Revenue growth of 11% in the fourth quarter
Ninth consecutive quarter of positive free cash flow
Multi-year subscriptions reach 60% of ARR up from 49% a year ago
TEL AVIV, Israel--(BUSINESS WIRE)--February 17, 2026--
Similarweb Ltd. (NYSE: SMWB) ("Similarweb" or the "Company"), a leading digital data and analytics company powering critical business decisions, today announced financial results for its fourth quarter and full year ended December 31, 2025. The Company published a letter to shareholders from management discussing these results, which can be accessed at the link: https://ir.similarweb.com/financials/quarterly-results, located on the Company's investor relations website.
"The AI revolution fundamentally favors companies with proprietary, high-quality, and real-time data. Similarweb's unmatched view of the evolving digital world is a prime foundation for training and maintaining LLMs and powering the next generation of agentic AI tools with accuracy and trust, as validated by our recent milestone partnership with Manus," said Or Offer, Co-Founder and CEO of Similarweb. "While the scale of new larger, multi-year opportunities has resulted in longer sales cycles and revenue growth did not yet accelerate in the fourth quarter as we expected, the demand we see in the pipeline and the steps we have taken to upskill and specialize our sales force reinforce our confidence in our strategy to build an AI-driven data powerhouse that delivers profitable growth."
Fourth Quarter 2025 Financial Highlights
(All results compared with the fourth quarter of 2024)
-- Total revenue was $72.8 million, an increase of 11%, compared to $65.6
million.
-- GAAP loss from operations was $(4.7) million or (6)% of revenue,
compared to $(3.6) million or (5)% of revenue. GAAP net loss was $(7.5)
million compared to $(5.4) million. GAAP net loss per share was $(0.09),
compared to $(0.07).
-- Non-GAAP operating profit was $3.4 million or 5% of revenue, compared
to $2.6 million or 4% of revenue. Non-GAAP net income was $2.3 million or
3% of revenue, compared to $1.6 million or 2% of revenue. Non-GAAP
diluted net income per share was $0.03, compared to $0.02.
Fiscal Year 2025 Financial Highlights
(All results compared with fiscal year 2024)
-- Total revenue was $282.6 million, an increase of 13% compared to $249.9
million.
-- GAAP operating loss was $(23.6) million or (8)% of revenue, compared to
$(9.7) million or (4)% of revenue. GAAP net loss per share was $(0.39),
compared to $(0.14).
-- Non-GAAP operating profit was $9.1 million or 3% of revenue, compared
to $15.0 million or 6% of revenue. Non-GAAP net income was $5.1 million
or 2% of revenue, compared to $11.6 million or 5% of revenue. Non-GAAP
diluted net income per share was $0.06 compared to $0.13.
Fourth Quarter 2025 Operational Highlights
-- Number of customers reached 6,128 as of December 31, 2025, an increase
of 11% compared to December 31, 2024.
-- Number of customers with annual recurring revenue $(ARR)$ of $100,000 or
more grew to 454 as of December 31, 2025, an increase of 12%
year-over-year.
-- Customers with ARR of $100,000 or more contributed 63% of the total ARR
as of December 31, 2025, up from 61%.
-- Dollar-based net retention rate (NRR), for customers with ARR of
$100,000 or more was 103% in the fourth quarter of 2025, compared to 112%
in the fourth quarter of 2024.
-- Overall NRR was 98% in the fourth quarter of 2025, compared to 101% in
the fourth quarter of 2024.
-- 60% of our overall ARR is contracted under multi-year subscriptions as
of December 31, 2025, up from 49% a year ago.
-- Remaining performance obligations (RPO) increased 17% year-over-year,
to $288.8 million as of December 31, 2025, from $246.0 million as of
December 31, 2024.
Recent Business Highlights
-- The company recently released Similarweb AI Studio, a new AI
agent-based product that represents a step-change in how customers access
and extract value from Similarweb's Digital Data. AI Studio introduces a
conversational interface that sits on top of all of the Company's
proprietary datasets, allowing users to ask business questions in plain
language and instantly receive comprehensive insights, dashboards, and
analyses.
