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Shutterstock Reports Second Quarter 2026 Financial Results

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NEW YORK, Aug. 4, 2026 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK) (the “Company”), a family of brands delivering scalable creative and GenAI solutions to help customers fuel great work, today announced financial results for the second quarter ended June 30, 2026.

Commenting on the Company’s performance, Rik Powell, the Company’s Interim Chief Executive Officer and Chief Financial Officer, said, “Following the termination of our proposed merger, we have moved quickly to strengthen our balance sheet, reduce our cost structure, and sharpen our focus on the areas with the greatest potential and are approaching every aspect of the business with discipline and urgency. We have taken significant cost actions over the past 18 months that equate to over $70 million of annualized run-rate operating expense reductions and are targeting an additional $60 million in annualized run-rate operating expense reductions by the end of the year. These actions will give us greater optionality in our capital allocation strategy.”

He continued, “While we recognize the challenges in front of us, Shutterstock remains a company with meaningful strategic assets, including a globally recognized brand, one of the world’s largest and most diverse commercially licensed content libraries, a differentiated Data and AI Services business, our unique GIPHY platform, and strong cash generation. Together, these strengths provide a solid foundation as we refine our long-term strategy and position the business for its next phase of growth which we look forward to discussing in the coming weeks.”

EARNINGS TELECONFERENCE INFORMATION

In light of the pending strategic update, the Company will no longer be hosting the conference call originally scheduled for August 6, 2026 or issuing guidance for the remainder of 2026.

Second Quarter 2026 highlights as compared to Second Quarter 2025:

     Financial Highlights

Revenues were $221.8 million compared to $267.0 million.Net loss was $155.9 million compared to net income of $29.4 million.Net loss includes a $163.4 million non-cash, after-tax goodwill impairment charge.Net loss per diluted common share was $4.25 compared to net income per diluted common share of $0.82.Adjusted net income was $30.0 million compared to $42.9 million.Adjusted net income per diluted common share was $0.82 compared to $1.19.Adjusted EBITDA was $65.1 million compared to $82.2 million.

SECOND QUARTER RESULTS

Revenue

Second quarter revenue of $221.8 million decreased by $45.2 million or 17% as compared to the second quarter of 2025.

Revenue from our Content product offering decreased by $34.1 million, or 17%, as compared to the second quarter of 2025, to $165.7 million. The reduction in our Content revenue was driven primarily by weakness in new customer acquisition. Content revenue represented 75% of our total revenue in the second quarter of 2026.

Revenue generated from our Data, Distribution, and Services product offering decreased by $11.1 million, or 16%, as compared to the second quarter of 2025, to $56.1 million, and represented 25% of second quarter revenue in 2026. Revenue recognition in our data offering may vary from quarter-to-quarter based on the delivery timing of metadata licenses.

Net income and net income per diluted common share

Net income decreased by $185.4 million to a net loss of $155.9 million in the second quarter of 2026, compared to net income of $29.4 million for the second quarter of 2025. Net loss per diluted common share was $4.25, as compared to net income per diluted common share of $0.82 for the same period in 2025. In the second quarter of 2026, the Company recorded a non-cash goodwill impairment charge of $173.7 million resulting from the decline in the Company’s fair value after the announcement of the terminated merger agreement. Additionally, the Company had further declines in revenue, with operating costs not declining at a similar rate, as well as $3.0 million of unrealized losses related to our investment in Meitu, Inc, $3.7 million of Merger related costs, $5.0 million of legal contingency expenses and $3.0 million of workforce optimizations expenses.

Adjusted net income and adjusted net income per diluted common share

Adjusted net income of $30.0 million in the second quarter of 2026 decreased by $12.9 million, compared to adjusted net income of $42.9 million for the second quarter of 2025, primarily due to the decline in revenue.

Adjusted net income per diluted common share was $0.82, compared to $1.19 for the second quarter of 2025.

Adjusted EBITDA

Adjusted EBITDA of $65.1 million for the second quarter of 2026 decreased by $17.1 million, or 21%, as compared to the second quarter of 2025, primarily due to the decline in revenue.

Net loss margin of 70.3% for the second quarter of 2026 decreased by 81.3%, as compared to net income margin of 11.0% in the second quarter of 2025. The adjusted EBITDA margin of 29.3% for the second quarter of 2026 decreased by 1.5%, as compared to 30.8% in the second quarter of 2025.

SECOND QUARTER LIQUIDITY

Our cash and cash equivalents decreased by $29.3 million to $133.2 million at June 30, 2026, as compared with $162.5 million as of March 31, 2026. This was driven by $0.6 million of net cash from operating activities, including a $35.0 million payment for the settlement of the FTC’s civil investigative demand on the Company’s subscription disclosure and enrollment and cancellation practices. In addition, the Company had $18.5 million of net cash used in financing activities and $10.1 million of net cash used in investing activities.

Net cash from operating activities was driven by the $35.0 million payment to the FTC. This was offset by cash generation from our business operations and changes in the timing of cash collections from our customers and payments pertaining to operating expenses. In addition, cash flows for the three months ended June 30, 2026 were unfavorably impacted by $3.0 million of expenses related to the Getty Images proposed merger.

Cash used in investing activities for the three months ended June 30, 2026 consisted of $10.1 million related to capital expenditures, $0.1 million of content acquisition, partially offset by $0.1 million related to the receipt of the Giphy Retention Compensation, as reimbursed by the Giphy seller.

