Trustpilot (LSE:TRST) shares fell more than 18% in early London trading after the company reported a $1 million net loss for the first half of 2026, compared with a $2 million profit a year earlier.
Revenue increased 23% to $151.4 million, or 19% at constant currency, while bookings rose 22% to $171.2 million.
Adjusted EBITDA increased 46% to $26.3 million from $18.0 million, with the adjusted EBITDA margin rising 2.8 percentage points to 17.4%.
On a statutory basis, operating profit declined 18% to $4.4 million. The results included $6 million of non-recurring items, comprising an AGCM antitrust fine and a provision relating to historical US sales taxes.
Annual Recurring Revenue Reaches $313 Million
Trustpilot reported annual recurring revenue of $313 million, an increase of 15%, while net dollar retention declined to 101% from 103%.
Enterprise new customer additions increased 41% year on year, with Expedia, Halfords and Bending Spoons among the customers added during the period.
North American bookings increased 27%, while revenue in the region rose 23%. Bookings in Europe and the Rest of World also increased 27%, with UK bookings up 15%.
Adjusted free cash flow increased 5% to $16 million.
Chief Executive Adrian Blair said the company delivered a strong first half, with bookings increasing 18% at constant currency. He also identified artificial intelligence as a potential source of demand, saying Trustpilot’s data is increasingly being used in how AI systems evaluate and recommend companies.
Trustpilot Reaffirms Full-Year Guidance
Trustpilot maintained its full-year guidance following the first-half results.
The company continues to expect high-teens percentage revenue growth at constant currency and an expansion in its adjusted EBITDA margin of between two and three percentage points.
Marcus Roy Takes Over as Chief Financial Officer
Trustpilot also confirmed that Marcus Roy became Chief Financial Officer and joined the board on September 14, as previously announced in March.
Hanno Damm stepped down from the board on the same date. He is expected to remain with the company until October 2026 to assist with the transition.
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