-- In January, Similarweb announced a collaboration with Manus, a rapidly
scaling autonomous AI agent platform, that opens a new distribution and
monetization channel for Similarweb's digital intelligence. By enabling
Manus AI agents to access Similarweb's proprietary web traffic and
engagement data, we extend our datasets into agent-driven workflows where
AI systems actively execute marketing analysis, competitive assessment,
and strategic planning on behalf of users.
-- Also in January, customer access to Similarweb data via the Bloomberg
terminal expanded to {ALTD <GO>}, Bloomberg's Alternative Data Analytics
Platform that gives clients a decisive edge and timely data analytics on
public and private company performance alongside traditional market data,
broker research, estimates and news.
Balance Sheet and Cash Flow
-- In the fourth quarter of 2025, net cash provided by operating
activities was $1.5 million, compared to $3.4 million for the fourth
quarter of 2024. Free cash flow was $1.0 million, compared to $2.7
million for the fourth quarter of 2024. Normalized free cash flow was
$1.0 million, compared to $2.7 million for the fourth quarter of 2024.
-- For the full year of 2025, net cash provided by operating activities
was $14.6 million, compared to $30.2 in 2024. Free cash flow was $13.0
million, compared to $27.4 million in 2024. Normalized free cash flow was
$14.7 million, compared to $27.7 million in 2024.
-- Cash and cash equivalents totalled $72.4 million as of December 31,
2025, compared to $63.9 million as of December 31, 2024.
"I joined Similarweb because of the irreplaceable value of our data and the massive opportunity to enhance and leverage this asset as a critical necessity for companies to win their markets in the generative era," said Ran Vered, Chief Financial Officer of Similarweb. "My first quarter at the company has been focused on ensuring our financial roadmap positions us to capitalize on these opportunities while remaining disciplined and delivering on our commitment to profitable growth and durable free cash flow. Our outlook for another year of growth in 2026 is prudently grounded in high-visibility core business drivers, while gaining momentum for large strategic AI deals."
Financial Outlook
-- FY 2026 Guidance
-- Total revenue for fiscal year 2026 estimated between $305.0
million and $315.0 million, representing approximately 10% growth
year-over-year at the mid-point of the range.
-- Non-GAAP operating profit for fiscal year 2026 estimated between
$16.0 million and $19.0 million.
-- Q1 2026 Guidance
-- Total revenue estimated between $72.0 million and $74.0 million,
representing approximately 9% growth year-over-year at the
mid-point of the range.
-- Non-GAAP operating profit estimated between $0.5 million and
$2.5 million.
The Company's first quarter and full year 2026 financial outlook is based upon a number of assumptions that are subject to change and many of which are outside the Company's control. Actual results may vary from these assumptions, and the Company's expectations may change. There can be no assurance that the Company will achieve these results.
The Company does not provide guidance for operating loss, the most directly comparable GAAP measure to non-GAAP operating profit (loss), and similarly cannot provide a reconciliation of this measure to its closest GAAP equivalent without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company's control and may vary greatly between periods and could significantly impact future financial results.
Conference Call Information
The financial results and business highlights will be discussed on a conference call and webcast scheduled at 8:30 a.m. Eastern Time on Wednesday, February 18, 2026. A live webcast of the call can be accessed from Similarweb's Investor Relations website at https://ir.similarweb.com. An archived webcast of the conference call will also be made available on the Similarweb website following the call. The live call may also be accessed via telephone at (877) 407-0726 toll-free and at (201) 689-7806 internationally.
About Similarweb: Similarweb powers businesses to win their markets with Digital Data. By providing essential web and app data, analytics, and insights, we empower our users to discover business opportunities, identify competitive threats, optimize strategy, acquire the right customers, and increase monetization. Similarweb products are integrated into users' workflow, powered by advanced technology, and based on leading comprehensive Digital Data.
