Trustpilot shares soared 23.5% to 76.6p in late morning trading on Tuesday following an 18% total revenue growth to $73 million in HY1 2022 against $62 million in HY1 2021.
The company reported a 23% annual recurring revenue (ARR) climb to $149 million compared to $134 million the year before.
Trustpilot announced a 22% increase in bookings to $87 million against $75 million, with a 27% rise in UK, Europe and Rest of the World regions and an 8% growth in North America.
The firm noted a narrowed $9 million interim loss against a $17 million loss, with an adjusted EBITDA loss of $5 million from a $4 million profit year-on-year.
Meanwhile, Trustpilot mentioned an operating cash flow of negative $8 million compared to negative $12 million in the previous year.
The company also highlighted a balance sheet with $73 million in net cash against $93 million, including an $8 million FX translation effect, and commitment to breakeven adjusted EBITDA and underlying free cash flow for FY 2024.
Trustpilot said it would approach the coming year with a more cautious approach due to the turbulent macroeconomic environment. However, the group added it remained confident in the growing long-term market opportunity.
“We are pleased by our half-year results which demonstrate the continued strength of our business, both financially and strategically,” said Trustpilot CEO Peter Holten Mühlmann.
“The momentum we are seeing in consumer and business engagement in each of the regions in which we operate has been particularly encouraging.”
“Our success is founded upon our focus on trust, and we continue to benefit from viral network effects as more and more consumers choose to share their experiences on Trustpilot.”