The Q1 beat and raised guidance are positive, but the GAAP loss, heavy restructuring, negative equity, and declining OEM customer create crosscurrents. The raised FY guidance implies confidence in organic growth acceleration (ex-OEM) and margin expansion. Watch for Q2 revenue ($66.7-66.9M guided) to confirm the trend. The $60M SIB and $80M in new debt have levered the balance sheet — monitor debt/EBITDA and any further buyback activity. The 365Talents and Zive acquisitions expand AI capabilities but add integration risk.
Price Chart
Executive Summary
Docebo reported Q1 2026 results with total revenue of $65.6M (+15% YoY) and subscription revenue of $60.6M (+12% YoY), beating guidance. However, GAAP net income swung to a loss of $(1.6M) from a profit of $1.5M YoY, driven by $6.2M in restructuring costs and $1.5M in FX losses. Adjusted EBITDA rose 23% to $11.0M (16.8% margin), and free cash flow surged to $27.6M. The company raised full-year 2026 guidance for total revenue to $271-273M and Adjusted EBITDA to $54.5-56.5M. The quarter included the acquisition of 365Talents for $61.3M and a $60M substantial issuer bid, funded partly by $80M in new borrowings, leaving the balance sheet with negative equity of $(0.6M).
Key Facts
- Total revenue of $65.6M, up 15% YoY (Q1 2025: $57.3M), beating guidance of $65.0-65.5M.
- Subscription revenue of $60.6M, up 12% YoY (Q1 2025: $54.2M).
- GAAP net loss of $(1.6M) vs net income of $1.5M YoY; diluted EPS of $(0.06) vs $0.05.
- Adjusted Net Income of $9.9M ($0.35/share) vs $8.5M ($0.28/share) YoY.
- Adjusted EBITDA of $11.0M (16.8% margin) vs $8.9M (15.6% margin) YoY.
- Free Cash Flow of $27.6M (42.0% of revenue) vs $9.0M (15.7%) YoY.
- ARR of $248.9M, up 10.6% YoY; excluding largest OEM customer and FX, ARR grew ~13.7%.
- Largest OEM customer declined to 3.2% of ARR from 9.4% a year ago.
- Raised FY2026 guidance: total revenue $271-273M, subscription revenue $253.5-255.5M, Adj. EBITDA $54.5-56.5M.
- Acquired 365Talents for $61.3M (cash + earnout); subsequent acquisition of Zive GmbH for ~$7.2M.
- Repurchased 3.09M shares for $64.3M in Q1, including $60M substantial issuer bid.
- Borrowed $80M under amended $100M credit facility; total debt of $79.1M at quarter end.
- Shareholders' equity turned negative to $(0.6M) from $74.1M at Dec 2025 due to buybacks and deficit.
- Restructuring costs of $6.2M from workforce reduction; $1.5M FX loss.
Financial Impact
Revenue beat by ~$1.1M vs guidance midpoint; Adj. EBITDA beat by ~$0.5M vs consensus. GAAP net loss of $1.6M vs prior-year profit of $1.5M. Free cash flow of $27.6M was a record for Q1.
Risk Factors
- Continued decline of largest OEM customer (3.2% of ARR, down from 9.4%) could pressure growth.
- Negative shareholders' equity of $(0.6M) and $79.1M in borrowings increase financial leverage.
- Integration of two acquisitions (365Talents, Zive) may distract management or underperform.
- Restructuring costs of $6.2M suggest ongoing operational disruption.
- Foreign exchange volatility ($1.5M loss in Q1) could impact reported results.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-032550 |
| Document: docebo2026q1mda.htm | 0001628280-26-032550 |
| Document: docebo2026q1pr.htm | 0001628280-26-032550 |
| Document: docebo-20260331_d2.htm | 0001628280-26-032550 |
| Document: ifrs_tsxxinterimxecfoq12026.htm | 0001628280-26-032550 |
| Document: ifrs_tsxxinterimxeceoq12026.htm | 0001628280-26-032550 |
| Document: 0001628280-26-032550-index-headers.html | 0001628280-26-032550 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 6w ago | 6-K | $24.25 | awaiting T+60 | — | $30.25 (+24.76%) |
Aug 7, 2026 11w ago | 6-K | $22.30 | awaiting T+60 | — | $30.25 (+35.70%) |
Jul 17, 2026 14w ago | 6-K | $20.38 $25.61 | ▲ +25.66% | ▲ +20.98% | $30.25 (+48.45%) |
May 8, 2026 24w ago | 6-K | $21.20 $20.62 | ▼ −2.74% | ▼ −7.58% | $30.25 (+42.71%) |
Apr 21, 2026 27w ago | 6-K | $18.21 $18.54 | ▲ +1.81% | ▼ −5.09% | $30.25 (+66.14%) |
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