Hagerty Inc Class A ( (HGTY) ) has released its Q1 earnings. Here is a breakdown of the information Hagerty Inc Class A presented to its investors.
Hagerty, Inc. is a leading automotive enthusiast brand and specialty vehicle insurance provider, known for its commitment to preserving car culture and offering a range of services including insurance, car valuation, and auction services. In its first quarter of 2025, Hagerty reported a significant increase in financial performance, with total revenue rising by 18% year-over-year to $319.6 million, and net income surging by 233% to $27.3 million. The company also saw a remarkable 176% increase in marketplace revenue, driven by higher inventory sales, including notable sales from the Academy of Art University Collection. Operating income grew by 110%, reflecting improved efficiency and strategic investments in technology. Hagerty’s strong performance in the first quarter positions it well to meet its 2025 outlook, which anticipates continued growth in revenue, net income, and adjusted EBITDA. The company remains focused on expanding its insurance, membership, and marketplace businesses, aiming for sustained profitability and growth in the coming years.