Trustpilot shares slump as $6 million in charges drive it to a net loss

Trustpilot shares plummeted over 18% in early London trading after the company posted a net loss in the first half of 2026, driven by a $6 million charge from non-recurring items such as an antitrust fine and a provision for historical U.S. sales taxes. Despite strong growth in revenue and bookings, the company's earnings suffered due to these expenses.

Revenue increased 23% to $151.4 million, while bookings rose 22% to $171.2 million. Adjusted EBITDA expanded 46% to $26.3 million, a 2.8 percentage point improvement from the previous year. However, on a statutory basis, operating profit declined 18% to $4.4 million, resulting in a net loss of $1 million, compared to a $2 million profit the previous year.

CEO Adrian Blair acknowledged the company's strong first half, with bookings up 18% at constant currency, and highlighted AI as a key growth driver, noting that Trustpilot's data increasingly informs AI evaluations and recommendations. Enterprise growth was robust across all regions, with new business logos up 41% year-over-year and new customers including Expedia, Halfords, and Bending Spoons.

North American bookings surged 27% and revenue grew 23%, while European and Rest of World bookings increased 27%, with UK bookings rising 15%. Annual recurring revenue climbed 15% to $313 million, though net dollar retention dropped to 101% from 103%. Adjusted free cash flow grew 5% to $16 million, and Trustpilot remains on track to meet full-year guidance of high-teens constant-currency revenue growth and a 2-3 percentage point expansion in adjusted EBITDA margin.

Trustpilot also announced that Marcus Roy will assume the role of Chief Financial Officer and join the board effective September 14, replacing Hanno Damm, who stepped down from the board to support the transition until October 2026.