Q4 2025 Thinkific Labs Inc Earnings Call

March 5, 2026

And for your 2025, Financial results conference call.

Following the presentation, we will conduct a question and answer session. If at any time during this call require immediate assistance, please press star zero for the operator. I would like to turn a conference call over to Juan Kim head of investor relations. Please go ahead.

Thank you and good afternoon everyone.

Joining me today are Greg Smith CEO and co-founder of thinkific and Karine Hua CFO.

After the prepared remarks, we will open up the call to questions.

During the call today, we will discuss our business Outlook and make forward-looking statements that are based on assumptions and therefore, subject to risks and uncertainties that could cause actual results to differ materially from those projected.

These comments are based on our predictions and expectations as of today.

We undertake no obligation to update these statements except as required by law.

You can read about these risks and uncertainties in our regulatory filings that were filed earlier today.

Our commentary today will include adjusted Financial measures, which are non-ifrs measures.

They should be considered as a supplement to and not a substitute for IFRS measures.

Speaker #2: presentation, we will conduct a question-and-answer Following the session. If at any time during this call you require immediate operator. I would now like to turn the conference call over to Ju-hwan Kim, Head of assistance, please press star zero for the Investor Relations, please go ahead.

Reconciliations between the 2 can be found in a regulatory document which are available on our website.

Speaker #2: Thank you and good afternoon, everyone. Welcome to Thinkific's fourth quarter and full year 2025 financial results earnings call. Joining me today are Greg Smith, CEO and co-founder of CFO.

Joo-Hun Kim: Thank you. Good afternoon, everyone. Welcome to Thinkific's Q4 and full year 2025 Financial Results Earnings Call. Joining me today are Greg Smith, CEO and co-founder of Thinkific, and Corinne Hua, CFO. After the prepared remarks, we will open up the call to questions. During the call today, we will discuss our business outlook and make forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected. These comments are based on our predictions and expectations as of today. We undertake no obligation to update these statements except as required by law. You can read about these risks and uncertainties in our regulatory filings that were filed earlier today. Our commentary today will include adjusted financial measures, which are non-IFRS measures.

In addition, our commentary today will include keep performance indicators, that help us evaluate our business, measure our performance, identify Trends affecting our business. Formulate business plans and make strategic decisions.

Such key performance indicators. May be calculated in a manner of different to similar. Key performance indicators used by other companies

Speaker #2: After the prepared remarks, we will open up the call to questions. During the call today, we will discuss our business outlook and make forward-looking statements that are based on assumptions and therefore subject to risks and uncertainties that could cause actual results to differ materially from those projected.

I should also note, we have a slide deck that supports our remarks available to download on the webcast interface or on our website.

Finally, all dollar amounts discussed today are in US Dollars unless otherwise indicated.

I will now turn the call over to Greg Smith CEO and co-founder of thinkific.

Speaker #2: These comments are based on our predictions and expectations as of today. We undertake no obligation to update these statements, except as required by law.

Joo-Hun Kim: These comments are based on our predictions and expectations as of today. We undertake no obligation to update these statements except as required by law. You can read about these risks and uncertainties in our regulatory filings that were filed earlier today. Our commentary today will include adjusted financial measures, which are non-IFRS measures.

Thank you, Johan.

Speaker #2: You can read about these risks and uncertainties in our regulatory filings that were filed earlier today. Thinkific, and Karine Hua, Our commentary today will include adjusted financial measures, which are non-IFRS measures.

Good afternoon, everyone. Thank you for joining us. We ended 2025 encouraged by the progress. We're making and executing our upmarket strategy as D. Demonstrated by our Q4 results, which came in at the high end of our guidance range.

Speaker #2: They should be considered as a supplement to, and not a substitute for, IFRS measures. Reconciliations between the two can be found in our regulatory documents, which are available on our website.

Joo-Hun Kim: They should be considered as a supplement to and not a substitute for IFRS measures. Reconciliations between the two can be found in our regulatory documents, which are available on our website. In addition, our commentary today will include key performance indicators that help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. Such key performance indicators may be calculated in a manner different to similar key performance indicators used by other companies. I should also note we have a slide deck that supports our remarks available to download on the webcast interface or on our website. Finally, all dollar amounts discussed today are in US dollars unless otherwise indicated. I will now turn the call over to Greg Smith, CEO and Co-founder of Thinkific.

Well, it's still part way into our transformation. The progress we made in 2025, gives us confidence that the new strategic direction is translating into measurable executing gains.

Speaker #2: In addition, our commentary today will include key performance indicators that help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.

Speaker #2: Such key performance indicators may be calculated in a manner different from similar key performance indicators used by other companies. I should also note we have a slide deck that supports our remarks, available to download on the webcast interface or on our website.

Joo-Hun Kim: Such key performance indicators may be calculated in a manner different to similar key performance indicators used by other companies. I should also note we have a slide deck that supports our remarks available to download on the webcast interface or on our website. Finally, all dollar amounts discussed today are in US dollars unless otherwise indicated. I will now turn the call over to Greg Smith, CEO and Co-founder of Thinkific.

Our 2026 priorities are clear and we are focused on executing to validate and accelerate the path we are on. We are strengthening engineering Excellence by deeply integrating AI into our development processes and platform capabilities, while sharpening, our go to market execution, with releases like thinker AI agents, We believe We Are innovating to deliver the tools that will allow our customers to grow and scale their businesses. More effectively, which in turn will deliver measurable progress to thinkific.

Speaker #2: And finally, all dollar amounts discussed today are in US dollars unless otherwise indicated. I will now turn the call over to Greg Smith, CEO and co-founder of Thinkific.

Speaker #3: Thank you, Ju-hwan. Good afternoon, everyone. Thank you for joining us. We ended 2025 encouraged by the progress we're making in executing our upmarket strategy.

Greg Smith: Thank you, Joo Han. Good afternoon, everyone. Thanks for joining us. We ended 2025 encouraged by the progress we're making in executing our upmarket strategy, as demonstrated by our Q4 results, which came in at the high end of our guidance range. While it's still partway into our transformation, the progress we made in 2025 gives us confidence that the new strategic direction is translating into measurable execution gains. Our 2026 priorities are clear, and we are focused on executing to validate and accelerate the path we are on. We are strengthening engineering excellence by deeply integrating AI into our development processes and platform capabilities while sharpening our go-to-market execution. With releases like Thinker AI agents, we believe we are innovating to deliver the tools that will allow our customers to grow and scale their businesses more effectively, which in turn will deliver measurable progress to Thinkific.

Before we proceed, as was now, in the press release. After market closed today, Karine, Hua will be stepping down from her role as Chief Financial Officer. She's been an incredible partner and leader during her time of almost 6 years with us, her financial stewardship, allowed us to return to profitability. And her focus. On always driving growth is foundational to laying the groundwork for the new strategic direction. We're pursuing today, we are grateful for everything. She brought to thank GIC, and I want to wish her every success ahead.

Speaker #3: As demonstrated by our Q4 results, which came in at the high end of our guidance range. While it's still partway into our transformation, the progress we made in 2025 gives us confidence that the new strategic direction is translating into measurable execution gains.

The search for a new CFO is well underway and I look forward to providing an update at the appropriate time. Kevin Wilson who has been involved in thinkific since before. Our IPO will provide strong leadership as our interim CFO. I've had the pleasure of working with Kevin for nearly 6 years and I'm very confident in his ability to lead us and the team through this transition.

Speaker #3: Our 2026 priorities are clear and we are focused on executing to validate and accelerate the path we are on. We are strengthening engineering excellence by deeply integrating AI into our development processes and platform capabilities while sharpening our go-to-market execution.

Greg Smith: We are strengthening engineering excellence by deeply integrating AI into our development processes and platform capabilities while sharpening our go-to-market execution. With releases like Thinker AI agents, we believe we are innovating to deliver the tools that will allow our customers to grow and scale their businesses more effectively, which in turn will deliver measurable progress to Thinkific.

Speaker #3: With releases like Thinker AI Agents, we believe we are innovating to deliver the tools that will allow our customers to grow and scale their businesses more effectively, which in turn will deliver measurable progress to Thinkific.

We also announced some updates to the board of directors. I'm very pleased to welcome Jean levier to think if its board of directors, Jean brings deep Financial leadership, and a proven track record. Guiding high, growth technology companies such as coveo where he led the company through its IPO until 2023 and Cleo where he was a co-founder in the CFO until 2005 when the company went public on NASDAQ

Speaker #3: Before we proceed, as was announced in the press release after market closed today, Karine Hua will be stepping down from her role as Chief Financial Officer.

His experience in public company Finance, Capital markets and governance will be a significant asset as we advance our current strategic Journey.

Greg Smith: Before we proceed, as was announced in the press release after market close today, Corinne Hua will be stepping down from her role as Chief Financial Officer. She's been an incredible partner and leader during her time of almost 6 years with us. Her financial stewardship allowed us to return to profitability, and her focus on always driving growth is foundational to laying the groundwork for the new strategic direction we're pursuing today. We are grateful for everything she brought to Thinkific. I want to wish her every success ahead. The search for our new CFO is well underway. I look forward to providing an update at the appropriate time. Kevin Wilson, who has been involved in Thinkific since before our IPO, will provide strong leadership as our Interim CFO.

Speaker #3: She's been an incredible partner and leader during her time of almost six years with us. Her financial stewardship allowed us to return to profitability, and her focus on always driving growth is foundational to laying the groundwork for the new strategic direction we're pursuing today.

I'd also like to thank Brandon nuci and Fraser hall for their dedicated service and contributions. During their time, on the board, both have been instrumental in the success, the companies achieved, and I wish them the best in the future.

Speaker #3: We are grateful for everything she brought to Thinkific, and I want to wish her every success ahead. The search for our new CFO is well underway, and I look forward to providing an update at the appropriate time.

Greg Smith: I want to wish her every success ahead. The search for our new CFO is well underway. I look forward to providing an update at the appropriate time. Kevin Wilson, who has been involved in Thinkific since before our IPO, will provide strong leadership as our Interim CFO.

Now turning to the quarter, it's still early in our transformation. But once again, we came in at the high end of our guidance. We see this as a reflection of our ability to continue to execute toward our strategic shift of Market.

Speaker #3: Kevin Wilson, who has been involved in Thinkific since before our IPO, will provide strong leadership as our interim CFO. I've had the pleasure of working with Kevin for nearly six years, and I'm very confident in his ability to lead us and the team through this transition.

Greg Smith: I've had the pleasure of working with Kevin for nearly 6 years, and I'm very confident in his ability to lead us and the team through this transition. We also announced some updates to the board of directors. I'm very pleased to welcome Jean Lavigueur to Thinkific's board of directors. Jean brings deep financial leadership and a proven track record guiding high growth technology companies such as Coveo, where he led the company through its IPO until 2023, and Taleo, where he was a co-founder and the CFO until 2005, when the company went public on Nasdaq. His experience in public company finance, capital markets, and governance will be a significant asset as we advance our current strategic journey. I'd also like to thank Brandon Nussey and Fraser Hall for their dedicated service and contributions during their time on the board.

Establishing the most effective path to Market including validating our outbound motion.

Speaker #3: We also announced some updates to the board of directors. I'm very pleased to welcome Jean Le Verrier to Thinkific's board of directors. Jean brings deep financial leadership and a proven track record guiding high-growth technology companies such as Coveo, where he led the company through its IPO until 2023, and Caleo, where he was a co-founder and the CFO until 2005 when the company went public on NASDAQ.

On our last earnings call. I spoke about shifting budgets away from lower Roi campaigns and toward up-market opportunities. Since then, we've made significant shifts in our marketing spend with good results coming in as planned, we are seeing larger brands with significant expansion opportunities. Enter our sales pipeline. These results are showing up in the quality of opportunities and scale of customers choosing thinkific

Greg Smith: His experience in public company finance, capital markets, and governance will be a significant asset as we advance our current strategic journey. I'd also like to thank Brandon Nussey and Fraser Hall for their dedicated service and contributions during their time on the board.

Speaker #3: His experience in public company finance, capital markets, and governance will be a significant asset as we advance our current strategic journey. I'd also like to thank Brandon Newsy and Fraser Hall for their dedicated service and contributions during their time and the success the company's achieved, and I wish them the best in the future.

Greg Smith: Both have been instrumental in the success the company's achieved. I wish them the best in the future. Now, turning to the quarter. It's still early in our transformation. Once again, we came in at the high end of our guidance. We see this as a reflection of our ability to continue to execute toward our strategic shift upmarket. Crucially, we are seeing signals that our go-to-market execution is improving. The go-to-market teams are now restaffed with new senior leadership in place. We are focused on establishing the most effective path to market, including validating our outbound motion. On our last earnings call, I spoke about shifting budgets away from lower ROI campaigns and toward upmarket opportunities. Since then, we have made significant shifts in our marketing spend, with good results coming in as planned.

Speaker #3: Now, turning to the quarter. It's still early in our transformation, but once again, we came in at the high end of our guidance. We see this as a reflection of our ability to continue to execute toward our strategic shift upmarket.

On our last earnings call. I also shared that currently less than 10% of think of it. Commerce Revenue comes from plus companies and how we are investing in Commerce capabilities to meet the needs of customers with larger sales volumes. This is a big opportunity for us. We've improved our billing environments functionality for larger group orders pricing and flexibility and notifications and trial periods for subscriptions. The result of this has been larger, customers processing, larger volumes being more likely to adopt thinkific payments and earn more revenue on think Epic.

