Hagerty Posts Wider Adj. Loss In Q4, Total Revenue Up 28%; Targes FY23 Revenue Growth Of 22-26%

(RTTNews) - Hagerty, Inc. (HGTY) posted a fourth quarter net loss of $32.2 million compared to a loss of $66.5 million, last year. Loss per share narrowed to $0.06 from a loss of $0.56. Adjusted consolidated net loss was $36.26 million compared to a loss of $23.92 million, prior year. Adjusted loss per share was $0.10 compared to a loss of $0.07. Fourth quarter adjusted EBITDA was negative at $2.0 million compared to a negative adjusted EITDA of $2.6 million in the prior year period.

Total revenue was $197.00 million, up 27.6% from prior year. Written premium increased 15% to $162.0 million.

For fiscal 2023, the company projects total revenue growth of 22-26% powered by written premium growth of 11-13%. The company also targets $40 million to $60 million in adjusted EBITDA for fiscal year through cost containment measures and operational efficiencies.

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