Root Inc ( ROOT ) shares are rising in Tuesday’s after-hours session after the company reported better-than-expected financial results for the first quarter.

Q1 Revenue: $254.9 million versus estimates of $204.28 million

Q1 EPS: Loss of 42 cents versus estimates for loss of $2.48

Root said it “nearly quadrupled” total new writings and grew policies-in-force 101% on a year-over-year basis. The company generated positive operating income of $5 million, positive EBITDA of $15 million and delivered its third consecutive quarter of positive operating cash flow.

“The focus and dedication we invested into our strategy throughout 2023 led to continued year-over-year growth in the first quarter of 2024. Much of this growth was driven by our Direct channel, where we focus on delivering target returns for each policy while creating a delightful experience for our customers,” the company said in a letter to shareholders.

“By investing in our differentiated technology across our three strategic pillars — pricing and automation, differentiated distribution, and building a product customers know and love —we are confident in our ability to realize profitability with existing capital and build meaningful market share long term.”

Root aims to revolutionize insurance through data science and technology to provide consumers with a personalized, easy and fair experience.

ROOT Price Action: Root shares were up 26.05% after hours at $87.10 at the time of publication Tuesday, according to Benzinga Pro.

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