Cash used in financing activities for the three months ended June 30, 2026 consisted of $13.2 million related to the payment of the quarterly cash dividend, $4.5 million paid in settlement of tax withholding obligations related to employee stock-based compensation awards, and $0.8 million used for the repayment of our credit facility.

Adjusted free cash flow was $28.5 million for the second quarter of 2026, an increase of $11.0 million from the second quarter of 2025.

KEY OPERATING METRICS

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

20255

Subscribers (end of period)(1)

951,000

1,073,000

951,000

1,073,000

Subscriber revenue (in millions)(2)

$           99.8

$         108.0

$         203.6

$         217.9

Average revenue per customer (last twelve months)(3)

$           292

$           266

$           292

$           266

Paid downloads (in millions)(4)

98.7

112.6

202.8

233.5

_________________________________________________________

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato, which was acquired in July 2024.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. 

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.

NON-GAAP FINANCIAL MEASURES

To supplement Shutterstock’s consolidated financial statements presented in accordance with the accounting principles generally accepted in the United States, or GAAP, Shutterstock’s management considers certain financial measures that are not prepared in accordance with GAAP, collectively referred to as non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), and adjusted free cash flow.

Shutterstock defines adjusted EBITDA as net income adjusted for depreciation and amortization, non-cash equity-based compensation, Giphy Retention Compensation Expense – non-recurring, foreign currency transaction gains and losses, severance costs associated with strategic workforce optimizations, goodwill impairment, impairment loss on long-term investment, impairment of lease assets, unrealized losses / gains on investments, legal contingencies, interest income and expense, income taxes and Merger related costs; adjusted EBITDA margin as the ratio of adjusted EBITDA to revenue; adjusted net income as net income adjusted for the impact of non-cash equity-based compensation, amortization of acquisition-related intangible assets, Giphy Retention Compensation Expense – non-recurring, severance costs associated with strategic workforce optimizations (reported in Other), unrealized losses / gains on investments (reported in Other), goodwill impairment, impairment loss on long-term investment, legal contingencies, Merger related costs and the estimated tax impact of such adjustments; adjusted net income per diluted common share as adjusted net income divided by weighted average diluted shares; revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) as the increase in current period revenues over prior period revenues, utilizing fixed exchange rates for translating foreign currency revenues for all periods presented in the comparison; and adjusted free cash flow as net cash provided by operating activities, adjusted for capital expenditures, content acquisition, cash received related to Giphy Retention Compensation in connection with the acquisition of Giphy, cash paid for the settlement of the FTC investigation, and cash paid for costs related to the Getty Images merger.

The expense associated with the Giphy Retention Compensation related to (i) the one-time employment inducement bonuses and (ii) the vesting of the cash value of unvested Meta equity awards held by the employees prior to closing, which are reflected in operating expenses (together, the “Giphy Retention Compensation Expense – non-recurring”), are required payments in accordance with the terms of the acquisition. Meta’s sale of Giphy was directed by the United Kingdom Competition and Markets Authority (the “CMA”) and accordingly, the terms of the acquisition were subject to CMA preapproval. Management considers the operating expense associated with these required payments to be unusual and non-recurring in nature. The Giphy Retention Compensation Expense – non-recurring is not considered an ongoing expense necessary to operate the Company’s business. Therefore, such expenses have been included in the below adjustments for calculating adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share.

These figures have not been calculated in accordance with GAAP and should be considered only in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. Shutterstock cautions investors that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Shutterstock’s management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) and adjusted free cash flow are useful to investors because these measures enable investors to analyze Shutterstock’s operating results on the same basis as that used by management. Additionally, management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted net income per diluted common share provide useful information to investors about the performance of the Company’s overall business because such measures eliminate the effects of unusual or other infrequent charges that are not directly attributable to Shutterstock’s underlying operating performance; and revenue growth (including by product offering) on a constant currency basis (expressed as a percentage) provides useful information to investors by eliminating the effect of foreign currency fluctuations that are not directly attributable to Shutterstock’s operating performance. Management also believes that providing these non-GAAP financial measures enhances the comparability for investors in assessing Shutterstock’s financial reporting. Shutterstock’s management believes that adjusted free cash flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in internal-use software and website development costs to support the Company’s ongoing business operations, and provides them with the same measures that management uses as the basis for making resource allocation decisions.

Shutterstock’s management also uses the non-GAAP financial measures adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), and adjusted free cash flow, in conjunction with GAAP financial measures, as an integral part of managing the business and to, among other things: (i) monitor and evaluate the performance of Shutterstock’s business operations, financial performance and overall liquidity; (ii) facilitate management’s internal comparisons of the historical operating performance of its business operations; (iii) facilitate management’s external comparisons of the results of its overall business to the historical operating performance of other companies that may have different capital structures and debt levels; (iv) review and assess the operating performance of Shutterstock’s management team and, together with other operational objectives, as a measure in evaluating employee compensation; (v) analyze and evaluate financial and strategic planning decisions regarding future operating investments; and (vi) plan for and prepare future annual operating budgets and determine appropriate levels of operating investments.

Reconciliations of the differences between each of our non-GAAP financial measures (adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted common share, revenue growth (including by product offering) on a constant currency basis (expressed as a percentage), adjusted free cash flow), and each measure’s most directly comparable financial measure calculated and presented in accordance with GAAP, are presented under the headings “Reconciliation of Non-GAAP Financial Information to GAAP” and “Supplemental Financial Data” immediately following the Consolidated Balance Sheets.