Learn more: Similarweb | Similarweb Digital Data
Free Tools: Analyze any website or app | Verify your website | Browser extension
Follow us: Blog | LinkedIn | YouTube | Instagram | X
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to our guidance for the first quarter and full year of 2026 described under "Financial Outlook". Forward-looking statements include all statements that are not historical facts. Such statements may be preceded by the words "intends, " "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. These forward-looking statements reflect our current views regarding our intentions, products, services, plans, expectations, strategies and prospects, which are based on information currently available to us and assumptions we have made. Actual results may differ materially from those described in such forward-looking statements and are subject to a number of known and unknown risks, uncertainties, other factors and assumptions that are beyond our control. Such risks and uncertainties include, without limitation, risks and uncertainties associated with: (i) our expectations regarding our revenue, expenses and other operating results; (ii) our ability to acquire new customers and successfully retain existing customers; (iii) our ability to successfully develop and market AI solutions and to increase usage of our solutions and upsell and cross-sell additional solutions; (iv) our ability to sustain profitability; (v) anticipated trends, growth rates, changes in currency exchange rates, rising interest rates, rising global inflation and current macroeconomic conditions, challenges in our business and in the markets in which we operate, and the impact of Israel's war with Hamas and other terrorist organizations, including those in Lebanon and Yemen, and potential hostilities with Iran, Lebanon, and/or other countries in the Middle East on geopolitical and macroeconomic conditions or on our company and business; (vi) future investments in our business, our anticipated capital expenditures and our estimates regarding our capital requirements; (vii) the costs and success of our sales and marketing efforts and our ability to promote our brand; (viii) our reliance on key personnel and our ability to identify, recruit and retain skilled personnel; (ix) our ability to effectively manage our growth, including continued international expansion; (x) our reliance on certain third party platforms and sources for the collection of data necessary for our solutions; (xi) our ability to protect our intellectual property rights and any costs associated therewith; (xii) our ability to identify and complete acquisitions that complement and expand our reach and platform; (xiii) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business, including in Israel, the United States, the European Union, the United Kingdom and other jurisdictions where we elect to do business; (xiv) our ability to compete effectively with existing competitors and new market entrants; and (xv) the growth rates of the markets in which we compete.
These risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission, including in the section entitled "Risk Factors" in our Form 20-F filed with the Securities and Exchange Commission on February 27, 2025, and subsequent reports that we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur.
Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. Except as required by law, we undertake no duty to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
Non-GAAP Financial Measures
This press release contains certain financial measures that are expressed on a non-GAAP basis. We use these non-GAAP financial measures internally to facilitate analysis of our financial and business trends and for internal planning and forecasting purposes. We believe these non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, non-GAAP financial measures have limitations as an analytical tool and are presented for supplemental informational purposes only. They should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP or as a measure of liquidity. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures and capitalized internal-use software costs. Normalized free cash flow represents free cash flow less capital investments related to the Company's new headquarters, payments received in connection with these capital investments and deferred payments related to business combinations. Non-GAAP operating income (loss), non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating margin, non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP net income (loss) and non-GAAP net income (loss) per share represent the comparable GAAP financial figure operating income (loss) or expense, less share-based compensation, adjustments and payments related to business combinations, amortization of intangible assets and certain other non-recurring items, non-operating foreign exchange gains or losses and the relevant net tax effect as applicable and indicated in the below tables.
Other Metrics
Customer acquisition costs $(CAC)$ represent the portion of sales and marketing expenses allocated to acquire new customers. Customer retention costs $(CRC)$ represent the portion of sales and marketing expenses allocated to retain existing customers and to increase existing customers' subscriptions. CAC payback period is the estimated time in months to recover CAC in terms of incremental gross profit that newly acquired customers generate. Net retention rate (NRR) represents the comparison of our ARR from the same set of customers as of a certain point in time, relative to the same point in time in the previous year ago period, expressed as a percentage.
We define Annual Recurring Revenue (ARR) as the annualized subscription revenue we would contractually expect to receive from customers assuming no increases or reductions in their subscriptions. A contract is included in ARR for a particular period if it is active at the end of the applicable period and is excluded if it is not active at the end of the applicable period. Multi-year contracts are annualized by dividing the total committed contract value by the number of months in the subscription term and then multiplying by 12. ARR excludes non-recurring revenues, non-subscription revenues, revenues that are one-time in nature or revenues from subscriptions to our offerings for a period that is less than an annual subscription term.
