Fiverr reported a non-GAAP EPS (diluted) of USD 0.11 in Q1 FY2022, well above analyst estimates of USD 0.04 and up from a net loss per share of USD 0.01 in Q1 FY2021. Total revenue was up 26.9% year-over-year (YoY) to USD 86.7 million in Q1 FY2022, in line with the revenue guidance of USD 85.0 million–87.0 million provided in the previous quarter. 

Fiverr guided FY2022 revenue to be USD 345.0 million–365.0 million, implying 16%–23% YoY growth, revised downward from the USD 373 million–379 million guidance provided in the previous quarter. Adjusted EBITDA guidance for FY2022 was also revised down to USD 10.0 million–17.0 million from the USD 27 million–33 million guidance provided in Q4 FY2021, implying a 25.8%–56.3% YoY decline. The company cited increasing uncertainty in the macro environment (particularly in Europe) as the reason for the downward revisions.

Q1 FY2022 revenue growth was supported by an 11.5% YoY increase in active buyers to 4.2 million from 3.8 million in the previous year. Revenue growth was also supported by 16.2% YoY growth in spend per buyer to USD 251 and a ~240 basis points (bps) increase in the take rate to 29.6% compared to 27.2% in Q1 FY2022.

Q1 FY2022 non-GAAP gross profit improved by 25.9% to USD 72.4 million, while the gross margin shrank 60 bps to 83.5%, from 84.1% in Q1 FY2021. Adjusted EBITDA significantly improved to USD 3.9 million in Q1 FY2022, from an adjusted EBITDA loss of USD 0.7 million in Q1 FY2021.