Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call Powering the World’s Top Learning Businesses
Slide 2: Disclaimer
DISCLAIMER This presentation of Thinkific Labs Inc. (“the Company”, “Thinkific”, “us” or “we”) is as of May 4, 2026. In this presentation, all references to “$”, “US$”, “dollars” and “U.S. dollars” are to United States dollars and all references to “C$” are to Canadian dollars. NON-IFRS MEASURES The
Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer FORWARDLOOKING STATEMENTS This presentation includes forward-looking statements and forward–looking information within the meaning of Canadian securities laws. Often, but not always, forward–looking information can be identified by the use of words such as "plans", "is expected", "expect
Slide 4: Accelerating AI Innovation in 2026
Accelerating AI Innovation in 2026 “We are all in on AI at Thinkific - both as a tool for execution and within our product to help our Customers. We’re positioning Thinkific to be a beneficiary of the AI era. With a specific focus on driving financial outcomes for us, our Customers and our sharehold
Slide 5: Thinkific at a Glance
THNC (TSX) Thinkific at a Glance All $USD $61M $284M $461M Annual Recurring LTM Gross Payments LTM Gross Merchandise $74M Revenue (+2% YoY) Volume (+28% YoY) Volume (2% YoY) LTM Revenue (+8% YoY) $175 $49M $2.6M Monthly ARPU Cash on Balance Sheet LTM Adjusted EBITDA (+4% YoY) (no debt) (3.6% margin)
Slide 6: Building an industry-leading learning commerce platform
Building an industry-leading learning commerce platform 35,000 $4B+ 230M Customers Earned by our customers Students served
Slide 7: Executive Leadership Team
Executive Leadership Team Greg Smith Amanda Malko Elise Stribos CEO CRO CPO Thinkific 2026 7
Slide 8: The Learning Commerce Platform
The Learning Commerce Platform The Thinkific Learning Commerce Platform allows businesses to transform expertise into courses, communities, and other high-quality learning experiences. It’s designed to drive revenue growth for our customers. Jacques Wong Founder, PNC Learning Has made millions offer
Slide 9: Who Are Our Customers?
Who Are Our Customers? Training Companies / Academies Our Customers sell expertise as a principal part of their business. They span a diverse set of Subject Matter Experts topics. They each come to us with a need to monetize their expertise, seeking Thinkific's deep commerce and learning functionali
Slide 10: Why customers love us
Why customers love us Award-winning customer Industry-leading student An easy, flexible, and support and services experience scalable platform Access to a dedicated team Watch your students excel and Spend less time building. Thinkific Plus’ (including launch specialist, CSM, and engage with Learnin
Slide 11: The Learning Market
The Learning 12 y E- Ma K- dar Co rk l m etp na on m la tio sec er ce Market i ce s ad t Tr pos Bu an d ild d an er s Our market is large and fragmented Thinkific is uniquely positioned within a larger market to capture a significant SAM in a segment we differentiate in. Ente tor Crea rpri se Social
Slide 12: At Thinkific, we offer:
At Thinkific, we offer: All-in-one learning Built-in White-labeled platform: payments and sites: great for mobile app, community, and checkout B2B training courses solution sales Thinkific Plus helps knowledge businesses grow faster with advanced customization, support, and automation — all without
Slide 13: Your All-in-One Learning Commerce Platform
Thinkific is the all-in-one LMS that helps training companies scale their revenue more efficiently through blended learning that combines community and courses, advanced admin Your All-in-One Learning Commerce Platform capabilities, and a built-in commerce solution. Courses Commerce Learning Paths C
Slide 14: Agentic AI: How Thinker works
Agentic AI: How Thinker works Scale learner support without compromising the learning experience Contextual Brand control Enterprise Native intelligence security integration Configure to Guides learners match your tone. Closed-loop IP No code based on exact Not a generic chat protection and necessar
Slide 15: Thinker helps us amplify the learner experience
“Thinker helps us amplify the learner experience... the result is learning that’s more effective, more relatable, and more memorable at a scale we simply couldn’t achieve manually.” Stephen Ekstrom, CEO of Learn Tourism Thinkific 2026 15
Slide 16: Top businesses use Thinkific to power their online education
Top businesses use Thinkific to power their online education
Slide 17: From 100K to 1M learners
From 100K to 1M learners Dallas Theological Seminary uses Thinkific to deliver blended seminary education at scale, serving a global audience while driving revenue, engagement, and multilingual growth. ● 1M+ total learners worldwide ● 2x increase in annual enrollments post-migration ● 4 languages, l
Slide 18: Driving massive revenue with courses
Driving massive revenue with courses Intelycare built an education program for nursing professionals globally with flexible, practical learning and engagement features driving massive enrollment. See Intelycare training site 500,000+ students
Slide 19: 45 years of clinical expertise. 385 courses. One platform.
