VerticalScope (FORA) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $11.6M, down from $13.6M year-over-year, reflecting lower programmatic impressions but offset by 7% growth in direct advertising.

• Net loss widened to $3.1M from $2.4M year-over-year, mainly due to $5.1M in non-cash depreciation and amortization.

• Operating cash flow increased 20% year-over-year to $3.5M, with an 86% Free Cash Flow conversion rate.

• Strategic partnership with AltaML launched to accelerate AI and agentic workflow integration.

Financial highlights

• Adjusted EBITDA was $2.3M, down from $3.6M year-over-year, with a 20% Adjusted EBITDA Margin.

• Free Cash Flow was $2.0M, compared to $3.1M in the prior year.

• Total liquidity stood at $75.6M, including $19.6M in unrestricted cash.

• $12M was repaid on the revolving credit facility in April, optimizing the capital structure.

Outlook and guidance

• Management expects stabilization and growth in monthly active users (MAU) and direct advertising bookings.

• AI and agentic workflows are prioritized for investment to drive operating leverage and efficiency.

• Anticipates further cost optimizations and reinvestment into AI initiatives in upcoming quarters.