0001178913-26-000858
SEC filingFiverr International Ltd. (FVRR) reported FY 2025 revenue of $430.9M, up 10.1% YoY from $391.5M in 2024, driven by 50.9% growth in services revenue to $133.4M (31% of total) offsetting a 1.8% decline in marketplace revenue to $297.5M. Gross profit rose 9.6% to $351.5M with stable 81.6% margin. Operating loss narrowed to -$1.2M from -$15.8M, reflecting cost discipline amid restructuring. Net income improved to $21.0M ($0.58 basic EPS) from $18.2M ($0.49). Marketplace GMV fell 2.2% to $1,073.0M due to 13.6% drop in annual active buyers (3.1M) partially offset by 13.3% higher spend per buyer ($342). Strong operating cash flow of $104.6M supported $32.5M share repurchases and $20.1M acquisitions. Balance sheet strengthened with $684.6M total assets, $412.0M equity, and $125.2M cash despite $460.0M convertible notes repayment. Upmarket shift and services expansion position Fiverr for AI-driven growth amid SMB headwinds.
Fiverr achieved FY 2025 revenue of $430.9M, +10.1% YoY from $391.5M, with services revenue surging 50.9% to $133.4M (31% mix) offsetting marketplace revenue decline of 1.8% to $297.5M. Gross profit grew 9.6% to $351.5M (81.6% margin vs 82.0%). Operating loss narrowed to -$1.2M from -$15.8M amid $352.7M opex. Net income rose 15.0% to $21.0M ($0.58 basic EPS vs $0.49). Marketplace GMV contracted 2.2% to $1,073.0M as annual active buyers fell 13.6% to 3.1M, offset by 13.3% higher spend per buyer ($342). Cash position strengthened to $125.2M post-$460M notes repayment.
Marketplace revenue $297.5M (-1.8% YoY) reflected GMV decline amid SMB weakness and AI disruption to low-skilled services. Take rate stable at 27.7% (vs 27.6%). Services revenue $133.4M (+50.9%) from Fiverr Ads, Seller Plus, AutoDS growth. Geographic: U.S. $205.4M (48%), Europe $120.8M (28%), APAC $64.9M (15%). Upmarket focus drove higher-value cohorts despite buyer contraction.
Gross margin 81.6% (vs 82.0%) as cost of revenue +12.5% to $79.4M from hosting, amortization. Opex $352.7M (+4.8%) with R&D stable at $90.7M, sales/marketing +2.9% to $176.7M, G&A +14.1% to $85.3M (earn-out revaluation $15.6M). Operating margin -0.2% vs -4.0%. Financial income $24.6M from investments. Tax benefit $2.4M.
Operating cash flow $104.6M (+26%) from $21.0M net income, $51.4M SBC, working capital. Investing $378.6M inflow from $352.2M securities maturities, offset $20.1M acquisitions. Financing -$491.8M from $460M notes repayment, $32.5M repurchases. Total assets $684.6M (down from $1.1B), equity $412.0M. Current ratio strong at $480.6M assets vs $248.9M liabilities.
Management highlights AI transformation, upmarket/high-skilled services focus amid SMB headwinds. Services expansion key growth driver. Risks: AI disruption, macro slowdown, competition. Restructuring (30% workforce cut) targets efficiency for AI-native capabilities.