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Powering the World’s Top Learning Businesses Q3 2026Earnings Call
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2 This presentation of Thinkific Labs Inc. (“the Company” , “Thinkific” , “us” or “we”) is as of November 3, 2026. In this presentation, all references to “$” , “US$” , “dollars” and “U.S. dollars” are to United States dollars and all references to “C$” are to Canadian dollars. NON-IFRS MEASURES The information in this presentation includes “ Adjusted EBITDA ” , which is not a recognized measure under International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), does not have a standardized meaning prescribed by IFRS, and is therefore unlikely to be comparable to similar measures presented by other companies. Rather , this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, it should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We also use certain industry metrics: “ Annual Recurring Revenue” or “ ARR” , “ Average Revenue per User” or “ ARPU” , “Gross Merchandise Volume” or “GMV” , and “Gross Payments Volume” or “GPV” . These industry metrics are unaudited and are not directly derived from our financial statements. Adjusted EBITDA and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and industry metrics in the evaluation of issuers. Our management also uses the non-IFRS measure and industry metrics to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. “ Adjusted EBITDA ” is calculated as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange gain (loss), finance (income), restructuring and non-recurring equity transaction costs. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income, operating performance or liquidity presented in accordance with IFRS and is subject to important limitations. INDUSTRY METRICS We monitor the following industry metrics to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions: “ Annual Recurring Revenue” or “ ARR” , “ Average Revenue per User” or “ ARPU” , “Gross Merchandise Volume” or “GMV” , and “Gross Payments Volume” or “GPV” . See the Appendix for the definitions of such industry metrics. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. DISCLAIMER Thinkific 2026
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Disclaimer FORWARDLOOKING STATEMENTS This presentation includes forward-looking statements and forward–looking information within the meaning of Canadian securities laws. Often, but not always, forward–looking information can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", “forecastsˮ, “trajectoryˮ, "believes", "proposes" or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements in this presentation include, but are not limited to statements regarding regarding our financial position, managementʼs ability to effectively invest, increase business efficiencies necessary to build and maintain a sustainable cost structure; business strategy, budgets, operations, investments, financial results, our ability to retain a profitable Adjusted EBITDA run rate, plans and objectives around growth and profitability; potential benefits from our partnerships; industry trends; potential growth of our industry; our growth rates and growth strategies including product-led growth strategy through the introduction of additional features; addressable markets for our solutions; customer acquisition improvements; the achievement of advances in and expansion of our offered platform service; the roll-out, development and success of new products, features, and services; the expectations regarding our revenue and the revenue generation potential of Our Platform and other products; and our competitive position in our industry. Such statements and information are based on the current expectations of Thinkific's management and are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances, and are subject to risks and uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the Companyʼs ability to execute on its growth strategies; our ability to retain key personnel; our ability to continue investing in infrastructure to support our growth and brand recognition; our ability to continue securing, maintaining and enhancing our technological infrastructure and functionality of our platform; our ability to maintain existing relationships with our users and to continue to expand their use of our Platform; our ability to acquire new customers; our ability to maintain existing material relationships on similar terms with service providers, suppliers, Partners and other third parties; the impact of changing conditions and increasing competition in the global e-learning market in which the Company operates; fluctuations in currency exchange rates and volatility in financial markets; changes in attitudes, financial condition and demand of our target market; developments and changes in applicable laws and regulations; and such other factors discussed in greater detail under the “Risk Factorsˮ section of our Annual Information Form (“AIFˮ). In addition, forward-looking financial information with respect to potential outlook and future financial results contained in this presentation are based on assumptions about future events including economic conditions, the assumptions noted above and proposed courses of action, based on managementʼs reasonable assessment of the relevant information available as at the date of such forward-looking information. Readers are cautioned that any such forward-looking financial information should not be used for purposes other than for which it is disclosed. 3Thinkific 2026