ABOUT SHUTTERSTOCK

Shutterstock is in the business of turning ideas into impact. Powered by a global network of millions of creators and our cutting-edge technology, we provide businesses, creatives, and brand leaders with the essential, universal ingredients to make their work more effective. Shutterstock offers access to one of the world’s largest and most diverse collections of high-quality licensable assets, specialized training datasets, evaluation tools, and end-to-end strategic partnerships for the full model training lifecycle, as well as advertising and distribution solutions, exclusive editorial content, and full-service studio production—delivering unparalleled resources to fuel great work.

Discover our impact at www.shutterstock.com and connect with us on LinkedIn, Instagram, X, Facebook and YouTube.

FORWARD-LOOKING STATEMENTS

The statements in this press release, and any related oral statements, include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “could,” “might,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” “designed,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this press release relate to, among other things, statements regarding industry prospects, future business, future results of operations or financial condition, future dividends, future stock performance, our ability to consummate acquisitions and integrate the businesses we have acquired or may acquire into our existing operations, new or planned features, products or services, management strategies, our ability to offer premier Data Licensing and AI Services, and our competitive position. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include, among others, the risks discussed under the caption “Risk Factors” in Shutterstock’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Shutterstock does not assume, and hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

Shutterstock, Inc.

Consolidated Statements of Operations

(In thousands, except for per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenue

$       221,801

$       266,990

$       420,971

$       509,610

Operating expenses:

Cost of revenue

93,787

105,994

188,575

206,882

Sales and marketing

48,008

57,077

96,354

110,436

Product development

17,574

20,754

36,979

40,619

General and administrative

43,930

48,434

111,515

106,741

Goodwill impairment

173,738

173,738

Total operating expenses

377,037

232,259

607,161

464,678

(Loss) / income from operations

(155,236)

34,731

(186,190)

44,932

Interest expense

(3,833)

(4,224)

(7,593)

(8,522)

Other (expense) / income, net

(1,862)

12,624

(16,523)

27,139

(Loss) / income before income taxes

(160,931)

43,131

(210,306)

63,549

(Benefit) / provision for income taxes

(4,992)

13,691

(6,798)

15,421

Net (loss) / income

$      (155,939)

$        29,440

$      (203,508)

$        48,128

(Losses) / earnings per share:

Basic

$          (4.25)

$           0.84

$          (5.63)

$           1.37

Diluted

$          (4.25)

$           0.82

$          (5.63)

$           1.35

Weighted average common shares outstanding:

Basic

36,703

35,257

36,126

35,075

Diluted

36,703

35,958

36,126

35,642

 

Shutterstock, Inc.

Consolidated Balance Sheets

(In thousands, except par value amount)

(unaudited)

June 30, 2026

December 31, 2025

ASSETS

Current assets:

Cash and cash equivalents

$          133,208

$          178,244

Accounts receivable, net of allowance of $3,750 and $3,431

102,264

112,626

Prepaid expenses and other current assets

44,025

47,769

Total current assets

279,497

338,639

Property and equipment, net

61,237

62,553

Right-of-use assets

8,238

9,770

Intangible assets, net

192,073

215,673

Goodwill

400,025

574,614

Deferred tax assets, net

77,221

61,289

Other assets

73,986

93,398

Total assets

$        1,092,277

$        1,355,936

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$           12,982

$           13,898

Accrued expenses

104,227

129,952

Contributor royalties payable

98,292

94,163

Deferred revenue

198,444

212,984

Debt

158,112

158,110

Other current liabilities

14,719

19,295

Total current liabilities

586,776

628,402

Deferred tax liability, net

1,323

1,134

Long-term debt

115,157

116,639

Lease liabilities

13,518

17,247

Other non-current liabilities

11,843

11,476

Total liabilities

728,617

774,898

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.01 par value; 200,000 shares authorized; 42,328 and 41,049 shares
issued and 36,807 and 35,528 shares outstanding as of June 30, 2026 and December 31,
2025, respectively

422

410

Treasury stock, at cost; 5,521 shares as of June 30, 2026 and December 31, 2025

(269,804)

(269,804)

Additional paid-in capital

536,627

520,018

Accumulated other comprehensive loss

(9,249)

(4,754)

Retained earnings

105,664

335,168

Total stockholders’ equity

363,660

581,038

Total liabilities and stockholders’ equity

$        1,092,277

$        1,355,936

 

Shutterstock, Inc.

Consolidated Statements of Cash Flows

(In thousands, except par value amount)

(unaudited)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) / income

$      (155,939)

$        29,440

$      (203,508)

$        48,128

Adjustments to reconcile net (loss) / income to net cash (used in)
/ provided by operating activities:

Depreciation and amortization

22,416

22,611

45,120

45,282

Deferred taxes

(8,399)

974

(15,741)

(6,798)

Goodwill impairment

173,738

173,738

Non-cash equity-based compensation

12,536

15,625

25,908

33,509

Loss on impairment of long-term investment

5,000

5,000

Bad debt expense

214

367

319

960

Unrealized loss / (gain) on investments, net

2,963

(18,028)

18,268

(31,288)

Changes in operating assets and liabilities:

Accounts receivable

735

(39,056)

9,701

(55,674)

Prepaid expenses and other current and non-current assets

(3,759)

4,775

1,592

22,757

Accounts payable and other current and non-current liabilities

(37,972)

2,677

(29,386)

(14,587)

Contributor royalties payable

3,459

6,401

5,084

9,780

Deferred revenue

(9,371)

(3,950)

(13,104)

(4,986)

Net cash provided by operating activities

$          621

$        26,836

$        17,991

$        52,083

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditures

(10,115)