As a result this quarter, we saw strong growth in the Commerce revenue generated from plus customers.

Speaker #3: Crucially, we are seeing signals that our go-to-market execution is improving. The go-to-market teams are now restaffed with new senior leadership in place, and we are focused on establishing the most effective path to market, including validating our outbound motion.

Greg Smith: The go-to-market teams are now restaffed with new senior leadership in place. We are focused on establishing the most effective path to market, including validating our outbound motion. On our last earnings call, I spoke about shifting budgets away from lower ROI campaigns and toward upmarket opportunities. Since then, we have made significant shifts in our marketing spend, with good results coming in as planned.

We're seeing growth in customers. That generate 5 and 6 Figure revenues for thinkific and we continue to see strength in multi-year deals with built-in accelerators at over 50% of new deals.

Speaker #3: On our last earnings call, I spoke about shifting budgets away from lower ROI campaigns and toward upmarket opportunities. Since then, we have made significant shifts in our marketing spend with good results coming in as planned.

We are actively investing in supporting and scaling this up Market customer segments. We see both the need and opportunity to provide higher levels of support and service for these customers. And we're actively investing in this opportunity.

On our last earnings call. I spoke about steps we were taking to strengthen our sales, team to handle larger more complex deals.

Speaker #3: We are seeing larger brands with significant expansion opportunities enter our sales pipeline. These results are showing up in the quality of opportunities and scale of customers choosing Thinkific.

Greg Smith: We are seeing larger brands with significant expansion opportunities enter our sales pipeline. These results are showing up in the quality of opportunities and scale of customers choosing Thinkific. On our last earnings call, I also shared that currently less than 10% of Thinkific Commerce revenue comes from Thinkific Plus opportunities and how we are investing in commerce capabilities to meet the needs of customers with larger sales volumes. This is a big opportunity for us. We've improved our billing environments, functionality for larger group orders, pricing and flexibility, and notifications and trial periods for subscriptions. The result of this has been larger customers processing larger volumes, being more likely to adopt Thinkific Payments and earn more revenue on Thinkific. As a result, this quarter, we saw strong growth in the Commerce revenue generated from Thinkific Plus customers.

Speaker #3: On our last earnings call, I also shared that currently less than 10% of Thinkific commerce revenue comes from plus opportunities and how we are investing in commerce capabilities to meet the needs of customers with larger sales volumes.

In Q4 we secured a major win with the education unit of a large multinational media conglomerate. This wind showcases our recent improvements, including our new outbound motion, enhanced support capabilities and a deal team equipped to handle the extra rigor of closing deals with larger businesses.

Speaker #3: This is a big opportunity for us. We've improved our billing environments, functionality for larger group orders, pricing and flexibility, and notifications and trial periods for subscriptions.

Greg Smith: We've improved our billing environments, functionality for larger group orders, pricing and flexibility, and notifications and trial periods for subscriptions. The result of this has been larger customers processing larger volumes, being more likely to adopt Thinkific Payments and earn more revenue on Thinkific. As a result, this quarter, we saw strong growth in the Commerce revenue generated from Thinkific Plus customers.

Speaker #3: The result of this has been larger customers processing larger volumes, being more likely to adopt Thinkific Payments and earn more revenue on Thinkific. As a result, this quarter we saw strong growth in the commerce revenue generated from Plus customers.

Speaker #3: We're also seeing growth in customers that generate five- and six-figure revenues for Thinkific, and we continue to see strength in multi-year deals with built-in accelerators at over 50% of new deals.

Greg Smith: We're also seeing growth in customers that generate 5- and 6-figure revenues for Thinkific, and we continue to see strength in multi-year deals with built-in accelerators at over 50% of new deals. We're actively investing in supporting and scaling this top-market customer segment. We see both a need and opportunity to provide higher levels of support and service for these customers. We're actively investing in this opportunity. On our last earnings call, I spoke about steps we were taking to strengthen our sales team to handle larger, more complex deals. This quarter, we begin to see the fruits of these labors. In Q4, we secured a major win with the education unit of a large multinational media conglomerate. This win showcases our recent improvements, including our new outbound motion, enhanced support capabilities, and a deal team equipped to handle the extra rigor of closing deals with larger businesses.

Speaker #3: We're actively investing in supporting and scaling this upmarket customer segment. We see both a need and opportunity to provide higher levels of support and service for these customers, and we're actively investing in this opportunity.

This Media Company came to think iic after realizing that the 2 different Legacy Learning Systems they had were not meeting their needs, their traditional Ms. Were hard to use and navigate and lacked modern feature sets, which contributed to the user for significant frustration and drop off their Learners experiences. They were looking for a more flexible and scalable solution. Think of it. Stood out for our platform. Adaptability pricing model and ability to support both internal training and external audience, education. Key differentiators included, think of its ability to scale to support multiple ACM, seamless SSO integration as well as a mobile app that improved accessibility and adoption.

On our last earnings call. I also mentioned the creation of our outbound motion. This deal was sourced. Through this new outbound Channel, this represents a significant opportunity for additional growth for thinkific in the quarters ahead.

Speaker #3: On our last earnings call, I spoke about steps we were taking to strengthen our sales team to handle larger, more complex deals. This quarter, we begin to see the fruits of these labors.

Greg Smith: This quarter, we begin to see the fruits of these labors. In Q4, we secured a major win with the education unit of a large multinational media conglomerate. This win showcases our recent improvements, including our new outbound motion, enhanced support capabilities, and a deal team equipped to handle the extra rigor of closing deals with larger businesses.

Speaker #3: In Q4, we secured a major win with the education unit of a large multinational media conglomerate. This win showcases our recent improvements, including our new outbound motion enhanced support capabilities and a deal team equipped to handle the extra rigor of closing deals with larger businesses.

Despite being a smaller division of a multinational organization. The procurement process was rigorous typical of large Enterprise, but our go to market team was able to successfully navigate the complexity. Moreover, our recent investments, in higher top, tier support teams demonstrates the Readiness and ability to support larger, Enterprise customers, and was key to their choosing thinking.

Speaker #3: This media company came to Thinkific after realizing that the two different legacy learning systems they had were not meeting their needs. Their traditional LMSs were hard to use and navigate and lacked modern feature sets, which contributed to user significant frustration and drop-off across their learner's experiences.

Greg Smith: This media company came to Thinkific after realizing that the two different legacy learning systems they had were not meeting their needs. Their traditional LMSs were hard to use and navigate and lacked modern feature sets, which contributed to user significant frustration and drop off across their learners' experiences. They were looking for a more flexible and scalable solution. Thinkific stood out for our platform adaptability, pricing model, and ability to support both internal training and external audience education. Key differentiators included Thinkific's ability to scale to support multiple academies, seamless SSO integration, and a mobile app that improved accessibility and adoption. On our last earnings call, I also mentioned the creation of our outbound motion. This deal was sourced through this new outbound channel. This represents a significant opportunity for additional growth for Thinkific in the quarters ahead.

Many of the recent improvements we've made have started to bear fruit, however I'm confident there's a lot more growth to unlock here with the product improvements we have coming in the near term and we should see our investments helped us accelerate.

Speaker #3: They were looking for a more flexible and scalable solution. Thinkific stood out for our platform adaptability, pricing model, and ability to support both internal training and external audience education.

Speaker #3: Key differentiators included Thinkific's ability to scale to support multiple academies, seamless SSO integration, as well as a mobile app that improved accessibility and adoption.

Greg Smith: Key differentiators included Thinkific's ability to scale to support multiple academies, seamless SSO integration, and a mobile app that improved accessibility and adoption. On our last earnings call, I also mentioned the creation of our outbound motion. This deal was sourced through this new outbound channel. This represents a significant opportunity for additional growth for Thinkific in the quarters ahead.

Our release late this February of thinker is a giant step in delivering on these enhancements. Thinker is our AI agent teaching assistant customers of think of it can now have their own custom agents that are experts in any media and content customers upload to thinkific on our last earnings call. I shared that thinker would be generally available early in 26. We've now launched thinker and it's currently available to all of our plus customers.

Speaker #3: On our last earnings call, I also mentioned the creation of our outbound motion. This deal was sourced through this new outbound channel. This represents a significant opportunity for additional growth for Thinkific in the quarters ahead.

Speaker #3: Despite being a smaller division of a multinational organization, the procurement process was rigorous. Typical of large enterprise, but our go-to-market team was able to successfully navigate the complexity.

Greg Smith: Despite being a smaller division of a multinational organization, the procurement process was rigorous, typical of large enterprise. Our go-to-market team was able to successfully navigate the complexity. Moreover, our recent investments in higher top-tier support teams demonstrates the readiness and ability to support larger enterprise customers and was key to their choosing Thinkific. Many of the recent improvements we've made have started to bear fruit. However, I'm confident there's a lot more growth to unlock here with the product improvements we have coming in the near term, and we should see our investments help us accelerate. Our release late this February of Thinker is a giant step in delivering on these enhancements. Thinker is our AI agent teaching assistant. Customers of Thinkific can now have their own custom agents that are experts in any media and content customers upload to Thinkific.

Thinker leverages think, if its own indexing engine, which is designed for response accuracy, the critical need in offering AI support to students and referencing their learning content.

Speaker #3: Moreover, our recent investments in higher top-tier support teams demonstrate the readiness and ability to support larger enterprise customers and were key to their choosing Thinkific.

Additionally, thinker allows our customers to create multiple agents trained on multiple topics.

Speaker #3: Many of the recent improvements we've made have started to bear fruit. However, I'm confident there's a lot more growth to unlock here with the product improvements we have coming in the near term, and we should see our investments help us accelerate.

Greg Smith: However, I'm confident there's a lot more growth to unlock here with the product improvements we have coming in the near term, and we should see our investments help us accelerate. Our release late this February of Thinker is a giant step in delivering on these enhancements. Thinker is our AI agent teaching assistant. Customers of Thinkific can now have their own custom agents that are experts in any media and content customers upload to Thinkific.

Speaker #3: Our release late this February of Thinkific is a giant step in delivering on these enhancements. Thinkific is our AI agent teaching assistant. Customers of Thinkific can now have their own custom agents that are experts in any media and content customers upload to Thinkific.

Research shows that interaction with instructors is among the most significant factors affecting learner retention and its absence often contributes to dissatisfaction and Dropout decisions in online learning at the same time, identifying timely upsell and cross sell opportunities remains difficult, as businesses work to maximize Revenue per learner.

Speaker #3: On our last earnings call, I shared that Thinkific would be generally available early in '26. We've now launched Thinkific, and it's currently available to all of our Plus customers.

Greg Smith: On our last earnings call, I shared that Thinker would be generally available early in 2026. We've now launched Thinker, and it's currently available to all of our Plus customers. Thinker represents the next step in Thinkific's broader AI-approach of embedding AI across the learning experience. It allows each of our customers to deploy custom AI agents trained on their own proprietary data to interact directly with their learners. The result is a more engaging, more responsive, and more valuable learning experience. Thinker leverages Thinkific's own indexing engine, which is designed for response accuracy, a critical need in offering AI support to students and referencing their learning content. Additionally, Thinker allows our customers to create multiple agents trained on multiple topics. Research shows that interaction with instructors is among the most significant factors affecting learner retention, and its absence often contributes to dissatisfaction and dropout decisions in online learning.

Thinker addresses, these challenges by providing an easier, navigation, faster, answers, and personalized experiences. That's intended to support higher completion rates and satisfaction it. Offloads repetitive questions from Educators. Freeing them to focus on high-value interactions.

Speaker #3: Thinkific represents the next step in Thinkific's broader approach of embedding AI across the learning experience. It allows each of our customers to deploy custom AI agents, trained on their own proprietary data, to interact directly with their learners.

IC web searches.

Speaker #3: The result is a more engaging, more responsive, and more valuable learning experience. Thinkific leverages Thinkific's own indexing engine, which is designed for response accuracy.

While maintaining brand consistency with a fully customizable tone to ensure every interaction aligns with a business's unique voice, and will soon help unlock Revenue opportunities by identifying and acting on potential upsell moments.

Greg Smith: Thinker leverages Thinkific's own indexing engine, which is designed for response accuracy, a critical need in offering AI support to students and referencing their learning content. Additionally, Thinker allows our customers to create multiple agents trained on multiple topics. Research shows that interaction with instructors is among the most significant factors affecting learner retention, and its absence often contributes to dissatisfaction and dropout decisions in online learning.

Speaker #3: The critical need in offering AI support to students and referencing their learning content. Additionally, Thinkific allows our customers to create multiple agents trained on multiple topics.

Thinker also provides analytics about the use of thinker by students including on the types of questions. They're asking this helps our customers further, refine their content and can even identify new opportunities for additional courses or learning products.

Speaker #3: Research shows that interaction with instructors is among the most significant factors affecting learner retention, and its absence often contributes to dissatisfaction and dropout decisions in online learning.

Speaker #3: At the same time, identifying timely upsell and cross-sell opportunities remains difficult as businesses work to maximize revenue per learner. Thinkific addresses these challenges by providing easier navigation, faster answers, and personalized experiences that are intended to support higher completion rates and satisfaction.