ARR is an operational measure that management uses to evaluate the scale of our annual subscription contracts. While ARR is useful in assessing the scale of our contracted subscription business, it is not necessarily indicative of future GAAP revenue, which is subject to factors such as customer renewals, expansions, contractions, churn and upsell or cross-sell opportunities. Since ARR is not a defined measure under GAAP, investors should not consider ARR as a substitute for revenue recognized under GAAP or for other GAAP-related measures such as remaining performance obligations or deferred revenue. ARR differs from revenue recognized in accordance with GAAP because GAAP revenue is recognized as performance obligations are satisfied, includes non-recurring revenues, such as revenue that is one-time in nature, subscriptions with less than an annual term, non-subscription revenue and the effects of contract modifications.
Similarweb Ltd.
Consolidated Balance Sheets
U.S. dollars in thousands (except share and per share data)
--------------------------------------------------------------------------
December 31, December 31,
-------------- ----------------
2024 2025
--------- ---------
Assets
Current assets:
Cash and cash equivalents $ 63,869 $ 72,421
Restricted deposits 10,572 6,360
Accounts receivable, net 50,975 54,063
Deferred contract costs 11,373 11,551
Prepaid expenses and other current
assets 4,567 5,949
--------- ---------
Total current assets 141,356 150,344
--------- ---------
Property and equipment, net 25,921 22,040
Deferred contract costs, non-current 9,895 8,177
Operating lease right-of-use assets 34,393 34,417
Goodwill and intangible assets, net 30,846 45,581
Other non-current assets 500 586
--------- ---------
Total assets $ 242,911 $ 261,145
--------- ---------
Liabilities and shareholders' equity
Current liabilities:
Accounts payable 12,403 13,871
Payroll and benefit related
liabilities 20,304 20,342
Deferred revenue 108,232 112,169
Other payables and accrued expenses 29,330 41,342
Operating lease liabilities 6,923 8,841
--------- ---------
Total current liabilities 177,192 196,565
--------- ---------
Deferred revenue, non-current 1,172 1,226
Operating lease liabilities, non-current 32,809 34,455
Other long-term liabilities 4,230 5,573
--------- ---------
Total liabilities 215,403 237,819
--------- ---------
Shareholders' equity
Ordinary Shares, NIS 0.01 par value
500,000,000 shares authorized as of
December 31, 2024 and December 31,
2025, 82,620,679 and 86,964,370
shares issued as of December 31,
2024 and December 31, 2025,
82,618,511 and 86,962,202
outstanding as of December 31, 2024
and December 31, 2025 ,
respectively; 227 240
Additional paid-in capital 391,449 419,578
Accumulated other comprehensive
income 388 1,000
Accumulated deficit (364,556) (397,492)
--------- ---------
Total shareholders' equity 27,508 23,326
--------- ---------
Total liabilities and shareholders'
equity $ 242,911 $ 261,145
--------- ---------
Similarweb Ltd.
