SaaS Metrics Weekly — 2026-05-08
This week saw several notable SaaS earnings reports, with Klaviyo posting a return to profitability on 28% revenue growth and Intapp reporting 27% SaaS growth while widening net losses. On the market structure side, no venture-backed SaaS unicorns filed to go public in Q1 2026, and Liftoff withdrew its planned IPO — a stark signal of where the public market appetite for software currently stands. Meanwhile, down rounds are increasingly being reframed as strategic resets rather than failures, as founders navigate compressed SaaS valuations.
SaaS Metrics Weekly — 2026-05-08
Earnings & Revenue Reports
Klaviyo — Q1 2026 Results
- Revenue: $358M (+27.9% YoY)
- ARR/Key Metric: Net Revenue Retention of 110%; new $500M share repurchase plan announced
- Net Income: Returned to profitability at $9M net income
- Takeaway: Klaviyo's return to positive net income alongside nearly 28% revenue growth is a notable bright spot amid broad SaaS sector pessimism — demonstrating that e-commerce martech can still deliver both growth and profit.
Intapp — Q3 Results
- Revenue: $146M
- ARR/Key Metric: ARR reached $559.9M, powered by 27% SaaS growth
- Net Loss: Widened quarter-over-quarter; $250M in share repurchases reduced cash on hand
- Takeaway: Intapp's SaaS segment continues its strong trajectory, but widening losses and the cash impact of buybacks will be key metrics for investors to watch as profitability pressure intensifies across the sector.
N-able — Q1 2026 Results
- Revenue: $133.7M
- ARR/Key Metric: ARR of $548.0M; Adjusted EBITDA of $36.7M
- Profitability: Operating income improved but net results remained slightly negative
- Takeaway: N-able's steady ARR expansion signals durable demand for managed service provider tooling, even as the path to net profitability remains unfinished.
Digi International — Q2 FY2026 Results
- Revenue: $131M (record quarterly revenue)
- ARR/Key Metric: Record end-of-quarter ARR of $184M; record cash flow from operations of $41M
- Guidance: Not specified in release
- Takeaway: All three records in a single quarter — revenue, ARR, and cash flow from operations — suggest Digi's IoT SaaS transformation is gaining momentum at a time when many peers struggle to hit even one of these benchmarks simultaneously.
Funding & Deals
This week's biggest venture deals were led by defense tech, with AI-adjacent SaaS and fintech also featuring prominently. Below are the standout rounds from Crunchbase's weekly summary (week ending ~May 2, 2026):
| Company | Round/Deal | Amount | Valuation | Lead Investor |
|---|---|---|---|---|
| True Anomaly | Defense/Space Security | $600M | Not disclosed | Not disclosed |
| Various AI fintech/marketing/developer tools startups | Multiple rounds | Not individually disclosed | Not disclosed | Not disclosed |
True Anomaly topped the week's largest U.S. venture deals with a $600M raise for space security — a defense tech category increasingly intersecting with SaaS infrastructure plays.
Down-Round Dynamics: A fresh analysis published May 8, 2026 from TechFundingNews notes that down rounds in 2026 are being reframed by VCs and advisors as a healthier alternative to toxic term sheets. As SaaS valuations remain compressed, founders resetting valuations are increasingly seen as making strategic — not distress-driven — decisions.
Market Pulse
- Cloud Index: The BVP Nasdaq Emerging Cloud Index page was accessible but specific index values could not be extracted from the screenshot. Please verify current figures directly at .
- Sector Sentiment: Bearish. No venture-backed SaaS unicorns filed to go public in Q1 2026, and Liftoff withdrew its planned IPO, per PitchBook data cited by mean.ceo. Databricks, Anthropic, and OpenAI remain watched for later 2026 IPO activity, but the pipeline is thin.
- Notable Moves: SaaS product roadmap priorities are inverting — M3ter's 2026 analysis suggests the optimal allocation is now approximately 40% expansion features, 30% retention features, and 30% acquisition features, a near-reversal of the typical 2020 playbook.
Industry Moves
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IPO Drought Deepens: According to PitchBook data cited in a May 5, 2026 analysis, no venture-backed SaaS unicorns filed to go public in Q1 2026, and Liftoff withdrew its planned IPO entirely. Databricks, Anthropic, and OpenAI remain the most-watched names for a potential later-2026 debut — but the public window remains effectively closed for most software companies.
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SaaS After the Hype — Forbes Analysis: A May 7, 2026 Forbes Tech Council piece argues that SaaS companies are now returning to fundamentals — prioritizing cost control, retention, and AI governance over top-line growth metrics. The piece frames this as a structural, multi-year shift rather than a cyclical correction.
What to Watch Next Week
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TechCrunch Disrupt 2026 — Series A Session (October 13–15, San Francisco): A live-only session announced May 8, 2026, featuring top VCs discussing what it will take to raise a Series A in 2027. Founders building toward a raise in the next 12 months should track speaker announcements closely.
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TechCrunch Disrupt 2026 — M&A Strategy Panel: Coinbase, M13, and Mignano Law Group are scheduled to discuss M&A as an early-stage strategy. For SaaS operators considering consolidation plays in a down-valuation environment, this session is directly relevant.
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Continued Q1 2026 SaaS Earnings Season: The Intapp, N-able, Klaviyo, and Digi International reports this week signal a wave of mid-market SaaS earnings still to come. Watch for ARR growth trajectories and net revenue retention figures as the clearest leading indicators of sector health heading into Q2.
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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