GET DAILY SIGNALSThryv Holdings (THRY) Reports Q3 2026 Results During Shift to Pure-Play SaaS
Key Takeaways
- Thryv reported third-quarter 2026 total revenue of $118.9 million, with SaaS (software as a service) revenue of $112.0 million landing near the top of guidance but declining 3.3% year over year.
- The company posted a net loss of $116.0 million, driven largely by a $94.8 million non-cash goodwill impairment tied to the separation of its legacy print directories business.
- SaaS adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose to $9.5 million from $5.6 million a year earlier, with adjusted gross margin of 69.3%.
- Thryv agreed to sell its print Yellow Pages and White Pages directories business to Carolwood L.P. for $142 million, accelerating its transformation into a pure-play SaaS company.
- Growth products revenue climbed 16% year over year and now represents roughly 60% of SaaS revenue, following the August launch of the Thryv Growth Platform.
- Shares fell sharply in after-hours trading as investors weighed the top-line decline and impairment charge against improving profitability metrics.
Earnings Context and Why It Matters
Thryv Holdings (THRY) is navigating one of the most significant transitions in its history. The company is exiting its 140-year-old print directories business to focus entirely on software for local service businesses. With the print operations now shown as discontinued, these results give investors a clearer view of the SaaS economics that will define the company going forward. This quarter also marked the first full period after the August launch of the AI-powered Thryv Growth Platform, providing an early test of whether the repositioning is delivering sustainable growth and better margins.
Reported Results
Thryv Holdings (THRY) reported third-quarter 2026 total revenue of $118.9 million, below consensus expectations of roughly $150.5 million. SaaS revenue came in at $112.0 million, at the high end of guidance but down 3.3% year over year, while Marketing Services revenue dropped to $6.9 million from $21.5 million a year earlier as the legacy segment winds down. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
The company recorded a net loss of $116.0 million, mainly from a $94.8 million non-cash goodwill impairment tied to the print separation. On a continuing-operations basis, SaaS adjusted EBITDA increased to $9.5 million from $5.6 million a year ago, and SaaS adjusted gross margin improved to 69.3%. SaaS ARPU rose 2% year over year to $373, the company ended the quarter with about 98,000 SaaS subscribers, and seasoned NRR stood at 89%. Free cash flow was $4.7 million, and net debt was $236 million, or 2.5 times leverage.
Market Reaction and Investor Sentiment
The market reaction was sharply negative. After closing the regular session up 8.94% at $1.28, THRY shares dropped about 30% to $0.89 in after-hours trading. Investors focused on the revenue miss and the large impairment rather than the margin progress. Management highlighted that the company beat its recast third-quarter SaaS adjusted EBITDA guidance by more than $5 million on a like-for-like basis. This gap shows the challenge in persuading the market that the shrinking top line is a planned part of the restructuring rather than a demand issue.
Forward Outlook and Key Factors to Monitor
Management has noted that the fourth quarter of 2026 will look messy as the 140-year-old directory business unwinds. With the print sale to Carolwood L.P. expected to close in the fourth quarter, attention will turn to how net proceeds are used to cut debt and improve the balance sheet.
On costs, the restructuring program running from mid-2026 through mid-2027 remains key. Management expects about $60 million in run-rate savings, with roughly half recognized in 2026 and the rest in the first half of 2027. The question is whether these savings can lift SaaS adjusted EBITDA margins meaningfully starting in early 2027.
Finally, tracking the Thryv Growth Platform’s adoption and the shift of Marketing Services clients to SaaS will be important. Management expects Marketing Services to stop being a material segment by the second half of 2027. How well Thryv stabilizes revenue and improves NRR during this migration will shape how the market values the simplified business.
Using Tickeron’s AI Screener for Deeper Insights
I often turn to Tickeron’s AI Screener when reviewing earnings like these. It lets me quickly filter for comparable companies by industry, margins, and recent performance, helping me put Thryv’s results in context without spending hours on manual checks. The tool has become a regular part of my process for spotting patterns across the sector.
Disclaimer
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Contributor
Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.
THRY's Indicator enters downward trend
The Aroon Indicator for THRY entered a downward trend on November 09, 2026. Tickeron's A.I.dvisor identified a pattern where the AroonDown red line was above 70 while the AroonUp green line was below 30 for three straight days. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options. A.I.dvisor looked at 283 similar instances where the Aroon Indicator formed such a pattern. In 250 of the 283 cases the stock moved lower. This puts the odds of a downward move at 88%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Stochastic Oscillator may be shifting from an upward trend to a downward trend. In 46 of 53 cases where THRY's Stochastic Oscillator exited the overbought zone, the price fell further within the following month. The odds of a continued downward trend are 87%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where THRY declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 84%.
Bullish Trend Analysis
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where THRY's RSI Oscillator exited the oversold zone, 24 of 38 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 63%.
The Momentum Indicator moved above the 0 level on November 09, 2026. You may want to consider a long position or call options on THRY as a result. In 57 of 85 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are 67%.
The Moving Average Convergence Divergence (MACD) for THRY just turned positive on October 22, 2026. Looking at past instances where THRY's MACD turned positive, the stock continued to rise in 32 of 44 cases over the following month. The odds of a continued upward trend are 73%.
Following a +4.84% 3-day Advance, the price is estimated to grow further. Considering data from situations where THRY advanced for three days, in 178 of 275 cases, the price rose further within the following month. The odds of a continued upward trend are 65%.
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of 23 (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (0.247) is normal, around the industry mean (-1.906). P/E Ratio (-3.264) is within average values for comparable stocks, (9.554). Projected Growth (PEG Ratio) (0.000) is also within normal values, averaging (2.824). Dividend Yield (0.000) settles around the average of (0.069) among similar stocks. P/S Ratio (0.123) is also within normal values, averaging (70.383).
The Tickeron Seasonality Score of 75 (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Price Growth Rating for this company is 89 (best 1 - 100 worst), indicating slightly worse than average price growth. THRY’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 93 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is 98 (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 100 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. THRY’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 94, placing this stock worse than average.
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