$PRCH reported third-quarter consolidated revenue of $143.9 million, up 13% year over year. Breaking it down, excluding Reciprocal, its core-business revenue was $140.8 million, up 22%, including $102.8 million in insurance services revenue, up 39%; adjusted EBITDA (excluding Reciprocal) was $44.5 million, up 116%; and net income was $12.2 million. The company raised its full-year guidance for the third consecutive quarter (with midpoint EBITDA on this basis of $138 million, up 79% year over year). This is a “Rule of 80” profit engine: fixed costs are spread across more business, and the underwriting loss ratio is just 24%. The other set of books is Reciprocal: policy count rose 42% year over year, but average premium per policy fell 2%. Porch collects only management fees, with much of the value reflected in non-admitted assets. Add the planned acquisition of Allied Trust, expected to close in Q1 2027 (at less than 4x EBITDA, but bringing integration and regulatory uncertainties). Shares rose about 21% after hours, and short sellers would need more than 18 trading days to cover. This looks more like a short squeeze triggered by an earnings inflection point than a repricing of the business model.