Image source: The Motley Fool.
DATE
Thu, Nov. 12, 2026
CALL PARTICIPANTS
- Chief Executive Officer – Ofer Druker
- Chief Financial Officer – Sagi Niri
- Vice President of Investor Relations – William Eckert
TAKEAWAYS
- Contribution ex-TAC — $100.3 million, representing an 8% increase and a third quarter record.
- Programmatic Revenue — $97.8 million, reflecting 9% growth and reaching a third quarter high.
- CTV Revenue — $34.1 million, growing 39% year over year and accounting for 35% of programmatic revenue.
- Adjusted EBITDA — $34.5 million, up 22% compared to $28.2 million in the prior year.
- Adjusted EBITDA Margin — 34%, expanding from 30% in the third quarter of 2025 due to disciplined cost management and AI-driven efficiencies.
- Non-IFRS Diluted EPS — $0.32, compared to $0.20 in the same period last year.
- Enterprise Contribution ex-TAC — over 40% growth year over year, driven by self-serve and platform-managed DSP usage.
- Full Year Contribution ex-TAC Guidance — $388 million to $402 million, representing approximately 12% growth at the midpoint.
- Full Year Programmatic Revenue Guidance — $380 million to $393 million, representing approximately 13% growth at the midpoint.
- Full Year Adjusted EBITDA Guidance — $122 million to $132 million, targeting a 32% margin at the midpoint.
- Cash and Equivalents — $152.9 million as of Sept. 30, 2026, with no long-term debt.
- Desktop Revenue — declined 29%, as management noted a shift in consumer behavior away from websites.
- Operating Cash Flow — $46.1 million, compared to $35.8 million in the third quarter of 2025.
- V Investment — completed an additional $15 million investment, bringing the total to $60 million for a 6% equity stake.
- Data Products Contribution ex-TAC — increased 73% year over year, supported by new onboarding solutions.
- Display Revenue — grew 11% year over year, while PMP revenue increased 18%.
- Video Revenue Mix — represented 66% of programmatic revenue, compared to 70% in the prior year.
- Programmatic Revenue Mix — increased…