Thryv Q2 Revenue Plunges 28%, Swings to Loss; Restructuring and IRS Payment Plan Add Pressure
THRY has more than doubled off its 52-week low of $1.91.
Summary
Thryv reported a sharp revenue decline and net loss for Q2 2026, driven by the accelerating collapse of its legacy Marketing Services business. A new restructuring plan and a large IRS payment obligation add to the financial strain.
Key Events · Earnings and Guidance · THRY
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Revenue Plunges 28%
Q2 2026 revenue fell to $150.7M from $210.5M a year ago, driven by a 62% drop in Marketing Services revenue to $36.2M. SaaS revenue was essentially flat at $114.5M.
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Swings to Net Loss
Net loss was $16.7M ($0.38 per share) compared to net income of $13.9M ($0.32 per share) in Q2 2025. Adjusted EBITDA fell 59% to $20.8M.
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Restructuring Initiated
The company recorded $3.1M in restructuring charges in Q2 and expects an additional $17M-$22M in costs through 2027, primarily for severance and contract terminations.
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IRS Payment Plan Begins August 2026
Thryv will start paying a $29.5M IRS settlement related to a Section 199 tax dispute in August 2026, with $5.4M due within 12 months and the remainder over 60 months.
Analysis · THRY · Trade & Services
Thryv's legacy Marketing Services segment is collapsing faster than the SaaS business can offset — revenue fell 28% year-over-year, and the company swung to a $16.7 million net loss. The core SaaS segment barely grew, while print and digital marketing revenue dropped 62%. Management launched a restructuring that will cost up to $22 million through 2027, and the company must start paying a $29.5 million IRS settlement in August. Cash is down to $9.1 million, and while the company says it has enough liquidity for the next year, the runway is tightening. The goodwill impairment test passed by only 25%, signaling that further stock price declines could trigger a write-down.
At the time of this filing, THRY was trading at $4.26 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $188.9M. The 52-week trading range was $1.91 to $14.28. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.