Life360 Inc. (360.AX): 3Q26 First Take: Revenue and Adj EBITDA ahead; FY26 guidance broadly unchanged; Buy

GS take: 360 has delivered a solid 3Q26 result, with revenues of $174m comfortably ahead of both GSe/Visible Alpha Cons ($169m/$172m), while Adj. EBITDA of $34.6m was also a strong beat vs both GSe/Cons ($31m/$33m). MAUs rose +5.3m QoQ (vs GSe/Cons +5.2m/+4.9m), comfortably up vs Q1/Q2 (+2.0m/+4.6m) and placing YoY growth at 18%, back within the FY26 guided range of +17-20%; MAU growth skewed to International over US, a slight disappointment. Paying Circles growth was again extremely strong at +189k, a Q3 record. FY26 guidance was slightly raised, with revenues now seen at ~$673m mid-point, +1% vs $668m prior, while Adj. EBITDA is unchanged at $135m mid-point. Subscription revenue rose 29% to $124m, advertising revenue rose 248% to $25m, other revenue rose 62% to $16m, and hardware fell 20% to $9m on the strategic exit from brick-and-mortar retail.