(11,312)

(21,710)

(22,120)

Cash received related to Giphy Retention Compensation

109

369

477

861

Acquisition of content

(110)

(4,081)

(301)

(4,978)

Security deposit (payment) / release

(23)

59

249

38

Net cash used in investing activities

$        (10,139)

$       (14,965)

$       (21,285)

$       (26,199)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash paid to settle employee taxes related to RSU vesting

(4,461)

(1,473)

(10,848)

(5,012)

Payment of cash dividends

(13,214)

(11,623)

(25,996)

(23,124)

Repayment of credit facility

(782)

(782)

(1,563)

(1,563)

Net cash used in financing activities

$       (18,457)

$       (13,878)

$       (38,407)

$       (29,699)

Effect of foreign exchange rate changes on cash

(1,333)

6,186

(3,335)

8,974

Net (decrease) / increase in cash and cash equivalents

(29,308)

4,179

(45,036)

5,159

Cash and cash equivalents, beginning of period

162,518

112,231

178,244

111,251

Cash and cash equivalents, end of period

$       133,208

$       116,410

$       133,208

$       116,410

Supplemental Disclosure of Cash Information:

Cash paid for income taxes

$         6,934

$        15,293

$         7,678

$        14,689

Cash paid for interest

3,518

4,106

7,288

8,465

Shutterstock, Inc.
Reconciliation of Non-GAAP Financial Information to GAAP
(In thousands, except per share information)
(unaudited)

Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted net income per diluted share, revenue growth (including by distribution channel) on a constant currency basis (expressed as a percentage), and adjusted free cash flow are not financial measures prepared in accordance with United States generally accepted accounting principles (GAAP). Such non-GAAP financial measures should not be construed as alternatives to any other measures of performance determined in accordance with GAAP. Investors are cautioned that non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) / income

$       (155,939)

$         29,440

$       (203,508)

$         48,128

Add / (less) Non-GAAP adjustments:

Non-cash equity-based compensation

12,536

15,625

25,908

33,509

Tax effect of non-cash equity-based compensation (1)

(2,946)

(3,672)

(6,088)

(7,875)

Acquisition-related amortization expense (2)

9,564

9,581

19,163

19,278

Tax effect of acquisition-related amortization expense (1)

(2,248)

(2,252)

(4,504)

(4,531)

Unrealized loss / (gain) on investment

2,963

(13,029)

18,268

(26,289)

Goodwill impairment

173,738

173,738

Tax effect of goodwill impairment(1)

(10,371)

(10,371)

Workforce optimization – severance

2,963

121

9,043

301

Tax effect of workforce optimization – severance(1)

(667)

(27)

(2,035)

(68)

Giphy retention compensation expense – non-recurring

438

649

1,005

Tax effect of Giphy retention compensation expense – non-
recurring(1)

(103)

(153)

(236)

Merger related costs

3,680

8,710

6,535

20,571

Tax effect of merger related costs(1)

(828)

(1,960)

(1,470)

(4,629)

Legal contingency

5,000

33,000

Tax effect of legal contingency(1)

(7,425)

(7,425)

Adjusted net income

$         30,020

$         42,872

$         50,750

$         79,164

Net (loss) / income per diluted common share

$          (4.25)

$           0.82

$          (5.63)

$           1.35

Adjusted net income per diluted common share

$           0.82

$           1.19

$           1.40

$           2.22

Weighted average diluted shares

36,703

35,958

36,126

35,642

____________________________________________________________

(1)

Statutory tax rates are used to calculate the tax effect of the adjustments.

(2)

Of these amounts, $8.9 million and $8.9 million are included in cost of revenue for the three months ended June 30, 2026 and 2025, respectively. The remainder of acquisition-related amortization expense is included in general and administrative expense in the Statement of Operations.

 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) / income

$     (155,939)

$       29,440

$     (203,508)

$       48,128

Add / (less) Non-GAAP adjustments:

Interest expense

3,833

4,224

7,593

8,522

Interest income

(479)

(1,077)

(1,280)

(2,012)

Provision for income taxes

(4,992)

13,691

(6,798)

15,421

Depreciation and amortization

22,416

22,611

45,120

45,282

EBITDA

$     (135,161)

$       68,889

$     (158,873)

$      115,341

Non-cash equity-based compensation

12,536

15,625

25,908

33,509

Giphy retention compensation expense – non-recurring

438

649

1,005

Merger related costs

3,680

8,710

6,535

20,571

Foreign currency loss / (gain)

(622)

1,482

(465)

1,162

Unrealized loss / (gain) on investment

2,963

(13,029)

18,268

(26,289)

Legal contingencies

5,000

33,000

Workforce optimization – severance

2,963

121

9,043

301

Goodwill impairment

173,738

173,738

Adjusted EBITDA

$       65,097

$       82,236

$      107,803

$      145,600

Revenue

$      221,801

$      266,990

$      420,971

$      509,610

Net (loss) /  income margin

(70.3) %

11.0 %

(48.3) %

9.4 %

Adjusted EBITDA margin

29.3 %

30.8 %

25.6 %

28.6 %

 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Reported revenue (in thousands)

$      221,801

$      266,990

$      420,971

$      509,610

Revenue (decline) /growth

(17) %

21 %

(17) %

17 %

Revenue (decline) / growth on a constant currency basis

(17) %

20 %

(18) %

17 %

Content reported revenue (in thousands)

