Lemonade Inc ( LMND ) shares are soaring Wednesday after the company reported third-quarter financial results and raised its full-year guidance.

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What Happened: Lemonade reported revenue of $194.5 million for the third quarter, beating analyst estimates of $184.5 million, according to Benzinga Pro. The company reported a third-quarter loss of 51 cents per share, beating estimates for a loss of 73 cents per share.

Total revenue was up 42% on a year-over-year basis. Lemonade’s customer count grew 24% year-over-year to approximately 2.87 million. The aggregate annualized premium for customers increased by 30% to $1.16 billion, and premium per customer was $403 at the end of the quarter.

Lemonade ended the period with $1.06 billion in cash, cash equivalents and investments.

“More than half of new Car sales in the quarter came from existing Lemonade customers. This reinforces one of our core strategic advantages: the ability to drive CAC-free sales to our growing base of happy customers, improving unit economics and expanding wallet share,” the company said in a letter to shareholders.

“Looking ahead, we expect Car growth to continue to accelerate, fueled in part by TAM expansion from new state launches and increased brand / growth investment.”

What’s Next: Lemonade expects fourth-quarter revenue of $217 million to $222 million versus estimates of $213.82 million.

The company also raised its full-year revenue guidance. Lemonade now expects full-year revenue of $727 million to $732 million, up from a prior range of $710 million to $715 million. Analysts are looking for full-year revenue of $713.72 million, according to Benzinga Pro.

LMND Price Action: Lemonade shares were up 24.77% at $73.31 at the time of publication on Wednesday, according to Benzinga Pro.

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