Consolidated Statements of Comprehensive Income (Loss)
U.S. dollars in thousands (except share and per share data)
---------------------------------------------------------------------------
Three Months Ended December
Year Ended December 31, 31,
-------------------------- ----------------------------
2024 2025 2024 2025
---------- ---------- ---------- ----------
Revenue $ 249,913 $ 282,600 $ 65,587 $ 72,758
Cost of revenue 54,814 57,802 15,331 14,967
---------- ---------- ---------- ----------
Gross profit 195,099 224,798 50,256 57,791
Operating
expenses:
Research and
development 55,596 72,602 15,358 17,815
Sales and
marketing 105,476 123,667 27,573 30,476
General and
administrative 43,691 52,093 10,885 14,197
---------- ---------- ---------- ----------
Total
operating
expenses 204,763 248,362 53,816 62,488
---------- ---------- ---------- ----------
Loss from
operations (9,664) (23,564) (3,560) (4,697)
Finance income
(expenses),
net 134 (5,210) (1,101) (1,633)
---------- ---------- ---------- ----------
Loss before
income taxes (9,530) (28,774) (4,661) (6,330)
Provision for
income taxes 1,927 4,162 759 1,167
---------- ---------- ---------- ----------
Net loss $ (11,457) $ (32,936) $ (5,420) $ (7,497)
---------- ---------- ---------- ----------
Net loss per
share
attributable to
ordinary
shareholders,
basic and
diluted $ (0.14) $ (0.39) $ (0.07) $ (0.09)
---------- ---------- ---------- ----------
Weighted-average
shares used in
computing net
loss per share
attributable to
ordinary
shareholders,
basic and
diluted 80,825,695 84,817,195 82,073,002 86,591,824
Net loss $ (11,457) $ (32,936) $ (5,420) $ (7,497)
---------- ---------- ---------- ----------
Other
comprehensive
(loss) income,
net of tax
Change in
unrealized
(loss) gain on
cashflow
hedges (484) 612 273 (666)
---------- ---------- ---------- ----------
Total other
comprehensive
(loss) income,
net of tax (484) 612 273 (666)
Total
comprehensive
loss $ (11,941) $ (32,324) $ (5,147) $ (8,163)
---------- ---------- ---------- ----------
Share-based compensation costs included above:
U.S. dollars in thousands
Three Months Ended December
Year Ended December 31, 31,
------------------------ -----------------------------
2024 2025 2024 2025
---------- ------------ ---------- -----------------
Cost of revenue $ 812 $ 1,024 $ 234 $ 258
Research and
development 5,511 6,805 1,330 1,622
Sales and
marketing 4,273 5,031 1,172 1,207
General and
administrative 7,019 8,382 1,787 1,946
------ -------- --- ----- --- ------------
Total $ 17,615 $ 21,242 $ 4,523 5,033
------ -------- --- ----- --- ------------
Similarweb Ltd.
Consolidated Statements of Cash Flows
U.S. dollars in thousands
-----------------------------------------------------------------
Year Ended December Three Months Ended
31, December 31,
-------------------- ----------------------
2024 2025 2024 2025
------- ------- ------- -------
Cash flows from
operating
activities:
Net loss $(11,457) $(32,936) $ (5,420) $ (7,497)
Adjustments to
reconcile net
loss to net
cash provided
by operating
activities:
Depreciation
and
amortization 10,528 8,989 2,516 2,319
Finance loss
(income) 500 (225) 711 128
Unrealized
loss (gain)
from hedging
future
transactions 103 (32) 62 (1)
Share-based
compensation 17,615 21,242 4,523 5,033
Gain from
sale of
equipment (12) (31) (2) (11)
Changes in
operating assets
and liabilities:
Change in
operating
lease
right-of-use
assets and
liabilities,
net (1,078) 3,540 226 1,285
Increase in
accounts
receivable,
net (2,127) (2,291) (15,488) (12,225)
(Increase)
decrease in
deferred
contract
costs (258) 1,540 (1,846) (1,086)
Decrease
(increase)
in other
current
assets 612 (716) 1,366 181
(Increase)
decrease in
other
non-current
assets (6) (86) (89) 81
Increase
(decrease)
in accounts
payable 3,597 1,451 1,313 (799)
Increase in
deferred
revenue 6,432 2,727 10,224 7,925
Increase
(decrease)
in other
non-current
liabilities 528 156 173 (59)
Increase in
other
liabilities
and accrued
expenses 5,197 11,316 5,149 6,208
