Core Theme - The primary theme affecting the markets in 2026 is the concept of a "SaaSpocalypse," which suggests that vibe coding and agentic AI may disrupt established software companies and their recurring-revenue business models [1] Industry Insights - The article highlights the author's extensive experience in covering technology companies on Wall Street and working in Silicon Valley, providing insights into current industry trends [1] - The author has been involved as an adviser to several seed-round startups, indicating a deep understanding of emerging technologies and their potential impact on the market [1] Contributions and Influence - The author has been a regular contributor to Seeking Alpha since 2017, showcasing a long-standing engagement with investment analysis and market commentary [1] - The author's insights have been featured in various web publications and are syndicated to popular trading apps like Robinhood, reflecting a significant influence on retail investors [1]

Core Insights - Fiverr International Ltd. experienced a significant drop in stock price following the release of its Q4 2025 financial results, despite reporting modest revenue growth [1] Financial Performance - Total revenue for Q4 2025 reached $107.2 million, reflecting a 3.4% increase year-over-year, but fell within the lower end of the projected range of $104.3 million to $112.3 million [1] - Marketplace revenue for the quarter was $71.5 million, which represents a 2.7% decline compared to the same quarter the previous year [1] Buyer Metrics - The number of annual active buyers as of December 31 totaled 3.1 million, a decrease from 3.6 million a year earlier, indicating a decline of 500,000 buyers or 13.6% year-over-year [1]

Financial Data and Key Metrics Changes - Revenue for 2025 grew by 10%, accelerating from 8% in 2024 [4] - Adjusted EBITDA reached $92 million, up 23% year-over-year, with a margin of 21% [4] - Fourth quarter revenue was $107.2 million, up 3% year-over-year, with record adjusted EBITDA of $26.5 million and an adjusted EBITDA margin of 25% [15][16] - Free cash flow in Q4 2025 was $21.8 million [16] - For 2026, revenue is expected to be in the range of $380 million to $420 million, representing year-over-year growth of -12% to -3% [19][21] Business Line Data and Key Metrics Changes - Marketplace revenue in Q4 was $71.5 million, driven by 3.1 million active buyers and a spend per buyer of $342 [16] - Services revenue in Q4 was $35.6 million, representing year-over-year growth of 18% and accounting for 33% of total revenue [18] - GMV from transactions over $1,000 grew 22.8% year-over-year in Q4 [17] Market Data and Key Metrics Changes - The company is experiencing a shift in marketplace dynamics, with a decline in low-end transactions and an increase in high-value work [17][36] - Projects over $1,000 currently represent less than 15% of marketplace GMV but are growing at a rate of 23% year-over-year [8] Company Strategy and Development Direction - The company is transforming from a transaction-oriented marketplace to a trusted work platform, focusing on high-value, complex projects [5][10] - A multi-year execution plan is being developed around four pillars: matching, product, go-to-market, and operational excellence [11] - The company aims to prioritize high-value work and AI-native use cases, with a focus on building partnerships and expanding into enterprise channels [9][28] Management's Comments on Operating Environment and Future Outlook - Management believes that AI is reshaping access to talent and expanding project ambition, leading to increased demand for higher-value specialized work [7][12] - The company expects 2026 to be a transformational year, with significant investments in data infrastructure and product experience [11][19] - Management anticipates elevated volatility in marketplace revenue as the company deprioritizes low-end transactions [17] Other Important Information - The company has initiated a restructuring to accelerate its transformation and has appointed new leadership roles to support this transition [13][14] - The company maintains a disciplined capital allocation strategy, with $67.5 million remaining on its buyback authorization [19][73] Q&A Session Summary Question: Insights on execution plan around matching product and capital allocation - The company is deprioritizing low-end transactions to focus on high-end projects, which currently contribute less than 15% of revenues [26] - The balance sheet has approximately $300 million in cash, with a disciplined approach to M&A [30] Question: Financial implications of deprioritizing lower-end market - The deprioritization is aimed at directing resources towards high-end segments, which have shown significant growth [35][36] Question: Margin profile expectations post-transformation - Short-term EBITDA margins may see pressure due to increased investments, but long-term margins are expected to return to around 25% [41] Question: Revenue expectations for 2026 - Revenue is expected to decline in the second half of the year due to ongoing trends in the marketplace [60] Question: Free cash flow expectations for 2026 - Free cash flow is expected to follow EBITDA trends, with a midpoint EBITDA margin of 18% [68] Question: Building marketplace for recurring work - The company is upgrading data infrastructure and matching algorithms to optimize for recurring work [72] Question: Disconnect between new business formations and company performance - New business formations impact only a small part of the catalog focused on early-stage companies [77]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $107.2 million, a 3% year-over-year increase, while full-year revenue grew 10% from 2024 [15][4] - Adjusted EBITDA for Q4 was $26.5 million, with an Adjusted EBITDA margin of 25%, improving by 470 basis points year-over-year [16] - Free cash flow in Q4 was $21.8 million, and the company fully repaid a convertible note of $460 million during the same quarter [16] Business Line Data and Key Metrics Changes - Marketplace revenue in Q4 was $71.5 million, driven by 3.1 million active buyers and a spend per buyer of $342, with a marketplace take rate of 27.7% [16] - Services revenue in Q4 was $35.6 million, representing an 18% year-over-year growth and accounting for 33% of total revenue [18] - GMV from transactions over $1,000 grew 22.8% year-over-year in Q4, indicating a shift towards higher-value work [17] Market Data and Key Metrics Changes - The company noted a broader softness in SMB sentiment and muted freelancer hiring demand, impacting low-end transactions while high-value work continues to grow [17] - Projects over $1,000 currently represent less than 15% of marketplace GMV but are expected to become a larger contributor to overall business [8] Company Strategy and Development Direction - The company is transforming from a transaction-oriented marketplace to a trusted work platform, focusing on high-value, complex projects and AI-native work [5][10] - A multi-year execution plan has been developed, focusing on advanced matching technology, product transformation, go-to-market strategies, and operational excellence [11] - The company aims to capture opportunities in the AI-enabled economy, emphasizing the importance of human talent in conjunction with AI [12][10] Management's Comments on Operating Environment and Future Outlook - Management believes that AI is reshaping access to talent rather than reducing the need for human workers, with demand for higher-value specialized work accelerating [7][6] - The company expects elevated volatility in marketplace revenue in 2026 as it deprioritizes low-end transactions to focus on high-value work [17] - For 2026, revenue is expected to be between $380 million and $420 million, reflecting a year-over-year decline of 12% to 3% [19] Other Important Information - The company is committed to maintaining a disciplined capital allocation strategy, with $67.5 million remaining on its buyback authorization as of December 31, 2025 [19][74] - The leadership team is undergoing changes, with Esti assuming the CFO role and Jinjin stepping into a Chief Business Officer position [13][14] Q&A Session Questions and Answers Question: Insights on execution plan around matching product and capital allocation - The company is deprioritizing low-end transactions to focus on high-end projects, which currently contribute less than 15% of revenues, aiming for significant growth in this area [26] - On M&A, the company has $300 million in cash and is looking for opportunities that support high-end growth [30] Question: Financial implications of deprioritizing lower-end market - The deprioritization is intended to ensure resources are directed towards growing high-end segments, which have shown significant growth [35] - The company expects structural profitability of the core marketplace to remain above 20% [36] Question: Margin profile expectations post-transformation - Short-term EBITDA margins may be lower due to increased investments in R&D, but long-term margins are expected to return to around 25% [41] Question: Revenue expectations for 2026 - The company anticipates revenue declines in the lower-end market, while high-end segments are expected to grow, leading to an overall shift in revenue dynamics [62] Question: Building marketplace for recurring work - The focus is on enhancing data infrastructure and matching algorithms to optimize for recurring work, with a balanced approach to capital allocation between growth investments and buybacks [73][74]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $107.2 million, a 3% year-over-year increase, while full-year revenue grew 10% from 2024 [15][4] - Adjusted EBITDA reached $26.5 million in Q4, with an adjusted EBITDA margin of 25%, improving by 470 basis points year-over-year [16] - Free cash flow for Q4 was $21.8 million, and the company fully repaid a convertible note of $460 million during the same quarter [16] Business Line Data and Key Metrics Changes - Marketplace revenue in Q4 was $71.5 million, driven by 3.1 million active buyers and a spend per buyer of $342, with a marketplace take rate of 27.7% [16] - Services revenue for Q4 was $35.6 million, representing an 18% year-over-year growth and accounting for 33% of total revenue [18] - GMV from transactions over $1,000 grew 22.8% year-over-year in Q4, indicating a shift towards higher-value work [17] Market Data and Key Metrics Changes - The company noted a broader softness in SMB sentiment and muted freelancer hiring demand, impacting low-end transactions while high-value work continues to grow [17] - Projects over $1,000 currently represent less than 15% of marketplace GMV but are expected to become a larger contributor to overall business [7][8] Company Strategy and Development Direction - Fiverr is transitioning from a transaction-oriented marketplace to a trusted work platform, focusing on high-value, complex projects and AI-native work [5][10] - The company is prioritizing investments in matching technology, product experience, and operational excellence to support this transformation [11] - A multi-year execution plan has been developed to enhance the platform's