Thinkific Labs, Inc. · TSX:THNC
Thinkific Labs — Q1 2025 Earnings Presentation
19 slides from Thinkific Labs's earnings presentation, Mar 6, 2025
Slide 1: Q1 F2025 Earnings Call
Uniting Courses, Content, and Community with Commerce Q1 F2025 Earnings Call
Slide 2: Disclaimer
Disclaimer This presentation of Thinkific Labs Inc. (“the “Companyˮ, “Thinkificˮ, “usˮ or “weˮ) is as of March 5, 2025. In this presentation, all references to “$ˮ, “US$ˮ, “dollarsˮ and “U.S. dollarsˮ are to United States dollars and all references to “C$ˮ are to Canadian dollars. NONIFRS MEASURES
Slide 3: Disclaimer
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: Transformational 2025
Transformational 2025 “This is a year of transformation for Thinkific. We are working hard on executing the focused strategy we outlined last call and are gearing up for important product launches and marketing and brand campaigns this summer. I am confident in our ability to provide our customers w
Slide 5: Thinkific: Your Learning Commerce Platform
Thinkific: Your Learning Commerce Platform Thinkific powers business growth by enabling scalable course delivery and building communities that deepen engagement and drive revenue. Thinkific 2025 5
Slide 6: Q1 2025 Highlights
Q1 2025 Highlights • Total revenue increased 12% year-over-year to $17.8 million • Commerce revenue increased 52% year-over-year to $3.3 million • Thinkific Commerce penetration, measured as GPV as a percent of GMV, increased to 56% • Subscription revenue increased 6% year-over-year to $14.6 million
Slide 7: Growth, Profits, & Strong Balance Sheet: Key Metrics
Key Metrics Growth, Profits, & Strong $17.8M Balance Sheet Revenue For the quarter ended March 31, 2025 (12% YoY) $60M $168/month $65M $117M Annual Recurring Average Revenue per Gross Payments Volume Gross Merchandise Revenue 6% YoY User 6% YoY 46% YoY Volume1 5% Y/Y 1 Gross Merchand
Slide 8: Growth, Profits, & Strong Balance Sheet: Key Metrics
Key Metrics Growth, Profits, & Strong Balance Sheet For the quarter ended March 31, 2025 74% $0.9M $13.4M $3.2M $51.4M Gross Margin Adjusted EBITDA1 Operating Expenses Cash Flow from Cash on Balance (flat Y/Y Operations Sheet 1 “Adjusted EBITDAˮ is a Non-IFRS measure defined as net income (loss
Slide 9: One Business, Many Levers for Growth
Financial Performance One Business, Many Levers for Growth $14.6M $13.3M Q1’25 Subscription Revenue Q1'25 Self Service Customer Revenue 6% vs Q1’24 7% vs Q1'24 $3.3M $4.5M Q1'25 Commerce Revenue 52% vs Q1'24 Q1'25 Plus Customer Revenue 27% vs Q1'24 $17.8M Self Service & Plus revenue breakdowns are a
Slide 10: Commerce Engine continues to scale
Financial Performance: Commerce Engine continues to scale 56% GPV Penetration of Total GMV 52% vs Q4 2024 $65M Processed on Thinkific $117M Payments (GPV) GMV 5%vs Q1 2024 46% vs Q1 2024 Thinkific 2025 All metrics in $USD 10
Slide 11: Gross Margin Analysis
Financial Performance: Gross Margin Analysis 82% Subscription Gross Margin vs 81% in Q1 2024 74% Gross Margin 37% Commerce Gross Margin vs 74% in Q1 2024 vs 33% in Q1 2024 Thinkific 2025 All metrics in $USD 11
Slide 12: Operating Expenses
Financial Performance: Operating Expenses $5.0M Sales & Marketing Expense $13.4M 1% vs Q1 2024 $4.9M Research & Development Expense Operating Expenses 5% vs Q1 2024 flat vs Q1 2024 $3.4M General & Administrative Expense 9% vs Q1 2024 Thinkific 2025 All metrics in $USD 12
Slide 13: Thinkific Commerce: Helping more customers earn more
Q1 2025 Snapshot Thinkific Commerce Revenue $3.3M (+52% YoY); 4.5% take rate Thinkific Commerce Helping more customers earn more GPV Customer Sales on Thinkific Commerce $65M (56% of GMV) +46 YoY Total Customer Sales GMV Customer Sales Processed on & off-platform processed on-platform ~$186M* $117M
Slide 14: Financial Outlook Q2 2025
Financial Outlook Q2 2025 For the second quarter of 2025, the Company expects: We plan to continue growth-focused investments in line with revenue growth, and Revenue of $17.7 million - $18.0 million (9-11% growth) expect Adjusted EBITDA(1) margin to be consistent with prior quarters. Please see com
Slide 15: Growth Drivers
Growth Drivers Near-Term Mid-Term Commerce Thinkific Plus Self Serve Unlock Commerce for Plus with Increase GPV with Thinkific invoicing, subscription management Targeting customers with Higher Commerce Adoption & improved group orders GMV and ARPU potential Increase take rate to 5% in the Investing
Slide 16: Appendix
Appendix Thinkific 2025 16
Slide 17: Definitions
Appendix Definitions “Annual Recurring Revenueˮ or “ARRˮ 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 18: Appendix (cont'd): Adjusted EBITDA reconciliation
Appendix (cont’d) “Adjusted EBITDAˮ 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 loss (gain), finance (income), restructuring costs and loss on disposal of property
Slide 19: Thank you!
Thank you! Contact Media: Josh Stanbury IR Joo-Hun Kim press@thinkific.com IR@thinkific.com Thinkific 2025 19