12:48 PM EDT, 06/11/2025 (MT Newswires) -- D2L's total fiscal first-quarter revenue was slightly below National Bank and the Street's estimate, while the core SaaS revenue exceeded analyst John Shao's previous forecast with a sequential improvement in ARR growth to 8%.

According to Shao, adjusted EBITDA was a "solid beat," driven by SaaS margin expansion and capital discipline. D2L also reiterated its F2026 guidance and mid-term outlook.

"Overall, we are pleased with D2L's performance this quarter and believe its strong profitability positions the company ahead of macro uncertainties," Shao writes.

D2L is rated Outperform, with a $20 target.

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