Q2 Initial: Guidance Cut Points to Sharply Decelerating Trends in Q3

研报英文原文证据摘录

Q2 Initial: Guidance Cut Points to Sharply Decelerating Trends in Q3

Global Research

29 July 2026ab

First Read

EquitiesFiverr International Ltd

Q2 Initial: Guidance Cut Points to Sharply Americas

Decelerating Trends in Q3 Internet Services

12-month rating Neutral *

12m price target US$13.00

Shares Likely Lower on Q2 Shortfall, Sharp Downshift Guided in Q3

FVRR shares could be under meaningful pressure today after the company slightly

missed Q2 expectations and guided for a sharp deceleration in Q3 citing pressures from Price (28 Jul 2026) US$11.59

AI automation / low-value projects which are outpacing growth in higher-value projects. RIC: FVRR.N BBG: FVRR US

Revenue trajectory is expected to decelerate from -10% in Q2 to an 18-26% decline in

Trading data and key metrics

Q3, with management citing softening traffic in July. We think the lower guidance likely

sets into motion a fresh round of estimate cuts likely resulting in further declines in 52-wk range US$26.67-9.62

revenue into 2027 (Street currently has stabilization), putting the AI disintermediation Market cap. US$0.42b

risk at the forefront. Shares o/s 36.4m (COM)

Free float 86%

Key Q2-26 Metrics Avg. daily volume ('000) 247

Adjusted EBITDA was $17.5m, slightly below consensus of $18.2m and UBSe of Avg. daily value (m) US$2.7

$18.8m. EBITDA was below the midpoint of guidance range of $16-20m. Common s/h equity (12/26E) US$0.46b

Adjusted EBITDA margin was 17.9%, down 180bps yoy and below our 18.9% P/BV (12/26E) 1.0x

estimate. Net debt to EBITDA (12/26E) NM

Revenue was $98m, below consensus of $100m and UBSe of $99m. This EPS (UBS, diluted) (USD)

compares to guidance of $95-103m. Revenue was -10% yoy. Marketplace 12/26E

revenue -15% yoy vs. our -14% estimate, while Services revenue of $34.6m was UBS Cons.