Book-keeping blunders cost Trustpilot despite strong revenue growth

By the Editorial Team · Wednesday, September 16, 2026

Trustpilot reported a 19 percent increase in first-half revenue to $151.4 million, driven by US market growth, but disclosed accounting errors related to share buybacks and sales tax that led to a $800,000 charge and a nearly 19 percent drop in its share price. Despite these issues, the company upheld its full-year revenue guidance and highlighted its strategic advantage as a key source of reviews for AI platforms, positioning it for future growth.

Trustpilot reported strong revenue growth for the first half of the year, but the company’s update was overshadowed by accounting errors that led to a significant drop in its share price. The FTSE 250 firm said it had improperly applied accounting rules related to recent share buybacks and failed to collect sales tax in certain US states, resulting in a one-time charge of $800,000.

Despite these setbacks, the company’s revenue rose 19 percent to $151.4 million, primarily driven by growth in the US market. Adjusted earnings before deductibles increased 46 percent year-on-year, reaching $26.3 million. Trustpilot’s subscription-based model, which offers businesses access to its review platform and enhanced tools, saw a 41 percent rise in new business sign-ups compared to the previous year. Contracts exceeding $100,000 also showed “significant growth,” the company said.

Under UK accounting regulations, companies must confirm they have sufficient “distributable reserves” to support share buybacks—funds that can lawfully be returned to shareholders. Trustpilot acknowledged the breach and indicated that it had since implemented improved compliance and automated collection systems to address the issue.

The company’s chief executive, Adrian Blair, noted that these missteps were not expected to materially affect its US operations. However, the revelations weighed heavily on investor sentiment, and Trustpilot’s shares declined nearly 19 percent, closing at 213 pence.

In addition, Trustpilot faced a €4 million fine from Italy’s competition authority earlier this year, which it is appealing. The company stated this penalty would not have a material impact on its financial performance.

Despite delivering robust growth, Trustpilot maintained its full-year guidance, forecasting high-teen revenue increases and margin improvements of two to three percentage points. The company has a history of surpassing conservative estimates, regularly issuing “beat-and-raise” trading updates under Blair’s leadership. However, some analysts expressed caution following this report. JP Morgan remarked that investors might perceive the results as “noisier than usual” given recent consistent outperformance.

Trustpilot has also positioned itself to benefit from trends in artificial intelligence by making its customer reviews accessible to large language models. Research indicates that Trustpilot’s reviews are cited more frequently by AI platforms than any other review site. Blair emphasized that AI visibility plays a prominent role in discussions with business clients, noting that recent and relevant user-generated content increases a company’s likelihood of appearing in AI-driven search responses.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.