Thryv Holdings, Inc., provider of Thryv®, a leading small business marketing and sales platform, kicked off 2025 with significant momentum. The company reported a robust 50% year-over-year increase in SaaS revenue in Q1 2025 and revised its full-year Marketing Services revenue outlook upward. These results reflect Thryv’s strategic shift toward becoming a premier SMB software business, focused on expanding customer relationships and delivering scalable, sustainable growth.

Highlights from Q1 2025 Results:

• SaaS Revenue Growth and Platform Momentum:

  • SaaS revenue reached $111.1 million, marking a 50% year-over-year increase.

  • Excluding Keap, SaaS revenue totaled $92.2 million—up 24% year-over-year.

  • SaaS now comprises over 60% of total revenue, reinforcing the company’s transformation strategy.

• Marketing Services Performance:

  • Marketing Services revenue was $70.2 million, representing a 56% decrease year-over-year.

  • Despite this decline, total Marketing Services Adjusted EBITDA stood at $10.1 million, with a margin of 14.4%.

  • The updated full-year 2025 Marketing Services revenue guidance was raised to $315.0–$318.0 million.

• Strong Financial and Operational Metrics:

  • Consolidated total revenue stood at $181.4 million, down 22% year-over-year.

  • Consolidated net loss was $9.6 million, or $(0.22) per diluted share, compared to net income of $8.4 million in Q1 2024.

  • Consolidated Adjusted EBITDA came in at $20.9 million, with an EBITDA margin of 11.5%.

• Improved SaaS Profitability and Efficiency:

  • SaaS Adjusted EBITDA reached $10.8 million (9.7% margin).

  • SaaS Gross Profit was $78.8 million, with a Gross Margin of 70.9%.

  • Adjusted Gross Profit for SaaS was $81.5 million, indicating a 73.3% Adjusted Gross Margin.

• Customer Metrics and Revenue Retention:

  • SaaS clients increased by 59% year-over-year, totaling 111,000 at the end of Q1.

  • Seasoned Net Revenue Retention (NRR) rose to 103%, a 900 bps increase year-over-year (excluding Keap).

  • SaaS monthly ARPU was $335.

  • ThryvPay total payment volume hit $71 million, up 13% year-over-year.

Thryv’s strong start to 2025 showcases the impact of its SaaS-first strategy, supported by improved margins, customer expansion, and rising ARPU. The company remains focused on scaling its software platform, driving cross-sell opportunities, and delivering measurable ROI for small businesses. With an upward revision in its Marketing Services revenue outlook and continued growth in SaaS, Thryv is well-positioned for long-term profitability and operational excellence.