------- ------- ------- -------
Net cash
provided
by
operating
activities 30,174 14,644 3,418 1,482
------- ------- ------- -------
Cash flows from
investing
activities:
Purchase of
property and
equipment, net (1,430) (1,490) (232) (281)
Capitalized
internal-use
software costs (1,304) (163) (511) (163)
(Increase)
decrease in
restricted
deposits (552) 4,212 (138) 4,623
Payment for
business
combinations,
net of cash
acquired (15,414) (15,787) 28 --
------- ------- ------- -------
Net cash
(used in)
provided
by
investing
activities (18,700) (13,228) (853) 4,179
------- ------- ------- -------
Cash flows from
financing
activities:
Proceeds from
exercise of
stock options 4,677 4,587 953 255
Proceeds from
employee share
purchase plan 1,486 2,324 931 1,169
Repayment of
Credit Facility (25,000) -- -- --
------- ------- ------- -------
Net cash
(used in)
provided
by
financing
activities (18,837) 6,911 1,884 1,424
------- ------- ------- -------
Effect of exchange
rates on cash and
cash equivalents (500) 225 (711) (128)
Net (decrease)
increase in cash
and cash
equivalents (7,863) 8,552 3,738 6,957
Cash and cash
equivalents,
beginning of
period 71,732 63,869 60,131 65,464
------- ------- ------- -------
Cash and cash
equivalents, end
of period $ 63,869 $ 72,421 $ 63,869 $ 72,421
------- ------- ------- -------
Supplemental
disclosure of cash
flow information:
Interest
received, net $ (1,225) $ (1,332) $ (291) $ (290)
Taxes paid $ 1,168 $ 1,723 $ 303 $ 131
Supplemental
disclosure of
non-cash financing
activities:
Additions to
operating lease
right-of-use
assets and
liabilities $ 6,064 $ 7,176 $ 1,611 $ 1,611
Share-based
compensation
included in
capitalized
internal-use
software $ 104 $ 12 $ 42 $ 12
Deferred proceeds
from exercise of
share options
included in
other current
assets $ 29 $ 6 $ 29 $ 6
Deferred costs of
property and
equipment
incurred during
the period
included in
accounts
payable $ 227 $ 137 $ 227 $ 137
------- ------- ------- -------
Reconciliation of Non-GAAP Financial Measures to the Most Directly
Comparable GAAP Financial Measures Reconciliation of GAAP gross profit
to non-GAAP gross profit
Three Months Ended
Year Ended December 31, December 31,
-------------------------- -------------------------
2024 2025 2024 2025
------- ------- ------ ------ ---
(In thousands) (In thousands)
GAAP gross
profit $195,099 $224,798 $50,256 $57,791
Add:
Share-based
compensation
expenses 812 1,024 234 258
Retention
payments
related to
business
combinations 65 72 21 15
Amortization
of
intangible
assets
related to
business
combinations 4,191 1,770 815 560
------- ------- ------ ------ ---
Non-GAAP gross
profit $200,167 $227,664 $51,326 $58,624
------- ------- ------ ------ ---
Non-GAAP gross
margin 80% 81% 78% 81%
------- ------- ------ ------
Reconciliation of Loss from operations (GAAP) to Non-GAAP operating
profit
Three Months Ended
Year Ended December 31, December 31,
------------------------- -------------------------
2024 2025 2024 2025
------ ------- ------ ------ ---
(In thousands) (In thousands)
Loss from
operations $(9,664) $(23,564) $(3,560) $(4,697)
Add:
Share-based
compensation
expenses 17,615 21,242 4,523 5,033
Retention
payments
related to
business
combinations 1,886 7,943 539 2,076
Amortization
of
intangible
assets
related to
business
combinations 4,862 3,497 1,067 1,018
Secondary
offering
costs 350 -- -- --
------ ------- ------ ------ ---
Non-GAAP
operating
profit $15,049 $ 9,118 $ 2,569 $ 3,430
------ ------- ------ ------ ---
Non-GAAP
operating
margin 6% 3% 4% 5%
------ ------- ------ ------
Reconciliation of GAAP operating expenses to non-GAAP operating
expenses
Three Months Ended
Year Ended December 31, December 31,
-------------------------- -------------------------
2024 2025 2024 2025
------- ------- ------ ------ ---
(In thousands) (In thousands)
GAAP research
and
development $ 55,596 $ 72,602 $15,358 $17,815
Less:
Share-based
compensation
expenses 5,511 6,805 1,330 1,622
Retention
payments
