Life360: 1Q Rev/ EBITDA beat but modest FY raise & user outlook weighs on sentiment

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Life360: 1Q Rev/ EBITDA beat but modest FY raise & user outlook weighs on sentiment

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Life360

1Q Rev/ EBITDA beat but modest FY raise

& user outlook weighs on sentiment

Reiterate Rating: BUY | PO: 28.00 AUD | Price: 20.11 AUD

1Q beats on Rev/ paying circles; user growth disappoints 12 May 2026

1Q Rev/ EBITDA of $143mn/ $17mn was above Street estimates at $138mn/ $15mn. In Equity

1Q, PC net adds accelerated to 200k QoQ vs. Street expectations of 140k. However,

total MAUs growth decelerated to 17% y/y and was slightly below the Street

Key Changesexpectations at 18%. Life360 has raised high end of its FY26 revenue and EBITDA guide

by $5mn and $2mn respectively but lowered MAU growth outlook to 17-20% y/y (vs (US$) Previous Current

20% guided previously) as technical issues impacted new user registrations in 1Q/QTD. 2026E EPS 0.62 0.65

High-value user growth intact despite headline MAU miss 2027E2028E EPSEPS 1.111.48 1.101.29

The durability of MAU growth remains a key debate on the stock and the guidance

downgrade on 2026 MAU growth is likely to add to those concerns. We look through the Sriharsh Singh >>

near-term miss and stay positive on the medium-term opportunity as underlying Research Analyst

Merrill Lynch (Australia)

engagement trends remain relatively resilient than the headline numbers suggest. In 1Q, +61 2 9226 5308

majority of the MAU shortfall came from lower-monetizing international regions tied to sriharsh.singh@bofa.com

lower-end Android devices, while higher-value international markets remained strong, Nitin Bansal, CFA

Research Analyst

with UK MAUs growing 25% y/y, Canada 32%, and ANZ 24%. In our view, the launch of BofAS

Uber integration in 2H should lift user awareness and help accelerate MAU growth. +1 415 676 3551 nbansal7@bofa.com