$      165,664

$      199,796

$      343,790

$      402,684

Content revenue (decline) / growth

(17) %

18 %

(15) %

17 %

Content revenue (decline) / growth on a constant currency basis

(16) %

16 %

(15) %

17 %

Data, Distribution, and Services reported revenue (in thousands)

$       56,137

$       67,194

$       77,181

$      106,926

Data, Distribution, and Services revenue (decline) / growth

(16) %

34 %

(28) %

18 %

Data, Distribution, and Services revenue (decline) / growth on a
constant currency basis

(19) %

35 %

(30) %

18 %

 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Cash flow information:

Net cash provided by operating activities

$           621

$         26,836

$         17,991

$         52,083

Net cash used in investing activities

$         (10,139)

$        (14,965)

$        (21,285)

$        (26,199)

Net cash used in financing activities

$        (18,457)

$        (13,878)

$        (38,407)

$        (29,699)

Adjusted free cash flow:

Net cash provided by operating activities

$           621

$         26,836

$         17,991

$         52,083

Capital expenditures

(10,115)

(11,312)

(21,710)

(22,120)

Content acquisitions

(110)

(4,081)

(301)

(4,978)

Cash received related to Giphy Retention Compensation

109

369

477

861

Legal contingency settlement

35,000

35,000

Merger related costs

2,970

5,686

10,150

15,036

Adjusted Free Cash Flow

$         28,475

$         17,498

$         41,607

$         40,882

 

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Content

$        165,664

$        199,796

$        343,790

$        402,684

Data, Distribution, and Services

$         56,137

$         67,194

$         77,181

$        106,926

Total revenue

$        221,801

$        266,990

$        420,971

$        509,610

 

Shutterstock, Inc.

Supplemental Financial Data

(unaudited)

 

Historical Operating Metrics

Three Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

9/30/245

Subscribers (end of period, in thousands) (1)

951

993

1,032

1,060

1,073

1,079

459

470

Subscriber revenue (in millions) (2)

$   99.8

$  103.8

$  104.7

$  107.2

$   108.0

$  109.9

$   75.7

$   78.7

Average revenue per customer (last twelve months) (3)

$   292

$   284

$   281

$   279

$    266

$   244

$   450

$   446

Paid downloads (in millions) (4)

98.7

104.1

107.9

111.7

112.6

120.9

33.0

32.9

Subscribers, Subscriber Revenue and Average Revenue Per Customer from acquisitions are included in these metrics beginning twelve months after the closing of the respective business combination. Accordingly, the metrics include Subscribers, Subscriber revenue, and Average revenue per customer from Backgrid beginning February 2025. 2025 metrics include the counts and revenues from Envato, which was acquired in July 22, 2024.

(1) Subscribers is defined as those customers who purchase one or more of our monthly recurring products for a continuous period of at least three months, measured as of the end of the reporting period.

(2) Subscriber revenue is defined as the revenue generated from subscribers during the period.

(3) Average revenue per customer is calculated by dividing total revenue for the last twelve-month period by customers. Customers is defined as total active, paying customers that contributed to total revenue over the last twelve-month period. 

(4) Paid downloads is the number of downloads that our customers make in a given period of our content. Paid downloads exclude content related to our Studios business, downloads of content that are offered to customers for no charge, including our free trials and metadata delivered through our data deal offering.

(5) Subscribers and Subscriber Revenue are presented as if Envato was acquired as of the beginning of the period presented. Average revenue per customer includes Envato historical results over the last twelve month period.

 

Equity-Based Compensation by expense category

Three Months Ended

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Cost of revenue

$   270

$   183

$   558

$   528

$   532

$   396

$   505

$   443

Sales and marketing

2,652

2,112

2,287

2,098

2,559

2,255

2,627

3,226

Product development

3,242

3,078

3,218

3,370

3,529

2,912

2,722

2,745

General and administrative

6,398

7,999

8,542

6,966

9,005

12,321

9,256

8,680

Total non-cash equity-based compensation

$ 12,562

$ 13,372

$ 14,605

$ 12,962

$ 15,625

$ 17,884

$ 15,110

$ 15,094

 

Depreciation and Amortization by expense category

Three Months Ended

($ in thousands)

6/30/26

3/31/26

12/31/25

9/30/25

6/30/25

3/31/25

12/31/24

9/30/24

Cost of revenue

$ 20,732

$ 20,898

$ 21,010

$ 21,028

$ 20,804

$ 20,742

$ 21,191

$ 19,653

General and administrative

1,684

1,806

1,725

1,849

1,807

1,929

2,096

1,991

Total depreciation and amortization

$ 22,416

$ 22,704

$ 22,735

$ 22,877

$ 22,611

$ 22,671

$ 23,287

$ 21,644

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SOURCE Shutterstock, Inc.

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Huawei Upgrades Stellar AI WAN Solution to Drive All Intelligence Across Industries

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SHANGHAI, Sept. 21, 2026 /PRNewswire/ — At HUAWEI CONNECT 2026, Huawei unveiled its upgraded Stellar AI WAN Solution. Centered on ultimate computing efficiency and multi-dimensional security, this solution addresses cross-region computing challenges in efficiency, cost, and security, driving all intelligence across industries in the AI era.

Stellar AI WAN for Intelligent Connectivity

Amid the rapid expansion of AI computing power, deploying new compute infrastructure in the West has made remote invocation the new norm. However, traditional networks face three critical issues relating to cross-region computing.

Severe efficiency loss: Invoking computing power across 1,000 km can incur a 37% efficiency loss from a mere 0.073% packet loss.High on-premise costs: Local compute deployment costs from 1 million RMB per branch.Expensive private lines: Enterprises spend around 1.2 million RMB annually on 10G private lines.

