Shares of Hagerty (NYSE: HGTY), the automotive enthusiast brand and specialty vehicle insurance provider, soared 5.97% in pre-market trading on Wednesday following the release of its impressive first-quarter 2025 financial results and reaffirmed full-year outlook.

The company reported a significant increase in key financial metrics for Q1 2025: - Total Revenue grew 18% year-over-year to $319.6 million - Net Income surged 233% to $27.3 million - Adjusted EBITDA increased 45% to $39.6 million - Adjusted EPS doubled to $0.08, beating analyst estimates of $0.02

Hagerty's CEO, McKeel Hagerty, expressed confidence in the company's performance, stating, "We are off to a solid start to 2025, with first quarter revenue growth of 18%, net income growth of 233%, and Adjusted EBITDA growth of 45%. We expanded our margins and are making substantial technology investments to become even more efficient in how we deliver on our brand promise to members over the coming years."

The company also reaffirmed its 2025 outlook, projecting 12-13% total revenue growth and 30-40% net income growth for the full year. This positive outlook, combined with the strong Q1 results, has likely fueled investor enthusiasm, leading to the pre-market stock price surge.