What changed in this filing

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Item 1. Business

2026-03-12 compared with 2025-03-13 · 47 added, 45 removed, 285 unchanged (24% of the section changed)

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Our platform spans across the full lifecycle of interactions between consumers and service professionals with vertical-specific applications.

Today, we serve approximately 740,000 customers across three core verticals:

As of December 31, 2025, we served more than 745,000 customers across three core verticals:

EverPro for Home Services;

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For the year ended December 31, 2025, we estimate that approximately 93% of our customers contributed less than $2 thousand in revenue and approximately 3% contributed more than $5 thousand in revenue.

On October 31, 2025, we completed the sale of our marketing technology solutions business to Ignite Visibility as part of our previously announced strategic review (see “ Note 3.

Acquisition and Dispositions” in the Notes to the Consolidated Financial Statements for additional details).

Marketing technology solutions qualified as discontinued operations and is presented accordingly in the consolidated financial statements for all periods presented through the applicable date of the sale.

On September 15, 2025, we acquired 100% of the interest of Joblyt LLC, dba ZyraTalk (“ZyraTalk”), an AI-powered customer engagement solution that combines virtual assistant capabilities with an agentic automation platform (see “ Note 3.

Acquisition and Dispositions” in the Notes to the Consolidated Financial Statements for additional details).

The acquisition helps to establish EverCommerce as an AI-driven innovator, beginning with near-term application in its Home Services vertical, EverPro, and we plan to extend ZyraTalk into broader opportunities across our other verticals.

On March 13, 2024, the Company entered into definitive sale and purchase agreements to sell our fitness solutions to Jonas Fitness Portfolio Holdco Inc.

(“Jonas Software”) (see “ Note 3.

Acquisitions and Dispositions” in the Notes to the Consolidated Financial Statements for additional details).

Acquisition and Dispositions” in the Notes to the Consolidated Financial Statements for additional details).

The sale of American Service Finance LLC., ASF Payment Solutions ULC and Technique Fitness Inc.

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As a result, we have built a comprehensive platform designed specifically to meet the unique integrated workflow needs of service SMBs.

Our integrated solutions include Business Management Software (such as route-based dispatching and medical practice management), Billing & Payment Solutions (such as e-invoicing, mobile payments and integrated payment processing), Customer Experience Solutions (such as reputation management and messaging solutions) and Marketing Technology Solutions (such as websites, hosting and digital lead generation).

Solutions (such as reputation management and messaging solutions).

These solutions help our customers address the challenges posed by legacy solutions by providing software that addresses the complete customer engagement workflow, streamlining front- and back-office processes, driving new sales and retention, enabling deeper performance insights and improving customer experiences with digital, mobile-friendly engagement.

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This vertically-tailored point-of-entry provides us with an opportunity to cross-sell adjacent products, previously offered as fragmented and disjointed point solutions by other software providers.

workflows, fill gaps in the solutions value chain and power the full scope of our customers’ businesses.

This results in a self-reinforcing flywheel, enabling us to drive more value for our customers and, in turn, fuel our growth by increasing Average Revenue per Unit (“ARPU”), improving customer stickiness and increasing our market share.

While we offer multiple products and address several verticals and micro-verticals, we manage our business with a singular, centralized approach to strategy and operations.

We centralize key functions including marketing, business operations, cybersecurity and general and administrative functions, ensuring consistency in execution across each of our verticals, and ultimately stimulating a culture of operational excellence.

Our revenue has grown at a compound annual growth rate (“CAGR”) of 12.5% from 2021 to 2024, and reached $698.8 million for the year ended December 31, 2024, up from $675.4 million for the year ended December 31, 2023, which represents revenue growth of 3.5% from 2023 to 2024.

Our net loss was $41.1 million for the year ended December 31, 2024, compared to a net loss of $45.6 million for the year ended December 31, 2023.

Our Adjusted EBITDA reached $177.0 million for the year ended December 31, 2024, up from $155.6 million for the year ended December 31, 2023.

This “land and expand” strategy allows us to acquire customers with key foundational solutions, expand into offerings via product development (“build”) and acquisitions (“buy”) that integrate their workflows, fill gaps in the solutions value chain and power the full scope of our customers’ businesses.