capabilities and expand into enterprise and AI-native distribution channels [11] Management's Comments on Operating Environment and Future Outlook - Management believes that AI is reshaping access to talent rather than eliminating jobs, creating opportunities for higher-value specialized work [6][12] - The company expects 2026 to be a transformational year, with significant investments aimed at positioning for accelerated growth in 2027 and beyond [12][19] - There is an anticipated decline in low-end transactions due to AI solutions, while high-end segments are expected to grow significantly [37][66] Other Important Information - The company has initiated a restructuring to accelerate its strategic shift, with new leadership roles being established to enhance execution [12][13] - The guidance for 2026 revenue is projected to be between $380 million and $420 million, reflecting a year-over-year decline of 12% to 3% [19][20] Q&A Session Summary Question: Insights on execution plan around matching product and capital allocation - Management emphasized the focus on high-end projects and the need to deprioritize low-end transactions to drive growth [26][30] Question: Financial impact of deprioritizing lower-end market - Management clarified that the deprioritization is aimed at reallocating resources to high-end segments, which are expected to grow, while maintaining a healthy cash flow [36][37] Question: Margin profile post-transformation - Short-term EBITDA margins are expected to be lower due to increased investments, but long-term margins are anticipated to return to previous levels [41][42] Question: Revenue expectations for 2026 - Management indicated that revenue guidance reflects ongoing trends and uncertainties in the marketplace, particularly in low-end services [70] Question: Free cash flow expectations for 2026 - Free cash flow is expected to follow EBITDA trends, with a midpoint EBITDA margin of 18% [72] Question: Recurring work and product functionalities - The company is focused on enhancing data infrastructure and matching algorithms to support recurring work [76] Question: Buybacks versus M&A prioritization - Management maintains a balanced approach to capital allocation, continuing buybacks while being opportunistic in M&A [77]

Core Insights - Fiverr International (FVRR) reported quarterly earnings of $0.86 per share, exceeding the Zacks Consensus Estimate of $0.76 per share, and showing an increase from $0.64 per share a year ago, resulting in an earnings surprise of +13.16% [1] - The company posted revenues of $107.17 million for the quarter ended December 2025, which was 1.41% below the Zacks Consensus Estimate, but an increase from $103.67 million year-over-year [2] Earnings Performance - Fiverr has surpassed consensus EPS estimates two times over the last four quarters, with the most recent quarter showing an earnings surprise of +10% [2] - The current consensus EPS estimate for the upcoming quarter is $0.70, with expected revenues of $111.29 million, and for the current fiscal year, the EPS estimate is $3.05 on revenues of $453.57 million [7] Stock Performance and Outlook - Fiverr shares have declined approximately 33.7% since the beginning of the year, contrasting with the S&P 500's zero return [3] - The company's Zacks Rank is currently 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [6] Industry Context - The Internet - Commerce industry, to which Fiverr belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Fiverr International Ltd. reported a 10.1% year-over-year revenue growth for 2025, reaching $430.9 million, while maintaining a strong Adjusted EBITDA margin of 21.3% [4][10] - The company is undergoing a transformation plan to enhance its marketplace capabilities, focusing on high-value projects and aligning its leadership structure to support scalability [2][4] - The CEO emphasized the importance of human talent in an increasingly AI-driven economy, positioning Fiverr as a bridge between businesses and exceptional talent [2] Financial Performance - Fourth quarter revenue for 2025 was $107.2 million, a 3.4% increase from $103.7 million in Q4 2024 [5] - Annual active buyers decreased by 13.6% to 3.1 million, while annual spend per buyer increased by 13.3% to $342 [5][17] - Services revenue grew significantly by 50.9% year-over-year to $133.4 million, while marketplace revenue declined by 1.8% to $297.5 million [10][17] Operational Highlights - The company saw a 22.8% growth in GMV from transactions over $1,000, indicating a shift towards more complex projects [4] - Adjusted EBITDA for Q4 2025 was $26.5 million, with an Adjusted EBITDA margin of 24.7%, reflecting a 470 basis points improvement year-over-year [5] - The transformation plan initiated in September aims to enhance trust, quality, and AI-native capabilities, with expected measurable progress in the next four to six quarters [4] Leadership Changes - Ofer Katz continues as President while Esti Levy Dadon has been promoted to CFO, focusing on strategic investments and M&A efforts [11] - Jinjin Qian has been appointed as Chief Business Officer, overseeing revenue and business operations [11] Future Outlook - For Q1 2026, revenue guidance is set between $100 million and $108 million, with full-year 2026 guidance ranging from $380 million to $420 million, reflecting uncertainty due to the ongoing transformation [7][8] - The company is prioritizing product innovation and platform re-architecture investments while maintaining a disciplined capital allocation strategy [2][4]

