Key Points
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Thryv’s new Growth Platform is gaining traction: The company had sold about 1,500 platforms since launch, with sales running at 190% of plan. Growth-product revenue rose 16% year over year, while SaaS subscribers reached 98,000.
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The planned $142 million sale of the print directories business is expected to close in Q4, with net proceeds intended to reduce debt and other liabilities. Thryv also recorded a $94.8 million noncash goodwill impairment charge and ended the quarter with $236 million in net debt.
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Thryv lowered its full-year 2026 SaaS outlook to $453 million–$454 million in revenue and $16.5 million–$17.5 million in adjusted EBITDA. Its Q4 forecast calls for a SaaS adjusted EBITDA loss, reflecting restructuring, shared costs and changes in how product and engineering work is accounted for.
Thryv (NASDAQ:THRY) reported third-quarter software revenue of $112 million and said sales of its new Growth Platform were running ahead of plan, even as a planned sale of its print directories business and restructuring costs cloud its fourth-quarter outlook.
Chairman and CEO Joe Walsh said the company had sold approximately 1,500 Growth Platforms since the product launched in August. Sales were running at about 190% of the company’s plan, he said.
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Thryv is narrowing its focus to marketing products that help local service businesses attract customers. Walsh said the shift away from other offerings, including customer relationship management products, would create a near-term revenue headwind.
Growth Products Expand as Subscriber Revenue Rises
Walsh said revenue from Thryv’s growth products increased 16% year over year in the third quarter. Cameron Lessard, senior vice president of corporate development and strategy, said those products represented more than 60% of total software-as-a-service revenue. That figure includes the older Marketing Center product as well as the new Growth Platform, Walsh said.
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In a company study conducted in 2026, Thryv customers saw a 54% increase in online visibility, 54% more reviews and 40% more leads, Walsh said.
Thryv ended the quarter with 98,000 SaaS subscribers. Average revenue per user was $373, up 2% from a year earlier, while seasoned net revenue retention was 89%. CFO Paul Rouse attributed the retention figure to attrition among smaller, lower-spending clients. Quality clients accounted for 72% of revenue, up 3 percentage points year over year, he said.