Greg Smith: At the same time, identifying timely upsell and cross-sell opportunities remains difficult as businesses work to maximize revenue per learner. Thinker addresses these challenges by providing an easier navigation, faster answers, and personalized experiences that's intended to support higher completion rates and satisfaction. It offloads repetitive questions from educators, freeing them to focus on high-value interactions. Customers can create multiple custom agents that are deeply familiar with their proprietary learning content and answer accurately with reference to this material rather than generic web searches, while maintaining brand consistency with a fully customizable tone to ensure every interaction aligns with a business's unique voice and will soon help unlock revenue under opportunities by identifying and acting on potential upsell moments. Thinker also provides analytics about the use of Thinker by students, including on the types of questions they're asking.

As Steven X Dorne CEO and co-founder of learn to tourism shared with us thinker helps to amplify the learner experience supporting self-discovery responding with a more personal tone and engaging people. In ways that reflect how they actually learn. The result is learning, that is more effective, more relatable, and more memorable at a scale. We simply couldn't achieve manually.

Thinker is currently available to plus customers and we believe it will act as a catalyst to drive further. Adoption of the platform as well as arpu or ACV expansion.

Speaker #3: It offloads repetitive questions from educators, freeing them to focus on high-value interactions. Customers can create multiple custom agents that are deeply familiar with their proprietary learning content and answer accurately with reference to this material, rather than generic web searches.

Greg Smith: Customers can create multiple custom agents that are deeply familiar with their proprietary learning content and answer accurately with reference to this material rather than generic web searches, while maintaining brand consistency with a fully customizable tone to ensure every interaction aligns with a business's unique voice and will soon help unlock revenue under opportunities by identifying and acting on potential upsell moments. Thinker also provides analytics about the use of Thinker by students, including on the types of questions they're asking.

Now, that thinker agents are actively being used by customers. We are seeing positive feedback. Additionally, we've identified a number of opportunities, to expand its capabilities, to enhance the offering, to our customers, and the revenue opportunities for think.

Speaker #3: While maintaining brand consistency with a fully customizable tone to ensure every interaction aligns with a business's unique voice, and we'll soon help unlock revenue opportunities by identifying and acting on potential upsell moments.

To date think ific is seeing benefits of AI in 2, principal categories improvements in our productivity and efficiency and how we work allowing us to produce more value at lower cost in most areas of the company. Specifically, we've been we've seen significant gains in customer support and R&D

Speaker #3: Thinkific also provides analytics about the use of Thinkific by students, including on the types of questions they're asking. This helps our customers further refine their content and can even identify new opportunities for additional courses or learning products.

Also we're incorporating AI into our product for the benefit of our customers. With thinker, our custom agents, AI agents for our customers being the most recent Innovation here.

Greg Smith: This helps our customers further refine their content and can even identify new opportunities for additional courses or learning products. As Stephen Ekstrom, CEO and Co-founder of Learn Tourism, shared with us, Thinker helps to amplify the learner experience, supporting self-discovery, responding with a more personal tone, and engaging people in ways that reflect how they actually learn. The result is learning that is more effective, more relatable, and more memorable at a scale we simply couldn't achieve manually. Thinker is currently available to Thinkific Plus customers, and we believe it will act as a catalyst to drive further adoption of the platform as well as ARPU or ACV expansion. Now that Thinker agents are actively being used by customers, we are seeing positive feedback. Additionally, we've identified a number of opportunities to expand its capabilities to enhance the offering to our customers and the revenue opportunities for Thinkific.

Speaker #3: As Stephen X Dorn, CEO and co-founder of Learn Tourism, shared with us, Thinkific helps to amplify the learner experience, supporting self-discovery, responding with a more personal tone, and engaging people in ways that reflect how they actually learn.

As a next step, we see an opportunity for some 1-time Investments to significantly improve future efficiency productivity and Innovation specifically in R&D

Speaker #3: The result is learning that is more effective, more relatable, and more memorable at a scale we simply couldn't achieve manually. Thinkific is currently available to plus customers, and we believe it will act as a catalyst to drive further adoption of the platform as well as ARPU or ACV expansion.

We are currently making some mostly 1-time Investments to equip our engineering teams with best-in-class, AI tools, and best practice methodologies. Our expectation. From this short-term investment is clear drives significant productivity increases in our engineering teams.

Greg Smith: Thinker is currently available to Thinkific Plus customers, and we believe it will act as a catalyst to drive further adoption of the platform as well as ARPU or ACV expansion. Now that Thinker agents are actively being used by customers, we are seeing positive feedback. Additionally, we've identified a number of opportunities to expand its capabilities to enhance the offering to our customers and the revenue opportunities for Thinkific.

This will mean we'll see a 2 to 5% adjusted Eva loss in q1 as we increase our AI driven Investments and quickly returning to adjusted Eva. Profitability thereafter.

Speaker #3: Now that Thinkific Agents are actively being used by customers, we are seeing positive feedback. Additionally, we've identified a number of opportunities to expand its capabilities to enhance the offering to our customers and the revenue opportunities for Thinkific.

Speaker #3: To date, Thinkific is seeing benefits of AI in two principal categories: improvements in our productivity and efficiency in how we work, allowing us to produce more value at lower cost in most areas of the company, specifically, we've been we've seen significant gains in customer support and R&D.

Greg Smith: To date, Thinkific is seeing benefits of AI in two principal categories: improvements in our productivity and efficiency in how we work, allowing us to produce more value at lower cost in most areas of the company. Specifically, we've seen significant gains in customer support and R&D. Also, we're incorporating AI into our product for the benefit of our customers. With Thinker, our custom agents, AI agents for our customers being the most recent innovation here. As a next step, we see an opportunity for some one-time investments to significantly improve future efficiency, productivity, and innovation, specifically in R&D. We are currently making some mostly one-time investments to equip our engineering teams with best-in-class AI tools and best practice methodologies. Our expectation from this short-term investment is clear: drive significant productivity increases in our engineering teams.

We have an ambitious product launch schedule ahead, including a comprehensive platform, refresh, enhanced content management and commerce capabilities. Designed to better serve, our ideal customer profile. This surge will enable our teams to operate on a higher level. Accelerate, our pace and ultimately deliver more value, both internally. And ultimately, for our customer once complete, the company will be ideally positioned to accelerate growth, expand margins, or strike the optimal balance between the 2 to best. Enhance shareholder value.

Speaker #3: Also, we're incorporating AI into our product for the benefit of our customers. With Thinkific, our custom agents, AI agents for our customers being the most recent innovation here.

I am genuinely excited about the progress we've made at the same time. Deeply impatient, and am working hard to accelerate our progress. It takes time for all the actions we took to take effect.

Speaker #3: As a next step, we see an opportunity for some one-time investments to significantly improve future efficiency, productivity, and innovation, specifically in R&D. We are currently making some mostly one-time investments to equip our engineering teams with best-in-class AI tools and best practice methodologies.

Greg Smith: As a next step, we see an opportunity for some one-time investments to significantly improve future efficiency, productivity, and innovation, specifically in R&D. We are currently making some mostly one-time investments to equip our engineering teams with best-in-class AI tools and best practice methodologies. Our expectation from this short-term investment is clear: drive significant productivity increases in our engineering teams.

With the Investments we've made in the strategy we've put in place. I do expect, we'll be able to share concrete. Measurable evidence of progress, as we execute on our new strategy by the end of this year.

On the I'll turn it over to Karen.

Speaker #3: Our expectation from this short-term investment is clear: drive significant productivity increases in our engineering teams. This will mean we'll see a 2 to 5 percent adjusted EBITDA loss in Q1 as we increase our AI-driven investments and quickly returning to adjusted EBITDA profitability thereafter.

Greg Smith: This will mean we'll see a 2% to 5% adjusted EBITDA loss in Q1 as we increase our AI-driven investments and quickly returning to adjusted EBITDA profitability thereafter. We have an ambitious product launch schedule ahead, including a comprehensive platform refresh, enhanced content management, and commerce capabilities designed to better serve our ideal customer profile. This surge will enable our teams to operate on a higher level, accelerate our pace, and ultimately deliver more value, both internally and ultimately for our customer. Once complete, the company will be ideally positioned to accelerate growth, expand margins, or strike the optimal balance between the two to best enhance shareholder value. I am genuinely excited about the progress we've made. At the same time, I'm deeply impatient, and I'm working hard to accelerate our progress. It takes time for all the actions we took to take effect.

Speaker #3: We have an ambitious product launch schedule ahead, including a comprehensive platform refresh, enhanced content management, and commerce capabilities designed to better serve our ideal customer profile.

We believe this more targeted approach addresses. A large underserved Market who are looking for a comprehensive platform that can help them grow and scale their business.

Speaker #3: This surge will enable our teams to operate on a higher level, accelerate our pace, and ultimately deliver more value, both internally and for our customer.

we are confident that this Focus will also accelerate think effects long term growth trajectory,

Speaker #3: Once complete, the company will be ideally positioned to accelerate growth, expand margins, or strike the optimal balance between the two to best enhance shareholder value.

Greg Smith: Once complete, the company will be ideally positioned to accelerate growth, expand margins, or strike the optimal balance between the two to best enhance shareholder value. I am genuinely excited about the progress we've made. At the same time, I'm deeply impatient, and I'm working hard to accelerate our progress. It takes time for all the actions we took to take effect.

As Greg is a religious discussed, we are making targeted, 1-time AI related investments in research and development to better serve our Market customers.

Speaker #3: I am genuinely excited about the progress we've made. At the same time, I'm deeply impatient, and I'm working hard to accelerate our progress. It takes time for all the actions we took to take effect.

Do these Investments are designed to accelerate the delivery of our product roadmap and direct activities across the entire organization.

Speaker #3: With the investments we've made and the strategy we've put in place, I do expect we'll be able to share concrete, measurable evidence of progress as we execute on our new strategy by the end of this year.

We expect these Investments position. Think effect to deliver Revenue, growth and Rise sustainable margin expansion. Thereby enhancing long-term shareholder value.

Greg Smith: With the investments we've made and the strategy we've put in place, I do expect we'll be able to share concrete, measurable evidence of progress as we execute on our new strategy by the end of this year. I'll now turn it over to Corinne.

While we expect an agency. But the loss in q1, we will see improvements as we move throughout the year.

Speaker #3: And I'll turn it over to Karim. Thanks, Greg. Good afternoon, everyone. Our fourth quarter financial performance came in at the high end of our guidance range driven by continued penetration gains in commerce and progress in focusing on our upmarket opportunity.

On to Q4 Financial results.

Corinne Hua: Thanks, Greg. Good afternoon, everyone. Our Q4 financial performance came in at the high end of our guidance range, driven by continued penetration gains in commerce and progress in focusing on our upmarket opportunity. Fiscal 2025 marked a pivotal period for Thinkific. We embarked on a strategic repositioning, focusing our product roadmap and go-to-market efforts on a narrow segment upmarket. We believe this more targeted approach addresses a large underserved market who are looking for a comprehensive platform that can help them grow and scale their business. We are confident that this focus will also accelerate Thinkific's long-term growth trajectory. As Greg has already discussed, we are making targeted one-time AI-related investments in research and development to better serve our upmarket customers. These investments are designed to accelerate the delivery of our product roadmap and drive productivity gains across the entire organization.

For the fourth quarter Revenue was 18.7 Million up 6%, year-over-year driven by the continued penetration of think of the Commerce into our customer base.

and improving execution of the go to market teams and to give it plus

Speaker #3: Fiscal 2025 marked a pivotal period for Thinkific. We embarked on a strategic repositioning, focusing our product roadmap and go-to-market efforts on a narrower segment upmarket.

for the year Revenue was 73.2 Million at 9% year-over-year.

Speaker #3: We believe this more targeted approach addresses a large, underserved market who are looking for a comprehensive platform that can help them grow and scale their business.

As part of moving up market, we've purposely scaled back certain traditional growing Market activities where we weren't seeing the returns. We expected

Speaker #3: We are confident that this focus will also accelerate Thinkific's long-term growth trajectory. As Greg has already discussed, we are making targeted, one-time AI-related investments in research and development to better serve our upmarket customers.

Corinne Hua: We are confident that this focus will also accelerate Thinkific's long-term growth trajectory. As Greg has already discussed, we are making targeted one-time AI-related investments in research and development to better serve our upmarket customers. These investments are designed to accelerate the delivery of our product roadmap and drive productivity gains across the entire organization.

These adjustments allow us to concentrate resources on larger more strategic accounts with greater lifetime value position the business for more durable, high-quality growth over the long term.

And at 5% for the full year of 2025.

Speaker #3: These investments are designed to accelerate the delivery of product roadmap and drive productivity gains across the entire organization, we expect these investments to position Thinkific to deliver revenue growth and drive sustainable margin expansion thereby enhancing long-term shareholder value.

Corinne Hua: We expect these investments to position Thinkific to deliver revenue growth and drive sustainable margin expansion, thereby enhancing long-term shareholder value. While we expect an adjusted EBITDA loss in Q1, we will see improvements as we move throughout the year. On to Q4 financial results. For Q4, revenue was $18.7 million, up 6% year-over-year, driven by the continued penetration of Thinkific Commerce into our customer base and improving execution of the go-to-market teams in Thinkific Plus. For the year, revenue was $73.2 million, up 9% year-over-year. As part of moving upmarket, we've purposefully scaled back certain traditional go-to-market activities where we weren't seeing the returns we expected. These adjustments allowed us to concentrate resources on larger, more strategic accounts with greater lifetime value, positioning the business for more durable, high-quality growth over the long term.