To address this, Leon Wang, President of Huawei’s Data Communication Product Line, introduced the Stellar AI WAN Solution, enabling lossless delivery of computing power over 1,000 km for a local-like remote computing experience. The XH computing-network appliance uses a unique layerwise model partitioning algorithm to run the initial and final layers of inference locally while offloading intermediate layers to remote infrastructure. With the network transmitting only high-dimensional vectors, raw data remains on-premises. The appliance requires just two xPUs to match a traditional 8-xPU setup, slashing xPU costs by 75%. The updated Starnet lossless algorithm cuts bandwidth idle time by over 80% and reduces required bandwidth fivefold, further lowering cross-region computing costs.

Stellar AI WAN for Security

As global security threats intensify, novel vectors like APTs and HNDL attacks continue to emerge. To address these, Huawei provides a three-layer defense for WANs.

Device layer: Intrinsic security boards detect and block intrusions in real time, tracing threats within minutes at over 95% accuracy.Link layer: Built-in QKD delivers robust quantum security without extra devices or fibers, slashing costs by over 60%. An adaptive noise suppression algorithm extends QKD transmission past 80 km.Network layer: APN6-based data fencing enables network-wide control over traffic paths, ensuring data travels exclusively within secure networks with intrinsic security and quantum encryption deployed.

Looking ahead, Huawei will continually upgrade the Stellar AI WAN Solution, deepening its computing-network synergy and multi-dimensional security. Together with partners, Huawei aims to reinforce the intelligent network foundation and accelerate all intelligence across enterprises.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/huawei-upgrades-stellar-ai-wan-solution-to-drive-all-intelligence-across-industries-302884354.html

SOURCE Huawei

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FinMet.sg Launches a More Affordable Way to Own Physical Gold in Singapore

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Customers can purchase 24 karat 99.99% pure Swiss-made, LBMA accredited gold from one gram, manage their holdings online and request physical delivery or pick-up in Singapore.

SINGAPORE, Sept. 21, 2026 /PRNewswire/ — FinMet Pte. Ltd. has announced the launch of FinMet.sg, a fully transactional platform created specifically for customers in Singapore who want a simpler way to purchase, own and manage physical gold. FinMet’s global presence began in Singapore, and FinMet.sg builds on that foundation with a service designed around how customers in Singapore identify themselves, make payments, store their gold and take delivery. Customers can begin with one gram, monitor their holdings through a clear account experience, buy or sell at any time, and request physical pickup/delivery once their holdings reach 10 grams.

The purpose of FinMet.sg is simple: to remove unnecessary friction from purchasing physical gold without changing what the customer ultimately owns. The platform makes it possible to begin with a smaller quantity, complete purchases online and view holdings through a clear account experience. At every stage, the underlying product remains 24 karat, 99.99% pure, Swiss-made physical gold.

To start purchasing and managing physical gold from just one gram, visit FinMet.sg today.

A Seamless, Secure Purchasing Journey

This approach is intended to make physical gold easier to access and manage for customers who value clarity, convenience and the option of delivery. Rather than requiring customers to begin with a larger bar, complete an entirely offline purchase or arrange storage independently, FinMet.sg brings the principal stages of gold ownership into one online platform designed for use in Singapore. Gold purchased through the platform is professionally vaulted in Singapore, and customers can request physical delivery within Singapore once their holdings reach 10 grams.

The customer journey incorporates services that people in Singapore already use and recognise, including Singpass for identity verification and PayNow for payment. This straightforward online process includes:

Accessible Entry: Customers purchase gold in whole-gram quantities, beginning at one gram.Transparent Pricing: Before confirming a transaction, customers review the live price per gram in Singapore dollars and the total amount payable. Clear Ownership: Once a purchase is completed, legal title to the corresponding physical gold passes to the customer, reflected immediately in their platform balance.Flexible Management: Customers can hold, purchase more, sell through the platform, or request physical delivery within Singapore once their holding reaches 10 grams.

How Does FinMet.sg Make Physical Gold More Affordable?

FinMet.sg’s direct-to-consumer model reduces the overheads associated with operating a conventional network of brick-and-mortar stores. These efficiencies are passed on to customers, helping make physical gold more affordable and accessible while retaining professional vaulting and the option of physical delivery or collection.

“We took a customer-first approach to make the buyer’s entry into gold ownership the easiest part of the experience,” says Anirudh Menon, Co-Founder and CEO of FinMet Technologies.

“Price matters, but affordability should not come at the expense of clear ownership,” adds Sunil Kashyap, Managing Director of FinMet Pte. Ltd. “Gold that is identifiable rather than held within an undifferentiated pool gives customers greater clarity over what they own and makes taking physical delivery more straightforward.”

Professional Vaulting and Uncompromised Purity

The physical gold is held in the form of 99.99% pure, Swiss-made CombiBars. These physical bullion bars are individually minted into individual one-gram segments that can be separated without reducing their stated metal weight or purity. This structure supports FinMet.sg’s whole-gram ownership model while retaining a clear connection between the quantity shown on the platform and the underlying physical asset.

The gold is professionally vaulted in Singapore by Helveticor, an international Swiss-based provider of security logistics, storage and transportation services. Helveticor provides the professional vaulting arrangement, while FinMet.sg provides the website through which customers purchase, view and manage their gold.

Designed for Ease of Use

Ease of use was treated as a product requirement rather than a secondary design consideration. The customer journey was developed to present the essential information clearly, from the quantity and price of a purchase to the customer’s current holdings and delivery eligibility.

