SaaS Metrics Weekly — 2026-11-11
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This week's SaaS landscape is defined by a stark divergence between high-growth AI-native companies and legacy software providers. Mercor's massive $750 million Series D round at a $20 billion valuation highlights the continued investor appetite for AI infrastructure, while established players like Thryv and Nayax report mixed results as they navigate market shifts.
SaaS Metrics Weekly — 2026-11-11
Earnings & Revenue Reports
Thryv (THRY) — Q3 2026 Results
- Revenue: SaaS revenue fell 3.3%
- Key Metric: Monthly revenue per client reached $373, up 2.2% year over year
- Guidance: Full-year SaaS adjusted EBITDA guidance is $16.5M-$17.5M
- Takeaway: Thryv reported a $116M loss from continuing operations but is focusing on execution as a pure-play SaaS business, signaling a strategic pivot away from legacy services to streamline its offering.
Nayax (NYAX) — Q3 2026 Results
- Revenue: $128 million, representing 23% growth
- Key Metric: Adjusted EBITDA margin improved to 19%, reaching $24.2 million
- Guidance: Free cash flow of $10 million, with a conversion rate of 41%
- Takeaway: Despite a net loss of $1.1 million, Nayax demonstrated strong operational efficiency and cash generation capabilities, with adjusted net income hitting $14.1 million.
Evolv Technology (EVLV) — Q3 2026 Update
- Key Metric: Recurring revenue rose 20%
- Takeaway: Evolv continues its successful transition from hardware sales to subscription-based models, with recurring revenue growth displacing traditional hardware income.
Funding & Deals
| Company | Round/Deal | Amount | Valuation | Lead Investor |
|---|---|---|---|---|
| Mercor | Series D | $750 million | $20 billion | Not disclosed |
| Bay | Series A | $37 million | N/A | Battery Ventures |
| Estating | Series A | Up to €10 million | N/A | N/A |
- Mercor: This massive Series D doubles the company's October valuation, accelerating investment in research, evaluation, and post-training infrastructure for enterprise intelligence.
- Bay: Founded by former Unit 8200 officers, this AI security startup raised $50 million total in just nine months, with a platform that monitors AI agents across corporate systems to block dangerous actions.
- Estating: Raised up to €10 million to scale fintech infrastructure for real-world assets across Europe and the EMEA region.
Market Pulse
- Sector Sentiment: The market shows a "barbell" effect. While specific index data was unavailable this week, broader trends indicate capital is flowing faster into fewer startups. U.S. companies have raised $42 billion at the Series A stage through October, up roughly 60% year over year, while deal counts remain steady.
- Valuation Multiples: Public SaaS companies are currently trading at approximately 4.6x EV/Revenue as of August 2026, while private M&A deals are averaging 4.5x.
Industry Moves
- Thryv: The company is explicitly focusing on execution as a "pure-play SaaS business," marking a definitive shift from its hybrid model. This strategic restructuring aims to simplify its value proposition for local service businesses.
- Evolv: Continuing to displace hardware sales with subscriptions, Evolv's recurring revenue growth of 20% underscores the industry-wide trend of hardware-as-a-service or subscription-first models.
What to Watch Next Week
- RadNet (RDNT): Investors should monitor post-earnings volatility following their Q3 2026 call, as healthcare IT sectors often react sharply to efficiency metrics.
- Aeris: Watch for updates on the out-of-court restructuring covering approximately BRL 1.52 billion in unsecured claims, despite doubling revenue in Q3.
- Series A Trends: Keep an eye on new venture capital announcements to see if the "fewer startups, more money" trend in Series A funding continues to accelerate.
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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