This results in a self-reinforcing flywheel effect, enabling us to drive more value for our customers and, in turn, fuel our growth by increasing Average Revenue per Unit (“ARPU”), improving customer stickiness and increasing our market share.

Our revenue from continuing operations has grown at a compound annual growth rate (“CAGR”) of 7.1% from 2022 to 2025, and reached $588.9 million for the year ended December 31, 2025, up from $562.2 million for the year ended December 31, 2024, which represents revenue growth of 4.8% from 2024 to 2025.

Our net income from continuing operations was $18.2 million for the year ended December 31, 2025 compared to a net loss from continuing operations of $15.2 million for the year ended December 31, 2024.

Our Adjusted EBITDA from continuing operations reached $180.5 million for the year ended December 31, 2025, up from $164.4 million for the year ended December 31, 2024.

Moreover, our business benefits from attractive unit economics;

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Service SMBs are still in the early innings of transforming their businesses for the digital age.

We estimate that only 9% of the service SMB market has been penetrated with fully-integrated software solutions.

While most SMBs are using some digital tools to run their business, we estimate the penetration of fully-integrated, end-to-end software solutions like ours to be in the early innings.

However, we believe that small businesses now generally view digitization as critical to long-term success.

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Digital payment processing solution adoption continues to expand within our core SMB customer base.

Seven years ago, we estimated that less than 50% of SMBs in the United States had adopted digital payment processing solutions, and instead relied on paper invoices for payment.

Eight years ago, we estimated that less than 50% of SMBs in the United States had adopted digital payment processing solutions, and instead relied on paper invoices for payment.

In the last couple of years, this has increased to nearly 80%, a trend that we expect to continue in the future.

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Due in large part to consumer demand and purchasing habits, a substantial amount of commerce is now conducted via a mobile device, whether through a standalone mobile application or as an integrated, companion application to a broader web-based software.

Mobile commerce is estimated to represent just over $4.00 of every $10.00 spent online, with growth rapidly outpacing other forms of eCommerce.

Mobile commerce is estimated to represent approximately 60% of dollars spent online, with growth rapidly outpacing other forms of eCommerce.

Within the service economy in particular, home service, wellness and other professionals are often on-the-go, making mobile functionality of paramount importance.

• Artificial Intelligence.

The adoption of artificial intelligence (“AI”) is accelerating at an unprecedented rate.

It has shifted from emerging technology to an essential tool for SMBs helping support strategic initiatives to fuel growth and drive operational efficiency while delivering a positive customer experience.

SMBs are interested in leveraging the power of AI to automate customer tasks and drive additional insight-based actions to stay competitive and drive value for their customers.

The AI landscape for SMBs will continue to shift its focus from simple chat prompts to agentic AI that provide autonomous workflows that can plan, reason and take action with limited supervision.

• Customer experience.

With the confluence of changing consumer preferences towards digital and a younger, more tech-savvy generation of business owners taking seat, businesses are increasingly looking to upgrade and streamline how they engage with their customers.

• Digital marketing.

Digital channels are allowing businesses to reach their existing and potential end consumers in more innovative, effective and efficient ways than ever before.

We expect both increasing adoption of digital marketing tools, compounded by expected increased spend on such tools, recognizing the power and importance of these digital channels.

These trends continue to give rise to evolving and new digital marketing solutions aimed at helping businesses target end consumers, lower acquisition costs and increase lifetime value.

• Decreasing barriers to software adoption.

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Of the $662 billion, we estimate a $69 billion opportunity in Home Services, a $115 billion opportunity in Health Services, a $22 billion opportunity in Wellness Services and a $456 billion opportunity in other services categories.

We believe there is considerable runway for long-term growth given the vast majority of our market opportunity is untapped;

we estimate that only 9% of the North America service SMB market has been penetrated with fully-integrated software solutions today, and estimate this number to increase to over 13% by 2025.

We believe there is considerable runway for long-term growth given we believe the vast majority of our market opportunity is untapped.

We arrive at the TAM by estimating the number of service SMBs, multiplying by the list price of the solutions we provide, and making regional adjustments for the number of firms that could pay the listed price.

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Based on the monthly average processing volume for the quarter ended December 31, 2025, we estimate that we process annualized total volume of $13.0 billion.

