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Investing.com -- Trustpilot reported solid momentum in the first half of 2025, delivering both top-line growth and improved profitability.
Revenue rose 23% year-on-year to $122.8 million, or 21% at constant currency, while bookings grew 17% to $140 million. Annual recurring revenue increased 29% to $273 million.
Profit before tax rose 45% to $3.7 million, though reported EPS fell due to the absence of last year’s one-off tax credit.
The company’s net dollar retention rate improved to 103% from 101% a year earlier, supported by product innovation and enterprise customer expansion.
Adjusted EBITDA jumped 70% to $18 million, with margins up 4 points to 14.6%. Adjusted free cash flow more than doubled to $15 million.
Trustpilot highlighted record enterprise customer wins, including Barclays, Boots, Lindt and Vimeo. Customers paying more than $20,000 annually have grown at a 38% CAGR over the past two years. Review volume rose 22% and TrustBox impressions climbed 18% year-on-year.
“Our H1 results demonstrate the momentum of our platform and the strength of our business model. Innovations like AI review summaries and semantic search are meaningfully advancing how consumers experience Trustpilot," said CEO Adrian Blair.
He added that efficiency gains from expanded AI use helped drive margin improvements and strong cash generation.
Trustpilot maintained its high-teens revenue growth guidance and said it expects the full-year EBITDA margin to be in line with the first half, ahead of expectations
The company also announced a new £30 million ($40 million) share buyback, reflecting increased cash generation.