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4Thinkific 2026 “We continue to build momentum in our move upmarket. Having reorganized the company in September , we now possess capacity to invest and grow Thinkific Plus, while maintaining excellent support for our valued Self-Serve customers, ” said Greg Smith, Founder and CEO of Thinkific. “With a leaner and more agile organization, I am confident in our ability to re-accelerate growth and create a financially sound Thinkific that is a durable partner for our customers and expanding go-to-market ecosystem. ” Reorganizing to Accelerate Plus Growth GREG SMITH, CEO OF THINKIFIC
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Thinkific at a Glance All $USD 5 $75M L TM Revenue ( +4% Y o Y) For the last 12 months ended Sept 30, 2026, unless otherwise noted See Appendix for definitions. $63M Annual Recurring Revenue ( +4% Y o Y) $448M L TM Gross Merchandise Volume ( -2% Y o Y) $294M L TM Gross Payments Volume ( +13% Y o Y) $187 Monthly ARPU ( +8% Y o Y) $50M Cash on Balance Sheet (no debt) THNC (TSX) $2.6M L TM Adjusted EBITDA (3.5% margin) Thinkific 2026 All $USD
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Building an industry-leading learning commerce platform ~33,000 Customers $4B+ Earned by our customers 230M Students served
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7 Greg Smith CEO Amanda Malko President & CRO Elise Stribos CPOO Executive Leadership Team Thinkific 2026 7 Leigh Ramsden CFO
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8 The Learning Commerce Platform 8 Thinkific, the leading learning commerce platform for scaling external training allows businesses to transform expertise into courses, communities, and other high-quality learning experiences. It’s designed to drive revenue growth for our customers. Jacques Wong Founder , PNC Learning Has made millions offering online insurance courses on Thinkific Thinkific 2026
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Our Customers sell expertise as a principal part of their business. They span a diverse set of topics. They each come to us with a need to monetize their expertise, seeking Thinkific's deep commerce and learning functionality. Enterprise and Mid-Market T raining Companies / Academies / Higher Ed Who Are Our Customers? 9Thinkific 2026
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“We look at team bandwidth, frustration levels, and responsiveness. Thinkific consistently delivers. The support is solutions-based. It’s not ‘here’s an article, ’ it’s ‘let’s solve this together . ’” Stephen Ekstrom, Co-Founder Learn T ourism Industry-leading student experience Award-winning customer support and services An easy, flexible, and scalable platform Watch your students excel and engage with Learning Paths and Recommendations, Digital Badges, quizzes and gamification, and more. Spend less time building. Thinkific Plus’ rich suite of features makes it easy to build and launch learning programs that reflect your brand and drive ROI. Access to a dedicated team (including launch specialist, CSM, and priority support) that has your back every step of the way. Why customers love us “We needed something that could grow with us and support diverse learner needs. Thinkific Plus aligned with 1MT’s living tree philosophy by offering a dynamic system that evolves with each learner’s journey. ” Nic Knorr , Director of Instructional Design 1 Million T eachers “We had an incredibly successful rollout. We were utilizing Thinkific Plus within four weeks. It had returned back to our team 350 hours within three months. ” Jenn Hunter , Co-Founder PayShepherd 10Thinkific 2026
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All-in-one learning platform: mobile app, community, and courses Built-in payments and checkout solution White-labeled sites: great for B2B training sales At Thinkific, we offer: 11 Advanced site customizations Dedicated customer success and technical services team Thinkific Plus helps knowledge businesses grow faster with advanced customization, support, and automation — all without compromising on an exceptional learner experience. AI-powered learning 11Thinkific 2026
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Y our All-in-One Learning Commerce Platform Courses Communities Commerce Integrations AI: (T eaching Assistant + Course Creation) Learning Paths Marketing Sites Analytics Thinkific is the all-in-one LMS that helps training companies scale their revenue more efficiently through blended learning that combines community and courses, advanced admin capabilities, and a built-in commerce solution. 12Thinkific 2026
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AI at our core unlocks customer value throughout our product AI Powers your Thinkific Platform ROI & Custom Analytics Connect your own data to ours for custom reporting Learning Experience Customization No Code custom implementations of your learning vision Agentic Learning Agents Personalized owned agents based on your proprietary customer content Manage at Scale Save time with admin at speed for large scale operations 13Thinkific 2026
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“Thinker helps us amplify the learner experience... the result is learning that’s more effective, more relatable, and more memorable at a scale we simply couldn’t achieve manually. ” Stephen Ekstrom, CEO of Learn T ourism 14Thinkific 2026
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15 Q3 F26 FinancialOverview Thinkific 2026
