loss) of $16.9 million for the same period in 2025. The year-over year improvement in Adjusted EBITDA (Loss) was primarily due to an increase in fee revenue associated with increases in RWP and Reciprocal Policies Written, increased reinsurance premiums from increased ceding from the Reciprocal Segment with the new reinsurance programs beginning on April 1, 2025, and strong cost control across the business including lower legal and accounting professional fees. These increases were offset by a increase in selling and marketing expense resulting from higher commission rates and increased ceding from the Reciprocal Segment following updates to its reinsurance program on April 1, 2025. Adjusted EBITDA (Loss) is a non-GAAP measure. See Non-GAAP Financial Measures section for definition.

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The following tables summarize operating results of the four segments as well as corporate expenses and eliminations.


	Three Months Ended March 31, 2026
	Insurance Services			Software & Data			Consumer Services			Corporate			Eliminations (1)			Porch Shareholder Interest Subtotal (2)			Reciprocal Segment			Eliminations Related to Reciprocal Segment (3)			Consolidated
Revenue	$	74,671		$	21,932		$	15,141		$	—		$	(2,306)		$	109,438		$	51,283		$	(39,598)		$	121,123
Cost of revenue	10,887			5,404			1,972			—			—			18,263			14,985			(2,973)			30,275
Gross Profit	63,784			16,528			13,169			—			(2,306)			91,175			36,298			(36,625)			90,848
Gross Margin	85		%	75		%	87		%	—		%	100		%	83		%	71		%	92		%	75		%

Less: Operating expenses:
Selling and marketing	35,664			8,565			10,252			370			(2,306)			52,545			7,069			(19,550)			40,064
Product and technology	2,754			4,747			626			4,139			—			12,266			765			—			13,031
General and administrative	4,425			1,837			3,620			14,040			—			23,922			19,088			(17,072)			25,938


Operating income (loss)										(18,549)			—			2,442			9,376			(3)			11,815








Other expense (income)	(5,468)			(3)			(86)			12,675			—			7,118			956			—			8,074
Income (loss) before income taxes										(31,224)			—			(4,676)			8,420			(3)			3,741
Income tax expense										(37)			—			(37)			(1,768)			—			(1,805)
Net income (loss)										$	(31,261)		$	—		$	(4,713)		$	6,652		$	(3)		1,936
Less: Net income attributable to the Reciprocal																									6,649
Net loss attributable to Porch																									$	(4,713)

Adjusted EBITDA (Loss) Reconciliation:
Net income (loss)										$	(31,261)					$	(4,713)								$	1,936
Less Reconciling items:
Net income attributable to the Reciprocal																—									6,649
Depreciation and amortization	(109)			(2,529)			(851)			(626)			—			(4,115)									(4,115)
Stock-based compensation expense	(977)			(541)			(408)			(5,357)			—			(7,283)									(7,283)

Interest expense	—			—			—			(14,602)			—

Porch Group, Inc. 10-Q