Trustpilot Group (TRST) H2 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with bookings up 21% in constant currency and exceptional US growth (+26% cc), driven by strategic clarity, rigorous execution, and improved profitability.

• Product innovation, new pricing plans, and SaaS upgrades fueled record net dollar retention of 103% and significant bookings growth, especially in focus markets.

• Consumer adoption surged, with active reviews up 23% to over 300 million and TrustBox impressions up 19% to 140 billion.

• Streamlined SaaS model and network effects supported customer expansion and engagement.

Financial highlights

• Revenue reached $211 million, up 19% year-over-year, with a gross margin of 81%.

• Adjusted EBITDA margin increased 260 basis points to 11.4%, with adjusted EBITDA up 55% to $24.1 million, exceeding consensus.

• Adjusted free cash flow was $17.1 million; adjusted operating cash flow net of tax was $29.5 million.

• Net profit for the year was $6.2 million, with diluted EPS of 3.1 cents.

• Returned $43 million to shareholders via buybacks; year-end cash balance was $68.9 million.

Outlook and guidance

• Expect constant currency revenue growth ahead of long-term mid-teens guidance, with 2025 bookings growth underpinning high-teens revenue growth.

• Anticipate a 2 percentage point improvement in adjusted EBITDA margin and adjusted EBITDA slightly ahead of consensus ($26–31 million range).

• Continued focus on product innovation, trust, and operating leverage to drive future growth.

• Confident in delivering sustainable margin improvement long term.