Core Insights - Fiverr International (FVRR) is set to report its fourth-quarter 2025 results on February 18, 2026, with projected net sales between $104.3 million and $112.3 million, indicating a growth of 1% to 8% compared to the fourth quarter of 2024, reflecting macroeconomic uncertainty [1][8] - The Zacks Consensus Estimate for net sales stands at $108.71 million, suggesting a growth of 4.86% from the previous year's quarter [1] - The estimated earnings for the fourth quarter are 76 cents per share, showing an 18.75% increase from the year-ago quarter [2] Financial Performance - FVRR's adjusted EBITDA for the fourth quarter is projected to be between $23.9 million and $27.9 million, with a margin of 24% at the midpoint [7] - The company has a history of earnings surprises, with a 10% surprise in the last reported quarter, having beaten the Zacks Consensus Estimate once in the last four quarters [5] Market Trends - The U.S. independent professional workforce grew by 4.3% to an estimated 6.9 million, indicating a positive trend in freelance work [9] - Demand for AI-related services has surged, with AI video creator demand increasing by 66%, searches for AI automation rising by 136%, and prompt engineering growing by 76% [9] Stock Performance - Fiverr shares have declined by 36% over the past six months, underperforming both the Zacks Retail-Wholesale sector and the Zacks Internet – Commerce industry [10] - The stock is currently trading at a forward price-to-sales multiple of 1.08x, which is below the industry average of 1.86x, indicating a potentially undervalued position [13] Strategic Initiatives - The company underwent an AI-focused restructuring in September 2025, resulting in a 30% reduction in workforce, which is expected to enhance profitability and margin expansion [7][8] - Management is targeting a 25% adjusted EBITDA margin by 2026, reflecting a strategic shift towards higher-value projects and AI-powered marketplace capabilities [14]

DHI Group (NYSE: DHX) Conference Summary Company Overview - DHI Group operates two tech-oriented recruiting platforms: ClearanceJobs and Dice, which connect employers with tech talent in the U.S. [4][5] - The company is headquartered in Denver, Colorado, and is listed on the New York Stock Exchange under the symbol DHX [4]. Financial Performance - In 2025, DHI Group reported $128 million in revenue and $126 million in bookings, with a five-year CAGR of 2% for revenue and a decline of 1% for bookings [7]. - Adjusted EBITDA was $35 million, resulting in a 27% Adjusted EBITDA margin [7]. - The company generated $21 million in operating cash flow and $14 million in free cash flow [7]. - Over 90% of revenue is recurring, with a significant portion coming from subscription contracts [6][20]. Market Dynamics - The tech staffing sector, which constitutes over 80% of Dice's revenue, is beginning to recover after a hiring recession [7][32]. - The U.S. tech workforce has grown by approximately 3% annually over the past 30 years, with a forecasted growth of at least 15% over the next decade [9][14]. - The average salary for tech professionals in the U.S. is around $111,000, significantly higher than the average worker's salary of $50,000 [11]. Competitive Advantages - DHI Group differentiates itself through specialized search algorithms that focus on tech skills rather than job titles [5]. - The company has a unique skills taxonomy that categorizes over 100,000 tech skills, which is patented and central to its value proposition [16]. - ClearanceJobs is the leading platform for accessing technology professionals with government clearances, a niche not served by competitors like LinkedIn [10]. Recent Developments - DHI Group has introduced a self-service option for managing Dice subscriptions and is testing a premium candidate experience for ClearanceJobs [6]. - The company acquired Agile ATS, an applicant tracking system optimized for government hiring, which has seen revenue growth since its integration [6][35]. - A share buyback program was reinstated, with $11.4 million worth of shares repurchased in 2025 [8]. Future Outlook - The U.S. defense budget is expected to increase significantly, providing opportunities for ClearanceJobs to expand its services to existing contractors [13][36]. - DHI Group aims to achieve a 25% Adjusted EBITDA margin for 2026 and is targeting growth in a normalized demand environment [23][30]. - The company plans to continue exploring tuck-in acquisitions to enhance its service offerings [36]. Challenges - The HR tech space has faced challenging market conditions, with bookings and revenue declining year-over-year [23][30]. - Dice's bookings have a five-year CAGR of -7%, with recent quarters showing a decline in revenue [29]. Key Metrics - ClearanceJobs revenue in 2025 was $55 million, with a five-year CAGR of 12% [28]. - Dice revenue in 2025 was $73 million, with a five-year CAGR of -4% [28]. - ClearanceJobs has a 90% revenue renewal rate and a 109% retention rate [28]. Conclusion - DHI Group is positioned to capture growth in tech hiring, supported by a strong subscription model and a focus on specialized tech recruitment [31].

London, UK & New York, USA, Feb. 03, 2026 (GLOBE NEWSWIRE) --  HiBob, the company behind Bob, the people management platform transforming how organizations work and helping businesses adapt to the age of AI, today announced it has been named Best Collaborator Partner of the Year – Tech Alliances in the Zendesk 2026 Partner of the Year Awards. HiBob’s integration with Zendesk enables organisations to better connect people operations with service delivery, helping teams work more efficiently while maintaining ...