1Q26 First Take – Solid Qtr, but 2H Rev Ramp and CEO Succession Add Uncertainty

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1Q26 First Take – Solid Qtr, but 2H Rev Ramp and CEO Succession Add Uncertainty

Israel | Software

Similarweb EquityMayResearch13, 2026

FLASH NOTE1Q26 First Take – Solid Qtr, but 2H Rev Ramp

RATING BUYand CEO Succession Add Uncertainty

PRICE $3.12^

Solid 1Q results at the high end of guidance, and a +70 bps raise to the low

end of full-year guidance, to +8.6-11.5% y/y, point to no further deterioration PRICE TARGET | % TO PT $4.50 | +44%

in demand. However, NRR flat q/q at 98%, despite record-high GRR, suggests 52W HIGH-LOW $10.75 - $2.22

upselling remains difficult. Onboarding a large AI provider, expansion of the AI FLOAT (%) | ADV MM (USD) 56.4% | 1.73

pipeline, and improving sales force productivity are positives, but a 2H implied MARKET CAP $270.2M

ramp and the CEO's plan to step down in mid-2027 add some uncertainty. TICKER SMWB ^Prior trading day's closing price unless otherwise

noted.

1Q results solid. Revenues of $73.9M (+10% y/y) were slightly below our estimate but above

consensus (JEFe: $74.2M, Consensus: $73.0M), and at the top end of guidance of $72-74M. This

was primarily driven by new sales, upsells, and growth in AI-related revenues, with the number of

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customers growing +5% y/y. Importantly, one of the two large AI providers that were expected to

onboard as clients in 4Q did sign this quarter. Meanwhile, talks with the other provider continue SMWB, SPT—Model Updates Post 4Q

to progress, alongside a pipeline of additional data deals. On profitability, adj operating margins of (3/2/2026)

3.2% were above expectations (JEFe: 2.7%, Consensus: 2.5%) and towards the high end of guidance

of 0.7-3.5%. Margins reflected cost management and improved sales productivity, leading to the 4Q25 First Take—Disappointing Results