related to
business
combinations 38 2,387 11 702
------- ------- ------ ------ ---
Non-GAAP
research and
development $ 50,047 $ 63,410 $14,017 $15,491
------- ------- ------ ------ ---
Non-GAAP
research and
development
margin 20% 22% 21% 21%
------- ------- ------ ------
GAAP sales and
marketing $105,476 $123,667 $27,573 $30,476
Less:
Share-based
compensation
expenses 4,273 5,031 1,172 1,207
Retention
payments
related to
business
combinations 1,783 2,888 507 651
Amortization
of
intangible
assets
related to
business
combinations 671 1,727 252 458
------- ------- ------ ------ ---
Non-GAAP sales
and marketing $ 98,749 $114,021 $25,642 $28,160
------- ------- ------ ------ ---
Non-GAAP sales
and marketing
margin 40% 40% 39% 39%
------- ------- ------ ------
GAAP general and
administrative $ 43,691 $ 52,093 $10,885 $14,197
Less:
Share-based
compensation
expenses 7,019 8,382 1,787 1,946
Retention
payments
related to
business
combinations -- 2,596 -- 708
Secondary
offering
costs 350 -- -- --
------- ------- ------ ------ ---
Non-GAAP general
and
administrative $ 36,322 $ 41,115 $ 9,098 $11,543
------- ------- ------ ------ ---
Non-GAAP general
and
administrative
margin 15% 15% 14% 16%
------- ------- ------ ------
Reconciliation of Net loss (GAAP) to non-GAAP Net income
Year Ended December 31, Three Months Ended December 31,
---------------------------------- ----------------------------------
2024 2025 2024 2025
---------- ---------- ---- ---------- ---------- ----
(In thousands, except for share (In thousands, except for share
and per share amounts) and per share amounts)
GAAP Net loss $ (11,457) $ (32,936) $ (5,420) $ (7,497)
Add:
Share-based
compensation
expenses 17,615 21,242 4,523 5,033
Retention
payments
related to
business
combinations 1,886 7,943 539 2,076
Amortization
of intangible
assets
related to
business
combinations 4,862 3,497 1,067 1,018
Secondary
offering
costs 350 -- -- --
Non-operating
foreign
exchange
losses 224 5,718 1,196 1,729
Tax effect of
adjustments,
net (1,850) (334) (323) (86)
---------- ---------- --- ---------- ---------- ---
Non-GAAP net
income $ 11,630 $ 5,130 $ 1,582 $ 2,273
---------- ---------- ---- ---------- ---------- ----
Non-GAAP net
income margin 5% 2% 2% 3%
---------- ---------- --- ---------- ---------- ---
Weighted average
number of
ordinary shares
- basic 80,825,695 84,817,195 82,073,002 86,591,824
---------- ---------- ---- ---------- ---------- ----
Non-GAAP basic
net income per
share
attributable to
ordinary
shareholders $ 0.14 $ 0.06 $ 0.02 $ 0.03
---------- ---------- ---- ---------- ---------- ----
Weighted average
number of
ordinary shares
- diluted 86,428,066 89,271,537 88,666,263 89,907,570
---------- ---------- ---- ---------- ---------- ----
Non-GAAP diluted
net income per
share
attributable to
ordinary
shareholders $ 0.13 $ 0.06 $ 0.02 $ 0.03
---------- ---------- ---- ---------- ---------- ----
Reconciliation of Net cash provided by operating activities (GAAP)
to Free cash flow and Normalized free cash flow
Three Months Ended
Year Ended December 31, December 31,
------------------------ -------------------------
2024 2025 2024 2025
------ ------ ----- -----
(In thousands) (In thousands)
Net cash
provided by
operating
activities $ 30,174 $14,644 $3,418 $ 1,482
Purchases of
property and
equipment,
net (1,430) (1,490) (232) (281)
Capitalized
internal use
software
costs (1,304) (163) (511) (163)
------ ------ ----- -----
Free cash
flow $ 27,440 $12,991 $2,675 $ 1,038
------ ------ ----- -----
Deferred
payments
related to
business
combinations 265 1,660 -- --
------ ------ ----- -----
Normalized
free cash
flow $ 27,705 $14,651 $2,675 $ 1,038
------ ------ ----- -----
View source version on businesswire.com: https://www.businesswire.com/news/home/20260217787459/en/
CONTACT: Press Contact:
David Carr
Similarweb
press@similarweb.com
Investor Contact:
Rami Myerson
Similarweb
rami.myerson@similarweb.com
(END) Dow Jones Newswires
February 17, 2026 16:15 ET (21:15 GMT)