The increase in arcu came from the growth of Commerce revenue. And the continued progress, we're seeing in the GIC plus where ARP is approximately 20 times that of a typical self-serve customer.

Speaker #3: While we expect an adjusted EBITDA loss in Q1, we will see improvements as we move throughout the year. On to Q4 financial results. For the fourth quarter, revenue was 18.7 million up 6% year over year.

subscription revenue for Q4 was 15.2 million and ARR was 61 million, both up 5% year-over-year,

For the full year subscription Revenue was 59.8 Million also up 5%.

The growth in subscription revenue for the quarter in year was from continued strength and think of it plus offset by softness and self serve.

Speaker #3: Driven by the continued penetration of Thinkific Commerce into our customer base, and improving execution of the go-to-market teams in Thinkific Plus. For the year, revenue was 73.2 million up 9% year over year.

Corinne Hua: For the year, revenue was $73.2 million, up 9% year-over-year. As part of moving upmarket, we've purposefully scaled back certain traditional go-to-market activities where we weren't seeing the returns we expected. These adjustments allowed us to concentrate resources on larger, more strategic accounts with greater lifetime value, positioning the business for more durable, high-quality growth over the long term.

Commerce Revenue was 3.5 million up 13% quarter of a quarter and 13.4 million or up 32% for the year.

Speaker #3: As part of moving upmarket, we've purposefully scaled back certain traditional go-to-market activities where we weren't seeing the returns we expected. These adjustments allowed us to concentrate resources on larger, more strategic accounts with greater lifetime value, positioning the business for more durable, high-quality growth over the long term.

The growth reflects continued penetration of thinkific Commerce across the customer base, including significant improvements within our Plus customer group penetration, which is measured as gpv as a percentage of gmv increased to 62% in Q4 from 61% in the prior quarter and 52% in the prior year.

Speaker #3: ARPU of 175 dollars per month was up 5% in Q4 and up 5% for the full year of 2025. The increase in ARPU came from the growth of commerce revenue and the continued progress we're seeing in Thinkific Plus, where ARPU is approximately 20 times that of a typical self-serve customer.

Corinne Hua: ARPU of $175 per month was up 5% in Q4 and up 5% for the full year of 2025. The increase in ARPU came from the growth of commerce revenue and the continued progress we're seeing in Thinkific Plus, where ARPU is approximately 20 times that of a typical self-serve customer. Subscription revenue for Q4 was $15.2 million and ARR was $61 million, both up 5% year-over-year. For the full year, subscription revenue was $59.8 million, also up 5%. The growth in subscription revenue for the quarter and year results from continued strength in Thinkific Plus, offset by softness in self-serve. Commerce revenue was $3.5 million, up 13% quarter-over-quarter, and $13.4 million or up 32% for the year.

It's worth noting that given our current product offering and commerce. And the makeup of our customer base, we are near a plateau for Commerce adoption.

We expect to see penetration growth, slowed down and flatten. As we approach. The mid 60% range.

Speaker #3: Subscription revenue for Q4 was 15.2 million and ARR was 61 million, both up 5% year over year. For the full year, subscription revenue was 59.8 million, also up 5%.

The near-term impacts of this is we expect normal seasonality of Commerce, volumes to result in Q2, Commerce, Revenue, being roughly in line with q1.

Speaker #3: The growth in subscription revenue for the quarter and year resulted from continued strength in Thinkific Plus, offset by softness in self-serve. Commerce revenue was $3.5 million, up 13% quarter over quarter, and $13.4 million, or up 32% for the year.

Corinne Hua: The growth in subscription revenue for the quarter and year results from continued strength in Thinkific Plus, offset by softness in self-serve. Commerce revenue was $3.5 million, up 13% quarter-over-quarter, and $13.4 million or up 32% for the year.

From there, we see continued Commerce growth opportunities through a number of levers, including growth of gpv from our larger, existing customers, the movement of currently off platform sales on to thinkific payments.

Continue to adoption from new customers. And importantly, as we've moved up Market, we are seeing more new customers with large sales volumes, starting on the get Commerce.

Speaker #3: The growth reflects continued penetration of Thinkific Commerce across our customer base, including significant improvements within our Plus customer group. Penetration, which is measured as GPV as a percentage of GMV, increased to 62% in Q4 from 61% in the prior quarter and 52% in the prior year.

Corinne Hua: The growth reflects continued penetration of Thinkific Commerce across our customer base, including significant improvements within our Thinkific Plus customer group. Penetration, which is measured as GPV as a percentage of GMV, increased to 62% in Q4 from 61% in Q3 and 52% in the prior year. It's worth noting that given our current product offering in Commerce and the makeup of our customer base, we are near a plateau for Commerce adoption. We expect to see penetration growth slow down and flatten as we approach the mid 60% range. The near-term impacts of this is we expect normal seasonality of Commerce volumes to result in Q2 Commerce revenue being roughly in line with Q1.

Gmv for the quarter was 117, million up 2% versus a 3% growth last quarter and the flat growth in Q4 of 2024.

For the full year gmv was 460 million flat from the prior year.

Speaker #3: It's worth noting that given our current product offering in commerce and the makeup of our customer base, we are near a plateau for commerce adoption.

Take rate of 4.3% for Q4, was down from the 4.5% in Q3, and the 4.4% average for all of fiscal 2025.

We expect the take rate to fluctuate around these levels.

Corinne Hua: We expect to see penetration growth slow down and flatten as we approach the mid 60% range. The near-term impacts of this is we expect normal seasonality of Commerce volumes to result in Q2 Commerce revenue being roughly in line with Q1.

Speaker #3: We expect to see penetration growth slow down and flatten as we approach the mid-60% range. The near-term impacts of this is we expect normal seasonality of commerce volumes to result in Q2 commerce revenue being roughly in line with growth opportunities through a number of levers including growth of GPV from our larger existing customers, the movement of currently off-platform sales onto Thinkific payments, continued adoption from new customers, and importantly, as we've moved upmarket, we are seeing more new customers with large sales volumes starting on Thinkific Commerce.

Quarter over quarter influenced by the geographical mix of sales and a specific Commerce tool utilized.

For instance, this quarter saw higher International sales that generally carry a lower take rate.

As they utilize a lower cost payment option like AC.

Corinne Hua: From there, we see continued commerce growth opportunities through a number of levers, including growth in GPV from our larger existing customers, the movement of currently off-platform sales onto Thinkific Payments, and continued adoption from new customers. Importantly, as we've moved up market, we are seeing more new customers with large sales volumes starting on Thinkific Commerce. GMV for the quarter was $117 million, up 2% versus a 3% growth last quarter and a flat growth in Q4 of 2024. For the full year, GMV was $460 million, flat from the prior year. Take rate of 4.3% for Q4 was down from the 4.5% in Q3 and the 4.4% average for all of fiscal 2025.

Our sales tax Solutions aren't available to them and they have lower usage of options. Like, buy now pay later but have a higher take rate.

Now, on to revenue by customer group.

Self-serve, Revenue reached 13.7 million in Q4 up, 3%, from Q4 of the prior year.

for the full year, salsa Revenue was 54.2 Million up to 6% year-over-year from 2024

Speaker #3: GMV for the quarter was 117 million up 2% versus a 3% growth last quarter and the flat growth in Q4 of 2024. For the full year, GMV was 460 million flat from the prior year.

Corinne Hua: GMV for the quarter was $117 million, up 2% versus a 3% growth last quarter and a flat growth in Q4 of 2024. For the full year, GMV was $460 million, flat from the prior year. Take rate of 4.3% for Q4 was down from the 4.5% in Q3 and the 4.4% average for all of fiscal 2025.

Q4 and the full year 2025 growth reflects expanding Commerce, Revenue offset by higher churn and lower tier accounts, admit our focus of Market.

To give a plus Revenue was 5 million, a 17% increase from Q4 of 2024.

Speaker #3: The take rate of 4.3% for Q4 was down from 4.5% in Q3 and the 4.4% average for all of fiscal 2025. We expect the take rate to fluctuate around these levels quarter over quarter, influenced by the geographical mix of sales and the specific commerce tools utilized.

For the full year. 2025 plus Revenue was 19 million up, 21% year-over-year.

Corinne Hua: We expect the take rate to fluctuate around these levels quarter-over-quarter, influenced by the geographical mix of sales and the specific commerce tools utilized. For instance, this quarter saw higher international sales that generally carry a lower take rate as they utilize a lower cost payment option like ACH. Our sales tax solutions aren't available to them, and they have lower usage of options like buy now, pay later that have a higher take rate. On to revenue by customer group. Self-serve revenue reached $13.7 million in Q4, up 3% from Q4 of the prior year. For the full year, self-serve revenue was $54.2 million, up 6% year-over-year from 2024. Q4 and the full year 2025 growth reflects expanding commerce revenue, offset by higher churn and lower tier accounts amid our focus up-market.

Speaker #3: For instance, this quarter saw higher international sales that generally carry a lower take rate, as they utilize a lower-cost payment option like ACH, our sales tax solutions aren't available to them, and they have lower usage of options like buy now, pay later that have a higher take rate.

That deceleration in the GIC plus Revenue in Q4 relative to the first half of the year. And for the same period in 2024 is due to hard Compares. Following the release of the highly anticipated squirm feature in the summer of 2024 and the sales force disruption that we experienced early in 2025.

We're beginning to see positive signs in our sales team as a stabilizer from the summer.

Corinne Hua: On to revenue by customer group. Self-serve revenue reached $13.7 million in Q4, up 3% from Q4 of the prior year. For the full year, self-serve revenue was $54.2 million, up 6% year-over-year from 2024. Q4 and the full year 2025 growth reflects expanding commerce revenue, offset by higher churn and lower tier accounts amid our focus up-market.

Speaker #3: Now on to revenue by customer group. Self-serve revenue reached 13.7 million in Q4 up 3% from Q4 of the prior year. For the full year, self-serve revenue was 54.2 million up 6% year over year from 2024.

Growth margin was 72.5% as compared to 73% in Q3 and 75% in Q4 of 2024.

Speaker #3: Q4 and the full year 2025 growth reflect expanding commerce revenue, offset by higher churn and lower tier accounts amid our focus upmarket. Thinkific Plus revenue was $5 million, a 17% increase from Q4 of 2024.

As we discussed in Prior calls, the gradual decline in growth margin over the past 2 years is largely due to a shift in the revenue. Mix towards Commerce Revenue, which carries a gross margin that is lower than subscription.

Moving to operating expenses.

Corinne Hua: Thinkific Plus revenue was $5 million, a 17% increase from Q4 of 2024. For the full year 2025, Plus revenue was $19 million, up 21% year-over-year. The deceleration in Thinkific Plus revenue in Q4 relative to the first half of the year and for the same period in 2024 is due to hard compares following the release of a highly anticipated SCORM feature in the summer of 2024 and the sales force disruptions that we experienced early in 2025. We are beginning to see positive signs in our sales team as it stabilizes from the summer. We are pivoting ad spend up market, which along with the rebranding we began in the spring of 2025, is having a positive effect, and we see larger companies with greater expansion opportunities entering our sales pipeline.

Total operating expenses was 13.6 million in line with the prior quarter and the prior year.

Speaker #3: For the full year 2025, Plus revenue was $19 million, up 21% year over year. The deceleration in Thinkific Plus revenue in Q4 relative to the first half of the year, and for the same period in 2024, is due to hard compares following the release of the highly anticipated SCORM feature in the summer of 2024 and the Salesforce disruption that we experienced early in 2025.

We increased our engineering investment of 5.8 million sequentially to accelerate the product roadmap and Advance our AI initiatives.

These increases were offset by a reduction of almost $500,000 in sales and marketing which came in at 4.6 million.

Speaker #3: We are beginning to see positive signs in our sales team as it stabilizes from the summer. We are pivoting ad spend upmarket, which, along with the rebranding we began in the spring of 2025, is having a positive effect, and we see larger companies with greater expansion opportunities entering our sales pipeline.

Corinne Hua: We are beginning to see positive signs in our sales team as it stabilizes from the summer. We are pivoting ad spend up market, which along with the rebranding we began in the spring of 2025, is having a positive effect, and we see larger companies with greater expansion opportunities entering our sales pipeline.

while we have reallocated Grill Market resources towards the upmarket segment, we're still testing and iterating on different paths to Market in order to identify the most effective channels before meaningfully wrapping spend

For the 4 years. Operating expenses were 54.9 million versus 52.8 million in 2024.

Speaker #3: Gross margin was 72.5% as compared to 73% in Q3 and 75% in Q4 of 2024. As we've discussed in prior calls, the gradual decline in gross margin over the past two years is largely due to a shift in the revenue mix towards commerce revenue which carries a gross margin that is lower than subscription.

Corinne Hua: Gross margin was 72.5% as compared to 73% in Q3 and 75% in Q4 of 2024. As we've discussed in prior calls, the gradual decline in gross margin over the past two years is largely due to a shift in the revenue mix towards commerce revenue, which carries a gross margin that is lower than subscription. Moving to operating expenses. Total operating expenses was $13.6 million, in line with the prior quarter and the prior year. We increased our engineering investment of $5.8 million sequentially to accelerate the product roadmap and advance our AI initiatives. These increases were offset by a reduction of almost $500,000 in sales and marketing, which came in at $4.6 million. The reduction was a result of a decrease in promotions and advertising spend aimed at the creator market.

