SaaS Metrics Weekly — 2026-09-28
Today's fresher earnings tape brings ReposiTrak's fiscal Q4 2026 report — profit up but the stock slipped — and IDT's record fiscal 2026, with its net2phone unit approaching $100M in ARR. Meanwhile, AI agent startup Instinct raised $1 billion at a $10 billion valuation just 30 days after its last round. With limited verified post-September 26 data, this issue sticks to what's reliably fresh.
SaaS Metrics Weekly — 2026-09-28
Earnings & Revenue Reports
ReposiTrak — Q4 FY2026 Results
- Takeaway: ReposiTrak's Q4 2026 earnings call showed profits rising year-over-year, though the stock traded down following the release — suggesting results met but arguably didn't exceed market expectations.
IDT — Q4 & Fiscal Year 2026 Results
- Revenue: $1.298 billion (FY2026)
- ARR/Key Metric: Income from operations grew 21% to $121M; its SaaS subsidiary net2phone is on track to pass $100 million in annual recurring revenue this quarter, with AI tools credited for new customer wins.
- Takeaway: IDT framed fiscal 2026 as a record year, and the net2phone ARR milestone underscores how smaller SaaS sub-brands within diversified telecoms are becoming meaningful growth engines.
No additional verified earnings reports from the past 24 hours are available; note that Zscaler's widely cited Q4 result (ARR of $3.8B, +25%) was reported earlier this month and covered in our prior issue.
Funding & Deals
| Company | Round/Deal | Amount | Valuation | Lead Investor |
|---|---|---|---|---|
| Instinct | Funding round (AI agent) | $1 billion | $10 billion | Sequoia, Benchmark and Coatue involved |
- Instinct: The AI agent startup — described as having 14 employees, no app, and no disclosed revenue — raised $1 billion at a $10 billion valuation, a fourfold valuation markup in just 30 days. It's the clearest signal yet of how aggressively capital is chasing AI agents over traditional SaaS.
No other fresh, verifiable funding rounds within the past 24 hours were found.
Market Pulse
- Cloud Index: No fresh BVP Nasdaq Emerging Cloud Index figures were retrievable from today's data pull — the official index page was checked but specific daily values could not be reliably extracted; readers should verify on .
- Sector Sentiment: With no verified daily index data for today, sentiment cannot be responsibly characterized this issue.
- Notable Moves: ReposiTrak shares slipped despite rising Q4 profits
Industry Moves
No verified layoffs, acquisitions, or leadership changes published in the past 24 hours were found in the research results. For context on M&A trends, note that Q1 2026 saw a wave of software take-privates driven by the year's "SaaSpocalypse" selloff — though that report predates this issue's coverage window.
What to Watch Next Week
- Quarter-end closeout (Sept 30): The end of Q3 marks the traditional reporting blackout — expect the next major earnings wave (and fresh forward guidance) in mid-October.
- Q3 SaaS earnings season ramp-up: With FY/Q3 filings due in early October, watch for pre-announcements or guidance updates from named public SaaS players in the coming days.
- Instinct follow-through: Whether the $1B raise at a $10B valuation triggers follow-on mega-rounds for other AI agent startups — and whether traditional SaaS VCs respond — will be the story to track given the pace of the markup
Editor's note: This is a deliberately short issue. The research window for the past 24 hours contained limited verified SaaS-specific data, and per our freshness policy we've excluded anything older than September 26, 2026 rather than pad the issue with stale content.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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