Fiverr (FVRR.N): 1st Look: AI Pressuring Transactional Demand, Though Progress Upmarket Improving

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Fiverr (FVRR.N): 1st Look: AI Pressuring Transactional Demand, Though Progress Upmarket Improving

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29 Jul 2026 09:32:58 ET │ 10 pages

Fiverr (FVRR.N)

1st Look: AI Pressuring Transactional Demand, Though Progress

Upmarket Improving

CITI'S TAKE Neutral / High Risk

Price (28 Jul 26 16:00) US$11.59 Fiverr reported 2Q results and 3Q guidance below expectations.

Target price US$15.00 Revenue of $98M (-10% Y/Y, 42.5% overall take rate) came in ~2% below

FactSet consensus as annual active buyers declined 22% to 2.7M given Expected share price return 29.4%

the mix-shift to higher-valued projects, offset with Spend per Buyer +16% Expected dividend yield 0.0%

Y/Y to $368 as more complex projects ramp. To that, clients completing Expected total return 29.4%

$1K+ projects +13% Y/Y with strength in Programming & Tech and Market Cap US$417M

Graphics & Design categories. We are most focused on FVRR’s

Transformation Plan, which management now believes is likely to take 6+

quarters to fully materialize as investments in matching and changes in

FVRR’s Go-to-Market take hold. EBITDA of $17.5M (17.9% margin) came in Ronald JoseyAC

~3.5% below consensus. 3Q revenue and EBITDA guidance came in ~15% +1-212-816-4545

and ~41% below consensus, respectively, as Fiverr highlighted a ronald.josey@citi.com

deceleration in overall marketplace demand and traffic alongside ongoing Jake Hallac, CFA

softness in categories most susceptible to AI automation. +1-212-816-2001

jake.hallac@citi.com

Jamesmichael Sherman-Lewis

+1-415-627-6014

• On the call, we’ll be focused on: 1) Demand for higher-end, high-valued jamesmichael.shermanlewis@citi.com

work given clients completing $1K+ projects +13% YY and now account for

15% of TTM GMV; 2) Go-to-Market strategy given mix-shift to higher-end