The increase in operating expenses in 2025 came from increased investments in product development.

Q4 adjusted Eva Total 1 million representing 6% of total revenue and Improvement of approximately 100,000 dollars compared to Q4 2024.

For the 4 year 2025 adjustability with that was 4 million up from the 3 million in 2024.

Speaker #3: Moving to operating expenses, total operating expenses were $13.6 million, in line with the prior quarter and the prior year. We increased our engineering investment to $5.8 million sequentially to accelerate the product roadmap and advance our AI initiatives.

Cash and short-term Investments, as of December 31st, 2025 was 51 million. A decrease of a million from the prior quarter.

Corinne Hua: We increased our engineering investment of $5.8 million sequentially to accelerate the product roadmap and advance our AI initiatives. These increases were offset by a reduction of almost $500,000 in sales and marketing, which came in at $4.6 million. The reduction was a result of a decrease in promotions and advertising spend aimed at the creator market.

Speaker #3: These increases were offset by a reduction of almost 500,000 dollars in sales and marketing which came in at 4.6 million. The reduction was a result of a decrease in promotions and advertising spend aimed at the creator market.

This reflects Cass usage of 494,000 from operations and 445,000 used in the repurchasing of common shares for the purchase of cancellation.

The usage of cash in Q4 is a result of working capital changes that occur in a quarter.

Speaker #3: While we have reallocated growth market resources towards the upmarket segment, we're still testing and iterating on different paths to market in order to identify the most effective channels before meaningfully ramping spend.

Corinne Hua: While we have reallocated grow market resources towards the up-market segment, we're still testing and iterating on different paths to market in order to identify the most effective channels before meaningfully ramping spend. For the full year, operating expenses were $54.9 million versus $52.8 million in 2024. The increase in operating expenses in 2025 came from increased investments in product development. Q4 adjusted EBITDA totaled $1 million, representing 6% of total revenue, an improvement of approximately $100,000 compared to Q4 2024. For the full year 2025, adjusted EBITDA was $4 million, up from the $3 million in 2024. Cash and short-term investments as of 31 December 2025, was $51 million, a decrease of $1 million from the prior quarter.

For the full year, cash from operations was a positive 5.6 million.

We believe a destiny bada is the best predictor of operating cash flow for the company on a normalized basis.

Speaker #3: For the full year, operating expenses were $54.9 million versus $52.8 million in 2024. The increase in operating expenses in 2025 came from increased investments in product development.

Reiterating Greg's comments. We are making solid progress and embedding AI across the company and see a growing pipeline of opportunity coming from businesses. Looking for a more comprehensive, scalable platform to help them grow their businesses.

Speaker #3: Q4 adjusted EBITDA totaled 1 million representing 6% of total revenue and improvement of approximately 100,000 dollars compared to Q4 2024. For the full year 2025, adjusted EBITDA was 4 million up from the 3 million in 2024.

Corinne Hua: Q4 adjusted EBITDA totaled $1 million, representing 6% of total revenue, an improvement of approximately $100,000 compared to Q4 2024. For the full year 2025, adjusted EBITDA was $4 million, up from the $3 million in 2024. Cash and short-term investments as of 31 December 2025, was $51 million, a decrease of $1 million from the prior quarter.

To drive continued growth. We are committed to targeted Investments with AI within our R&D team.

For the first quarter of q1 2026, we are expecting revenue of 18.6 to 18.9 million representing growth of 4 to 6%.

Speaker #3: Cash and short-term investments as of December 31, 2025 was 51 million, a decrease of a million from the prior quarter. This reflects cash usage of 494,000 from operations and 445,000 used in the repurchasing of common shares for the purchase of cancellation.

Corinne Hua: This reflects cash usage of $494,000 from operations and $445,000 used in the repurchasing of common shares for the purchase of cancellation. The usage of cash in Q4 is a result of working capital changes that occur inter-quarter. For the full year, cash from operations was a positive $5.6 million. We believe adjusted EBITDA is the best predictor of operating cash flow for the company on a normalized basis. Reiterating Greg's comments, we are making solid progress in embedding AI across the company and see a growing pipeline of opportunity coming from businesses looking for a more comprehensive, scalable platform to help them grow their businesses. To drive continued growth, we are committed to targeted investments with AI within our R&D team.

we expect adjustability, but due to be in the range of a loss of 2 to 5% of Revenue, due to the aforementioned strategic Investments, within R&D, with improvements in Majesty, ba expected as we move through the year,

This is my final earnings call as the CFO after almost 6. Incredibly rewarding years here at thinkific.

Speaker #3: The usage of cash in Q4 is a result of working capital changes that occur intra-quarter. For the full year, cash from operations was a positive 5.6 million.

I'm proud of the team. I was a part of building the entire organization and the transformative achievements we've delivered together.

Though I'm leaving. I have confidence in the team's ability to lead the organization into the future and look forward to continuing to cheer them on to success.

Speaker #3: We believe adjusted EBITDA is the best predictor of operating cash flow for the company on a normalized basis. Reiterating Greg's comments, we are making solid progress in embedding AI across the company and see a growing pipeline of opportunity coming from businesses looking for a more comprehensive, scalable platform to help them grow their businesses.

And with that, we are now happy to take your questions.

Corinne Hua: Reiterating Greg's comments, we are making solid progress in embedding AI across the company and see a growing pipeline of opportunity coming from businesses looking for a more comprehensive, scalable platform to help them grow their businesses. To drive continued growth, we are committed to targeted investments with AI within our R&D team.

Thank you.

Speaker #3: To drive continued growth, we are committed to targeted investments with AI within our R&D team. For the first quarter, Q1 2026, we are expecting revenue of $18.6 to $18.9 million, representing growth of 4 to 6 percent.

Ladies and gentlemen, we will now begin the question and answer session. Should you have a question? Please press star 4 to 1 on your telephone keypad and should you wish to cancel your request? Please press star. Followed by the 2. If you're using a speaker phone, please, leave the handset. Before pressing any Keys 1 moment, please for your first question.

Corinne Hua: For the Q1 of Q1 2026, we are expecting revenue of $18.6 to $18.9 million, representing growth of 4% to 6%. We expect adjusted EBITDA to be in the range of a loss of 2% to 5% of revenue due to the aforementioned strategic investments within R&D, with improvements in adjusted EBITDA expected as we move through the year. This is my final earnings call as a CFO after almost six incredibly rewarding years here at Thinkific. I'm proud of the team, of the part of building across the entire organization and the transformative achievements we've delivered together. Though I'm leaving, I have confidence in the team's ability to lead the organization into the future and look forward to continuing to cheer them on to success. With that, we are now happy to take your questions.

Speaker #3: We expect adjusted EBITDA to be in the range of a loss of 2 to 5 percent of revenue due to the aforementioned strategic investments within R&D with improvements in adjusted EBITDA expected as we move through the year.

And your first question comes from the line of Stephen Mikaelson from BMO Capital markets. Please go ahead.

Speaker #3: This is my final earnings call as the CFO, after almost six incredibly rewarding years here at Thinkific. I'm proud of the team I was a part of building across the entire organization, and the transformative achievements we've delivered together.

Corinne Hua: I'm proud of the team, of the part of building across the entire organization and the transformative achievements we've delivered together. Though I'm leaving, I have confidence in the team's ability to lead the organization into the future and look forward to continuing to cheer them on to success. With that, we are now happy to take your questions.

Speaker #3: Though I'm leaving, I have confidence in the team's ability to lead the organization into the future, and I look forward to continuing to cheer them on to success.

Hi, thanks for taking my question. Um, so I just want to touch on the uh, the increase investment in, uh, engineering. And I'm sure that some of the releases of the, uh, coding tools that have come out since we've last spoken or, uh, probably helping drive this. But I just want to get a sense of what, how has your thinking changed about your product road maps? Since, uh, last quarter are there, are you accelerating a lot of, uh, potential?

Speaker #3: And with that, we are now happy to take your questions.

You know, Revenue generating, uh, features as well, or is it primarily going to be investing in the, uh, the core platform?

Speaker #1: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by one on your telephone keypad.

Ina: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your telephone keypad. Should you wish to cancel your request, please press star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from the line of Stephen MacLeod from BMO Capital Markets. Please go ahead.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your telephone keypad. Should you wish to cancel your request, please press star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please for your first question. Your first question comes from the line of Stephen MacLeod from BMO Capital Markets. Please go ahead.

Speaker #1: And should you wish to cancel your request, please press star followed by the two. If you're using a speakerphone, please lift the handset before pressing any keys.

Speaker #1: One moment, please, for your first question. And your first question comes from the line of Stephen Mikkelsen from BMO Capital Markets. Please go ahead.

Speaker #3: Hi. Thanks for taking my question. So I just want to touch on the increased investment in engineering. I'm sure that's some of the releases of the coding tools that have come out since we've last spoken are probably helping drive this.

Stephen MacLeod: Hi. Thanks for taking my question. I just wanna touch on the increased investment in engineering. I'm sure that some of the releases of the coding tools that have come out since we've last spoken are probably helping drive this. I just wanna get a sense of how has your thinking changed about your product roadmap since last quarter? Are you accelerating a lot of, potentially, you know, revenue-generating features as well, or is it primarily gonna be investing in the core platform?

Speaker #3: But I just want to get a sense of how your thinking has changed about your product roadmap since last quarter. Are you accelerating a lot of potential revenue-generating features as well, or is it primarily going to be investing in the core platform?

Thanks Stephen. Good question. Yeah, so on the um road map and how we're thinking about that. Uh, it it is, it has changed and we just went through actually, over the last couple of weeks, a lot of planning around looking at the road map, looking ahead and really, how do we leverage AI? Both in terms of how we're building, which is where some of the Investments are but also in terms of the product that we're offering thinker is a huge step forward in this. Again, that's our AI teaching assistant. It it really has the potential to be a standalone product um, that's entirely AI driven. Um, I'm also looking at or we're looking at a lot of ways that we can Leverage The assets that we have that you could not build, um, with AI elsewhere. So there are some Network effects, there's some data, um, significant media assets. These are things that we can leverage to create products for our customers. That no 1 could could build, uh, on their own. And so there's a lot of opportunity for us to work that into the roadmap and and thinker is 1, big step in this direction. Of course.

Speaker #4: Thanks, Stephen. Good question. Yeah. So on the roadmap and how we're thinking about that, it has changed, and we just went through actually over the last couple of weeks a lot of planning around looking at the roadmap, looking ahead, and really how do we leverage AI both in terms of how we're building, which is where some of the investments are, but also in terms of the product that we're offering.

Greg Smith: Thanks, Stephen. Good question. On the roadmap and how we're thinking about that, it has changed, and we just went through, actually, over the last couple of weeks, a lot of planning around looking at the roadmap, looking ahead, and really how do we leverage AI, both in terms of how we're building, which is where some of the investments are, but also in terms of the product that we're offering. Thinker is a huge step forward in this. Again, that's our AI teaching assistant. It really has the potential to be a standalone product that's entirely AI driven. I'm also looking at, or we're looking at a lot of ways that we can leverage the assets that we have that you could not build with AI elsewhere.

Wondering how the, um, how you're thinking about monetizing it and the economics, and, you know, is there enough unit economics, in it for it to be, eventually rolled out to the rest of the thinkific base?

Speaker #4: Thinkor is a huge step forward in this. Again, that's our AI teaching assistant. It really has the potential to be a standalone product. That's entirely AI-driven.

Greg Smith: It really has the potential to be a standalone product that's entirely AI driven. I'm also looking at, or we're looking at a lot of ways that we can leverage the assets that we have that you could not build with AI elsewhere.

Speaker #4: I'm also looking at, or we're looking at, a lot of ways that we can leverage the assets that we have that you could not build with AI elsewhere.

Speaker #4: So, there are some network effects. There’s some data, significant media assets—these are things that we can leverage to create products for our customers that no one could build on their own.

Greg Smith: There are some network effects, there's some data, significant media assets. These are things that we can leverage to create products for our customers that no one could build on their own. There's a lot of opportunity for us to work that into the roadmap. Thinker is one big step in this direction, of course.

Speaker #4: And so there's a lot of opportunity for us to work that into the roadmap. And Thinkor is one big step in this direction, of course.

Speaker #3: Okay. And just sticking with Thinkor, I know this won't be your last AI-powered tool, or I can't imagine it would be, but just wondering how you're thinking about monetizing it and the economics. And is there enough unit economics in it for it to be eventually rolled out to the rest of the Thinkific base?

Stephen MacLeod: Okay. Just sticking with Thinker, I know this won't be your last AI-powered tool, or I can't imagine it would be, but I just wondering how you're thinking about monetizing it and the economics, and, you know, is there enough unit economics in it for it to be eventually rolled out to the rest of the Thinkific base?