We further estimate that, based on our current customers and payment volumes, we have an aggregate annualized payment processing opportunity in excess of $100 billion.

further estimate that, based on our current customers and payment volumes, we have an aggregate annualized payment processing opportunity in excess of $100 billion.

Our payments platform also provides a full suite of service commerce features, including customer management as well as cash flow reporting and analytics.

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customer health scoring, customer support systems, real-time alerts, Net Promoter Score (“NPS”)-based customer feedback collection, review generation and automation, reputation management, customer satisfaction surveying and a digital communication suite, among others.

These tools help our customers gain actionable insights, increase customer loyalty and repeat purchases and improve customer experiences.

• Marketing Technology Solutions:

Our Marketing Technology Solutions work alongside our Customer Experience Solutions to help customers holistically grow their businesses through new business generation and improved engagement and marketing throughout the customer lifecycle.

These solutions help businesses to manage campaigns, generate quality leads, increase conversion and repeat sales, improve customer loyalty and provide a polished brand experience.

Our solutions include:

custom website design, development and hosting, responsive web design, marketing campaign design and management, search engine optimization, paid search and display advertising, social media and blog automation, call tracking, review monitoring and marketplace lead generation, among others.

Our solutions can be purchased and integrated with EverCommerce business management solutions, as well as sold and integrated into 3rd party solutions via the EverConnect brand and solutions suite.

Additionally, the recent acquisition of ZyraTalk provides virtual assistant capabilities with an agentic automation platform.

ZyraTalk offers production-ready fully autonomous AI agents and field service management systems designed for seamless integration across our Home Services solutions and improving the overall prospect and customer experience.

Collectively, these tools help our customers gain actionable insights, increase customer loyalty and repeat purchases and improve customer experiences.

Our verticals

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• EverWell – Wellness:

Subsequent to the sale of our Fitness Solutions, our EverWell solutions are purpose-built for Wellness service professionals.

Our EverWell solutions are purpose-built for Wellness service professionals.

The Wellness market includes tech-savvy businesses which generally require integrated solutions that provide modern, convenient experiences for end consumers.

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We are exclusively focused on providing service SMBs with tailored solutions to help meet their specific needs.

Our vertical and micro-vertical approach enables us to provide tailored solutions featuring critical vertical-specific functionality that better serves our customers when compared to industry-agnostic solutions offered by other businesses.

Our vertical and micro-vertical approach enables us to provide tailored solutions featuring critical

vertical-specific functionality that better serves our customers when compared to industry-agnostic solutions offered by other businesses.

• Integrated solutions.

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As we become more embedded in our customers’ daily business operations, we are better positioned to add value by cross-selling and up-selling adjacent solutions.

We believe we had an addressable annualized revenue opportunity with our existing customers of greater than $5 billion as of December 31, 2024, as our integrated vertical SaaS solutions allow us to offer customers additional capabilities across their entire customer engagement lifecycle.

As we continue to develop, acquire and transform our solutions, we aim to continue adding value to our customers by displacing point-solution competitors and legacy, manual methods with our integrated digital offerings, increasing our ARPU and improving customer experience and retention.

A primary focus for ARPU expansion focuses on cross-selling payments solutions to customers in an effort to prioritize margin growth.

The acquisition of ZyraTalk helps to establish our position as an AI-driven innovator with many in-production features that are being sold to third-party customers.

We plan to add more innovative features and offerings to support our customers, beginning with integration into many EverPro systems of action with additional use cases across our other verticals.

These AI capabilities are intended to provide full end-to-end automation, enhancing the value of our products to our customers.

• Expand into new products:

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These insights allow us to continually assess opportunities to develop or acquire solutions to further expand market share, drive customer stickiness and fuel growth for our business.

During 2023, we introduced EverPro Edge, which allows customers to save, learn and grow, and creates a universal channel and trusted brand for engagement, Edge is an expansion opportunity enabling customers to receive targeted business growth and education content, as well as cash-back rebates on supplies they purchase at leading vendors.

During 2023, we introduced EverPro Edge, which allows customers to save, learn and grow, and creates a universal channel and trusted brand

for engagement, Edge is an expansion opportunity enabling customers to receive targeted business growth and education content, as well as cash-back rebates on supplies they purchase at leading vendors.

