Thinkific Labs (THNC) Investor presentation summary

Financial highlights

• Annual recurring revenue reached $61M, up 5% year-over-year, with $73M in LTM revenue, a 9% increase YoY.

• Gross payments volume was $273M (+36% YoY), and gross merchandise volume was $460M (flat YoY).

• Monthly ARPU rose to $175 (+5% YoY), and cash on hand was $51M with no debt.

• Adjusted EBITDA for the last twelve months was $4.0M, representing a 6% margin.

• Q4 2025 revenue was $18.7M (+6% YoY), with $1M in adjusted EBITDA for the quarter.

Business model and platform

• The platform enables businesses to monetize expertise through courses, communities, and digital products.

• Commerce features like order bumps, buy now/pay later, gifting, and smart retries drive higher transaction sizes and revenue.

• Thinkific Plus targets larger customers with advanced analytics, B2B tools, and enterprise flexibility.

• AI-powered features enhance learner engagement, automate content creation, and streamline operations.

• The platform supports blended learning, community spaces, and integrated student experiences.

Customer base and market positioning

• Customers include training companies, subject matter experts, and market-leading enterprises across diverse industries.

• Positioned in a large, fragmented learning commerce market, focusing on a differentiated segment with significant SAM.

• Serves a large, underserved market with high-value, low-churn customers, especially through Thinkific Plus.

• Customer success stories highlight significant revenue generation and market impact for clients.

• Internationalization and upmarket moves are driving adoption in the UK, EU, and among higher GMV customers.