Yeah, it both good questions. Um, on the monetization. It's included in Plus plans, but there is usage pricing or uh, or sorry. It's it's outcome pricing. So as we see customers have success, this does seem to be the Fairly standard in terms of how AI tools are being priced. It works great. And that customers are paying for the results that we're getting, uh, or they're getting, we're seeing good results already from, uh, how thinkers being used already. And so, what we get to see is customers have the ability currently to roll this out to their students, their customers, and the more they save and the more they gain from interactions either, they didn't have have to have because thinker does it for them, uh, or even Revenue opportunities that can occur that it can create, um, that turns into billing for us. Um, but right now, it is included with some, uh, some success outcome and outcome oriented pricing into the Plus plans. And then, in terms of rolling, it out to the broad base of customers. We are looking at that, um,

It's uh that'll be an interesting 1 and I think eventually we will make it available to everyone. But right now it's it's really focused on on the, uh, the larger more successful group of customers and unlocking it for them.

Speaker #4: Yeah, both good questions. On the monetization, it's included in Plus plans, but there is usage pricing—or, sorry, it's outcome pricing. So, as we see customers have success, this does seem to be fairly standard in terms of how AI tools are being priced.

Greg Smith: Yeah, both good questions. On the monetization, it's included in plus plans, but there is usage pricing, or it's outcome pricing. As we see customers have success, this does seem to be the fairly standard in terms of how AI tools are being priced. It works great in that customers are paying for the results that we're getting, or they're getting. We're seeing good results already from how Thinker is being used already. What we get to see is customers have the ability currently to roll this out to their students, their customers, and the more they save and the more they gain from interactions, either they didn't have to have because Thinker does it for them, or even revenue opportunities that it can create, that turns into billing for us.

All right, um, that's it for me. I just want to say uh, uh permanent. It's been great working with you and, you know, wish you all the success going forward.

Speaker #4: It works great in that customers are paying for the results that we're getting, or they're getting. We're seeing good results already from how Thinkor is being used already.

Thank you. And your next question comes from the line of Gavin, for weather from ATB core Mark. Please go ahead.

Speaker #4: And so what we get to see is customers have the ability currently to roll this out to their students, their customers. And the more they save, and the more they gain from interactions—either they didn't have to have because Thinkor does it for them, or even revenue opportunities that can create—that turns into billing for us.

Greg Smith: What we get to see is customers have the ability currently to roll this out to their students, their customers, and the more they save and the more they gain from interactions, either they didn't have to have because Thinker does it for them, or even revenue opportunities that it can create, that turns into billing for us.

Flat sequentially. This quarter is 1, might have expected a bit of a, a decline in the the guide for q1 is, is showing kind of further growth. So as the read through here, that you know, you are having

Success at this stage of the transition, kind of backfilling, some of that earlier stage turn with kind of more established customers.

Speaker #4: But right now, it is included with some success outcome and outcome-oriented pricing into the Plus plans. And then, in terms of rolling it out to the broad base of customers, we are looking at that.

Greg Smith: Right now it is included with some success outcome and outcome-oriented pricing into the Plus plans. In terms of rolling it out to the broad base of customers, we are looking at that. It's, that'll be an interesting one, and I think eventually we will make it available to everyone, but right now it's really focused on the larger, more successful group of customers and unlocking it for them.

Speaker #4: That'll be an interesting one, and I think eventually we will make it available to everyone. But right now, it's really focused on the larger, more successful group of customers and unlocking it for them.

Yeah, I'm I'm really impressed with the discipline within our go to market teams on spend, and they've self-identified a lot of opportunity over the last few quarters to save. And I think we're you're you're seeing part of it reflected in the go to market, spend not all of it because some of it is again, being redirected up Market but they they saved the significant amount there and yet they've been able to do it with

Speaker #3: All right. That's it for me. I just want to say terrific. It's been great working with you, and I wish you all the success going forward.

Stephen MacLeod: All right. That's it for me. I just wanna say, Corinne, it's been great working with you, and, you know, wish you all the success going forward.

Speaker #1: Thank you. And your next question comes from the line of Kevin Verweider from ATB Coremark. Please go ahead.

Ina: Thank you. Your next question comes from the line of Martin Toner from ATB Capital Markets. Please go ahead.

Operator: Thank you. Your next question comes from the line of Martin Toner from ATB Capital Markets. Please go ahead.

Uh, such discipline and an intelligent approach. Such that we're really not seeing much of a decline. In fact, we sort of made estimates as to what kind of a, uh, a decline, we would see. And and we're beating all of our estimates and and as you're pointing out in the numbers, it's looking pretty good. Despite the the cuts in in ad spend there.

Speaker #5: Oh, hey. Good afternoon. Thanks for taking my questions. Maybe just on self-serve, despite the lower marketing on earlier stage customers, revenue is pretty flat sequentially.

Martin Toner: Oh, hey, good afternoon. Thanks for taking my questions. Maybe just on self-serve. You know, despite the lower marketing on earlier stage customers, revenue is pretty flat sequentially this quarter, as one might have expected a bit of a decline, and the guide for Q1 is showing kind of further growth. Is the read through here that, you know, you are having success at this stage of the transition, kinda backfilling some of that earlier stage churn with kinda more established customers?

Speaker #5: This quarter is what might have expected a bit of a decline, and the guide for Q1 is showing kind of further growth. So is the read-through here that you are having success at this stage of the transition kind of backfilling some of that earlier stage churn with kind of more established customers?

Great to hear that. Maybe just curious what you're hearing in the ecosystem, on udemy. And obviously, they've announced their kind of merger with cser and the partnership with openai where they're going to send a bunch of their content, kind of into the LM, like wondering what you're hearing from prospects and customers. And whether you could see any kind of opportunities for think of Victor all that disruption,

Speaker #4: Yeah. I'm really impressed with the discipline within our go-to-market teams on spend, and they've self-identified a lot of opportunity over the last few quarters to save.

Greg Smith: Yeah, I'm really impressed with the discipline within our go-to-market teams on spend, and they've self-identified a lot of opportunity over the last few quarters to save. I think you're seeing part of it reflected in the go-to-market spend, not all of it, because some of it is again being redirected up market. They've saved a significant amount there, and yet they've been able to do it with such discipline and an intelligent approach such that we're really not seeing much of a decline. In fact, we'd sort of made estimates as to what kind of a decline we would see, and we're beating all of our estimates. As you're pointing out in the numbers, it's looking pretty good despite the cuts in ad spend there.

Speaker #4: And I think you're seeing part of it reflected in the go-to-market spend. Not all of it, because some of it is, again, being redirected up market.

Speaker #4: But they've saved a significant amount there, and yet they've been able to do it with such discipline and an intelligent approach, such that we're really not seeing much of a decline in fact, we'd sort of made estimates as to what kind of a decline we would see and were beating all of our estimates and, as you're pointing out in the numbers, it's looking pretty good despite the cuts in ad spend there.

Greg Smith: In fact, we'd sort of made estimates as to what kind of a decline we would see, and we're beating all of our estimates. As you're pointing out in the numbers, it's looking pretty good despite the cuts in ad spend there.

Yeah. I mean the the they don't come up in the competitive set for us just because they're the marketplace and and I know you know that but they don't come up in the competitive set for us in that way and that our customers couldn't use, uh, or Corsair or or a udemy for the same kind of solutions that we offer, um, but the selling through LMS is definitely something we've been looking at and um, and have some opportunity to do. I think, the we've seen Shopify do this. Um, and and uh, yeah, definitely with mCP, there is that opportunity where you're having your conversation with your favorite llm and then courses or other learning opportunities are presented to you, um, in a sense that is some of what thinker can do in the future as well. So, lots of opportunity for us there and definitely something that's uh, being considered in our roadmap.

Speaker #5: That's great to hear. And then maybe, just curious, what you're hearing in the ecosystem on Udemy. I mean, obviously they've announced their kind of merger with Coursera, and then they had that partnership with OpenAI where they're going to send a bunch of their content kind of into the LLM.

Martin Toner: It's great to hear. Maybe just curious what you're hearing in the ecosystem on Udemy. I mean, obviously they've announced their kinda merger with Coursera, and then they had that partnership with OpenAI, where they're gonna send a bunch of their content kinda into the LLM. Like, wondering what you're hearing from prospects and customers and whether you can see any kind of opportunities for Thinkific through all that disruption?

Speaker #5: I'm wondering what you're hearing from prospects and customers and whether you could see any kind of opportunities for Thinkific through all that disruption.

Speaker #4: Yeah. I mean, they don't come up in the competitive set for us just because they're the marketplace, and I know you know that, but they don't come up in the competitive set for us in that way, in that our customers couldn't use Coursera or Udemy for the same kind of solutions that we offer.

Greg Smith: Yeah, I mean, they don't come up in the competitive set for us just 'cause they're the marketplace, and I know you know that, they don't come up in the competitive set for us in that way, and that our customers couldn't use a Coursera or a Udemy for the same kind of solutions that we offer. The selling through LLMs is definitely something we've been looking at and have some opportunity to do. I think we've seen Shopify do this, and, yeah, definitely with MCP there is that opportunity where you're having your conversation with your favorite LLM and then courses or other learning opportunities are presented to you. In a sense, that is some of what Thinker can do in the future as well.

And then just lastly for me, it's been, I don't know, 7 months, 8 months out of the rebuild of the leadership team in, in Plaza, you know, growth was pretty uh, flat sequentially compared to what you did last quarter, but maybe you can just update us on what you're seeing in in the pipeline and what you're seeing with the AE team. Obviously, you have a nice win that you announced, um, you know, alongside the results. But but maybe you can just unpack what you're seeing under the hood there, whether we can expect a re acceleration in 26,

Speaker #4: But the selling through LLMs is definitely something we've been looking at and have some opportunity to do. I think we've seen Shopify do this.

Greg Smith: I think we've seen Shopify do this, and, yeah, definitely with MCP there is that opportunity where you're having your conversation with your favorite LLM and then courses or other learning opportunities are presented to you. In a sense, that is some of what Thinker can do in the future as well.

Speaker #4: And yeah, definitely with MCP, there is that opportunity where you're having your conversation with your favorite LLM, and then courses or other learning opportunities are presented to you.

Understanding of it to be able to go any more of these people coming into the pipeline. Um,

Speaker #4: In a sense, that is some of what Thinkor can do in the future as well. So, lots of opportunity for us there, and definitely something that's being considered in our roadmap.

Greg Smith: lots of opportunity for us there and definitely something that's being considered in our roadmap.

Speaker #5: That's great. And then, just lastly for me, it's been, I don't know, seven months, eight months since kind of the rebuild of the leadership team in Plus. The growth was pretty flat sequentially compared to what you did last quarter.

Martin Toner: That's great. Just lastly for me, it's been, I don't know, 7 months, 8 months since kind of the rebuild of the leadership team in Plus. The growth was pretty flat sequentially compared to what you did last quarter. Maybe you can just update us on what you're seeing in the pipeline and what you're seeing with the AE team. Obviously, you know, a nice win that you announced, you know, alongside the results, but maybe you can just unpack what you're seeing under the hood there, whether we can expect a re-acceleration in 2026.

We're seeing uh, good results in the um, in the retention and upsell and expansion opportunities and what the team is doing there. And there's a lot coming from product that will double down on that opportunity as well. Uh, and

Speaker #5: But maybe you can just update us on what you're seeing in the pipeline and what you're seeing with the AE team. Obviously, a nice win that you announced alongside the results, but maybe you can just unpack what you're seeing under the hood there, whether we can expect to reaccelerate in 26.

And then the area where we're learning and growing as well is in being able to land these larger deals. And and the 1 I talked about today was 1 example but there's a bunch of others that come through recently. Uh a few more that are close to closing that the team's doing a great job of quarterbacking. These much more complex deals. It's really starting to shift from

Speaker #4: Yeah. That is the intent, is to reaccelerate here. What we're seeing is really the logos that are coming in are excellent. Surprised even by the sort of size and pedigree of the companies that are coming to us through our brand and go-to-market and a lot of what we're hearing from them is that we have things that no one else does.

Greg Smith: Yeah, that is the intent, is to re-accelerate here. What we're seeing is really the logos that are coming in are excellent. Surprised even by the sort of size and pedigree of the companies that are coming to us through our brand and go to market. A lot of what we're hearing from them is that we have things that no one else does. There's something we're doing right here, and I think we have a good understanding of it to be able to go and get more of these people coming into the pipeline. We're seeing good results in the retention and upsell and expansion opportunities and what the team is doing there. There's a lot coming from product that will double down on that opportunity as well.

You're having a 1 to 1 conversion with a single buying decision maker, at an organization of 2550 people to you're having a quarterback a variety of different stakeholders and decision makers and champions across a larger, your organization again for much larger deals which is a great opportunity for us and and we're starting to see the team uh come together and and have some real strength in that as well. So pretty excited about the potential for an acceleration there as well.

Speaker #4: And so there's something we're doing right here, and I think we have a good understanding of it to be able to go and get more of these people coming into the pipeline.

Thanks so much and Karina Echo, Stevens comments being great. Working together all the best.

Greg Smith: We're seeing good results in the retention and upsell and expansion opportunities and what the team is doing there. There's a lot coming from product that will double down on that opportunity as well.

Speaker #4: We're seeing good results in retention and upsell and expansion opportunities, and what the team is doing there. And there's a lot coming from product that will double down on that opportunity as well.

Thank you, and your next question comes from the line of Robert Young from mechanical engineering. Please go ahead.

