N-able (NABL) has opened 2026 with Q1 revenue of US$133.7 million and a basic EPS loss of US$0.00, alongside net income excluding extraordinary items of a US$0.6 million loss, setting a mixed tone for the latest results. Over recent quarters the company has seen revenue move from US$118.2 million in Q1 2025 to US$133.7 million in Q1 2026, while basic EPS has shifted between a profit of US$0.01 in Q3 2025 and a larger loss of US$0.04 in Q4 2025 before this latest small loss per share. For investors, the key question is whether this pattern of modest revenue growth alongside fluctuating losses points to margins that are starting to stabilize or simply remain under pressure.

See our full analysis for N-able.

With the headline numbers on the table, the next step is to weigh them against the prevailing narratives around N-able's growth potential, path to profitability, and the risks that could challenge those views.

Revenue Trend vs. Ongoing Losses

• Total revenue for Q1 2026 is US$133.7 million compared with US$118.2 million in Q1 2025, while net income excluding extraordinary items sits at a US$0.6 million loss versus a US$7.2 million loss in the same quarter last year.
• Supporters of the bullish view point to this pattern of higher quarterly revenue and smaller losses as fitting a longer term story of loss reduction at about 11.6% per year. However, the trailing twelve month figures still show a US$10.5 million loss on US$526.9 million of revenue, which keeps the bullish emphasis on future earnings growth rather than any current profitability.

Path To Profitability Still In Progress

• On a trailing twelve month basis, basic EPS has gone from US$0.17 in Q4 2024 to a loss of US$0.06 by Q1 2026, alongside net income excluding extraordinary items moving from a profit of US$31.0 million to a loss of US$10.5 million.
• Skeptics focus on this shift back into losses because it sits in tension with the bearish narrative that still assumes margins can move from about a 3.3% loss to an 11.3% profit over three years. This highlights that the business is not yet delivering consistent profits even though both bullish and bearish forecasts anticipate positive earnings further out.
• These trailing losses contrast with the expectation in bearish assumptions that earnings could reach US$74.0 million by 2029, so the recent figures keep execution risk front of mind.
• The current loss per share over the last twelve months also means any future P/E based view is still theoretical until the company crosses back into sustained positive EPS.

Stay on top of how cautious investors frame these risks by reading the full bear case for N able. 🐻 N-able Bear Case.

Low P/S Multiple And Growth Expectations

• The stock trades on a P/S of 1.8x compared with 3.7x for the US Software industry and 6.7x for peers, while the current share price of US$5.15 sits below both the analyst consensus price target of US$6.95 and the DCF fair value of about US$8.96.
• Supporters of the bullish narrative argue that forecasts for very large earnings growth of about 114.21% per year and an expected move into profitability within three years justify this valuation gap. Although the trailing twelve month loss of US$10.5 million means the current discount is being judged against models rather than against an established profit base.
• Analysts expecting earnings of US$67.7 million by 2029 on revenue of about US$652.2 million are effectively treating today’s 1.8x P/S and discount to DCF fair value as an entry point tied to that future margin profile.
• At the same time, the forecast 7.8% annual revenue growth is below the 11.4% US market forecast, so the bullish case depends more on margin improvement and earnings growth than on outpacing the broader market in top line expansion.

If you want to see how optimistic investors connect these growth and valuation figures into a full story for N able, the detailed bull case lays it out clearly. 🐂 N-able Bull Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for N-able on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With both bullish optimism and cautionary points in play, do the current numbers leave you encouraged or skeptical about where this story goes next? Take a closer look at the company’s strengths and judge how much they matter for your portfolio by reviewing the 3 key rewards

See What Else Is Out There

N-able is still working through fluctuating earnings, recent trailing losses, and a reliance on future margin improvement rather than current profitability.

If that mix of uncertainty around consistent profits makes you cautious, balance your portfolio search by checking companies in the 72 resilient stocks with low risk scores today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.