Q1/F26: Adj. EBITDA Misses On Higher Spending

研报英文原文证据摘录

Q1/F26: Adj. EBITDA Misses On Higher Spending

Health Care Services & Technology

kneat.com, inc.

TD SECURITIES INC. - CANADA QUICK TAKE: EARNINGS UPDATE

May 14, 2026

Price: C$5.09 (05/13/2026) Q1/F26: Adj. EBITDA Misses On Higher

Price Target: C$6.00 Spending

BUY (1)

ESG SCORE: 68/100

David Kwan, CFA^ THE TD COWEN INSIGHT

604 654 3455

Although KSI delivered a modest beat on revenue, it was lower quality (driven by PS). Organic

david.kwan@tdsecurities.com

growth remains strong and well above industry growth, but it continues to decelerate, while

Firuz Yakhyayev, CFA^ higher spending drove the Adj. EBITDA miss and there was a surge in A/R. We think the stock is

416 983 4186 likely to give back some of its recent sharp gains, but that the strategic review should provide

firuz.yakhyayev@tdsecurities.com

some downside support.

Key Data

Symbol TSX: KSI-T Event: After market close, KSI reported its Q1/F26 results. Conference Call: Thursday, May 14,

Market Cap C$490.4MM 9:00 a.m. ET (webcast link).

General: Insiders own ~20.5% of basic shares outstanding.

Impact: SLIGHTLY NEGATIVE; strategic review should help limit downside from the Adj.

EBITDA miss

Professional services drives revenue beat. Q1 revenue increased 22% y/y to C$18.0mm, ~2%

above our estimate and consensus. The beat was lower quality, as it was driven by much

higher-than-expected PS revenue of C$1.5mm, well above our C$0.9mm forecast. PS revenue

benefited from one large contract in particular.

Organic SaaS and ARR growth continues to decelerate. SaaS revenue grew 20% y/y to C

$16.5mm, in line with our forecast. This compares to the ~30%-40% organic growth over the

last year.

SaaS ARR grew 21% y/y to $76.4mm, also in line with our forecast. This compares to 52% y/y

growth LY and 24% y/y growth LQ.