The combination of accelerating revenue growth, expanding profitability, and raised guidance suggests improving execution and demand. The significant reduction in OEM customer concentration enhances visibility into sustainable organic growth. Traders should monitor the May 8 earnings call for final validation of these preliminary results and any updates on AI product adoption trends.
Price Chart
Executive Summary
Docebo reported preliminary Q1-2026 results showing strong top-line growth, with revenue up 14.3% YoY and Adjusted EBITDA up 22.5% YoY, while raising full-year 2026 guidance for revenue and profitability. The company also highlighted a 13.7% organic ARR growth, excluding its largest OEM customer and FX impacts, signaling robust demand for its AI-powered learning platform.
Key Facts
- Q1-2026 total revenue expected between $65.4M and $65.6M, up 14.3% YoY from $57.3M
- Adjusted EBITDA expected between $10.8M and $11.0M, up 22.5% YoY from $8.9M
- Annual Recurring Revenue (ARR) at $248.9M, up 10.6% YoY, with organic growth of 13.7% after adjusting for FX and OEM customer concentration
- Largest OEM customer now represents 3.2% of ARR, down from 9.4% YoY, reducing customer concentration risk
- Raised full-year 2026 guidance: total revenue now $271M–$273M (up from $267.5M–$269.5M), Adjusted EBITDA $54.5M–$56.5M (up from $52.5M–$54.5M)
Financial Impact
Revenue growth accelerating to 14.3% YoY and profitability expanding faster at 22.5% Adjusted EBITDA growth, with full-year guidance raised across key metrics. ARR growth remains strong despite $1.4M FX headwind.
Risk Factors
- Preliminary figures remain subject to final audit and could be revised
- Forward-looking guidance is contingent on stable macro conditions and foreign exchange rates
- Continued reliance on non-recurring metrics like Adjusted EBITDA and ARR, which are not GAAP-compliant
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-026126 |
| Document: docebo-6xk42126pressrelease.htm | 0001628280-26-026126 |
| Document: 0001628280-26-026126-index-headers.html | 0001628280-26-026126 |
| Document: 0001628280-26-026126-index.html | 0001628280-26-026126 |
| Document: 0001628280-26-026126.txt | 0001628280-26-026126 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 6w ago | 6-K | $24.25 | awaiting T+60 | — | $30.45 (+25.57%) |
Aug 7, 2026 11w ago | 6-K | $22.30 | awaiting T+60 | — | $30.45 (+36.58%) |
Jul 17, 2026 14w ago | 6-K | $20.38 $25.61 | ▲ +25.66% | ▲ +20.98% | $30.45 (+49.41%) |
May 8, 2026 24w ago | 6-K | $21.20 $20.62 | ▼ −2.74% | ▼ −7.58% | $30.45 (+43.63%) |
Apr 21, 2026 26w ago | 6-K | $18.21 $18.54 | ▲ +1.81% | ▼ −5.09% | $30.45 (+67.22%) |
US Market Status
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