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For the quarter ended Sept 30, 2026, unless otherwise noted See Appendix for definitions. 16 Q3 F2026 Financial Highlights $19.0M Revenue ( +2% Y o Y) $63M Annual Recurring Revenue ( +4% Y o Y) $106M Gross Merchandise Volume ( - 7% Y o Y) $74M Gross Payments Volume ( +5% Y o Y) $187 Monthly ARPU ( +8% Y o Y) $50M Cash on Balance Sheet (no debt) THNC (TSX) $1.8M Adjusted EBITDA (10% margin) Thinkific 2026
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= Multiple Levers Driving Revenue Growth in Q3 17 FINANCIAL PERFORMANCE Subscription Revenue $15.5M (3% Y o Y) Self Service Customers $13.3M ( -3% Y o Y) Commerce Revenue $3.5M ( +1% Y o Y) Plus Customers $5. 7M (18% Y o Y) T otal Revenue $19.0M ( +2% Y o Y) T otal Revenue $19.0M ( +2% Y o Y) “Customer-Centric” Combines associated Commerce Revenue & Subscription Revenue. “Product-Centric” Financial Statement view, driven by “type of revenue” and disclosed in MD&A. = For the quarter ended Sept 30, 2026, unless otherwise noted Thinkific 2026
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Plus Continues to Gain T raction FINANCIAL PERFORMANCE Building a Durable Revenue Base >50% of New Deals are Multi- Y ear T otal Plus Revenue22% CAGR from Q3’23 -> Q3’26 Plus grew 18% Y o Y in Q3’26 Expanding ARPU Plus ARPU grew by 24% Y o Y in Q3’26 For the quarter ended Sept 30, 2026, unless otherwise noted 18Thinkific 2026
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*T otal Customer Sales is an estimate of the value of all transactions across the Thinkific platform, including those processed via external API. Value based on a proxy of enrollment transactions. See MD&A for more definitions. Size of circles is for illustrative purposes only. Thinkific Commerce Revenue $14.3M; 4.4% take rate T otal Customer Sales Processed on & off-platform ~$723M* GMV Customer Sales processed on-platform $448M GPV Customer Sales on Thinkific Commerce $294M ( 66% of GMV) Differentiated feature set driving adoption, including: • Multi-currency • Sales tax management • Buy now, pay later • Order bumps • Group sales Thinkific Commerce Helping more customers earn more T railing Twelve Months TTM from Sept 30, 2026 19Thinkific 2026
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20 Financial Outlook Q4 2026 For the fourth quarter of 2026, the Company expects revenue of $18.9 - $19.2 million, while improving Adjusted EBITDA(1) to a range of 20% to 25% of revenue. Please see commentary and disclaimers in future looking information in the MD&A and press release. (1) “ Adjusted EBITDA ” is a Non-IFRS measure defined as net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange loss (gain), finance (income), restructuring costs and loss on disposal of property and equipment. Thinkific 2026
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Presented by Thinkific For more information, please contact: Thank you Investor Relations ir@thinkific.com
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22 Appendix Thinkific 2026
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23Thinkific 2026 “ Annual Recurring Revenue” or “ ARR” is twelve times the monthly value of all current Paying Customer subscriptions at the end of the period, with the number of Paying Customers multiplied by the average monthly subscription plan fee in effect on the last day of that period. “ Average Revenue Per User” or “ ARPU” is the average monthly revenue per Paying Customer in the quarter . ARPU is calculated by taking the average revenue for each month in the quarter (calculated in accordance with IFRS) and dividing this by the average number of Paying Customers for the same quarter . “Gross Merchandise Volume” or “GMV” is the total dollar value of all transactions of learning products made by our Creators, facilitated through our Platform, including Thinkific Payments, during the period, net of refunds. GMV does not include transactions for course sales, membership subscriptions, or other products or services processed by APIs or certain apps where the Company does not record the transaction value. GMV does not represent revenue earned by us. “Gross Payments Volume” or “GPV” is the total dollar value of transactions processed using Thinkific Payments in the period, net of refunds and inclusive of sales tax where applicable. GPV does not represent revenue earned by us. Dates of Presented Metrics Unless otherwise indicated, financial metrics contained in this presentation are for the three and twelve months ended Sept 30, 2026. APPENDIX Definitions
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24Thinkific 2026 “ Adjusted EBITDA ” is a Non-IFRS measure defined as Net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange (gain) loss, finance expense, gain/loss on disposal and restructuring costs. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income, operating performance or liquidity presented in accordance with IFRS, and is subject to important limitations. The following table reconciles Adjusted EBITDA to net (loss) income for the periods indicated: APPENDIX Q3'23 Q3'24 Q3'25 Q3'26 Net loss ($932K) $579K $170K ($3, 799K) Stock-based compensation $1,624K $973K $962K $1,250K Depreciation and amortization $326K $356K $323K $364K Foreign exchange (gain) loss $699K ($81K) $142K $14K Finance expense ($913K) ($897K) ($541K) ($117K) Gain/Loss on Disposal $120K - - - Restructuring costs ($185K) - - $4, 109K Adjusted EBITDA $7 42K $930K $1,056K $1,820K