NEW YORK, Aug. 03, 2023 -- Fiverr International Ltd. (NYSE: FVRR), the company that is revolutionizing how the world works together, reported financial results for the second quarter 2023.

“We continue to push forward towards executing our long-term strategy and are excited about our recent product launches that we believe will create a step function change in how businesses can engage with freelancers,” said Micha Kaufman, founder and CEO of Fiverr. “We have a strong financial profile which allows us to focus on what we do best - creating innovative and elegantly simple products that connect and empower our community while improving the way they work together.”

“We delivered solid revenue growth and better than expected Adjusted EBITDA this quarter, and are looking forward to realizing our 2023 guidance in the back half of this year,” said Ofer Katz, Fiverr’s President and CFO. “The thoughtful investments that we are making into our marketplace and Fiverr Business Solutions will help us continue to build upon our solid foundation and drive both growth acceleration and Adjusted EBITDA margin improvement.”

Second Quarter 2023 Financial Highlights

Revenue in the second quarter of 2023 was $89.4 million, compared to $85.0 million in the second quarter of 2022, an increase of 5.1% year over year.

Active buyers was 4.2 million as of June 30, 2023 and 2022, respectively.

Spend per buyer as of June 30, 2023 reached $265, compared to $259 as of June 30, 2022, an increase of 2% year over year.

Take rate for the period ended June 30, 2023 was 30.7%, up from 29.8% for the period ended June 30, 2022, an increase of 90 basis points year over year.

GAAP gross margin in the second quarter of 2023 was 82.5%, an increase of 310 basis points from 79.4% in the second quarter of 2022. Non-GAAP gross margin in the second quarter of 2023 was 84.2%, an increase of 150 basis points from 82.7% in the second quarter of 2022.

GAAP net income (loss) in the second quarter of 2023 was $0.2 million, or $0.01 basic and diluted net income (loss) per share, compared to ($41.9) million, or ($1.13) basic and diluted net income (loss) per share, in the second quarter of 2022. Non-GAAP net income in the second quarter of 2023 was $20.0 million, or $0.53 basic non-GAAP net income per share and $0.49 diluted non-GAAP net income per share, compared to $4.9 million non- GAAP net income, or $0.13 basic non-GAAP net income per share and $0.12 diluted non-GAAP net income per share1, in the second quarter of 2022.

Adjusted EBITDA in the second quarter of 2023 was $15.3 million, compared to $4.6 million in the second quarter of 2022. Adjusted EBITDA margin was 17.1% in the second quarter of 2023, compared to 5.4% in the second quarter of 2022.

About Fiverr

Fiverr’s mission is to revolutionize how the world works together. It exists to democratize access to talent and to provide talent with access to opportunities so anyone can grow their business, brand, or dreams. From small businesses to Fortune 500, over 4 million customers worldwide worked with freelance talent on Fiverr in the past year, ensuring their workforces remain flexible, adaptive, and agile. With Fiverr Business Solutions, large companies can find the right talent and tools, tailored to their needs to help them thrive and grow. On Fiverr, you can find over 600 skills, ranging from programming to 3D design, digital marketing to content creation, from video animation to architecture.

SOURCE Fiverr