The team behind FinMet.sg developed the platform with a clear understanding that trust must extend beyond the gold itself to every part of the customer experience. The aim was to create a service that feels straightforward and familiar to people in Singapore, including those purchasing physical gold for the first time.

“This is a platform that I wanted to make sure my mother could use without anyone else’s help,” says Anirudh Menon, Co-Founder and CEO of FinMet Technologies. “That was my benchmark for success in the user experience.”

For customers unfamiliar with physical gold, practical considerations—such as deciding how much to buy, understanding purity, arranging storage, and determining resale options—can make an initial purchase difficult to navigate. FinMet.sg addresses these barriers through a one-gram starting quantity, professional vaulting, and an online management platform.

FinMet Group’s leadership brings decades of experience in the global precious metals market.

“Gold has always been trusted. What has been missing is an experience that matches that trust with the standards people now expect from any financial platform. That is what FinMet.sg is built on,” noted Sunil Kashyap, Managing Director, FinMet Pte. Ltd.

Commitment to Industry Standards

FinMet follows the Seven Retail Gold Investment Principles developed by the World Gold Council, covering areas such as fairness, transparency, protection of customer assets and regulatory compliance. The company clarifies that adherence to the framework does not amount to certification or endorsement by the World Gold Council.

FinMet Pte. Ltd. is also an Associate Corporate Member of the Singapore Bullion Market Association (SBMA), reinforcing the company’s connection to Singapore’s professional bullion-market community.

FinMet Pte. Ltd. is registered under Singapore’s Precious Stones and Precious Metals Act as a regulated dealer. Regulation by Singapore’s Ministry of Law is for anti-money laundering and countering terrorism financing purposes only, and does not constitute product endorsement.

As a precious-metals dealer—not a bank or MAS-licensed financial institution—FinMet does not accept deposits or provide financial advice. Gold prices can fluctuate, and customers should review all applicable terms before completing a transaction.

Further information is available at https://finmet.sg/.

About FinMet Group

FinMet is a precious metals advisory and technology group operating in Singapore, UAE and other international markets. Its activities span precious metals consulting, product development, sector-specific technology solutions and partnerships with industry associations across the global precious metals ecosystem. FinMet Technologies Pvt. Ltd., the Group’s technology arm, was named Best Financial Technology Company in Gold of the Year 2025–26 at the India Gold Conference (IGC) 2026 in Goa.

About FinMet Pte. Ltd.

FinMet Pte. Ltd. is a Singapore-registered precious-metals dealer and the operator of FinMet.sg, a platform through which customers in Singapore can purchase and manage physical gold. The platform offers whole-gram purchases from one gram, online holdings management, buying and selling subject to applicable terms, professional vaulting in Singapore and physical delivery from 10 grams.

UEN: 202022529N Registered address: 160 Robinson Road, #14-04, Singapore Business Federation Center, Singapore 068914 Website:https://finmet.sg/

100-Word Media Summary

FinMet Pte. Ltd. has launched FinMet.sg, a fully transactional platform created for customers in Singapore seeking a simpler way to purchase and manage physical gold. Operated by a Singapore-registered company, it combines FinMet Group’s international precious-metals experience with familiar local services, including Singpass and PayNow. Customers can purchase 99.99% pure, Swiss-made gold from one gram, monitor their holdings, and buy or sell through the platform. The gold is held as physical CombiBars and professionally vaulted in Singapore by Helveticor. Physical delivery within Singapore is available from 10 grams. Ease of use was central to the platform’s development.

Five Key Facts for Journalists

FinMet.sg launched on 2 September 2026 as a Singapore-based platform created specifically for customers in Singapore and operated by Singapore-registered FinMet Pte. Ltd.The website is fully transactional, with purchases beginning from one gram.Customers purchase 24 karat, 99.99% pure, Swiss-made physical gold.Holdings are reflected in physical CombiBars professionally vaulted in Singapore by Helveticor.Customers can monitor, buy or sell through the platform and request physical delivery from 10 grams, subject to applicable terms.

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SOURCE FinMet Pte. Ltd.

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Apurva.ai Evolves Apurva LENS from an Organisational Product to a Platform for the Development Ecosystem

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Rohini and Nandan Nilekani-supported Apurva.ai evolves Apurva LENS from a knowledge workspace into a platform for cross-organisational learning and collaboration Apurva LENS is open for practitioners and organisations to explore and experience its capabilities firsthand

BENGALURU, India, Sept. 21, 2026 /PRNewswire/ — Apurva.ai, an AI-enabled public-good digital infrastructure working with over 50 global organisations, today announced a new platform model for Apurva LENS, extending it from a product that helps individual organisations work with their knowledge to a platform that enables knowledge to travel across the wider development ecosystem. Apurva LENS is already being used and tested by organisations addressing complex social challenges across the Global South and beyond.

Apurva.ai is a unit of C4EC Foundation, co-founded by Nilekani Philanthropies to support change leaders working to respond to complex social challenges with speed, at scale, and sustainably.

As social and development challenges grow in scale and complexity, no single organisation has all the knowledge or answers needed to respond effectively. There is a growing need for ways to bring together what different actors and communities know, make sense of it collectively, and respond at scale.

Apurva LENS, part of a suite of AI-enabled products, was designed to help actors across the development ecosystem, including funders, governments, NGOs and change leaders, make sense of knowledge that often remains siloed across research, evaluations, programme experience and conversations. At its core are the voices and lived experiences of communities, so that those closest to a problem can help shape what happens next. Today, Apurva LENS has helped surface more than half a million voices and perspectives from across the development ecosystem in the Global South.

