Similarweb Q1 2026: Revenue Edges Higher While Losses Persist

Similarweb (SMWB) opened 2026 with Q1 revenue of US$73.9 million and a basic EPS loss of US$0.07, while trailing 12 month revenue sat at US$289.4 million and EPS at a loss of US$0.35. The company has seen quarterly revenue move from US$67.1 million in Q1 2025 to US$73.9 million in Q1 2026, with basic EPS losses over that span ranging between US$0.05 and US$0.14 per quarter as management works toward narrowing the gap between top line growth and bottom line results. With the stock at US$3.07, these figures keep the focus firmly on how quickly Similarweb can convert rising sales into healthier margins and a path toward profitability.

See our full analysis for Similarweb.

Next up is the bigger picture, setting these earnings against the widely followed narratives around Similarweb to see which stories align with the numbers and which ones get pushed back.

Losses Still Material, But Trailing Trend Is Improving

• On a trailing 12 month basis, Similarweb recorded total revenue of US$289.4 million and a net loss of US$30.0 million, with the loss per share at US$0.35.
• Bulls argue that shrinking losses over the past five years and expectations for strong earnings growth support a long term improvement story, yet the current numbers still show a business in the red.
  • Losses have been reduced over five years at about 23% per year, but the latest trailing 12 month net loss of US$30.0 million means profitability has not yet been reached.
  • Forecast earnings growth of 110.78% per year heavily supports the bullish case that this loss profile could change, although today every US$1 of trailing 12 month revenue still comes with a loss rather than profit.

After a run of shrinking losses, some investors want to see whether this quarter is the start of a real earnings turn or just another step along the way to breakeven. It can be useful to see how the detailed bull case lines up against the raw numbers in this report. 🐂 Similarweb Bull Case

Q1 Net Loss Of US$6.4 Million Keeps Profitability Out Of Reach

• For Q1 2026, Similarweb reported revenue of US$73.9 million and a net loss of US$6.4 million, compared with Q1 2025 revenue of US$67.1 million and a net loss of US$9.3 million.
• Bears highlight that despite revenue growth over the last year of 8.7% compared with 11.6% for the cited US market, the company is still loss making and exposed to rising costs from data privacy and competition.
  • The trailing 12 month loss of US$30.0 million aligns with the bearish concern that higher spending and data sourcing challenges could keep profitability out of reach even as revenue grows.
  • Revenue growth trailing the cited US market rate gives critics ammunition to question whether the business can offset regulatory and competitive pressures through faster top line expansion alone.

For anyone worried that regulatory and data access issues could hold back this business, it is worth weighing those risks against the actual loss and revenue run rate reported here by looking at the detailed bear thesis in context. 🐻 Similarweb Bear Case

Low 0.9x P/S Versus Peers And DCF Fair Value Of US$6.84

• The stock trades on a P/S of 0.9x versus peer and US Software industry averages of about 3.6x and 3.5x, and sits around 55.1% below a DCF fair value of US$6.84 with the current share price at US$3.07.
• Consensus narrative points to a tension between this discounted valuation and the fact the company remains unprofitable, with analysts expecting margins to move from a loss of 11.7% today to a 4.7% profit margin in three years.
  • The gap between the current price of US$3.07 and the 0.9x P/S multiple, compared with peers around 3.5x to 3.6x, echoes the view that the stock is priced cautiously despite expectations for improving earnings.
  • At the same time, trailing 12 month revenue of US$289.4 million alongside a US$30.0 million loss underlines why some investors may be unwilling to pay closer to the DCF fair value until margins actually turn positive.

Next Steps

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

Mixed messages in the data so far, or a clear direction emerging? Take a closer look at the full picture, weighing both concerns and potential upsides through 3 key rewards and 1 important warning sign

See What Else Is Out There

Similarweb is still reporting losses, facing regulatory and competitive pressures, and carrying revenue growth that trails the cited US market rate.

If you want ideas with a clearer path on risk and capital protection, start comparing companies that score well in the 67 resilient stocks with low risk scores right now.

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.