Uh, hi, good evening. Um, I guess I'll say, uh, first, you know, Karen, it's been great working with. You look forward to working with you somewhere again.

Greg Smith: Then the area where we're learning and growing as well is in being able to land these larger deals. The one I talked about today was one example, but there's a bunch of others that's come through recently, a few more that are close to closing, that the team's doing a great job of quarterbacking these much more complex deals. It's really starting to shift from you're having a one-to-one conversation with a single buying decision maker at an organization of 25, 50 people to you're having to quarterback a variety of different stakeholders, decision makers, and champions across a larger organization. Again, for much larger deals, which is a great opportunity for us, and we're starting to see the team come together and have some real strength in that as well.

Speaker #4: And then the area where we're learning and growing as well is in being able to land these larger deals. And the one I talked about today was one example, but there's a bunch of others that's come through recently.

Um, for the questions. Um, I was maybe a little bit like, Gavin's question. I I just wanted to see if you could dig into

Speaker #4: A few more that are close to closing that the team's doing a great job of quarterbacking these much more complex deals. It's really starting to shift from you're having a one-to-one conversation with a single buying decision-maker at an organization of 25, 50 people to you're having a quarterback, a variety of different stakeholders and decision-makers and champions across a larger organization.

maybe give a little more insight into what the top of the funnel looks like and what the sales cycle looks like after these changes. You said that there are customers

with significant expansion act opportunities. I think you said that some deals have built-in accelerators that want to talk a little bit about that and I think you said 5 to 6, Figure deals, is that Mr? Or is that annual revenue if you could talk about

You know what that means? Yeah.

Speaker #4: Again, for much larger deals, which is a great opportunity for us, and we're starting to see the team come together and have some real strength in that as well.

Greg Smith: Again, for much larger deals, which is a great opportunity for us, and we're starting to see the team come together and have some real strength in that as well.

yeah, so a few things there um uh, the

Speaker #4: So, pretty excited about the potential for an acceleration there as well.

Greg Smith: Pretty excited about the potential for an acceleration there as well.

Speaker #5: Thanks so much. And Karina, I'll echo Stephen's comments—it's been great working together. All the best.

Martin Toner: Thanks so much. Corinne, I'll echo Stephen's comments. It's been great working together. All the best.

Speaker #1: Thank you. And your next question comes from the line of Robert Young from Canaco Genuity. Please go ahead.

Ina: Thank you. Your next question comes from the line of Robert Young from Canaccord Genuity. Please go ahead.

Operator: Thank you. Your next question comes from the line of Robert Young from Canaccord Genuity. Please go ahead.

Robert Young: Hi, good evening. I guess I'll say, first, you know, Corinne, it's been great working with you. Look forward to working with you somewhere again. For the questions, I was maybe a little bit like Gavin's question. I just wanted to see if you could dig into maybe give a little more insight into what the top of the funnel looks like and what the sales cycle looks like after these changes. You said that there are customers with significant expansion opportunities. I think you said that some deals have built-in accelerators. I wonder if you could talk a little bit about that. I think you said 5 to 6 figure deals. Is that MRR or is that annual revenue? If you could talk about, you know, what that means.

Speaker #6: Hi. Good evening. I guess I'll say first, Karina, it's been great working with you. I look forward to working with you somewhere again. For the questions, I was maybe a little bit like Gavin's question.

Speaker #6: I just wanted to see if you could dig in, and maybe give a little more insight into what the top of the funnel looks like, and what the sales cycle looks like after these changes.

5 to 6 figures, the simple 1 that is annual revenue and that can be a combination of, um, our subscription Revenue combined with the potential for Commerce Revenue. Another exciting thing that's happening here is we're seeing really good adoption rates from these larger and plus customers coming in and they have the potential to do larger volumes than we've seen before. So, that's exciting as well. We're seeing those numbers up considerably in terms of the volume of plus customers who are hopping on to think of a payments. Um, part of that is a lot of the work we've done on the product side to um, increase the complexity and and power of those features for larger Sellers and their expectations. It's interesting. It's it's been

Speaker #6: You said that there are customers with significant expansion opportunities. I think you said that some deals have built-in accelerators. I wonder if you could talk a little bit about that and I think you said five to six-figure deals.

Robert Young: You said that there are customers with significant expansion opportunities. I think you said that some deals have built-in accelerators. I wonder if you could talk a little bit about that. I think you said 5 to 6 figure deals. Is that MRR or is that annual revenue? If you could talk about, you know, what that means.

Speaker #6: Is that MRR, or is that annual revenue? If you could talk about what that means.

Speaker #4: Yeah, yeah. So a few things there. The five to six figures, the simple one, that is annual revenue. And that can be a combination of our subscription revenue combined with the potential for commerce revenue.

Greg Smith: Yeah. A few things there. The 5 to 6 figures, a simple one that is annual revenue, and that can be a combination of our subscription revenue combined with the potential for commerce revenue. Another exciting thing that's happening here is we're seeing really good adoption rates from these larger and plus customers coming in, and they have the potential to do larger volumes than we've seen before. That's exciting as well. We're seeing those numbers up considerably in terms of the volume of plus customers who are hopping on to Thinkific Payments. Part of that is a lot of the work we've done on the product side to increase the complexity and power of those features for larger sellers and their expectations. It's interesting.

Speaker #4: Another exciting thing that's happening here is we're seeing really good adoption rates from these larger and Plus customers coming in, and they have the potential to—so that's exciting as well.

Greg Smith: That's exciting as well. We're seeing those numbers up considerably in terms of the volume of plus customers who are hopping on to Thinkific Payments. Part of that is a lot of the work we've done on the product side to increase the complexity and power of those features for larger sellers and their expectations. It's interesting.

Speaker #4: We're seeing those numbers up considerably in terms of the volume of Plus customers who are hopping on to Thinkific Payments. Part of that is a lot of the work we've done on the product side to increase the complexity and power of those features for larger sellers and their expectations.

Competitive Advantage for us in the selling process and that they're often coming to us where it's not necessarily on their RFP as a requirement um because they do have other options to process payments or maybe doing it somewhere else. But then when they realize they can bring it all into 1 system with us that's truly integrated and works the way they need it to it. Quickly becomes a strong selling feature and can help us win the deal. Um, and then yeah, on the expansion part of that is, is the Commerce component, but part of it is, um, the maturity of the team developing better conversations better systems and processes for dealing with these more senior customers offering stronger services, on an ongoing basis. Um, is creating a lot of opportunities. So, within the, the team of our, our C customer success team, they've done a lot of work, um, that we're quite proud of that, that's improving this. And so we see more opportunity there. And then, yeah, I need more year, we're still seeing over the last few quarters consistently over. 50% of deals, are multi-year. And that typically has a built-in accelerator um, over the over the course of the

Speaker #4: It's interesting. It's been a competitive advantage for us in the selling process in that they're often coming to us where it's not necessarily on their RFP as a requirement.

Multi-year deal, which is exciting as well. And we're just now rolling to roll over some of those accelerators so that that will be helpful on the expansion going forward as well.

Greg Smith: It's been a competitive advantage for us in the selling process, and that they're often coming to us where it's not necessarily on their RFP as a requirement, because they do have other options to process payments or may be doing it somewhere else. When they realize they can bring it all into one system with us that's truly integrated and works the way they need it to, it quickly becomes a strong selling feature and can help us win the deal. Yeah, on the expansion part of that is the commerce component, but part of it is the maturity of the team developing better conversations, better systems and processes for dealing with these more senior customers. Offering stronger services on an ongoing basis is creating a lot of opportunities.

Okay. And I will see most of that's going to be within

Speaker #4: Because they do have other options to process payments or maybe doing it somewhere else, but then when they realize they can bring it all into one system with us that's truly integrated and works the way they need it to, it quickly becomes a strong selling feature and can help us win the deal.

Thank you for segments, obviously. But um, yes, you know wasn't so long ago. You were talking about a 30% growth Target.

Uh, as you know, is that still where you think that business will will will grow over the medium-term? Is that still the Target or?

Speaker #4: And then, yeah, on the expansion part of that is the commerce component, but part of it is the maturity of the team—developing better conversations, better systems and processes for dealing with these more senior customers, offering stronger services on an ongoing basis.

Greg Smith: Yeah, on the expansion part of that is the commerce component, but part of it is the maturity of the team developing better conversations, better systems and processes for dealing with these more senior customers. Offering stronger services on an ongoing basis is creating a lot of opportunities.

Would you revise that?

Speaker #4: It's creating a lot of opportunities. So within the team of our Customer Success team, they've done a lot of work that we're quite proud of that's improving this.

Greg Smith: Within the team of our customer success team, they've done a lot of work that we're quite proud of, that's improving this, we see more opportunity there. Yeah, on the multi-year, we're still seeing over the last few quarters, consistently over 50% of deals are multi-year, and that typically has a built-in accelerator over the course of the multi-year deal, which is exciting as well. We're just now starting to roll over some of those accelerators, so that will be helpful on the expansion going forward as well.

Speaker #4: And so we see more opportunity there. And then, yeah, on the multi-year, we're still seeing, over the last few quarters, consistently over 50% of deals are multi-year, and that typically has a built-in accelerator over the course of the multi-year deal, which is exciting as well.

Okay, and then, uh, last question, I guess would be just to push you on this. Um,

Speaker #4: And we're just now starting to roll over some of those accelerators. So that will be helpful on the expansion going forward as well.

Speaker #6: Okay, and I would assume most of that's going to be within the Thinkific Plus segment, obviously. But it wasn't so long ago you were talking about a 30% growth target.

Robert Young: Okay. I would assume most of that's gonna be within the Thinkific Plus segment, obviously.

Greg Smith: Yes.

Robert Young: You know, wasn't so long ago you were talking about a 30% growth target. As you know. Is that still where you think that business will grow over the medium term? Is that still the target, or would you revise that?

Speaker #6: As is that still where you think that business will grow over the medium term? Is that still the target, or would you revise that?

Speaker #4: Yeah, that's where I'd like to get back to. I think we could do that. There is a ton of opportunity, as possible. We can do more there.

Greg Smith: Yeah, that's where I'd like to get back to. I think we can do that. There is a ton of opportunity as possible. We can do more there. I don't wanna limit us to just that, but I also don't wanna give guidance on a very near term for that, 'cause we still have a little bit of way to go to get back there. There's certainly a lot of opportunity. We've been surprised at the volume of opportunity within the pipeline and what we're seeing and what we're able to generate. Now it's just about getting to work on capitalizing on it, both from a sales and a product perspective.

Uh the the expectation to get back to positively but uh is in different parts of the prepared remarks. I think you said that you would like to strike the optimal balance between margins and growth acceleration. And so like would you still expect positive people to talk for the full year? Or is this a point in time when you're you're really looking at everything you know given CFO change and a lot of you know perhaps you know the um strategy may change Etc. It it maybe if you just give a sense to investors how serious you are in that expectation that you've a double positive. Yeah.

Speaker #4: So, I don't want to limit us to just that, but I also don't want to give guidance on a very near term for that.

Speaker #4: Because we still have a little bit of way to go to get back there. But there's certainly a lot of opportunity. We've been surprised at the volume of opportunity within the pipeline and what we're seeing and what we're able to generate.

Speaker #4: Now it's just about getting to work on capitalizing on it, both from a sales and a product perspective.

Speaker #6: Okay. And then last question, I guess, would be just to push you on this expectation to get back to positive EBITDA. In different parts of the prepared remarks, I think you said that you would like to strike the optimal balance between margins and growth acceleration.

Robert Young: Okay. Last question, I guess, would be just to push you on this, the expectation to get back to positive EBITDA. In different parts of the prepared remarks, I think you said that you would like to strike the optimal balance between margins and growth acceleration. Like, would you still expect positive EBITDA for the full year, or is this a point in time when you're really looking at everything, you know, given CFO change and a lot of, you know, perhaps, you know, the strategy may change, et cetera? Maybe if you just give a sense to investors how serious you are in that expectation of EBITDA remaining positive.

Yeah. And to be clear, no connection or relation to CFO change in any of this. Um and uh and definitely I'm very serious about getting back to uh to positive. I'm, it's where I'm most comfortable operating. I think it's where any business should operate. But at the same time, for this quarter, what we saw was a real opportunity to uh invest in something that was extremely important for our future, which is really an investment in, in AI both in how we're using it, and for our customers, and how we're using it internally. So, I think in the midterm that will actually play out with a strong Roi and so, it seemed a good investment there. Um, and uh, and yes, quite committed to get that getting back to that profitable level and then scaling it up from there.

Okay, thanks a lot for taking the questions.

Speaker #6: And so would you still expect positive EBITDA for the full year, or is this a point in time when you're really looking at everything given CFO change and a lot of perhaps the strategy may change, etc.?

Thank you.

And your next question, cancel the line of that group plan from CIBC please. Go ahead.

Speaker #6: Maybe if you could just give a sense to investors how serious you are in that expectation that EBITDA will remain positive.

Uh great. Uh thank you and Karen uh um Good Luck in uh your the next phase of your career and thanks for all the help. We really appreciate it.

Speaker #4: Yeah, yeah. And to be clear, no connection or relation to the CFO change in any of this. And definitely, I'm very serious about getting back to positive.

