Thryv Misses by $2.16 as Loss Widens to $2.32 Per Share

Thryv reported a loss of $2.32 per share for the third quarter on Monday, missing analysts' consensus estimate of a $0.16 loss by $2.16. Revenue came in at $118.94 million against expectations of $145.67 million. The company also posted a negative return on equity of 7.36% and a negative net margin of 2.27%.

The numbers landed hard, but the quarter carried more than one story. Behind the headline loss sits a company selling its AI platform faster than planned while it unwinds a legacy print business.

What is working in the software business?

The AI-powered Growth Platform, launched in August, has sold to roughly 1,500 customers — about 190% of plan. Growth products rose 16% year over year and now account for more than 60% of SaaS revenue, the company said.

Third-quarter SaaS revenue reached $112 million. SaaS Adjusted EBITDA came in at $9.5 million, beating comparable guidance by more than $5 million. SaaS ARPU rose 2% to $373, while the quality-client revenue mix improved. Seasoned net revenue retention stood at 89%, and Thryv ended the quarter with 98,000 subscribers.

In plain terms: the core software unit beat its own targets even as the consolidated results missed the Street.

How does the print exit reshape the balance sheet?

The planned $142 million sale of the print directories business, expected to close in the fourth quarter, would bring print-related cash proceeds to roughly $292 million — near the top of the company's prior forecast, and achieved far sooner than planned. Thryv expects to use net proceeds to repay debt and other liabilities.

That matters for a company carrying a debt-to-equity ratio of 0.99, with a quick ratio and current ratio of 1.00 each.

What comes next for guidance?

Thryv forecast fourth-quarter SaaS Adjusted EBITDA of negative $4.5 million to negative $5.5 million, citing restructuring and cost-allocation effects. Full-year SaaS revenue guidance stands at $453–$454 million, with SaaS Adjusted EBITDA of $16.5–$17.5 million — below 2025's continuing-operations results.

Where did the stock and the analysts land?

Shares traded up $0.10 in midday trading on Monday, reaching $1.28 on volume of 771,114 shares against an average of 867,377. The stock's fifty-day moving average sits at $1.55; its 200-day average at $2.98. The one-year range runs from a low of $1.09 to a high of $6.60.

The company's market capitalization now stands at $56.88 million, with a price-to-earnings ratio of -3.46 and a beta of 0.89.

Brokerages have moved in different directions:

• Wall Street Zen downgraded Thryv from "hold" to "sell" on Saturday, August 8th.
• Royal Bank of Canada cut its target price from $3.00 to $2.00 on Wednesday, October 28th, keeping a "sector perform" rating.
• Needham & Company LLC reiterated a "buy" rating on Tuesday, August 4th.
• Weiss Ratings downgraded Thryv from "sell (d)" to "sell (e+)" on Thursday, August 13th.

Across the coverage, one analyst rates the stock a Buy, two rate it a Hold and one rates it a Sell. MarketBeat data shows a consensus rating of "Hold" with an average price target of $4.00.

What did the CEO do with his own money?

CEO Joe Walsh bought 25,000 shares on Friday, September 18th, at an average cost of $1.80 per share — a total of $45,000. The purchase lifted his position by 3.28%, leaving him with 788,099 shares valued at $1,418,578.20. The transaction was disclosed in a Securities and Exchange Commission filing. Insiders own 10.50% of the company's stock.

Thryv Holdings, Inc provides software and digital marketing services for small and medium-sized businesses. Its platform manages customer relationships, appointments, communications, estimates, invoices, payments and online reviews through a centralized system, alongside tools for website and social media management, online presence, lead generation, automated communications and reputation management.

The takeaway: a large miss on paper, a faster-than-planned AI rollout, and a print exit that could pay down debt before year-end.