45 years of clinical expertise. 385 courses. One platform. Carrick Institute delivers advanced clinical neuroscience education to licensed healthcare providers across four continents — 385 courses, 4,400+ hours of curriculum, and zero downtime since launching on Thinkific Plus. See Carrick training
Slide 20: Product Priorities
Product Priorities Communities & AI Enabled Commerce & B2B Connected Learning Selling Thinkific’s AI is built to Upgrades that remove Blended learning ecosystems backend friction and make improve learner engagement that seamlessly integrate it easier for companies to and retention allowing our struc
Slide 21: Q1 F26 Financial Overview
Q1 F26 Financial Overview Thinkific 2026 21
Slide 22: Q1 F2026 Financial Highlights
THNC (TSX) Q1 F2026 Financial Highlights $61M $76M $118M Annual Recurring Gross Payments Volume Gross Merchandise $18.7M Revenue (+2% YoY) (+16% YoY) Volume (+1% YoY) Revenue (+5% YoY) $175 $49M ($0.5)M Monthly ARPU Cash on Balance Sheet Adjusted EBITDA (+4% YoY) (no debt) (3%) margin) For the quart
Slide 23: Multiple Levers Driving Revenue Growth in Q1
FINANCIAL PERFORMANCE Multiple Levers Driving Revenue Growth in Q1 Self Service Subscription Revenue Customers “Product-Centric” $15.2M (+4% YoY) $13.6M (+2% YoY) Financial Statement view, driven by “type of revenue” and Commerce Plus disclosed in MD&A. Revenue Customers “Customer-Centric” $3.5M (+8
Slide 24: Plus Continues to Gain Traction
FINANCIAL PERFORMANCE Plus Continues to Gain Traction 16% CAGR from Q1’23 -> Q1’26 Total Plus Revenue Plus grew 12% YoY in Q1’26 Expanding ARPU Plus ARPU grew by 15% YoY in Q1’26 Building a Durable Revenue Base >50% of New Deals are Multi-Year For the quarter ended March 31, 2026, unless otherwise n
Slide 25: Commerce is a Key Differentiator
FINANCIAL PERFORMANCE Commerce is a Key Differentiator 31% CAGR from Q1’23 -> Q1’26 Total Commerce Revenue Commerce grew 8% YoY in Q1’26. Untapped Growth in Existing Base Significant runway for continued growth by increasing Plus penetration and capturing off-platform GMV Upmarket Growth Attract lar
Slide 26: Adjusted EBITDA
FINANCIAL PERFORMANCE Adjusted EBITDA (1) Investing to accelerate product and initiatives in support of our move upmarket (1) “Adjusted EBITDA” is a Non-GAAP measure defined as Net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compens
Slide 27: Thinkific Commerce
Trailing Twelve Months Thinkific Commerce Revenue $13.7M; 4.4% take rate Thinkific Commerce Helping more customers earn more GPV Customer Sales on Thinkific Commerce $284M (62% of GMV) Total Customer Sales GMV Customer Sales processed Processed on & off-platform on-platform ~$749M* $461M Differentia
Slide 28: Growth Drivers
Growth Drivers Move Upmarket Commerce AI Learning Thinkific Plus Investing in customers that Grow Thinkific Commerce AI assisted content creation Business that commercialize get greater value from penetration with Plus and automation of learning generate higher ARR Thinkific customers administrative
Slide 29: Financial Outlook Q2 2026
Financial Outlook Q2 2026 For the second quarter of 2026, the Company expects revenue of $18.2 - $18.5 million. We expect an Adjusted EBITDA(1) in the range of negative 2% to negative 5% of Revenue. Please see commentary and disclaimers in future looking information in the MD&A and press release. (1
Slide 30: Thank you
Thank you Presented by Thinkific For more information, Investor Relations please contact: ir@thinkific.com
Slide 31: Appendix
Appendix Thinkific 2026 31
Slide 32: Definitions
APPENDIX Definitions “Annual Recurring Revenue” or “ARR” is twelve times the monthly value of all current Paying Customer subscriptions at the end of the period, with the number of Paying Customers multiplied by the average monthly subscription plan fee in effect on the last day of that period. “Ave
Slide 33: Appendix: Adjusted EBITDA Reconciliation
APPENDIX “Adjusted EBITDA” is a Non-GAAP measure defined as Net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange (gain) loss, finance income, and non-recurring equity transaction costs. Adjusted EBITDA does