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Shutterstock Reports Second Quarter 2026 Financial Results

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3 months ago

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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

View original content to download multimedia:https://www.prnewswire.com/news-releases/shutterstock-reports-second-quarter-2026-financial-results-302843046.html

SOURCE Shutterstock, Inc.

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Altimetrik Accelerates Enterprise AI Transformation with Google Cloud’s Gemini for Healthcare

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November 11, 2026

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BENGALURU, India, Nov. 11, 2026 /PRNewswire/ — Altimetrik, an AI engineering company, has launched new industry-specific AI capabilities built on Google Cloud’s Gemini for healthcare to automate complex enterprise workflows. As an integration partner, Altimetrik will help healthcare organizations put agentic AI to work on their most complex operational challenges.

Together, Google Cloud and Altimetrik will put these capabilities to work by integrating AI with existing enterprise data, systems, and workflows for healthcare organizations. Combining Google Cloud’s advanced AI capabilities with Altimetrik’s healthcare domain expertise and enterprise engineering, the collaboration aims to streamline administrative processes, improve access to clinical and operational information, and support more effective care coordination.

Altimetrik will build and deploy these solutions using its ALTi AIOS™ framework, complementing Google Cloud’s technology with workflow orchestration, and governance. The framework incorporates agent permissions, auditability, and human oversight into solution design, enabling healthcare organizations to adopt agentic AI responsibly.

“Pilots are easy. Scaling is the hard part, especially when AI must operate within decades of established systems, data, and processes,” said Raj Sundaresan, CEO of Altimetrik. “In healthcare, AI must earn the trust of the people delivering care. Since joining Google Cloud’s AI-native partner cohort earlier this year, our forward-deployed engineers have been helping organizations move agentic AI from pilot to production through ALTi AIOS™, ensuring every agent is permissioned, auditable, and accountable. Gemini for healthcare provides a powerful foundation for the industry, and we are proud to build on that foundation as a launch partner, while keeping care teams firmly in control.”

“Healthcare organizations need solutions that bridge cutting-edge AI with day-to-day operational realities,” said Satish Thomas, Vice President, Google Cloud. “Our collaboration with Altimetrik brings Gemini directly into mission-critical workflows, helping healthcare leaders to streamline administrative processes, improve coordination, and make data more actionable.”

Altimetrik first partnered with Google Cloud earlier this year when it became a part of the company’s cohort of AI-native partners to scale agentic AI across the global enterprise.

Learn more about how Altimetrik is building governed, agentic solutions that help healthcare teams make more confident decisions.

About Altimetrik

Altimetrik is an AI engineering company helping some of the most revered and iconic enterprises modernize systems, data, and processes at the heart of their business, so they can move faster, operate more efficiently, and innovate continuously. Through ALTi AIOS™, its AI-native operating system, Altimetrik combines the latest AI capabilities with deep engineering expertise to help clients solve complex challenges, accelerate modernization, and deliver measurable outcomes at scale.

Altimetrik’s clients get access to the latest AI innovations while maintaining flexibility to choose the right technologies for their business, through trusted relationships with OpenAI, Google Gemini, Anthropic, Databricks, and major hyperscalers.

A member of the World Economic Forum’s Centre for AI Excellence, the Forum’s global hub for shaping responsible AI, Altimetrik is also recognized in the 2025 Constellation Research ShortList™ for Global AI Services and named a Major Contender in multiple Everest Group PEAK Matrix® assessments, including Software Product Engineering Services (2026), Enterprise Quality Engineering Services (2025), and Digital Engineering Services for BFSI and Life Sciences. Learn more at altimetrik.com.

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/altimetrik-accelerates-enterprise-ai-transformation-with-google-clouds-gemini-for-healthcare-302935320.html

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20th Global Entrepreneurship Week China 2026 Kicks off in Shanghai

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November 11, 2026

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SHANGHAI, Nov. 11, 2026 /PRNewswire/ — On November 10, 20th Global Entrepreneurship Week China 2026 (hereinafter referred to as “Entrepreneurship Week”) kicked off in Shanghai.

