Nextdoor Holdings, Inc. — Cyborg Score 4/10

Strategic Profile

The company achieved positive Adjusted EBITDA of $1 million for full-year 2025, marking its first time in positive EBITDA territory. Q4 revenue grew 7% year-over-year, driven by 32% self-serve sales growth, though offset by material decline in high-touch sales. 35.7% of shares are held by institutional investors.

Cyborg Score Rationale

While the company achieved its first positive Adjusted EBITDA in 2025 and 4% revenue growth, R&D and sales/marketing expenses total nearly 88% of revenue, indicating a subscale cost structure. Platform WAU declined 5% year-over-year despite reaching 21.0 million.

Top Insights

• Achieved first-ever positive Adjusted EBITDA of $1M in 2025 after years of losses, demonstrating path to profitability
• Self-serve sales grew 32% YoY in Q4, indicating success in converting smaller advertisers via platform automation
• Strong cash position of $405M as of Dec 31, 2025 provides runway for strategic investments and acquisition opportunities
• Platform WAU declined 5% YoY to 21.0M, signaling engagement retention challenges despite 105M+ registered users

Named Competitors

• Community engagement and local discovery platform — Hyperlocal social networks for neighborhood-level engagement

Recent Developments

• (February 2026) Released 2026 Friendliest Neighborhoods rankings based on real neighbor interactions across all 50 states
• (February 2026) Reported Q4 2025 revenue of $69M (+7% YoY) with net loss of $4M and positive Adjusted EBITDA of $8M
• (November 2025) Announced AI-powered ad optimization, new video formats, and locally personalized ad pilots for advertising platform
• (November 2025) Integrated with Yahoo DSP to expand enterprise advertiser reach and targeting capabilities

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