Revenue — no API Ninjas consensus estimate for this event
Verdict
Revenue reached $130.8m against $6.3m a year ago, roughly 1,970% growth, with the enterprise customer base up to more than 1,640 from just over 950 at year-end.
Gross profit of $63.9m at a 48.9% margin sits far below the above-90% margin management claims for the core software business; the loyalty acquisition and professional services carry the mix down.
Reported net loss widened to $139.5m from $57.9m, of which $41.5m is share-based compensation and $20.4m is depreciation and amortization; the adjusted EBITDA loss was $32.6m.
Guidance is unchanged: approximately $360m of FY2026 revenue and at least $500m of ARR exiting the year.
The one thing that matters: holding approximately $360m for the year requires roughly $229m in the second half, about 75% more than an H1 that was itself 21x the prior year, and management rests that on seasonality and deployment timing rather than named contracted revenue.
Guidance & KPIs
Item
New guidance
Prior guidance
FY2026 revenue
approximately $360 million, reaffirmed
approximately $360 million
ARR exiting 2026
at least $500 million
—
Implied H2 2026 revenue
approximately $229 million, around 75% greater than H1
—
Management commentary
Wagner framed the second-half weighting as a repeat of last year's shape, when the company did $40m in the second half against $6m in the first.
Yao said the second-half guide contains no acquisition contribution: "It does not include any acquisitions. It is purely organic from our expectation."
Yao attributed the 48.9% gross margin to the loyalty acquisition and professional-services onboarding work, and expects improvement as the higher-margin core platform takes more of the mix.
On Google, Wagner declined to discuss pricing or annual minimums, said follow-on news is expected in the coming weeks, and said further infrastructure licensing agreements are expected in the near term.
Professional services runs on roughly 700 people, mainly in India, largely doing catalog enrichment work that precedes the software sale.
Quality of earnings
Most of the headline loss is non-cash. Inside the $139.5m reported net loss sit $41.5m of share-based compensation and $20.4m of depreciation and amortization; the adjusted EBITDA loss of $32.6m is the figure that tracks cash.
The margin is a purchased-mix problem, not a pricing one. Gross margin of 48.9% against a stated core software margin above 90% reflects the loyalty business acquired at the start of the year plus lower-margin professional services, and the $148.3m investing outflow primarily reflects business combinations.
Revenue growth outran cash conversion. Operating cash outflow widened to $96.1m from $19.8m while revenue rose to $130.8m from $6.3m, so scale is currently consuming cash faster than it produces it.
Gotchas & watch items
Unrestricted cash was $33.2m at June 30 after raising roughly $250m of gross equity in the half; the $100.5m headline includes $67.4m of restricted cash that is not available for general corporate purposes.
The at-least-$500m ARR exit target exceeds the approximately $360m full-year revenue guide, and ARR is a non-GAAP operating metric defined in the release, not recognized revenue.
The Google infrastructure deployment closed after the period end and carries no disclosed economics; management declined to give pricing, so none of it is in the $130.8m and none of it is separately identified inside the $360m guide.