Thryv’s SaaS Revenue Tops $116.7M, Net Income Swings to $4.5M
THRY•Thryv’s Q1 SaaS revenue grew 5.0% to $116.7 million while total revenue fell 7.5% to $167.7 million as Marketing Services declined 27.5% to $50.9 million. The company swung to $4.5 million net income from a $9.6 million loss and delivered $24.1 million in Adjusted EBITDA at a 14.4% margin.
1. First Quarter 2026 Financial Results
Thryv reported $167.7 million in consolidated revenue for Q1, down 7.5% year-over-year, driven by a 27.5% drop in Marketing Services revenue to $50.9 million. The company swung to net income of $4.5 million from a $9.6 million loss last year and generated $24.1 million in Adjusted EBITDA, representing a 14.4% margin.
2. SaaS Segment Performance and Metrics
SaaS revenue climbed 5.0% year-over-year to $116.7 million, with quality customers (over $400 in monthly recurring revenue) accounting for 70% of SaaS revenue. The segment achieved a 64.8% gross margin, 9.3% Adjusted EBITDA margin of $10.8 million, and saw ARPU rise 12.8% to $378 alongside a 93% net revenue retention rate across 96,000 clients.
3. Marketing Services Decline
Marketing Services revenue declined sharply to $50.9 million in Q1, a 27.5% decrease year-over-year, though the segment maintained a robust 26.0% Adjusted EBITDA margin of $13.2 million. This contraction weighed on overall revenue but sustained healthy profitability in the services business.
4. Outlook for 2026
Thryv forecasts Q2 SaaS revenue of $114–$115 million with Adjusted EBITDA of $12–$13 million, alongside Marketing Services revenue of $31–$33 million and Adjusted EBITDA of $3–$4 million. For full year 2026, the company targets SaaS revenue of $463–$471 million and Adjusted EBITDA of $70–$75 million, plus $157–$163 million in Marketing Services revenue.