Greg Smith: Yeah. To be clear, no connection or relation to CFO change in any of this. Definitely I'm very serious about getting back to positive. It's where I'm most comfortable operating. I think it's where any business should operate. At the same time, for this quarter, what we saw was a real opportunity to invest in something that was extremely important for our future, which is really an investment in AI, both in how we're using it for our customers and how we're using it internally. I think in the midterm, that will actually play out with a strong ROI, and so it seemed a good investment there. Yes, quite committed to getting back to that profitable level and then scaling it up from there.

Um, I had a few questions uh, first on the the plus pipeline.

Um, what's your sense on?

Speaker #4: It's where I'm most comfortable operating. I think it's where any business should operate. But at the same time, for this quarter, what we saw was a real opportunity to invest in something that was extremely important for our future, which is really an investment in AI, both in how we're using it for our customers and how we're using it internally.

Speaker #4: So I think in the midterm, that will actually play out with a strong ROI, and so it seemed a good investment there. And yes, quite committed to get back to that profitable level and then scaling it up from there.

Greg Smith: I think in the midterm, that will actually play out with a strong ROI, and so it seemed a good investment there. Yes, quite committed to getting back to that profitable level and then scaling it up from there.

The rhythm of that pipeline terms of efficiency of go to market. Now, how much is yet to be done before you're starting to, uh, get that performing at a level, you'd like to see it. Are there any Milestones that you can sort of put out there for us to help us track, uh, sort of, you know, pipeline to close rates to, you know, maybe other goals that you have there? Could you just talk about that please?

Speaker #6: Okay. Thanks a lot for taking the questions.

Robert Young: Okay. Thanks a lot for taking the questions.

Speaker #4: Thank you.

Greg Smith: Thank you.

Speaker #1: Thank you. And your next question comes from the line of Todd Coupland from CIBC. Please go ahead.

Ina: Thank you. Your next question comes from the line of Todd Coupland from CIBC. Please go ahead.

Operator: Thank you. Your next question comes from the line of Todd Coupland from CIBC. Please go ahead.

Todd Coupland: Great. Thank you. Corinne, good luck in the next phase of your career, and thanks for all the help. We really appreciate it. I had a few questions. First on the Plus pipeline. What's your sense on the rhythm of that pipeline in terms of efficiency of go-to-market now, how much is yet to be done before you're starting to get that performing at a level you'd like to see it? Are there any milestones that you can sort of put out there for us to help us track, sort of, you know, pipeline to close rates to, you know, maybe other goals that you have there? Could you just talk about that, please?

Speaker #2: Great, thank you. And Corinne, good luck in the next phase of your career, and thanks for all the help—really appreciate it. I had a few questions, first on the Plus pipeline.

Yeah, and I'd really be useful for us to come back with even more detail on. But I would say that, um, I I can definitely speak to some of it. Now, in that, um, we're some of the things we can where we, uh, I've talked about some of the things we're doing well. Some of the things we can work on here is, um, further improving capitalizing on the pipeline of leads and opportunities that we're generating. They do still closed quite quickly. We're still seeing most deals come in at 3045 Days, 1 thing, that's actually

Speaker #2: What's your sense on the rhythm of that pipeline in terms of efficiency of go-to-market now? How much is yet to be done before you're starting to get that performing at a level you'd like to see it?

Accelerated for us. Quite considerably is how quickly we're getting customers to launch. Uh which has been a big selling feature as well, which is getting them launched typically in in under 60 days. When they're coming in, with expectations, from other companies that it's going to take much longer. Um, that does help with the pipeline because it it gets them up and running and and helps with the expansion and retention opportunities in the future as well. Um, in terms of timelines, I think through this year, we're going to be seeing some key big improvements both in terms of

Speaker #2: Are there any milestones that you can sort of put out there for us to help us track sort of pipeline-to-close rates, to maybe other goals that you have there?

Speaker #2: Could you just talk about that, please?

Speaker #4: Yeah. And it would probably be useful for us to come back with even more detail on that, but I would say that I can definitely speak to some of it now, in that we're—some of the things—we can, where we—I've talked about some of the things we're doing well, and some of the things we can work on here.

Greg Smith: Yeah. That'd really be useful for us to come back with even more detail on, but I would say that, I can definitely speak to some of it now in that. I've talked about some of the things we're doing well. Some of the things we can work on here is further improving, capitalizing on the pipeline of leads and opportunities that we're generating. They do still close quite quickly. We're still seeing most deals come in at 30, 45 days.

Lead generation partly through uh new channels like outbound. That were pushing more significantly now and starting to see, I think that 1 we've made a few attempts at it. We finally got started to get it figured out, uh, where the opportunity is, so, that should improve the overall pipeline. Um, and, uh, and the kind of deals that we can be closing their. And, so, through this year, I think there'll be some key Milestones, um, particularly in Q3, and Q4 where we should see that tick up overall, in terms of the, the impact of the, the sales pipeline

Speaker #4: Further improving and capitalizing on the pipeline of leads and opportunities that we're generating. They do still close quite quickly. We're still seeing most deals come in at 30 to 45 days.

Yeah. And and you had said you were you were pleasantly surprised recently for getting selected by these larger entities. What what are they picking you for?

Speaker #4: One thing that's actually accelerated for us quite considerably is how quickly we're getting customers to launch, which has been a big selling feature as well. We're getting them launched typically in under 60 days, when they're coming in with expectations from other companies that it's going to take much longer.

Greg Smith: One thing that's actually accelerated for us quite considerably is how quickly we're getting customers to launch, which has been a big selling feature as well, which is getting them launched typically under 60 days when they're coming in with expectations from other companies that it's going to take much longer. That does help with the pipeline because it gets them up and running and helps with the expansion and retention opportunities in the future as well. In terms of timelines, I think through this year, we're going to be seeing some key big improvements, both in terms of lead generation, partly through new channels like outbound that we're pushing more significantly now and starting to see. I think that one, we've made a few attempts at it. We finally started to get it figured out where the opportunity is.

And who are you replacing?

Greg Smith: That does help with the pipeline because it gets them up and running and helps with the expansion and retention opportunities in the future as well. In terms of timelines, I think through this year, we're going to be seeing some key big improvements, both in terms of lead generation, partly through new channels like outbound that we're pushing more significantly now and starting to see. I think that one, we've made a few attempts at it. We finally started to get it figured out where the opportunity is.

Speaker #4: That does help with the pipeline because it gets them up and running and helps with the expansion and retention opportunities in the future as well.

Yeah, it's it's a combination on both fronts in terms of who we're replacing and what they're picking. Um, typical Legacy LMS is that, uh, uh, a variety of them that that are out there. Um,

And the reasons they're picking us.

Speaker #4: In terms of timelines, I think through this year we're going to be seeing some key, big improvements, both in terms of lead generation—partly we're pushing more significantly now—and starting to see, I think, that one. We've made a few attempts at it.

Uh, Commerce is 1 of them uh, that ability for us to have integrated Commerce into it. Uh, certainly the user experience and ease of use uh, and the student experience and learning experience. This has been a big 1 for us and it's actually something that's going to get a lot more powerful for for us over the next few months. We've

Speaker #4: We finally got started opportunity is. So that should improve the overall pipeline and the kind of deals that we can be closing there. And so through this year, I think there'll be some key milestones particularly in Q3 and Q4 where we should see that tick up overall in terms of the impact of the sales pipeline.

Greg Smith: That should improve the overall pipeline and the kinda deals that we can be closing there. Through this year, I think there'll be some key milestones, particularly in Q3 and Q4, where we should see that tick up overall in terms of the impact of the sales pipeline.

Speaker #2: Okay. And you had said you were pleasantly surprised recently for getting selected by these larger entities. What are they picking you for? And who are you replacing?

Todd Coupland: Okay. You had said you were pleasantly surprised recently for getting selected by these larger entities. What are they picking you for? Who are you replacing?

Over the course of this year. Um, but that's been, that's been a big win for us, as well. Um, some of it as well, has been our investments in AI thinker is starting to win us more deals and, and have more help with more conversations of customers. Um, so it's a combination of factors just that ability for us to

Meet their needs where they are. We actually had 1 large, uh, account come through recently that

Speaker #4: Yeah. It's a combination on both fronts in terms of who we're replacing and what they're picking. Typical legacy LMSs that a variety of them that are out there and the reasons they're picking us.

Greg Smith: Yeah. It's a combination on both fronts in terms of who we're replacing and what they're picking. Typical legacy LMSs that a variety of them that are out there, and the reasons they're picking us, commerce is one of them, that ability for us to have integrated commerce into it. Certainly the user experience and ease of use, and the student experience and learning experience, this has been a big one for us, and it's actually something that's gonna get a lot more powerful for us over the next few months.

Speaker #4: Commerce is one of them. That ability for us to have integrated commerce into it. Certainly, the user experience and ease of use, and the student experience and learning experience—this has been a big one for us, and it's actually something that's going to get a lot more powerful for us over the next few months.

Had a number of competitors in the process and very quickly identified that it, it wasn't a matter of choosing the um, the choice became a lot easier when they realized we were the only 1 that actually met all of their needs. So we have a number of unique things that that are helping us win these deals.

Thank you.

Speaker #4: We've really, over the last nine months, invested heavily in improving our overall learner experience. And so, you'll see quite a big improvement on that rolling out in the very near term here, and then getting out to all customers over the course of this year.

Greg Smith: We've really over the last nine months, invested heavily in improving our overall learner experience. You'll see quite a big improvement on that rolling out in the very near term here and then getting out to all customers over the course of this year. That's been a big win for us as well. Some of it as well has been our investments in AI. Thinker is starting to win us more deals and have more help with more conversations with customers. It's a combination of factors, just that ability for us to meet their needs where they are. We actually had one large account come through recently that had a number of competitors in the process and very quickly identified that it wasn't a matter of choosing the...

That answer question and answer session for any closing remarks.

Speaker #4: But that's been a big win for us as well. Some of it, as well, has been our investments in AI. Thinker is starting to win us more deals and help with more conversations with customers.

Greg Smith: Thinker is starting to win us more deals and have more help with more conversations with customers. It's a combination of factors, just that ability for us to meet their needs where they are. We actually had one large account come through recently that had a number of competitors in the process and very quickly identified that it wasn't a matter of choosing the...

Speaker #4: So it's a combination of factors—just that ability for us to meet their needs where they are. We actually had one large account come through recently that had a number of competitors in the process, and very quickly identified that it wasn't a matter of choosing; the choice became a lot easier when they realized we were the only one that actually met all of their needs.

Thank you, and thank you for everyone attending. Um, just want to say 1 more big. Thank you to Karen. It's been amazing working with you and I know we'll stay in, touch Lots. Um, and thanks for everyone for attending. Uh, again, I am a mix of of impatient and excited about the future. We're seeing a lot of good signs. In terms of our road map, the deals that are coming in the opportunities. We have with product and specifically with AI. And what we can do with our customers and how we can help them. They're also a variety of things that we're working on that that really only we can do that will set us apart in different.

Differentiate us even further especially in this world of increasing use of AI um and uh, so I do see good things ahead. And we're pushing hard to achieve them for all of you. Thank you.

Greg Smith: The choice became a lot easier when they realized we were the only one that actually met all of their needs. We have a number of unique things that are helping us win these deals.

This concludes today's call, thank you for participating. You may all disconnect.

Speaker #4: So, we have a number of unique things that are helping us win these deals.

Speaker #1: Thank you. That answered the question and concluded the Q&A session. I will now hand the call back to Greg Smith for any closing remarks.

Ina: Thank you. That ends our question and answer session. I will now hand the call back to Greg Smith for any closing remarks.

Operator: Thank you. That ends our question and answer session. I will now hand the call back to Greg Smith for any closing remarks.

Speaker #4: Thank you. And thank you to everyone attending. I just want to say one more big thank you to Corinne. It’s been amazing working with you, and I know we’ll stay in touch lots.

Greg Smith: Thank you. Thank you for everyone attending. Just wanna say one more big thank you to Corinne. It's been amazing working with you, and I know we'll stay in touch lots. Thanks for everyone for attending. Again, I am a mix of impatient and excited about the future. We're seeing a lot of good signs in terms of our roadmap, the deals that are coming in, the opportunities we have with product, and specifically with AI and what we can do with our customers and how we can help them. There are also a variety of things that we're working on that really only we can do that will set us apart and differentiate us even further, especially in this world of increasing use of AI.

Speaker #4: And thanks to everyone for attending. Again, I am a mix of impatient and excited about the future. We're seeing a lot of good signs in terms of our roadmap, the deals that are coming in, the opportunities we have with product, and specifically with AI and what we can do with our customers and how we can help them.

Speaker #4: There are also a variety of things that we're working on that really only we can do that will set us apart and differentiate us even further, especially in this world of increasing use of AI.

Greg Smith: There are also a variety of things that we're working on that really only we can do that will set us apart and differentiate us even further, especially in this world of increasing use of AI.

Greg Smith: I do see good things ahead, and we're pushing hard to achieve them for all of you. Thank you.

Speaker #4: And so I do see good things ahead, and we're pushing hard to achieve them for all of you. Thank you.

Greg Smith: I do see good things ahead, and we're pushing hard to achieve them for all of you. Thank you.

Ina: This concludes today's call. Thank you for participating. You may all disconnect.

Operator: This concludes today's call. Thank you for participating. You may all disconnect.

Q4 2025 Thinkific Labs Inc Earnings Call

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