Running from November 10 to 14, 2026 for five days, this edition features more than 50 entrepreneurship events, bringing together over 100 distinguished global guests, representatives from nearly 500 cutting-edge tech enterprises and professional investment institutions, and more than 1,500 entrepreneurs.

By focusing on “Learning”, “Showcase”, “Matchmaking” and “Empowerment”, Global Entrepreneurship Week China builds an all-round entrepreneurship support ecosystem and creates an international platform for in-depth exchanges among entrepreneurs.

This year’s event further elevates its international profile. Jonathan Ortmans, Founder and President, Global Entrepreneurship Network, led a delegation of more than 20 international guests, including outstanding entrepreneur representatives and seasoned entrepreneurship mentors from the Republic of Korea, the United States, Chile, Germany, Egypt, New Zealand and other countries, to Global Entrepreneurship Week China, enabling Chinese and foreign entrepreneurs to share valuable experience from diverse entrepreneurial ecosystems with zero distance.

Taking the 20th anniversary as an opportunity, this year’s Entrepreneurship Week further highlights its role in disseminating innovative ideas. It features five themed days tailored to Shanghai’s industrial tracks, catering to the growth needs of entrepreneurs across the full lifecycle. Future Intelligence Day focuses on cutting-edge areas including intelligent computing, general AI, quantum technology and humanoid robots; Future Manufacturing & Materials Day focuses on sectors such as humanoid robots, precision intelligent equipment and flexible manufacturing; Future Energy Day focuses on controllable nuclear fusion, advanced nuclear energy, long-duration energy storage, hydrogen energy, solid-state batteries and other fields; Future Health Day covers tracks of brain-computer interface, cell and gene therapy, biomanufacturing and regenerative medicine; Angel Fund & Future Space Day centers on campus entrepreneurship, early-stage startup pitching, entrepreneurship research, commercial aerospace, low-altitude economy, future mobility and other themes.

More than 50 entrepreneurship activities including startup project pitching, achievement exhibitions, sci-tech innovation community exchanges, and cultural and sports interactions will be held successively on Fuxing Island. These activities build a platform for global entrepreneurs to connect technologies, capital and industrial resources, and the event will run through November 14.

View original content:https://www.prnewswire.com/news-releases/20th-global-entrepreneurship-week-china-2026-kicks-off-in-shanghai-302936055.html

SOURCE Global Entrepreneurship Week China

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Dragonpass Acquires iCoupon the Leading Global Voucher Redemption Network to Build International Loyalty-as-a-Service Platform

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39 seconds ago

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November 11, 2026

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Strategic Acquisition Combines Dragonpass’ Loyalty Infrastructure, Powering 35 of the World’s 50 Largest Banks, With iCoupon’s Vouchering Technology Supporting Over One Billion Passengers

SINGAPORE, Nov. 11, 2026 /PRNewswire/ — Dragonpass, the global travel and lifestyle benefits platform serving more than 45 million members worldwide, has announced the acquisition of iCoupon, the intelligent digital vouchering technology business whose network spans over 400 airports worldwide. The transaction represents a strategic expansion of Dragonpass’ technology and distribution capabilities, combining established financial services relationships with extensive airline and retail integrations to accelerate its development of a global loyalty-as-a-service platform.

The acquisition follows almost a decade of commercial collaboration between the two businesses, initially focused on delivering digital dining benefits across airports. While Dragonpass has developed its global presence through partnerships with financial institutions, including some of the world’s largest banks and payment networks, iCoupon has built complementary infrastructure connecting 200 airlines, over 400 airports and 4,000 retail units across 56 countries. The combination creates immediate opportunities to expand dining and retail offerings, alongside access to previously untapped solutions and customer segments across both networks.

In the near term, Dragonpass will focus on extending its dining and retail propositions through iCoupon’s established network, while introducing additional Dragonpass services to iCoupon’s airline and airport partners. Longer term, the business will explore how transferable integrations can support a wider lifestyle offering beyond aviation, creating opportunities to deliver relevant benefits across more frequent customer interactions. iCoupon’s existing team will remain in place, with its open-network model continuing to operate, ensuring continuity for existing partners while supporting new opportunities across the combined business.

