Thinkific Labs, a Canadian company that provides software for entrepreneurs and businesses to create and sell online courses, reported third-quarter results after the close on Tuesday that showed revenue ahead of expectations but a deeper loss. The company also announced that Amanda Malko has been promoted to president and chief revenue officer, effective immediately.
For the quarter, Thinkific lost $0.06 per share, compared with break-even a year earlier. That was worse than the $0.02 loss analysts had expected, according to FactSet. Revenue, however, rose to $19.0 million from $18.6 million a year earlier, topping both management’s guidance range of $18.6–18.9 million and FactSet’s $18.8 million estimate.
The mixed result highlights a familiar tension for growing software companies: sales are expanding, but spending on product development, marketing and sales is keeping profitability at bay. Thinkific, like many edtech firms, is trying to balance growth investments with a path to sustainable profits.
What the numbers say
Revenue growth of roughly 2% year over year is modest by software standards, but it was enough to clear the company’s own forecast and Wall Street’s bar. The loss per share, however, signals that costs are still rising faster than revenue. Adjusted EBITDA, a profitability measure that strips out interest, taxes, depreciation and amortization, was also mentioned in the guidance for the fourth quarter, though the company did not provide a specific figure in the brief.
For the fourth quarter of 2026, Thinkific guided to revenue of $18.9–19.2 million. That range brackets the $19.0 million reported in Q3, suggesting management expects relatively flat sequential growth. The company also said it expects positive adjusted EBITDA, a sign that it may be nearing a turning point on profitability.
Investors often focus on adjusted EBITDA because it gives a clearer picture of a company’s operating performance by removing non-cash and financing items. A positive reading would indicate that Thinkific’s core operations are generating cash before accounting for certain expenses.
Leadership change and strategic focus
The promotion of Amanda Malko to president and chief revenue officer is a notable move. In this expanded role, she will likely oversee all revenue-generating functions, including sales, marketing and customer success. The appointment, effective immediately, suggests the company is doubling down on go-to-market execution as it aims to accelerate growth.
Malko’s background and prior role at Thinkific were not detailed in the brief, but such promotions are typically aimed at streamlining decision-making and sharpening focus on revenue targets. For a company navigating a competitive edtech landscape, having a single leader accountable for revenue can help align product, sales and marketing efforts.
The edtech sector boomed during the pandemic as remote learning surged, but many companies have since faced slower growth as schools and businesses normalized their spending. Thinkific’s platform serves creators and small businesses, a segment that can be sensitive to economic conditions. Still, the shift to online learning and digital products remains a long-term trend, and Thinkific is positioning itself to capture that demand.
What it means for investors
For everyday investors, the key takeaway is that Thinkific is growing its top line but still losing money. The revenue beat is a positive sign that demand for its platform remains steady, but the wider loss shows that profitability is not yet in reach. The Q4 guidance implies that growth may be plateauing in the near term, which could pressure the stock if investors were hoping for acceleration.
The appointment of a new president and CRO could be a catalyst if it leads to more efficient sales and marketing, but it will take time to see results. Investors should watch whether the company can translate revenue growth into positive adjusted EBITDA in the coming quarters. If it does, the stock could re-rate higher as profitability becomes more tangible.
It’s also worth noting that Thinkific operates in a competitive space. Rivals like Teachable, Kajabi and even larger platforms like Shopify and WordPress offer tools for creators to sell digital products. Thinkific’s ability to differentiate through features, pricing and customer support will be crucial.
For those holding the stock, the report is a mixed bag: the revenue beat and positive EBITDA guidance are encouraging, but the earnings miss and flat sequential growth outlook are cautionary. As always, investors should consider their own risk tolerance and investment horizon before making any decisions. This article is not a recommendation to buy or sell any security.
Looking ahead, the company’s Q4 results and any commentary on 2027 will be key. If Thinkific can show sustained revenue growth and improving margins, it may win back investor confidence. For now, the market will likely weigh the revenue strength against the bottom-line weakness.
