The restructuring plan and lowered guidance signal ongoing business deterioration, particularly in the legacy Marketing Services segment. Monitor Q3 results for SaaS revenue stabilization and restructuring execution — the $55M-$60M cost savings target is critical for margin recovery but won't materialize until 2027. The stock is likely to face continued pressure as the market prices in the earnings miss and uncertainty around the transition.
Price Chart
Executive Summary
Thryv reported Q2 2026 results with a significant GAAP net loss of $16.7M ($-0.38/share) versus net income of $13.9M ($0.31/share) in Q2 2025, driven by a 28.4% YoY revenue decline as Marketing Services revenue collapsed 62%. The company announced a strategic restructuring plan with $20M-$25M in charges targeting $55M-$60M in annualized savings by 2027, and lowered full-year SaaS revenue guidance to $453M-$457M from the prior $463M-$471M range. The combination of a major earnings miss, declining total revenue, and a large restructuring program signals a business in transition that is bearish for the stock in the near term.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP net loss of $16.7M ($-0.38/diluted share) vs net income of $13.9M ($0.31/diluted share) in Q2 2025
- Total revenue fell 28.4% YoY to $150.7M, driven by a 62% decline in Marketing Services revenue to $36.2M
- SaaS revenue declined 0.5% YoY to $114.5M, with Market/Sell/Grow initiatives growing 21% offset by legacy CRM headwinds
- Announced strategic restructuring plan with $20M-$25M in charges, targeting $55M-$60M in gross annualized cost savings by 2027
- Lowered full-year 2026 SaaS revenue guidance to $453M-$457M from prior $463M-$471M range
- Consolidated Adjusted EBITDA fell 59.4% YoY to $20.8M, with margin compressing from 24.3% to 13.8%
- SaaS ARPU grew 11.9% YoY to $394, but SaaS clients declined to 95K from 96K in Q1 2026
- Seasoned Net Revenue Retention declined to 90% from 93% in Q1 2026
Financial Impact
Q2 net loss of $16.7M vs prior-year net income of $13.9M; revenue decline of $59.7M YoY; restructuring charges of $20M-$25M targeting $55M-$60M annual savings
Risk Factors
- Further SaaS revenue deceleration if legacy CRM headwinds persist
- Restructuring execution risk and potential for higher-than-expected charges
- Marketing Services revenue may continue to decline faster than anticipated
- Low cash balance ($9.1M) against significant debt ($229.6M in term loans) raises liquidity concerns
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001556739-26-000039 |
| Exhibit: exhibit992-q22026investo.htm | 0001556739-26-000039 |
| Document: thryv-20260804.htm | 0001556739-26-000039 |
| Document: 0001556739-26-000039-index-headers.html | 0001556739-26-000039 |
| Document: 0001556739-26-000039-index.html | 0001556739-26-000039 |
| Document: 0001556739-26-000039.txt | 0001556739-26-000039 |
| 8-K Data (Synthetic) | 0001556739-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | 8-K | $1.99 $2.00 | ▲ +0.50% | ▲ +0.40% | $1.52 (−23.62%) |
Aug 11, 2026 7w ago | 8-K | $2.07 $2.09 | ▲ +0.97% | ▲ +1.41% | $1.52 (−26.57%) |
Aug 4, 2026 8w ago | 8-K | $2.97 $2.14 | ▲ +27.95% | ▲ +27.85% | $1.52 (+48.82%) |
Mar 13, 2026 29w ago | Insider Cluster | $2.94 $2.78 | ▼ −5.44% | ▼ −3.32% | $1.52 (−48.30%) |
Mar 3, 2026 30w ago | Insider Cluster | $2.94 $3.19 | ▲ +8.50% | ▲ +8.98% | $1.52 (−48.30%) |
Mar 3, 2026 30w ago | Insider Cluster | $2.94 $3.19 | ▲ +8.50% | ▲ +8.98% | $1.52 (−48.30%) |
Mar 3, 2026 30w ago | Insider Cluster | $2.94 $3.19 | ▲ +8.50% | ▲ +8.98% | $1.52 (−48.30%) |
Feb 26, 2026 31w ago | 8-K | $2.10 $3.32 | ▲ +58.10% | ▲ +59.22% | $1.52 (−27.62%) |
Feb 26, 2026 31w ago | 8-K | $2.10 $3.32 | ▲ +58.10% | ▲ +59.22% | $1.52 (−27.62%) |
US Market Status
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