In conjunction with the strategies cited above, we also acquire solutions to accelerate our position as a market leader, fill gaps within our vertically tailored solutions, deepen our competitive moats in existing verticals and enter new verticals and geographies.

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We believe that our methodology, track record and reputation for sourcing, evaluating and integrating acquisitions positions us as an “acquirer-of-choice” for potential targets.

We have acquired 53 companies since our inception.

We are currently tracking over 13,000 businesses around the world, primarily across our core verticals, as potential acquisition opportunities.

We have acquired 54 companies since our inception and will continue to opportunistically look at potential acquisitions, primarily across our core verticals.

In addition, from time to time, we evaluate our positioning with respect to our existing verticals and may determine to dispose of offerings that do not align with our growth initiatives.

For example, in the year ended December 31, 2024, we sold Fitness Solutions as described above.

For example, in the years ended December 31, 2025 and 2024, we sold marketing technology solutions and Fitness Solutions, respectively, as described above.

Our customers

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Home Services EverPro

HVAC/plumbing, electrical professionals, remodeling and home improvement contractors, window and door replacement specialties, landscaping design services, security and alarm installation and monitoring businesses.

Health Services EverHealth

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• Vertically-specialized competitors, including mobile sales applications and field service management platforms in Home Services, EHR/EMR and practice management platforms in Health Services and scheduling and customer management in Wellness Services;

• Horizontal competitors, including Salesforce for customer relationship management (“CRM”), Intuit for financial products, Square for payments and HubSpot for marketing related solutions.

• Horizontal competitors, including Salesforce for customer relationship management (“CRM”), Intuit for financial products, and Square for payments.

The principal competitive factors affecting our market include:

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• Customer support capabilities;

• Offerings using generative AI;

• Pricing and costs;

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new customer acquisition, wallet share expansion and go-to-market of acquired or built products.

Our teams relentlessly test and measure results to expand channels, optimize go-to-market, increase sales conversion, identify customer upsell opportunities and

explore adjacent expansion verticals.

Our teams relentlessly test and measure results to expand channels, optimize go-to-market, increase sales conversion, identify customer upsell opportunities and explore adjacent expansion verticals.

Through this targeted, coordinated approach, we maximize expert resource allocation and allow for growth programs of scale with attractive customer unit economics across our business.

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None of our employees are represented by labor unions or covered by collective bargaining agreements.

As of December 31, 2024, we had approximately 2,000 employees operating across six countries, including approximately 1,500 employees located in the United States.

As of December 31, 2025, we had approximately 1,800 employees operating across five countries, including approximately 1,400 employees located in the United States.

Our technology

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We systematically upgrade our data centers, centralize our collaboration platforms onto Office 365 and deploy a variety of standardized third-party software products sourced through EverCommerce.

Migration of more than half of our technology solutions to AWS has allowed for gains in productivity, cost efficiency, expanded capacity and faster innovation.

• Cybersecurity:

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• Offshore development team:

Our software is primarily developed internally;

however, we also use independent firms and contractors in the United States and internationally to perform some of our product development activities.

Our software is primarily developed utilizing both internal and independent firms;

including contractors in the United States and internationally to perform some of our product development activities.

Data privacy and security

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We rely on a combination of trademark, copyright, patent, trade secret and other intellectual property laws in the United States and other jurisdictions, as well as written agreements and other contractual provisions, to protect our proprietary technology, processes and other intellectual property.

As of December 31, 2024, we had 140 registered trademarks in the United States (including EverCommerce), three registered trademarks in the EU (including the EverCommerce logo), two registered trademarks in Puerto Rico, two registered trademarks in Canada, 15 registered trademarks in New Zealand, six registered trademarks in Australia and four registered trademarks in the United Kingdom (including the EverCommerce logo);

seven trademark applications in process in the United States and three trademark applications in process in Canada;

As of December 31, 2025, we had 115 registered trademarks in the United States (including EverCommerce), three registered trademarks in the EU (including the EverCommerce logo), two registered trademarks in Puerto Rico, four registered trademarks in Canada, 15 registered trademarks in New Zealand, six registered trademarks in Australia and four registered trademarks in the United Kingdom (including the EverCommerce logo);

one trademark application in process in the United States and one trademark application in process in Canada;

37 registered copyrights in the United States and one registered copyright in Canada;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business