The new platform model transforms Apurva LENS from an organisation-level product into a platform for cross-organisational learning and collaboration. Multiple actors across an ecosystem can now learn from knowledge made available by each other, while retaining control over what they keep private and what they choose to share. This allows learning generated in one part of an ecosystem to become useful elsewhere, without losing its context or ownership.

The shift reflects a larger premise behind Apurva LENS: as AI makes more knowledge available, the challenge is no longer simply accessing information but making sense of it. By bringing together research, evidence, and organisational learning with the voices and lived experiences of communities from the outset, Apurva LENS enables a more bottom-up approach where those closest to a problem help shape how it is understood and how solutions are designed. This approach is already being explored across different development contexts.

SELCO Foundation initially used Apurva LENS to bring together organisational knowledge spanning archival information, everyday conversations and sector-focused assets, enabling teams to query it, surface patterns and synthesise insights. The collaboration has since extended beyond SELCO Foundation through the Platform for Collective Wisdom (PCW), an initiative enabled by Apurva.ai. PCW brings together community voices, practitioner perspectives and institutional knowledge across the development sector, allowing knowledge that would otherwise remain siloed to be connected and built upon across the wider ecosystem.Resilience Action Network Africa (RANA) used Apurva LENS to organise, analyse and synthesise community dialogues and research across Kenya, Uganda, Sierra Leone and South Africa, spanning climate resilience, health, livelihoods, food systems, gender, governance and financing. The work helped surface themes across countries while reinforcing an important principle: AI-assisted analysis was most useful when combined with human contextual judgment grounded in local realities, political economy and systems dynamics.In Brazil, Museu da Pessoa, one of the world’s earliest virtual museums, has built an archive of 20,000 life stories and approximately 11,000 hours of recorded material, capturing experiences across generations, regions and communities. Using Apurva LENS, the team prototyped a subset of voices to explore experiences around longevity, surfacing patterns and differences across individual life stories. The work points to a larger opportunity: turning a vast archive into living, accessible knowledge, that enables insights rooted in local experience to travel across languages and geographies and inform understanding far beyond where those stories originated.Rare’s Fish Forever works with fishers, local leaders, governments, funders and NGOs across Central and South America, Africa and Asia-Pacific to restore coastal fisheries and enable communities to manage them sustainably. As the programme expanded, knowledge accumulated across reports, presentations, field notes, chats and informal conversations. Fish Forever brought in Apurva LENS to help organise this collective knowledge, enabling teams to connect what they know with what they are learning and how conditions are changing. Its longer-term ambition is a living knowledge ecosystem where new insights from communities can continually inform learning across the programme.

Aggrey Aluso, Executive Director, Resilience Action Network Africa (RANA), said, “Working across countries, communities and interconnected development challenges, we see firsthand how knowledge can remain fragmented across programmes, partners and contexts. Our work with Apurva LENS has shown the value of bringing community voices together with research and systems knowledge to see connections that would otherwise be difficult to surface. The opportunity of a platform approach is to take this further, enabling learning to travel across actors and ecosystems while retaining the local context that gives it meaning. AI can help make those connections, but human judgment remains essential to understanding and acting on them.”

Dr. Harish Hande, CEO, SELCO Foundation, said, “Some of the most valuable learning comes from communities and practitioners solving real problems every day, yet those experiences rarely travel far enough. When they can be connected across organisations and geographies, we can build on what has already been learned rather than repeatedly starting from scratch. Our work with Apurva.ai is about creating that possibility at scale, while ensuring that community knowledge and lived experience remain at the heart of how solutions are shaped.”

Nandan Nilekani, Co-Founder and Chairman, Infosys and Chairman of EkStep Foundation, said, “AI’s real opportunity is to make intelligence useful at scale, across varied societal contexts. India has shown how open infrastructure can enable ecosystems whose impact can extend far beyond its borders. Apurva.ai is bringing that thinking to knowledge – connecting research, organisational learning and community experience so that insights can travel across organisations and geographies. I hope more organisations will join us to explore what we can build together.”

Anand Rajan, Co-Founder and Mission Leader, Apurva.ai, said, “The development sector does not lack knowledge. It already exists across organisations, research, programmes and, importantly, within communities themselves. The challenge is turning all of this into understanding that people can act on. With Apurva LENS becoming a platform, we are moving from helping individual organisations make their knowledge work for them to asking what becomes possible when that knowledge can travel across an ecosystem. AI can help us make sense of this complexity at a scale that was not possible before. But judgment, context and action remain fundamentally human.”

Apurva LENS is open for practitioners and organisations to explore and experience its capabilities firsthand. The experience brings to life a question at the heart of Apurva.ai’s approach: What if communities were not simply the recipients of solutions, but helped shape them from the start?

About Apurva.ai

Apurva.ai is a public-good, sense-making infrastructure for systems change. Through its AI-powered suite of products, it enables change leaders and organisations to unlock the collective wisdom within their networks by connecting community voices and lived experiences with knowledge from across the wider ecosystem. With communities at the centre, Apurva.ai helps surface connections, build shared understanding and enable more contextually relevant action on complex social challenges. Its suite of products supports a continuous cycle of listening, learning and acting, helping ecosystems move from fragmented knowledge towards collective understanding and systemic change. Apurva.ai is a unit of C4EC Foundation

For more on Apurva.ai visit: https://apurva.ai/about-us/

 

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