Clearwater Analytics Holdings, Inc. (CWAN) stock soared 5.14% in the pre-market on Friday, following the company's impressive financial results for the fiscal year 2024.

CWAN reported a remarkable turnaround in profitability, with a net income of $424.4 million for the full year, compared to a net loss of $21.6 million in 2023. The company's revenue grew 23% year-over-year to $451.8 million, driven by strong demand for its software solutions.

The stellar performance was further highlighted by CWAN's Q4 2024 results, where the company reported a 27% increase in revenue to $126 million and swung to a net income of $419 million, reversing a net loss of $4.19 million in the same period last year. The company also benefited from a one-time income tax benefit of $472 million in the fourth quarter.