Dragonpass acquires iCoupon following nearly a decade of collaboration, expanding its financial services, aviation and retail capabilities.iCoupon’s network spans over 200 airlines, 400+ airports and over 4,000 retail units across 56 countries, with support already available to over one billion passengers.iCoupon issued over £100 million in digital vouchers in 2025, demonstrating the scale of its existing distribution and redemption infrastructure.Dragonpass research finds 50% of Britons consider loyalty schemes outdated, while 76% value affordable everyday treats.The deal strengthens dining and retail offerings in the near term, supporting Dragonpass’ wider ambition to build a global loyalty-as-a-service platform

Jane Zhu, CEO & Co-founder at Dragonpass, shares:

“The acquisition of iCoupon represents a significant step in our strategy to build a global loyalty-as-a-service platform. Having worked together for almost a decade, we recognise the strength of its technology and network, and the immediate opportunity to expand our dining and retail offering while exploring applications across new lifestyle markets.

“The future of loyalty lies in connecting customer intelligence with relevant benefits at scale. By bringing together complementary distribution networks and investing in more intelligent engagement technology, we’re building the infrastructure to help our partners deliver greater value to customers, precisely when they need it.”

iCoupon’s technology enables airlines and other partners to distribute vouchers, discounts and customer entitlements through existing identifiers, including boarding passes, barcodes and QR codes. Integrated directly into participating retailers’ point-of-sale systems, its platform supports real-time redemption, transaction tracking and automated reconciliation. Having issued over £100 million in digital vouchers during 2025, including 12 million food and beverage entitlements, iCoupon has expanded into 13 technology modules spanning passenger care, retail and other travel services, providing Dragonpass with additional capabilities and new commercial opportunities.

Richard Bye, CEO and Co-founder at iCoupon, shares:

“For too long, loyalty has been constrained by fragmented ecosystems, disconnected rewards and experiences that often fail to reflect what customers genuinely value. This acquisition is about helping accelerate a shift away from traditional points-based programmes towards real-time, contextual engagement that delivers meaningful benefits exactly when and where they matter most. By combining Dragonpass’ global distribution and customer intelligence capabilities with iCoupon’s powerful airline connected redemption infrastructure, we are creating the foundations for a new generation of loyalty; one that is intelligent, frictionless and seamlessly embedded into the everyday lives of consumers around the world.”

Dragonpass’ nationally representative Comfort Index finds 50% of Brits consider loyalty schemes outdated, revealing the mounting pressure on traditional loyal models to demonstrate value while 48% of Brits are more likely to switch long-term providers due to rising costs, poor support or irrelevant rewards. Meanwhile, 69% say brands that reduce everyday friction are more likely to earn their loyalty. Demand for practical benefits is also growing, with 76% valuing affordable everyday treats, despite 56% worrying about the cost of dining, drinks and experiences.

This expansion forms part of Dragonpass’ broader investment in data orchestration and customer engagement technology. By connecting a wider global benefits supply chain with more intelligent distribution and personalisation capabilities, the company aims to address a longstanding challenge for enterprise loyalty programmes: sourcing relevant benefits across markets and delivering them through a seamless customer experience. Its longer-term strategy is to enable financial institutions, airlines and other partners to move beyond static rewards catalogues, offering benefits aligned with individual customer needs, while strengthening engagement and commercial value across its network.

About Dragonpass

Established in 2005, Dragonpass is a leading global travel and lifestyle platform, providing premium benefits and experiences to more than 45 million members worldwide. Its growing ecosystem spans travel, health and wellness, lifestyle and entertainment, with a global network covering more than 140 countries and regions and partnerships with more than 800 enterprises.

About iCoupon

iCoupon is a market-leading intelligent vouchering company with a global presence, specialising in the provision of digital vouchering services within the aviation industry and beyond. Collaborating with an extensive network of more than 200 airlines, spanning over 400 airports and in excess of 4,000 retail establishments, the company’s aim is to share value and place it where it counts. iCoupon leverages its unique technology to facilitate the seamless distribution of intelligent vouchers by airlines, airports, ground handlers and retailers directly to passenger boarding passes, enhancing the value-sharing experience.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/dragonpass-acquires-icoupon-the-leading-global-voucher-redemption-network-to-build-international-loyalty-as-a-service-platform-302936106.html

SOURCE Dragonpass

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